basil moore

Is Paul Krugman A Verticalist?

31 March 2012

24 years back, Basil Moore wrote a book Horizontalists And Verticalists: The Macroeconomics Of Credit Money (Cambridge University Press, 1988) which begins like this: The central message of this book is that members of the economics profession, all the way from professors to students, are currently operating with a basically incorrect paradigm of the way modern [...]

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National Saving

28 February 2012

Some of the previous posts went into the economic concept of Private Saving and Private Saving Net of Investment. For a closed economy these are: Private Saving = Private Investment + Budget Deficit Private Saving Net of Investment = Budget Deficit For an open economy, we add the current balance of payments to the right [...]

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The (Almost) Irrelevance Of Reserve Requirements

29 January 2012

Earlier this week, the Reserve Bank of India reduced banks’ reserve requirements by 50bps. It’s called Cash Reserve Ratio and the RBI reduced it from 6.00% to 5.50% with effect from the following week. The Reserve Bank of India is one of the most backward central bank in liquidity management and sometimes panics and changes [...]

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Post Keynesian Markup Pricing

17 January 2012

I was collecting some articles by Basil Moore and I found this table from an article In Praise Of Markets – Wage Imitation And Price Stability (unsure as to why the article is titled “praise of markets”). The article appeared in Challenge in 1982. Post Keynesians adopt Kaleckian theory of pricing. There are two sectors – fix price [...]

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Alfred Eichner And Federal Reserve Operating Procedures

1 January 2012

Alfred Eichner was a Post-Keynesian economist known for his text Macrodynamics of Advanced Market Economies published 3 years after his death in 1988. He died at the age of 50 in an accident and at the time he was preparing to include an analysis of open economy macroeconomics in his story of how economies work. [...]

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Horizontalism

5 August 2011

The central message of this book is that members of the economics profession, all the way from professors to students, are currently operating with a basically incorrect paradigm of the way modern banking systems operate and of the causal connection between wages, prices, on the one hand, and monetary developments, on the other. Currently, the [...]

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