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Category Archives: Economic Theory
Fischer Black Redux: The Impossible Circularity of a Metaphysical Argument
In the last piece on Fischer Black we saw how he created, in his own mind, an entity called “noise” which, for him, explained all the shortcomings of the world. But such raises an important question: shortcomings in the face … Continue reading
Posted in Economic Theory, Philosophy, Psychology
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Fischer Black, Noise and the Encounter With The Trickster
In mythology, and in the study of folklore and religion, a trickster is a god, goddess, spirit, man, woman, or anthropomorphic animal who plays tricks or otherwise disobeys normal rules and conventional behavior. — Wikipedia Mathematics is often thought of … Continue reading
Posted in Economic Theory, Philosophy, Psychology
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False Profit: How Paul Krugman’s Comments on Monopoly Distract From the Important Issues
Paul Krugman recently wrote a column for the New York Times in which he argued that profitability in contemporary capitalist firms in the US is presently coming from monopoly rent rather than from production. Krugman points to the growth of … Continue reading
Posted in Economic Policy, Economic Theory
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Nazism and Neoliberal Mythmaking, Part III: The Descent into Primitivism
In the first two parts of this series we saw first of all how Germany after the Second World War needed a reconstruction myth to sweep away the horrors of the Nazi past and yet, at the same time, avoid … Continue reading
Posted in Economic Policy, Economic Theory, Philosophy, Politics
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Nazism and Neoliberal Mythmaking, Part II: The State as Killer
In the first part of this series we laid out how those who wanted political power in post-war Western Germany sought out a myth with which they could at once wipe of the Nazi past and push their ideological line. … Continue reading
Posted in Economic Policy, Economic Theory, Philosophy, Politics, Psychology
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Nazism and Neoliberal Mythmaking, Part I: German Reconstruction as State-Phobia
In a previous series of pieces about the origins of neoliberalism (available here: Part I, Part II, Part III and an interview) I put forward the idea that neoliberalism – and its extremist offshoot, libertarianism as represented by the Austrian … Continue reading
Posted in Economic Policy, Economic Theory, Philosophy, Psychology
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Fixing the Economists 