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: New Keynesianism
The Return of the Very Cruel Economic System
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Chapter 7: From Experimental to Hegemonic Neoliberalism In the previous chapter I examined the theoretical turns which I argued amounted to the exhaustion of postwar reformism and the rise of the intellectual hegemony of neoliberalism. This chapter is principally concerned … Continue reading
Pilkington hits a home run
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You should go read it in full I am just going to skip to the money shot: It’s columns like this that demonstrate how technocratic (and anti-democratic) neoclassical economists actually are. They say they like freedom and all that – … Continue reading
Trying to get burned at the stake: heretical Easter edition
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Me, I like heretics. Sure hanging out with heretics and being a heretic is fraught with danger: a certain tendency towards a merely reactionary or contrarian stance, a pension for wasting time by reinventing the wheel and merely convincing yourself … Continue reading
Doubts about the NAIRU: Robert Solow Edition
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I have been working on the macro debates of the 1970s. They are very interesting and have many parallels to and connections with the great macro debates in the wake of the massive financial market failure of 2007-2008. I just … 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
White hot MMT battles with monetarists: why it matters
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Late last night, I wrote a post about why I thought MMT would win the battle but lose the war with the monetarists. Why do I call them “monetarists” because what this whole argument really boils down to is the … 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