Monthly Archives: March 2011

VIDEO — JAMES BUCHANAN & F. A. HAYEK DISCUSS THE LIMITS OF ECONOMICS

Posted in Phil of Econ, Scientism, Video | 3 Comments

THE BRITAIN HAYEK FORESAW

“The most important change which extensive government control produces is a psychological change, an alteration in the character of the people.”

Posted in Britain | 2 Comments

Michael Spence on Where Macroeconomics Goes From Here

Here. I’m a bit worried, however, Michael Spence has not gotten the memo — i.e. he seems yet to internalize the seminally consequential scientific insight recently re-advertised by David Laidler that “a monetary economy has .. properties that cannot be … Continue reading

Posted in Macroeconomics, math econ | 1 Comment

Quote of the Day – Laidler on Monetary Economics & Equilibrium Modeling

David Laidler: a monetary economy has long been understood by those who have studied it to have properties that cannot be analyzed using the tools of Arrow-Debreu style equilibrium modeling I’ve laid out the “Hayek-Mises” considerations which establish this fact … Continue reading

Posted in Macroeconomics | 6 Comments

ARTICLE: The Vital Causal Elements DSGE Models CANNOT Include — David Laidler

“The Monetary Economy and the Economic Crisis” by David Laidler.  Abstract: The monetary economy has properties that cannot be analyzed using the tools of today’s dynamic general equilibrium analysis. Keynes’s economics, far from being an aberration in the otherwise orderly … Continue reading

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BOOK: The Foundations of Evolutionary Economics by Carsten Herrmann-Pillathn

From Chapter One, “Ontology”: Evolution is emerging as a central theoretical term bridging mainstream and heterodox economics. This points towards the naturalization of economics.  However, in spite of the adherence to physicalist models in mainstream economics, it remains essentially a … Continue reading

Posted in Phil of Econ, Philosophy of Mind, Philosophy of Science | Comments Off on BOOK: The Foundations of Evolutionary Economics by Carsten Herrmann-Pillathn