An Analysis of Financial Flows in the Canadian Economy

An essential but perhaps overlooked way of looking at the economy is a sector financial balance approach. Pioneered by the late UK economist Wynne Godley, this approach starts with National Accounts data (called Financial Flow Accounts) for four broad sectors of the economy: households, corporations, government and non-residents. Here’s how it works: in any given quarter or year each sector […]

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Rethinking the economics of extreme events

Review of Worst-Case Economics: Extreme Events in Climate and Finance by Frank Ackerman *** Long ago economics was termed “the dismal science,” but in recent years that title has arguably been passed on to climate science, with its regular and dire warnings that humanity needs to rapidly transition off of its use of fossil fuels for energy. In the face […]

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Fiscal situation of Canada’s ‘oil rich’ provinces

I’ve just written a blog post about the fiscal situation of Canada’s ‘oil rich’ provinces (i.e., Alberta, Saskatchewan and Newfoundland and Labrador). It consists of a summary of key points raised at a PEF-sponsored panel at this year’s Annual Conference of the Canadian Economics Association. Points raised in the blog post include the following: -The price of oil is impossible […]

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Alberta Alternative Budget 2017

Media Release Foundations for an Alberta Alternative Budget released today (March 14, 2017-Edmonton) Today, a coalition of researchers, economists, and members of civil society released a plan to boost Alberta’s economic growth while reducing income inequality. “For too long Alberta’s public services have been strained from decades of underfunding and reliance on volatile energy markets,” said contributing economist Robin Shaban, […]

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Another review of Economics for Everyone, 2nd ed.

Here’s another review of Jim Stanford’s Economics for Everyone, 2nd edition, this one by guest contributor and MMT aficionado Larry Kazdan. Review of Jim Stanford’s /Economics for Everyone by Larry Kazdan Jim Stanford has written a superb book which deserves pages of admiration and praise – a truly impressive body of work that introduces to the public an alternative vision of progressive […]

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Summer reading! Review of Stanford’s second edition of Economics for Everyone

Looking for something to take with you to the cottage, the beach or the cafe?  Check out  Jim Stanford’s 2nd edition of Economics for Everyone.  Here’s a review by Peter G. Prontzos first published in the Vancouver Sun. Book review: A fresh look at the dismal science of economics Economics for Everyone:A Short Guide to the Economics of Capitalism (2nd Ed.) By Jim […]

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PEF Summer School 2016

If you are in Ottawa or close by, and are interested in the ideas and debates that are shaping today’s economy, then we have a summer school for you. PEF Summer School 2016: Expanding Economic Thinking Venue: Room 1007, Faculty of Social Science Building (FSS), 120 University, University of Ottawa, Parking Map Date: Thursday June 2, 2016 Times: 8:00am-5:15pm Learn […]

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G20 meeting of world finance ministers too little too late

Posted earlier as an opinion piece for CBC.  See original post here (this post slightly modified from original) By Louis-Philippe Rochon Follow him on Twitter @Lprochon   Much was at stake earlier this week when finance ministers from G20 countries met in Istanbul to discuss Greece and the state of the world economy in light of recent downgrades in world growth expectations. […]

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Rethinking Economics Waterloo Conference, Feb 7

Ali Kraushaar and  Geoff Evamy Hill, co-founders of the Rethinking Economics Waterloo initiative, are organizing a conference to be held Feb 7. It looks good!  See below. — We want to inform you about the Rethinking Economics Waterloo Conference happening at St. Paul’s University College on Saturday, February 7. We invite you and all your members to be there, and hope we can […]

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(Macro) Econ 101

On December 2, Chris Ragan wrote a column for the Globe and Mail titled “Another (Macro) Defense of Econ 101.”  The link to his column is available here .  My brief reply was published in the Globe and Mail on December 13.  The full version is below: Professor Ragan defends conventional (macro) Econ 101 as a pedagogical tool for training students’ minds to […]

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Economics 101

On October 21, Chris Ragan wrote a column for the Globe and Mail titled “In defence of Economics 101.”  The link to his column is available here. On October 24, Marc Lavoie, Louis-Philippe Rochon and Mario Seccareccia replied to him.  The link to their response is available here. Nick FalvoNick Falvo is a Calgary-based research consultant. He has a PhD […]

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New Issue of Review of Keynesian Economics

A guest blog post from Louis-Philippe Rochon: Dear friends and colleagues, The new issue of the Review of Keynesian Economics (ROKE) is now out, and you can find it here. It features an interesting symposium on ‘Steve Keen and his critics’, and contains not only a paper by Steve Keen, but replies by Marc Lavoie, Tom Palley, and Brett Fiebiger. […]

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People are hungry for economics that works for people and the planet

As economics students around the world demand change in the curriculum and challenge their professors to open classrooms to pluralism in perspectives and views, the interest in heterodox economics is growing here in Canada too. You can see in the tremendous interest to this year’s PEF Summer School in heterodox economics, which we titled Economics that Works for People and […]

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2014 PEF Summer School in Heterodox Economics

The Progressive Economics Forum (PEF) will host a Summer School in Heterodox Economics in Vancouver on May 29, 2014, prior to Canadian Economics Association annual conference in Vancouver from May 30 to June 1, 2014. The Summer School is aimed at undergraduate and graduate students of economics or related fields, and working economists in academia, the labour movement and NGOs. […]

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PEF Events in Montreal

As Erin alludes to in an earlier post, the PEF organized events at this year’s Annual Conference of the Canadian Economics Association (CEA) in Montreal (May 30 – June 2). All told, the PEF organized (or co-organized) eight panels/sessions, in addition to holding its annual general meeting, announcing the winners of our annual student essay contest (whose names and papers […]

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MMT: What it Means for Canada

Arun Dubois’ blog post yesterday on Modern Monetary Theory has prompted me to write my own take on the subject.  For those interested, an interesting thumbnail sketch of MMT, essentially functional finance augmented by a full understanding of monetary operations, is explained here. While MMT deals with the details of monetary and fiscal matters, the implications of its analysis are […]

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Can cooperatives humanize our economy?

Book Review of Humanizing the Economy: Cooperatives in the Age of Capital, by John Restakis, New Society Publishers, 2010. The economy is about business, right? Sure, we have a dynamic mixed economy, and most people support decent social programs and government intervention to protect the environment or to improve living conditions for the poorest. In fact, the countries who have […]

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