Monthly Archives: February 2014

Control Freaks: Stafford Beer and Salvador Allende’s Fantasy Economy

Some time ago I wrote a post on marginalist microeconomics that included a brief discussion of how it might inspire certain absurd attempts at control in an economy. In that post I was generally concerned with policymakers and managers trying … Continue reading

Posted in Economic History, Politics | 3 Comments

Moar Scotland: Are They Dependent on Rising Oil Prices?

Sorry folks! No new blog posts today on how crap economic theory is and so forth. I’m still working on getting the Gradualis blog off its feet. But for those of you interested in Scottish independence we have a post … Continue reading

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Scottish Sectoral Balances

The Scottish government yesterday released key statistics that allow us to calculate the sectoral balances of the country. I have done so for our emerging think tank Gradualis and have posted the results on the Gradualis blog. Scottish Sectoral Balances … Continue reading

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Proud to Be a Nihilist: Bill Mitchell on Econometrics and Numerical Prediction

Someone said to me a while back: “Phil, you are always railing against econometrics but some of the MMT guys and quite a few Post-Keynesians maintain that these techniques are useful and valid”. I recognise this fully well actually. It … Continue reading

Posted in Uncategorized | 7 Comments

Ergodicity Versus History: A Critical Commentary on the Work of Ole Peters

Lars Syll linked to a fantastic interview with the mathematician Ole Peters the other day that dealt with the topic of ergodicity and how it relates to economic and financial markets. First, a comment on the source. The interview was … Continue reading

Posted in Economic Theory, Market Analysis, Statistics and Probability | 5 Comments

What is the Monetarist Position on Fiscal Deficits and is it Similar to Krugman’s?

In my previous post I showed that Krugman’s recent piece on Argentina completely glossed over the data in its assertions that the inflation in that country was due to fiscal deficits**. I also, somewhat offhandedly, referred to his argument as … Continue reading

Posted in Economic History, Economic Policy, Economic Theory | 36 Comments

Paul Krugman Pushes Factually Inaccurate Arguments About Argentina to Support His Discredited Monetarist Ideas

Well, Paul Krugman is out again waving his true colours in the wind while his die hard followers try desperately to look the other way and pretend that he’s not making stuff up. Basically Krugman is saying, following that pundit … Continue reading

Posted in Economic Policy | 47 Comments