MMT’s claims on monetary policy: is ‘raising interest rates ‘actually deflationary’, lowering rates ‘actually inflationary’? And why is the ‘4th price of money’ (price level) missing in Perry Mehrling’s ‘Money View’, altogether?

MMT founders Warren Mosler and Randall Wray like to claim that ‘monetary policy has it backwards’, see these 1,5 min video quotes: To offer some more detailed explanation of why I do not subscribe to W. Mosler‘s claim, I‘ll sketch another, imho more coherent view of how interest rate policy ‚transmits‘ to the price level… Continue reading MMT’s claims on monetary policy: is ‘raising interest rates ‘actually deflationary’, lowering rates ‘actually inflationary’? And why is the ‘4th price of money’ (price level) missing in Perry Mehrling’s ‘Money View’, altogether?

New Paper: Stützel’s Theory of Business Cycles (Part II: Monetary Aspects)

The paper Prof. Johannes Schmidt (Karlsruhe) first presented at our Seminar “Introduction to New European Political Economics” at BI Norwegian Business School (see overview , video recordings of all presentations, and background reading) in November 2017 has now been published in the European Journal for the History of Economic Thought, Volume 26, 2019 – Issue… Continue reading New Paper: Stützel’s Theory of Business Cycles (Part II: Monetary Aspects)

Katharina Pistor recommends ANEP Work

Terrific slides – and great contribution to the sources of money and monetary sovereignty! Must read. https://t.co/4CAJpgUVSc — Katharina Pistor (@KatharinaPistor) April 10, 2019 Twitter

Current Account Imbalances: YSI Webinar with Heiner Flassbeck

Some news: on October 31, 2018 Nicolas, Thomas and I (Wolfgang) participated in a INET YSI Finance, Law & Economics working group webinar on current account imbalances (within the Eurozone) with Heiner Flassbeck. We had a chance to ask Flassbeck some questions from our perspective – on the type of institution needed to coordinate national… Continue reading Current Account Imbalances: YSI Webinar with Heiner Flassbeck

Instabilities in the Web of Contracts: Deflation, Inflation and Anacyclosis

Hi everyone, today we’d like to recommend a great 30 min talk Axel Leijonhufvud gave at INET’s 2012 “Paradigm Lost” Conference in Berlin (thanks to Charlotte Bruun for reminding us of his work!). The way he describes the 2 forms of instability the web of contracts at the heart of western civilization (which is based… Continue reading Instabilities in the Web of Contracts: Deflation, Inflation and Anacyclosis

6th Presentation of our Oslo Seminar is online: Charlotte Bruun on Logical Structures and Algorithmic Behavior in a Credit Economy

Charlotte was probably the first author who published on Stützel’s work in english, before Johannes Schmidt, Fabian Lindner and Severin Reissl added further introductions in the 2010’s (which we all link for you below).  Working on her dissertation in the early 1990s, and having access only to a Xerox copy of Stützel’s 1958 classic, “Volkswirtschaftliche… Continue reading 6th Presentation of our Oslo Seminar is online: Charlotte Bruun on Logical Structures and Algorithmic Behavior in a Credit Economy

Seminar at BI Norwegian Business School 2017: Video 5 “Conceptualizing Capitalism: Legal Institutionalism” (Prof. Geoffrey M. Hodgson) now online

The fifth presentation at our seminar at BI Norwegian Business School (Oslo) is online: Prof. Geoffrey M. Hodgson, founder of Legal Institutionalism, the World Interdisciplinary Network for Institutional Research WINIR and author of the book “Conceptualizing Capitalism”, gives an introduction to the legal institutionalist perspective. After clarifying the nature of law (vs. custom) and arguing… Continue reading Seminar at BI Norwegian Business School 2017: Video 5 “Conceptualizing Capitalism: Legal Institutionalism” (Prof. Geoffrey M. Hodgson) now online

Seminar at BI Norwegian Business School 2017: Video 4, “Stützels General Theory of Business Cycles Part II” by Prof. Johannes Schmidt now online

The fourth presentation at our seminar at BI Norwegian Business School is online:  Johannes Schmidt presents, for the first time in english, Part II of Stützel’s theory of business cycles. Stützel’s simple general approach solves a number of recurring controversies in monetary economics – especially that of a coherent integration of the “real” and “monetary”… Continue reading Seminar at BI Norwegian Business School 2017: Video 4, “Stützels General Theory of Business Cycles Part II” by Prof. Johannes Schmidt now online

Seminar at BI Norwegian Business School 2017, Video 3 now Online: Stützel’s General Theory of Business Cycles

Stützel’s goal was to render superflous the controversy between Keynesians and Anti-Keynesians by demonstrating precisely for which special cases each group is correct and for which special cases each group overgeneralizes.  Thomas Weiss’ presentation shows the first part of how he accomplished that. To view the video, click on the image.  Read a short summary… Continue reading Seminar at BI Norwegian Business School 2017, Video 3 now Online: Stützel’s General Theory of Business Cycles

Seminar at BI Norwegian Business School 2017: Second Video now Online

Watch it by clicking on the image: Nicolas clarifies the historically specific legal nature of assets & liabilities, using legal anthropology to distinguish reciprocity based mutual obligations of exchanging favours and gifts within a “Gemeinschaft” (as described in Marcel Mauss’ 1925 classic “The Gift” or in Marshall Sahlins 1972 classic essay “On the Sociology of… Continue reading Seminar at BI Norwegian Business School 2017: Second Video now Online