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Monthly Archives: August 2013
Inflation and Income Distribution: A Reply to the Vulgar Keynesian Policy Enthusiasts
Noah Smith has a recent post on inflation in which he urges economists to learn to love inflation. We live, as everyone knows, in a period of low inflation and high unemployment and I suppose Smith’s point is that we … Continue reading
Posted in Economic Policy, Politics
1 Comment
Brain-Slug Economics: Grasselli’s Project to Turn Post-Keynesian Economics into Mathematical Formalism
The danger when mathematicians try to do economic modelling is twofold. The first problem is that they often do not have a clue about what they are doing or the object that they are trying to model. The second problem … Continue reading
Posted in Economic Theory
5 Comments
Micro to Macro: A Note on the Kahn Wage-Profit Multiplier
Just a quick added note on the Kahn wage-profit multiplier. As shown in the last piece, Kahn’s multiplier was concerned with the generation of employment by each extra man employed. Here once again is the complete multiplier relation (read the … Continue reading
Posted in Economic Theory
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Kahn’s Multiplier Argument: A Kaleckian Distributional or Keynesian Aggregate Income Approach?
I have been rereading Kahn’s classic 1931 paper The Relation of Home Investment to Unemployment for my coming work on a general theory of prices. The paper lays out the argument for the existence of a Keynesian multiplier for the … Continue reading
Posted in Economic Theory
2 Comments
Alternate Reality Economics: Left Business Observer Spiked With the Ergodic Poison
I like the Left Business Observer. I think that its well written, quite amusing and sometimes provides interesting arguments and data-points that I would otherwise have missed. It is also generally up to scratch on economics, although some of the … Continue reading
Posted in Economic History, Economic Policy
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Quantity Rationing as Business Strategy: Furthering the Case for a General Theory of Pricing
My last post on my attempts to create a general theory of prices met with some positive responses. I’m not hugely surprised. Any thinking person who has ever entered an undergraduate micro course has questioned the validity of what’s being … Continue reading
Posted in Economic Theory
14 Comments
The Post-Keynesian View of Monetary Policy
Among Post-Keynesians there is a general consensus about interest rate policies: they are not, unless used in extreme form to generate recessions, very effective at regulating the volume of output or even inflation. Of all the Post-Keynesian arguments that I … Continue reading
Posted in Economic Theory
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Teleology and Market Equilibrium: Manifesto for a General Theory of Prices
Neoclassicals are a slippery bunch indeed. The moment you think that you’ve pointed out a flaw in their theoretical armor they turn around and say that the theory can accommodate the criticism. Soon after, you see them once again making … Continue reading
The Mystery of Rising Excess Oil Capacity and Rising Prices
The following is an article that I wrote for FTAlphaville that was never run. Quite a number of people think that financial market dynamics are substantially distorting the price of oil. FT Alphaville’s own Izabella Kaminska has laid out in … Continue reading
Posted in Economic Policy, Market Analysis
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Marxism, Alienation, the Unhappy Consciousness and Gnostic Trickery
Here I just want to lay out, to supplement my last post, a quick note on what seems to me an epistemological error in Marxist philosophy — one that results from an inability to follow dialectical logic to its conclusion … Continue reading
Posted in Philosophy, Psychology
7 Comments
Fixing the Economists 