One of my economics students kindly shared with me the response she received from a well-known AI chatbot to a question she had posed: The most influential heterodox Swedish economist today is undoubtedly Lars Pålsson Syll, a leading critic of mainstream neoclassical economics and a prominent voice in Post-Keynesian, institutionalist, and pluralist economic thought. Here’s why he stands […]
economics
Yours truly såg i går kväll på senaste avsnittet av Ekonomibyrån på SvT. Panelen skulle diskutera en ny studie av Institutet för Näringslivsforskning om ojämlikhetens utveckling i Sverige. Studien visar bland annat att antalet miljardärer i vårt land ökat från 50 till över 500 personer de senaste två decennierna. Och som alltid nuförtiden, när man […]
En skillnad i räntekänslighet mellan ett enskilt land och valutaunionen som helhet innebär att den gemensamma styrräntan passar dåligt för landet både när penningpolitiken är åtstramande och när den är stimulerande, det vill säga nästan hela tiden. Omfattningen av detta problem beror på hur stor skillnaden är i räntekänslighet. Att ekonomin förefaller vara mer räntekänslig […]
Jonungs ambition är att leda i bevis att det liberala genombrottet under 1800-talets andra hälft möjliggjorde en svensk tillväxtsuccé som varade fram till och med andra världskriget. Därefter följdeden ”socialdemokratiska eftersläpningen”, som innebar att Sverige halkade efter i tillväxt och levnadsstandard. Denna period varade fram till slutet av 1990-talet då de nyliberala förändringarna sominleddes redan […]
Jamie Morgan: To a member of the public it must seem weird that it is possible to state, as you do, such fundamental criticism of an entire field of study. The perplexing issue from a third party point of view is how do we reconcile good intention (or at least legitimate sense of self as […]
The Hahn problem stands as a profound and frequently ignored embarrassment for monetary economics. Frank Hahn, writing in the 1960s and 1970s, posed an apparently disarmingly simple question: how can money — intrinsically worthless printed paper — possess value in a perfectly competitive general-equilibrium economy? In the mainstream Arrow–Debreu world, individuals hold only assets that […]
Central banks wield near-unlimited power over monetary policy, a policy which largely governs inflation, employment, and economic stability. This power ought to be subject to greater democratic oversight to ensure it aligns with the interests of us, the citizens. Over time, central banks have developed a sort of ‘policy bias’ where inflation control is prioritised […]
The future is inherently uncertain, particularly when it comes to forecasting and implementing economic policy. No amount of statistical analysis, econometrics, decision theory or game theory can fully overcome this fundamental reality. According to Keynes, we live in a world permeated by unmeasurable uncertainty — not quantifiable stochastic risk — which often forces us to […]
Professor [Max] Planck, of Berlin, the famous originator of the Quantum Theory, once remarked to me that in early life he had thought of studying economics, but had found it too difficult! Professor Planck could easily master the whole corpus of mathematical economics in a few days. He did not mean that! But the amalgam […]