A couple weeks ago, I found the work of Anwar Shaikh. Briefly, he has developed unique and better models to describe the economy, so that there is no need to use rational expectations, utility functions, monopoly power, and much more. He describes the economy as always developing around the central aspects of Real Competition and […]
OK actually about half a mile from the Oakland border. But as a Bay Area ex-pat I am kind of drooling over the Warriors up-side (and they are already pretty up). Suck it Lakers.
by Mike Kimel “Racial/Ethnic Distribution of Advanced Degrees” I stumbled on a website run by the American Academy of Arts and Sciences that looks at the Racial/Ethnic Distribution of Advanced Degrees\ Here’s a graph from that page: Here’s a follow-up graph:
As the derisive name suggests, it’s an idea economists view with contempt, yet the fallacy makes a comeback whenever the economy is sluggish. — Paul Krugman Isabel V. Sawhill (Brookings): “Time for a shorter work week?“ Dean Baker: “Shorter Workweeks Will Defeat the Robots“ Eva Swidler: “Radical Leisure“ Ilana E. Strauss: “Would a Work-Free World Be […]
R.I.P.
Dan here….Lifted from Robert’s Stochastic Thoughts: Robert Waldmann says: Now I understand why Representatives can’t control their crazy impulses Calling Kevin Drum A House office’s water supply has been tainted by high lead levels and may be unsafe, according to a warning blasted out to congressional offices Tuesday night. via Steve Benen (of course) So […]
Blogger Phil Ebersole writes today in a post titled “Monopoly power and what to do about it” (all boldface in original): The trouble with the U.S. economy is monopoly power. Concentrated business power means less consumer choice, less opportunity for entrepreneurs and greater concentration of wealth. Senator Elizabeth Warren Senator Elizabeth Warren described the problem very […]
by New Deal democrat How “the Ultimatum Game” explains the Populist backlash to Globalism All over the developed world there has been an erupting surge of both left-wing (Sanders, Corbyn, Syriza in Greece, Podemos in Spain) and right-wing (Trump, UKIP, France’s LePen) populism. The global elites recoil in horror. According to most tellings of mainstream […]
A miner borrows $100 for digging equipment. The bank loans him the money. He buys the equipment. He goes into the mountains, digs and brings back a chunk of gold worth $10,000. He sells the chunk of gold to a jewelry maker. How might the variables in this equation be changed? M * V = […]
That is the question Jean Pisani-Ferry asks at Project Syndicate. In the wake of the Brexit vote there is a veritable chorus of experts and economists asking the same question. One explanation I don’t expect to see very often is that the supposed experts systematically ignore their own critical literature. Hubris. Professor Pisani-Ferry inadvertently presents an […]