A beginner’s guide to Bayesian statistics (student stuff) .[embedded content]
Read More »Paul Krugman and the power of folk economics
Paul Krugman and the power of folk economics And then there’s Paul Krugman who … has stumbled on folk economics. And I’ll give him credit, since the “folk” he refers to “needn’t be members of the working class. They can be, and often are, members of the elite: plutocrats, powerful politicians and influential pundits.” Absolutely! … But then he reverts to classic Krugman: mainstream economists get it mostly right, and all they really need is the “IS-LM...
Read More »Feltänk om statsskuld och budgetunderskott
.[embedded content] Ett av de grundläggande feltänken i dagens diskussion om statsskuld och budgetunderskott är att man inte skiljer på skuld och skuld. Även om det på makroplanet av nödvändighet är så att skulder och tillgångar balanserar varandra, så är det inte oväsentligt vem som har tillgångarna och vem som har skulderna. Länge har man varit motvillig att öka de offentliga skulderna eftersom ekonomiska kriser i mångt och mycket fortfarande uppfattas som förorsakad av för...
Read More »Desire
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Read More »The Grossman-Stiglitz Paradox
In general the price system does not reveal all the information about “the true value” of the risky asset … The only way informed traders can earn a return on their activity of information gathering, is if they can use their information to take positions in the market which are “better” than the positions of uninformed traders. “Efficient Markets” theorists have claimed that “at any time prices fully reflect all available information” … If this were so then informed traders...
Read More »The Gray Ghost
[embedded content] For Tora and David — with whom, when they were just little kids, yours truly spent hours and hours watching this series back at the beginning of the 90’s. You were my heroes then. You still are.
Read More »‘This man is gold’
‘This man is gold’ .[embedded content]
Read More »What causes inflation?
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Read More »Pastoral
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Read More »MMT and the pandemic inflation
MMT and the pandemic inflation So what is the MMT solution to dealing with inflation ex post—i.e. once the problem is here? There isn’t one. And I’d suggest running fast and far from anyone who offers you a quick and easy prescription for dealing with any and all inflation. Mainstream economists, of course, offer just such a solution. The Federal Reserve will fix it! After all, it’s already their job (dual mandate), and they can act quickly and...
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