Stephanie Kelton

The Good Society: Lessons Not (Yet) Learned – Stephanie Kelton – New Economic Perspectives

John Kenneth Galbriath’s book, The Good Society: The Humane Agenda, creates a blueprint for a more just, prosperous and stable world. I’m re-reading it for the nth time because I continue to believe we might just get there one day. Indeed, I’m convinced we must. Here are some excerpts: While the economy must accord everyone…

Ripping Off Pensioners is Wrong- Stephanie Kelton – New Economic Perspectives

Brad DeLong has a post up today in which he advocates an expansion of the Social Security system.  He opens with the following paragraph: Edward Filene’s idea from the 1920s of having companies run employer-sponsored defined-benefit plans has, by and large, come a-crashing down. Companies turn out not to be long-lived enough to run pensions with…

Tough Love. Freight Train Style- Stephanie Kelton – New Economic Perspectives

President Obama, who met with Greek Prime Minister Antonis Samaras at the White House yesterday, is reported to have said that while Athens can’t rely exclusively on austerity for its economic recovery, it will need to take tough action: It is important that we have a plan for fiscal consolidation, to manage the debt, but it…

The Two-Headed Central Bankista Coin – Stephanie Kelton – New Economic Perspectives

Like all good Central Bankistas, Charles Evans (Chicago Fed) and Dennis Lockhart (Atlanta Fed) insist that if the Fed isn’t achieving its stated (employment and inflation) objectives, then it just isn’t doing monetary policy the right way.  The flip side of the Central Bankista position is that whenever the macro data are more-or-less consistent with Fed targets,…

Reading Between the Lines: A Memo from Fed Chairman Marriner Eccles- New Economic Perspectives

By Stephanie Kelton By Marriner Eccles (translation by Stephanie Kelton)  After I shared a few thoughts on the impending decision to replace Ben Bernanke as Chairman of the Federal Reserve, I couldn’t help revisiting the writings of Marriner Eccles.  Eccles was a Republican and a businessman who, by the age of 22, had become a…