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Author Archives: pilkingtonphil
Economists: An Anthropological View
‘Life Among The Econ‘ is a satirical paper written by the economist Axel Leijonhufvud and published in 1973. In the paper Leijonhufvud refers directly the great work of cultural anthropology The Savage Mind by the French Structuralist anthropologist Claude Levi-Strauss. … Continue reading
Posted in Psychology
7 Comments
Confusing Accounting Identities With Behavioral Equations
Here’s an interesting little debate from earlier this year that I came across yesterday evening. It is between a number of market analysts over whether the current stock market is overvalued. Why is that interesting? Because the argument is focused on … Continue reading
Posted in Economic Theory, Market Analysis
25 Comments
Taxation, Government Spending, the National Debt and MMT
The other day my friend Rohan Grey — a lawyer and one of the key organisers behind the excellent Modern Money Network (bringing Post-Keynesian economics to Columbia Law School, yes please!) — directed me to an absolutely fascinating piece of writing. … Continue reading
Posted in Economic Policy, Economic Theory
23 Comments
Does the Central Bank Control Long-Term Interest Rates?: A Glance at Operation Twist
Although less prevalently talked about today many economists assume that while the central bank has control over the short-term rate of interest, the long-term rate of interest is set by the market. When Post-Keynesians make the case that when … Continue reading
Posted in Uncategorized
14 Comments
Financial Times Contributors Understand ‘Liquidity Trap’ Better Than Neo-Keynesians Like Krugman
I have long complained that the likes of Paul Krugman have grossly misinterpreted the meaning of the term ‘liquidity trap’. These economists seem to think that we are currently in a liquidity trap despite the fact that yields on bonds are … Continue reading
Posted in Economic Theory
6 Comments
On Meta-Analysis in Economics
Did you know that if you are male and eat beans every Tuesday morning at exactly 8.30am you are more likely to marry a supermodel? No. That’s not true. I just made that up. But I hear of statistical studies … Continue reading
Posted in Statistics and Probability
6 Comments
Is There Such Thing as an ‘Economics-Based Psychotic Delusion’?
There is a somewhat well-known phenomenon called Jerusalem Syndrome that has gained some currency in popular culture (you can see some TV clips from the 1990s here). The folk legend goes something like this: people who are perfectly well-balanced psychologically … Continue reading
Posted in Psychology
14 Comments
INET YSI Discussion of a Chapter of My Forthcoming Book
Earlier this week Amogh Sahu set up a INET YSI discussion group to deal with the 4th chapter of my forthcoming book which is entitled ‘Schemata: Abstraction and Modelling’. This is not available yet but I shared a draft with … Continue reading
Posted in Economic Theory, Philosophy
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So-Called ‘Long-Run’ Monetarist Correlations and Non-Ergodicity
Just doing some quick house-cleaning on some previous posts. When I ran regressions plotting the money supply against the CPI I was told that I should average them over 5 year periods because this would supposedly iron out ‘volatility’ and … Continue reading
Posted in Economic Theory, Statistics and Probability
15 Comments
The Backward World of ‘Arguments From Authority’ in Economics
Unlike almost all the other human sciences economics suffers from chronically poor scholarship. Bad habits of citation and scholarship have become so ingrained in the discipline that to not adhere to them is often considered to be poor form or … Continue reading
Posted in Economic Theory, Philosophy
6 Comments
Fixing the Economists 