Tag Archives: paul krugman

I don't link to the NYT since it stopped being a newspaper. Alex Douglas explains Paul Krugman's criticism there of MMT based on r > g.This is not a new criticism. It is a neoclassically based argument. It was raised when Thomas Piketty's Capital in the 21st Century made r > g famous.The expression r > g itself was criticized at the time, and I won't repeat it. Suffice it to say that that is a monetarist view that suffers from the insufficiency of neoclassical assumptions about...

Figure 1: Intercepts of Production Possibilities Frontiers for England1.0 Introduction In this example, gains and losses from trade vary with international prices. Given rates of profits are compatible with an interval of relative international prices for linen and corn, when trade exists only in consumer goods. I explore whether, when trade exists in capital and consumer goods, more than one pattern of specialization among countries is possible, depending on relative international...

Paul Krugman still wrong. The mainstream model of an economy based on general equilibrium, rational utility maximization, and money neutrality is one of a possible world that doesn't exist and can't exist in a monetary production economy. There is nothing wrong with constructing models of possible worlds, and, in fact, all models exist in possibility space, not real space. But it is wrong to claim or imply that such models of possible worlds apply to the real world when there is evidence...

Apparently, a character in a current movie, Crazy Rich Asians is an economist. Dan Kopf considers whether she is a good economist. In a couple of recent tweets, Paul Krugman reacts: "Actually, I can fill this gap. "There was a movie titled The Internecine Project ... with James Coburn as a chairman of the Council of Economic Advisers who gets a bunch of people to kill each other to hide his evil past. Sounds good to me, but the movie was terrible." -- Paul Krugman, 9 August 2018 I...

Krugman believes that Trump is threatening to destroy America’s great “empire” and that this is bad, because our country’s “empire” is good and noble. Trump, Krugman suggests, is an aberrant departure from the lofty values and ideals that have guided our foreign policy for most of the past century. Unfortunately, Robinson doesn't cite the warning of the founding fathers about avoiding entangling alliances, and that failure to do so would insert the fledging US into the same politics as...

Interesting quote from Joan Robinson.The Case for Concerted ActionContrasting Joan Robinson And Paul Krugman’s Views On The Global Rules Of TradeV. Ramanan

Figure 1: The Production Possibility Frontier, With And Without Trade, In "Germany"1.0 Introduction I continue to blunder around in parameter space in exploring my numeric example in the previous post. In this post, I continue to adopt the same assumptions for a model of three countries engaged in international trade with three produced commodities. In particular, workers are assumed to be unable to immigrate, capitalists only invest in their own country, and produced means of production...

How did conventional economics survive the crisis? Handwaving.Criticism of Paul Krugman and New Keynesian economics, which is based on "rational behavior and market equilibrium as a baseline" (Krugman).Skidelsky concludes, "Macroeconomics still needs to come up with a big new idea."  I would rephrase that as "a new big idea." Theories are based on a "big idea" that constitutes the architecture of the framework. Rationality and equilibrium isn't it.Project SyndicateHow [Conventional]...

The cards are on the table, and the battle lines are drawn. Note: I am linking to the Krugman piece through Economist's View rather than providing a link to the New York Times, to which I refuse to link owing to what I consider ongoing bad behavior. Economist's ViewPaul Krugman: Fascism, American StyleMark Thoma

By William K. BlackJuly 4, 2016     Bloomington, MN This is the fourth column in my seven-part series discussing the seven-barrel shotgun blast of articles that the New York Times published attacking the vote by those who favored BREXIT.  This column addresses Paul Krugman column on BREXIT. Paul Krugman [Part 4] Paul Krugman also wrote an attack on “populist[s].” It seems clear that the European project – the whole effort to promote peace and growing political union through economic...