Monthly Archives: July 2014

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

A Storm is Coming: On the Rethinking Economics Conference in London

I’ve published a piece on Al Jazeera that gives an account of the extremely impressive London conference that the students fighting to change economics put on at the end of last month. There are some nice anecdotes and I think … Continue reading

Posted in Economic Theory, Media/Journalism | Leave a comment

Keynes’ General Theory, the ISLM and Roy Harrod’s ‘Dynamics’

Too often discussions of the relationship between Keynes’ General Theory and the ISLM model focus on John Hicks’ 1937 paper ‘Mr. Keynes and the Classics‘. That paper appeared in the April edition of Econometrica, Volume 5, Issue 2. But Roy … Continue reading

Posted in Economic Theory | 8 Comments

Stock Market Crash!

Did that title get your attention? I’d imagine that it did. There’s nothing like predictions of a crashing stock market to get the attention of readers. Well, I’m not quite willing to make any firm predictions. Rather I want to … Continue reading

Posted in Market Analysis | 14 Comments

The Great Unwinding: Some Thoughts on the Incoherence of Mainstream Economics

A recent post by Lord Keynes inspired me to write up some very general thoughts on the state of mainstream economics. Today, I believe, mainstream economics is completely incoherent. What do I mean by that? Well, basically if you are … Continue reading

Posted in Economic History, Economic Theory | 31 Comments