Tag Archives: Uncategorized

Not all prices are market exchange prices. I’ve been writing about administered prices (here and here) and ‘commons’ prices (here). In January, I hope to make a first small step towards a badly needed periodic table of prices. Today a new element, Gift Exchange Prices. Gifts are like the Greeks. They come in many varieties. But always, something is transferred from somebody to somebody, even when there often is no market price or even transfer of ownership. There might be a transfer of...

My latest piece in Crikey, responding to Bernard Keane’s argument that Labor should stick with the Stage 3 tax cuts. Also available at my Substack blog Share this:Like Loading...

That’s the title for my latest piece in The Conversation, reposted at my Substack blog. Comment here or at Substack. Share this:Like Loading...

A warning (for comments I guess). I really like to answer rhetorical questions. The answers are quite long. I can semi remember one. Being clever (as he often is*) Matthew Yglesias asked how and when the Democratic Socialists became bitter adversaries of the Social Democrats, which is odd since both phrases are translations of the same polysyllabic German word. I happened to know the approximate answher (I didn’t recall the exact date which turns...

from Yoshinori Shiozawa Review of John Komlos, Foundations of Real-World Economics / What Every Economic Student Needs to Know, Third Edition, 2023 Introduction This review article must not be too long. Readers of this Real-World Economics Blog are accustomed to read posts less than one thousand words. I want to limit it within three thousand words. In view of the objective of the new book review series (to create a forum to inform each other), this must be too short. No detailed account...

My latest Blogstack It’s now just over 18 months since the 2022 election, so we are halfway through the the Albanese government’s term. At this point, it looks highly unlikely that the government will be returned with an outright majority, whenever the next election is held. So, it’s worth thinking about the government’s strategy, why it has apparently failed and whether it ever had a chance of success.Even before the 2019 election Albanese was positioning himself to challenge...

from Peter Radford This is just for fun.  It’s nearly the holiday season after all. Let’s tell a story: a friend of ours here in southern Vermont was looking for a job.  She saw an advertisement posted by a local business.  Or, perhaps, she heard something about a job from a friend.  In any case she applied and got the job. Well done. Her wage is, naturally, determined by her marginal productivity.  We all know that.  All wages are determined by individual worker marginal productivity....

from Asad Zaman and WEA Pedagogy Bog I recently gave a talk to students of Modern Money and Economics of Sustainability at Torrens University. The video of the talk is here. I have also written up some notes about this talk which clarify some points only sketched briefly in the talk, and provide links to more detailed discussions.  The following writeup provides some details and background missing from the talk, and also links to related materials: The transition from a traditional...

My latest, published in The Conversation and on my Substack Share this:Like this:Like Loading...

from Lars Syll “the heart of darkness in ‘New Keynesian’ macroeconomics” Macroeconomic models may be an informative tool for research. But if practitioners of ‘New Keynesian’ macroeconomics do not investigate and make an effort to provide a justification for the credibility of the assumptions on which they erect their building, it will not fulfil its tasks. There is a gap between its aspirations and its accomplishments, and without more supportive evidence to substantiate its claims,...