This page is to address a weakness in Patreon’s otherwise excellent website: I can’t store digital goodies like eBooks, Presentations and Minsky models there, except in posts. Once a post gets dated and buried by many newer posts, the digital content is lost.
Now that I know the page works, I’ll start adding presentations and Minsky files to it.
Please make sure you’ve logged on–using the menu opposite–as a Patreon before you try to download.
Please let me know whether the first 3 links work. They’re the same as the next three which I’m leaving here until I know the better formatted ones also work well.
- Using a Moore Table (identity of Expenditure and Income) to prove that credit is part of aggregate demand and aggregate income in a world in which banks originate money and debt–i.e., the one in which we actually live
- Data on Sweden, which is one of my high-risk-of-credit-crunch countries, with private debt at 240% of GDP (though this is predominantly business rather than household debt)
- More detailed coverage of literature on the role of debt and credit in economics than in Positiva Pengar talk
- Older version of Moore Table proof of role of credit in aggregate demand and income
- Showing that Neoclassical authors are so ignorant about this that they mistake National Account statistics on the level of private debt (roughly 200%) for its annual rate of change (which is about 7% per year at present). Lee Ohanian literally doesn’t realise that he dismisses the importance of private credit with a chart that implies the rate of change of private debt is 200% of GDP per year
- Exposition of a macro-founded approach to macroeconomics: core dynamics of a capitalist economy can be derived directly from macroeconomic definitions of income distribution, economic activity and leverage
- Beginnings of the critique of Nordhaus on the economics of climate change.
- The weakness of Neoclassical economics is its strength: so many things have not worked out the way its founding fathers would have liked that the Neoclassical edifice has become vastly more complicated over time to cope.
- I start with Smith’s vision of “the invisible hand” resulting in a collective outcome that, for each agent in the market, “was no part of his intention” (WON, p. 456), to Walras’s vision of tatonnement leading to equilibrium–which fails because of the Perron-Frobenius theorem on the dominant eigenvalue of a positive semi-definite matrix, to “rational expectations” in which agents are assumed to have expectations that are consistent with the model–or in other words, that they intend the outcomes that occur. This is the opposite of Smith’s original vision, but the task of getting there is so tortuous that Neoclassical economists can’t see they’ve contradicted their starting point.
- I explain why RBC/DSGE models have an unstable (saddle point) equilibrium, and how the (bizarre) assumption that agents can work out where the stable eigenvector is of this saddle, and instantly (RBC) or slowly (DSGE) models move to it is the basis of their theory of the business cycle.
- Then follows a quick overview of complexity using the Lorenz model of turbulence in fluid flows
- The Moore Table analysis of credit in aggregate demand and income (earlier version still)
- Deriving macroeconomics from macro definitions (as above)
- Derivation of the role of energy in production (using a Cobb-Douglas Production function). “Labour without energy is a corpse; Capital without energy is a sculpture”;
- One-slide proof that the Cobb-Douglas Production function is simply a reworking of the national income identity that Output equals Wages plus Profits under conditions of relatively stable income shares (based on the magnificent “Humbug Production Function” paper by Anwar Skaikh, and the work of McCombie and Felipe as well);
- Similar content on Loanable Funds vs Endogenous Money (“Bank Originated Money and Debt”) as in the presentations above; ditto on deriving macroeconomics from macroeconomics, and complex systems)
Looks like I can’t upload these using the media upload feature in WordPress. I’ll have to find another method.
Foundational Papers in Endogenous Money
This was prompted by a request on Discord to post Basil Moore’s original and seminal paper. It’s a great idea, and I can do here with impunity since the papers are only available to Patrons. Here are a few, more to come.