Is Heterodox Economic Pedagogy Flawed?

  I won’t bury the lead.  Yes I think heterodox pedagogy is critically flawed at least at the popular and undergraduate levels.  Yesterday I had the fortune of bearing witness to a exchange between a sociologist and an economist.  Both are well published and respected within their respective fields.  Predictably, it was a dialogue of ...

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 of ...

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 ...

The real Zombie that won’t die: The Myth of Crowding Out

Don’t get me wrong I am really encouraged that  Mr. Moffatt took it upon himself to echo what we should all know by now: debt is not the story behind the Euro crisis.  And as Mike rightly points out the real story is the rural idiocy of austerity and the absence of control over monetary ...

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 →