A nice review of my book by Marc Morgan has appeared in American Affairs. Morgan works with Thomas Piketty at the World Inequality Lab at the Paris School of Economics. He is doing interesting work on profit accounting and determination.
I would also note that Morgan attended the same secondary school (high school) as me in Dublin. Apparently, Christian Brothers College, Monkstown — although not a very prominent school in any meaningful sense — is creating a lot of heterodox economists. Or, perhaps, the children of my generation found the free market nostrums they were handed by the pre-2008 politicians so nauseating that they decided to critically study economics. Who knows?
Morgan’s review is excellent and although I could pick over details, I won’t bother. I will note one thing, however. Morgan’s review is extremely extensive but, when it comes to the theoretical architecture I lay out in the book, seems to focus heavily on profits and distribution. This probably reflects Morgan’s own research priorities and there is nothing wrong with that.
That said, however, I thought that this section of the book — while important — was almost wholly derivative and widely known by people well read in heterodox and especially Kaleckian economics. Perhaps my explanation was more lucid — I should be happy if it were — but it was not any more original.
The section of the book on finance and investment, on the other hand, I thought was the most original part of the theoretical section of the book. While there is a case to be made that the theory of finance is not wholly original, resting as it does on modern finance theory, Keynes’ theory and GLS Shackle’s theory, I nevertheless think that it is an oirginal synthesis.
In spite of this, no one has yet assessed it in any detail.
Anyway, the review is fantastic and I recommend it to all.
The Reformation in Economics: Back to the Future
Kudos Philip, as usual, your offerings offend so many I present it too, the you know whose and not just the OT types.
BTW if your amicable you can find me on the borg again under the old handle as a new account, after the handle change in protest of the ID demands due to complaint tripwires.
If not I still appreciate your work and have been watching your applied GMO undertaking – fare thee well.