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Author Archives: pilkingtonphil
Thirlwall’s Law in Historical Context
There has been some reticence on the blogs to discuss Thirlwall’s Law and I myself have also been somewhat reluctant to deal with it in any great detail (although I did hint at some problems with it in this post). … Continue reading
Posted in Economic Theory
5 Comments
Marginalist Microeconomics is a Highly Normative Ethical Doctrine
In a recent post Lord Keynes raises the question of the so-called ‘law’ of diminishing marginal utility. The ‘law’ states that we will derive ever diminishing satisfaction from the acquisition of a good or service. Lord Keynes notes that this … Continue reading
Posted in Economic Theory, Philosophy, Psychology
22 Comments
Keynes and Loanable Funds
I was recently discussing econometrics and Keynes’ critique of it with Severin Reissl, a particularly clever student currently attending the University of Glasgow who is critical of mainstream economics. (You can find some examples of his writing here in which … Continue reading
Posted in Economic Theory
9 Comments
Minsky’s Theory of Asset Prices: Why Minsky Was NOT a Neo-Monetarist
On a recent blogpost that I wrote there was some confusion in the comments section regarding Hyman Minsky’s theories and their relationship to the phenomenon of rising asset prices. I have seen this confusion made many times before — even … Continue reading
Posted in Economic Theory
10 Comments
Basic Macroeconomics of Income Distribution Cannot Explain Today’s Rising Inequality
I was recently looking over the debates surrounding the Pasinetti theorem and I thought it might be worth writing a few words on it. Pasinetti formulated his theorem — which is dealt with in detail in a fantastically thorough Wikipedia … Continue reading
Could a Russian Intervention in the Ukraine Burst the London Property Market?
Over and over again I’ve been asking myself: is there a housing bubble in London? Certainly house prices are booming but I was never comfortable calling a bubble in the typical sense of that word. Why? Because this didn’t look … Continue reading
Posted in Market Analysis
3 Comments
Bidding War: The Quantity Theory of Money and the Price Level
I was going to run a blog on Hans Albert’s critique of the quantity theory of money but it appears that Lord Keynes has gotten there ahead of me. I just wanted to pull out one point that he raised … Continue reading
Posted in Economic Theory
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The Mystery of Matter: A Response to Lord Keynes on Berkeley’s Idealism
There has been a bit of a debate between myself and Lord Keynes over at his blog. Most of the relevant debate can be found in the following blog and in the comments of this blog. In response to my … Continue reading
Posted in Philosophy
9 Comments
Hans Albert Expands Robinson’s Critique of Marginal Utility Theory to the Law of Demand
A few days ago I wrote a post outlining Joan Robinson’s criticisms of the logical structure of marginal utility theory. It got quite a good response. Robinson’s point was that the manner in which the theory was constructed rendered it … Continue reading
Posted in Economic Theory, Philosophy
3 Comments
John Hicks’ Book on Non-Ergodicity: A Forgotten Post-Keynesian Classic
Lars Syll recently provided an interesting quote from John Hicks’ 1979 book Causality in Economics. I thought that what Hicks said made an awful lot of sense, so I got my hands on a copy of the book. I have … Continue reading
Fixing the Economists 