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Monthly Archives: September 2014
On Gold Buggery
My piece on gold bugs, their culture and their silliness is now online at The New Internationalist website for all you lousy folks that didn’t bother picking up a copy. It was one of the most fun pieces I ever … Continue reading
Academic Sophistry: Dart-Throwing Monkeys and the EMH
The other day I did a post on the Efficient Markets Hypothesis (EMH) that generated some discussion. I want to deal with a few of the issues raised in a some upcoming blogposts. One issue of interest was that many … Continue reading
Media Etc.
Too backed up to do a new post today. But a piece of mine went up on Al Jazeera yesterday that deals with the OECD’s very ambitious report from a few weeks ago. Readers might find that of interest. The … Continue reading
Posted in Economic Policy, Media/Journalism
3 Comments
On Keynes’ Short-Period Analysis and Harrod’s Dynamics: A Reconciliation
When I first encountered the Harrod-Domar growth model I never interpreted it as a long-period representation. It seemed to me such a strange characterisation and, I’ll admit, when I first approached the growth literature that arose out of it I … Continue reading
Posted in Economic Theory
2 Comments
The Efficient Markets Hypothesis Has Been Proved Wrong But Economists Do Not Want to Listen
The Efficient Markets Hypothesis (EMH) is wrong. It has been proved wrong. Do you think you’ve heard this before? You likely have, but the proof that you’ve heard that the EMH is wrong probably has not done the damage that … Continue reading
How Do Capitalist Firms Grow?
I’m currently reading Marc Lavoie’s new book Post-Keynesian Economics: New Foundations. This really is the defining text of Post-Keynesian economics today. Anyone who is really interested in Post-Keynesian economics should try to get their hands on it. It is a … Continue reading
Posted in Uncategorized
1 Comment
Interest Rates, Liquidity Preference and Inflation
On my post about Austrian and Marxian capital theory a commenter left a fairly predictable ‘Austrian comment’ which denied that they assume perfect foresight in their theory of interest rates and investment, gave a confused story about accounting identities (apparently … Continue reading
Posted in Economic Theory
9 Comments
Fixing the Economists 