Monthly Archives: February 2014

The Mystery of Matter: A Response to Lord Keynes on Berkeley’s Idealism

There has been a bit of a debate between myself and Lord Keynes over at his blog. Most of the relevant debate can be found in the following blog and in the comments of this blog. In response to my … Continue reading

Posted in Philosophy | 9 Comments

Hans Albert Expands Robinson’s Critique of Marginal Utility Theory to the Law of Demand

A few days ago I wrote a post outlining Joan Robinson’s criticisms of the logical structure of marginal utility theory. It got quite a good response. Robinson’s point was that the manner in which the theory was constructed rendered it … Continue reading

Posted in Economic Theory, Philosophy | 3 Comments

John Hicks’ Book on Non-Ergodicity: A Forgotten Post-Keynesian Classic

Lars Syll recently provided an interesting quote from John Hicks’ 1979 book Causality in Economics. I thought that what Hicks said made an awful lot of sense, so I got my hands on a copy of the book. I have … Continue reading

Posted in Economic Theory, Philosophy, Statistics and Probability | Leave a comment

Some Personal Reflections on Contemporary Economic and Scientific Indoctrination

I thought that the discussion in this clip from about 7.40 on was extremely interesting. Watson discusses how introductory textbooks — particularly Greg Mankiw’s — ask students to suspend their disbelief in the models that they are being taught. The … Continue reading

Posted in Economic Theory, Philosophy, Psychology | 3 Comments

Keynes’ Liquidity Preference Trumps Debt Deflation in 1931 and 2008

I have pointed out before that the meaning of the term ‘liquidity trap’ has today become completely altered — with said alteration mainly coming from Paul Krugman’s bizarre redefinition which seems tied up with his idea about a natural rate … Continue reading

Posted in Economic History, Economic Theory | 3 Comments

An Interview With and Overview of the Work of Philip Mirowski

Some time ago I did an interview with Philip Mirowski but I never published it. The editor of the heterodox journal Filosophia de la Economia got in contact with me and asked me if they could run it. When I … Continue reading

Posted in Economic Theory, Philosophy | 4 Comments

James Galbraith’s ‘The Predator State’: A Testament to Our Turbulent and Troubled Era

I’m currently rereading James Galbraith’s The Predator State and I must say that it is quite a formidable work. There is one issue that I want to tackle — namely, Galbraith’s treatment of the supply-side arguments of the 1970s and … Continue reading

Posted in Economic History, Economic Policy | 2 Comments

But why on earth won’t they let us play?

The following essay was written for The Baffler’s website. It is a response to two essays that appeared in their last issue. Since The Baffler could only run an edited version I decided to run the full-length version here. You … Continue reading

Posted in Philosophy | 13 Comments

Palley’s Critique of MMT: Post Keynesian or neo-Keynesian?

So, Tom Palley has a new criticism out of MMT. Frankly, I’m not hugely concerned with the critique itself. The criticisms are old and I don’t think that Palley will convince anyone of the ills of MMT that are not … Continue reading

Posted in Economic Theory | 9 Comments

Joan Robinson’s Critique of Marginal Utility Theory

In her excellent book Economic Philosophy (available as a PDF here) Joan Robinson undertakes an extensive discussion of marginal utility theory. Here I will be more so interested in her technical criticisms. But before going into these it should be noted … Continue reading

Posted in Economic Theory, Philosophy, Psychology | 23 Comments