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Author Archives: pilkingtonphil
A Theory of Consumption and Speculation to Round Out Sraffa’s Theory of Production
The other day I discussed the fundamental differences between the Sraffian and the marginalist systems. Since then I was perusing Sraffa’s Production of Commodities By Means of Commodities (full PDF available here). It’s a very nice piece of work. Tightly … Continue reading
Posted in Economic Theory
14 Comments
Judge, Jury and Executioner: More Moralistic Cant From the High Priests of the Austrian School
Well, the money cranks have weighed in on my last article on the gold standard. The response, which didn’t actually link to my piece as is customary in such debates (does my interlocutor not wish that his readers might read … Continue reading
Posted in Economic Theory
2 Comments
Why the Value of Contemporary Money is Not Dependent on the Value of Gold
I note that there is oftentimes confusion today when the gold standard era is brought up. The reason for the confusion when discussing this era is because the monetary system functioned in an entirely different way. The confusion goes two … Continue reading
Posted in Economic History, Economic Theory
7 Comments
Why Economists Fail to Make ‘Rational’ Judgments and Why You Should Too
Recently Cameron Murray directed me to an interesting paper entitled Do Economists Recognize an Opportunity Cost When They See One? A Dismal Performance from the Dismal Science. The paper surveyed a whole bunch of professional economists to see if they … Continue reading
Posted in Economic Theory, Psychology
46 Comments
Has the UK Got Another Property Bubble?
I note that Lord Keynes has a post up on property prices in the UK in which he says that they’re in a bubble. I’ll get to that in a moment but first I want to show how messy the … Continue reading
Posted in Market Analysis
14 Comments
Arguments Against Free Trade and Comparative Advantage
In response to Krugman’s awful dismissal of heterodox economics the other day (see here) Ramanan has dug up an old quote reminding us that Krugman actually got his Swedish bank prize for being a defender of the status quo. In … Continue reading
Posted in Economic History, Economic Policy, Economic Theory
16 Comments
New Layout!
Well, as I assume most people have noticed the blog has a new layout. It was basically inspired by the new header which I found a few days ago. I hope everyone likes it. I was going to say that … Continue reading
Posted in Uncategorized
6 Comments
Piketty’s Regressive Views on Public Debt and the Potential Impact of His Book
Piketty’s Wikipedia page says that he’s a Keynesian. Well, I don’t see it at all. His book contains a section on the public debt in historical perspective and it is desperately misinformed. A caveat first though: I actually like Piketty’s … Continue reading
Posted in Economic History
12 Comments
On Rising Inequality and Piketty’s ‘Laws’
I note that some readers might be interested in some of my journalistic economic writing. So, I’m going to start posting it on here. Here is a piece that I wrote for Al Jazeera that was published today. Our fragile … Continue reading
Posted in Economic Theory, Media/Journalism
5 Comments
The Sraffian Versus the Marginalist Worldview: A Strong Case For Academic Pluralism
Well, as I pointed out yesterday the Capital Controversies have come up once more. Now, again, there were a number of important issues in the controversies — the measurement of capital being one as this leads to some very salient … Continue reading
Posted in Uncategorized
11 Comments
Fixing the Economists 