#Neoclassical

Been seeing fragments of a discussion among neoclassical economists who are confused about MMT. I’m somehow too busy to peruse the thread (no idea how that happened), to see the
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Academic economists seem to think they're doing a lot to address bad economics by endlessly rehashing big, important arguments and issues from days gone by, tramping in a little huddle
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What does #econtwitter think about the following: These days, many economists like to label themselves as either mainstream or heterodox economists. These self-labellings are in my opinion imprecise and sometimes
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What this illustrates, which I think a lot of people miss, is that MMT 101 shouldn't actually be that controversial. The fact that it is and so many people have
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Joan Robinson was “probably the best economist alive” in Paul Samuelson’s own words.@zachdcarter rightfully celebrated her work on monopolistic competition (without which there wouldn’t be new trade theory nor endogenous
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There’s a thing called three-body problem in science which tells that if there are more than three objects it’s basically impossible to describe the motions of individuals objects. There are
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In Disney's Hercules (1997), after Herc and Meg ditch Phil to go on a date, they stroll through a statue garden. They talk a bit, things are awkward, Meg trips
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*Bad take* alert here. Neoclassical growth theory rests fundamentally on the f'(k) = r profit-max condition. There is no real wage without this, since w = f(k)-f'(k)k because of constant
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Because I'm such an impressionable person, I've gone absolutely Renaissance mad since watching the new Leonardo series - especially when I realised I could cobble together some costumes out of
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Absolutely intriguing @CESifoGroup working paper no 8210 by @AtifRMian, @ludwigstraub and @profsufi on the detrimental effects of ever more indebted households, resulting in a #debt trap where HH reduce their
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Economic Development (Transformation) is based on the concept of Strategic Malinvestment. Some of you may know it as “Overlending”. This is more than just about funding key industries but about
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In Disney’s Hercules (1997), right after Meg finishes the first refrain of “I Won’t Say I’m in Love,” she walks into a part of the garden filled with statues, each
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For once I am not going to talk about MMT.I am going to talk about *mainstream* neoclassical economics. We are told Tax's fund spending, and any spending above taxation is
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New music thread: I'm gonna try to link to one fun, energetic, uplifting rock/metal song per day. Hopefully they can provide some fun and energy in these time-warped times of
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The responses to Jim's tweet illustrate a problem with the way most economists use the term monopoly, to mean *any* deviation from perfectly competitive general equilibrium. "Monopoly power" in this
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So there is a kind of circular argument I want to expose. Neoclassical economists & neoliberal ideologues have successfully argued for a social consensus around economic growth on the basis
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