Articles

Saving, Asset-Price Inflation, and Debt-Induced Deflation

June 27, 2004
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Saving, Asset-Price Inflation, and Debt-Induced Deflation

Post-Keynesian Conference Kansas City Summary The exponential growth of savings and debt takes the form mainly of loans to finance the purchase of real estate, stocks and bonds. These loans extract interest and amortization charges that divert revenue away from being spent on goods and services. The payment of debt service by the economy’s...

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Russia: Reforming the Reformers

February 27, 2004
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an Interview with Michael Hudson for Counterpunch By STANDARD SCHAEFER On Sunday, March 14, Russians will re-elect Vladimir Putin for a second term as president. In the Duma elections three months earlier, on December 7, his United Russia party won such overwhelming support that he will have the power to rewrite the constitution dictated...

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The Mathematical Economics of Compound Rates of Interest: A Four-Thousand Year Overview Part I

January 24, 2004
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“Whoever enters here must know mathematics.” That was the motto of Plato’s Academy. Emphasizing such abstract ratios as the Pythagorean proportions of musical temperament and the calendrical regularities of the sun, moon and planets, its philosophy used the mathematics of nature to reveal an underlying harmony and order in the universe and hence, in...

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Will Europe suffer the Swiss Syndrome? What impact on the European and U.S. economies may diversification of central bank reserves into euros have?

November 18, 2003
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International Economy Diversification of central bank reserves into larger holdings of euros is much in the news these days. Quite apart from the widening U.S. trade and payments deficit, the Iraq war has created a backlash that has led some Arab and Islamic politicians to urge OPEC countries to price and sell their oil...

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The Creditary/Monetarist Debate in Historical Perspective

March 25, 2003
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Railway Financing and the Shape of China’s Future: Some Lessons from American Economic History

March 18, 2003
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Report for the Robert Schalkenbach Foundation “Is it British wealth we want when we desire to develop our resources or build railroads? No, we do not need the wealth, for at this moment we are the richest nation on the face of the globe. We need the money.” – John Brown, Parasitic Wealth, or...

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Privatizing Social Security to Inflate Stock Market Prices

November 12, 2002
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Contents Introduction Why it was regressive to fund Social Security as an autonomous system Financial engineering vs. industrial profits and employment Social Security, forced saving and Labor Capitalism What if the stock market does boom? Will that save Social Security? Introduction This would not seem to be an auspicious time to mount a campaign...

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The New Economic Archaeology of Debt

April 23, 2002
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Introduction to Debt and Economic Renewal in the Ancient Near East (ed. with Marc Van De Mieroop) (CDL Press, Baltimore, 2002) Economists, anthropologists and assyriologists have discussed the origins of debt and the setting of interest rates from such different perspectives that there has been remarkably little overlap or mutual discussion. Indeed, when economic...

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I Meet the Leading Authority on the Babylonian and Near East Tradition of Debt Cancellation

April 12, 2002
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Copy of a regular newsletter by Boudewijn Wegerif, Sweden WHAT MATTERS-77 Dear list members, Yesterday I was with an American economist who says of himself that he is a Marxist, whose godfather was Leon Trotsky, whose father was thrown in prison in the US in 1941 for advocating the overthrow of the government, who...

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The Methodology of Real Estate Appraisal: Land-Residual or Building-Residual, and their Social Implications

October 25, 2001
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NYU Real Estate Institute’s Round Table Discussion of Land- and Building-Price Indices A meeting was held at New York University’s Real Estate Institute on October 25 to discuss the virtues and pitfalls of constructing a land-price index to distinguish between land and building values. The Institute’s Associate Dean Ken Patton had invited Michael Hudson...

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