…Keynesian) or fewer (RBC). I will start by discussing the costs of such parsimony. 1) One feature of pre 2008 DSGE models which, it is agreed just won’t do is…

…well as power distribution, within societies. I note, of course, that the ever increasing emphasis on financial theory in economics is itself an offshoot ultimately of capital theory, even if…

…sold at major retailers today, such as legendary Half of Fame MLB pitcher Nolan Ryan’s private label beef that is carried exclusively at Kroger stores, or at his private label…

…that de-emphasizes hill-climbing (optimization theory derived from concave programming) and emphasizes instead hill-finding. There are many potential applications in economic theory, but the theory of the firm stands out. For…

…Bohm-Bawerk, especially the latter’s average-period-production version of capital, which would become the main Austrian theory of capital, and which Bohm-Bawerk used to criticize Marx’s labor theory of value, which Wicsell…

…the prize to Oliver Williamson for new contributions to the old theory of the firm — that is for trying to figure out the optimal amount of vertical integration. In…

Robert Waldmann I wrote a post below on how economic theory as presented to the public and economic theory are very different. In particular, even given the standard super strong…

…goes back to marginal productivity theory. That theory might end up resembling less a wall that Piketty could circumvent than a maze in which he will find himself trapped. Marginal…

…physicians what they already k new, Depakote was a very valuable medication for “off-label” (unapproved uses). In the irony department, prescribing and administering Depakote for off-label uses is legal, and…

…information about products’ energy use. Label is voluntary, and Congress ordered it The Energy Star label is voluntary for products that meet certain efficiency levels, and differs from Department of…