Posts
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The Reality of Abenomics: Qualitative Easing and Propping Up The Markets
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How to commit fraud and get away with it: A Guide for CEOs
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Capitalism For The Masses
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Financing Investment In A World Without Maturity Transformation
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A Lesson From Lehman and Bear Stearns
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Macroeconomic Stimulus: Theory Vs Practise
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Minsky and Hayek: Connections
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Interest on Excess Reserves and Inflation
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Invention Is Not The Same As Innovation
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Explaining The Neglect of Doug Engelbart's Vision: The Economic Irrelevance of Human Intelligence Augmentation
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Implementing The Helicopter Drop
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Creation, Destruction and Stagnation
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Asymmetric Nature of Greenspan/Bernanke Put Monetary Policy
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An Update
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Government Debt is Money in an Elastic Monetary System
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Employment In A World Where Androids Can Dream Of Electric Sheep
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Deskilling and The Cul-de-Sac of Near Perfect Automation
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Radical Centrism: Uniting the Radical Left and the Radical Right
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House Prices, The Wealth Effect And Crony Capitalism
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Crony Capitalism Thrives In The Absence Of A Safety Net
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The Greenspan Fed's Biggest Mistake: The LTCM Rate Cuts
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Helicopter Money Is Not Dangerous, All Macroeconomic Policy Is Dangerous
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"Human" Automation
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Gentlemanly Conduct In Sport
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Helicopter Drops Do Not Imply Higher Inflation
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The Ever-Increasing Cost of Propping Up A Fragile And Dysfunctional System
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Aldo Leopold on the Resilience-Stability Tradeoff
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Unifying The Fiscal And Monetary Functions: A Policy Proposal
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On The Folly of Inflation Targeting In A World Of Interest Bearing Money
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New Essay
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An Experiment
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Monetary and Fiscal Economics for a Near-Credit Economy
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Hyperinflation, Deficits and Real Interest Rates
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Creative Destruction and The Class Struggle
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Western Philosophy vs Chinese Philosophy
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Monetary Policy, Fiscal Policy and Inflation
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SNB's Swiss Franc Dilemma: A Solution
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Monetary Policy Targets and The Need for Market Intervention
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The Case Against Monetary Stimulus Via Asset Purchases
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Good Mistakes
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Legibility, Control and Equilibrium in Economics
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The Resilience Approach vs Minsky/Bagehot: When and Where to Intervene
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The Control Revolution And Its Discontents
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Private Equity and the Greenspan Put
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Poirot vs Holmes: Rationalism vs Empiricism
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Non-European Mathematics
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The Public Deposit Option: An Alternative To "Regulate and Insure" Banking
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People Make Poor Monitors for Computers
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Kenneth Boulding on Conservationists vs Technologists
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The Pathology of Stabilisation in Complex Adaptive Systems
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A Simple Solution to the Eurozone Sovereign Funding Crisis
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The Great Recession, Business Investment and Crony Capitalism
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Schumpeter and Kahneman on Intellectual Generosity and Self-Criticism
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The Importance of Forgetting and Limited Memory
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'Natural Music' by Robinson Jeffers
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Hugh Hendry on Uncertainty and Procrastination
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Democracy in Chinese Philosophy
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The Common Origin of the Dreyfus Model of Skill Acquisition and Shu-Ha-Ri
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Debunking the 'Savings Glut' Thesis
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Beetles invented agriculture and may have inspired Man to invent the wheel
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The Euro and the Resilience-Stability Tradeoff
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Rent-Seeking, The Progressive Agenda and Cash Transfers
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Hyman Minsky on need for fairness
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Innovation, Stagnation and Unemployment
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The Case For Allowing Banks to Fail
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A Simple Policy Program for Macroeconomic Resilience
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Macroeconomic Stabilisation and Financialisation in The Real Economy
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Operation Twist and the Limits of Monetary Policy in a Credit Economy
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Bagehot's Rule, Central Bank Incentives and Macroeconomic Resilience
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The Great Divide between Academics and Practitioners
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The Democratic Deficit in Europe and the Crisis in the Periphery
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The Influence of Special Interests and Rentiers on Monetary and Fiscal Policy
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Forest Fire Suppression and Macroeconomic Stabilisation
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Technocratic and Technological Utopianism
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Negative Real Interest Rates and the Risk Premium
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Monetary Policy and Financial Markets: A "Real Rates" Lens
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The Macroeconomics of UK Austerity
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The Emotional Quarterback
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Financial Market Regulation and The Art of War
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Laozi against the Computational Theory of Mind
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Advances in Technology and Artificial Intelligence: Implications for Education and Employment
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The Great Stagnation and Special Interests
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Rent Extraction and Competition in Banking as an Ultimatum Game
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The Buddha on Free Inquiry
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The Different Shades of Crony Capitalism
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The Great Recession through a Crony Capitalist Lens
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The Cause and Impact of Crony Capitalism: the Great Stagnation and the Great Recession
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Derivatives: The Negative Skewness in Dynamic Hedging and the Moral Hazard Problem
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John Kay on Regulatory Capture
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Geoffrey West on Why Cities Survive and Companies Die
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Cronyism ultimately kills the crony as well as the system
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Questioning the Benefits of Maturity Transformation
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The Resilience Stability Tradeoff: Drawing Analogies between River Flood Management and Macroeconomic Management
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Inequality and Moral Hazard Rents in the Financial Sector
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Uncertainty and the Cyclical vs Structural Unemployment Debate
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Evolvability, Robustness and Resilience in Complex Adaptive Systems
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Amar Bhide on "Robotic Finance": An Adaptive Explanation
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Coming Out of Anonymity
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Raghuram Rajan on Monetary Policy and Macroeconomic Resilience
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Critical Transitions in Markets and Macroeconomic Systems
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Bank Capital and the Monetary Transmission Channel: The Importance of New Firm Entry
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Heuristics and Robustness in Asset Allocation: The 1/N Rule, "Hard" Constraints and Fractional Kelly Strategies
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Agent Irrationality and Macroeconomics
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A "Systems" Explanation of How Bailouts can Cause Business Cycles
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Richard Fisher of the Dallas Fed on Financial Reform
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Ratings Reform: The Franken Amendment and Structured Products
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The "Crash of 2:45 p.m." as a Consequence of System Fragility
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Organisational Rigidity, Crony Capitalism, Too-Big-To-Fail and Macro-Resilience
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Ratings Reform: The "Centralised Clearing Platform" Proposal
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Rating Agencies, Financial Regulation and Goodhart's Law
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Did Goldman Mislead ACA?
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The "Abacus Affair" : Goldman's Defence
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The Magnetar Trade
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Micro-Foundations of a Resilience Approach to Macro-Economic Analysis
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Diversity and the Political Economy of Banking
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Maturity Transformation and the Yield Curve
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Modigliani-Miller and Banking
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Employee Whistle-blowers as an Effective Mechanism to Uncover Fraud
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Notes on the Evolutionary Approach to the Moral Hazard Explanation of the Financial Crisis
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Stability and Macro-Stabilisation as a Profound Form of the Moral Hazard Problem
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Natural Selection, Self-Deception and the Moral Hazard Explanation of the Financial Crisis
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Mark-to-Market Accounting and the Financial Crisis
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Knightian Uncertainty and the Resilience-Stability Trade-off
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On The Futility of Banning Proprietary Risk-Taking by Banks: Redux
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Do Investors Prefer Negative Skewness?
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Implications of Moral Hazard in Banking
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Moral Hazard: A Wide Definition
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Efficient Markets and Pattern Predictions
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John Hempton on Efficient Markets
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The "Theory of the Second Best" and the Financial Crisis
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Complete Markets and the Principal-Agent Problem in Banking
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Information Asymmetry and the Principal-Agent Problem
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The Role of Discretion in Financial Regulation
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The Chicago Pit on Negatively Skewed Bets
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Volcker on Financial Innovation
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On The Futility of Banning Proprietary Risk-Taking By Banks
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Minsky's Financial Instability Hypothesis and Holling's conception of Resilience and Stability
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Regulatory Arbitrage and the Efficiency-Resilience Tradeoff
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Fix The System, Don't Blame The Individuals
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Negatively Skewed Bets and Fraud: Reconciling the "Control Fraud" and "Moral Hazard" explanations of the S&L crisis
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A "Rational" Explanation of the Financial Crisis
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