Thoughts On Economics

Peter Leeson , Dan Klein , Peter Boettke and Frederic Sautet , and Peter Boettke have been discussing how to advance Austrian economics. I...

The following worry that "third rank" economists and "cheerleaders" are insufficiently aware of the downside of "fr...

I find Zizek difficult to read in large doses. For instance, I did not even make it all the way through this . I don't think I retain mu...

1.0 Introduction Some economists have mistakenly thought that depreciation is merely a matter of capital goods wearing out: "One of the...

I used Google's translation services to read this explanation of the Cambridge Capital Controversies, titled, "What is wrong with ...

Gabrial Mihalache says that the Socialist Calculation debate is "a sort of Capital Controversies in reverse, on the Left-Right spectru...

Kalecki is probably most famous for having invented the theory of effective demand, as in Keynes' General Theory , prior to and independ...

I'm fairly sure this is not how it actually happened: "The next king, I was told, was a priest of Vulcan, called Sethôs. This monar...

I previously mentioned Fred Lee's work in the history of heterodox economics. In one of those papers, he and a co-author predicted that...

Mark Thoma has put up a couple of posts defending mainstream economics from critics. Or, perhaps, he is writing about methodology. It'...

"Once the war broke out, Social Democrats - German, French, and Austrian (Lenin did not attend the Brussels meeting and disassociated h...

4.0 Wicksell Effects The model from the previous post shows how the value of output and of capital per worker depend on the interest rate. ...

1.0 Introduction I thought I would try to explain again why, in equilibrium, the interest rate is typically unequal to the marginal product ...

Michael Greinecker comments on game theory. His post reminds me that I've been meaning to point out some nonsense for a while. One shou...

Sraffa's Production of Commodities by Means of Commodities is good to think with in examining several issues. One issue is in exploring...

I want to consider an issue raised by Andrew Kliman in chapter 6 of his new book. As part of his argument for the Temporal Single System Int...

As far as I am concerned, the marginal variable cost curve for an industrial plant is typically a reverse L-shape. Industrial firms generall...

"[J. E.] King: You published your second thoughts on the capital controversies in 1976. Any third thoughts today? [G. C.] Harcourt: Yes...

I occasionally browse back issues of Challenge , published by Michael E. Sharpe . Some readers of this blog might enjoy this semi-popular jo...

I think of the notion that prices act as scarcity indices and of the principle of substitution as central to the pre-analytic vision of neoc...