The Great Unwinding: Some Thoughts on the Incoherence of Mainstream Economics

December 15th, 2017
in history, macroeconomics

by Philip Pilkington

A recent post by Lord Keynes inspired me to write up some very general thoughts on the state of mainstream economics. Today, I believe, mainstream economics is completely incoherent. What do I mean by that? Well, basically if you are in the mainstream you can pretty much believe in whatever you want these days.

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Automatic Job Storm Coming

by John Mauldin, Thoughts from the Frontline

Almost every weekday, some arm of the US government issues some sort of economic statistic. News media and financial analysts review and report it. Then 99.9% of the adult population, and probably 90% of the financial industry, forget all about it. And they’re probably right to do so.

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Against Marginalist Pricing Theory: US Consumer Prices and Capacity Utilisation

December 9th, 2017
in macroeconomics

by Philip Pilkington

Marginalist economic theory tells us that when there is unemployment of capital resources prices should fall. Some marginalists like the New Keynesians and the neo-Keynesians will supplement this by saying that prices can tend to be ‘sticky’. Let us ignore these for a moment and come back to them in a moment. Let us first take the idea that prices should fall when there is unemployed plant and equipment.

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Renovating the Fed

December 6th, 2017
in Business, Money and Banking

by John Mauldin, Thoughts from the Frontline

Earnings don’t move the overall market; it’s the Federal Reserve Board…. Focus on the central banks and focus on the movement of liquidity…. Most people in the market are looking for earnings and conventional measures. It’s liquidity that moves markets.– Stan Druckenmiller (hat tip Steve Blumenthal)

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Beware the Scholastics! Some Thoughts on the Curriculum Reform Movement

December 2nd, 2017
in macroeconomics

by Philip Pilkington

With the Rethinking Economics student movement in full swing the topic of curriculum reform is once again on the table. For those of you who read this aericle and are uncomfortable with this: sorry, you’ve already lost that debate, you just haven’t realised it yet. The question is now which direction this curriculum reform will take.

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