David Fields @ProfDavidFields Twitter profile | Pikagi

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David Fields

@ProfDavidFields

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Classical-Keynesian Institutionalist Political Economist | @MonetaryBlog @utahvanguard

https://t.co/V81pbArdQt

Joined February 2020

Don't wanna be here? Send us removal request.

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@ProfDavidFields

David Fields

@ProfDavidFields

9 days

“the lack of historical evidence in defense of money from barter has not prevented mainstream economists from placing it at the very heart of their imaginary economic analysis” RIP Money from Barter | @MonetaryBlog , ⁦ @ProfDavidFields , ⁦ @Lprochon ⁩

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RIP Money from Barter

David Fields Economist, State of Utah Fellow, The Monetary Policy Institute

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@ProfDavidFields

David Fields

@ProfDavidFields

5 months

“The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.” - Joan Robinson

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David Fields

@ProfDavidFields

9 months

World-Systems for the 21st century

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20 days

The foundational myth that constitutes mainstream economics. Can’t be stressed enough.

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17 days

New study: water is wet.

@politvidchannel

PoliticsVideoChannel

@politvidchannel

1 month

BREAKING: new study says 50 years of tax cuts for the rich failed to trickle down

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6 months

Monday evening reading

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David Fields

@ProfDavidFields

8 months

The so-called “natural rate of unemployment” is a spurious concept, crafted to ensure there is at least a modicum of unemployment to prevent full employment and, thus, facilitate nominal wage suppression.

@JustinWolfers

Justin Wolfers

8 months

This might be the most important development in the labor market: Estimates of the "natural rate" of unemployment have fallen from six percent a decade ago to four percent.

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David Fields

@ProfDavidFields

2 years

new book by ⁦ @SawyerMalcolm ⁩ 🤙

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David Fields

@ProfDavidFields

2 years

The president can unilaterally forgive federal student loan debt burdens, which would not only alleviate thousands from financial hardship, but also provide a net macroeconomic gain. As such, @POTUS does not have an option to act accordingly, but an obligation. #CancelStudentDebt

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1 year

essential reading

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9 months

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David Fields

@ProfDavidFields

9 months

Kalecki’s notes on Joan Robinson’s Essay on Marxian Economics reveals his defense of Marx against Robinson’s more extreme accusations of inconsistency.

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Kalecki’s notes on Robinson’s Essay on Marxian Economics

Abstract. This essay presents Kalecki’s notes on Joan Robinson’s Essay on Marxian Economics, (hitherto published only in a Polish translation) introduced b

academic.oup.com

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David Fields

@ProfDavidFields

3 months

supply-side economics

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David Fields

@ProfDavidFields

10 months

Mainstream economics relies upon a set of unrealistic axioms and deductive assumptions, which, nevertheless, are what underpins its core postulates. They are unrealistic assumptions.

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Apparent micro-realism in mainstream orthodox economics

As reiterated for a long, mainstream economics mainly relies upon a set of unrealistic axioms and deductive assumptions, which, nevertheless, are what underpins its core postulates. They are unnece...

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David Fields

@ProfDavidFields

1 year

It’s this quote by Galbraith, in my view, that elucidates a crucial link between the work of @IsabellaMWeber and what Marc Lavoie has argued, that is, hedging as resulting from unfolding supply chain bottlenecks, which has engendered a cost-push-markup inflationary trend.

@IsabellaMWeber

Isabella M. Weber

@IsabellaMWeber

1 year

BREAKING: James Galbraith nails what sellers’ inflation is in just two sentences.

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David Fields

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5 months

RIP, Paul Burkett. In addition to his invaluable work on inflation, he is best known for his book “Marx and Nature: A Red and Green Perspective”, which argued against the assumption that Marx favored relentless industry over environmental sustainability.

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Marx and Nature

Though infrequently viewed as an environmental thinker, Karl Marx insisted that production as a social and material process is shaped and constrained by both historically developed relations among...

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David Fields

@ProfDavidFields

1 month

Unequal exchange is the modus operandi of the world economy. There is no equilibrium of price levels between trading partners. To this end, we say adios to another misleading concept in economics and declare RIP to ‘Purchasing Power Parity’. @MonetaryBlog

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RIP PPP (Purchasing Power Parity)

David Fields Economist, State of Utah Research Fellow, The Monetary Policy Institute

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@ProfDavidFields

David Fields

@ProfDavidFields

5 months

The Phillips curve is an idealist construction, which assumes unemployment is the result of workers' trade-off, that is, substitution (so-called Marshallian cross), between paid work & leisure time, and that inflation is anywhere and everywhere demand-pull. It is pseudoscience.

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@ProfDavidFields

3 months

market equilibrium

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David Fields

@ProfDavidFields

3 months

trickle-down economics

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David Fields

@ProfDavidFields

3 months

There is no such thing as the ‘natural rate of interest’. It is a space where social conflict in monetary policy explicitly reveals itself. Simply said, the natural rate hypothesis is nothing more than hocus pocus economics. @MonetaryBlog w/ @Lprochon

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RIP The Natural Rate of Interest: Saying goodbye to hocus pocus economics

David Fields Economist, State of Utah Research Fellow, The Monetary Policy Institute

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@ProfDavidFields

David Fields

@ProfDavidFields

10 months

And it should be tossed into the waste bin. The Marshallian cross is rubbish.

@paulkrugman

Paul Krugman

10 months

Most econ textbooks offer some version of an aggregate demand-aggregate supply framework that looks like this 2/

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David Fields

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5 months

“In economic theory the conclusions are sometimes less interesting than the route by which they are reached.” -Piero Sraffa

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David Fields

@ProfDavidFields

9 months

Neoliberalism is the political project. Financialization is the economic praxis. Globalization is the diffusion. Although not mutually exclusive, these interrelated concepts are distinctive, which give meaning to historically-specific, albeit conjunctural, social processes.

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@ProfDavidFields

David Fields

@ProfDavidFields

4 months

Hot off the press! 💥

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4 months

Hocus Pocus Economics

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David Fields

@ProfDavidFields

4 months

The Phillips curve is fiction. It is pseudoscientific, dangerous, and must be put to rest. ⁦ @ProfDavidFields ⁩ and ⁦ @Lprochon ⁩ @MonetaryBlog ⁩

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RIP Phillips Curve

David Fields Economist, State of Utah Fellow, The Monetary Policy Institute

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@ProfDavidFields

David Fields

@ProfDavidFields

4 months

The IMF and World Bank would call this pernicious law “structural adjustment”.

@MorePerfectUS

More Perfect Union

4 months

THREAD: Pennsylvania law encourages municipalities to sell their water and sewage systems to private corporations, then allows those corporations to jack up utility bills to the benefit of investors. Today, PA state senators heard about what this law is doing to communities.

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David Fields

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6 months

This is pure fiction.

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David Fields

@ProfDavidFields

1 year

Monetary austerity is class war. They’re not hiding.

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ECB to keep raising interest rates unless wage growth slows, says official

Belgian central bank governor ‘not surprised’ if eurozone key rate increased to 4%

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David Fields

@ProfDavidFields

3 months

New book 🤙

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Post Keynesian Economics

‘Post Keynesian Economics: Key Debates and Contending Perspectives, edited by Therese Jefferson and John E. King, contains some stimulating contributions to current economic and economic policy...

www.e-elgar.com

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@ProfDavidFields

David Fields

@ProfDavidFields

1 month

Unequal exchange is the modus operandi of the world economy, which constitutes a reproduction of uneven economic development that the theory of Purchasing Power Parity cannot assess accordingly and by its usage reinforces.

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David Fields

@ProfDavidFields

3 months

“Economists set themselves too easy, too useless a task, if in tempestuous seasons they can only tell us, that when the storm is long past, the ocean is flat again.” - John Maynard Keynes

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David Fields

@ProfDavidFields

10 months

The Marshallian cross is an unsatisfactory representation of actual supply & demand forces, which are better characterized by the tenets of classical political economy. It is keenly shown to have no compelling theoretical & empirical justification.

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What Is Supply-and-Demand? The Marshallian Cross Versus Classical Economics

This study argues that the supply-and-demand apparatus of the ‘Marshallian cross’ is an unsatisfactory representation of actual supply and demand forces, which are better characterized in the manne...

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David Fields

@ProfDavidFields

2 years

labour share of income in the centre and periphery

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David Fields

@ProfDavidFields

8 months

Historical revision: portraying the Soviet Union - which DEFEATED Nazism - as the villain. More than 80% of Nazi casualties were on the Eastern Front. The Red Army liberated Berlin (and Auschwitz). The USSR lost 26 million people in the fight against fascism; the US lost 400,000.

@SecBlinken

Secretary Antony Blinken

8 months

Eighty-two years ago, Nazis murdered 34,000 Jews at Babyn Yar. Soviets buried this history, which today Putin's government manipulates to provide cover for Russia's abuses in Ukraine. The U.S. is committed to justice for Holocaust survivors and accountability for atrocities.

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22 days

The lack of historical, anthropological, sociological, and practical evidence in defense of barter has not prevented mainstream economists from placing it at the heart of their monetary theory. But, this is not mysterious, because fiction constitutes the very core of marginalism.

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David Fields

@ProfDavidFields

9 months

“Taxpayer Dollars”: The Origins of Austerity’s Racist Catchphrase

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"Taxpayer dollars": The origins of austerity's racist catchphrase

How the myth of the overburdened white taxpayer was made.

www.motherjones.com

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David Fields

@ProfDavidFields

8 months

The global monetary system is biased against the development prospects of the periphery and, hence, is antagonistic to its development efforts. Nevertheless, the author’s contention is that there is space for the Job Guarantee to address systemic fissures.

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The International Monetary System’s Structural Flaws, a Process of Economic Development, and the...

The international monetary system currently suffers from three structural flaws that disproportionately affect developing nations: an asymmetric balance of paym...

journals.sagepub.com

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@ProfDavidFields

3 months

Laughable

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David Fields

@ProfDavidFields

2 months

Markets are not only so controlled by the state, they are indeed constructed by the state.

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David Fields

@ProfDavidFields

3 months

comparative advantage

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David Fields

@ProfDavidFields

5 months

The correct discourse is not that neoliberalism has failed, but that it has succeeded.

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David Fields

@ProfDavidFields

9 months

The neoliberal destruction of European social democracy, particularly acute with respect to the Swedish Model.

@MaxJerneck

Max Jerneck

9 months

Finance minister candidate of the Swedish social democrats:

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David Fields

@ProfDavidFields

2 years

My @MonetaryBlog response to the 2022 #NobelEconomicsPrize

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MPI Replies To The Recent Awarding of the “Nobel” Prize in Economics:

DÉJÀ VU! The Sveriges Riksbank Prize In Economic Irrelevance

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@ProfDavidFields

David Fields

@ProfDavidFields

2 years

friends don’t let friends believe in the quantity theory of money

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David Fields

@ProfDavidFields

3 months

general nonsense

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David Fields

@ProfDavidFields

5 months

The Phillips curve is a fiction, always has been. It is just a unique descriptive statistic from the 1950's and 1960's, which does not amount to an historical empirical regularity. It is pseudoscientific and dangerous. Thank goodness it is, I hope, in its final resting place.

@Lprochon

Louis-Philippe Rochon

5 months

Put a few quotes together about the death of the Phillips curve. @pontus_rendahl The implications for monetary policy are staggering. The mainstream macroeconomist has no clothes Happy reading

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1 year

👀

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David Fields

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8 months

Essential reading.

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@ProfDavidFields

David Fields

@ProfDavidFields

7 months

Zionism is an ideology of ethno-nationalist supremacy, which has culminated in a final solution of genocide of the Palestinian diaspora. Despicably, antizionism is conflated with antisemitism, which is blasphemous. The notion of ‘never again’ has been politically commodified.

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@ProfDavidFields

David Fields

@ProfDavidFields

11 months

Recall, @AOC crossed a picket line and voted to break a railway strike.

@AOC

Alexandria Ocasio-Cortez

11 months

If the working class doesn’t stand up for itself, no one else will. UPS has made record profits during the pandemic. That’s because of UPS workers, who are prepared to strike Aug 1st without a fair contract. This morning we rallied in support w/ @TeamsterSOB & @UAW Shawn Fein💪🏽

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David Fields

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2 years

🔥🔥🔥 @DarrickHamilton converses with @amanpour of @CNN about the birthright to capital, economic rights that provide “authentic agency” and the realities of inter-generational wealth inequality.

@amanpour

Christiane Amanpour

2 years

Economist @DarrickHamilton is making the case for “baby bonds” -- “a birthright to capital,” through a trust fund for every child, set up by the federal government. “Our conception of rights is narrow,” he tells me, arguing economic rights are vital for people to have agency.

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David Fields

@ProfDavidFields

6 months

The idiocy of Austrian economics

@spectatorindex

The Spectator Index

@spectatorindex

6 months

BREAKING: 🇦🇷 Argentina President-elect Javier Milei confirms he will shut down the Central Bank

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10 months

The influence of Gramscian Marxism on Sraffa’s economic analysis.The atomist views of methodology individualism are challenged in an understanding of agent & sectoral interdependence.

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Sraffa, interdependence and demand: the Gramscian influence

The influence of Sraffa' early commitments to Gramscian Marxism on his subsequent economic analysis have been little investigated by Sraffa scholars. The discussion here argues for a philosophical ...

www.tandfonline.com

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David Fields

@ProfDavidFields

8 months

Polanyi on monetary sovereignty

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David Fields

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1 year

the “trickledown” effect of YIMBY

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David Fields

@ProfDavidFields

10 months

The monetary theory of production rejects the assumption that deposits make loans; the relationship is reversed, which provides the grounded basis for the Keynesian causal effect of investment on savings.

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David Fields

@ProfDavidFields

2 years

@jasonfurman @suhaib_zafar Get off Twitter, Jason, you’re drunk

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David Fields

@ProfDavidFields

8 months

One of the most destructive, fraudulent, economic postulates ever to be constructed are the quantity theory of money.

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@ProfDavidFields

David Fields

@ProfDavidFields

3 months

More Hocus Pocus Economics

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David Fields

@ProfDavidFields

3 months

Open Access: Classical-Keynesian Political Economy, not Neoclassical Economics, is the Economic Theory of the Future 🤙

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Classical-Keynesian Political Economy, not Neoclassical Economics, is the Economic Theory of the...

This article implies that the time is ripe for a new paradigm in economic theory comprising classical (Ricardian) and Keynesian elements of analysis. The central Section Five presents the basic equ...

www.tandfonline.com

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@ProfDavidFields

David Fields

@ProfDavidFields

3 months

new arrivals 🤙

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David Fields

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19 days

Neoliberalism is as extravagant as it is austere, and this paradox needs to be grasped if we are to challenge its core modus operandi.

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David Fields

@ProfDavidFields

8 months

Post-Keynesian economics is more closely tied to the proposal of equality of place, rather than that of equality of opportunity. More precisely, it advocates for the approach of utilizing equality of place as a means to attain equality of opportunity.

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Post-Keynesian economics and social policy: equality of opportunity or equality of place?

This article shows that post-Keynesian economics is more closely tied to the proposal of equality of place rather than that of equality of opportunity. More precisely, it advocates for the approach...

www.tandfonline.com

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@ProfDavidFields

David Fields

@ProfDavidFields

1 year

The Edward Elgar Encyclopedia of Post-Keynesian Economics, edited by @Lprochon and Sergio Rossi. My entries: Credit money; Cumulative causation, Dependency theory; Growth, wage-led vs. profit-led; Harrodian instability; and State, role of. 🍻

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David Fields

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3 months

hocus pocus economics

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David Fields

@ProfDavidFields

1 year

can't stress this enough, that is, the Marshallian cross is pure fantasy. as such, neoliberal #YIMBY is a scam.

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David Fields

@ProfDavidFields

6 months

The financialization of higher education

@MorePerfectUS

More Perfect Union

6 months

NEW: Harvard’s endowment has increased 3,521% since 1978. It's larger than the GDP of more than 120 nations — and all the money is tax free. Taxing just 1% of Harvard’s endowment could make community college free for everyone in Massachusetts.

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David Fields

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21 days

The barter story of money is not an accurate description of how money is preordained. The purposeful disregard to take into account the historical-institutional dynamics of the credit-based system is more than sufficient reason to reject the conventional body of theory.

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@ProfDavidFields

David Fields

@ProfDavidFields

4 months

The debates are getting tangled because the Marshallian Cross is bullocks.

@paulkrugman

Paul Krugman

4 months

Debates about the causes of inflation and disinflation are getting strangely tangled, partly because some people don't seem to recognize that both aggregate demand and aggregate supply can shift. Here, using standard textbook pictures, is what I think happened 1/

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11 months

Profits are unpaid wages.

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David Fields

@ProfDavidFields

1 year

The hegemony of mainstream/neoclassical economics is more dangerous than you think.

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David Fields

@ProfDavidFields

1 month

Central Bank Independence constitutes a tyranny of the minority of economic elites—the purposeful limitation of an actionable socially conscious political consensus in the pursuit of functional finance. It is a neoliberal trojan horse. ⁦ @MonetaryBlog ⁩

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RIP Central Bank Independence

David Fields Economist, State of Utah Research Fellow, The Monetary Policy Institute

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David Fields

@ProfDavidFields

9 months

Rent is a process endogenous to the capitalist mode of production, which expands itself throughout various dimensions of economic life. ⁦⁦ @IJPEconomics ⁩

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Rentierism, Capitalist Competition and Neoliberalism: Toward a Veblenian Synthesis

The aim of this article is to analyze theoretically the relationship between rents and capitalist competition. The central hypothesis is that the production of rents is a process endogenous to capi...

www.tandfonline.com

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David Fields

@ProfDavidFields

1 year

Disguised Unemployment, by Joan Robinson. This is a classic paper that provides an acute clarification of what constitutes unemployment, and why most “official” unemployment rates, like the US U3 rate, mask the depth of the reserve army of labour.

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Disguised Unemployment

Joan Robinson; Disguised Unemployment, The Economic Journal, Volume 46, Issue 182, 1 June 1936, Pages 225–237, https://doi.org/10.2307/2225226

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David Fields

@ProfDavidFields

1 month

The notion of money as barter is a myth. Capitalism is a struggle for social existence fashioned by the deontic power of credit granting. This power is determined & shaped by social and political conditions as defined by the evolution of financial institutions and the State.

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David Fields

@ProfDavidFields

10 months

New paper by Kurz & Salvadori scrutinizes the Marxian measure of the rate of exploitation in terms of the rate of surplus value. A Sraffian concept is suggested, which reveals the rates of exploitation & surplus value can be independent & move in parallel.

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@ProfDavidFields

David Fields

@ProfDavidFields

1 year

this is an argument widely made by heterodox economists, but Mr. Blanchard presents without acknowledgement and twists it to rationalize mainstream dogma.

@ojblanchard1

Olivier Blanchard

1 year

1/8. A point which is often lost in discussions of inflation and central bank policy. Inflation is fundamentally the outcome of the distributional conflict, between firms, workers, and taxpayers. It stops only when the various players are forced to accept the outcome.

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20 days

@tyillc Part and parcel of the pseudoscience, for sure. Hence, why the mainstream has to conjure up the narrative of “post-walrasian” economics.

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David Fields

@ProfDavidFields

2 months

The inherent difficulty with the mainstream, as John Maynard Keynes emphasized, “lies not so much in developing new ideas as in escaping from [dogmatic] old ones […]” RIP the neutrality of money. ⁦ @Lprochon ⁩ and yours truly ⁦ @MonetaryBlog ⁩

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RIP Money Neutrality

David Fields Economist, State of Utah Research Fellow, The Monetary Policy Institute

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@ProfDavidFields

David Fields

@ProfDavidFields

1 year

The Elgar Encyclopedia of Post-Keynesian Economics, edited by @Lprochon and Sergio Rossi, has been published, with entries by yours truly.

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Elgar Encyclopedia of Post-Keynesian Economics

This Encyclopedia is an invaluable reference book for post-Keynesian and heterodox economics. It consists of 300 entries, written by 180 different authors. The volume includes entries on key concepts...

www.e-elgar.com

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David Fields

@ProfDavidFields

3 months

Pareto efficiency

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David Fields

@ProfDavidFields

4 months

Alternative uses of functional finance: Lerner, MMT, and the Sraffian supermultiplier (2024) 🔥 ⁦ @RicardoSumma ⁩ ⁦ @ROKE_Elgar ⁩

Alternative uses of functional finance: Lerner, MMT, and the Sraffian supermultiplier

The purpose of this paper is to show that the Sraffian supermultiplier is compatible with functional finance and can be used to discuss macroeconomic policy in a simplified way, providing an altern...

www.elgaronline.com

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David Fields

@ProfDavidFields

11 months

I’m friendly to MMT. Nevertheless, there are particulars that should be addressed, especially with respect to the periphery.

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Weaknesses of MMT as a guide to development policy

Abstract. This paper addresses the limitations of Modern Money Theory (MMT) as a guide to development policy. We explore two main questions on this topic:

academic.oup.com

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@ProfDavidFields

David Fields

@ProfDavidFields

1 year

1946, #YIMBY Million Friedman wrote his 1st pop essay w/ fellow future Nobel Stigler. The topic? Repeal rent control: "The legal ceilings on rents are the reason there are so few places for rent." Thankfully, we have plenty of affordable housing today. 🤡

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Roofs or Ceilings? The Current Housing Problem - FEE

A scanned original printing of Roofs or Ceilings? The Current Housing Problem by Milton Friedman and George Stigler. FEE’s second ever publication. Published in September 1946. ...

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David Fields

@ProfDavidFields

4 months

How to lie with models, exhibit A:

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@ProfDavidFields

David Fields

@ProfDavidFields

1 year

The US national debt is an asset, not a liability.

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@ProfDavidFields

David Fields

@ProfDavidFields

3 months

reverse causality

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@ProfDavidFields

David Fields

@ProfDavidFields

3 months

New book 🤙

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Classical Economics, Keynes and Money

Classical Economics, Keynes and Money casts new light on an approach to economic theory and policy that combines the modern classical theory of prices and income distribution with a Keynesian...

www.routledge.com

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@ProfDavidFields

David Fields

@ProfDavidFields

1 year

"To Alfred [Eichner], the Phillips Curve was not only weak on scientific grounds, but it was unethical. Any view of the world which recommended throwing people out of work to 'remedy' the economy's ills was, Alfred thought, perverse." - William Milberg

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@ProfDavidFields

David Fields

@ProfDavidFields

2 months

“We find that, contrary to early concerns that inflation would be spurred by overheated labor markets, most of the inflation surge resulted from shocks to prices given wages.” Euphemistically saying that they were wrong from the beginning and are now trying to save face.

@ojblanchard1

Olivier Blanchard

2 months

The first of two papers on inflation. This one on US inflation. The second, to come out soon, on inflation in 11 countries, based on the work of national central bank teams. Meta conclusions very similar in the second paper.

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@ProfDavidFields

David Fields

@ProfDavidFields

8 months

Recent jobs report indicate wage depreciation. The success of monetary austerity.

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@ProfDavidFields

David Fields

@ProfDavidFields

11 months

Austerity kills.

@crampell

Catherine Rampell

1 year

At least 1,349,000 Medicaid recipients have been kicked off their coverage as of June 20, based on the most current data from 22 states. This is part of the post-covid Medicaid unwinding that began April 1.

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@ProfDavidFields

David Fields

@ProfDavidFields

20 days

@GatrekTut Pseudo-mathematical mental gymnastics to rationalize the anarchy of production.

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@ProfDavidFields

David Fields

@ProfDavidFields

4 months

There is no such thing as a natural rate of interest. It is a space where social conflict in monetary policy reveals itself. The natural (or ‘neutral’) rate hypothesis is a sleight of hand, a sham to cloak classist deception.

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How low will rates go? The hunt for the elusive ‘neutral’ level

Economists debate whether the real interest rate seen as key to balancing economies has risen from pre-Covid lows

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@ProfDavidFields

David Fields

@ProfDavidFields

1 year

For those seemingly stunned by Biden’s “sudden” right wing turn, it’s not shocking…this is who he is, has always been.

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@ProfDavidFields

David Fields

@ProfDavidFields

2 months

Housing prices — it’s not “supply and demand”.

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(PDF) House price cycles, housing systems, and growth models

PDF | The paper provides a framework for theorising the role of house price cycles in national growth models. We synthesise Minskyan approaches with... | Find, read and cite all the research you need...

www.researchgate.net

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@ProfDavidFields

David Fields

@ProfDavidFields

1 year

The US could only “run out” of cash if it chose to. A monetarily sovereign state, like the US, is a creditor, so, for reiteration, this debt ceiling drama is nothing but a politically manufactured dog & pony show to pursue austerity.

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@ProfDavidFields

David Fields

@ProfDavidFields

1 year

Germany officially enters recession—the effect of monetary austerity.

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