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Author Archives: pilkingtonphil
On Keynes’ Short-Period Analysis and Harrod’s Dynamics: A Reconciliation
When I first encountered the Harrod-Domar growth model I never interpreted it as a long-period representation. It seemed to me such a strange characterisation and, I’ll admit, when I first approached the growth literature that arose out of it I … Continue reading
Posted in Economic Theory
2 Comments
The Efficient Markets Hypothesis Has Been Proved Wrong But Economists Do Not Want to Listen
The Efficient Markets Hypothesis (EMH) is wrong. It has been proved wrong. Do you think you’ve heard this before? You likely have, but the proof that you’ve heard that the EMH is wrong probably has not done the damage that … Continue reading
How Do Capitalist Firms Grow?
I’m currently reading Marc Lavoie’s new book Post-Keynesian Economics: New Foundations. This really is the defining text of Post-Keynesian economics today. Anyone who is really interested in Post-Keynesian economics should try to get their hands on it. It is a … Continue reading
Posted in Uncategorized
1 Comment
Interest Rates, Liquidity Preference and Inflation
On my post about Austrian and Marxian capital theory a commenter left a fairly predictable ‘Austrian comment’ which denied that they assume perfect foresight in their theory of interest rates and investment, gave a confused story about accounting identities (apparently … Continue reading
Posted in Economic Theory
9 Comments
Meanwhile, In the Media
I’m a bit busy today but there are a few interesting things in the media this week that I wanted to highlight. First of all is a piece by me on research being done in University College London (UCL) about … Continue reading
Posted in Uncategorized
3 Comments
Understanding the Current/Capital Account and the Value of the Currency
One thing that I notice on the blogs is that I don’t think I have ever seen anyone give a clear description of the external trade account of a country. Nor have I seen anyone give a clear explanation of … Continue reading
Posted in Economic Theory
8 Comments
Capital Theory: An Austrian-Marxian Synthesis
Readers of this blog will know that I am not generally very sympathetic to Austrian economics. There is one point on which the early Austrians did contribute an interesting idea to the world of economics: namely, their theory of capital. … Continue reading
Posted in Economic Theory
30 Comments
On Open-Mindedness, Open-Systems and Open Economics Education
I recently came across a fascinating paper by Victoria Chick entitled ‘The Future is Open: On Open-System Theorising in Economics‘. I want to focus on a specific aspect of the paper; namely, Chick’s discussion on the psychological possibilities of actually … Continue reading
Posted in Economic Theory
5 Comments
Against Gold-Buggism: The September Issue of The New Internationalist
The September issue of The New Internationalist is in shops now. The theme is all about the rise of gold on both the right and left of the political spectrum. It includes a piece by me on the economics of … Continue reading
Posted in Uncategorized
16 Comments
Econometricians, Financial Markets and Uncertainty: An Anthropological View
I recently read a paper by the anthropologist David Graeber entitled ‘The Sword, The Sponge, and the Paradox of Performativity: Some Observations on Fate, Luck, Financial Chicanery, and the Limits of Human Knowledge‘. Graeber sent it to me because we … Continue reading
Posted in Uncategorized
35 Comments
Fixing the Economists 