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Category Archives: Economic Theory
A Man’s World: Is Gender the Key Explanatory Factor Behind the Modelling Tendency in Economics?
Some time ago I made a remark that the bias toward mathematical modelling in economics might have to do with the male bias of the discipline. More specifically, I argued that models provided a stand-in for the economist’s own person … Continue reading
Some Metaphors Are Better Than Others: Deirdre McCloskey and the Capital Debates
Well, my previous piece on the work of Deirdre McCloskey generated some discussion. I just thought that perhaps I should lay out what I find problematic about her work. The problem with McCloskey is that she practices a sort of … Continue reading
Posted in Economic Theory, Philosophy
5 Comments
Empty Rhetoric: On the Work of Deirdre McCloskey
Yesterday I read a short pamphlet by Deirdre McCloskey entitled The Secret Sins of Economics. You can get it here for free in PDF form. A friend of mine told me a while ago that I would like McCloskey. He … Continue reading
Posted in Economic Theory, Philosophy
13 Comments
More on the Job Guarantee and Wage Price Inflation
I’ve got quite a response to my last piece on the Job Guarantee program and it’s possible influence on wage-price spirals. Some of the kickback I received is, I think, based on a misunderstanding. A few people seemed to think … Continue reading
Posted in Economic Policy, Economic Theory
16 Comments
The Job Guarantee, Wage-Price Inflation and Alternative Solutions
Before I start this post I should make one thing abundantly clear: I strongly support the idea of a Jobs Guarantee (JG) program. I think that the benefits it might bring to society so far outweigh its potential drawbacks that … Continue reading
Posted in Economic Policy, Economic Theory
30 Comments
Thinking Makes It So: The IMF Bailout of the UK in 1976 and the Rise of Monetarism
Monetarism began it’s rise to world prominence in the ever-conservative Bundesbank in 1974. But it would be the government of Margaret Thatcher in the UK, elected in 1979, that would truly launch monetarism in central banking. After Thatcher’s monetarist experiment … Continue reading
Posted in Economic History, Economic Policy, Economic Theory
10 Comments
When Marxists Deploy the Quantity Theory of Money and Other Economic Nonsense
It’s truly infuriating to watch left-wingers talk absolute nonsense when discussing the economy. I encounter it all too often. What you generally get is a hodge-podge of incoherent economic ideas — usually incorporating the worst aspects of right-wing doctrines like … Continue reading
Posted in Economic Policy, Economic Theory
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A New Era of Central Banking?
As I noted in my last post the Bank of England have released an official policy document that concedes that much of Post-Keynesian endoegnous money theory is indeed correct. Interestingly, they have also released some Youtube clips with the authors … Continue reading
Posted in Economic History, Economic Policy, Economic Theory
3 Comments
Bank of England Endorses Post-Keynesian Endogenous Money Theory
Well, the Bank of England has finally come out and said it: loans create deposits; banks create money and don’t simply lend out savings; and the money multiplier in the economics textbooks is false. Actually, we’ve known this for a … Continue reading
Posted in Economic Policy, Economic Theory
17 Comments
Thirlwall’s Law in Historical Context
There has been some reticence on the blogs to discuss Thirlwall’s Law and I myself have also been somewhat reluctant to deal with it in any great detail (although I did hint at some problems with it in this post). … Continue reading
Posted in Economic Theory
5 Comments
Fixing the Economists 