Post-Keynesian

Figure 1: A Wage Frontier With Two Fluke Switch Points This post presents an example with circulating capital alone. Table 1 presents the technology for an economy in which two commodities, iron and corn, are produced. One process is known for producing iron, and two are known for producing corn. Each process is specified by coefficients of production, that is, the required inputs per unit output. The Alpha technique consists of the iron-producing process and the first corn-producing...

I did not always think that mainstream economists are mostly socialized to be unlettered knaves, deficient in mathematics and logic. It took decades of empirical evidence. These links are mostly to tedious and petty stuff, more for my own archiving. Lots of weird stuff comes from non-economists. Sometimes you will find a poster not necessarily defending me, but trying to get some other poster to say something substantial. Some, like Tim Lambert, do not even seem to care about economics....

The Babbitt family started in America with Edward Bobet, who died in 1675. We have now come to that time of terror and disaster to the settlers the uprising of the Indians, known as King Phillip's War. It can easily be imagined how many anxious hours were passed by Edward and Sarah Bobet, so far removed from the garrison stockade, with their large family of children. Judging by the quantities of Indian relics found on his home farm it would seem that it was a peculiarly favorite haunt of...

I do not know if I will keep on, but I thought I might present a series of posts expanding on this one. By the way, I should have said there that the maximum rate of profits is the reciprocal of the organic composition of capital in Sraffa's standard system, not the actual system. Sraffa's model is descriptive, based on objective data that can be observed for one production period. This data, at least through the first three chapters of The Production of Commodities by Means of...

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"On the other side of Babbitt lived Howard Littlefield, Ph.D., in a strictly modern house whereof the lower part was dark red tapestry brick, with a leaded oriel, the upper part of pale stucco like spattered clay, and the roof red-tiled. Littlefield was the Great Scholar of the neighborhood; the authority on everything in the world except babies, cooking, and motors. He was a Bachelor of Arts of Blodgett College, and a Doctor of Philosophy in economics of Yale. He was the...

Debate on Marx's theory of value in World Review of Political Economy. Carolina Alves on Joan Robinson on Karl Marx in the Journal of Economic Perspectives. John E. King on Joan Robinson in Jacobin. Jan Toporowski on Michal Kalecki in Jacobin. Maybe to read: Steve Paxton's Unlearning Marx: Why the Soviet Failure was a Triumph for Marx .

is there a book with a focus exclusively on the TSSI more recent than the 2015 one in this list? Armstrong, Phil (2020). Can Heterodox Economics Make a Difference? Conversations with Key Thinkers Cheltenham: Edward Elgar. Potts, Nick and Andrew Kliman (eds.) (2015). Is Marx's Theory of Profit Right? The Simultaneous-Temporalist Debate. Lanham: Lexington Books. Kliman, Andrew (2007). Reclaiming Marx's "Capital": A Refutation of the Myth of Inconsistency. Lanham: Lexington Books....

This post provides a list of textbooks: Syed Ahmad (1991). Capital in Economic Theory: Neo-classical, Cambridge, and Chaos, Edward Elgar. Christian Bidard (2004). Prices, Reproduction, Scarcity, Cambridge University Press. Duncan K. Foley, Thomas R. Michl, and Daniele Tavani.(2019). Growth and Distribution (2nd edition), Harvard University Press. Richard M. Goodwin (1970). Elementary Economics from the Higher Standpoint, Cambridge University Press. Steve Keen (2011). Debunking...

"It is the whole process of production that must be called 'human labour', and thus causes all products and all values. Marx and Ricardo used 'labour' in two different senses: the above and that of one of the factors of production ('hours of labour' or 'quantity of labour' has a meaning only in the latter sense). It is by confusing the two senses that they got mixed up and said that value is proportional to quantity of labour (in second sense) whereas they ought to have said that it is due...