Sunday , August 18 2019
Home / Mark Thoma
The author Mark Thoma
Mark Thoma
Mark Allen Thoma (born December 15, 1956) is a macroeconomist and econometrician and a Professor of Economics at the Department of Economics of the University of Oregon. Thoma is best known as a regular columnist for The Fiscal Times through his blog "Economist's View", which Paul Krugman called "the best place by far to keep up with the latest in economic discourse", and as an analyst at CBS MoneyWatch. He is also a regular contributor to EconoMonitor.

Mark Thoma

Links (8/08/19)

Irving Fisher Demolishes the Loanable-Funds Theory of Interest - Uneasy MoneyIn some recent posts (here, here and here) I have discussed the inappropriate application of partial-equilibrium analysis (aka supply-demand analysis) when the conditions under which the ceteris paribus assumption underlying partial-equilibrium analysis are not satisfied. The two examples of inappropriate application of partial equilibrium analysis I have mentioned were: 1) drawing a supply curve of labor and...

Read More »

Links (8/01/19)

Why Rate Cuts Don’t Help Much Anymore - Austan GoolsbeeNow that it has finally happened, don’t expect the Federal Reserve’s long-awaited rate cut to make all that much of a difference for the economy. The Invention of Money - The New YorkerWhen the Venetian merchant Marco Polo got to China, in the latter part of the thirteenth century, he saw many wonders—gunpowder and coal and eyeglasses and porcelain. One of the things that astonished him most, however, was a new invention, implemented...

Read More »

Links (7/22/19)

Why Critics of a More Relaxed Attitude on Public Debt Are Wrong - Blanchard and UbideBoth of us have recently developed arguments for a more relaxed attitude toward public debt and deficits (for example, this address by Blanchard at the European Central Bank Policy Forum, this joint discussion at PIIE, and this essay by Ubide on Vox). Not surprisingly, several counterarguments have arisen, some of which we accept, some of which we don’t. This blog addresses two arguments that we reject....

Read More »

Links (7/15/19)

Why Is Inflation Low Globally? - FRBSF A hot economy eventually boosts inflation. Such is the simple wisdom of the Phillips curve. Yet inflation across developed countries has been remarkably weak since the 2008 global financial crisis, even though unemployment rates are near historical lows. What is behind this recent disconnect between inflation and unemployment? Contrasting the experiences of developed and developing economies before and after the financial crisis shows that...

Read More »

Links (7/9/19)

Thumbs Down to Facebook’s Cryptocurrency - Joseph E. StiglitzOnly a fool would trust Facebook with his or her financial wellbeing. But maybe that’s the point: with so much personal data on some 2.4 billion monthly active users, who knows better than Facebook just how many suckers are born every minute? Trump Is Losing His Trade Wars - Paul KrugmanDonald Trump’s declaration that “trade wars are good, and easy to win” will surely go down in the history books as a classic utterance — but not in...

Read More »

Links (6/29/19)

Opportunity cost, MMT and public spending - Crooked Timber ... In the “chartalist” reasoning underlyng MMT, the fact that governments can issue their own sovereign currency means that there is no need to “finance” public spending by taxation; rather taxation is a tool used to manage aggregate demand so as to keep the economy fully employed but not at a point where excess demand creates inflation. That (essentially correct) position can easily slide into the (only subtly different, but...

Read More »

Links (6/23/19)

Notes on Excessive Wealth Disorder - Paul Krugman In a couple of days I’m going to be participating in an Economic Policy Institute conference on “excessive wealth disorder” — the problems and dangers created by extreme concentration of income and wealth at the top. I’ve been asked to give a short talk at the beginning of the conference, focusing on the political and policy distortions high inequality creates, and I’ve been trying to put my thoughts in order. So I thought I might as well...

Read More »

Links (6/17/19)

The Decline of American Journalism Is an Antitrust Problem - ProMarket Weak antitrust enforcement set the stage for Facebook and Google to extract the fruits of publishers’ labor. We won’t be able to save journalism and solve our disinformation problem unless we weaken monopolies’ power. Three Recommended Changes to U.S. Currency Policy - Brad Setser I have a new Policy Innovation Memo that recommends three changes to U.S. currency policy, and specifically, three changes to the U.S....

Read More »

Links (6/14/19)

Is Labour’s fiscal policy rule neoliberal? - mainly macro That is the charge some on the left, particularly followers a movement called MMT, have laid against Labour's Fiscal Credibility Rule (FCR). MMT stands for nothing very informative, but it is a non-mainstream left-wing macroeconomic school of thought. Bill Mitchell, one of the leading lights of MMT, has run a relentless campaign against the FCR through his blog. As my own work with Jonathan Portes helped provide the intellectual...

Read More »