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Author Archives: pilkingtonphil
Some Personal Reflections on Contemporary Economic and Scientific Indoctrination
I thought that the discussion in this clip from about 7.40 on was extremely interesting. Watson discusses how introductory textbooks — particularly Greg Mankiw’s — ask students to suspend their disbelief in the models that they are being taught. The … Continue reading
Posted in Economic Theory, Philosophy, Psychology
3 Comments
Keynes’ Liquidity Preference Trumps Debt Deflation in 1931 and 2008
I have pointed out before that the meaning of the term ‘liquidity trap’ has today become completely altered — with said alteration mainly coming from Paul Krugman’s bizarre redefinition which seems tied up with his idea about a natural rate … Continue reading
Posted in Economic History, Economic Theory
3 Comments
An Interview With and Overview of the Work of Philip Mirowski
Some time ago I did an interview with Philip Mirowski but I never published it. The editor of the heterodox journal Filosophia de la Economia got in contact with me and asked me if they could run it. When I … Continue reading
Posted in Economic Theory, Philosophy
4 Comments
James Galbraith’s ‘The Predator State’: A Testament to Our Turbulent and Troubled Era
I’m currently rereading James Galbraith’s The Predator State and I must say that it is quite a formidable work. There is one issue that I want to tackle — namely, Galbraith’s treatment of the supply-side arguments of the 1970s and … Continue reading
Posted in Economic History, Economic Policy
2 Comments
But why on earth won’t they let us play?
The following essay was written for The Baffler’s website. It is a response to two essays that appeared in their last issue. Since The Baffler could only run an edited version I decided to run the full-length version here. You … Continue reading
Posted in Philosophy
13 Comments
Palley’s Critique of MMT: Post Keynesian or neo-Keynesian?
So, Tom Palley has a new criticism out of MMT. Frankly, I’m not hugely concerned with the critique itself. The criticisms are old and I don’t think that Palley will convince anyone of the ills of MMT that are not … Continue reading
Posted in Economic Theory
9 Comments
Joan Robinson’s Critique of Marginal Utility Theory
In her excellent book Economic Philosophy (available as a PDF here) Joan Robinson undertakes an extensive discussion of marginal utility theory. Here I will be more so interested in her technical criticisms. But before going into these it should be noted … Continue reading
Posted in Economic Theory, Philosophy, Psychology
23 Comments
Control Freaks: Stafford Beer and Salvador Allende’s Fantasy Economy
Some time ago I wrote a post on marginalist microeconomics that included a brief discussion of how it might inspire certain absurd attempts at control in an economy. In that post I was generally concerned with policymakers and managers trying … Continue reading
Posted in Economic History, Politics
3 Comments
Moar Scotland: Are They Dependent on Rising Oil Prices?
Sorry folks! No new blog posts today on how crap economic theory is and so forth. I’m still working on getting the Gradualis blog off its feet. But for those of you interested in Scottish independence we have a post … Continue reading
Posted in Economic Policy
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Scottish Sectoral Balances
The Scottish government yesterday released key statistics that allow us to calculate the sectoral balances of the country. I have done so for our emerging think tank Gradualis and have posted the results on the Gradualis blog. Scottish Sectoral Balances … Continue reading
Posted in Economic Policy
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Fixing the Economists 