American Decline To Accelerate?

November 10, 2014

This is off topic:

I have a number of American friends who are Republicans. For years they have berated Obama for a lack of leadership. They consider him arrogant yet ineffectual. They blame him for what they perceive as a decline in the power and prestige of America.

This is twaddle. But it is commonplace.

[more…]

DSGE Is a Plutocratic Tool

November 7, 2014

Hah! That caught your attention.

People who criticize General Equilibrium - henceforth GE - often fail to mention one of its major benefits to mainstream economists, one that explains its tenacity despite its obvious irrelevance as a real economic artifact.

This is that it is a weapon that allows economists to expunge politics from their [more…]

Mind the Gap

October 30, 2014

I wonder when economics will reconnect with modern thought. I wonder, for instance, when economics will take on board contemporary theories about real human behavior and jettison its antiquated and utterly unreal notions of rationality.

Not that I will hold my breath.

One of the great planks of orthodox economics is its odd fascination with rationality. It [more…]

There He Goes Again

I have a friend who can be guaranteed to wax lyrical about anything Barack Obama does.

Me? Not so much. I have never been a big fan. I look at him as being the least worst option. Good on a few social issues, making a start on health care, botching bank reform [horribly], and generally [more…]

First Friday

Coming soon are First Friday graphical presentations. [more…]