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Monthly Archives: July 2014
How to Approach the Problem of Inflation in Economics
In my previous post I laid out why the Phillips Curve theory of inflation is wrong and why it was misguided to try to rebuild it. The key point I made in that regard was that inflation is a complex, … Continue reading
Posted in Economic Policy, Economic Theory
5 Comments
The Phillips Curve: Timelessly Misleading
Tom Palley has written a blog post politely requesting that Paul Krugman might give a bit of recognition to non-mainstream contributors to economics. It would be nice to see this happen but I doubt that it will (although Palley is … Continue reading
Posted in Economic History, Economic Theory
28 Comments
Murray Rothbard, Edmund Burke and Intellectual Myopia
There is nothing so sad as to watch someone mistake a parody of his character for a complement. I suppose there are three ways to respond to people having fun on your behalf. The first, and most endearing, is to … Continue reading
Posted in Philosophy, Politics
6 Comments
Meanwhile, in the Meeja
I have written a piece for Al Jazeera on Janet Yellen’s recent comments on specific asset markets. This is a big turning point for the Fed but it leads to major contradictions in their policy goals. Fed’s targeting of asset … Continue reading
Posted in Market Analysis, Media/Journalism
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Financial Markets in Keynesian Macroeconomic Theory 101
Yesterday when I published my post on Krugman and the vulgar Keynesians not understanding the meaning to the term ‘liquidity trap’ I came to realise that many readers — both sympathetic and hostile — do not really understand the Keynesian … Continue reading
Posted in Economic Theory, Market Analysis
20 Comments
Paul Krugman Does Not Understand the Liquidity Trap
I came across a very amusing piece from Krugman in 2010. The piece is entitled ‘Nobody Understands the Liquidity Trap‘. Actually, Krugman might have a point — if we include him in the ‘everybody’ that does not understand the liquidity … Continue reading
Posted in Economic Theory
42 Comments
Can Lachmann’s Arbitrage Save the Austrian Theory of the Interest Rate?
This is the second part of my criticism of Glasner and Zimmerman’s paper. The first part can be found here and should be read and understood before proceeding with the second part. Glasner and Zimmerman note that Ludwig Lachmann tried … Continue reading
Posted in Economic Theory
7 Comments
Glasner and Zimmerman on the Sraffa-Hayek Bust-Up and the Natural Rate of Interest
David Glasner from over at the blog Uneasy Money has co-written an interesting paper on Sraffa and his critique of the natural rate of interest as it was put forward in Hayek’s business cycle theory. There is a lot that … Continue reading
Posted in Economic Theory
13 Comments
Uncertainty and Freedom
I am beginning to increasingly think that Keynes’ economics, with its every present emphasis on uncertainty, is actually an economics that takes the idea that humans are free seriously. That is, it is an anti-deterministic economics. I think that the … Continue reading
Posted in Philosophy
10 Comments
Mainstream Economists Completely Incoherent on the Effects of Monetary Policy
Bill Mitchell has a post up on his blog today criticising Mankiw’s textbook which apparently has a new edition coming out. Basically Mankiw is stuck in monetarist-land telling students that “banks control the money supply” and all that other nonsense … Continue reading
Posted in Economic Theory
8 Comments
Fixing the Economists 