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Monthly Archives: September 2013
What Will The Conventional Wisdom in Economics Be After 2008?
I am currently rereading JK Galbraith’s The Affluent Society. It was one of the first books on economics that I ever read and I must say that it is well worth a reread, as there is much in it that … Continue reading
Posted in Economic Theory, Psychology
1 Comment
Models, Myths and Underpants Gnomes: Should Economics Be Dominated By Modelling?
In the latest issue of the Real World Economics Review Gustavo Marqués has an interesting paper entitled A Plea for Reorienting Philosophical Attention From Models to Applied Economics. In the paper Marqués examines some of the philosophical justifications that have been … Continue reading
Posted in Economic Theory, Philosophy
3 Comments
Metaphor and Meaning: What is a Downward-Sloping Demand Curve?
All too often a debate, or what sometimes passes for one, is due to one side not knowing the definition of terms. There are many reasons for this — sometimes, for example, people are just ignorant — but one reason … Continue reading
Posted in Economic Theory, Philosophy
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Nancy Cartwright’s Defense of and Attack on Economic Modelling
Recently I thought it might be interesting to give the other side in the modelling debate a chance. Frankly, I have not found the debates online to be particularly stimulating or interesting, so I thought I’d go to what is … Continue reading
Posted in Economic Theory, Philosophy
2 Comments
How Does QE Work and What Does It Really Do?
After my previous post on the QE taper there was some discussion on the INET YSI Commons Facebook page about the QE programs. I think it might be constructive to sum up what was there discussed as it provides a … Continue reading
Posted in Economic Policy, Market Analysis
38 Comments
The Fed’s QE Taper: Downsides and Upsides
Izabella Kaminska over at FT Alphaville recently ran an interesting piece on QE. Her main argument for QE was that it attempted to put the squeeze on rich folks and that might not be bad for an unbalanced economy. Her … Continue reading
Posted in Economic Policy, Market Analysis
1 Comment
How Do Stock-Flow Relations Work in Economics and Are They Inappropriate for Price Dynamics?
The other day I did a post on the work of Katharina Pistor and included some very broad details of something related that I’m working on. Despite me saying clearly and multiple times in the piece that I was massively … Continue reading
Anti-Equilibrium: Katharina Pistor and the Need for a Non-Market Equilibrium Framework for Understanding Financial Markets
Recently a friend of mine, Rohan Grey (founder of the excellent Modern Money Network), directed me to the work of Columbia law professor Katherina Pistor. Pistor’s work seems to be getting a lot of attention, having recently won the Max … Continue reading
Economic Modelling and Artificial Intelligence: Is Economic Reasoning Always Based on a “Hidden” Model?
There’s a trope one hears from economists all too often when one discusses the usefulness (or uselessness) of models. The argument usually runs like this: the person questioning the use of models says, for example, that all the useful predictions … Continue reading
Posted in Economic Theory, Philosophy
9 Comments
Finance Panglossian: A Eulogy to Lawrence Henry Summers
Larry Summers has dropped out of the race for Fed chair — and the stock market has rallied! The irony should be noted, of course, because Summers has come to exemplify the Panglossian Wall Street liberal of the Clinton era … Continue reading
Posted in Economic Theory, Media/Journalism
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Fixing the Economists 