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from Lars Syll Post Keynesian authors have offered various classifications of uncertainty … A common distinction is that of epistemological versus ontological uncertainty, with the former depending on the limitations of human reasoning and the latter on the actual nature of social systems … Models of ontological uncertainty tend to hinge on the existence of information that is critical to the decision-making task. Fundamental uncertainty occurs in “situations in which at least some...

Ο αγαπημένος μας σύζυγος, πατέρας, παππούς, αδελφός και θείος Δημήτρης Μαυρουδέας έφυγε την Πέμπτη για το μακρινό ταξίδι. Γεννήθηκε το 1931 στα Τσέρια της Έξω Μάνης. Σπούδασε στη Νομική Σχολή της Αθήνας. Εντάχθηκε στο δικαστικό σώμα, πέρασε από όλες τις βαθμίδς του και αποχώρησε ως αντιπρόεδρος του Ελεγκτικού Συνεδρίου. Ο εξόδιος αποχαιρετισμός του θα γίνει την Τρίτη 20/12/2022, στις 12μμ στο Πρώτο Νεκροταφείο της Αθήνας. Advertisement...

Most of the time I write dense blogs & research papers. I sent the e-mail below to someone close to me. Afterward, I realized it tacitly says a lot about the state of our society (liberals included). Sometimes, mixing things and writing about them in a different way can be revealing. Sent: Saturday, December 17, […]

from Dean Baker I was having an exchange with an old friend on Mastodon (yes, I’m there now @[email protected]), in which I was arguing that the best way to get alternatives to the current patent system was to have examples of successful drugs developed without relying on patent monopolies. Of course, there are great historical examples, like the development of insulin as a treatment for diabetes or the polio vaccine, but it would be good to have one from the current...

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Because of the seriousness of the world situation, I have decided to get back in the business of doing interviews (which I do not enjoy doing). Here is a link to my interview (13/12/2022) on RT CrossTalk discussing “New Globalization?” In that connection, here is a link to a paper (written in 2018) titled “The […]

from Lars Syll Many American undergraduates in Economics interested in doing a Ph.D. are surprised to learn that the first year of an Econ Ph.D. feels much more like entering a Ph.D. in solving mathematical models by hand than it does with learning economics. Typically, there is very little reading or writing involved, but loads and loads of fast algebra is required. Why is it like this? … One reason to use math is that it is easy to use math to trick people. Often, if you make your...

from Peter Radford Let the dust settle. Absorb the information embedded in the results. Take a deep breath and avoid partisan primping. First: this election was insanely expensive.  Candidates seeking election to Federal office spent an estimated $8.9 billion.  Their state level counterparts spent a further $7.8 billion.   Second:  all that expenditure had little effect.  Sure, the House changed hands, but by the slimmest of margins, and for all the...

That’s the headline for my latest piece in Inside Story, a review of Brad DeLong’s Slouching Towards Utopia and Sebastian Edwards The Chile Project . Some extracts The Chile Project, of which Edwards was a generally sympathetic observer, ranks with Thatcher’s Britain as the paradigmatic case of what I’ve called “hard neoliberalism,” which combines authoritarianism and radical free-market policies …Outside the United States, soft neoliberalism was often described as the Third Way....

Summary: to understand inflation we should not use the neoclassical ‘one good, one worker, one sector, one piece of physical capital’ or Y = f(K,L) concept of production. We should use a concept looking at nominal production (Y(n)) with multiple interrelated sectors (‘S’), multiple products and capital conceptualized not as a physical entity but as ownership rights of land (including natural resources), depreciable capital and ‘non produced’ capital like patents and marketing rights:...