Videos Big power for Little London Their landlord left derelict buildings their estate. But now the community of Little London has found their voice — and they are fighting back. 19 March 2024 Their landlord left empty derelict buildings to decay on their estate. But now the community of Little London...

Keynes and Ramsey on probability .[embedded content] Although Blackburn on the whole gives a succinct and correct picture of Keynes’s view on probability, I think it’s necessary to somewhat qualify in what way and to what extent Keynes “lost” the debate with Frank Ramsey. In economics, it’s an indubitable fact that few mainstream neoclassical economists work within the Keynesian paradigm. All more or less subscribe to some variant of Bayesianism. And some...

Figure 1: The Wage-Rate of Profits Frontier1.0 Introduction This is one in a series of posts demonstrating that the change in the economic life of a machine at a switch point is independent of the change of the capital intensity of the technique at a switch point. I want to illustrate each entry in a two-by-two table in a previous post. The example in this post has two switch points. One fits the traditional Austrian and neoclassical stories, as in the entry in the upper-left of the table....

Shocking Differences Between Modern Capitalism

Just over a century ago, in the spring of 1924, the German left launched an uphill battle to redistribute the wealth of the Hohenzollerns, the ruling family who had lost power with the abdication of Wilhelm II and the creation of the Weimar Republic in 1919. Rich in lessons for today, this little-known episode deserves to be remembered. It illustrates the ability of elites to use the language of the law to perpetuate their privileges, regardless of the scale of their wealth or the...

To follow up on an earlier post on the future of artificial intelligence, AI has been making serious inroads in radiological imaging for a while. Unsurprisingly, histological imaging is the next frontier, and AI is conquering that as well. A subset of lung cancer patients will see metastatic spread to their brains. A recent study reports that deep learning algorithms can distinguish which cancers will, and which won’t, metastasize to the brain based...

Publications Solving the UK’s skills shortage How a National Skilling Wage would future-proof our economy By Alex Chapman, Chaitanya Kumar, Paulo Yunda 19 March 2024 Download the report...

 – by New Deal democrat at the Bonddad Blog Prof. Menzie Chinn at Econbrowser makes the point that the yield curve is still inverted, and has not yet eclipsed the longest previous time between onset of such an inversion and a recession. So he believes the threat of recession is still on the table. And he’s correct about the yield curve, although it is getting very long in the tooth. In the past half century, the shortest time between a 10...

I have received several E-mails over the last few weeks that suggest that the economics discipline is finally changing course to redress the major flaws in the curricula that is taught around the world and that perhaps Modern Monetary Theory (MMT) can take some credit for some of that. There has been a tendency for some time for those who are attracted to MMT to become somewhat celebratory, even to the point of declaring ‘victory’. This tendency is not limited to the MMT public who comment...

The Lost Peace by Robert Skidelsky February 2024As the Ukrainian war enters its third year, there has been renewed, if rather limp, talk of a ceasefire followed by negotiations. The premise is that since neither side can ‘win’, it makes sense to start making peace. Few now remember that the war almost ended before it got going. On 24 February 2022, Russia launched ground and air attacks on Ukraine on four fronts. On 28th February 2022, Russian and Ukrainian officials came together to...