Thoughts On Economics

An old puzzle is why do those who build on Leontief's empirical work not make more of Sraffa? And why do those who build on Sraffa'...

The strongest argument against socialism, understood as entailing central planning, comes from Enrico Barone . Von Mises popularized this a...

Suppose one rejects the labor theory of value as a theory of prices. Or, even more, one could reject Marx's theory of value in volume 1...

This is another letter in a series I have been transcribing in which Marx explains his theory to Engels. In 1867, he was going through th...

I find that I summarized the Ellsberg paradox back in 2009. I have also commented on who in the United States was prosecuted for leaking ...

Isabella Weber's Sellers' inflation, profits and conflict: why can large firms hike prices in an emergency? , in the Review of Ke...

Figure 1: Prices of Corn and Ale in an Iterative Process 1.0 Introduction Anwar Shaikh proposed, sometime in the 1970s, I guess, an i...

Is historical materialism a deterministic theory? Must all societies (in particular, Russia) go through the same stages, including feudalis...

Here Marx sets out the transformation problem in a letter to Engels. The first volume of Capital was published in 1967. So this is another...

Selected Biographies Author Year Title Gustav Gross 1885 Karl Marx: Eine Studie William Liebknecht 1896 Karl Marx, Biographical Memoirs ...

When one achieves at least partial enlightenment, one will realize that one's income does not necessarily reward productivity, effort, ...

In this letter, Marx outlines the three volumes of Capital . I know about this letter from Fred Moseley's Money and Totality (2016). I...

Cordelia Belton at Red May Matthew Sitman and Sam Adler-Bell's Know Your Enemy podcast. Benedict and Kevin's Not Your Grand...

1.0 Introduction Stefano Perri has a working paper , "Sraffa's response to Eaton's review: a note on the standard commodity a...

1.0 Introduction I have previously quoted authorities disparaging Böhm-Bawerk's pamphlet examining the supposed contradiction between...