Tags: philip pilkington

Why Sraffa’s Theory Does Not Contain a Labour Theory of Value

August 12th, 2017
in history, macroeconomics

In my last post I tried to argue that, for a number of reason, once we make additions to Sraffa’s theory to make it comprehensive enough to confront the real world any potential interpretation of the theory in line with the labour theory of value falls apart. more »

A Theory of Consumption and Speculation to Round Out Sraffa’s Theory of Production

August 4th, 2017
in history, macroeconomics

The other day I discussed the fundamental differences between the Sraffian and the marginalist systems. Since then I was perusing Sraffa’s Production of Commodities By Means of Commodities (full PDF available here). more »

Why the Value of Contemporary Money is Not Dependent on the Value of Gold

I note that there is oftentimes confusion today when the gold standard era is brought up. The reason for the confusion when discussing this era is because the monetary system functioned in an entirely different way. more »

Why Economists Fail to Make ‘Rational’ Judgments and Why You Should Too

July 22nd, 2017
in history, macroeconomics

Recently Cameron Murray directed me to an interesting paper entitled Do Economists Recognize an Opportunity Cost When They See One? A Dismal Performance from the Dismal Science. more »

Arguments Against Free Trade and Comparative Advantage

July 15th, 2017
in history, macroeconomics

In response to Krugman’s awful dismissal of heterodox economics the other day (see here) Ramanan has dug up an old quote reminding us that Krugman actually got his Swedish bank prize for being a defender of the status quo. In a 1996 lecture paper Krugman lays out a propaganda plan so that economists can argue in favour of free trade. more »




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