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As I indicated in my previous post about self-driving vehicles, I’m trying to think more about where I’ve gone wrong in my analysis of current issues and trends, hoping to improve. I got some useful comments on that issue, though nothing directly applicable to my bigger predictive failures The most important such failure has concerned the future of democracy, where my views were characterized by clearly unjustifiable optimism (see here and here). I’ve now shifted to extreme...

from Lars Syll Statistical mechanics reasoning may be applicable in the economic and social sciences, but only if adequate consideration is paid to the specific contexts and conditions of its application. This requires attention to “non-mechanical” processes of interaction, inflected by power, culture, institutions etc., and therefore of specific histories which gives rise to these factors … Outside of very specific cases, statistical physics is more likely to provide useful metaphors and...

by New Deal democrat Weekly Indicators for December 13 – 17 at Seeking Alpha [Brief programming note: this coming week will only see existing home sales on Wednesday, and new home sales plus jobless claims on Thursday. In other words – don’t be surprised if I take a couple of days off. Omicron permitting] My Weekly Indicators post is up at Seeking Alpha. While the large majority of the strictly economic data continues positive in all...

from Lars Syll A couple of years ago, former chairman of the Fed, Alan Greenspan, wrote in an article in the Financial Times, re the increased demands for stronger regulation of banks and finance: Since the devastating Japanese earthquake and, earlier, the global financial tsunami, governments have been pressed to guarantee their populations against virtually all the risks exposed by those extremely low probability events. But should they? Guarantees require the building up of a buffer of...

Following below is the video recording of the PANEL 8. ‘Capitalist Accumulation and the Financialisation Hypothesis: a Critical Review‘, that took place during the 15th WAPE Forum. The chair and discussant of the panel was Lefteris Tsoulfidis (Professor of History of Economic Thought, Department of Economics, University of Macedonia, Thessaloniki, Greece). The panelists were: Stavros Mavroudeas (Vice Chair of the World Association for Political Economy, Professor of...

I’ve written a couple of posts about Labor’s social housing fund, showing that it’s smaller than it appears, and that hypothecation (linking housing expenditure to the fluctuating proceeds of an investment fund) is bad policy. But is the underlying idea sound? This is a complicated question, and the answer takes us back to the mixed economy of the mid-20th century To recap, the key idea is to borrow $10 billion at the low rate of interest payable on government debt, invest it in...

from Asad Zaman A previous post Quotes Critical of Economics collected assorted quotes which are useful in writing up different kinds of critiques of economics. In addition, I collected quotes from Romer’s Trouble With Macro which are sharply critical of economics. In terms of the “Loyalty, Voice, Exit” paradigm, I look for “Exit” quotes, which suggest that we need to throw out the entire discipline and rebuild on new foundations; for a proposed alternative, see “Uloom-ul-Umran: An...

WAPE 2021 Forum PANEL 8. ‘Capitalist Accumulation and the Financialisation Hypothesis: a Critical Review‘ Saturday, December 18 @ Beijing 16:10-18:10 (GMT 08:10-10:10, Athens time 10:10-12:10) Moderator: Stavros Mavroudeas, Vice Chair of the World Association for Political Economy, Professor of Political Economy, Department of Social Policy, Panteion University,  Greece Panelists: 1. The Financialization Hypothesis: A Theoretical and Empirical Critique...

Η ΕΕΠΟ συνδιοργανώνει το 15ο φόρουμ WAPE, 18-19 Δεκεμβρίου 2021, «Επανεξετάζοντας την Οικονομική Ανάλυση: Η προοπτική της πολιτικής οικονομίας» 15 ου Φόρουμ της ΠαγκόσμιαςΈταιρείας για την Πολιτική Οικονομία (WAPE) «Επανεξετάζοντας την Οικονομική Ανάλυση: Η προοπτική της πολιτικής οικονομίας » 18-19 Δεκεμβρίου 2021, Πανεπιστήμιο Διεθνών Σπουδών της Σαγκάης, Κίνα Συνδιοργάνωση: Παγκόσμια Εταιρεία Πολιτικής Οικονομίας (WAPE)Ελληνική Επιστημονική Εταιρεία Πολιτικής...