Elsewhere

• Cosma Shalizi states a simple ergodic theorem.
• Cosma Shalizi reviews Yves Smith's Econned: How Unenlightened Self-Interest Undermined Democracy and Corrupted Capitalism.
• Victoria Chick and Ann Pettifor argue that the United Kingdom needs more government spending.
• James Galbraith affirms that "There is no economic justification for deficit reduction."
• Updated: David Harvey gives an animated lecture on the causes of the global financial crisis. I like the use of Volume 2 of Marx's Capital.