AXECwiki
Onblog Archive_2
12
KPC The problem with macro in two words. Comment on ‘The Problem with Macro in one blogpost. Plus Austrianism in the woods. Plus Garbage in, garbage out.
LPS Rebuilding economics from scratch. Comment on Lars Syll on ‘Economic rebellion’. See * below. Plus Heterodoxy, too, does not understand models. Plus The Georgist School and the improvement of society.
LPS The economic Sisyphus: Forever kicking the can down the wrong road. Comment on ‘Axel Leijonhufvud on the road not taken’. See * below.
RWER Heterodoxy: From bad to better or from bad to worse? Comment on Asad Zaman on ‘The Education of an Economist’. See * below.
EVR Econ and math: forever talking at cross purposes?
Comment on ‘Maths of competitive equilibrium’.
EV High profits and low economics. Comment on Robert Solow on ‘Why Wages Aren’t Keeping Up’. Plus Distribution and the fallacy of composition.
INET The economic Sisyphus: Forever kicking the can down the wrong road. Comment on Arjun Jayadev on ‘The Road not Taken’.
LPS How Keynes messed macro up. Comment on ‘The real tail wagging’. See * below.
RWER Mathiness is NOT the problem — scientific incompetence is. Comment on Lars Syll on ‘Economists — math-heavy astrologers’.
SUM Marginalism is the landmark of scientific incompetence. Comment on ‘Limits of marginal productivity theory’. Plus The zero productivity of economists. Plus
The solemn burial of marginalism.
MM It’s the price and profit mechanism, stupid!
Comment on Simon Wren-Lewis on ‘Its ideology, stupid’.
LPS Where advanced Heterodoxy — represented by Steve Keen — took the wrong turn. Comment on Lars Syll on ‘Physics and economics’. See * below.
RWER Where advanced Heterodoxy — represented by Steve Keen — took the wrong turn. Comment on Lars Syll on ‘Physics and economics’. Plus Observationism — dead since 1600.
BDL If You Meet the Storyteller on the Road, Kill Him.
Comment on Blissex on ‘We Are so S---ed. Econ 1-Level Edition.’
LPS Mathiness is NOT the problem — scientific incompetence is. Comment on Lars Syll on ‘Economists — math-heavy astrologers.’ See * below.
RWER Uncertainty: ‘Whereof one cannot speak, thereof one must be silent’. Comment on Lars Syll on ‘Uncertainty — the crucial question.’ See * below.
LPS The writing on the wall: Economics is NOT a science of behavior. Comment on Lars Syll on ‘Reinhard Sippel’s modern classic’. See * below.
BDL Econ101 or How to train morons. Comment on Brad DeLong on ‘We Are so S---ed. Econ 1-Level Edition’.
BDL Economics ‘a tale told by an idiot ... signifying nothing’. Comment on Brad DeLong on ‘More Musings on the Fall of the House of Uncle Milton.’
EV Indeed, Keynesianism and Monetarism are basically the same proto-scientific rubbish. Comment on Brad DeLong on ‘Why Monetarism Failed’. Plus How Keynes messed it up. Plus The 'god equation' . Plus Worthless political economics.
LPS Uncertainty: ‘Whereof one cannot speak, thereof one must be silent’. Comment on Lars Syll on ‘Uncertainty — the crucial question.’ See * below.
BDL Indeed, Keynesianism and Monetarism are basically the same proto-scientific rubbish. Comment on Brad DeLong ‘Hoisted from Fifteen Years Ago: The Monetarist Counterrevolution.’
RWER Storytelling vs Theory = Politics vs Science. Comment on Thomas Palley on ‘Inequality, the financial crisis and stagnation: competing stories and why they matter.’
BDL No ground to lose. Comment on Brad DeLong on ‘Yes, in Some — Many —Ways Our Macro Debate has Lost Intellectual Ground since the 1930s. Why Do You Ask? Plus From microfoundations to macrofoundations.
LPS Heterodoxy, too, is no longer what it once was. Comment on Lars Syll on ‘When science becomes dogmatism.’
LPS From microfoundations to macrofoundations. Comment on Lars Syll on ‘New Keynesianism — an uncomfortable trade-off.’ See * below.
NOP From mathiness to empiriness: forget it! Comment on Noah Smith on ‘A new age of econ imperialism is coming.’ Plus New age economics in ten bullet points.
RWER The monstrous utility-supply-demand-equilibrium failure. Comment on Edward Fullbrook on ‘The Fisher — Becker Curio.’ See * below.
NYT Krugman’s underlying model of the price mechanism is provably false. Comment on 'Aggregate Supply and Depression Economics'.
EV As Napoleon said: don’t listen to economists. Comment on Robert Waldmann on ‘Brad DeLong Marks His Beliefs about "The Return of Depression Economics" to Market.’ Plus Krugman’s model is false.
RST As Napoleon said: don’t listen to economists. Comment on Robert Waldmann on ‘Brad DeLong Marks His Beliefs about "The Return of Depression Economics" to Market.’ See * below.
EV Profit, marginalism, and other anomalies. Comment on Larry Summers on ‘Corporate profits are near record highs. That’s a problem.’ Plus How the American working class can bring overall profits down to zero without bloody revolution.
RWER Show first your economic axioms or get out of the discussion. Comment on Mart Malakoff on ‘On the Truth of Scientific Theories.’ See * below.
BLO Your profit theory is false. Comment on Justin Fox on ‘When Workers Get More of the Income Pie.’
RWER There is no truth in political economics. Comment on Asad Zaman on ‘On the Truth of Scientific Theories.’ See * below.
TMI The futility of testing economics blather. Comment on Scott Sumner on ‘Fiscal multiplier studies far worse than I thought.’ Plus Aggregation. Plus Austrianism. Plus Testing the employment multiplier first. Plus Austrian blather. Plus Folk psychology is not economics. Plus The zombie wars are over. Plus Austrian waffle. Plus RIP Austrians. Plus Toward the new paradigm. Plus Austrianism is a zombie approach. Plus Science is not negotiable. Plus Economics is a failded science. Plus Take away points.
EV Stanley Fischer: Rewarding scientific incompetence.
Comment on ‘Reflections on Macroeconomics Then and Now.’
LPS Note on mathematical economics. See * below.
LPS Why the Naked-Emperor-Zombie cannot die. Comment on ‘Deep parameters and microfoundations.’ See * below.
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11
EV Economics: neither craft nor science. Comment on ‘Economics is more a craft than a science — The Washington Post.’
RWER and LPS The three fundamental economic laws. Comment on Lars Syll on ‘The non-existence of economic laws.’ See * below.
RWER Economics between truth and blather. Comment on Lars Syll on ‘Science and truth.’ See * below.
MM Macro of and for the scientifically blind and deaf.
Comment on Simon Wren-Lewis on ‘MMT and mainstream macro.' Plus The better approach. Plus Get out NOW. Plus
Full employment.
NOP How to get out of the morass of ignorance. Comment on Noah Smith on ‘New paradigms in economic theory? Not so fast.’ Plus Blather does not count for much. Plus Out of the scientific Neanderthal. Plus Out of science. Plus
Science is about proof. Plus Proceed to the new paradigm.
LPS Vain hopes in the ruins of economics. Comment on Lars Syll on ‘Noahpinion and the empirical ‘revolution’ in economics.’
NOP Vain hopes in the ruins of economics. Comment on Noah Smith on ‘New paradigms in economic theory? Not so fast.’
RWER Helicopter money — a free lunch for the one-percenters. Comment on Erwan Mahé on ‘The arrival of helicopter money.’
RWER Hayek was not an economist. Comment on Maria Alejandra Madi on ‘Economic discourse and the market.’ See * below.
EV The FED should first of all get economics right. Comment on ‘The Fed Should Allow Wages to Rise.’
RWER Toward the true economic axioms. Comment on ‘The gross substitution axiom.’ See * below.
RWER “As goes GM, so goes America” — A rather ordinary fallacy of composition. Comment on David Ruccio on ‘For years I thought what was good for our country was good for General Motors, and vice versa.’ See * below.
LPS Lucas: Confession of a scientific write-off. Comment on ‘Robert Lucas the storyteller.’ See * below.
LPS Toward the true economic axioms. Comment on ‘The gross substitution axiom.’ See * below.
EV Trump and the weaponizing of economics. Comment on ‘Paul Krugman: Trump Is No Accident.’
RWER Economics and the weapons of mass distraction. Comment on Peter Radford on ‘Why Trump?’ See * below.
BDL and EV It’s the price mechanism, stupid! Comment on Bradford DeLong on ‘Ordoliberalismus and Ordovolkismus.’ BDL s
ee * below.
LPS Low-IQ economics: the beginner’s guide. Comment on Thomas Palley on ‘Krugman — self-protectionist free trader.’ See * below.
RWER Low-IQ economics: the beginner’s guide. Comment on Thomas Palley on ‘Self-Protectionist Moment: Paul Krugman protects himself and the establishment.’
RWER Sickness and remedy. Comment on Lars Syll on ‘Modern economics is sick.’ See * below.
RWER Wage, profit, and the counter-intuitive labor market.
Comment on David Ruccio on ‘How the reserve army works.’
RWER Sick or false? Comment on Asad Zaman on ‘Market Fundamentalism.’ See * below.
LPS Sickness and remedy. Comment on Lars Syll on ‘Modern economics is sick.’ See * below.
RWER Why economics is a failed science: the 25 best explanations/excuses. Comment on ‘Krugman’s textbook — mistaking the map for the territory.’
EV The labor market and the consistent failure of 101-economics. Comment on ‘Economics Isn’t Textbook: Why We Need to Raise the Minimum Wage.’
LPS The labor market and the consistent failure of 101-economics. Comment on ‘Economics textbooks and minimum wages.’ See * below.
LPS Why economics is a failed science: the 22 best explanations/excuses. Comment on ‘Krugman’s textbook — mistaking the map for the territory.’ See * below.
EV The labor market and the consistent failure of 101-economics. Comment on ‘What’s Up with Wage Growth?’
RWER Economics and the social science delusion.
Comment on Maria Alejandra Madi on ‘The formal and the substantive meanings of “economics”.’
RWER Finalizing the Keynesian Revolution. Comment on Lars Syll on ‘Mainstream economics — a wildly inconsistent project.’ See * below.
RWER Lawson’s fundamental methodological error and the failure of Heterodoxy. Comment on Lars Syll on ‘Critical realism and scientific explanation.'
LPS Finalizing the Keynesian Revolution. Comment on Lars Syll on ‘Mainstream economics — a wildly inconsistent project.’ See * below.
LPS Lawson’s fundamental methodological error and the failure of Heterodoxy. Comment on ‘Critical realism and scientific explanation.’ See * below.
NOP Orthodoxy?―NO, Heterodoxy?―NO: Scrap ALL this crap! Comment on Noahpionion on ‘Occult Mysteries of the Heterodox.’ Plus The unveiled mystery of economic blather. Plus How to rise above Moronomics. Plus Just one more orthodox absurdity. Plus Stupidity. Plus From Orthodoxy, to Heterodoxy, to Sysdoxy.
RWER Going beyond sitcom economics. Comment on Lars Syll on ‘Bernie Sanders and the Verdoorn law.’ See * below.
EV Going beyond sitcom economics. Comment on Paul Krugman on ‘The Cases for Public Investment.’ Plus
Failure. Plus Cul-de-sac.
LPS Going beyond sitcom economics. Comment on Lars Syll on ‘Bernie Sanders and the Verdoorn law.’ Plus Testing. Plus Beyond silly.
RWER Scientists do not predict. Comment on Lars Syll on ‘Macroeconomic machine dreams.’
EV ISLM is dead and waiting to be buried. Comment on the link to Nick Rowe’s ‘ISLM pictures with interest on money.’
RWER Postmodernism — the philosophy of scientific write-offs. Comment on Robert R Locke on ‘The problem of postmodernism in American economics: an historian’s perspective.' Plus Empiricism.
WCI ISLM is dead and waiting to be buried. Comment on ‘ISLM pictures with interest on money.’ See * below.
LPS Scientists do not predict. Comment on Lars Syll on ‘Macroeconomic machine dreams.’ See * below.
RWER How to creatively destruct Orthodoxy. Comment on ‘The problem of postmodernism in American economics: an historian’s perspective.’ Plus End of storytelling. See * below.
10
LPS Economics — the fly that cannot see the glass. Comment on ‘On the non-existence of economic laws.’ See * below.
RWER Krugman and the scientific implosion of economics. Comment on ‘Krugman versus Sanders.’ See * below.
LPS Causa finita. Comment on ‘How could “testing axioms” be controversial?’
LPS Caught in secular intellectual stagnation. Comment on ‘Signs economists haven’t the foggiest idea.’ See * below.
NSER Caught in secular intellectual stagnation. Comment on ‘What’s wrong with heterodox economics.’ Plus Automatic retirement.
RWER Economists’ perennial trouble with accounting. Comment on Steve Keen on ‘Hey Joe, banks can’t lend out reserves.’ Plus Accounting is pivotal.
RWER How economics finally became a science. Comment on Geoff Davies on ‘Capitalism’s growth problem.’
RWER What heterodox economists are embarrassed to admit. Comment on ‘What mainstream economists are embarrassed to admit.’ See * below.
LPS Economics, too, has almost been ruined by the bigots of common sense. Comment on ‘”Observation is theory-laden” — fashionable philosophical rubbish.’ Plus New methodology.
RWER Political economics: a playground for scientific deadbeats. Comment on ‘What mainstream economists are embarrassed to admit.’ Plus Explaining profit. Plus The Law of Profit. See * below.
RWER Economics’ methodological problem. Comment on ‘Capitalism’s growth problem.’
LPSSuccess is the best method. Comment on ‘Why science necessarily involves a logical fallacy.
LPSThe still unfinished Keynes. Comment on ‘The most important book in the history of economics.’
EVOn economists’ stupidity. Comment on ‘Paul Krugman: On Economic Stupidity.’
RWERHave data, lack theory. Comment on David Ruccio on ‘Why is slow growth a problem?’ Plus Accounting for dummies. Plus Lost in schizo. Plus True theory. Plus Logical and empirical proof.
OLC Have data, lack theory. Comment on David Ruccio on ‘Why is slow growth a problem?’ See * below.
BLO Economists cannot think as well as we thought. Comment on ‘Markets Don't Work as Well as We Thought.’
EV Groping in the dark.
LPS Economists’ three-layered scientific incompetence. Comment on ‘Economic Rebellion — Rethinking economics.’ See * below.
RWER Economists’ three-layered scientific incompetence. Comment on ‘Project: A heterodox macro textbook.’ Plus Paradigm shift.
RWER Coming soon: the canonical economics textbook. Comment on ‘Project: A heterodox macro textbook.’ See * below.
LPS The nothing-to-choose dilemma. Comment on ‘Walrasian economic theory — little better than nonsense.’ See * below.
RWER Incompetence — the original sin in economics. Comment on ‘Deductivism — the original sin in economics.’
LPS Wren-Lewis’s methodological double whammy. Comment on ‘Wren-Lewis on the New Classical Counter Revolution.’ See * below.
MM Wren-Lewis’s methodological double whammy. Comment on ‘Whatever happened to the General Theory.’
RWER Economists cannot do the simple math of profit — better keep them out of politics. Comment on ‘Paul Krugman, Bernie Sanders, and the Experts.’ Plus Naive empiricism. Plus Mathematical incompetence. Plus Storytelling. Plus Scienc. Plus Scientific legitimacy.
EV Economists are a menace to their fellow citizens. Comment on ‘Economics is Changing.’
RWER What comes next? Comment on ‘Theories of Knowledge.’
LPS Incompetence — the original sin in economics. Comment on ‘Deductivism — the original sin in economics.’
EVO The economist’s hajj from Mordor to Mecca. Comment on ‘My Journey to Economic Mordor, and the Woman Who Saved Us.’
RWER Heterodoxy and the nullity of dead horse beating. Comment on ‘Revealed preference and the fundamental flaws of conventional economics.’
LPS Heterodoxy and the nullity of dead horse beating. Comment on ‘Revealed preference and the fundamental flaws of conventional economics.’ See * below.
RWER Economists cannot do the simple math of profit — better keep them out of politics. Comment on ‘Fundamental Flaws of Conventional Economics.’ See * below.
EV Economists cannot do the simple math of profit — better keep them out of politics. Comment on ‘Paul Krugman, Bernie Sanders, and the Experts’ Plus Comments on anne.
LPS The economist’s hajj from Mordor to Mecca. Comment on ‘Economics — still in the land of Mordor.’ See * below.
RWERHow Heterodoxy keeps the Naked-Emperor-Zombie alive. Comment on Asad Zaman on ‘Fundamental Flaws of Conventional Economics.’
EV End of a storyteller. Comment on Links for 01-28-16
LPS End of a storyteller. Comment on ‘Krugman — a Vichy Left coward?’ See * below.
LPS Economists and methodology: the horror of all horrors. Comment on ‘Deduction — induction — abduction.’ See * below. Plus Unskilled users. See * below.
RWER Every thinking economist is heterodox by default, but how do we proceed from here? Comment on ‘Is there a core of heterodox economics that we can all believe in?’ Plus
How to restart economics
RWER The three pillars of English philosophy: Individualism, Darwinism, Political Economics. Comment on ‘David Sloan Wilson on economics and new developments in evolutionary theory.’
LPS Full methodological illiteracy. Comment on ‘Axiomatic economics — the Bourbaki-Debreu delusion.’ Plus Heterodoxy methodology — back to the future. Plus Einstein on methodology. Plus Aristotle and Galilei on methodolog. See * below.
RWER Economists’ slapstick methodology. Comment on ‘Axiomatics — the economics fetish.’ Plus The universe and the goldfish bowl. Plus The methodology of confused agenda pushers. Plus Can’t get out behind the curve? Plus
Deep in the methodological woods. Plus Economists and methodology: the horror of all horrors.
LPS Economists’ slapstick methodology. Comment on ‘Axiomatics — the economics fetish.’ See * below.
9
SuM It’s not the ideology, it’s the methodology, stupid! Comment on ‘Against anti-economics.’ Plus What is economics? Plus What are economists? Plus Agenda pushing or science? Plus You got the point — at least almost. Plus alt Plus Time to come up to speed. Plus Nonentity modeling. Plus Senseless model bricolage.
LPS Axiomatics — the heterodox bugbear. Comment on ‘Axiomatics — the economics fetish. See * below.
LPS The economics of gossip and misplaced humor. Comment on ‘The gussied up economics of Tweedledum and Tweedledee.’
LPS Lousy scientists. Comment on ‘Wren-Lewis and the Rodrik smorgasbord view of economic models.’ Plus Economists’ last Hurrah. See * below.
EV Lars Syll creatively destructs Wren-Lewis. Comment on ‘Is Mainstream Academic Macroeconomics Eclectic?’
MM Lars Syll creatively destructs Wren-Lewis. Comment on ‘Heterodox economists and mainstream eclecticism.’ Plus Lousy scientists.
LPS Lars Syll creatively destructs Wren-Lewis. Comment on ‘Wren-Lewis on macroeconomic eclecticism’
LPS Confused Orthodoxy vs. confused Heterodoxy. Comment on ‘Wren-Lewis on macroeconomic eclecticism.’
MM Confused Orthodoxy vs. confused Heterodoxy. Comment on ‘Heterodox economists and mainstream eclecticism.’
EV Is Paul Krugman necessary? Comment on ‘Paul Krugman: Is Vast Inequality Necessary?’ Plus Wrong question, wrong answers.
EV Are economists natural born scientific failures?
Comment on ‘Is mainstream academic macroeconomics eclectic?’
LPS Are economists natural born scientific failures? Comment on ‘Wren-Lewis on macroeconomic eclecticism.’ See * below.
MM Are economists natural born scientific failures? Comment on ‘Is mainstream academic macroeconomics eclectic?’
RWER Economics: of the stupid by the stupid for the stupid. Comment on Peter Radford on ‘Lamppost Economics?’ See * below.
RWER Scientific dabbler and peddler. Comment on Oleg on ‘Models and forecasts.’ See * below.
RWER The secular stagnation of labor market theory. Comment on ‘The simple political economy of secular stagnation.’ See * below.
LPS Bagehot’s wisdom and the silliness of modern economists. Comment on Nanikore on ‘Krugman on models (II).’ See * below.
RWER Soap-opera economics. Comment on ‘5 things I would like economics majors to know before they graduate.’ See * below.
RWER Economic hallucinations. Comment on ‘DeLong, Summers & Krugman on models.’ See * below.
RWER Which breakdown? Comment on Erik S. Reinert on ‘Capitalism collapses when money flows to the financial sector per se.’
LPS Axiomatized nonentities and the failure of methodologists. Comment on ‘Krugman on models (II).’
RWER Sitcom methodology. Comment on ‘DeLong, Summers & Krugman on models.’ See * below.
LPS Buddha on the microeconomic men in the dark. Comment on ‘Krugman on models (II).’ See * below.
EV Summary on ‘Musings on Whether We Consciously Know More or Less than What Is in Our Models…’ Addendum to Summary.
LPS Switching into constructive gear. Comment on Lars Syll ‘The best advice I ever got as a scientist.’
LPS The future or economics: why you will probably not be admitted to it, and why this is a good thing. Comment on ‘DeLong, Summers & Krugman on models.’ Plus Answer to Bragi. Plus Summary on ‘Musings on Whether We Consciously Know More or Less than What Is in Our Models…’
RWER The future or economics: why you will probably not be admitted to it, and why this is a good thing.
Comment on ‘Clarence Ayres on the economic concept of capital.’
MM Economics between Angelology and Nonentitylogy. Comment on ‘Woodford’s reflexive equilibrium.’
RWER Conceptual blunder. Comment on ‘Clarence Ayres on the economic concept of capital.’ Plus Economics as fool’s paradise.
EV Still on the wrong track. Comment on ‘Striving for Balance in Economics: Towards a Theory of the Social Determination of Behavior.’
LPS The existence of economic laws and the nonexistence of behavioral laws. Comment on ‘The non-existence of economic laws.’ See * below.
MM Austerity and the utter scientific ignorance of economists. Comment on ‘Exploring one set of reasons why austerity happened.’
EV Economics is NOT a science of behavior. Comment on ‘Striving for Balance in Economics: Towards a Theory of the Social Determination of Behavior.’
WCI Worthless Canadian model bricolage. Comment on Nick Rowe on ‘Tight money as binding output quota, and upward-sloping IS curves.’ See * below.
RWER Deficit spending, helicopter money, and profit. Comment on ‘Randall Wray attacks “debt-free-money cranks” based on sloppy arguments
POM Confused confusers. Comment on Eric Lonergan on ‘Sitting on cathedral steps.’
WCI Another X-mas fantasy about IS curves. Comment on Nick Rowe on ‘Upward-sloping IS curves: simple version’. Plus Short proof of the nonexistence of an IS curve. Plus
Worthless Canadian blather. Plus Pavlovian blather (I). Plus Pavlovian blather (II).
NC Money and debt in six elementary steps. Comment on ‘Randy Wray: Debt-Free Money and Banana Republics’. See * below.
RWER Money and debt in six elementary steps. Comment on ‘Randall Wray attacks “debt-free-money cranks” based on sloppy arguments'.
NC ICYMI Money, cranks, and morons. See * below.
RWER Money, cranks, and morons. Comment on ‘Randall Wray attacks “debt-free-money cranks” based on sloppy arguments.
RWER Exponentially growing junk. Comment on Asad Zaman on ‘Capitalism in the 21st Century.’ See * below.
RWER Nowhere land. Comment on Merijn Knibbe on ‘The return of ‘land’ in macro economic discourse. Wonkish.’
RWER Doomed and Damned. Comment on Peter Radford on ‘Beating dead horse?’
RWER Heterodoxy, too, is scientific junk. Comment on ‘What went wrong with economics?’