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Category Archives: Economic Theory
The International Labour Organisation… Almost Correct
I have an article up on Al Jazeera this week. It may be the last journalistic article I write for some time as I start a new job next week. But this one deserves some brief discussion because the material … Continue reading
Posted in Economic Policy, Economic Theory
15 Comments
The Economic Consequences of the Overthrow of the Natural Rate of Interest
For quite a few months I have, on this blog, been alluding to a paper that I had written which showed that the natural rate of interest is implicitly dependent on the EMH in its strong-form in order to be … Continue reading
Posted in Economic Policy, Economic Theory
24 Comments
Noah Smith Fumbles Argument, Endorses Post-Keynesian Endogenous Money Theory
Economists say the darnedest things sometimes. They often say things that are factually inaccurate. Noah Smith put his foot in it recently when he claimed in a Bloomberg article: It seems like the only people who don’t instinctively believe in … Continue reading
Posted in Economic Theory
5 Comments
Keynes’ Theory of the Business Cycle as Measured Against the 2008 Recession
In this post I will explore Keynes’ theory of the business cycle. He discusses his views in Chapter 22 of the General Theory and I think they hold up pretty well today. At the beginning of the chapter he notes … Continue reading
Posted in Economic Theory
17 Comments
On the Two Departments of Monetary Macroeconomics
At the moment I am doing some research for a project that I might be working on soon. The project will be to provide a useable introduction to Post-Keynesian theory for those working in financial markets. Actually, I hope to … Continue reading
Posted in Economic Theory
3 Comments
On ‘Coherence’ in Asset Markets: Everything is Going According to Plan
The author of the Philosophical Economics blog has a post up that caught my attention on the supply and demand dynamics of asset markets. It caught my attention because it looked, at first, very similar to my own dissertation that … Continue reading
Is Economics a Science? Dogmatic Economics Vs. Reflective Economics
The question asked in the title of this post is actually somewhat of a trick. It is a trick because it all depends upon how you define ‘science’. Often when people say that economics is a science what they are … Continue reading
Posted in Economic Theory, Philosophy, Psychology
42 Comments
GLS Shackle and the Link Between Theology and Marginalist Economics
Yesterday I came across an interesting and unusual paper by Bruce Littleboy entitled ‘Religious Undercurrents in the Writings of GLS Shackle‘. As readers of this blog will probably be aware Shackle is one of my favourite economists. I had never, … Continue reading
Posted in Economic Theory, Philosophy
2 Comments
Krugman at the Rethinking Economics Conference: Still Wrong on Monetary Theory
The Rethinking Economics conference in New York took place over the weekend. Anyway, Paul Krugman was on a panel with James Galbraith and Willem Buiter. The panel was interesting in and of itself. But what really caught my eye was … Continue reading
Posted in Economic Theory
58 Comments
Academic Sophistry: Dart-Throwing Monkeys and the EMH
The other day I did a post on the Efficient Markets Hypothesis (EMH) that generated some discussion. I want to deal with a few of the issues raised in a some upcoming blogposts. One issue of interest was that many … Continue reading
Fixing the Economists 