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Author Archives: pilkingtonphil
The Capital Controversies Rise Once More
In recent days the old capital controversies have come up again. This has been in response to the work of Thomas Piketty and its championing by the likes of Paul Krugman. Because this work deals with the issue of inequality … Continue reading
Posted in Economic Theory
2 Comments
The Chosen Ones: Krugman’s Critique of the Critics
Krugman is out with a kind-of-sort-of attack on critics of economics. It’s not surprising because Krugman is a very kind-of-sort-of type of guy in many of his opinions. The language of his latest piece, however, is somewhat bizarre. He labels … Continue reading
Posted in Economic Theory
10 Comments
Solow’s Nobel Prize Lecture: Talking Out Both Sides of His Mouth
The other day I did a post comparing Solow’s growth model to the older Harrod-Domar growth model. After writing it I read Solow’s 1987 Nobel Prize address which looks at the history of growth theories in context. It is a … Continue reading
Posted in Economic Theory
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Unemployment and Wages in the US: A Tale of Institutional Change
Just a very short post this morning to highlight an incredibly interesting chart that I put together. Below I have mapped out year-on-year changes in wages against the unemployment rate. The results are very interesting indeed. As we can see, … Continue reading
Posted in Economic History
3 Comments
Chasing Utopia: Solow Versus Harrod-Domar
I’m currently reading Robert Solow’s paper A Contribution to the Theory of Economic Growth in which he lays out his famous Solow growth model. I don’t want to get into the actual model laid out here but instead ask what … Continue reading
Posted in Economic Theory
1 Comment
The Interaction of Economists and Money Cranks in the Depression Years
Yesterday I ran a post that briefly delved into the connection between Keynes and the money cranks of the 1920s and 1930s. There I showed that Keynes’ ideas cannot be said to have been influenced in any substantial way by … Continue reading
Posted in Economic History, Economic Theory, Politics
90 Comments
Was Keynes a Money Crank or is Gary North?
Following on from my last piece on the money cranks I thought it might be worthwhile to explore this theme in a little more detail. First we will look in more detail at Keynes’ relationship toward certain money cranks. And … Continue reading
Posted in Economic Theory
7 Comments
Keynes and the “Fallacy of Aggregation” in Probability Theory
I recently came across a very nice lecture series by the philosopher Patrick Maher on Keynes’s discussions of probability (scroll down to the three Keynes lectures in this link — the other lectures are also worth a browse for those … Continue reading
Posted in Philosophy, Statistics and Probability
8 Comments
Scotland Risks Eurozone-Style Crisis if Issues Surrounding Sovereignty and Macro-Imbalances Are Ignored
This September the people of Scotland will go to the polls to vote whether or not they should remain in the UK. One of the key motivations for this move is to gain greater economic sovereignty so that Scotland can … Continue reading
Posted in Economic Policy
4 Comments
The Yield Curve and Recessions: Against US-Centricism
One of the nicest stylised facts in applied economics is that if the Fed inverts the yield curve it will cause a recession. Inverting the yield curve basically means that the Fed hikes the short-term interest rate goes higher than … Continue reading
Posted in Economic History, Economic Policy, Economic Theory
24 Comments
Fixing the Economists 