Thoughts On Economics

I came upon this passage recently: "Thus, in the short run, the entrepreneurs introducing new techniques would reap supernormal profits...

...Instead, the situation is chronic. The long-festering situation of economics is seen in the constant literature on the "crisis"...

Figure 1: The Carrier Dome, Named After A Manufacturer Of A/C Equipment No Longer In Syracuse, NY The Jevon's paradox arises when increa...

Paul Krugman writes : "Someone, I don’t know who at this point, sent me to this post by Robert Murphy , which is the best exposition I’...

Denver In Some Other Month The proceedings of the recent American Economic Association annual conference are online . Preliminary versions o...

I am hostile to the notion of logically deriving an ideal society from first principles. Ideal norms can only be understood by us humans in ...

Eric Schoenberg, of Columbia Business School, has a very confused response to the usual idiocy from Greg Mankiw. Schoenberg quotes Mankiw...

I find puzzling where contemporary mainstream economists would point for good statements of a theory to explain prices in, say, the United S...

Mathematical programming is a key technique for economic planning. And we can solve linear programs much better now: "Even more remark...

"These allusions give incidentally some indication of the disproportionate length of time over which so short a work has been in prepar...

Figure 1: From Sraffa's Production of Commodities by Means of Commodities Suppose people save more. A neoclassical and Austrian school 1...

In comments on my previous post, a blogger from Revista Circus links to a presentation of Gary Mongiovi on Marxian exploitation. This is t...

Michele Boldrin has written a paper in which supposedly Marxian themes are treated in a Dynamic Stochastic Equilibrium Model (DSGE). He writ...

Here Wolff provides an overview of Marx, agrees with Morishima that Marx was a great economist, and mentions books by the analytical Marxis...

David Ruccio hypothesizes that the current worldwide macroeconomic difficulties are related to increased inequality in the distribution of ...

Joan Robinson, drawing on John Maynard Keynes, famously distinguished between models set in historical and logical time. Geoffrey Hodgson, n...

The appendix of Omkarnath's aprreciation of Bharadwaj's review of Sraffa's book contains an exchange of letters between Bharadwa...

Some comic gives some stupid and vile economists an opportunity to comment on some of Cosma Shalizi's ideas [1]. (I find particularly s...

Has the global financial crisis discredited Dynamic Stochastic General Equilibrium (DSGE) models? It seems to me that that may be so, but I ...