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Author Archives: pilkingtonphil
Purchasing Power Parity (PPP) and the Exchange Rate
There is a theory that floats around out there called the ‘Purchasing Power Parity theory of the Exchange Rate’ — or something to that effect, the name seems to change depending on what source you go to. The theory, stripped … Continue reading
Posted in Economic History, Economic Theory, Market Analysis
6 Comments
An Excellent Guide to Using Gretl
For those that don’t know Gretl is a freeware econometrics package. Despite not costing anything I’ve found it to be a very useful econometrics program that can do pretty much anything — or, at least, anything that I’ve ever wanted … Continue reading
Posted in Statistics and Probability
4 Comments
Further Problems With the Static Framework of the ISLM
Yesterday I did a short post on how the ISLM model misrepresents how interest rates function because it views them as static. Today I would like to make a further, if more difficult point: namely, that the very way in … Continue reading
Posted in Economic Policy, Economic Theory
9 Comments
Problems with Static Interest Rates in the ISLM
The ISLM takes quite a beating from Post-Keynesians — and, I would argue, rightly so. There are any number of reasons for this but let me just here highlight one that is not very regularly talked about. As is well-known … Continue reading
Posted in Economic Policy, Economic Theory
4 Comments
Steve Keen’s AS-AD Curves and a Suggestion For a New Stock-Flow Equilibrium Approach
A commenter on Lord Keynes’ blog recently called my attention to something rather interesting; namely, that Steve Keen seems to be using some sort of supply and demand framework to determine price in the macroeconomy in his models. Let me … Continue reading
Posted in Economic Theory
11 Comments
Capital Sins: To What End Should Economic Life Be Directed?
Victoria Chick published an interesting paper in the journal Economic Thought on the World Economic Association website entitled Economics and the Good Life: Keynes and Schumacher. In it she explores what both men thought that the end goal of economics … Continue reading
Posted in Philosophy, Politics, Psychology
1 Comment
What Happened to Science and Research Funding?
I’ll never forget the reaction of a scientist I once met, a chemist who had transitioned into corporate management, when I told her that I was an economist. “Oh,” she said, “so you’d know something about corporations and how they … Continue reading
Is Real Communication Possible? Berkeley’s Particularism and Lacan’s Semantic Slippage
I’m currently rereading George Berkeley’s A Treatise Concerning the Principles of Human Knowledge as a friend of mine and I are considering writing a short book on Berkeley in the near future. In it we are hoping to discuss all … Continue reading
Posted in Philosophy, Psychology
5 Comments
Dazed and Confused: Eugene Fama’s Bizarre 2010 Interview
I recently reread a 2010 interview with Eugene Fama, who has just been awarded the Nobel Prize for his work on the Efficient Markets Hypothesis (EMH). In the interview Fama tries to defend the position that the EMH held up … Continue reading
Posted in Economic History, Media/Journalism
1 Comment
Veblen and Freud on Instincts
I recently got my hands on a paper by Bill Waller entitled Veblen and Instincts Reconsidered. In the paper Waller discusses the role of ‘instincts’ in Veblen’s work and argues that it is important that those working in the evolutionary … Continue reading
Posted in Philosophy, Psychology
1 Comment
Fixing the Economists 