Thoughts On Economics

I recently posted about the theory that the money supply is endogenous and under the control of a country's central bank, such as the F...

Steve Keen, in the Australian newspaper The Business Spectator simultaneously praises Paul Krugman for building on Hyman Minsky's work...

Britain suspended convertibility during the Napoleonic wars. During that period, until 1821, money in England was paper, unbacked by gold. T...

I think of David Card and Alan Krueger's empirical demonstration that increased minimum wages do not reduce employment as having two ma...

1.0 Introduction I think the analysis of the choice of technique in a steady state is a settled question. (The meaning of Sraffa's equat...

This is a selection. I always exempt those alive in making such judgements. Jane Marcet Harriet Martineau Rosa Luxemburg Mary Paley Marshall...

Economists' concerns can be expected to change as the world changes. In a serious scholarly discipline, however, such changes in emphasi...

Mainstream economists tend to think of the "laws of demand and supply", for example, as applying to all of human history and indep...

As I understand it, Geoff Harcourt is now living in Australia, after having recently moved home from Cambridge, England. While in Cambridge,...

Mike Cushman, the secretary of the London School of Economics University and Colleges Union (LSE UCU) writes to the Guardian: "Philip I...

News coverage of the Egyptian revolution introduced me to Gene Sharp, who I have never heard of before. Apparently he is at the Albert Einst...

I have argued before that weaknesses in mainstream economics exposed by our current macro-economic problems have been known for decades. I ...

When I look at many economists who have won the "Nobel" prize, I often wonder, where is the empirical evidence for their theories...

Russell Jacoby pans Erik Olin Wright's book Envisioning Real Utopias . I don't know much about Jacoby. I find his review encourages...

What do you think of Daron Acemoglu ? Since he is a mainstream economist at MIT, I should be inclined to take a critical stance to be consis...

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...