Thoughts On Economics

A blog for a close and critical reading of Mas-Colell, Whinston, and Green. MWG is the most dominant introductory graduate microeconomics...

An Unsurveyable Rule For Generating A Real Number In Binary Format Noah Smith offers a definition: "Mathematics is the manipulatio...

More than two decades ago, I took a course in intermediate microeconomics. The textbook was R. Robert Russell and Maurice Wilkinson's M...

Figure 1: Less Plentiful Supply of Capital Lowers the Interest Rate 1.0 Introduction I claim that capital reversing can be a source of in...

...and other outdated blatherskite: "An increase in desired saving will only affect the rate of interest slowly, over time, as the grea...

" Civil Society - an association of members as self-subsistent individuals in a universality which, because of their self-subsistence,...

Figure 1: Bottom Decile Irrelevant To Policy Figure 2: Top Decile Much More Influential on Policy Than Median These striking figures are...

In his book 1 , Piero Sraffa presented the elements of an economic theory that takes into consideration the empirical fact stated in my pos...

I have occasionally mentioned some of the mathematics that many find useful in reading Sraffa 1 . Here I want to raise a question. Consid...

Jacob Hacker and Nate Loewentheil, under the sponsorship of various labor unions and think tanks, have produced a political program, Pros...

"It cannot be the case that the only universally valid norm refers solely to discourse . It is, after all, possible for someone to re...

"if we want to follow in Marx's footsteps and pass from values to prices of production and from rate of surplus value to rate of pr...

Figure 1: A Photo Probably From The Same Week I visited A Joint Production Process 1.0 Intrduction I thought I would continue thinking ab...

Figure 1: A Hydro-Electric Facility The appearance and effects of joint production are sometimes hard to see, and they often require a deg...

1.0 Introduction Nick Rowe has recently posted about two of my themes, reswitching and about joint production . He goes through some of t...

Figure 1: Capitalism 1.0 Introduction Before one can criticize a theory, one must first restate it. I take Marx to have: Developed a the...

Matias Vernengo has noted the passing of Phyllis Deane. I think of Deane as a historian of economics, based on her 1978 book The Evoluti...

"... that cooperation must be of a certain kind in order to be effective. It must, for example, obey the principles of discourse ethics...

I take the following as given: Contemporary heterodox economists are continuing communities that have been around for generations in leadi...

Adam Smith and David Ricardo exemplify classical economics. Economists lost and forgot many good ideas in classical economics with the adve...