…an ethically-bankrupt, intellectually-moribund status quo. Maurice Dobb and Robert Hoxie are two economists who defended the positions that mainstream economists derided as fallacious. Ira Steward’s eight-hour theory was disparaged by…
…context of economic debates over the Jensenian shareholder rights theory of the firm, but its application to CU is obvious once you think about it. The article ranges over a…
…who didn’t believe something happened because it was logically impossible. But it keeps on happening. My maxim is that if you think theory is telling you something, think again. Theory…
The division of labor is limited by the extent of the market. The model is a modified version of the simplified Romer 90 model. The modification is that there is…
…that the fiscal stance can be measured by the deficit is plain wrong. In theory it is totally wrong. The evidence (mostly from the balanced budget spending increase to finance…
William S. Lind’s cultural Marxism conspiracy theory boils down to the claim that in his essay, “Repressive Tolerance,” Herbert Marcuse “called for tolerance for all ideas and viewpoints coming from…
…jump, I say that academically prominent macroeconomists who work near great lakes are so far out into theory that they can barely communicate with policy makers or ordinary people. Then…
…Mess We’re In” https://www.nytimes.com/2019/08/24/opinion/sunday/economics-milton-friedman.html which I have read. It is unfair to economists and to economics. Applebaum describes the economic theory which was extremely influential in the 1980s & 1990s….
Bicycles and Wine Tariffs Jeffrey Frankel has a must read blog over at Econbrowser: The “bicycle theory” used to be a metaphor for international trade policy. Just as standing still…
…on strong assumptions so economic theory isn’t very useful. He praises simple empirical work instead. I will discuss Smith contra Acemoglu, Chernozhukov, Werning and Whinston and Smith pro Sergio Correia,…