Thoughts On Economics

Some economists sometimes say that neoclassical economics will be abandoned when a better theory is available. And they use this as an excu...

Profits by Selected Industry as Percent of Total Profits in the United States The data for the graph are taken from Use tables for the ...

Some brief observations: Simon Wren-Lewis is asked to define K . His answer : "It is normally K ( t ) = δ K ( t - 1) + I ( t )....

Table 1: Components, As Percentage Of GDP I thought I'd expand on a recent graph . I was curious to see how state and federal gover...

Consider: "...there is a crucial distinction between financial capital and capital goods ." "Interest is not the return ...

Some publishers have made it easy to get an overview of currently existing paradigms in economics, including non-neoclassical paradigms: ...

I have not even started to read Thomas Piketty's Capital in the Twenty-First Century , but I have heard of Piketty as compared to Marx....

I thought that Krugman had a post about Paul Ryan stating, incorrectly, that Obama had increased the size of the government. And he won...

Figure 1: Distribution for Mixture Distribution 1.0 Introduction What is the probability that the Dow Jones Industrial Average (DJIA) ...

I have been reading a book, edited by Gavin Kitching and Nigel Pleasants, comparing and contrasting Ludwig Wittgenstein and Karl Marx. This...

I finally finished Kartik Athreya's book, Big Ideas in Economics: A Nontechnical View . I have already offered two comments on it. I ...

I want to highlight the similarity in conclusions in Mirowski's recent book and Reed's controversial essay (see references below). ...

I continue to read Kartik Athreya's supposedly popular account of contemporary macroeconomics. Today I focus on the misleading present...

The following is reproduced from "An Essay on Post-Keynesian Theory: A New Paradigm in Economics", Al Eichner and Jan Kregel'...

In this passage, Roxana is preparing to move from Paris to Amsterdam. She liquidates her possessions, and uses jewelry and bills of exchang...

I am of the opinion that talk of more or less government intervention in markets is incoherent in, for example, the United States today. It...

Greg Hill describes issues in getting into (Arrow-Debreu) equilibrium. I want to remember to sometime read Wolfgang Eichert's article...

I have been trying to read Kartik Athreya's Big Ideas in Macroeconomics: A Nontechnical View . I find it quite dry. So far, it is all t...

1.0 Introduction Piero Sraffa, with his 1926 Economic Journal article on the laws of returns, had a great impact on the emerging field of...

To simplify, the factors of production are land, labor, and capital. The marginal productivity of labor is the extra output produced by an ...