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Monthly Archives: August 2014
Meanwhile, In the Media
I’m a bit busy today but there are a few interesting things in the media this week that I wanted to highlight. First of all is a piece by me on research being done in University College London (UCL) about … Continue reading
Posted in Uncategorized
3 Comments
Understanding the Current/Capital Account and the Value of the Currency
One thing that I notice on the blogs is that I don’t think I have ever seen anyone give a clear description of the external trade account of a country. Nor have I seen anyone give a clear explanation of … Continue reading
Posted in Economic Theory
8 Comments
Capital Theory: An Austrian-Marxian Synthesis
Readers of this blog will know that I am not generally very sympathetic to Austrian economics. There is one point on which the early Austrians did contribute an interesting idea to the world of economics: namely, their theory of capital. … Continue reading
Posted in Economic Theory
30 Comments
On Open-Mindedness, Open-Systems and Open Economics Education
I recently came across a fascinating paper by Victoria Chick entitled ‘The Future is Open: On Open-System Theorising in Economics‘. I want to focus on a specific aspect of the paper; namely, Chick’s discussion on the psychological possibilities of actually … Continue reading
Posted in Economic Theory
5 Comments
Against Gold-Buggism: The September Issue of The New Internationalist
The September issue of The New Internationalist is in shops now. The theme is all about the rise of gold on both the right and left of the political spectrum. It includes a piece by me on the economics of … Continue reading
Posted in Uncategorized
16 Comments
Econometricians, Financial Markets and Uncertainty: An Anthropological View
I recently read a paper by the anthropologist David Graeber entitled ‘The Sword, The Sponge, and the Paradox of Performativity: Some Observations on Fate, Luck, Financial Chicanery, and the Limits of Human Knowledge‘. Graeber sent it to me because we … Continue reading
Posted in Uncategorized
35 Comments
Economists: An Anthropological View
‘Life Among The Econ‘ is a satirical paper written by the economist Axel Leijonhufvud and published in 1973. In the paper Leijonhufvud refers directly the great work of cultural anthropology The Savage Mind by the French Structuralist anthropologist Claude Levi-Strauss. … Continue reading
Posted in Psychology
7 Comments
Confusing Accounting Identities With Behavioral Equations
Here’s an interesting little debate from earlier this year that I came across yesterday evening. It is between a number of market analysts over whether the current stock market is overvalued. Why is that interesting? Because the argument is focused on … Continue reading
Posted in Economic Theory, Market Analysis
25 Comments
Taxation, Government Spending, the National Debt and MMT
The other day my friend Rohan Grey — a lawyer and one of the key organisers behind the excellent Modern Money Network (bringing Post-Keynesian economics to Columbia Law School, yes please!) — directed me to an absolutely fascinating piece of writing. … Continue reading
Posted in Economic Policy, Economic Theory
23 Comments
Does the Central Bank Control Long-Term Interest Rates?: A Glance at Operation Twist
Although less prevalently talked about today many economists assume that while the central bank has control over the short-term rate of interest, the long-term rate of interest is set by the market. When Post-Keynesians make the case that when … Continue reading
Posted in Uncategorized
14 Comments
Fixing the Economists 