Category Archives: Uncategorized

How Do Capitalist Firms Grow?

I’m currently reading Marc Lavoie’s new book Post-Keynesian Economics: New Foundations. This really is the defining text of Post-Keynesian economics today. Anyone who is really interested in Post-Keynesian economics should try to get their hands on it. It is a … Continue reading

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Meanwhile, In the Media

I’m a bit busy today but there are a few interesting things in the media this week that I wanted to highlight. First of all is a piece by me on research being done in University College London (UCL) about … Continue reading

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Against Gold-Buggism: The September Issue of The New Internationalist

The September issue of The New Internationalist is in shops now. The theme is all about the rise of gold on both the right and left of the political spectrum. It includes a piece by me on the economics of … Continue reading

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Econometricians, Financial Markets and Uncertainty: An Anthropological View

I recently read a paper by the anthropologist David Graeber entitled ‘The Sword, The Sponge, and the Paradox of Performativity: Some Observations on Fate, Luck, Financial Chicanery, and the Limits of Human Knowledge‘. Graeber sent it to me because we … Continue reading

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Does the Central Bank Control Long-Term Interest Rates?: A Glance at Operation Twist

  Although less prevalently talked about today many economists assume that while the central bank has control over the short-term rate of interest, the long-term rate of interest is set by the market. When Post-Keynesians make the case that when … Continue reading

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New Layout!

Well, as I assume most people have noticed the blog has a new layout. It was basically inspired by the new header which I found a few days ago. I hope everyone likes it. I was going to say that … Continue reading

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The Sraffian Versus the Marginalist Worldview: A Strong Case For Academic Pluralism

Well, as I pointed out yesterday the Capital Controversies have come up once more. Now, again, there were a number of important issues in the controversies — the measurement of capital being one as this leads to some very salient … Continue reading

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Proud to Be a Nihilist: Bill Mitchell on Econometrics and Numerical Prediction

Someone said to me a while back: “Phil, you are always railing against econometrics but some of the MMT guys and quite a few Post-Keynesians maintain that these techniques are useful and valid”. I recognise this fully well actually. It … Continue reading

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Probability and The Principle of Indifference in Applied Economic Reasoning

Carola Binder has brought my attention to a very commendable post she did regarding how people perceive their chances of being laid off. The results, from the point of view of the application of probability theory to economics, were very … Continue reading

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Intro to Cook Piece

What follows is a complicated piece by Chris Cook, former director of the International Petroleum Exchange (IPE). While there is no way to improve upon Chris’ own nuance and knowledge of the oil industry, as an outsider I had to … Continue reading

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