-
Archives
- September 2021
- August 2021
- February 2020
- April 2019
- March 2019
- December 2017
- November 2017
- July 2017
- January 2017
- November 2016
- May 2016
- October 2014
- September 2014
- August 2014
- July 2014
- June 2014
- May 2014
- April 2014
- March 2014
- February 2014
- January 2014
- December 2013
- November 2013
- October 2013
- September 2013
- August 2013
- July 2013
- June 2013
- March 2012
- January 2012
- December 2011
- December 2010
-
Meta
Category Archives: Economic Theory
Shadow-boxing with DSGE Models
Lars Syll has recently linked to a post by Noah Smith criticising DSGE models. Criticising DSGE models is the latest fad in mainstream macroeconomics — hey, it’s easy to use the model that was in fashion just before the crisis … Continue reading
Posted in Economic Theory
6 Comments
A Short Note on a Connection Between Marginalist Economics and Folk Medicine
One peculiar aspect of modern marginalist economics is its obsession with equilibrium. I was recently re-listening to an excellent lecture given by Joan Robinson in Stanford in 1974 entitled ‘What is Wrong With Neoclassical Economics?‘. The entire lecture is about … Continue reading
Posted in Economic Theory, Psychology
8 Comments
Comments on Feyerabend’s ‘Against Method’ III: Intellectual Support for Mainstream Economics
If you read Feyerabend’s Against Method closely and you take the argument seriously a rather unnerving fact comes to light: namely, that the argument contained therein lends full intellectual support to mainstream marginalist economics. While the theories of philosophers like, … Continue reading
Posted in Economic Theory, Philosophy
1 Comment
A Quick Note on Michael Emmett Brady’s Paper on Keynes and Probability
“Ask and it will be given to you; seek and you will find; knock and the door will be opened to you.” — Matthew 7:7 Michael Emmett Brady’s paper Keynes, Mathematics and Probability: A Reappraisal is a bizarre piece of … Continue reading
Posted in Economic Theory, Statistics and Probability
1 Comment
Interest Rates and Animal Spirits: A Response to JW Mason
JW Mason has an interesting post on the interest rate over at his Slackwire blog. In it he basically tries to resuscitate Keynes’ theory of liquidity preference as that which determines the interest rate on various assets. I think that … Continue reading
Posted in Economic Theory
4 Comments
The Theory of the Monetary Circuit: A Critique
In a series of comments on my previous post involving myself, Neil Wilson and Oliver it became clear quite quickly how closely my asset-pricing framework is tied up with the Post-Keynesian theory of endogenous money. Oliver suggested that I look … Continue reading
Laying a Solid Foundation for My Theory of Asset-Pricing
In the comments my previous post concerning my theory of asset prices – comments that have, I should add, been extremely productive so far – Nick Edmonds raised some questions as to whether I was dealing with stocks and flows. … Continue reading
Changes Versus Levels in My Asset Pricing Theory
In my previous post a commenter, ivansml, made a point about one of the first equations in my paper. He was discussing the following equation, Ivansml pointed out that this was problematic because in order for the change in price … Continue reading
Considerations of the Relationship Between Price Elasticities and Expectations in Price Formation
As I have already written in my introduction just after I had sent off the final draft of my paper I noticed a rather glaring error. This error can be best understood by comparing equation 1.10 and equation 2.10 from … Continue reading
Tyler Cowen and Daniel Kuehn Miss the Point of the Austrian Business Cycle Theory
There’s been a bit of confusion surrounding the Austrian Business Cycle Theory (ABCT) over at Lord Keynes’ blog. Regular readers of this blog will know that I try as best I can to avoid Austrian economics as it is absurdly … Continue reading
Posted in Economic Theory
25 Comments
Fixing the Economists 