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Lecture 07/08 Endogenous Money & a tribute to Basil Moore
I heard from Louis Philippe Rochon that Basil Moore had died, just before I flew back to London after speaking in Brussels the previous two days, and I was rather emotional as I gave my Kingston Masters class an unexpected tribute to his work.
I also cover further developments in the role of energy in production, and the impact of money being created by new bank debt. I illustrate the difference between the Neoclassical fantasy of Loanable Funds and the real world situation of Bank-Originated-Money-and-Debt, and build a model of monetary flows including government spending in excess of taxation.
published: 10 Mar 2018
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The key logical fallacy in the case for free trade
Ricardo's theory of trade is in many ways the foundation of conventional economic thinking: output and welfare can be increased by removing barriers to markets reaching equilibrium prices. In this case, the barriers are restraints on international trade, and output and welfare are increased by each country specialising in the good(s) in which it has a comparative advantage.
The key fallacy in the argument is the belief that machinery can be switched from one industry to another without loss. They can't. Machines are specific to each industry, a simple reality that mainstream economists have ignored for two centuries.
When you take this into account, machinery is in effect destroyed in the less competitive industries when trade is deregulated, and whether trade enhances output and welfare...
published: 14 Feb 2018
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BASIL Trials Investigators' Meeting, Birmingham 2018: 16. Health Economics of CLTI
Patrick Moore, Health Economist, University of Birmingham, explains how the healthcare evaluation data are collected and will be analysed for the BASIL Trials.
published: 27 Jun 2018
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Intellectual foundations of endogenous money
The argument that banks originate loans and thereby create money and additional demand was once a commonplace position. But in the 1950s, American Neoclassicals in particular began to push the view that banks are effectively just intermediaries between savers and investors; the view that banks were uniquely important in capitalism became a fringe view. I cover this history and the revival of the endogenous money approach by Basil Moore, Augusto Graziani and others
published: 03 Feb 2016
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Money Multiplier Myth
Nov. 2, 2018 Jeff Eder co-founder of Progressive Money Canada challenging macroeconomic textbooks in class. Video done by Jenna Krajinovic. An important piece of information missing from the speech was that prior to July of 1994 there were reserve requirements meaning that commercial banks were required to hold a certain percentage of reserves relative to the amount of liability deposits which is consistent with the money multiplier model in the textbook.
However, empirical research initiated by Basil Moore (Moore 1979, 1983, 1988a, 1997, 2001) and later independently corroborated by numerous researchers, including Kydland and Prescott (1990) discovered that banks extend credit first and then go looking for reserves later, exactly opposite to what is suggested in the textbooks.
www.progres...
published: 02 Nov 2018
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John Cleese on the world needing comedy, Brexit and his new BBC sitcom
(17 Aug 2017) JOHN CLEESE TALKS COMEDIANS, BREXIT AND HIS NEW BBC SITCOM
"We have never needed comedians more." That was veteran British comedian and actor John Cleese's verdict on the world, as he collected an honorary Heart of Sarajevo award on Wednesday (16 AUGUST 2017)
Comedians, Cleese claims, "often feel a bit more strongly about things than actors because after all comedians create their own material, actors very seldom do, and I think that makes them a little more comfortable with sticking their neck out."
Cleese's latest project sounds anything but comic - he says he's writing a show called "Why There Is No Hope." It's based on the psychology of the human brain.
Speaking in Sarajevo the day after receiving his award, the comedian offered his advice on becoming happier.
"...
published: 23 Aug 2017
2:07:25
Lecture 07/08 Endogenous Money & a tribute to Basil Moore
I heard from Louis Philippe Rochon that Basil Moore had died, just before I flew back to London after speaking in Brussels the previous two days, and I was rath...
I heard from Louis Philippe Rochon that Basil Moore had died, just before I flew back to London after speaking in Brussels the previous two days, and I was rather emotional as I gave my Kingston Masters class an unexpected tribute to his work.
I also cover further developments in the role of energy in production, and the impact of money being created by new bank debt. I illustrate the difference between the Neoclassical fantasy of Loanable Funds and the real world situation of Bank-Originated-Money-and-Debt, and build a model of monetary flows including government spending in excess of taxation.
https://wn.com/Lecture_07_08_Endogenous_Money_A_Tribute_To_Basil_Moore
I heard from Louis Philippe Rochon that Basil Moore had died, just before I flew back to London after speaking in Brussels the previous two days, and I was rather emotional as I gave my Kingston Masters class an unexpected tribute to his work.
I also cover further developments in the role of energy in production, and the impact of money being created by new bank debt. I illustrate the difference between the Neoclassical fantasy of Loanable Funds and the real world situation of Bank-Originated-Money-and-Debt, and build a model of monetary flows including government spending in excess of taxation.
- published: 10 Mar 2018
- views: 1654
28:17
The key logical fallacy in the case for free trade
Ricardo's theory of trade is in many ways the foundation of conventional economic thinking: output and welfare can be increased by removing barriers to markets ...
Ricardo's theory of trade is in many ways the foundation of conventional economic thinking: output and welfare can be increased by removing barriers to markets reaching equilibrium prices. In this case, the barriers are restraints on international trade, and output and welfare are increased by each country specialising in the good(s) in which it has a comparative advantage.
The key fallacy in the argument is the belief that machinery can be switched from one industry to another without loss. They can't. Machines are specific to each industry, a simple reality that mainstream economists have ignored for two centuries.
When you take this into account, machinery is in effect destroyed in the less competitive industries when trade is deregulated, and whether trade enhances output and welfare in the long run depends more on investment and economies of scale than on specialisation.
https://wn.com/The_Key_Logical_Fallacy_In_The_Case_For_Free_Trade
Ricardo's theory of trade is in many ways the foundation of conventional economic thinking: output and welfare can be increased by removing barriers to markets reaching equilibrium prices. In this case, the barriers are restraints on international trade, and output and welfare are increased by each country specialising in the good(s) in which it has a comparative advantage.
The key fallacy in the argument is the belief that machinery can be switched from one industry to another without loss. They can't. Machines are specific to each industry, a simple reality that mainstream economists have ignored for two centuries.
When you take this into account, machinery is in effect destroyed in the less competitive industries when trade is deregulated, and whether trade enhances output and welfare in the long run depends more on investment and economies of scale than on specialisation.
- published: 14 Feb 2018
- views: 4755
7:34
BASIL Trials Investigators' Meeting, Birmingham 2018: 16. Health Economics of CLTI
Patrick Moore, Health Economist, University of Birmingham, explains how the healthcare evaluation data are collected and will be analysed for the BASIL Trials.
Patrick Moore, Health Economist, University of Birmingham, explains how the healthcare evaluation data are collected and will be analysed for the BASIL Trials.
https://wn.com/Basil_Trials_Investigators'_Meeting,_Birmingham_2018_16._Health_Economics_Of_Clti
Patrick Moore, Health Economist, University of Birmingham, explains how the healthcare evaluation data are collected and will be analysed for the BASIL Trials.
- published: 27 Jun 2018
- views: 33
1:56:24
Intellectual foundations of endogenous money
The argument that banks originate loans and thereby create money and additional demand was once a commonplace position. But in the 1950s, American Neoclassicals...
The argument that banks originate loans and thereby create money and additional demand was once a commonplace position. But in the 1950s, American Neoclassicals in particular began to push the view that banks are effectively just intermediaries between savers and investors; the view that banks were uniquely important in capitalism became a fringe view. I cover this history and the revival of the endogenous money approach by Basil Moore, Augusto Graziani and others
https://wn.com/Intellectual_Foundations_Of_Endogenous_Money
The argument that banks originate loans and thereby create money and additional demand was once a commonplace position. But in the 1950s, American Neoclassicals in particular began to push the view that banks are effectively just intermediaries between savers and investors; the view that banks were uniquely important in capitalism became a fringe view. I cover this history and the revival of the endogenous money approach by Basil Moore, Augusto Graziani and others
- published: 03 Feb 2016
- views: 2879
6:05
Money Multiplier Myth
Nov. 2, 2018 Jeff Eder co-founder of Progressive Money Canada challenging macroeconomic textbooks in class. Video done by Jenna Krajinovic. An important piece o...
Nov. 2, 2018 Jeff Eder co-founder of Progressive Money Canada challenging macroeconomic textbooks in class. Video done by Jenna Krajinovic. An important piece of information missing from the speech was that prior to July of 1994 there were reserve requirements meaning that commercial banks were required to hold a certain percentage of reserves relative to the amount of liability deposits which is consistent with the money multiplier model in the textbook.
However, empirical research initiated by Basil Moore (Moore 1979, 1983, 1988a, 1997, 2001) and later independently corroborated by numerous researchers, including Kydland and Prescott (1990) discovered that banks extend credit first and then go looking for reserves later, exactly opposite to what is suggested in the textbooks.
www.progressivemoney.ca
https://wn.com/Money_Multiplier_Myth
Nov. 2, 2018 Jeff Eder co-founder of Progressive Money Canada challenging macroeconomic textbooks in class. Video done by Jenna Krajinovic. An important piece of information missing from the speech was that prior to July of 1994 there were reserve requirements meaning that commercial banks were required to hold a certain percentage of reserves relative to the amount of liability deposits which is consistent with the money multiplier model in the textbook.
However, empirical research initiated by Basil Moore (Moore 1979, 1983, 1988a, 1997, 2001) and later independently corroborated by numerous researchers, including Kydland and Prescott (1990) discovered that banks extend credit first and then go looking for reserves later, exactly opposite to what is suggested in the textbooks.
www.progressivemoney.ca
- published: 02 Nov 2018
- views: 428
5:25
John Cleese on the world needing comedy, Brexit and his new BBC sitcom
(17 Aug 2017) JOHN CLEESE TALKS COMEDIANS, BREXIT AND HIS NEW BBC SITCOM
"We have never needed comedians more." That was veteran British comedian and actor ...
(17 Aug 2017) JOHN CLEESE TALKS COMEDIANS, BREXIT AND HIS NEW BBC SITCOM
"We have never needed comedians more." That was veteran British comedian and actor John Cleese's verdict on the world, as he collected an honorary Heart of Sarajevo award on Wednesday (16 AUGUST 2017)
Comedians, Cleese claims, "often feel a bit more strongly about things than actors because after all comedians create their own material, actors very seldom do, and I think that makes them a little more comfortable with sticking their neck out."
Cleese's latest project sounds anything but comic - he says he's writing a show called "Why There Is No Hope." It's based on the psychology of the human brain.
Speaking in Sarajevo the day after receiving his award, the comedian offered his advice on becoming happier.
"Get rid of a lot of economists who have taught us to think that the only important thing in life is money. And you see that in London now I think, you see these very driven people racing around looking grim and anxious and then you come here (Sarajevo) and you see people in the streets with a much less luxurious kind of life looking a lot happier."
Cleese was part of the iconic Monty Python troupe, who rose to fame in the 1960s. He has starred in many Hollywood films, including most famously, "A Fish Called Wanda."
Most recently the 77 year old made headlines in his native Britain when he advocated "Brexit," although he now says he didn't vote in the U.K. Referendum, as he was abroad.
"The problem is we have no idea what the effect of Brexit will be," Cleese points out. "I mean the Governor of the Bank of England a few years ago, he's now retired, called Lord Mervyn King, said recently that he thought it would be another five years before we knew whether it was basically a good thing or a bad thing and I think that's the gist of what he said, and I've always felt that, and one of the disappointing things about England is that the two side are so entrenched and are really just rude about the other side and I say to everyone, 'We don't know, we don't know what's going to happen, don't tell me that I'm a bad person' because I advocated at one point, I said I would vote for Brexit because I'm fed up with the European Commission."
Cleese also has advice for American comedians trying to navigate political uncertainty in their own country:
"What you can do sometimes is you can make fun of certain people and certain attitudes, attitudes is important, and make them less tenable for a lot of people and I think that's the good that we can do, and I think the late night shows, of course, they are what we say 'preaching to the converted', preaching to the choir the Americans say, but nevertheless I think it creates a bit of an atmosphere."
The comedian is also much loved for his part in the classic 1970s BBC sitcom, "Fawlty Towers," where he played irate hotel owner Basil Fawlty. Cleese has returned to the BBC to make a new sitcom, "Hold the Sunset", although he found filming a more gruelling experience at his age.
"It's the first thing I've wanted to do in terms of a sitcom for over 40 years, " he explains. "It was a very happy experience because I liked the crew and the cast so much they were lovely people, but it was not terribly efficient and I think we shot very long days and at 77 I don't want to work from seven in the morning 'til seven at night, because after two days I'm tired and I'm not doing my best work, so the process was unsatisfactory and the people were lovely. But I gather the results are very good."
"But otherwise to do money, I do stage shows as it's the most reliable form of income, you don't have to wait for anyone to telephone you, you can set it up in advance," he adds.
You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/e538d23e86a9824875827481b88ebc62
Find out more about AP Archive: http://www.aparchive.com/HowWeWork
https://wn.com/John_Cleese_On_The_World_Needing_Comedy,_Brexit_And_His_New_BBC_Sitcom
(17 Aug 2017) JOHN CLEESE TALKS COMEDIANS, BREXIT AND HIS NEW BBC SITCOM
"We have never needed comedians more." That was veteran British comedian and actor John Cleese's verdict on the world, as he collected an honorary Heart of Sarajevo award on Wednesday (16 AUGUST 2017)
Comedians, Cleese claims, "often feel a bit more strongly about things than actors because after all comedians create their own material, actors very seldom do, and I think that makes them a little more comfortable with sticking their neck out."
Cleese's latest project sounds anything but comic - he says he's writing a show called "Why There Is No Hope." It's based on the psychology of the human brain.
Speaking in Sarajevo the day after receiving his award, the comedian offered his advice on becoming happier.
"Get rid of a lot of economists who have taught us to think that the only important thing in life is money. And you see that in London now I think, you see these very driven people racing around looking grim and anxious and then you come here (Sarajevo) and you see people in the streets with a much less luxurious kind of life looking a lot happier."
Cleese was part of the iconic Monty Python troupe, who rose to fame in the 1960s. He has starred in many Hollywood films, including most famously, "A Fish Called Wanda."
Most recently the 77 year old made headlines in his native Britain when he advocated "Brexit," although he now says he didn't vote in the U.K. Referendum, as he was abroad.
"The problem is we have no idea what the effect of Brexit will be," Cleese points out. "I mean the Governor of the Bank of England a few years ago, he's now retired, called Lord Mervyn King, said recently that he thought it would be another five years before we knew whether it was basically a good thing or a bad thing and I think that's the gist of what he said, and I've always felt that, and one of the disappointing things about England is that the two side are so entrenched and are really just rude about the other side and I say to everyone, 'We don't know, we don't know what's going to happen, don't tell me that I'm a bad person' because I advocated at one point, I said I would vote for Brexit because I'm fed up with the European Commission."
Cleese also has advice for American comedians trying to navigate political uncertainty in their own country:
"What you can do sometimes is you can make fun of certain people and certain attitudes, attitudes is important, and make them less tenable for a lot of people and I think that's the good that we can do, and I think the late night shows, of course, they are what we say 'preaching to the converted', preaching to the choir the Americans say, but nevertheless I think it creates a bit of an atmosphere."
The comedian is also much loved for his part in the classic 1970s BBC sitcom, "Fawlty Towers," where he played irate hotel owner Basil Fawlty. Cleese has returned to the BBC to make a new sitcom, "Hold the Sunset", although he found filming a more gruelling experience at his age.
"It's the first thing I've wanted to do in terms of a sitcom for over 40 years, " he explains. "It was a very happy experience because I liked the crew and the cast so much they were lovely people, but it was not terribly efficient and I think we shot very long days and at 77 I don't want to work from seven in the morning 'til seven at night, because after two days I'm tired and I'm not doing my best work, so the process was unsatisfactory and the people were lovely. But I gather the results are very good."
"But otherwise to do money, I do stage shows as it's the most reliable form of income, you don't have to wait for anyone to telephone you, you can set it up in advance," he adds.
You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/e538d23e86a9824875827481b88ebc62
Find out more about AP Archive: http://www.aparchive.com/HowWeWork
- published: 23 Aug 2017
- views: 20159