Thoughts On Economics

Right on cue, Greg Mankiw exemplifies the intellectual impoverishment of mainstream teaching in economics. I hadn't previously read Gab...

Here are two long quotations from Duncan K. Foley, "Value, Distribution and Capital: A Review Essay", Review of Political Economy ...

6.0 Conclusions Let me recap. In the first part , I laid out a model of the economy. In the second part , I derived marginal productivity co...

5.0 The "Factor Price Frontier" This post builds on an analysis of marginal productivity in an economic model . One can rewrite E...

3.0 Marginal Conditions Arising From Profit Maximization Previously , I outlined a model on an economy in which wheat and corn are produced ...

1.0 Introduction What is held constant when defining the marginal product of labor? A correct answer, in the context of a neoclassical long ...

Samuelson in 1966: ”Such an unconventional behavior of the capital/output ratio is seen to be definitely possible. It can perhaps be underst...

"There is a sense in which [William] James was not a philosopher at all. He once said to me: 'What a curse philosophy would be if w...

In his Principles , Ricardo distinguishes between "market prices" and "natural prices", a distinction he takes from Adam...

Consider the indexed collection of random variables { X ( t ) | t a non-negative real}. This is a stochastic process in continuous time. A ...

Does an ideological or normative bias exist in mainstream teaching or practice? I think Gunnar Myrdal's The Political Element in the Dev...

This last week has seen an edit war over the Wikipedia Entry On The Labor Theory Of Value (LTV) . The warriors are one "Cplot" and...

I suppose I ought to point out this paper , which I updated as of today. I think I still have a ways to go.

From Steve Keen's debunking economics page, I find that Stanley Alcorn and Ben Solarz report on "The Autistic Economist" i...

I know Russell Standish has responded to a comments on an article he co-wrote with Steve Keen. And I have had some comments on even older...

I previously mentioned some programs for post-capitalist societies that I think worth exploring. I think I should add John Roemer 's A ...

Occassionally, for amusement I point out errors in posts on forums in which some of the more dogmatic adherents of Austrian economics hang o...

I describe Henry Hazlitt as an author whose work goes well beyond ignorance and as somebody who does not know what he is talking about. Let...

Introduction In comments on a previous post , Radek comments on some work of Steve Keen's. Since I've let something like a week go b...

In comments on this post , dsquared writes: I saw the finest minds of my generation wrecked by the Solow model, starving hysterical naked an...