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Monthly Archives: December 2013
Laying a Solid Foundation for My Theory of Asset-Pricing
In the comments my previous post concerning my theory of asset prices – comments that have, I should add, been extremely productive so far – Nick Edmonds raised some questions as to whether I was dealing with stocks and flows. … Continue reading
Changes Versus Levels in My Asset Pricing Theory
In my previous post a commenter, ivansml, made a point about one of the first equations in my paper. He was discussing the following equation, Ivansml pointed out that this was problematic because in order for the change in price … Continue reading
Robert Shiller’s ‘National Equity’ Program: Upsides and Downsides
Two years ago Robert Shiller wrote an interesting proposal for countries to replace their national shares with national equity. He’s not the first to float such an idea. On the economics groups that I’m a part of I’ve seen such … Continue reading
Posted in Economic Policy
3 Comments
Considerations of the Relationship Between Price Elasticities and Expectations in Price Formation
As I have already written in my introduction just after I had sent off the final draft of my paper I noticed a rather glaring error. This error can be best understood by comparing equation 1.10 and equation 2.10 from … Continue reading
John Carney’s Jobs Proposal: Cutting Satire or Accidental Self-Parody?
What is the essence of parody? The dictionary defines it as, an imitation of the style of a particular writer, artist, or genre with deliberate exaggeration for comic effect But definitions aside, I think that everyone knows a parody when … Continue reading
Posted in Economic Policy, Media/Journalism
9 Comments
Hjalmar Schacht, Mefo Bills and the Restoration of the German Economy 1933-1939
So, I was doing a bit of that aimless reading one so often does on the internet and I came across the transcript from the trial of Hjalmar Schacht at Nuremberg after the war. Schacht was, of course, the chief … Continue reading
Posted in Economic History
32 Comments
Gaze Not Into the Abyss: The KfW, Mitchell and Ramanan’s Misreading
Ramanan is attacking the Chartalists again. And as usual he assumes a stupidity on their part that, well, what was that Nietzsche quote again? Battle not with monsters, lest ye become a monster, and if you gaze into the abyss, … Continue reading
Posted in Economic Policy
43 Comments
Tyler Cowen and Daniel Kuehn Miss the Point of the Austrian Business Cycle Theory
There’s been a bit of confusion surrounding the Austrian Business Cycle Theory (ABCT) over at Lord Keynes’ blog. Regular readers of this blog will know that I try as best I can to avoid Austrian economics as it is absurdly … Continue reading
Posted in Economic Theory
25 Comments
Press Release For My New Tax-Backed Bonds Policy Note at Levy
FOR RELEASE: 05/12/2013 Contact: Philip Pilkington Telephone: xxxxxxxxxx Email: xxxxxxxxxxxx Tax-Backed Bonds Will Still Solve the Eurozone Crisis and Stop Austerity The Levy Institute of Bard College recently released a follow-up policy note by Philip Pilkington on the continued relevance … Continue reading
Posted in Economic Policy, Politics
3 Comments
Technological Progress in a Below Full Employment Economy
I recently came across a rather interesting argument that the famous Post-Keynesian economist Abba Lerner made in relation to his well-known doctrine of Functional Finance. Basically Lerner said that labour-saving technological innovation in a below full employment economy was not … Continue reading
Fixing the Economists 