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Monthly Archives: August 2013
Can a Country Without a Currency Have a Currency Crisis?
It is often the case that whole debates rest on a misunderstanding or lack of clarity over the definition of key terms. Take the ongoing debates between the group I label as the Kaldorians and the Modern Monetary Theorists (MMTers) … Continue reading
Posted in Economic Theory
70 Comments
Empty Theory: A Response to James R McLean on Michael Emmet Brady’s Purported Theories of Decision-Making
James R McLean has written a fairly coherent piece on my challenge to Michael Emmet Brady. He has also given me a rather nice point of departure with which to make my case against Brady. He has done so by … Continue reading
Posted in Economic Theory, Philosophy, Psychology
5 Comments
Oil Speculation and Syria: A Microstudy
There is nothing more irritating than an economist looking at you skeptically when you talk about speculation in certain markets and saying: “go on then, cook up a study and prove it is taking place”. What they mean is that … Continue reading
Posted in Market Analysis
3 Comments
Short-Period and Long-Period Analysis: Neoclassical Versus Historical
In my previous post I was concerned with summarising Lawson’s argument regarding the term “neoclassical” for an audience that was not going to read his paper in full. Thus, I did not wish to insert too much of my own … Continue reading
Posted in Economic Theory, Philosophy
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What is Neoclassical Economics? And Are Many Heterodox Economists Actually Neoclassical?
After my recent post on a paper by Tony Lawson I was corresponding with the author and he suggested that I might want to take a look at a paper he has written that will be coming out in the … Continue reading
Posted in Economic Theory, Philosophy
8 Comments
The Idiocy of the “Evolutionary” Paradigm in Psychology
In the wake of the financial meltdown a lot of economists are turning to the discipline of evolutionary psychology for answers. Evolutionary psychology basically attempts to explain human psychology in terms of adaptive evolutionary principles. So, a person does X … Continue reading
Posted in Psychology
7 Comments
Tending to His Own Garden: Has Krugman Finally Turned on the ISLM?
In a recent post Paul Krugman, as part of an ongoing debate with MMT/MMR advocate Cullen Roche, has said that the ISLM is not a good approach to macroeconomics. Hurrah! Right? Well, maybe not. In fact, New Keynesians do not … Continue reading
Posted in Economic Theory
5 Comments
Mathesis Universalis: Lawson’s Criticisms Fall Short of their Real Target
Lars Syll has linked to a really interesting paper by Tony Lawson amidst a discussion about maths and modelling in economics. The paper really is worth a read in its entirety. It is entitled Mathematical Modelling and Ideology in the Economics … Continue reading
Posted in Economic Theory, Philosophy
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Swimming Against the Tide of History: Krugman-Galbraith ’96
Lars Syll has brought my attention to a very interesting exchange between Jamie Galbraith and Paul Krugman from 1996 that is archived on the latter’s website (or a website created for him, I cannot tell). Much of the discussion is … Continue reading
Posted in Economic History, Economic Theory, Media/Journalism
9 Comments
Naked and Free, Economics Without Models: A Response to Grasselli
Well, Grasselli has responded to my previous post. His response, full as it is with personal attacks, bile and insinuations is pretty embarrassing; Grasselli hasn’t yet learned that a rapid, heated exchange on Facebook is a little different from a … Continue reading
Posted in Economic Theory, Market Analysis
1 Comment
Fixing the Economists 