My new post for the Monetary Policy Institute on the tightening noose of the Pakistani policy rate which isn't helping in the middle of a depression.

"While Pakistan’s present circumstances have been recognized as an economic crisis, malaise, or meltdown, it has not been widely acknowledged that the country is in the midst of a proper economic depression."

#centralbanking #Pakistan #hetecon

https://medium.com/@monetarypolicyinstitute/the-tightening-noose-of-pakistani-monetary-austerity-b04c52b5901b

Some remarks on the Government of Pakistan's inability to issue the rupee at will.

tldr: it's a problem the same way fully outsourcing legislation to a political consulting firm owned by the government would be a problem.

I provide links where I can, but I think WordPress has recently been acting glitchy so links don't appear underlined sometimes.

#centralbanking #Pakistan #hetecon #politicaleconomy @heterodoxecon
https://daniyalkhan.net/2023/01/01/the-government-of-pakistan-cant-issue-the-rupee-at-will-this-is-a-problem/

My new blogpost for the Monetary Policy Institute in which I analyze a change in the State Bank of Pakistan legislation in light of the broader political economy and intellectual environment.

Thanks to Prof. LP Rochon for encouragement and editorial guidance. I benefited greatly from conversations with Aqdas Afzal, Izza Aftab, and Fahd Ali. The #Pakistan #hetecon community is invaluable, no matter how small it may be.

@heterodoxecon #politicaleconomy #centralbanking

https://medium.com/@monetarypolicyinstitute/sifting-through-pandoras-pakistani-policy-casket-cc960e0784d8

My new blogpost for the Monetary Policy Institute in which I analyze a change in the State Bank of Pakistan legislation in light of the broader political economy and intellectual environment.

Thanks to Prof. LP Rochon for encouragement and editorial guidance. I benefited greatly from conversations with Aqdas Afzal, Izza Aftab, and Fahd Ali. The #Pakistan #hetecon community is invaluable, no matter how small it may be.

@heterodoxecon #politicaleconomy #central banking

https://medium.com/@monetarypolicyinstitute/sifting-through-pandoras-pakistani-policy-casket-cc960e0784d8

Now that we're talking about inflation again following the interest rate hike by the State Bank of Pakistan, I'm sharing once again my suggestion to reconsider how we talk about inflation and to scratch beneath the surface of the language in use:

#hetecon #politicaleconomy #pakistan @heterodoxecon

https://www.thenews.com.pk/print/981829-how-to-talk-about-inflation

"Obscure jargon of ‘overlapping emergencies’ and ‘polycrisis’ are brought up to describe the complexity of the situation, and they serve, with or without intention, to conceal the culprit, namely the totality of capitalist relations. This short piece discusses the content, function, and limits of these evasive practices with concrete examples." - Guney Isikara

#hetecon #politicaleconomy

https://developingeconomics.org/2022/11/22/beating-around-the-bush-polycrisis-overlapping-emergencies-and-capitalism/

And should be understood in line with this:

“In fact, post-Keynesians argue that if full employment were reached, innovations will likely push back the natural frontier...” - Marc Lavoie: Intro to PK

#postkeynesian #hetecon #employment #ppf

and that largely addresses humanistic economics & social economic ideology from Sismondi to Lutz to #leftmmt #mmt #hetecon #postkeynesian

Economics for the Common Good #socialeconomics

Did you know we always used price controls to fight inflation?

The involuntary unemployed at a floor wage of $0 as one example.
The discount rate at a central bank as a ceiling for the ‘price’ of money as another.

Price controls are implicit in the economy, as are buffer stocks

#mmt #postkeynesian #hetecon

Looks like I should add #hetecon too

Clara Mattei (The New School) in Jacobin:

"Today, these same liberal economists do not make concessions to their own compatriots. Larry Summers is on the front line in advocating for monetary austerity in the USA, where he prescribes a dose of unemployment to cure inflation. As always, the solution of mainstream economists is require working people to absorb the lion’s share of hardship through lower wages, longer workdays, and welfare cuts."

#hetecon

https://jacobin.com/2022/10/mussolini-fascism-liberalism-austerity

Never stumbled onto that part of #econtwitter. If I did, I'd be arguing for not only keeping macro as required, but also for making a brief written commentary (2 pages) on Keynes's 1937 QJE article on the General Theory a required part of PhD admission application materials.

#pke #hetecon #keynes

https://econtwitter.net/@khoavuumn/109300000884557747

Very happy to see heterodox economists #hetecon joining this server/instance as well!

Here's something I wrote for the Monetary Policy Institute back in August on why central banking needs a capitalist manifesto.
#hetecon #centralbanking #econtwitter

https://medium.com/@monetarypolicyinstitute/central-banking-needs-a-capitalist-manifesto-4266aa318bce