Philip Pilkington: Why Economists Fail to Make ‘Rational’ Judgments and Why You Should Too
Economists flunk one of their own tests, and that says a lot about what “economics” really is about.
Read more...Category Archives: The dismal science
The Myth of the Great Moderation
This is a terrific short video on why the Great Moderation and the underlying restructuring of the economy during that period, wasn’t all it was cracked up to be.
Read more...How Milton Friedman Fomented the Barmy “Corporations Exist to Maximize Shareholder Value” Myth
One of my pet peeves is the degree to which the notion that corporations exist only to serve the interests of shareholders is accepted as dogma and recited uncritically by the business press
Read more...Yanis Varoufakis: Europe’s Slide into Deflation, and What to do About It
By Yanis Varoufakis, a professor of economics at the University of Athens. Cross posted from his website. From an interview for Jornal de Negócios by Jorge N. Rodrigues Europe is in the clasp of the deflationary forces that resulted directly from its inane handling of the Eurozone crisis. In this interview, I discuss deflation and […]
Read more...An International Student Call For Pluralism In Economics
A large group of associations of economics students calls for fundamental reform in how economics is taught. And they are already starting to push the envelope on their own.
Read more...Bill Black: Since When Does Refusing to Put Fraudulent Banks into Receivership Help the Economy?
Conservative economists love “creative destruction.” They can’t wait to “get their Schumpeter on” when a business fails and thousands of workers lose their jobs.
There is no more “creative destruction” conceivable than when we put a bank that has become a fraudulent enterprise into receivership, remove the controlling officers leading the fraud, and sell the bank through an FDIC-assisted acquisition
Read more...Philip Pilkington: Piketty’s Regressive Views on Public Debt and the Potential Impact of His Book
Piketty’s Wikipedia page says that he’s a Keynesian. Well, I don’t see it at all. His book contains a section on the public debt in historical perspective and it is desperately misinformed.
Read more...J.D. Alt: GROAF & CONTRAKSHUN
Why “groaf” is the new “growth” and Naked Capitalism readers are duly skeptical of it, along with its young cousin, “jawbs”.
Read more...Philip Pilkington: “The Chosen Ones” – Krugman’s Critique of the Critics
Pilkington examines Paul Krugman’s latest dig at heterodox economists.
Read more...Piketty’s Wealth Gap Wake Up
Michael Hudson discusses how Thomas Piketty’s new book Capital in the 21st Century greatly understates the degree of wealth concentration with Karl Fitzgerald of Renegade Economists.
Read more...MMT Does Do Policy
Randy Wray clears up some of the “bizarre” claims that have been made about Modern Monetary Theory
Read more...Corrupting Piketty in the 21st Century
Like all reformation efforts in the discipline, Piketty (and fellow students of inequality) will be met by fierce internal opposition, the ultimate outcome of which is to twist his work into something it is not in order to pretend that it supports the status quo.
Read more...Philip Pilkington: Unemployment and Wages in the US – A Tale of Institutional Change
A fresh look at historical data shows how the relationship between unemployment and wage growth changed radically starting in 1981.
Read more...Paul Krugman Discusses Piketty’s Capital and the Rise of Inherited Wealth on Bill Moyers
Paul Krugman discusses Thomas Piketty’s new book, Capital in the Twenty-First Century, on Bill Moyers’ show.
Read more...Yanis Varoufakis on the “Success” of Greece’s Bond Sale
Yves here. The RT show Boom/Bust has an informative conversation with Yanis Varoufakis on the conundrum of the recent successful Greece bond offering.
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