I want my nanny (state)

Cameron Murray is a blogger that many of the MacroBusiness readers may have read previously. He has a blog called Observations of an Environmental Economist which I followed until Cameron announced his retirement from blogging last year. I have always enjoyed his blog because it presents some refreshing views on a number of topics and


Endless regress

My estimable co-blogger Delusional Economics showed he was anything but delusional with his penetrating commentary on economics as an ideology (Economic Ideologies). It is a point made all too rarely. That economics purports to be an unbiased way of understanding financial and commercial behaviour when it is in fact riven with political assumptions and beliefs.


CDS: More liquidity, more risk

By Satyajit Das In an opinion piece entitled “Hedging bans risk pushing up debt costs” published on 9 March 2011 in the Financial Times, Conrad Voldstad, the chief executive of the International Swaps and Derivatives Association (“ISDA”) and formerly a senior derivatives banker with JP Morgan and Merrill Lynch, made the case against the EU


Economic ideologies

There is common thread across modern economics. Not something that is useful. It is the fact that no one really seems to know what the hell is going on. Yes there are some people who are seen as “prophets”, depending on your ideology they may be anyone from Mr Buffet to Mr Kaiser. But economics


Guest Post: Leigh Harkness

I discovered Leigh Harkness’s web site a few months ago while doing some research on foreign trade.  His site so intrigued me that I contacted him to see if he would be interested in doing a series of guest posts about his research and experience in his little understood area of economics. Leigh accepted my


Guest post: Derivatives regulation Part II

By Satyajit Das A question of values … Derivative contracts are valued on a mark-to-market (“MtM”) basis. This requires valuation of the contracts based on the current market price. OTC derivatives trade privately. Market prices for specific transactions are not directly available. This means current valuations rely on pricing models. In current accounting argot, most derivatives are Level 2