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Strategies in relation to complexities: From neoclassical cost-benefit analysis to positional analysisPeter SöderbaumIn this essay neoclassical Cost-Benefit Analysis (CBA) is criticized as beinng too simplistic and also too specific in ideological terms. Positional Analysis (PA) is advocated as an alternative based on a definition of economics in terms of multidimensional analysis and …  More    13 Comments A Cognitive Behavioral Modelling for Coping with Intractable Complex Phenomena...

from Lars Syll In Michel De Vroey’s version of the history of macroeconomics, Robert Lucas’ declaration of the need for macroeconomics to be pursued only within ‘equilibrium discipline’ and declaring equilibrium to exist as a postulate, is hailed as a ‘Copernican revolution.’ Equilibrium is not to be considered something that characterises real economies, but rather ‘a property of the way we look at things.’ De Vroey  — approvingly — notices that this — as well as Lucas’ banning of...

We’re publishing some expert ideas about the future of the ECB (and hence Euro money). Two days ago some ideas of Willem Buiter were published, yesterday we published some ideas from Richard Werner. Today some ideas by Thomas Mayer. Beware the last sentence. EMU is incomplete and dysfunctional The European Monetary Union (EMU) is incomplete and dysfunctional. First, it is incomplete, because the quality of book money created by banks through credit extension differs from country to...

This has become a total mess and I moved my algebra over to my personal blog. The point is that the whole discussion depends on the difference in the long term effect of a cut in a tax on capital income on revenue collected from old capital and the effect ofa cut in a tax on capital on revenue collected from old capital. This is an extremely uninteresting issue.

from Norbert Häring Ride-hailing platform operator Uber is often accused of undermining labor market regulations and of overpricing in times of peak demand by “surge prcies”. Uber counters such accusations not only with high-profile lobbyists, but also with the help of top-notch economists, who cooperate in exchange for exclusive data and lucrative consultancy assignments. Even reputable journals publish such sponsored analyisis as if it was science. A recent paper by renowned MIT...

from David Ruccio The United States is now more than eight years out from the end of the Great Recession and the one-side nature of the recovery is, or at least should be, clear for all to see.   Even as unemployment has dipped below the so-called “natural rate,” workers are far from recovering all they’ve last in the past decade. According to the official data illustrated in the chart above, the labor share of national income remains just above the lowest level it reached in the entire...

I cannot speak for the credibility of the Asian Human Rights Commission, nor about this story they published entitled Pakistan: The last nail in the coffin of democracy. However, it does ring true to me based on other material I have read in Western media. To quote liberally, if not to lift wholesale: The year 2017 in Pakistan has been marked by tussles between state institutions and the army. The chain of events that started with a seemingly whimsical...

As I stated yesterday we will publish some ideas about the future of the ECB. Yesterday some ideas of Willem Buiter were published. He wanted to abolish national central banks, to change the mandate, more transparency and an end to the prohibition of monetary financing. Today: Richard Werner. He warns us that it’s not just about the central bank but also about the ‘normal’ banks. More localism is needed. And the ‘tool’ credit guidance plus more localized banking may be more important...

from Dean Baker It is a bit incredible that we are again being told that tax cuts directed primarily toward the wealthy will create a surge of investment and growth, thereby benefitting everyone. The Republicans may have the power to push their tax cut through Congress, but the claim that ordinary workers will benefit is not the sort of thing that serious people should take seriously. The GOP’s basic story is that a cut in the corporate income tax will lead to a huge burst of investment....