Monthly Archives: September 2014

Noah Smith Fumbles Argument, Endorses Post-Keynesian Endogenous Money Theory

Economists say the darnedest things sometimes. They often say things that are factually inaccurate. Noah Smith put his foot in it recently when he claimed in a Bloomberg article: It seems like the only people who don’t instinctively believe in … Continue reading

Posted in Economic Theory | 3 Comments

Keynes’ Theory of the Business Cycle as Measured Against the 2008 Recession

In this post I will explore Keynes’ theory of the business cycle. He discusses his views in Chapter 22 of the General Theory and I think they hold up pretty well today. At the beginning of the chapter he notes … Continue reading

Posted in Economic Theory | 17 Comments

On the Two Departments of Monetary Macroeconomics

At the moment I am doing some research for a project that I might be working on soon. The project will be to provide a useable introduction to Post-Keynesian theory for those working in financial markets. Actually, I hope to … Continue reading

Posted in Economic Theory | 3 Comments

Scotland: After the Election and Moving Into the Future

I have some writing to do today, so I’m not doing a post. Yesterday, however, I published a piece on Al Jazeera America about the future of Scotland after the election. It might be worth a read. Scotland’s future is … Continue reading

Posted in Economic Policy | 2 Comments

On ‘Coherence’ in Asset Markets: Everything is Going According to Plan

The author of the Philosophical Economics blog has a post up that caught my attention on the supply and demand dynamics of asset markets. It caught my attention because it looked, at first, very similar to my own dissertation that … Continue reading

Posted in Economic Theory, Media/Journalism, Psychology, Toward a General Theory of Pricing | 16 Comments

Is Economics a Science? Dogmatic Economics Vs. Reflective Economics

The question asked in the title of this post is actually somewhat of a trick. It is a trick because it all depends upon how you define ‘science’. Often when people say that economics is a science what they are … Continue reading

Posted in Economic Theory, Philosophy, Psychology | 42 Comments

GLS Shackle and the Link Between Theology and Marginalist Economics

Yesterday I came across an interesting and unusual paper by Bruce Littleboy entitled ‘Religious Undercurrents in the Writings of GLS Shackle‘. As readers of this blog will probably be aware Shackle is one of my favourite economists. I had never, … Continue reading

Posted in Economic Theory, Philosophy | 2 Comments