economics
It is a great fault of symbolic pseudo-mathematical methods of formalising a system of economic analysis … that they expressly assume strict independence between the factors involved and lose all their cogency and authority if this hypothesis is disallowed; whereas, in ordinary discourse, where we are not blindly manipulating but know all the time what […]
. Une des erreurs fondamentales dans le débat actuel sur la dette publique et le déficit budgétaire est de ne pas distinguer entre différents types de dettes. Même s’il est vrai qu’à l’échelle macroéconomique, les dettes et les actifs s’équilibrent nécessairement, il est loin d’être insignifiant de savoir qui détient les actifs et qui supporte […]
. Viele Politiker und mediale ‘Experten’ scheinen (oder wollen) nicht verstehen, dass ein entscheidender Unterschied zwischen privaten und öffentlichen Schulden besteht. Wenn eine Einzelperson versucht zu sparen und ihre Schulden zu reduzieren, kann das durchaus vernünftig sein. Aber wenn alle dies tun, sinkt die gesamtwirtschaftliche Nachfrage, und das Risiko einer steigenden Arbeitslosigkeit wächst. Eine einzelne […]
The rational expectations hypothesis presupposes — basically for reasons of consistency — that agents have complete knowledge of all of the relevant probability distribution functions. When trying to incorporate learning in these models — trying to take the heat of some of the criticism launched against it up to date — it is always a […]
Mainstream economics has sadly made economics increasingly irrelevant to the understanding of the real world. Trying to contribute to making economics a more realist and relevant science, yours truly launched this blog in March 2011. Now, thirteen years later and with millions of page views, yours truly’s blog is ranked on Top 100 Economics Blogs. […]
. Even in the most advanced industrial economies, if we strip exchange down to its barest essentials and peel off the obscuring layer of money, we find that trade between individuals and nations largely boils down to barter. Paul Samuelson You will find similar nonsense stories told in almost all mainstream textbooks today. And the […]
I sin senaste bok — Superrika och jämlika — argumenterar Daniel Waldenström för att vi i Sverige idag är mer jämlika än någonsin. De flesta andra jämlikhetsforskare delar inte denna uppfattning. Vad stämmer egentligen? I dagens Starta Pressarna gästades Daniel Suhonen av Daniel Waldenström och medie- och kommunikationsvetaren Axel Vikström. I Tidningen Näringslivet kunde vi för […]
by Noam Yuran* I noticed that when people see the title of my new book The Sexual Economy of Capitalism, they automatically assume that it is about the way capitalism shapes our most intimate spheres: how market relations permeate emotions, love life, sexuality and marriage. In fact, the book follows the opposite path. It is […]
. In modern times legal currencies are totally based on fiat. Currencies no longer have intrinsic value (such as gold and silver). What gives them value is basically the simple fact that you have to pay your taxes with them. That also enables governments to run a kind of monopoly business where they never can […]