Thoughts On Economics

Over at the Financial Times, Philip Ball, "consultant editor of Nature ", describes neoclassical economics as "baroque fanta...

One might meet, in certain precincts of the Internet, soi-disant libertarians. As far as I am concerned, "libertarians" of this st...

Steven Pressman, the editor of the Review of Political Economy , following the advice of the referees, has rejected my paper, "Creating...

One book in random stuff I've read: On Communism: In Defense of the New Course , by Imre Nagy (English Translation: Frederick A. Praeger...

Do mainstream economists respond to critics of their theory with instrumentalism, whether such a response engages the criticism or not? Cons...

Andrei Shleifer, found liable for conspiring to defraud, in his doings in the ex-Soviet Union, the United States government, loses his endo...

Over on Crooked Timber, Michael Greinecker asserts without argument: Sraffians are actually debating about non-problems. The standard GE m...

I read some reviews as negative and some as positive. The negative reviews include both those who think neoclassical economics is basically ...

The data in Tables 1 and 2 are from Kenickell (2003), as quoted in Cagetti and De Nardi (2005). Table 2 is in 2001 Dollars. Raw data are fro...

The equilibrium interest rate is unequal to the marginal product of capital. As I have explained , this inequality results from non-zero pri...

I have just began reading Duncan K. Foley's Adam's Fallacy . I have long been taken by the contrast between popular views on Adam S...

Edmund Phelps wins the 2006 "Nobel" prize in economics. A Philips curve augmented with inflation expectations is a theory of stag...

Stiglitz's first thoughts can be seen in his 1974 review of Harcourt's 1972 survey book. About that time, Stiglitz also reviewed Pas...

" A Bastard Golden Age We must now consider another type of limit upon the rate of accumulation. Inflationary pressure, bringing financ...

Part 1 Part 2 Part 3 Part 4

4.0 Conclusions This series of posts has presented a simple explanation of the nonequality of the interest rate and the marginal product of ...

3.0 A Simple Two-Good Counterexample The question investigated here is whether Equation 9 is an implication of neoclassical microeconomics. ...

2.0 Some Relationships Among Aggregate Variables Consider a very simple capitalist economy in which the value of all net output is distribut...