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Putting lipstick on the PIIGS: the health of modern macroeconomics

Ok, so some of the best economists, trained at elite institutions, working for the pinnacle of the of the financial world got it wrong, very wrong. How wrong? Just go ask a Greek citizen. But, of course, we all knew that just by reading the headlines coming out of Greece over the last couple . . . → Read More: Putting lipstick on the PIIGS: the health of modern macroeconomics

Bullshit in absolutes: or how ‘liberal’* economists argue with themselves

We can perhaps amend an old Ethiopian saying to read “absolutes are for infants and kings”. It is catechism worth remembering when arguing with liberal economists. For theirs is not a just sport. In fact, one should never mix sport with justice. As Berlin said long ago (1958):

Everything is what it is: liberty . . . → Read More: Bullshit in absolutes: or how ‘liberal’* economists argue with themselves

How Can a Political Scientist get this and many (freshwater) economists do not

O.k. I wrote this years ago. Maybe 2003, maybe 2005: And while NKs accept the basic logic of the rational expectations augmented Philips curve (that is, that the NAIRU is semi-fixed in the long run) monetary and fiscal policy can … Continue reading →

Gordon V Jackson: the corporate tax cut myth

Apparently Stephen Gordon is having a hard time figuring out where Andrew Jackson, the chief economist for the CLC, got the bizarre idea that: The argument for corporate income tax cuts has been that increased after-tax corporate profits would be … Continue reading →

Gangster Capitalism: Same as it ever was?

If you are going to read one thing and just one thing on the financial crisis and how it is working itself out you need to read this blog post at naked capitalism: the one stop shop for understanding contemporary … Continue reading → . . . → Read More: Gangster Capitalism: Same as it ever was?

The economy lab, the dark age of free trade theory, and the naive view on natural resources and economic development

Over at the Economy Lab in the Globe which Failed, which itself has gone from bad to worse, one of the economists they keep in their stable has either produced an extraordinarily naive analysis or a dishonest one. I am … Continue reading → . . . → Read More: The economy lab, the dark age of free trade theory, and the naive view on natural resources and economic development

The Rebel’s Letter to Mankiw and some thoughts on education in economics

Yesterday I noted that 10 percent of Mankiw’s students walked out of his class to protest what they, rightly believed, to be a heavily biased introduction to economics. I think the students are right. Introductory courses are meant to introdu… . . . → Read More: The Rebel’s Letter to Mankiw and some thoughts on education in economics

Mankiw’s students walk out

So about ten percent of Mankiw’s students figured out that Mankiw is a neoliberal. Harvard students should have known that by grade six. Better late then never I suppose. Filed under: Greg Mankiw, liberal economic theory, Neoclassical, Neoliberal… . . . → Read More: Mankiw’s students walk out