Monthly Archives: March 2014

Was Marx Right?

Well, it looks like The New York Times has opened a bit of a can of worms by asking Was Marx Right?. I generally find that this question to be a bit annoying. Was Marx right about what, specifically? That … Continue reading

Posted in Economic History, Economic Theory | 20 Comments

Why Long-Run Theories of Profit and Accumulation Fall Short

Nothing gets heterodox economists quite so fussed as the long-run theory of the rate of profit. Yet, Keynes did without one altogether and when examined closely there is no way that such a theory can say anything tangible about the … Continue reading

Posted in Economic Theory | 4 Comments

Krugman Uses ISLM to Proclaim Looming Fiscal Crisis, Denounces Those Who Don’t Use ISLM

Some people often ask why I complain about Krugman. “Hey Phil, Krugman is a good guy. He likes government spending. You like government spending. Therefore you must like Krugman,” says our budding young Socrates. Well, I’ll tell you why: because … Continue reading

Posted in Economic History, Economic Policy, Economic Theory | 26 Comments

A Man’s World: Is Gender the Key Explanatory Factor Behind the Modelling Tendency in Economics?

Some time ago I made a remark that the bias toward mathematical modelling in economics might have to do with the male bias of the discipline. More specifically, I argued that models provided a stand-in for the economist’s own person … Continue reading

Posted in Economic Theory, Philosophy, Psychology, Statistics and Probability | 2 Comments

Some Metaphors Are Better Than Others: Deirdre McCloskey and the Capital Debates

Well, my previous piece on the work of Deirdre McCloskey generated some discussion. I just thought that perhaps I should lay out what I find problematic about her work. The problem with McCloskey is that she practices a sort of … Continue reading

Posted in Economic Theory, Philosophy | 5 Comments

Empty Rhetoric: On the Work of Deirdre McCloskey

Yesterday I read a short pamphlet by Deirdre McCloskey entitled The Secret Sins of Economics. You can get it here for free in PDF form. A friend of mine told me a while ago that I would like McCloskey. He … Continue reading

Posted in Economic Theory, Philosophy | 13 Comments

More on the Job Guarantee and Wage Price Inflation

I’ve got quite a response to my last piece on the Job Guarantee program and it’s possible influence on wage-price spirals. Some of the kickback I received is, I think, based on a misunderstanding. A few people seemed to think … Continue reading

Posted in Economic Policy, Economic Theory | 16 Comments