Lars P. Syll

Mainstream economics — peddling fake knowledge Based on the [quantity theory of money equation MV = PQ] holding the money velocity constant, if the money supply (M) increases at a faster rate than real economic output (Q), the price level (P) must increase to make up the difference. According to this view, inflation in the U.S. should have been about 31 percent per year between 2008 and 2013, when the money supply grew at an average pace of 33 percent per...

  Macroeconomics was born as a distinct field in the 1940s (sic!), as a part of the intellectual response to the Great Depression. The term then referred to the body of knowledge and expertise that we hoped would prevent the recurrence of that economic disaster. My thesis in this lecture is that macroeconomics in this original sense has succeeded: Its central problem of depression-prevention has been solved, for all practical purposes, and has in fact been solved for many...

Things have changed (II)   Advertisements

The evidential sine qua non Advertisements

Things have changed …  [embedded content] Advertisements

Why the p-value is a poor substitute for scientific​ reasoning  [embedded content] A non-trivial part of teaching statistics is made up of learning students to perform significance testing. A problem I have noticed repeatedly over the years, however, is that no matter how careful you try to be in explicating what the probabilities generated by these statistical tests really are, still most students misinterpret them. This is not to blame on students’...

The truth about what money really is  [embedded content] Advertisements

The ugly truth about gangsters of finance  [embedded content] Advertisements

Soziale Spaltung wird durch Privatschulen zementiert Der Bildungswissenschaftler Marcel Helbig hat für das Wissenschaftszentrum in Berlin die soziale Spaltung in Deutschland messbar gemacht. In seiner aktuellen Studie … hat er zusammen mit seiner Kollegin Stefanie Jähnen gewaltige Datenmengen aus 74 deutschen Städten ausgewertet. Er wollte wissen, wie sich einkommensschwache Menschen auf die Stadtgebiete verteilen. Das Ergebnis: Bis auf wenige Ausnahmen ist...

Was uns Marx heute noch zu sagen hat  [embedded content] Advertisements