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Author Archives: pilkingtonphil
Glasner and Zimmerman on the Sraffa-Hayek Bust-Up and the Natural Rate of Interest
David Glasner from over at the blog Uneasy Money has co-written an interesting paper on Sraffa and his critique of the natural rate of interest as it was put forward in Hayek’s business cycle theory. There is a lot that … Continue reading
Posted in Economic Theory
13 Comments
Uncertainty and Freedom
I am beginning to increasingly think that Keynes’ economics, with its every present emphasis on uncertainty, is actually an economics that takes the idea that humans are free seriously. That is, it is an anti-deterministic economics. I think that the … Continue reading
Posted in Philosophy
10 Comments
Mainstream Economists Completely Incoherent on the Effects of Monetary Policy
Bill Mitchell has a post up on his blog today criticising Mankiw’s textbook which apparently has a new edition coming out. Basically Mankiw is stuck in monetarist-land telling students that “banks control the money supply” and all that other nonsense … Continue reading
Posted in Economic Theory
8 Comments
A Storm is Coming: On the Rethinking Economics Conference in London
I’ve published a piece on Al Jazeera that gives an account of the extremely impressive London conference that the students fighting to change economics put on at the end of last month. There are some nice anecdotes and I think … Continue reading
Posted in Economic Theory, Media/Journalism
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Keynes’ General Theory, the ISLM and Roy Harrod’s ‘Dynamics’
Too often discussions of the relationship between Keynes’ General Theory and the ISLM model focus on John Hicks’ 1937 paper ‘Mr. Keynes and the Classics‘. That paper appeared in the April edition of Econometrica, Volume 5, Issue 2. But Roy … Continue reading
Posted in Economic Theory
8 Comments
Stock Market Crash!
Did that title get your attention? I’d imagine that it did. There’s nothing like predictions of a crashing stock market to get the attention of readers. Well, I’m not quite willing to make any firm predictions. Rather I want to … Continue reading
Posted in Market Analysis
14 Comments
The Great Unwinding: Some Thoughts on the Incoherence of Mainstream Economics
A recent post by Lord Keynes inspired me to write up some very general thoughts on the state of mainstream economics. Today, I believe, mainstream economics is completely incoherent. What do I mean by that? Well, basically if you are … Continue reading
Posted in Economic History, Economic Theory
31 Comments
Against Marginalist Pricing Theory: US Consumer Prices and Capacity Utilisation
Marginalist economic theory tells us that when there is unemployment of capital resources prices should fall. Some marginalists like the New Keynesians and the neo-Keynesians will supplement this by saying that prices can tend to be ‘sticky’. Let us ignore … Continue reading
Posted in Economic History, Economic Theory
59 Comments
The Reformation in Economics: Table of Contents
So, my book is super close to being finished (I know… I keep saying that…). And I have an agent currently considering it. They have said that they want this to be published as a popular book which is exactly … Continue reading
Posted in Economic Theory, Media/Journalism, Philosophy
6 Comments
Beware the Scholastics! Some Thoughts on the Curriculum Reform Movement
With the Rethinking Economics student movement in full swing the topic of curriculum reform is once again on the table. For those of you who read this blog and are uncomfortable with this: sorry, you’ve already lost that debate, you … Continue reading
Posted in Economic Theory, Politics
10 Comments
Fixing the Economists 