Paul Davidson, the co-founder of the Journal of Post Keynesian Economics (JPKE) and a leading Post Keynesian economist, died on June 20, 2024, in Chicago. He was born in Brooklyn, NY, on October 23, 1930, about a year after the Great Crash of 1929. He was a staunch defender of the importance of John Maynard […]
economics
We’ve lots of evidence from different times and places that the elasticity of output with respect to capital is indeed small. In his famous paper which kickstarted this approach to thinking about economic growth, Robert Solow estimated (pdf) that only one-eighth of the increase in US GDP per worker between 1900 and 1949 was due to […]
I am still catching up after being away in the UK last week. I will reflect on that trip in another blog post. So, today, we have a guest blogger in the guise of Professor Scott Baum from Griffith University who has been one of my regular research colleagues over a long period of time.…
Così come la macroeconomia tradizionale del dopoguerra è stata criticata per essere fondata su una metodologia matematica assiomatico-deduttiva, ritengo che il nucleo del neo-ricardianismo sia basato sulla stessa metodologia. Per risolvere il problema di trovare una misura del valore che non sia influenzata dai cambiamenti nella distribuzione del reddito, Sraffa — in “Produzione di merci […]
Das Deutsche Institut für Wirtschaftsforschung (DIW) in Berlin hat Rechnungen für eine Vermögensteuer in Höhe von einem Prozent angestellt, wie sie derzeit politisch diskutiert wird. In dem Modell gilt ein Freibetrag in Höhe von einer Million Euro für Privatpersonen und von fünf Millionen Euro, wenn diese in einem Betrieb stecken. Das bedeutet: Privatleute müssen die […]
The fallacy of composition basically consists of the false belief that the whole is nothing but the sum of its parts. In society and in the economy this is arguably not the case. An adequate analysis of society and economy a fortiori can’t proceed by just adding up the acts and decisions of individuals. The whole […]
Those of us who occasionally follow stock markets worldwide are usually well aware of the fact that ‘winners’ in these markets are largely the result of the harvest of chance. Occasionally, however, one hears so-called day traders express the view that it surely cannot be a question of pure luck that some stock traders consistently […]
ZEIT: Today, the debate focuses on the labor shortages facing many industrialized countries. Angus Deaton: I am always cautious when people talk about a scarcity of labor but don’t talk about wages. The argument always is: Americans don’t want to do these jobs, Germans don’t want to do these jobs. So we have to have migrants. […]
Den värld vi lever i är i grunden osäker och kvantifierbara sannolikheter är undantaget snarare än regeln. Om ”Gud inte spelar tärning” som Einstein hävdade, skulle jag tillägga: inte heller människor. Världen som vi känner den kan endast i begränsad omfattning förstås utifrån antaganden om säker och fullkomlig kunskap. Dess inneboende och nästan obegränsade komplexitet […]