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Author Archives: pilkingtonphil
Bertrand Russell’s Teapot and His Misreading of George Berkeley’s Philosophy
I recently picked up Bertrand Russell’s History of Western Philosophy to have a look at the argument he makes against the philosophy of George Berkeley. Frankly, I have never liked Russell. He is a clear writer — and a convincing … Continue reading
Posted in Philosophy
3 Comments
Comments on Feyerabend’s ‘Against Method’ II: Revolutions in Subjectivity
In my previous commentary on Feyerabend’s book I criticised him for being incoherent in his understanding of the relationship between the philosophy of science that he is actually expounding and his own philosophy which he thinks to be materialist but … Continue reading
Posted in Philosophy
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Comments on Feyerabend’s ‘Against Method’ I: Real Materialism Versus Marxian Materialism
I am currently rereading Paul Feyerabend’s excellent book Against Method. It’s a very good book and I find myself in agreement with an awful lot that is in it. I have noted, however, that the argument suffers in some places … Continue reading
Posted in Philosophy
12 Comments
OMG Tapering!
Well, it seems that the Fed has finally decided to initiate the much talked about ‘taper’ of the QE program. The proposed taper will wind down asset purchases by $10bn a month. That means that they won’t actually stop or … Continue reading
Posted in Market Analysis, Media/Journalism, Psychology
31 Comments
The Theory of the Monetary Circuit: A Critique
In a series of comments on my previous post involving myself, Neil Wilson and Oliver it became clear quite quickly how closely my asset-pricing framework is tied up with the Post-Keynesian theory of endogenous money. Oliver suggested that I look … Continue reading
Laying a Solid Foundation for My Theory of Asset-Pricing
In the comments my previous post concerning my theory of asset prices – comments that have, I should add, been extremely productive so far – Nick Edmonds raised some questions as to whether I was dealing with stocks and flows. … Continue reading
Changes Versus Levels in My Asset Pricing Theory
In my previous post a commenter, ivansml, made a point about one of the first equations in my paper. He was discussing the following equation, Ivansml pointed out that this was problematic because in order for the change in price … Continue reading
Robert Shiller’s ‘National Equity’ Program: Upsides and Downsides
Two years ago Robert Shiller wrote an interesting proposal for countries to replace their national shares with national equity. He’s not the first to float such an idea. On the economics groups that I’m a part of I’ve seen such … Continue reading
Posted in Economic Policy
3 Comments
Considerations of the Relationship Between Price Elasticities and Expectations in Price Formation
As I have already written in my introduction just after I had sent off the final draft of my paper I noticed a rather glaring error. This error can be best understood by comparing equation 1.10 and equation 2.10 from … Continue reading
John Carney’s Jobs Proposal: Cutting Satire or Accidental Self-Parody?
What is the essence of parody? The dictionary defines it as, an imitation of the style of a particular writer, artist, or genre with deliberate exaggeration for comic effect But definitions aside, I think that everyone knows a parody when … Continue reading
Posted in Economic Policy, Media/Journalism
9 Comments
Fixing the Economists 