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PostedBluesky network

Chapter 1 in my PhD (also my first published paper) was about how policymakers and economists construct macroeconomic governability. Michael Woodford was the key figure in the construction of the new-neoclassical-synthesis version of governability. Success: Mixed. benjaminbraun.org/assets/pubs/...

  • "Michael Woodford (2003) provided the canonical formulation of the new neoclassical synthesis model. His central contribution was a formal proof that the trade-off between output stabilisation and inflation control in the reaction function of the central bank could actually be derived as the optimal solution of the representative household’s utility maximisation problem (Woodford, 2003, Ch. 6). In other words, a society maximises its welfare if, and only if, the central bank controls inflation and stabilises output. By showing mathematically that inflation targeting not only worked but in fact was – under certain (heroic) assumptions – the optimal policy, Woodford’s contribution was crucial for the disciplinary legitimacy of the emerging governability paradigm."
  • Screenshot of title page of "Why Models Matter: The Making and Unmaking of Governability in Macroeconomic Discourse" by Benjamin Braun
PostedBluesky network

The definitive piece on this “debate”. Major public service contribution to global GDP by @newlefteviews.bsky.social. tl;dr: As anyone who’s spent time in both places knows, Europe has not fallen behind in any way that matters for actual welfare.

Dominik Leusder | Eurosclerosis or US Decline?
phenomenalworld.org
PostedBluesky network

One of those days

Posted: The perfect anecdote encapsulating the relationship between this administration and the collapse of US empire does not ex...Bluesky network
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