Ben Bernanke got the job as Federal Reserve Chairman because he marketed himself as the expert on The Great Depression. But he wasn’t the expert on The Great Depression itself: instead, he was an expert on explanations of The Great Depression that were consistent with mainstream economic theory. The only explanation that was consistent with […]
economics
Although Philippe Aghion’s work presents itself as a refined and progressive departure from crude neoliberalism, a closer examination reveals a framework that — despite its mathematical sophistication — ultimately reinforces and legitimises a conservative, pro-capitalist economic order. His professed ‘pragmatism’ often serves less as a neutral analytic stance than as an ideological device to […]
Joel Mokyr, Philippe Aghion and Peter Howitt won the 2025 ‘Nobel Prize’ in economics for their work on how innovation and the forces of creative destruction can drive economic growth, the Royal Swedish Academy of Sciences said today. People have, throughout all times, tried to form an understanding of the economic contexts using economic theories. […]
Whilst monetarists continually emphasize that the Central Bank can or should directly determine the quantity of money, or at least the ‘base stock’ of money, consisting of banknotes and bankers’ reserves (or balances) with the Central Bank, in fact they can do no such thing.
Att ta in Sverige i euron under ordnade och demokratiska former har inte lyckats så nu vill somliga euroförespråkare pröva andra vägar. På DN Debatt (25/9) skriver PM Nilsson och sju andra ekonomiprofiler och företrädare för tankesmedjor att Sverige borde skaffa en så kallad ”euro-option”, som gör att Sverige snabbt skulle kunna anslutas till euron i […]
. The power of diversity isn’t just a social ideal. It’s a mathematical fact. The ‘Diversity Prediction Theorem’ shows that gathering people who think differently comes with a calculable performance bonus. Imagine yours truly fills a transparent jar with 1000 jellybeans and then asks a group of students for their estimates of how many jellybeans […]
In the economics of information, Hayek’s ‘The Use of Knowledge in Society’ (American Economic Review, 1945) and Grossman & Stiglitz’s ‘On the Impossibility of Informationally Efficient Markets’ (American Economic Review, 1980) are two classics. However, while Hayek’s article is often cited by economists influenced by the Neo-Austrian school, mainstream economists rarely have anything to say […]
För vår del vore det bästa om Sverige anslöt sig och införde euron under ordnade former och i linje med vad vi faktiskt förbundit oss. De ekonomiska argument som framfördes mot ett deltagande för ett kvartssekel sedan har försvagats och de politiska argumenten för ett svenskt deltagande i denna del av europasamarbetets kärna har förstärkts […]
Vad gäller frågan om jämlikhet inför den ekonomiska makten försöker jag alltså utveckla den här typen av för-slag. Det innebär inte att vinsterna ska fördelas fullständigt jämlikt: människor har olika planer för sitt liv och det finns ingen absolut jämlikhet, vare sig vad gäller det yrke man har eller inkomsten. Vilket slags inkomstskillnader vore rimliga […]