Modern supply-side economics and the New Washington Consensus

Last month, the US National Security Advisor, Jake Sullivan, outlined the international economic policy of the US administration.  This was a pivotal speech, because Sullivan explained what is called the New Washington Consensus on US foreign policy. The original Washington Consensus was a set of ten economic policy prescriptions considered to constitute Continue Reading

Acemoglu, AI and automation

There is a new burst of techno-optimism emerging over the application of ChatGPT and LLMs.  One analyst reckons that AI “has huge potential to boost economy-wide productivity” and cited a recent MIT study that showed a massive improvement in productivity while using ChatGPT. Also, much of the productivity gains were seen Continue Reading

What’s the problem with pensions?

The recent massive demonstrations against the Macron administration in France forcing through so-called pension reforms reveals the determined attempts of pro-capitalist governments in all the major economies to cut real wages when we are old and can no longer work.  The Macron government has forced by decree a ‘reform’ that Continue Reading