Post-Keynesian

Pablo Picasso's Guernica This post has long quotations, as is typical of a commonplace book. Where did socialism work? In Barcelona, Spain, and, more generally Aragon and Catalonia, from August 1936 to April 1937. This was the anarchist version, and was resisted by all governments, including the Soviet Union. The right staged their coup against the Republic in July 1936. Orwell went to Spain in December, and he wanted to kill fascists. He describes it as almost happenstance that he...

Figure 1: Variation in the Economic Life of a Machine with Technical Progress This post varies the coefficients of production in an example from Bertram Schefold. I wanted to have 'nice' fractions at a time of zero. Qualitatively, this looks like a previous post. Reviewers for a recent rejection of an article with another fixed capital example objected to this type of model. I need to relate technical progress to a well-known type (Harrod-neutral, Marx-biased, or whatever) or produce some...

Many to the left of liberals, that is, socialists, communists, and anarchists of various stripes, were opposed to the Soviet Union since its founding. Another example is Bertrand Russell. This is from the preface to his The Practice and Theory of Bolshevism, first printed in November 1920: "The Russian Revolution is one of the great heroic events of the world's history. It is natural to compare it to the French Revolution, but it is in fact something of even more importance. It does more...

Figure 1: Variation in the Economic Life of a Machine with Technical Progress I have invented graphs for visualizing how the analysis of the choice of technique varies with perturbations of parameters in models of prices of production. This post presents some examples of one type of diagram. One must click on a link with each graph, I guess, to fully understand what is being depicted. Figure 1 is an extension of an example from Betram Schefold (21 May 2020). This example concerns...

Some recent papers by economists of the Austrian school rediscover some aspects of post-Sraffian price theory. Others would benefit from more knowledge of post-Sraffian price theory. But the authors do not know this. Fillieule (2007) is a rediscovery of Sraffa's standard commodity. He sets out a special case of Hayekian triangles in which an infinite series of datad labor inputs are used to produce current net output. "Only circulating capital is taken into account", and "the proportion...

Figure 1: A Two-Dimensional Parameter Space The above is for this example. I wish somebody would be inspired by this to write it up with mathematical proofs. What I see here is found by numerical methods. Figure 1 shows a partition of the parameter space based on fluke switch points. The dashed line shows the temporal path in the previous post. Each of the solid lines are parallel affine functions, with a slope of unity. A proof that these slopes are unity should be able to handle a model...

What to make of the Soviet Union? Apparently, the description of it as state capitalism goes back to Lenin. Djilas description of it as such is central to his best-known book: "Abstract logic would iпdicate tћat tће Communist reyolution, when it achieves, under different conditions and Ьу state compulsioп, the same things achieved Ьу industrial revolutions and capitalism in the West, is nothing but а form of state-capitalist revolution. The relationships which are created Ьу its victory...

The first is a distateful counting of the victims of capitalism in the twentieth century. The second concludes that no-longer-actually-existing socialism was about as efficient as western countries. The last argues that general prosperity first declined with the introduction of capitalism. Salvatore Engel-DiMauro. 2021. Anti-communism and the hundres of millions of victims of capitalism. Capitalism Nature Socialism 32(1): 1-17. Peter Murrell. 1991. Can neoclassical economics underpin the...

Figure 1: Variation in the Maximum Wage and the Cost-Minimizing Technique with Time This post presents an example in which some coefficients of production vary from those in example. Reswitching, capital reversing, and the reverse substitution of labor do not arise in this example. Table 1 shows the coefficients of production for this example. The labor coefficients vary identically with the the labor coefficients in the previous example. a2,1(a), a3,1(a), a2,1(b), a3,1(b), a1,2(c),...

I have been reading Brown (2015). She acknowledges neoliberalism is difficult to define: "Three decades out, rich accounts by geographers, economists, political theorists, anthropologists, sociologists, philosophers, and historians grappling with these questions have established that neoliberalism is neither singular nor constant in its discursive formulations and material practices. This recognition exceeds the idea that a clumsy or inapt name is draped over a busy multiplicity; rather...