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	<title>Thomas Palley</title>
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	<description>Economics for Democratic and Open Societies</description>
	<pubDate>Wed, 13 Feb 2013 03:46:41 +0000</pubDate>
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		<title>Yellen to Washington D.C.: Fiscal Austerity Slows Recovery</title>
		<link>http://www.thomaspalley.com/?p=324</link>
		<comments>http://www.thomaspalley.com/?p=324#comments</comments>
		<pubDate>Wed, 13 Feb 2013 03:45:07 +0000</pubDate>
		<dc:creator>Administrator</dc:creator>
		
		<category><![CDATA[Economics]]></category>

		<category><![CDATA[Political Economy]]></category>

		<category><![CDATA[U.S. Policy]]></category>

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		<description><![CDATA[Last Monday, Federal Reserve Vice-Chair Janet Yellen gave the keynote speech at an AFL-CIO economic policy conference on restoring shared prosperity.
Dr. Yellen began by noting that the Federal Reserve “is the only agency assigned the job of pursuing maximum employment.” She then went on to acknowledge “the gulf between maximum employment and the very difficult [...]]]></description>
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		<title>A critique of Modern Monetary Theory (MMT)</title>
		<link>http://www.thomaspalley.com/?p=322</link>
		<comments>http://www.thomaspalley.com/?p=322#comments</comments>
		<pubDate>Wed, 06 Feb 2013 22:49:53 +0000</pubDate>
		<dc:creator>Administrator</dc:creator>
		
		<category><![CDATA[Political Economy]]></category>

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		<description><![CDATA[This paper excavates the set of ideas known as modern monetary theory (MMT). The principal conclusion is that the macroeconomics of MMT is a restatement of elementary well-understood Keynesian macroeconomics. There is nothing new in MMT’s construction of monetary macroeconomics that warrants the distinct nomenclature of MMT. Moreover, MMT over-simplifies the challenges of attaining non-inflationary [...]]]></description>
		<wfw:commentRss>http://www.thomaspalley.com/?feed=rss2&amp;p=322</wfw:commentRss>
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		<title>New book from Thomas Palley &#8220;The Economic Crisis: Notes from the Underground&#8221;</title>
		<link>http://www.thomaspalley.com/?p=320</link>
		<comments>http://www.thomaspalley.com/?p=320#comments</comments>
		<pubDate>Thu, 09 Aug 2012 17:33:18 +0000</pubDate>
		<dc:creator>Administrator</dc:creator>
		
		<category><![CDATA[Uncategorized]]></category>

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		<description><![CDATA[
The Economic Crisis: Notes from the Underground
by Thomas I. Palley,  Createspace, 2012
This book provides a collection of short essays detailing the causes of the economic crisis and the failure of the economics profession to foresee and explain it. An old adage is &#8220;The winners get to write history&#8221; and that is proving true in [...]]]></description>
		<wfw:commentRss>http://www.thomaspalley.com/?feed=rss2&amp;p=320</wfw:commentRss>
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		<title>A Keynesian Theory of Hegemonic Currencies – Or Why the World Pays Dollar Tribute</title>
		<link>http://www.thomaspalley.com/?p=317</link>
		<comments>http://www.thomaspalley.com/?p=317#comments</comments>
		<pubDate>Thu, 09 Aug 2012 17:29:43 +0000</pubDate>
		<dc:creator>Administrator</dc:creator>
		
		<category><![CDATA[Economics]]></category>

		<category><![CDATA[Political Economy]]></category>

		<category><![CDATA[U.S. Policy]]></category>

		<guid isPermaLink="false">http://www.thomaspalley.com/?p=317</guid>
		<description><![CDATA[Several years ago (June 2006) I wrote an article advancing a new theory of why the dollar is the world’s dominant currency and why it is likely to remain so. The article was published in the midst of the last boom and sank like a stone. But now debate about the cause of the dollar’s [...]]]></description>
		<wfw:commentRss>http://www.thomaspalley.com/?feed=rss2&amp;p=317</wfw:commentRss>
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		<title>The Fed’s 2% Inflation Target Trap</title>
		<link>http://www.thomaspalley.com/?p=312</link>
		<comments>http://www.thomaspalley.com/?p=312#comments</comments>
		<pubDate>Wed, 01 Aug 2012 14:27:09 +0000</pubDate>
		<dc:creator>Administrator</dc:creator>
		
		<category><![CDATA[Economics]]></category>

		<category><![CDATA[Political Economy]]></category>

		<category><![CDATA[U.S. Policy]]></category>

		<guid isPermaLink="false">http://www.thomaspalley.com/?p=312</guid>
		<description><![CDATA[The Federal Reserve has now openly adopted a two percent inflation target, with both Chairman Bernanke and the Federal Open Market Committee publicly committing to holding inflation at that level. Though not a problem today, this two percent target represents a policy trap that will undercut the possibility of future wage increases despite on-going productivity [...]]]></description>
		<wfw:commentRss>http://www.thomaspalley.com/?feed=rss2&amp;p=312</wfw:commentRss>
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		<title>ELR Comes to the UK</title>
		<link>http://www.thomaspalley.com/?p=305</link>
		<comments>http://www.thomaspalley.com/?p=305#comments</comments>
		<pubDate>Mon, 30 Jul 2012 14:28:14 +0000</pubDate>
		<dc:creator>Administrator</dc:creator>
		
		<category><![CDATA[Economics]]></category>

		<category><![CDATA[Political Economy]]></category>

		<guid isPermaLink="false">http://www.thomaspalley.com/?p=305</guid>
		<description><![CDATA[ELR Comes to the UK
The following story, which appeared in The Guardian on Sunday 29 July, was forwarded to me by Malcolm Sawyer:
“Million jobless may face six months’ unpaid work or have unemployment benefits stopped”
In a sense, the UK, under Conservative Prime Minister Cameron, is looking to adopt a quasi-employer of last resort (ELR) scheme [...]]]></description>
		<wfw:commentRss>http://www.thomaspalley.com/?feed=rss2&amp;p=305</wfw:commentRss>
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		<title>MMT/ELR: A Mix of Old and Unsubstantiated New Ideas</title>
		<link>http://www.thomaspalley.com/?p=298</link>
		<comments>http://www.thomaspalley.com/?p=298#comments</comments>
		<pubDate>Fri, 27 Jul 2012 22:20:49 +0000</pubDate>
		<dc:creator>Administrator</dc:creator>
		
		<category><![CDATA[Economics]]></category>

		<category><![CDATA[Political Economy]]></category>

		<guid isPermaLink="false">http://www.thomaspalley.com/?p=298</guid>
		<description><![CDATA[Randy Wray and Mat Forstater, two leading contributors to the MMT School, have replied to my recent blog on the MMT controversy. Their replies warrant a brief response.
I agree that it does not matter very much who first identified the euro’s potential for failure. Along with other Keynesians, MMT-ers were early to identify the euro’s [...]]]></description>
		<wfw:commentRss>http://www.thomaspalley.com/?feed=rss2&amp;p=298</wfw:commentRss>
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		<title>More on the spurious victory claims of MMT</title>
		<link>http://www.thomaspalley.com/?p=290</link>
		<comments>http://www.thomaspalley.com/?p=290#comments</comments>
		<pubDate>Wed, 25 Jul 2012 14:50:37 +0000</pubDate>
		<dc:creator>Administrator</dc:creator>
		
		<category><![CDATA[Economics]]></category>

		<category><![CDATA[Europe]]></category>

		<category><![CDATA[Political Economy]]></category>

		<category><![CDATA[U.S. Policy]]></category>

		<guid isPermaLink="false">http://www.thomaspalley.com/?p=290</guid>
		<description><![CDATA[Led by Randy Wray (see this and this), supporters of so-called Modern Monetary Theory (MMT) are declaring that they were the first to identify the problems of the euro and that MMT has now proved itself to be the correct approach to monetary theory. 
As regards these two claims, permit me to quote the following:
“5.3 [...]]]></description>
		<wfw:commentRss>http://www.thomaspalley.com/?feed=rss2&amp;p=290</wfw:commentRss>
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		<title>From Financial Crisis to Stagnation: The Destruction of Shared Prosperity and the Role of Economics</title>
		<link>http://www.thomaspalley.com/?p=232</link>
		<comments>http://www.thomaspalley.com/?p=232#comments</comments>
		<pubDate>Wed, 09 May 2012 17:07:08 +0000</pubDate>
		<dc:creator>Administrator</dc:creator>
		
		<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://www.thomaspalley.com/?p=232</guid>
		<description><![CDATA[Many countries are now debating the causes of the global economic crisis and what should be done. That debate is critical for how we explain the crisis will influence what we do.
Broadly speaking, there exist three different perspectives. Perspective # 1 is the hardcore neoliberal position, which can be labeled the “government failure hypothesis”. In [...]]]></description>
		<wfw:commentRss>http://www.thomaspalley.com/?feed=rss2&amp;p=232</wfw:commentRss>
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		<title>From Financial Crisis to Stagnation: An Interview with Thomas Palley</title>
		<link>http://www.thomaspalley.com/?p=200</link>
		<comments>http://www.thomaspalley.com/?p=200#comments</comments>
		<pubDate>Thu, 19 Apr 2012 00:58:34 +0000</pubDate>
		<dc:creator>Administrator</dc:creator>
		
		<category><![CDATA[Economics]]></category>

		<category><![CDATA[Political Economy]]></category>

		<guid isPermaLink="false">http://www.thomaspalley.com/?p=200</guid>
		<description><![CDATA[Conducted by Philip Pilkington and posted on Naked Capitalism on April 18, 2012.

His latest book, From Financial Crisis to Stagnation, was recently published by Cambridge University Press, 2012. 
A 20% discount is available when you purchase using this discount code.
 [Select country location &#038; enter code "palley2012" at checkout to get the discount]
Philip Pilkington: At [...]]]></description>
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