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Economic History

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Economic History

Marx has the last laugh

Eric Lonergan
26th July 2020
Economic History, Finance & Asset Pricing, Theory & Other Problems
2
I cannot think of a better interlocutor than Chris Dilow. He raises another set of interesting questions in his reply to my reply. I am in danger of completely forgetting our original divergence of thought, but...

Angrynomics: a reply to Chris Dillow

Eric Lonergan
25th July 2020
Economic History, Theory & Other Problems, Uncategorised
3
Chris Dillow writes perhaps the most interesting economics blog I know. Its scope is considerable, and despite his declaration of bias - he self-identifies as a ‘marxist’ - he is typically empirical. His recent...

How long secular stability?

Eric Lonergan
29th January 2020
Economic History, Finance & Asset Pricing, Monetary Policy
8
Economics is a curious field of study. For a subject that focuses so much on rational behaviour it is distinctly human. The tribalism borders on parody - post-keynesians, new keynesians, liberal, conservative, ...

The ethics of a Brexit referendum

Eric Lonergan
25th January 2019
Articles, Economic History, Sample Of One
5
The debate over Brexit has been dominated by propaganda. To date, I have had sympathy with the one ethical argument, which has been made most effectively by Mehreen Khan, for leaving the EU. It is shared by man...

If you don’t like trade deficits – tax the rich?

Eric Lonergan
12th April 2018
Austerity, Economic History, Money in Europe, Theory & Other Problems
1
Has the word ‘deficit’ done more damage than any other in economics? Deficits are bad, surpluses are good. In economics, nothing could be further from the truth. How can there be virtue, if every virtuous act r...

r* and the range of irrelevance

Eric Lonergan
29th December 2017
Definitions of Money, Economic History, Finance & Asset Pricing, Monetary Policy
6
Despite the fact that interest rates determine all asset valuations, there is nothing close to a general theory of interest rate determination. The rule of thumb when I started working in financial markets was ...

Rethinking Brexit, via Kilkenny & Oxford

Eric Lonergan
12th November 2017
Economic History, Money in Europe, Sample Of One
3
Mark Blyth and I have been arguing that nationalism is a global virus, filling the vacuum created by the erosion of political identity under neo-liberalism. The Cold War era now appears, almost nostalgically, a...

MMT part III – conclusion, and a conversation with Ben Bernanke

Eric Lonergan
20th October 2017
Definitions of Money, Economic History, Monetary Policy, Theory & Other Problems
23
My last two blogs have revisited the issue of whether or not base money is a liability of the state. The issue played a central role in a discussion over the future of monetary policy at the Brussels think-tank...

MMT part II: a synthesis, an olive branch, and a defence of Twitter

Eric Lonergan
11th October 2017
Definitions of Money, Economic History, Monetary Policy, Theory & Other Problems
26
This is a short follow-up to my previous post, ‘MMT - sophistry or substance?’, and Simon Wren-Lewis’s ‘Why is MMT so popular?'. Summarising, I suggest the two defining characteristics of MMT are: (1) a theo...

MMT: school of thought or set of personalities?

Eric Lonergan
7th October 2017
Definitions of Money, Economic History, Monetary Policy, Theory & Other Problems
29
MMT revisited Simon Wren-Lewis’s recent post on why MMT is so popular makes a number of important points. The Twitter response to Simon’s post was fairly representative - to its credit, MMT has a committed c...
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Reviews of Eric’s book

  • Reviews of Eric’s book

    Eric Lonergan
    9th August 2014

In the press

  • CNBC: market sell-off is ‘noise’

    Eric Lonergan
    17th February 2018
  • Monetary policy & babysitting: why rates are so low, and ‘what’s next?’

    Eric Lonergan
    7th August 2016
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