The section on capital from Joan Robinson’s 1970 review of Charles Ferguson’s The Neoclassical Theory of Production and Distribution employs the “lump of leets” motif to highlight a key issue…

…Hutt, author of the Theory of Collective Bargaining, who “[s]hortly after the General Theory appeared… argued that it was a specific for inflation.” Hutt, whose earlier book on collective bargaining…

I jump at a rare chance to disagree with Paul Krugman and as a bonus also with my very good friend Brad DeLong, because Krugman just tweeted that Brad is…

…binding and anticipate their share of paying for the national debt. This idea is clearly crazy. Even Ricardo (who generally lived in a world of theory detached from reality) wrote…

…This was because it runs completely contrary to their theory that free trade leads to economic liberalization, which in turn leads to political liberalization. This theory has been repeatedly and…

…stuff, and their great strengths are procedures and diagnoses in the cases. Their great weakness is understanding general-equilibrium theory. That last sentence brought back memories. I was in a small…

In a semi-rational world, Trump and Senate Republicans would have agreed to a reasonably generous economic relief package along the lines of the HEROES Act approved by the House. Without…

From the WAPO: Despite her outward signs of success, Ryan had struggled financially for years. She was still paying off a $37,000 lien for unpaid federal taxes when she was…

Noah Smith (and many others) is irritated by a puff piece about Stephanie Kelton and modern monetery theory MMT by Jeanna Smialak in the New York Times. I am not…

…book, switching to it then to justify his theory of human populations tending to press upon the means of subsistence. Ricardo relied on Malthus’s theory to underpin his depressing Iron…