I have been accused of a few things. I appear to have upset some people. For this I apologize.
I need to explain in order that we can all move on.
Let me begin my stating my belief that economics, in all its multiple instantiations, is a vital discipline. It seeks to get at the heart [more…]
Economics is contextual. At its inception this context was the struggle for power as entrepreneurial and landowner citizens tried to wriggle free of the impress of ages old monarchical rule. As political freedoms steadily grew and different societies obtained an ability to critique their rulers and as they managed to change the institutional set up in which [more…]
The 2012 Page, Bartels, and Seawright paper makes interesting reading. I came across it via the Krugman blog and recommend it to you all.
The key is that this is a first small attempt to quantify the difference in perspective between the 'wealthy' and the 'general public'. The paper is thus an important step along [more…]
This is meant as a friendly gentle nudge:
As we all know markets are heavenly creations of exquisite perfection. Free and impersonal markets that is. We just know this. It just is. Free impersonal markets are what have delivered us all from the abominations of servitude and the darkest poverty. They have enlightened us. The have [more…]
How do you calculate the marginal productivity of an economics professor? Especially a tenured professor. Especially a tenured professor who advocates economics theories based upon 'marginalist' thought.
And do they apply those theories to their own lives?
Do they believe that the theories they advocate and promulgate are representations of reality?
If so they [more…]