-
Archives
- September 2021
- August 2021
- February 2020
- April 2019
- March 2019
- December 2017
- November 2017
- July 2017
- January 2017
- November 2016
- May 2016
- October 2014
- September 2014
- August 2014
- July 2014
- June 2014
- May 2014
- April 2014
- March 2014
- February 2014
- January 2014
- December 2013
- November 2013
- October 2013
- September 2013
- August 2013
- July 2013
- June 2013
- March 2012
- January 2012
- December 2011
- December 2010
-
Meta
Category Archives: Toward a General Theory of Pricing
On ‘Coherence’ in Asset Markets: Everything is Going According to Plan
The author of the Philosophical Economics blog has a post up that caught my attention on the supply and demand dynamics of asset markets. It caught my attention because it looked, at first, very similar to my own dissertation that … Continue reading
Is the Speculative or the Precautionary Demand for Money More Important in Real World Capital Markets?
In Keynes’ General Theory is is famously stated that the demand for money relies on three distinct functions. These are: the transactions demand for money; the precautionary demand for money; and the speculative demand for money. Or, more formally: M … Continue reading
Basic Macroeconomics of Income Distribution Cannot Explain Today’s Rising Inequality
I was recently looking over the debates surrounding the Pasinetti theorem and I thought it might be worth writing a few words on it. Pasinetti formulated his theorem — which is dealt with in detail in a fantastically thorough Wikipedia … Continue reading
The Theory of the Monetary Circuit: A Critique
In a series of comments on my previous post involving myself, Neil Wilson and Oliver it became clear quite quickly how closely my asset-pricing framework is tied up with the Post-Keynesian theory of endogenous money. Oliver suggested that I look … Continue reading
Laying a Solid Foundation for My Theory of Asset-Pricing
In the comments my previous post concerning my theory of asset prices – comments that have, I should add, been extremely productive so far – Nick Edmonds raised some questions as to whether I was dealing with stocks and flows. … Continue reading
Changes Versus Levels in My Asset Pricing Theory
In my previous post a commenter, ivansml, made a point about one of the first equations in my paper. He was discussing the following equation, Ivansml pointed out that this was problematic because in order for the change in price … Continue reading
Considerations of the Relationship Between Price Elasticities and Expectations in Price Formation
As I have already written in my introduction just after I had sent off the final draft of my paper I noticed a rather glaring error. This error can be best understood by comparing equation 1.10 and equation 2.10 from … Continue reading
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
Teleology and Market Equilibrium: Manifesto for a General Theory of Prices
Neoclassicals are a slippery bunch indeed. The moment you think that you’ve pointed out a flaw in their theoretical armor they turn around and say that the theory can accommodate the criticism. Soon after, you see them once again making … Continue reading
Fixing the Economists 