Toss out the college textbooks, because the world has changed. The unemployment rate? Forget it. The Fed only cares about the number of people working and how to get it higher, not an age-old statistic that, for all its familiarity, overlooks a key group, namely those who stopped looking for work during the pandemic and need to be brought back. Inflation? Not a problem anytime soon. Queried by Democratic U.S. Senator Mark Warner about the need to make “a sizeable investment” in U.S. infrastructure, Powell set aside classic concerns of hefty government borrowing driving up prices and responded “this is

Raj Chetty has an idea for introducing students to econ that could transform the field — and society. Vox

The term “modern monetary theory” has been talked about so much lately that we mainstream economists need to try to understand it. New York Times

By Jonathan Aldred. Modern economics, the author argues, dismisses ethics in favour of a narrow focus on self-interest. “The argument that both parties to a voluntary transaction must be better off, otherwise it wouldn’t take place,” he writes, “is used to wash away all considerations of justice, fairness, responsibility, exploitation and so on.” The Economist