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    Economics, Politics, Uncategorized / Democrats, elections, inflation, minimum wage, unemployment /

    Reflections on the Election results

    December 8, 2022

    Let the dust settle. Absorb the information embedded in the results. Take a deep breath and avoid partisan primping. First: this election was insanely expensive.  Candidates seeking election to Federal office spent an estimated $8.9 billion.  Their state level counterparts spent a further $7.8 billion.   Second:  all that expenditure had little effect.  Sure, the […]

    Economics / economic theory, Economics, General equilibrium, Hutton, Philip George, real world economics /

    We Need Our Hutton

    September 21, 2022

    This caught my eye: “Debreu noted in his Nobel Prize lecture that the success of the mathematization of economic theory depended “on the fact that the commodity space has the structure of a real vector space”. We have shown that this is incorrect. The “price vector” is not a vector, and GET [General Equilibrium Theory] […]

    Economics / economic theory, Economics, economics education, ethics /

    The Price of Economics

    September 20, 2022

    Thank you Mariano Torras. You said the following in a letter to the Financial Times: “I would venture that there is a professional motive for perpetuating — through the use of elegant and abstract models — the fantasy that economics is a science.  The prestige, the stature and influence that such a myth permits is undeniable.  Yet, […]

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