Tag Archives: Economics

Why capitalism​ always will create bullshit jobs  [embedded content] Advertisements

In mainstream economics, there is a lot of talk about ‘economic laws.’ The crux of these laws that allegedly do exist in economics, is that they only hold ceteris paribus. That fundamentally means that these laws only hold when the right conditions are at hand for giving rise to them. Unfortunately, from an empirical point of view, those conditions are only at hand in artificially closed nomological models purposely designed to give rise to the kind of regular associations...

Labor Economist Mary Daly (above) is the incoming President and CEO of the San Francisco Federal Reserve Bank. She has a pretty unconventional background (if I remember, she dropped out of high school). You can hear her explain the whole story and how she got interested in economics on the St. Louis Fed Women in Economics podcast. (Apple).Brookings has a fellowship for researchers or NGO leaders from developing countries (particularly Francophone West Africa, Southeast Asia, and Pacific...

The mainstream-heterodoxy divide in Swedish economics In situations with a dominant style of thought and marginal heterodoxies, this creates an exclusionary mechanism that tends to favour the dominant style. I have shown how this is expressed in the analysed evaluation reports through the consensus on a disciplinary conception of quality that aligns with the disciplinary style of reasoning … Sometimes, reviewers are even explicit about work being outside of...

Reasons to dislike DSGE models First: They are based on unappealing assumptions. Not just simplifying assumptions, as any model must, but assumptions profoundly at odds with what we know about consumers and firms … Second: Their standard method of estimation, which is a mix of calibration and Bayesian estimation, is unconvincing … Third: While the models can formally be used for normative​ purposes, normative implications are not convincing … Fourth: DSGE...

Hatte Karl Marx doch recht?  [embedded content] Advertisements

Guest post by Jeff Mosenkis of Innovations for Poverty Action. Field researchers in Uganda strategize before going out to track down cash grant recipients nine years laterIt’s been a big week for cash, with two studies out on cash transfers based on data from my IPA colleagues:Craig McIntosh and Andy Zeitlin worked with IPA, USAID, Catholic Relief Services, and GiveDirectly in Rwanda to compare a standard WASH (water/sanitation/hygiene) and nutrition program to cash. You can read the...

Some progressive economists are now arguing for the idea of a Job Guarantee Program (JGP), and their advocacy has begun to gain political traction. For instance, in the US, Bernie Sanders and some other leading Democrats have recently signaled a willingness to embrace the idea. In a recent research paper I have examined the macroeconomics [...]

This paper reconstructs the income – expenditure (IE) model to include a distinction between government purchases of output versus government production. The distinction has important consequences for output and employment multipliers. The paper also extends the IE model to incorporate a government job guarantee program (JGP), and the extended model illuminates the automatic stabilizer properties [...]

[unable to retrieve full-text content]YOU GUYS CHECK OUT THE HOVERTEXT ON THE SITE… Also, more commentary here.