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Showing posts with label general equilibrium. Show all posts
Showing posts with label general equilibrium. Show all posts
Saturday, September 16, 2017

Lars P. Syll — Stiglitz and the full force of Sonnenschein-Mantel-Debreu

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Just why is anyone still going to these people for policy advice, let alone putting some of them in charge of setting policy? The pow...
1 comment:
Monday, September 4, 2017

Adair Turner — The Normalization Delusion

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There is a psychological bias to believe that exceptional events eventually give way to a return to “normal times.” But the world economy i...
5 comments:
Friday, June 16, 2017

Andrew Lainton — General Equilibrium – Why Post-Keynsians Can’t Live Without it

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From an MMT perspective, I would put it somewhat differently than Lainton's analysis. General equilibrium means that all markets cl...
5 comments:
Wednesday, December 7, 2016

David Glasner — A Primer on Equilibrium

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Good summary of equilibrium in economics and rational expectations. Uneasy Money A Primer on Equilibrium David Glasner | Economist at the ...
3 comments:
Wednesday, September 21, 2016

Andrew Lainton — The Only Way out of the Romer Conundrum is to Dump Wicksells Rocking Horse

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All of these models are based on a parable of equilibrium based on Wicksell’s Rocking Horse model. We now know this to be mathematically fa...
1 comment:
Sunday, May 8, 2016

Lars P. Syll — The biggest mistake in the history of macroeconomic thought

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Roger Farmer on Paul Samuelson's tragic mistake in synthesizing Keynes and neoclassical economic. Lars P. Syll’s Blog The biggest mist...
3 comments:
Wednesday, January 20, 2016

Bill Mitchell — The Modigliani controversy – the break with Keynesian thinking

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I have been continuing the research for my next book (hopefully to be finished by May 2016) on the way in which the neo-liberals convinced ...
Thursday, October 22, 2015

David Glasner — Keynes on the Theory of Interest

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Criticism of Keynes on the Theory of Interest Uneasy Money Keynes on the Theory of Interest David Glasner
Tuesday, October 13, 2015

Jason Smith — The representative macro-theory agent differs from micro-theory agents

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Jason Smith comments on David Glasner's recent post . Here is my comment, which I tried to post there without success. The problem is...
5 comments:
Saturday, August 15, 2015

Lars P. Syll — General equilibrium theory — a gross misallocation of intellectual resources and time

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Almost a century and a half after Léon Walras founded general equilibrium theory, economists still have not been able to show that markets ...
Saturday, June 6, 2015

Lars P. Syll — Equilibrium economics — scandalous and dangerous

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Politicizing pseudo-science. Fred Hahn quote. Lars P. Syll’s Blog Equilibrium economics — scandalous and dangerous Lars P. Syll | Profe...
Wednesday, May 20, 2015

Liberty Street Economics — Why Are Interest Rates So Low?

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Everything you wanted to know about the natural rate of interest as the core of monetary policy and how it is estimated, being unobservab...
1 comment:
Sunday, March 29, 2015

Sandwichman — Is the Economic System Self-Adjusting?

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Keynes contra Krugman. (Nice Keynes quote you may want to file.) Econospeak Is the Economic System Self-Adjusting? Sandwichman
1 comment:
Thursday, February 5, 2015

Lars P. Syll — Finding equilibrium

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Why conventional macro is a waste of time. Mistaking a special (stylized) case for the general case. Proving that there is a special stylize...
Tuesday, August 19, 2014

Rajiv Sethi — The Agent-Based Method

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It's nice to see some attention being paid to agent-based computational models on economics blogs, but Chris House has managed to mi...
Friday, August 8, 2014

Lars P. Syll — On the irrelevance of equilibrium economics

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All concepts, general statements, and theories are abstractions from experience. However, not all uses of concepts, general statements, and ...
Sunday, December 22, 2013

Peter Radford — Quote of the day #3

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Why econometric modeling of general equilibrium is bonkers. Real-World Economics Review Blog Quote of the day #3 Peter Radford
Monday, December 2, 2013

Lars Syll — Modern economics — emperor without clothes

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Almost a century and a half after Léon Walras founded neoclassical general equilibrium theory, economists still have not been able to show ...
Sunday, November 17, 2013

Peter Radford — Quote[s] Of The Day #2

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Economists have made the study of economies more tractable – some would say they have simplified things – by sealing off all the exits and ...
1 comment:
Monday, October 7, 2013

Lord Keynes — Lavoie on Administered Prices

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The consequences of this are the following: (1) one of the major (alleged) mechanisms driving an economy to Walrasian full employment equ...