Monthly Archives: May 2014

What Would Keynes Have Said About the Current Stagnation?

Posted on May 31, 2014 by pilkingtonphil

Readers may have noted some absence on the blog over the past few days. This is because I am currently writing a book which seems to be sapping all my writerly juices at the moment. I have about a third … Continue reading →

Posted in Economic Policy, Economic Theory | 14 Comments

Has Thomas Piketty Pulled a Reinhart and Rogoff?

Posted on May 24, 2014 by pilkingtonphil

Well, a team at the FT under Chris Giles has claimed to have discovered serious errors in the data spreadsheets underlying Thomas Piketty’s work. A few housekeeping issues before I proceed. First of all, I do not have the time … Continue reading →

Posted in Economic History | 18 Comments

The Difference Between Keynesian Kaleido-Static Reasoning and Mainstream Methodology

Posted on May 22, 2014 by pilkingtonphil

In order to give an adequate definition of what has been called Keynesian kaleido-statics it is first relevant to define it against that out of which it grew. Keynes’ work, as has been noted many times, grew out of the … Continue reading →

Posted in Economic Theory, Philosophy | 10 Comments

Two Different Approaches to Economics and One Approach to Pseudo-Economics

Posted on May 20, 2014 by pilkingtonphil

In the comments to my piece on Janet Yellen the hypocrisy of my position was pointed out, as it so often is, by a certain reader of this blog. What was my hypocrisy on this particular occasion? It was the … Continue reading →

Posted in Economic Theory, Philosophy | 26 Comments

Slackers: How the Multiplier Works in the Real World

Posted on May 19, 2014 by pilkingtonphil

In a previous post I wrote about the key reason that the natural rate of interest does not exist. There I discussed the Kahn Multiplier. We saw that when investment increased consumption increased along with it due to the fresh … Continue reading →

Posted in Economic Theory | 9 Comments

The Natural Rate of Interest Does Not Exist

Posted on May 17, 2014 by pilkingtonphil

I just want to make a quick note on the multiplier and the theory of liquidity preference that is not generally recognised. When the full implications of this argument are recognised and integrated with marginalist theories of savings and investment … Continue reading →

Posted in Economic Policy, Economic Theory | 18 Comments

Why Thomas Piketty is Wrong About Inflation and Interest Rates

Posted on May 16, 2014 by pilkingtonphil

I have pointed out on here recently that Thomas Piketty’s views on public sector debt are wholly un-Keynesian. Well, we should also point out that his view of inflation and interest rates are also fairly un-Keynesian. Piketty basically thinks that … Continue reading →

Posted in Economic History, Economic Policy, Economic Theory | 35 Comments

I’m Pointing at the Moon, You’re Looking at My Finger: Janet Yellen on Post-Keynesian Economics

Posted on May 15, 2014 by pilkingtonphil

Here’s an interesting fact that I’ll bet many of you didn’t know: the current head of the Federal Reserve, Janet Yellen, wrote a short paper in 1980 examining the theories of the Post-Keynesians. You can find it here. The paper … Continue reading →

Posted in Economic Policy, Economic Theory, Philosophy, Psychology | 26 Comments

Cody Wilson and the Language of Power

Posted on May 14, 2014 by pilkingtonphil

I don’t usually do moral philosophy on here; except, that is, when I’m pointing out the implicit moral philosophy inherent in certain economic concepts. However, I recently came across something that I found so interesting that I felt I had … Continue reading →

Posted in Philosophy | 11 Comments

A Quick Note On Hoarding and Scarcity: Applied Cambridge Economics

Posted on May 13, 2014 by pilkingtonphil

Yesterday and today in the comments section to my blog there was a somewhat interesting discussion about hoarding and unemployment. One commenter claimed that hoarding only caused unemployment in a monetary economy. I have heard this a lot, but I … Continue reading →

Posted in Economic History, Economic Theory | 30 Comments