Post-Keynesian

Figure 1: A Parameter Space1.0 Introduction I have been reconstructing some of my examples. The first example in this post is from here. I am thinking of writing a draft article, as mentioned here. While I am at it, I thought I would also work through the examples in Garegnani (1966) and Bruno, Burmeister & Sheshinski (1966), both from the symposium in the Quarterly Journal of Economics of that year. 2.0 The Emergence of the Reverse Substitution of Labor This section presents an...

5.0 Fluke Cases This post is a continuation of this one. This is a numeric example of intensive rent. Here I present five fluke cases before depicting how the analysis of the choice of technique varies with the full range of relative markups in agriculture. 5.1 Switch Point at Maximum Scale Factor for Epsilon In the first fluke case, the wage curves for Alpha and Delta intersect at the maximum scale factor for the rate of profits for Delta (Figure 7). Figure 8 displays the graphs of the...

Figure 1: Variation of the Technique with the Markup in Agriculture1.0 Introduction This post is the start of a recreation of a previous post, with a requirement that relative markups lie on a simplex. These two posts are intended to explain Figure 1, above, which presents a summary of the results of the analysis of the choice of technique, given any level of the relative markup in agriculture, as compared with the relative markups in the non-agricultural industries. My presentation is...

Ramon Llul was a medieval scholar who invented social choice theory (specifically, the Borda count), as seen in a manuscript discovered in 2001(?). (Other discoveries.) A review of Steve Paxton's Unlearning Marx: Why Soviet Failure was a Triumph for Marx. Maybe I want to read this. Pierangelo Garegnani's Capital Theory, the Surplus Approach, and Effective Demand.

I study economics as a hobby. My interests lie in Post Keynesianism, (Old) Institutionalism, and related paradigms. These seem to me to be approaches for understanding actually existing economies.The emphasis on this blog, however, is mainly critical of neoclassical and mainstream economics. I have been alternating numerical counter-examples with less mathematical posts. In any case, I have been documenting demonstrations of errors in mainstream economics. My chief inspiration here is the...

Figure 1: Variation of Switch Points with the Markup in the Corn Industry1.0 Introduction I have been re-creating some of my past analyses. The graphs in this post look a bit different because I impose a requirement that the relative markups sum to unity. 2.0 Technology Consider an economy which produces three commodities, iron, steel, and corn, with the technology specified in Table 1. Two processes are available for producing each commodity. The coefficients of production in a column...

Figure 1: Wages Curves for Example of Intensive Rent1.0 Introduction This post modifies an example from Antonio D'Agata. Two types of land exist, each specialized for producing a specific commodity. In the example, some wage curves slope upwards, which is not possible in a model with circulating capital alone. The cost-minimizing technique is not found from the outer frontier of the wage curves. For one range of the rate of profits, no cost-minizing technique exists, even though a...

1.0 Introduction Broadly speaking, the history of political economy contains two approaches to value and distribution. For purposes of this post, I do not distinguish between classical and Marx's political economy. Institutionalists and those who know about German historical schools, for example, might have a complaint about being ignored. This post is quite unoriginal. I thought I would just record these properties of two approaches. 2.0 Marginalism Marginalist economics is about the...

I have thought about what would be the minimal structure of an example that combines extensive and intensive rent. I want to include a commodity produced without land, as well as an agricultural commodity. This post considers a simpler example. An analysis of extensive rent includes the identification of the order of efficiency and the order of rentability, given the wage or the rate of profits. I take the concept of these orders from Alberto Quadrio Curzio. Can these orders be defined in...

John Cassidy on Donald Harris in the Mew Yorker. Dean Dettloff on The Catholic case for communism in America. Enrico Bellino and Gabriel Brondino, Circular vs. one-way production processes: two different views on production and income distribution, in Review of Political Economy. I want to recall this for my work on Hayekian triangles. Bob Murphy and David Glasner on the Sraffa-Hayek debate. (They spend to much time on monetary policy before getting to the debate.) Leland Yeager and...