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Category Archives: Economic Theory
The Economics of Counterfeit Money
Endogenous money theory, which is usually associated with the Post-Keynesian school of economics, has long told us that central banks do not control the supply of money in the economy. Instead the amount of money is determined by the demand … Continue reading
Posted in Economic Theory
3 Comments
Epicurean Philosophy as Progenitor to Marginalism
As is often pointed out marginalist economics tends to be characterised primarily by a couple of distinct axioms that operate ‘under the surface’ to produce its key results. Varoufakis and Ansperger neatly characterise these as: the axiom of methodological individualism; … Continue reading
Posted in Economic Theory, Philosophy
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Paul Krugman Misses Key Component of His Own Model
John McHale over at Irish Economy has written a post on the possibility of a default by a sovereign currency issuer. In the post he discusses Paul Krugman’s stripped-down Mundell-Fleming model in which Krugman shows that a country issuing a … Continue reading
Posted in Economic Theory
3 Comments
Matter and Models
What if all the world’s inside of your head Just creations of your own? You can live in this illusion You can choose to believe You keep looking but you can’t find the woods While you’re hiding in the trees … Continue reading
Posted in Economic Theory, Philosophy
7 Comments
What Will The Conventional Wisdom in Economics Be After 2008?
I am currently rereading JK Galbraith’s The Affluent Society. It was one of the first books on economics that I ever read and I must say that it is well worth a reread, as there is much in it that … Continue reading
Posted in Economic Theory, Psychology
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Models, Myths and Underpants Gnomes: Should Economics Be Dominated By Modelling?
In the latest issue of the Real World Economics Review Gustavo Marqués has an interesting paper entitled A Plea for Reorienting Philosophical Attention From Models to Applied Economics. In the paper Marqués examines some of the philosophical justifications that have been … Continue reading
Posted in Economic Theory, Philosophy
3 Comments
Metaphor and Meaning: What is a Downward-Sloping Demand Curve?
All too often a debate, or what sometimes passes for one, is due to one side not knowing the definition of terms. There are many reasons for this — sometimes, for example, people are just ignorant — but one reason … Continue reading
Posted in Economic Theory, Philosophy
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Nancy Cartwright’s Defense of and Attack on Economic Modelling
Recently I thought it might be interesting to give the other side in the modelling debate a chance. Frankly, I have not found the debates online to be particularly stimulating or interesting, so I thought I’d go to what is … Continue reading
Posted in Economic Theory, Philosophy
2 Comments
How Do Stock-Flow Relations Work in Economics and Are They Inappropriate for Price Dynamics?
The other day I did a post on the work of Katharina Pistor and included some very broad details of something related that I’m working on. Despite me saying clearly and multiple times in the piece that I was massively … Continue reading
Anti-Equilibrium: Katharina Pistor and the Need for a Non-Market Equilibrium Framework for Understanding Financial Markets
Recently a friend of mine, Rohan Grey (founder of the excellent Modern Money Network), directed me to the work of Columbia law professor Katherina Pistor. Pistor’s work seems to be getting a lot of attention, having recently won the Max … Continue reading
Fixing the Economists 