Thoughts On Economics

I have been reading Colin Crouch's The Strange Non-Death of Neoliberalism 1 . A major theme is that an ideological divide between more ...

Marx's attempt to describe how capitalism creates objective illusions , so to speak, is one aspect of Capital that I like. In this ...

Initial and Chaotic Learning in Rock-Paper-Scissors Consider a game, as games are defined in game theory. And consider some strategy ...

1.0 Introduction Noah Smith seems to be trying to become a professional columnist and blogger, however his day job works out. I do not kno...

Figure 1: Chapuchin Monkeys, Our Cousins What do we think about generalizations, validated partly with experiments with non-human animals...

I have a new paper available on the Social Science Research Network: Title: Income Distribution And A Simple Labor Theory Of Value: Emp...

Neoliberalism is a political project to remake the world into an unrealizable utopia. Neoclassical economics is a supposedly scientific ef...

Barkley Rosser , David Ruccio , and Matias Vernengo have obituaries. I find I had not known much about Lee's life. I have been influ...

I was surprised at how many reviews of Thomas Piketty's Capital in the 21st Century draw on the Cambridge Capital Controversy to argue...

1.0 Introduction This post presents a model of distribution that Luigi Pasinetti developed. It is one of a family of models. Other importa...

I have occasionally summarized certain aspects of microeconomics, concentrating on markets that are not perfectly competitive. Further d...

During the 20th century, a number of economists more or less independently developed ideas associated with input-output analysis, activity ...

With characteristic cheerful carelessness, Noah Smith misinforms hapless Bloomberg readers: "Friedrich Hayek tried to argue agains...

Figure 1: Wage-Rate of Profits Frontier for Seven Countries This post reports on the analysis of wage-rate of profits frontiers drawn ...

A theme of this blog is that wages and employment are not determined by, and cannot be determined by, the interaction of well-behaved sup...

Figure 1: Wage Share versus Ratio of Rate of Profits 1.0 Introduction Consider the theory that Sraffa's standard system can be u...

I associate the Temporal Single System Interpretation (TSSI) of Marx's Capital most notably with Alan Freeman and Andrew Kliman. The T...

Table 1: Variations Across Countries 1.0 Introduction This post is an empirical exploration of a simple labor theory of value as a t...

The Maximum Rate Of Growth Around The World Consider a model of an economy in which all commodities are produced from inputs of labor...

This is a post about the University of Illinois at Urbana Champaign (UIUC) 1 . It is not about current events . In the late 1940s, UIUC a...