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Tag Archives: Economics

Liz Truss’ trickle-down economics

Liz Truss’ trickle-down economics U.K. Prime Minister Liz Truss has said she’s ready to make “unpopular decisions” such as tax cuts and boosting bonuses for wealthy bankers to grow the economy, even though they obviously benefit the wealthiest more than the poor … Truss and her conservative government are to give U.K. corporations and shareholders a gift. The only trickle-down to workers to be going on is probably best described in the picture below …...

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The gender pay gap and discrimination

The gender pay gap and discrimination Spending a couple of hours going through a JEL survey of modern research on the gender wage gap, yours truly was struck almost immediately by how little that research really has accomplished in terms of explaining gender wage discrimination. With all the heavy regression and econometric alchemy used, wage discrimination is somehow more or less conjured away … Trying to reduce the risk of having established only...

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Uncertainty

It may be argued … that the betting quotient and credibility are substitutable in the same sense in which two commodities are: less bread but more meat may leave the consumer as well off as before. If this were, then clearly expectation could be reduced to a unidimensional concept … However, the substitutability of consumers’ goods rests upon the tacit assumption that all commodities contain something — called utility — in a greater or less degree; substitutability is...

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The danger of teaching the wrong thing all too well

The danger of teaching the wrong thing all too well It is well known that even experienced scientists routinely misinterpret p-values in all sorts of ways, including confusion of statistical and practical significance, treating non-rejection as acceptance of the null hypothesis, and interpreting the p-value as some sort of replication probability or as the posterior probability that the null hypothesis is true … It is shocking that these errors seem so...

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Svensk inflationsberäkning — rena skämtet!

Svensk inflationsberäkning — rena skämtet! Den andra saken som framgår tydligt vid en titt på statistiken är vad som saknas i KPI: prisuppgången på bostäder. Posten boende står visserligen för hela 25 procent av indexet. Kostnaden har sedan mellan 1996 och 2021 stigit med drygt 40 procent. Vänta nu här, säger alla som tillbringat mer än fem minuter pà sajten Hemnet de senaste 15 åren. Är det inte en alleles for låg siffra? Visst är det så. Det...

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Economics as ideology

Tax cuts for the wealthy were supposed to stimulate growth and make everyone better off. There was dispute about this within the profession, but there were also many economists who provided intellectual support for the claim that tax cuts will create growth and widespread prosperity. The evidence from the Bush and Reagan tax cuts does not support this claim, but it is still made by some economists and this gives those who are serving wealthy interests or who want to force...

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Theorizing dollar hegemony, Part 1: the political economic foundations of exorbitant privilege

This paper explores dollar hegemony, emphasizing it is a fundamentally political economic phenomenon. Dollar hegemony rests on the economic, military, and international political power of the US and is manifested through market forces. The paper argues there have been two eras of dollar hegemony which were marked by different models. Dollar hegemony 1.0 corresponded to […]

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‘Unproductive’ Labor and Marxist Resistance to MMT

Rather than engage in histrionics over what is obviously a supply-side or cost-push (rather than demand-side or demand-pull) inflationary period, I have been pondering Marxist resistance to MMT. When viewed from the standpoint of Marx’s theory of value, the resistance makes little sense, since there is nothing in MMT necessarily incompatible with a conception of value based in labor time. When viewed from the standpoint of politics, it also makes little sense, because there is nothing in...

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What’s the point of all science?

What’s the point of all science? The point of all science, indeed all learning and reflection, is to change and develop our understandings and reduce illusion. This is not just an external and contingent sociological condition of learning but its constitutive force, which not only drives it but shapes its form. Without this universal necessary condition, none of the particular methodological and ethical norms of science and learning in general has any...

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