Thoughts On Economics

"Then Buddha said: ... But tell me, Subhuti, do you really believe that having only one homogeneous capital good will permit you to der...

An expert on United States law on intellectual property tells me a National Academy of Sciences study found empirical evidence suggesting th...

I will be on travel for a week or more starting, I guess, Saturday. And I don't expect to blog in that time. I feel I am tardy in acknow...

(I had the title and the next three paragraphs written before Radek's comments today.) Experimental evidence on the topic suggests a dis...

I have finally completed the first draft of my paper Some Fallacies of Austrian Economics . I wonder if the historical documentation is too ...

Have the ideas that mainstream economists teach and apply won out against alternatives in intellectual debate? Perhaps modern economics has ...

This post looks at just one problem with the Arrow-Debreu model. The data of the Arrow-Debreu model of intertemporal equilibrium include the...

I think I'll demonstrate that a range of views exists on the relation of the ideas of Sraffa and the Sraffians to the ideas of Marx. I t...

I have some knowledge about how 20th century English-speaking mathematical economists have treated the labor theory of value. The transform...

“Socrates: I imagine, Gorgias, that you, too, have taken part in many discussions and have discovered in the course of them this peculiar s...

This is from the sort of professional literature I read: "Convincing conditions of sufficient generality which ensure a well-behaved te...

Friedrich Hayek, John Maynard Keynes, and Gunnar Myrdal found themselves in the 1930s addressing the same problem in price theory. I refer n...

Han and Schefold When I listed some papers that I guess contain empirical or applied evidence of Sraffa effects, Han and Schefold's pap...

Gabriel Mihalache notes that the Cowles Commission has made available for free downloading the 1951 proceedings of Activity Analysis of Pro...

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 ...