Tag Archives: economic profession

The implication here is "formal model." But formal models are not the only sort of models. Most models we use are conceptual and they are mostly sufficient to the task. For example, in the Tractatus, Wittgenstein showed how a descriptive statement is a model of a fact that allows for comparing the model to the fact observationally to determine it truth-value. He elaborated how the propositional calculus is used to to describe many fact in using the principles of descriptive logic to...

In terms of the the general case concerning contemporary banking, the basic constraint on lending, by which banks create "money"* by crediting deposit accounts (bank liability) and debiting loan accounts (bank asset), is the availability of creditworthy borrowers. This population is flexible based on, financial and economic conditions, bank credit standards, and government policy and regulation. All of these may change over the cycle. Price of assets rise to the degree that banks are...

Depending on how you look at it.Greg Mankiw's BlogSad News from China N. Gregory Mankiw | Robert M. Beren Professor of Economics at Harvard University

Economics and teaching economics in Pakistan. Good short summary of the history of economics. Curiously, he doesn't mention MMT or even Post Keynesianism, taking a decidedly institutional approach. MMT economists draw on Post Keynesianism and institutional economics heavily, although these are not the only influences.  Global Village SpaceRevisiting Education of Economics – Dr. Omer Javed Omer Javed, institutional political economist,who previously worked at International Monetary Fund...

If mainstream economists had thought and behaved differently after 1980, then arguably the world would not be in its current state of disarray, and much of the social and environmental dislocation that we have witnessed over that time-span would not have occurred. In a nutshell, these economists uncritically accepted as true the false analyses, promises and prescriptions of neoliberal ideology. The destructive outcomes of their attempts to implement those prescriptions were greatly...