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DSGE Is a Plutocratic Tool

Hah! That caught your attention. People who criticize General Equilibrium – henceforth GE – often fail to mention one of its major benefits to mainstream economists, one that explains its tenacity despite its obvious irrelevance as a real economic artifact. This is that it is a weapon that allows economists to expunge politics from their […]

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Mind the Gap

I wonder when economics will reconnect with modern thought. I wonder, for instance, when economics will take on board contemporary theories about real human behavior and jettison its antiquated and utterly unreal notions of rationality. Not that I will hold my breath. One of the great planks of orthodox economics is its odd fascination with rationality. It […]

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Stagnation

I will keep this short: I have been taken aback by all the talk about the apparent onset of something called secular stagnation. Today’s Financial Times gives us another dose of it in an article by Gavin Davies. The basic argument seems to be that since both population growth and worker productivity are declining somewhat […]

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