Post-Keynesian

Karl Marx died on 14 March 1883. Less than 15 people attended his funeral, and Engels gave an eulogy. Marxists existed, a century later, in every country on the face of this planet, and most had political parties, some powerful, that claimed to follow Marx. How did this change from obscurity to world-wide recognition come about? What did Marx have to say that was so persuasive? If economics were a serious subject, these questions would be explored within academic economics departments....

Figure 1: The Wage Frontier for a Numeric Example of a Real Wicksell Effect of Zero Theorem: Consider a model of an economy in which n commodities are produced by means of commodities. Let Alpha be a technique in which each of the n commodities is produced by a fixed-coefficients, constant-returns-to-scale process. Suppose the Beta technique differs from Alpha only in the process operated in the nth industry. For simplicity, assume all n commodities are Sraffian basics in both techniques....

[embedded content]The Italian Post Keynesian Seminar on GaregnaniThe Problem with Jon Stewart interviews Stephanie Kelton and Rohan Grey. Samuel Fleischacker explains Adam Smith was not a propertarian. Jania on econophysics. A seminar on Stephen Marglin's Raising Keynes.

Figure 1: The Wage as Functions of Employment by Industry1.0 Introduction This post repeats a common theme of mine. It builds on an example I have previously gone on about. I use this example to graph, given the wage, the amount of labor firms would like to employ in each industry, per unit of gross output in each industry. These graphs are derived for an economy in which three commodities are produced: iron, steel, and corn. I also graph the amount of labor firms would like to employ...

[embedded content]Bob Murphy On InfinityBranko Milanovic on The unexpected immortality of Karl Marx. Jesse Walker, in Reason, on It's the end of the neoliberal era, and we still don't know what neoliberalism is.

Figure 1: The Wage Frontier for a Numeric Example Theorem: Consider a model of an economy in which n commodities are produced by means of commodities. Let Alpha be a technique in which each of the n commodities is produced by a fixed-coefficients, constant-returns-to-scale process. Suppose the Beta technique differs from Alpha only in the process operated in the nth industry. For simplicity, assume all n commodities are Sraffian basics in both techniques. Let both techniques undergo...

A number of years ago, I was in the subway station under Times Square in New York City. I must have looked lost, because this fellow came up to me and asked me where I was going. I said, "A bookstore, The Strand. I like to see what they have in their economics section. I am trying to decide if I should take the cross-town shuttle and go south from Grand Central." He said, "I am an economist myself. You can have this subway map." And he handed me a map of the tube in London. "This map...

To the common reader, the distinctions among old Keynesianism, new Keynesian, and Post Keynesianism might seem confusing. You might find these are political doctrines, with broad agreement among their followers. Governments should run deficits in periods of sustained unemployment. Maybe sometimes fiscal policy should be more emphasized over monetary policy. After all central banks cannot stimulate the economy by lowering interest rate when it is zero. In an inflationary period, central...

Carolina Alves Riccardo Bellofiore Scott Carter Ariel Dvoskin Steve Keen Stephanie Kelton Steve Marglin J. W. Mason Louis-Philippe Rochon Malcolm Sawyer Anwar Shaikh Matías Vernengo Graham White Ian Wright Suggestions for more? There are other feeds from scholars just starting out. One can also find mainstream economists on twitter who do not know that almost everything they say was shown to be, at best, wrong more than half a century ago. Updated 14 and 15...

Engels had a lot to do with formulating orthodox interpretations of Marx in the period after Marx's death. So it is interesting to see what he says. I have transcribed another letter before, about the law of value. The following is about historical materialism and the relation of the superstructure to the economic base: According to the materialist conception of history, the ultimately determining element in history is the production and reproduction of real life. Other than this...