Lars P. Syll

Sraffian economics — an unhappy trade-off between rigour and relevance We have continually noted the tendency of Sraffians to subordinate the study of the substantive nature of economic phenomena to the requirements of logical rigor, and for Sraffians rigor equals GET (General Equilibrium Theory), the simultaneous determination of endogenous economic variables. The marriage of Sraffian economics and GET is not a promising avenue for studying past thinkers,...

The deficit lies mainstream economists knowingly tell us .[embedded content] [The interview was given to Mark Blaug in 1995. In transcript: “I think there is an element of truth in the view that the superstition that the budget must be balanced at all times [is necessary]. Once it is debunked, [it] takes away one of the bulwarks that every society must have against expenditure out of control. There must be discipline in the allocation of resources or you...

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.[embedded content] Sandel is — as always — both incisive and sensible in his analysis. As did Polanyi decades ago, Sandel shows the dangers of letting market economies drift into becoming market societies.

The tractability hoax in modern economics While the paternity of the theoretical apparatus underlying the new neoclassical synthesis in macro is contested, there is wide agreement that the methodological framework was largely architected by Robert Lucas … Bringing a representative agent meant foregoing the possibility to tackle inequality, redistribution and justice concerns. Was it deliberate? How much does this choice owe to tractability? What...

Nothing compares to you .[embedded content] Shuhada’ Sadaqat — known professionally as Sinéad O’Connor — 1966-2023. RIP.

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Universalism vs woke racism You may argue that theory is secondary: of course woke activists seek solidarity, justice, and progress. Their struggles against discrimination are animated by those ideas. But they fail to see that the theories they embrace subvert their own goals. Without universalism there is no argument against racism, merely a bunch of tribes jockeying for power. And if that’s what political history comes to, there’s no way to maintain a...

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.[embedded content] 1-in-4 people in the UK live below the poverty line. Around 15 million people were living in poverty in 2021/2022, according to the government’s annual ‘households below average income’ report. That is outrageous!