…to tighten the labor market more and try to generate some inflation. A Theory of the Fed Rate Movements based on Effective Demand A measure of the effective demand limit…

From Robert F. Hoxie, Trade Unionism in the United States, 1917: There is much scorn of unionists by economists and employers because of this lump of labor theory with its corollaries….

Michael Boskin makes his case for Bush’s Social Security deform, while Max Sawicky provides the critique. Max briefly touched on two aspects of Michael’s paper that relate to utility theory….

by Mike Kimel Revisiting the Cactus Theory of Development Tyler Cowen links to this paper by this paper by Allen, Murphy and Schneider (warning, PDF!!). Cowen notes: It is a…

…true is vital and unfortunate. As Michael Kanell and I point out in Presimetrics, theorizing based on incorrect facts leads to very poor theory, poor theory leads to abysmal policies,…

…to sustain their anticipated standard of living. The other is within the basic theory of tax breaks generating greater returns. Standard theory says this should lead to greater savings. But…

…of phrases. However, “economic theory” is a sub branch of mathematics. Within economic theory there are defintely false statements such as those made by Mankiw and Fama. I’m not surprised…

by Sandwichman Zero-Sum Foolery 1 of 4: Game Theory Gamesmanship It has become fashionable recently, in denunciations of the lump-of-labor fallacy, to appeal to the notion of a “zero-sum game”…

…Green Lantern Theory of the Presidency? Basically, it denies the very real (and very important) limits on the power of the American presidency, as well as reduces Congress to a…

…mainstream economic theories of the firm, the various competing management theories, and related ideas about aspects of economic theory relevant to organizing coordinated action. Alas, Phillips and Rozworski have apparently…