Category Archives: Economic Theory

Kaldor’s Theory of Speculation: An Overview

Posted on July 20, 2013 by pilkingtonphil

I’ve been reading up a lot on economic theories of speculation as this is precisely what my dissertation is on and so far as I can tell the only real attempt to deal with speculative dynamics from a properly macroeconomic … Continue reading →

Posted in Economic Theory | 2 Comments

The Dreaded Specter of Nihilism in Economic Theory

Posted on July 19, 2013 by pilkingtonphil

There’s a funny point on which almost all economists that I’ve come across agree upon — from neoclassical to Marxian to Post-Keynesian. And that is that something which they call “nihilism” must be avoided at all costs. Let us first … Continue reading →

Posted in Economic Theory, Philosophy | 8 Comments

A Challenge to Michael Emmet Brady

Posted on July 17, 2013 by pilkingtonphil

Who is Michael Emmet Brady? Well, he appears to be a man with a PhD in economics who claims to have unearthed what he considers to be the “true” interpretation of the work of John Maynard Keynes — one which, … Continue reading →

Posted in Economic Theory, Market Analysis, Philosophy | 44 Comments

Recollection and Repetition: Ergodic and Non-Ergodic Processes in the Sciences

Posted on July 15, 2013 by pilkingtonphil

Say what you will, this problem is going to play an important role in modern philosophy because repetition is a decisive expression for what ‘recollection’ was for the Greeks. Just as they taught that all knowledge is recollection, thus will … Continue reading →

Posted in Economic Theory, Philosophy | 7 Comments

Infinite Monkeys: The Limits of Probability Theory

Posted on July 14, 2013 by pilkingtonphil

No one could be more frank, more painstaking, more free from subjective bias or parti pris than Professor Tinbergen. There is no one, therefore, so far as human qualities go, whom it would be safer to trust with black magic. … Continue reading →

Posted in Economic Theory, Philosophy | 4 Comments

Oil Price Speculation: An Interesting Battle

Posted on July 12, 2013 by pilkingtonphil

Over the past decade or so a silent war has waged between sometimes obscure, and sometimes not so obscure, parties. The war is over what has caused the run-up, since 2003, of oil prices. I’d actually been fairly interested in … Continue reading →

Posted in Economic Policy, Economic Theory | 1 Comment

Economics as Social Organisation: Why We Should All Be Relativists

Posted on July 10, 2013 by pilkingtonphil

What if all the world’s inside of your head Just creations of your own? Your devils and your gods All the living and the dead And you’re really all alone? You can live in this illusion You can choose to … Continue reading →

Posted in Economic Theory, Philosophy, Psychology | Leave a comment

Keynes on Parts and Wholes

Posted on July 9, 2013 by pilkingtonphil

I never really liked doing jigsaw puzzles as I always found it a bit boring. But many people seem to find it a fascinating endeavor. Whatever you personally think of jigsaw puzzles, however, consider for a moment their aim and … Continue reading →

Posted in Economic Theory, Philosophy, Psychology | 5 Comments

Born Blind: Lars Syll, Uncertainty and the Question of Truth Versus Relativism

Posted on July 8, 2013 by pilkingtonphil

“Blindness” — by Muchanu Designs Lord Keynes over at the excellent Social Democracy for the 21st Century blog has drawn my attention to a series of posts by the Swedish Post-Keynesian economist Lars Syll on probability and economics. This is … Continue reading →

Posted in Economic Theory, Philosophy, Psychology | 13 Comments

What is a Liquidity Trap?

Posted on July 4, 2013 by pilkingtonphil

Perhaps the worst thing that can happen to a term in any language is that it loses completely its meaning and becomes a sort of floating signifier that can attach itself to any old nonsense. Such is the case today … Continue reading →

Posted in Economic Policy, Economic Theory | 7 Comments