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 […]
economics
The stability problem in Sraffian economics is the question: will an excess rate of profit in an industry automatically result in a self-correcting adjustment, driving the excess rate of profit in that industry down to the uniform rate in the economy? No, not necessarily, argues Ian Steedman (1984), a writer deeply sympathetic to the Sraffian […]
The purported strength of New Classical macroeconomics lies in its firm anchorage in preference-based microeconomics, particularly the decisions made by inter-temporal utility-maximising, ‘forward-looking’ individuals. To some, however, this strength has come at too high a price. The quasi-religious insistence that macroeconomics must have microfoundations — without providing ontological or epistemological justification for this requirement — […]
First economic: The US dollar is down 5% over the last six months against a basket of currencies. And over the past year, it’s lost 9.6%. The biggest winner against a dollar has been the euro which has gone up 13% however, which truly is a win for Europe because it makes their natural gas […]
Enligt färsk statistik från SCB fortsätter arbetslösheten i Sverige att stiga från en redan hög nivå och uppgår nu till nästan nio procent. Detta borde vara en tydlig signal om hur illa den ekonomiska politiken fungerar i dag. Trots detta lyser diskussionerna om den oacceptabelt höga arbetslösheten nästan helt med sin frånvaro i medierna. Med […]
No, there is nothing wrong with mathematics itself. No, there is nothing wrong with applying mathematics to economics. Mathematics is a valuable tool — one among several — for understanding and explaining economic phenomena. What is wrong, however, is the naïve belief that: math is the only valid tool math is universally and self-evidently applicable […]
What are the causes of secular stagnation? What are the solutions to revive growth and get the U.S. economy out of the doldrums? … One headline conclusion stands out: the secular stagnation is caused by a heavy overdose of savings … All these savings end up as deposits, or ‘loanable funds’ (LF), in commercial banks […]
. Now, Reagan certainly was no authority when it came to economics, but in this case, I think Trump could have learned a thing or two from him …
An examination of the contributions of famous mainstream economists reveals no clear indication that their work produces rigorous and successful explanations or predictions of real-world phenomena. The situation in physics is markedly different. There, the application of mathematics has often yielded both rigorous and successful explanations and predictions. Of course, the material world is fundamentally […]
Serious question. In your opinions, dear readers, which is a more accurate measure of an economy: nominal GDP or purchasing power parity? I lean towards PPP myself, as I’ve traveled so much (65 nations and counting) I’ve internalized what the local value of a currency can buy versus what a dollar can by at home. […]