Australian Pension Reform Jumps the Shark, Jumps the Gun

Posted on April 27, 2017 by admin

Pension systems around the world are often victims of collusive predation of governments and big banks.  Australian superannuation which ranks among the top pension systems, is doing its best to emulate worse ones by frequent reforms.  In many countries, private savings have been borrowed and spent by governments in counter-productive Keynesian stimulus or siphoned off to the pockets of the elite in neoclassical financialization and globalization, justified by unscientific economic pluralism.

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Posted in Economics, Finance, Pension, Regulation | 1 Comment

Economic Pluralism and Science

Posted on April 19, 2017 by admin

To be useful, constructive criticism should be given to the person expressing the erroneous ideas.  However, the blog editor of Real-World Economic Review (RWER), who is a leader and protagonist in the movement for economic pluralism, has refused to publish my criticism of that movement.  Criticism of the movement is important because the movement asserts that more resources should be allocated to promote economic pluralism; supposedly the lack of economic pluralism explains “Why a global disaster that could easily have been prevented took place” (Fullbrook, 2017).

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Posted in Econoclasm, Economics, Science | Leave a comment

Scientific Economics: Review of Progress

Posted on August 28, 2016 by admin

It has been three years since this blog was launched with an inaugural post in August 2013.  What has been achieved by way of progress in building a scientific economic paradigm?  Considering the scope and ambition of the project – to start from scratch, to take nothing for granted and to build from a scientific basis – enormous progress has been made.  Here is a summary.

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Posted in Economics, Paradigm, Science | 1 Comment

Helicopter Money in Operation

Posted on May 8, 2016 by admin

The great inventive minds of modern economics (GIMME) have been busy talking about helicopter money as an option they could try in future as another unconventional monetary policy (UMP) to avoid “deflation” or “lowflation” (Lagarde, 2013).  Actually, helicopter money is a very old idea and already has been in operation for several years.  But nobody, not even some prominent critics of central banks, seems to have recognized it yet.  What is helicopter money?  What is it for?  Has it worked? Will it work?

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Posted in Economics, Finance, Regulation | 5 Comments

How Much Capitalism?

Posted on April 14, 2016 by admin

How much capitalism is optimal for economic growth and stability?  Or, equivalently, the question is how much socialism or government?  Until now, no one appears to have posed this question, as most people tend to favour more and more of one or the other, in a political rather than scientific judgement.  This post provides some tentative answers based on empirical evidence.

Under our definition, no economy is purely capitalist, because there is always a government which expropriates private property through taxes for government purposes; hence there are only degrees of capitalism.  The degree of capitalism and the size of government are two sides of the same coin, as more capitalism means less government and vice versa.

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Posted in Economics, Science | Leave a comment