Category Archives: Markets

An Open letter to Milton Friedman

Dear Dr. Friedman, In 1994, you praised Hayek’s book The Road to Serfdom as a “manifesto – a call to arms against tyranny.” Prior to this, you also stated several times that you were advocating not for a 19th Centruy … Continue reading

Posted in Economic Theory, Economics, Markets, Political Economy, Sociological Theory, Sociology | Leave a comment

The Sociology of Repo Swaps: Canadian Kool Aid Edition

Interest rates are the price for renting money. LIBOR rates is the price banks charge each other for renting money. Contrary to popular belief, the 2008 financial collapse was not initiated by mortgage derivatives, it was initiated by Repos, and … Continue reading

Posted in Economics, Markets, Political Economy, Sociology, Uncategorized | Leave a comment

The Beatings Will Continue Until Confidence Improves

Three economists with the International Monetary Fund just released an article (PDF) citing that Austerity and Privatization, two aspects of the neoliberal agenda, are really bad things for economies. This is not all that shocking, as the data has supported … Continue reading

Posted in Economics, Macroeconomics, Markets, Political Economy, Public Policy | Leave a comment

Revisionist History: The 2008 Financial Crisis, Human Resources (Micro), and the Structure of Labour & Capital (Macro)

Hindsight isn’t always 20/20. So far removed from 2008, many politicians, and some economists have reframed the events of 2008 as the “Financial Crisis” in a way that didn’t make it seem so bad. In fact, it was a global … Continue reading

Posted in Economics, Labor, Markets, Political Economy, Public Policy, Socioeconomics | Leave a comment

An Open Letter to Alberta Canada

Dear Alberta: The CBC says that Albertans think that non-Albertans do not have sympathy for you. Well, I do. But my sympathy goes beyond the masses of people unemployed. My sympathy extends to you in being duped by economists and … Continue reading

Posted in Demand, Economics, Environment, Labor, Markets, Public Policy, Sociology, Wages | Leave a comment

Small Town Bringdowns and Economic Failure

There are varying states of “failure” in economics. In Microeconomics for example, we have market failures, which can have almost nuclear effects (as we saw in 2008). On a more Macro level, we can have “failed states,” which are nation-states … Continue reading

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The Social Construct of Purchasing Power Parity

Why are some countries rich while other countries are poor? And how is national income distributed? It really depends on how poverty and prices are measured and compared. One common construct used by the International Monetary Fund (IMF) is the … Continue reading

Posted in Labor, Macroeconomics, Markets, Poverty | Leave a comment