Monthly Archives: December 2013

Comments on Feyerabend’s ‘Against Method’ III: Intellectual Support for Mainstream Economics

If you read Feyerabend’s Against Method closely and you take the argument seriously a rather unnerving fact comes to light: namely, that the argument contained therein lends full intellectual support to mainstream marginalist economics. While the theories of philosophers like, … Continue reading

Posted in Economic Theory, Philosophy | 1 Comment

A Quick Note on Michael Emmett Brady’s Paper on Keynes and Probability

“Ask and it will be given to you; seek and you will find; knock and the door will be opened to you.” — Matthew 7:7 Michael Emmett Brady’s paper Keynes, Mathematics and Probability: A Reappraisal is a bizarre piece of … Continue reading

Posted in Economic Theory, Statistics and Probability | 1 Comment

Interest Rates and Animal Spirits: A Response to JW Mason

JW Mason has an interesting post on the interest rate over at his Slackwire blog. In it he basically tries to resuscitate Keynes’ theory of liquidity preference as that which determines the interest rate on various assets. I think that … Continue reading

Posted in Economic Theory | 4 Comments

Understanding Why the US Stimulus Package Worked While the Spanish Package Did Not

A couple of days ago I wrote a quick post comparing Spain and the US after their recessions in 2007/2008 and the government responses. The post was based on the premise that the US government had engaged in active stimulus … Continue reading

Posted in Economic Policy | 18 Comments

How the US Fiscal Stimulus Worked and Why Spain is Still Stuck in a Rut

So, I’ve been debating an economist called Mark A. Sadowski over at Scott Sumner’s TheMoneyIllusion blog. The debate started on my blog when we were debating the effects of the QE programs on my post a few days back but … Continue reading

Posted in Economic Policy | 15 Comments

Bertrand Russell’s Teapot and His Misreading of George Berkeley’s Philosophy

I recently picked up Bertrand Russell’s History of Western Philosophy to have a look at the argument he makes against the philosophy of George Berkeley. Frankly, I have never liked Russell. He is a clear writer — and a convincing … Continue reading

Posted in Philosophy | 3 Comments

Comments on Feyerabend’s ‘Against Method’ II: Revolutions in Subjectivity

In my previous commentary on Feyerabend’s book I criticised him for being incoherent in his understanding of the relationship between the philosophy of science that he is actually expounding and his own philosophy which he thinks to be materialist but … Continue reading

Posted in Philosophy | Leave a comment

Comments on Feyerabend’s ‘Against Method’ I: Real Materialism Versus Marxian Materialism

I am currently rereading Paul Feyerabend’s excellent book Against Method. It’s a very good book and I find myself in agreement with an awful lot that is in it. I have noted, however, that the argument suffers in some places … Continue reading

Posted in Philosophy | 12 Comments

OMG Tapering!

Well, it seems that the Fed has finally decided to initiate the much talked about ‘taper’ of the QE program. The proposed taper will wind down asset purchases by $10bn a month. That means that they won’t actually stop or … Continue reading

Posted in Market Analysis, Media/Journalism, Psychology | 31 Comments

The Theory of the Monetary Circuit: A Critique

In a series of comments on my previous post involving myself, Neil Wilson and Oliver it became clear quite quickly how closely my asset-pricing framework is tied up with the Post-Keynesian theory of endogenous money. Oliver suggested that I look … Continue reading

Posted in Economic Theory, Toward a General Theory of Pricing | 17 Comments