Ok, so some of the best economists, trained at elite institutions, working for the pinnacle of the of the financial world got it wrong, very wrong. How wrong? Just go ask a Greek citizen. But, of course, we all knew … Continue reading
Category Archives: Models
Machiavelli’s Nightmare: The innocents of economics
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All good points but it is Krugman’s failure to take seriously the fraud part of Black’s post. The killing of innocents was only roughly a weighted third of Black’s observations the rest were and a I quote “elites have eliminated … Continue reading
Might this Time be Different? Modern Monetary Controversy and the Cambridge Capital Controversy
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The Post Game Analysis at Heteconomist motivated this post because they argued that: … at root the current discussion may ultimately go all the way back to the capital debates. The New Keynesian view, at least implicitly, seems to be … Continue reading
Not a Mensch: Krugman edition
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This is Krugman’s best effort at setting the record straight: Um, we fail undergrads for such low levels of integrity and high levels of obfuscation. Now when I read Krugman, I will have to check all his sources particularly when … Continue reading
Hubris leads to incompetence: the Rowe & Krugman edition
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Well a strange lull has fallen on the battle field this evening as the respective sides dig in and at least one side licks its wounds. The last salvo in the battle was launched by Nick Rowe. Unfortunately he simply … Continue reading
Discredited economics and the revered economist
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In the wake of the financial crisis of 2007-2008 there was much talk from within and without the economics profession about what went wrong. Many on the outside of the profession viewed the crisis as the result of the slavish … Continue reading
Krugman clarifies: modern Keynesians are no planners.
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“I do think it’s useful to read Keynes. But Greg is right: modern Keynesianism is to be understood through the views of modern Keynesians, not by hunting through the original works for hidden meanings. And modern Keynesians are emphatically not … Continue reading
Just who are Paul Krugman’s people? And a side dish of MMT
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I know Paul thought he was just being relaxed. Moses knows we all have a right to relax de temps en temps but it is a really remarkable slippage. In his latest post he writes: So: I basically think of … Continue reading
The Problem with Africans and Arabs
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April update. This blog post was turned into a full article. Published here: http://www.pambazuka.org/en/category/features/71735 ——— The way the term Arab is being thrown around these days is enough to give a person reason to pause while celebrating the victories of the … Continue reading
Two paradoxes. Why?
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Why am I thinking about the paradox of thrift and the paradox of production costs? Tweet