Thoughts On Economics

I have been reading Philip A. Klein's Economics Confronts the Economy (Edward Elgar, 2006). He presents data in two tables that I thoug...

Some mainstream economics have been pointing out other well-known economists are simply incompetent. Among those doing the pointing are Paul...

I might as well document some jibes Kevin Quinn finds amusing. These are from two different articles from two different periods: "I ha...

More than a decade ago, Paul Krugman characterized Austrian Business Cycle Theory (ABCT) as "The hangover theory": "It is th...

On 3 December 2008, Oliver Hart and Luigi Zingales wrote on the funny pages of the Wall Street Journal : "This year will be remembe...

1.0 Introduction I created this model by thinking about what would happen if no basic commodity existed, and yet no commodity could be produ...

Barkley Rosser, Jr., has published a piece by Samuelson on Hayek in the current issue of The Journal of Organization and Behavior , as well ...

As I understand it, the American Economic Association ( AEA ) is almost unique among professional organizations. The AEA does not have a cod...

I have been reading Philip A. Klein's Economics Confronts the Economy , which I purchased in the Strand , several weeks ago. This 2006 b...

Jeff Madrick reports little sign of the consideration of this question at the AEA/ASSA conference last week. Yves Smith comments on this q...

"It is possible, at the other extreme, to conceive of an economy in which, for a considerable period ahead, everything was fixed up in ...

"[Miss Ingram] entered into a discourse on botany with the gentle Mrs. Dent. It seemed Mrs. Dent had not studied that science: though, ...

The economy is never in equilibrium, or so many heterodox economists say. Being a Joan Robinson fan, I'm likely to agree . To understand...

The following is a letter Sraffa sent to Robinson in 1936: King's College, Cambridge 27.10.36 Dear Joan Many thanks for your letter – it...

...mural by Diego Rivera. This mural, from which Figure 1 is a detail, replaced one by Diego Rivera . John D. Rockefeller, Jr., was displea...

One can read Keynes as proposing an alternative theory of value. Hyman Minsky advances this reading to some extent. Classic texts for this r...

Kevin "Angus" Grier reminisces about Hyman Minsky's dislike for Piero Sraffa. But he doesn't recall points at issue. Mins...

1.0 Introduction Von Neumann and Morgenstern posed a mathematical problem in 1944: Does every game have a solution, where a solution is defi...

The following paragraph appears in Chapter 5 of The General Theory of Employment Interest and Money : "If we suppose a state of expecta...

Stigliz has an article , "Capitalist Fools", in the January issue of Vanity Fair . He argues that the new depression is the result...