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Onblog Archive_1

8

 

UE Quixotic Keynes exegesis. Comment on ‘Keynes on the Theory of the Rate of Interest.’

 

LPS  Towards the true economic theory. Comment on ‘What we do in life echoes in eternity’. See * below.

 

LPS  How the intelligent non-economist can refute every economist hands-down. Comment on ‘Dani Rodrik’s blind spot.’ See * below.

 

RWER  It is shrinking debt which eventually explodes the market economy. Comment on David R. Richardson on ‘What does “too much government debt” mean in a stock-flow consistent model?'  Plus  The brain-dead blunder with profit. Plus  Urgent: your methodological check-up. Plus Model bricolage.

 

RWER Nothing to choose. Comment on ‘Dani Rodrik’s smorgasbord view of economic models.’

 

LPS Useful idiots and poor scientists. Comment on Fred Welfare on ‘Dani Rodrik’s smorgasbord view of economic models.’

 

PRI  Monetary policy: no sound theoretical foundation. Comment on Ann Pettifor on ‘Central bank policy rates and the real economy.’ See * below.

 

RWER  History and the identity problem of economics. Comment on ‘History and Economics'.

 

LPS  Neither impressive nor hopeful. Comment on Lars Syll of Dec 6 on ‘The model of all economic models’. See * below.

 

SuM  Methodological kindergarten. Comment on Nanikore of Dec 9 on ‘Using models.’

 

RWER  Wages and profits are not the components of income. Comment on ‘Wages, profits, and inequality.’

 

RWER  How economists became the scientific laughing stock. Comment on ‘The blatant absence of empirical fit of macroeconomic models.

 

RWER  A historical misunderstanding. Comment on ‘Expanding heterodoxy in economic analysis.’

 

RWER  Scientific cave men with a daunting message. Comment on ‘The model of all economic models.’ Plus Science and storytelling. Plus Addendum exploding Orthodoxyy.

 

LPS  The ur-blunder of economics and its rectification. Comment on ‘The model of all economic models.’

 

RWER  Swedish muddle. Comment on ‘Sweden debates the economics prize.’ Plus  Six reasons.

 

LPS  One entirely sufficient reason for the shutdown of economics. Comment on ‘Three symptoms of the sorry state of economics.’

 

RWER  Economics is a scientific zombie waiting to be put down. Comment on ‘Tower of Babel.'


UE  The Fisher Effect — a specimen of scientific incompetence. Comment on ‘Once Upon a Time When Keynes Endorsed the Fisher Effect.’ Plus Defects of the monetary order. Plus Abstraction. Plus Silly games. PlusProfit and loss. Plus Beyond the Fisher equation.

 

LPS  The tragedy of Heterodoxy. Comment on ‘Confusing statistics and research.’

 

RWER  Political economics and intellectual corruption.

Comment on ‘Econometrics and the 'empirical turn' in economics.’

 

LPS  Political economics and intellectual corruption. Comment on ‘Econometrics and the 'empirical turn' in economics.’

 

LPS Increasing returns and the art of self-trapping. Comment on ‘Economic growth.’ Plus Dead and buried. Plus Still behind the curve.

 

RWER  Poets are always wrong.


RWER  Profit and the collective failure of economists. Comment on ‘Accumulate, accumulate! Or not.’

 

UE  Black Hole economics. Comment on ‘Thompson’s Reformulation of Macroeconomic Theory, Part V: A Neoclassical Black Hole.’ Plus Employment.

 

RWER  The utter senselessness of political economics.

Comment on ‘Disbelief as Belief.’

 

RWER Heterodoxy as superior alternative. Comment on ‘Deductivist modeling leading economics astray.’ Plus  Fallacies.


UE  How economic thinkers think they think about interest. Comment on ‘Thinking about Interest and Irving Fisher.’ Plus Complementary time preferences and interest.

 

RWER  The substandard standards of distribution theory. Comment on ‘Beyond the standard explanation.’ Plus Laws.  Plus  Behavior and law.

 

LPS Heterodoxy as superior alternative. Comment on ‘Deductivist modeling leading economics astray.’ See * below. Plus  Uncertainty.

 

LPS  A new fall back into old thinking. Comment on ‘Methodological foundations of heterodox economics.’ See * below.

 

RWER Do not moralize — simply beat them. Comment on ‘Mainstream economics — nothing but pseudo-scientific cheating.’ Plus Correct approach.

 

RWER    Pseudo-voodoo-moron-proto-mumbonomics.

Comment on Peter Radford on ‘Republican Pseudo-Economics.’


RWER  Prediction does not work? Try retrodiction first.Comment on Lars Syll on ‘Macroeconomic forecasting’

 

LPS  Do not moralize — simply beat them. Comment on ‘Mainstream economics — nothing but pseudo-scientific cheating.’ See * below.

 

RWER  Profit and the poverty of economics. Comment on ‘Neoclassical distribution theory.’ See * below.

 

LPS  Profit and the poverty of economics. Comment on ‘Neoclassical distribution theory.’ See * below.

 

EV ICYMI Krugman's sycho-sociological agenda pushing.

 

LPS  Habermas, Albert, Robinson, Syll are right — now scrap the crap. Comment on ‘Some unfounded expectations of economic theory.’  Plus There is no like/dislike button in science.

 

RWER Distribution, profit, income and other embarrassments. Comment on ‘Unequal distributions of income.’ Plus No choice. See * below.

 

RWER  No trade-off, Kant said. Comment on ‘The most devastatingly important trade-off in mainstream economics.’

 

UE  Debunking the natural rate of interest. Comment on ‘The Well-Defined, but Nearly Useless, Natural Rate of Interest.’  Plus  The irreparable unreality of all ‘real’ models.

 

EVO The x-th reinvention of evolutionary economics.

 

RWER  Redefining economics. Comment on Lars Syll on ‘Probability and economics.’


RWER Objective determinants of profit and interest.Comment on ‘Interest Rates’.

 

RWER  Coming to terms with formalization. Comment on ‘Limits of formalization in economics.’

 

 

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5

 

RWER  Stop guessing, start thinking. Comment on ‘The guessing game.’

 

RWER  Knowledge vs. belief. Comment on ‘The marginalisation of morality.’ See * below.

 

RWER  The case for pure economics. Comment on ‘On the Euro Summit’s Statement on Greece: First thoughts.’

 

RWER  How to save Greece and Europe at the same time. Comment on ‘Employment in selected Eurozone countries. No austerity or neoliberal miracles.’ See * below.

 

RWER  Profit theory and distribution formulas. Comment on ‘Some important limitations of income inequality data.’ See * below.

 

RWER  The economics of here and now. Comment on ‘An inconvenient historical truth.’

 

RWER  No flip-flop. Comment on Trond Andresen on Euro — the antithesis of democracy. Plus  The way ahead.  Plus  Separation of politics and economics. See * below.

 

RWER  A lesson for Heterodoxy. Comment on ‘In Greece, NO is the answer.’  Plus  True/false is different from good/bad.  Plus  Beware of the 9th circle.  Plus Heterodoxy's big fat Greek error.  Plus  In science, NO is the answer.

 

RWER  It's about institution-building, stupid. Comment on ‘Finance as Warfare.’

 

RWER  From economics to politics to idiotism. Comment on ‘Breaking: ECB states that Euro is reversible and not irrevocable.’

 

RWER  Keynesianism as ultimate profit machine. Comment on ‘Speculative Financial Attacks.’

 

RWER  Ditto and the hazards of diprosopus. Comment on ‘War of finance.’

 

RWER  The double crisis and the real question. Comment on ‘As it happened – Yanis Varoufakis’ intervention during the 27th June 2015 Eurogroup Meeting’

 

RWER  A lesson for Heterodoxy. Comment on ‘In Greece, NO is the answer.’  Plus  True/false is different from good/bad.  Plus  Beware of the 9th circle.  Plus Heterodoxy's big fat Greek error.  Plus  In science, NO is the answer.

 

RWER  From economics to politics to idiotism. Comment on ‘Breaking: ECB states that Euro is reversible and not irrevocable.’

 

RWER  Predictably confused.

Comment on ‘Sir David Hendry on the inadequacies of DSGE models.’

 

RWER  Confounding sociology and economics. Comment on michael burke on ‘Marxism Revisited’.

 

RWER  Two steps towards thruth. Comment on ‘Are all models wrong?’ Plus  A question of principle(s).

 

RWER  Bound to crash. Comment on Steve Keen on ‘Why China had to crash: Part 2.’

 

RWER  How to minimize political confusion. Comment on Peter Radford on ‘Let’s all blame capitalism.’

 

RWER  Back to science. Comment on ‘Unemployment – a long run.’

 

RWER  Time to get rid of political economics. Comment on Peter Radford on ‘Libertarian Economics.’ Plus  ICYMI.

 

RWER  Nominal and real time transfer. Comment on Hazel Henderson on ‘What Americans need: An ‘idiot-proof’ retirement system.’

 

RWER  Quick rethinking of the stock market. Comment on ‘Quick thoughts on the stock market and the economy.’ Plus  The heterodox perspective becomes dominant. Plus  Pygmy economics.

 

RWER  No culpa, only stultia. Comment on Peter Radford on ‘Mea Culpa: Storytelling Part Two.’

 

RWER  False on principle. Comment on ‘A critique of Samuelson’s and Nordhaus’s Principles of Economics.’

 

RWER  Unsmart allocators. Comment on ‘General equilibrium theory — a gross misallocation of intellectual resources and time.’  Plus The Napoleon game.

 

RWER​  Hmmm? Comment on ‘Some Issues Re-visited.’ See * below.

 

RWER  Potentially counter-productive. Comment on ‘Economics departments — breeding generation after generation of idiot savants.’  Plus How to stop idiot-breeding.

 

RWER  Important decisions ahead. Comment on ‘Some Issues.’

 

RWER  Back at Keynes's problem. Comment on ‘Euro area unemployment rate at 11.1% and EU at 9.6% in June 2015.’

 

RWER  What comes after debunking? Comment on ‘Why Real Business Cycle models can’t be taken seriously.’

 

RWER  Stop guessing, start thinking. Comment on ‘The guessing game.’

 

RWER  Knowledge vs. belief. Comment on ‘The marginalisation of morality.’ See * below.

 

RWER  The case for pure economics. Comment on ‘On the Euro Summit’s Statement on Greece: First thoughts.’

 

RWER  How to save Greece and Europe at the same time. Comment on ‘Employment in selected Eurozone countries. No austerity or neoliberal miracles.’ See * below.

 

RWER  Profit theory and distribution formulas. Comment on ‘Some important limitations of income inequality data.’ See * below.

 

RWER  The economics of here and now. Comment on ‘An inconvenient historical truth.’

 

RWER  No flip-flop. Comment on Trond Andresen on Euro — the antithesis of democracy. Plus  The way ahead.  Plus  Separation of politics and economics. See * below.

 

RWER  A lesson for Heterodoxy. Comment on ‘In Greece, NO is the answer.’  Plus  True/false is different from good/bad.  Plus  Beware of the 9th circle.  Plus Heterodoxy's big fat Greek error.  Plus  In science, NO is the answer.

 

RWER  The double crisis and the real question. Comment on ‘As it happened – Yanis Varoufakis’ intervention during the 27th June 2015 Eurogroup Meeting.’

 

BDL Nine views are nine too much. Comment on ‘Forder: Nine View of the Phillips Curve.’

 

EG and BDL Sales talk vs. Science. Comment on Brad DeLong on ‘“We Always Thanked Robert Lucas for Giving Us a... Monopoly” Over Valuable Macroeconomics.’ See * below.

 

MM  Either stupid or duplicious. Comment on ‘What is it with economists and accounting identities?’  Plus  Stupid or duplicitous? Both!

 

EV  No future for the representative economist. Comment on ‘The Future of Work: Why Wages Aren't Keeping Up.’

 

MM  The subtle distinction between storytelling and science. Comment on Wren-Lewis's 'Saving equals Investment?'  Plus:  Keeping the focus on the basic issue. See * below.

 

6

 

RWER  The Coppola method: Adam Smith reincarnated? Comment on ‘What is lending good for? The Frances Coppola view.’

 

RWER  PsySoc -- the scourge of economics. Comment on ‘The fundamental truth about American economic growth.’

 

RWER   Economics: ‘a tale Told by an idiot, full of sound and fury’? Comment on Dean Baker on ‘Biggest lesson from Financial Crisis: Wall Street gets what it wants.’

 

LPS  The irrelevance of economics. Comment on ‘On the irrelevance of formal logic in economic.’ See * below.

 

LPS  Time to make economics a science. Comment on ‘The Nobel prize in economics is a disgrace. Dump it!’

 

LPS  Coming to terms with formalization. Comment on ‘Limits of formalization in economics.’ See * below.

 

LPS  How Orthodoxy buffaloed Heterodoxy. Comment on ‘Deductivism — the original sin of ‘modern’ economics.’ Plus  Clueless at the dead spot.

 

LPS  Economics is an abysmal failure of reason. Comment on ‘What went wrong with economics?’  Plus  Heterodoxy, too, is scientific junk.

 

LPS  Beat me! An invitation nobody can refuse. Comment on Nanikore on ‘How economists argue.’

 

LPS  Two steps towards truth. Comment on ‘Are all models wrong?’ See * below.   Plus  The happy end of the social science delusion.  Plus  ICYMI. See * below.

 

LPS  At last, mathiness problem settled. Comment on ‘Economics — a rogue branch of applied mathematics.’

 

LPS  The philosophy of know-nothingers. Comment on Tom Hickey on ‘What can economists know?’

 

LPS  Schumpeter's two axioms of discourse. Comment on ‘Axiomatic economics — total horseshit.’ See * below.

 

LPS  Trapped in false alternatives. Comment on ‘Validity is NOT enough.’

 

LPS  An epic detour. Comment on ‘Has macroeconomics — really — progressed?’ See * below.

 

LPS  Buridan’s ass economics. Comment on ‘Krugman is right — public debt is good!’ Plus  ICYMI.

 

LPS  No foundations. Comment on ‘Lucas’ caricature of economic science.’  Plus  United in confusion.

 

LPS  The moral of the story. Comment on ‘Robert Solow kicking Lucas and Sargent in the pants.’

 

LPS  Secular intellectual stagnation. Comment on ‘Economics departments — breeding generation after generation of idiot savants.'

 

LPS  Economics: the honeypot for know-nothings. Comment on ‘Kahneman on the Chicago school of libertarian economics.’

 

LPS  Economics as scientific South Seas. Comment on ‘Reconstructing macroeconomics.’ See * below.

 

LPS  Lucas’s humbug. Comment on ‘Macroeconomic ad hocery.’  Plus Freshwater, saltwater, scientific dishwater. See * below

 

LPS  Here it comes: the sexit. Comment on ‘Paul Romer on unscientific freshwater groupishness.’ See * below.

 

LPS  Yes, it's scientific junk, so leave it behind for good. Comment on ‘On the poverty of microfoundationalist fantasies.’

 

LPS  Oh no! How could this happen? Comment on ‘IS-LM vs. Minsky.’

 

LPS  What comes after debunking? Comment on ‘Why Real Business Cycle models can’t be taken seriously.’ See * below.

 

LPS  How to consistently start off on the wrong foot. Comment on ‘The Keynes-Ramsey-Savage debate on probability.’  Plus  We simply do not know — so let us move on.  Plus Stubbornly in the wrong research program. Plus  Appearances and evidence.

 

LPS  How to save Greece and Europe at the same time. Comment on ‘Abandon the euro and save Europe!’ See * below.

 

LPS  The case for pure economics. Comment on ‘Ignoring elementary economics.’  Plus  Cartoon science. See * below.

 

LPS  Extremely long roots. Comment on ‘Schäuble goes Matrix.’ See * below.

 

LPS  Economics, Gödel, and a would-be field day for math-Luddites. Comment on ‘It’s all over — Gödel’s incompleteness theorems.’  Plus  It's all over — but for whom? See * below.

 

LPS  Flight of ideas and the dead end of all econtalk.

Comment on ‘Anti-Keynesianism — in most cases a sign of ignorance.’  See * below.

 

LPS  Lost between pure fiction and parochial realism. Comment on ‘Why economic models constantly crash.’ See * below.

 

LPS  McCloskey and the lizard's tail. Comment on ‘Silly economics.’ See * below.

 

LPS  Warning: Einstein can be hazardous to heterodox methodology. Comment on ‘Econometrics — rhetorics and reality.’

 

LPS  Hold the handle, not the blade. Comment on ‘Debunking the use of mathematics in economics.’

 

LPS  Poisoned, hanged, and shot. Comment on ‘Austerity policies — prescribing rat poison for ailing economies.’ See also RWER

 

LPS  Poor philosophy, poor science, poor job. Comment on 'Adam Smith’s visible hand.' See * below.

 

LPS  Modern economics is dead. Comment on Mark Blaug's 'Modern economics is sick.' See * below.

 

LPS  The science that never was. Comment on ‘Paul Romer on math masquerading as science.’

 

EV  Sticky brains. Comment on ‘Evidence for Sticky Wages.’ Plus ICYMI

 

UM  Economics and the litmus test of science. Comment on ‘Romer v. Lucas.’ Plus ICYMI See * below. Plus  United in confusion.  Plus    Whatever it is, let's call it conservatism.

 

UM  Disoriented and lost in folk psychology.  Plus  Quod erat demonstrandum.

 

MM  Potemkonomics. Comment on ‘Reform and Revolution in Macroeconomics.’  Plus  ICYMI

 

EV  Which revolution? Comment on ‘Reform and Revolution in Macroeconomics.’

 

RWER  Important decisions ahead. Comment on ‘Some Issues.’

 

RWER  Back at Keynes's problem. Comment on ‘Euro area unemployment rate at 11.1% and EU at 9.6% in June 2015.’

 

RWER  What comes after debunking? Comment on ‘Why Real Business Cycle models can’t be taken seriously.’

 

7

 

LPS  ICYMI Out of the time warp.

 

UE  Are economists methodological retards?  Comment on Henry Nov 4 on ‘Keynes on the Theory of Interest.’

 

RWER  A new more Keynesian employment theory. Comment on Lars Syll on ‘Larry Summers — ‘New Keynesian’ economics needs to be replaced.’ Plus Replacement.

 

EVO  Hayek: mad, bad, or just another incompetent economist? Comment on David S. Wilson on ‘The Road to Ideology. How Friedrich Hayek Became a Monster.’

 

RWER  Pointer Interest rate. See * below.

 

LPS  ICYMI New Keynesian economics needs to be replaced.

 

LPS  Scrap the lot. Comment on 'Empirical macroeconomics — a scientific illusion.'

 

LPS  The key relationship between employment and wage rate. Comment on ‘Wage cuts — the ultimate atomistic fallacy.’  See * below.

 

RWER  Free the academy from economics. Comment on David Ruccio on ‘Academic unfreedom in economics.’

 

LPS  Getting out of mumbonomics. Comment on ‘Postmodern discourse mumbo jumbo.’

 

RWER  The key relationship between employment and growing/shrinking debt. Comment on Steve Keen on ‘The unnatural rate of interest.’  See * below.

 

LPS  Stop knowing nothing, start knowing something.

Comment on Lars Syll on ‘Macroeconomic uncertainty. Plus Core-thinking.


RWER  Stop knowing nothing, start knowing something.Comment on Lars Syll on ‘Macroeconomic uncertainty.  See * below.


RFEW  Fundamentally flawed. Comment on Roger Farmer on ‘Demand Creates its Own Supply.’ Plus I=S: Mark of the Incompetent.

 

RWER Moronomics. Answer to Paul Schächterle on ‘Economics, concepts, language and the progress of science.’

 

LPS  Is Keynes acceptable? Comment on Lars Syll on ‘Did Keynes ‘accept’ the IS-LM model?’ See * below.

 

UE    Interest and profit. Comment on ‘Keynes on the Theory of Interest.’ Plus Accounting basics. Plus No hope. Plus  Distributed profit.  Plus Production economy. Plus Loss. Plus Formal proof. Plus Inventory investment. Plus 

exante/expost. Plus Sad fate. Plus  Profit and income. Plus Humpty Dumpty. Plus Shell game. Plus  Allais. Plus Down and out. Plus Paradigm shift.

 

UE  Keynes and the logical brilliance of Bedlam. Comment on ‘Keynes and Accounting Identities.’ Plus  End of confusion. Plus Profit. Plus Embarassement. Plus Footnote. Plus Test. Plus Moronomics.

 

UE  Economics in self-paralysis. Comment on ‘Representative Agents, Homunculi and Faith-Based Macroeconomics.’

 

EVScientifically incompetent. Comment on ‘In Search of the Science in Economics.’ Plus  ICYMI.  Plus   The Science-of-Man fallacy. Plus  ICYMI. Again ICYMI. See * below.

 

EV  Time to make economics a science. Comment on ‘Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel Awarded to Angus Deaton.’

 

NEF  The proto-scientific state of economics. Comment on ‘The fragile state of the world economy.’

 

EE  How to be a good scientist. Comment on ‘How to be a good economist.’  Plus  Time to make economics a science. Plus  Knowledge only — no opinion.

 

CDC  E-money. Comment and correction on ‘As Predicted BOE Head Economist and Time 100 Most Influential Suggests E-Dollar Concept.’ See * below.

 

BB  How to start off at the right foot. Comment on Bill Mitchell on ‘When one false starting premise leads to progressive confusion.’

 

NEP  Corbynomics ICYMI.


TMI  The very real problem of zero scientific utility.Comment on ‘The very real problem of wage inequality.’  Plus ICYMI. Plus ICYMI. Plus   The very real problem of the representative economist.

 

EV  Like an ant on the Möbius strip. Comment on ‘The Fed Must Banish the 1970’s Inflation Devil.’

 

MOM  Lack of understanding. Comment on ‘Revealed Preferences: Fed Inflation Target Edition.’


EV  Confounding Is and Ought: the economist as moralist. Comment on ‘What Happened to the Moral Center of American Capitalism?’


EV  Deflation? Uupps, price theory, too, is wrongComment on ‘Deflation and Money.’  Plus  ICYMI.

 

EV  Always clueless, never speechless. Comment on ‘U.S. Inflation Developments.’ Plus  ICYMI.

 

MM  Much change, no progress. Comment on ‘The day macroeconomics changed.’  Plus  DSGE is just another perpetual motion machine.

 

TW  Common non-sense. Comment on ‘On not understanding the quantity theory of money.’

 

EV  It’s the wage-price-productivity mechanism, stupid! Comment on ‘The Fed Looks Set to Make a Dangerous Mistake.’ Plus ICYMI  Plus  ICYMI Peter K.

 

RWER  ICYMI Incoherence.

 

RWER  Not yet in and not yet out of the wood. Comment on Lars Syll on ‘Phelps’ smackdown on Lucas’ rational expectations.’

 

RWER  Misled by ordinary intuition and common sense

Comment on Edward Fullbrook on ‘The Counterintuitive Problem.’

 

RWER  Economics in self-paralysis. Comment on Lars Syll on ‘Representative agent models — macroeconomic foundations made of sand.’

 

RWER  Misplaced augurs of doom. Comment on David Ruccio on ‘A gathering storm?’ Plus  Crisis, cranks, and scientists.'

 

RWER  The irrelevance of economics. Comment on ‘On the irrelevance of formal logic in economics.'

 

RWER  The Science-of-Man fallacy.  Comment on ‘Don’t throw away Angus Deaton with the bathwater of the Riksbank prize — he’s good!’ See * below.

 

RWER  New thinking, new teaching. Comment on ‘Real world economists and the economics curriculum.’ See * below.

 

RWER  Time to make economics a science. Comment on ‘Key member of Swedish Academy of Sciences calls for immediate suspension of the “Nobel Prize for Economics”’ See * below. 

 

RWER  Demarcation works, but it takes longer in economics. Comment on Asad Zaman on ‘The rise and fall of logical positivism.’  Plus Passionate belief is no substitute for knowledge.