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Author Archives: pilkingtonphil
Hjalmar Schacht, Mefo Bills and the Restoration of the German Economy 1933-1939
So, I was doing a bit of that aimless reading one so often does on the internet and I came across the transcript from the trial of Hjalmar Schacht at Nuremberg after the war. Schacht was, of course, the chief … Continue reading
Posted in Economic History
32 Comments
Gaze Not Into the Abyss: The KfW, Mitchell and Ramanan’s Misreading
Ramanan is attacking the Chartalists again. And as usual he assumes a stupidity on their part that, well, what was that Nietzsche quote again? Battle not with monsters, lest ye become a monster, and if you gaze into the abyss, … Continue reading
Posted in Economic Policy
43 Comments
Tyler Cowen and Daniel Kuehn Miss the Point of the Austrian Business Cycle Theory
There’s been a bit of confusion surrounding the Austrian Business Cycle Theory (ABCT) over at Lord Keynes’ blog. Regular readers of this blog will know that I try as best I can to avoid Austrian economics as it is absurdly … Continue reading
Posted in Economic Theory
25 Comments
Press Release For My New Tax-Backed Bonds Policy Note at Levy
FOR RELEASE: 05/12/2013 Contact: Philip Pilkington Telephone: xxxxxxxxxx Email: xxxxxxxxxxxx Tax-Backed Bonds Will Still Solve the Eurozone Crisis and Stop Austerity The Levy Institute of Bard College recently released a follow-up policy note by Philip Pilkington on the continued relevance … Continue reading
Posted in Economic Policy, Politics
3 Comments
Technological Progress in a Below Full Employment Economy
I recently came across a rather interesting argument that the famous Post-Keynesian economist Abba Lerner made in relation to his well-known doctrine of Functional Finance. Basically Lerner said that labour-saving technological innovation in a below full employment economy was not … Continue reading
More Hypocrisy From Krugman: The Grumpy Old Men of Macro
Well, it looks like I wasn’t the only one taking Krugman to task the other day for defending mainstream economics because he’s actually responded to some of the flak he has received. It’s a bland response (as usual) and more … Continue reading
Posted in Economic Theory
4 Comments
What Caused the ‘Great Moderation’ and How is it Related to the 2008 Crisis?
Today most mainstream economists, even those who call themselves Keynesians, hold to the idea that something like a ‘Great Moderation’ existed between the mid-1980s and 2008. This period, characterised by low inflation and moderate GDP growth, was then and is … Continue reading
Posted in Economic History
4 Comments
Something is Rotten in the State of Macro: Krugman’s Continued Hypocritical Defence of the Status Quo
Paul Krugman is out again defending mainstream economics against students and others who rightly suspect that it has taken a wayward path. I won’t go too much here into Krugman’s own history as a gatekeeper for orthodox economics, having dug … Continue reading
Posted in Economic Theory, Media/Journalism
1 Comment
In the Short-Run We Are All Dead: Probability Theory and Short-Termist Investment
Keynes famously said that in the long-run we are all dead. What he was counseling against was the tendency on the part of economists to discuss economic processes in terms of the so-called ‘long-run’. This idea, which I have written … Continue reading
Posted in Economic History, Economic Policy
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Yanis Varoufakis Publishes Some of My Ramblings on the State of Ireland
Yanis emailed me for my thoughts on Ireland’s recent return to the bond market. He has published his own analysis with mine thrown in at the end here. Note the Freudian slip wherein I misspell ‘Fianna Fail’, who are the … Continue reading
Posted in Economic Policy, Market Analysis
4 Comments
Fixing the Economists 