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Monthly Archives: November 2013
Something is Rotten in the State of Macro: Krugman’s Continued Hypocritical Defence of the Status Quo
Paul Krugman is out again defending mainstream economics against students and others who rightly suspect that it has taken a wayward path. I won’t go too much here into Krugman’s own history as a gatekeeper for orthodox economics, having dug … Continue reading
Posted in Economic Theory, Media/Journalism
1 Comment
In the Short-Run We Are All Dead: Probability Theory and Short-Termist Investment
Keynes famously said that in the long-run we are all dead. What he was counseling against was the tendency on the part of economists to discuss economic processes in terms of the so-called ‘long-run’. This idea, which I have written … Continue reading
Posted in Economic History, Economic Policy
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Yanis Varoufakis Publishes Some of My Ramblings on the State of Ireland
Yanis emailed me for my thoughts on Ireland’s recent return to the bond market. He has published his own analysis with mine thrown in at the end here. Note the Freudian slip wherein I misspell ‘Fianna Fail’, who are the … Continue reading
Posted in Economic Policy, Market Analysis
4 Comments
Purchasing Power Parity (PPP) and the Exchange Rate
There is a theory that floats around out there called the ‘Purchasing Power Parity theory of the Exchange Rate’ — or something to that effect, the name seems to change depending on what source you go to. The theory, stripped … Continue reading
Posted in Economic History, Economic Theory, Market Analysis
6 Comments
An Excellent Guide to Using Gretl
For those that don’t know Gretl is a freeware econometrics package. Despite not costing anything I’ve found it to be a very useful econometrics program that can do pretty much anything — or, at least, anything that I’ve ever wanted … Continue reading
Posted in Statistics and Probability
4 Comments
Further Problems With the Static Framework of the ISLM
Yesterday I did a short post on how the ISLM model misrepresents how interest rates function because it views them as static. Today I would like to make a further, if more difficult point: namely, that the very way in … Continue reading
Posted in Economic Policy, Economic Theory
9 Comments
Problems with Static Interest Rates in the ISLM
The ISLM takes quite a beating from Post-Keynesians — and, I would argue, rightly so. There are any number of reasons for this but let me just here highlight one that is not very regularly talked about. As is well-known … Continue reading
Posted in Economic Policy, Economic Theory
4 Comments
Steve Keen’s AS-AD Curves and a Suggestion For a New Stock-Flow Equilibrium Approach
A commenter on Lord Keynes’ blog recently called my attention to something rather interesting; namely, that Steve Keen seems to be using some sort of supply and demand framework to determine price in the macroeconomy in his models. Let me … Continue reading
Posted in Economic Theory
11 Comments
Capital Sins: To What End Should Economic Life Be Directed?
Victoria Chick published an interesting paper in the journal Economic Thought on the World Economic Association website entitled Economics and the Good Life: Keynes and Schumacher. In it she explores what both men thought that the end goal of economics … Continue reading
Posted in Philosophy, Politics, Psychology
1 Comment
What Happened to Science and Research Funding?
I’ll never forget the reaction of a scientist I once met, a chemist who had transitioned into corporate management, when I told her that I was an economist. “Oh,” she said, “so you’d know something about corporations and how they … Continue reading
Fixing the Economists 