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from Lars Syll To be fair to academia, it has realized that the pure DSGE model is incapable of explaining observable phenomena so they have introduced numerous amendments, known, oddly, as “imperfections” in the model. Long-term nominal contracts, other labour market frictions, imperfection in credit markets, all these and more are prayed in aid and, either rigorously or more usually ad hoc, introduced into the model, generating lags that mean it can be represented as fitting the data....

from Edward Fullbrook A few years ago, I wrote a novel that was published under a pen name and titled Two American Dreams; Which is yours?  Recently its publisher realized that, although set in the Sixties (mostly in Berkeley) this novel pertains to the coming US presidential election to a remarkable degree.  With that in mind, they submitted to Amazon a standard advertisement for the novel in both its paper and Kindle formats. Amazon says that such adverts are usually...

from Lars Syll To be fair to academia, it has realized that the pure DSGE model is incapable of explaining observable phenomena so they have introduced numerous amendments, known, oddly, as “imperfections” in the model. Long-term nominal contracts, other labour market frictions, imperfection in credit markets, all these and more are prayed in aid and, either rigorously or more usually ad hoc, introduced into the model, generating lags that mean it can be represented as fitting the data....

from Dean Baker The effort to bring back manufacturing jobs has been a major theme in the 2024 election. Both parties say they consider this a high priority for the next administration. However, there is a notable difference in that the Biden-Harris administration has actively supported an increase in unionization, while the Republicans have indicated, at best, neutrality if not outright hostility towards unions. This distinction is important in the context of manufacturing jobs. Many...

from Lars Syll This is not new to most of you of course. You are already steeped in McCloskey’s Rhetoric. Or you ought to be. After all economists are simply telling stories about the economy. Sometimes we are taken in. Sometimes we are not. Unfortunately McCloskey herself gets a little too caught up in her stories. As in her explanation as to how she can be both a feminist and a free market economist: “The market is the great liberator of women; it has not been the state, which is after...

This is the speech that S.Mavroudeas delivered at the 2nd plenary session of the 17th WAPE Forum (2-4 August 2024, Athens). The general subject of the plenary was «Lenin’s contribution to Political Economy’. [embedded content] View this document on Scribd

I had the honour to be awarded the Marxian Economics Award by the 17th WAPE Forum (2-4 August 2024, Panteion University). The Marxian Economics Award is founded by the World Association for Political Economy (WAPE) to economists of different countries in the world who have made important innovations in the research of theories, methodology and application of Marxist economics. This is the acceptance speech that I delivered in acceptance of the award. [embedded content] View...

from Peter Radford – a critique of the absurdity of economics I finally read “The Accountability Machine”, the book by Dan Davies.  It’s worth the effort.  You can read it in a number of ways.  As a peon to cybernetics and Stafford Beer.  As a critique of the absurdity of economics.  As a summary of the development of management theory.  Or as a summary of the ills of neoliberalism.  It’s a mash-up of all those.  It also has the great virtue of being very readable. Chapter Six will warm...

I have a letter in The Chronicle of Higher Education responding to Steven Teles’ call for more conservative college professors. It’s a shortened version of a longer piece I wrote, which I’m posting here. The fact that conservatives are thin in the humanities and social sciences departments of US college campuses is well known. A natural question, raised by Steven Teles, is whether the rarity of conservative professors in these fields reflects some form of direct or structural...

from Lars Syll Paul Davidson, the co-founder of the Journal of Post Keynesian Economics (JPKE) and a leading Post Keynesian economist, died on June 20, 2024, in Chicago. He was born in Brooklyn, NY, on October 23, 1930, about a year after the Great Crash of 1929. He was a staunch defender of the importance of John Maynard Keynes, whose ideas, he insisted, differed fundamentally from those of the Neo-Keynesians who came to dominate American macroeconomics after World War II. He viewed...