Alla Semenova While mainstream economic theory treats weather and climate as exogenous factors which can only cause temporary disruptions to the economic equilibrium, the increasing severity of climate change means that supply-side disruptions, shortages and cost increases are becoming a […]
Too Hot to Handle: Why Climate Change Means Inflation Won’t Boil Over
Endnotes interview with Pavlos Roufos … To undertand this I also think a wider framework is necessary, and I find Daniela Gabor’s work indispensable: rather than pointing towards a return to state-led “fiscal dominance”, Gabor shows that QE should be
In November 2021, I wrote a post called ‘The Truth About Inflation’. At the time, inflation fears were heating up. And as usual, mainstream economists were missing the bus. Sure, economists pointed to the consumer price index and said, “Look, it’s
Inflation: Everywhere and Always Differential
by Shimshon Bichler & Jonathan Nitzan This figure shows the long-term relationship between the conventional measures of inflation and economic growth in the U.S. (series smoothed as 20-year trailing averages). As you can see, the relationship is not positive, but
Inflation is always and everywherea phenomenon of structural change. — Jonathan Nitzan Milton Friedman has been dead for more than a decade, but his ghost still haunts us. In the 1960s, Friedman declared that inflation is ‘always and everywhere a monetary phenomenon’ —
We have just updated the charts in our 2014 RWER paper ‘Still About Oil?’, and the picture they portray reads like a capitalist call for arms. Beginning in the late 1980s, we suggested that, since the late 1960s, the Middle East was greatly influenced
Profit Warning: There Will be Blood
Planning and Anarchy Central planning?! Computers can do it!!! Among the intuitions animating the contemporary left, we must rank rather high the felt sense that powerful new computing technologies now offer a solution to problems of calculation previously insuperable for