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Category Archives: Economic Theory
Empty Theory: A Response to James R McLean on Michael Emmet Brady’s Purported Theories of Decision-Making
James R McLean has written a fairly coherent piece on my challenge to Michael Emmet Brady. He has also given me a rather nice point of departure with which to make my case against Brady. He has done so by … Continue reading
Posted in Economic Theory, Philosophy, Psychology
5 Comments
Short-Period and Long-Period Analysis: Neoclassical Versus Historical
In my previous post I was concerned with summarising Lawson’s argument regarding the term “neoclassical” for an audience that was not going to read his paper in full. Thus, I did not wish to insert too much of my own … Continue reading
Posted in Economic Theory, Philosophy
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What is Neoclassical Economics? And Are Many Heterodox Economists Actually Neoclassical?
After my recent post on a paper by Tony Lawson I was corresponding with the author and he suggested that I might want to take a look at a paper he has written that will be coming out in the … Continue reading
Posted in Economic Theory, Philosophy
8 Comments
Tending to His Own Garden: Has Krugman Finally Turned on the ISLM?
In a recent post Paul Krugman, as part of an ongoing debate with MMT/MMR advocate Cullen Roche, has said that the ISLM is not a good approach to macroeconomics. Hurrah! Right? Well, maybe not. In fact, New Keynesians do not … Continue reading
Posted in Economic Theory
5 Comments
Mathesis Universalis: Lawson’s Criticisms Fall Short of their Real Target
Lars Syll has linked to a really interesting paper by Tony Lawson amidst a discussion about maths and modelling in economics. The paper really is worth a read in its entirety. It is entitled Mathematical Modelling and Ideology in the Economics … Continue reading
Posted in Economic Theory, Philosophy
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Swimming Against the Tide of History: Krugman-Galbraith ’96
Lars Syll has brought my attention to a very interesting exchange between Jamie Galbraith and Paul Krugman from 1996 that is archived on the latter’s website (or a website created for him, I cannot tell). Much of the discussion is … Continue reading
Posted in Economic History, Economic Theory, Media/Journalism
9 Comments
Naked and Free, Economics Without Models: A Response to Grasselli
Well, Grasselli has responded to my previous post. His response, full as it is with personal attacks, bile and insinuations is pretty embarrassing; Grasselli hasn’t yet learned that a rapid, heated exchange on Facebook is a little different from a … Continue reading
Posted in Economic Theory, Market Analysis
1 Comment
Brain-Slug Economics: Grasselli’s Project to Turn Post-Keynesian Economics into Mathematical Formalism
The danger when mathematicians try to do economic modelling is twofold. The first problem is that they often do not have a clue about what they are doing or the object that they are trying to model. The second problem … Continue reading
Posted in Economic Theory
5 Comments
Micro to Macro: A Note on the Kahn Wage-Profit Multiplier
Just a quick added note on the Kahn wage-profit multiplier. As shown in the last piece, Kahn’s multiplier was concerned with the generation of employment by each extra man employed. Here once again is the complete multiplier relation (read the … Continue reading
Posted in Economic Theory
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Kahn’s Multiplier Argument: A Kaleckian Distributional or Keynesian Aggregate Income Approach?
I have been rereading Kahn’s classic 1931 paper The Relation of Home Investment to Unemployment for my coming work on a general theory of prices. The paper lays out the argument for the existence of a Keynesian multiplier for the … Continue reading
Posted in Economic Theory
2 Comments
Fixing the Economists 