Monthly Archives: August 2013

Can a Country Without a Currency Have a Currency Crisis?

It is often the case that whole debates rest on a misunderstanding or lack of clarity over the definition of key terms. Take the ongoing debates between the group I label as the Kaldorians and the Modern Monetary Theorists (MMTers) … Continue reading

Posted in Economic Theory | 70 Comments

Empty Theory: A Response to James R McLean on Michael Emmet Brady’s Purported Theories of Decision-Making

James R McLean has written a fairly coherent piece on my challenge to Michael Emmet Brady. He has also given me a rather nice point of departure with which to make my case against Brady. He has done so by … Continue reading

Posted in Economic Theory, Philosophy, Psychology | 5 Comments

Oil Speculation and Syria: A Microstudy

There is nothing more irritating than an economist looking at you skeptically when you talk about speculation in certain markets and saying: “go on then, cook up a study and prove it is taking place”. What they mean is that … Continue reading

Posted in Market Analysis | 3 Comments

Short-Period and Long-Period Analysis: Neoclassical Versus Historical

In my previous post I was concerned with summarising Lawson’s argument regarding the term “neoclassical” for an audience that was not going to read his paper in full. Thus, I did not wish to insert too much of my own … Continue reading

Posted in Economic Theory, Philosophy | Leave a comment

What is Neoclassical Economics? And Are Many Heterodox Economists Actually Neoclassical?

After my recent post on a paper by Tony Lawson I was corresponding with the author and he suggested that I might want to take a look at a paper he has written that will be coming out in the … Continue reading

Posted in Economic Theory, Philosophy | 8 Comments

The Idiocy of the “Evolutionary” Paradigm in Psychology

In the wake of the financial meltdown a lot of economists are turning to the discipline of evolutionary psychology for answers. Evolutionary psychology basically attempts to explain human psychology in terms of adaptive evolutionary principles. So, a person does X … Continue reading

Posted in Psychology | 7 Comments

Tending to His Own Garden: Has Krugman Finally Turned on the ISLM?

In a recent post Paul Krugman, as part of an ongoing debate with MMT/MMR advocate Cullen Roche, has said that the ISLM is not a good approach to macroeconomics. Hurrah! Right? Well, maybe not. In fact, New Keynesians do not … Continue reading

Posted in Economic Theory | 5 Comments

Mathesis Universalis: Lawson’s Criticisms Fall Short of their Real Target

Lars Syll has linked to a really interesting paper by Tony Lawson amidst a discussion about maths and modelling in economics. The paper really is worth a read in its entirety. It is entitled┬áMathematical Modelling and Ideology in the Economics … Continue reading

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Swimming Against the Tide of History: Krugman-Galbraith ’96

Lars Syll has brought my attention to a very interesting exchange between Jamie Galbraith and Paul Krugman from 1996 that is archived on the latter’s website (or a website created for him, I cannot tell). Much of the discussion is … Continue reading

Posted in Economic History, Economic Theory, Media/Journalism | 9 Comments

Naked and Free, Economics Without Models: A Response to Grasselli

Well, Grasselli has responded to my previous post. His response, full as it is with personal attacks, bile and insinuations is pretty embarrassing; Grasselli hasn’t yet learned that a rapid, heated exchange on Facebook is a little different from a … Continue reading

Posted in Economic Theory, Market Analysis | 1 Comment