How neoclassical theory fused with ideology—and why the future depends on realism and pluralism At its core, science aspires to a simple principle: follow the evidence, wherever it leads. In practice, scientists are human—prone to authority, groupthink, and gatekeeping—but the ideal remains clear. Ideas are not judged
I keep seeing articles about how the Republican budget is bad because it "explodes" the deficit or will add such and such amount to the debt. Former Treasury Secretaries Rubin and Summers have one today in the NYT. I'm honestly not sure what they're
I began this newsletter a little less than a year ago in February 2024. Since then I've shared 10 pieces, including a mix of deep dives, exploration of an idea, and short musings. This newsletter focuses on issues related to money systems and contending macroeconomic ideas of social
This piece covers government interest payments, and US government interest payments in particular, with the hope of offering the reader a fundamentally new way of understanding them. I will argue the payment by government of interest (on liabilities denominated in its currency) is best thought of as a government spending
I came across a clip the other day, from the 1992 presidential debate, in which George H. W. Bush is asked a question about the national debt. It's short if you want to take a look. Most of the media commentary focused on the then-president's response
Our media typically cover elections by zooming in on people who vote, treating this as the "100%" of which other vote counts are proportions. But it's worth remembering that if you include everyone who is eligible to vote, the most popular "party" in every
In times of turmoil, it is sometimes difficult to think over the sound of the yelling. The US has an election tomorrow that is widely seen as having very high stakes. Election season, and politics more broadly, always involve a bending and reshaping of individuals' conception of reality to
I noticed a pattern in myself that goes back a long time. I get really excited about something. I decide to spend time on it. I spend some time on it, and it's fun and exciting. Then out of nowhere, and WAY too early, I get discouraged. I
I've had a busy couple of months since my last piece, What's the relationship between public spending and taxpayers?, and it will likely be another few weeks until I post again. In the meantime, I wanted to make a quick plug for a new film called
Author's note: Thank you for all of your support so far. I'm still just getting started, and I'm trying out different topics and styles. I've enabled feedback buttons for members, so you can use those to register your appreciation or displeasure, and
Understanding the nuts and bolts of how the US monetary system works might seem daunting. And I'm not going to lie, it kind of is. But by the end of this piece you'll understand the basic details of its setup and operation. Every country's
In America, we aren't accustomed to hearing much about shortages. But starting in 2020, we all began to hear a lot about them. First, there were toilet paper shortages. Then there were mask and PPE shortages. With many adjusting to staying at home, purchases of imported durable goods