Tag Archives: History of Economics

Some history of economics in light of economic history.  The basis of MMT in accounting and balance sheets is not new, not is its operational approach to money. What is new is that those writing previous to the collapse of Bretton Woods when Nixon shut the gold window for settlement of international trade were dealing not dealing with the current monetary system.  FDR had taken the dollar off gold decades earlier. MMT is an upgrade to previous thinking that is based on the new...

Positive. Michael Roberts BlogMarx and Keynes in BerlinMichael Roberts The ConversationKarl Marx: ten things to read if you want to understand him James Muldoon, Lecturer in Political Science, University of Exeterand Robert Jackson, Lecturer in Politics, Manchester Metropolitan University Negative. BloombergRemember Marx for How Much He Got Wrong Noah Smith, Contributor Grasping RealityUnderstanding Karl MarxBrad DeLong | Professor of Economics, UCAL Berkeley Neutral Collège de...

Not.Naked KeynesianismThe end of neoliberalism?Matias Vernengo | Associate Professor of Economics, Bucknell University

As the 200th anniversary of Marx’s birth gets closer, a host of conferences, articles and books on the legacy of Marx and his relevance today are emerging – including my own contribution. The most interesting was a speech last week by the governor of the Bank of England, Mark Carney in his homeland of Canada.... Michael Roberts BlogMarx 200: Carney, Bowles and VaroufakisMichael Roberts See also The Guardian — The Long ReadYanis Varoufakis: Marx predicted our present crisis – and points...

Everything you may have wanted to know about equilibrium in economics.Post Keynesianism generally dismisses the neoclassical assumption of equilibrium in economic theory, but these posts serve to clarify the concept and the debate around it. David Glasner explores the history, while Jason Smith comments on the concept for the POV of physics and explains it in terms of information equilibrium.Uneasy MoneyOn Equilibrium in Economic Theory David Glasner | Economist at the Federal Trade...

Newsletter Archive: the whole series of 87 issues of the History of Economic Thought Newsletter is now available on line. Download free at Dropbox.History of Economic Thought Newsletter Archive

As promised not long ago, here a short paper on the history of central banks presented at ASSA meeting in Philadelphia. The paper is short, given the submission policy. It discusses the growing literature on the origins of central banks, and essentially disagrees with Charles Goodhart, who is the authority on the topic.…  The point of the paper is that early public banks (essentially Italian and Dutch banks that preceded the the Swedish and English central banks) were central banks because...

Robert Vienneau approaches thinking about Marx in relation to previous economists from the perspective of the different distinctions that Marx drew. This is entirely consistent with Marx's training in philosophy, since a cardinal principle of philosophical method is overcoming apparent difficulties in expression by drawing distinctions. This involves changing the grain of the model. A grainy model has the advantage of simplicity but risks the disadvantage of being too simplistic an...

Some keeper quotes, and some parallels with today.Global InequalityThe bitterness of Adam SmithBranko Milanovic | Visiting Presidential Professor at City University of New York Graduate Center and senior scholar at the Luxembourg Income Study (LIS), and formerly lead economist in the World Bank's research department and senior associate at Carnegie Endowment for International Peace

Robert Vienneau has a question for Marxists/Marxians/Marx scholars.Thoughts On EconomicsLabor Values Taken As GivenRobert Vienneau