Thoughts On Economics

Duncan Foley participated in a 2003 conference comparing and contrasting general equilibrium theory with long period models developed by ad...

This passage suggests to me that, in economics, one cannot expect to find event regularities from surface level data: "The really i...

Because of its treatment of capital. Other answers are possible. This post draws heavily on the work of Pierangelo Garegnani . I start wi...

1.0 Introduction Broadly speaking, the history of political economy contains two approaches to value and distribution. For purposes of t...

Economists proved over half a century ago that certain stories are unfounded in the theory. For example, one might think that if some worke...

Jeremy Rudd addresses the Cambridge Society for Economic Pluralism Jeremy Rudd has written : Mainstream economics is replete with idea...

Suppose one rejects the labor theory of value as a theory of prices. Or, even more, one could reject Marx's theory of value in volume 1...

1.0 Introduction In his book, Human Action , Ludwig von Mises defines 'praxeology' as the science of human action. He says that it...

1.0 Introduction Kurz and Salvadori (1995) explain prices of production with two methods of analysis: the direct method and the indirect m...

1.0 Introduction A question has arisen elsewhere. Why, except for an interlude during the post war golden age, has a nineteenth century or...

I have found a common misrepresentation from many, including mainstream economists, is that critics of their models do not understand them ...

First Lecture For MIT Microeconomics I associate Jonathan Gruber with Obamacare. I think the Affordable Care Act is totally insufficient ...

This is C/294 in the Sraffa archives. Rudiger Soltwedel had his own letterhead. D 66 Saarbrucken 3, 28. Febr. 1968 Waldhausweg 7 Evang...

I do not know if I will keep on, but I thought I might present a series of posts expanding on this one . By the way, I should have said the...

A number of years ago, I was in the subway station under Times Square in New York City. I must have looked lost, because this fellow came u...

"I know not how I may seem to the world, but as to myself I seem to have been only like a boy playing on the sea-shore and diverting m...

You will occasionally come upon supposed refutations of Marx's theory of value that I find just ignorant. One might talk about two dive...

I have long been convinced that many mainstream economists, however they performed under hazing, do not understand mathematics. "T. ...

Marx is mostly right. That is the conclusion one should draw from capital theory. But honestly understanding how we are fed, clothed, and...

Katzner, Bowles, and Resnick on UMass Amherst Shortly after about 32:30 minutes, Sam Bowles, to laughter, draws a Venn diagram on the boa...