Modern Monetary Theory or MMT as it is also known, is a new branch of heterodox economics that is quickly gaining popularity among the political far-left in American politics. While the theory is quite confusing in its exact specifications and rules ( Economist Paul Krugman likened it to “Calvin ball”) the basic tenets are that the assumptions of “fiat currency” and “endogenous money” are the correct macroeconomic assumptions. While these are core elements for most MMT theorists, it is important to stress that like many heterodox economic theories and “Calvin ball,” the ‘rules’ often change depending on which promoter of the Continue reading Modern Monetary Theory: Let’s Play Some Calvin Ball
Sooner rather than later Andrew Yang’s main idea, Universal Basic Income (UBI), will enter the national discussion on some level. Yang has reached the 65,000-donor threshold to appear in debates later this year. As such, this bold proposal is one that major candidates may have to take positions on. Below are the main details of and arguments for his UBI proposal. This is not an endorsement of Andrew Yang 2020. The Problem Yang, a successful entrepreneur, argues that we are undergoing the greatest technological and economic shift we’ve ever experienced. Automation has already destroyed millions of manufacturing jobs. He cites Continue reading A 2020 Presidential Candidate’s Proposal for Universal Basic Income
In the United States we have effectively only two political parties to choose from, the Democrats or Republicans. Unlike in other developed nations that are characterized as two party systems, America has zero representation of third parties in national government while in Australia, the United Kingdom, and Canada the third biggest parties hold 14.4%, 7.52% or 5.38% (depending on who you count), and 23.9% of seats in national government respectively. Therefore, it is fair to say that the parties act as two firms unchallenged within a market for votes and thereby power within the American political system. Now this isn’t a shocking Continue reading American Political Parties are a Duopoly (Spoiler: Its not Symmetric)
The word “Millennials” has been tossed around much in the last decade. It is used to describe individuals born between 1980-2000 by other generations as they have closely watched this young portion of the population to see the direction our world is headed in. After being labeled as lazy, entitled, and addicted to technology, millennials have now been criticized for a loss of faith in democracy. First World countries known for their democratic systems have seen a decline in political participation from their youth. The US, Poland, and Britain saw less than half of their under-25s come out and vote Continue reading A Solution to Millennial Skepticism
In light of the debate last night between America’s two dominant parties, I wanted to talk about the man who didn’t get to make it to the stage. Yes that’s right, there is still someone out there fighting. The man is Gary Johnson, the Libertarian Party’s presidential candidate. The two-term Republican governor of New Mexico, a state that usually votes democratic, claims that most Americans are in fact libertarians but just don’t know it yet. In his interview with Stephen Dubner, Johnson tells listeners his biggest problem, “Right now, 65 percent of Americans don’t even know that I exist”. But Continue reading There’s Another Candidate?
You’ve probably heard the saying that “those who don’t learn from history are doomed to repeat it.” Unfortunately, there is reason to believe that the circumstances that led to right-wing nationalist support in the early 20th century are reoccurring now in the U.S. and in Europe. This is because there is an eerie political trend when it comes to the aftermath of financial crises. A study by the Center for Economic and Policy Research (CEPR), which covered 800 elections and 100 financial crises from 20 advanced economies between 1870 and 2014, shows that following a financial crisis, the politics of Continue reading Financial Crises and the Far-Right Extremism that Follows Them