Exploring Inequality: Real Wages and Productivity Growth

August 18th, 2017
in macroeconomics

by Philip Pilkington

I recently had an argument with a few New Keynesian types in the comments section of Lars Syll’s blog. I won’t get into the nuances here as they are not very interesting. Basically the New Keynesians were trying to defend the idea that, in the long-run, wages are indeed flexible. The argument went nowhere partially, I think, because they misunderstood what the phrase “wages are flexible in the long-run” means.

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What I Learned at (Economics) Summer Camp

August 17th, 2017
in macroeconomics

by John Mauldin, Thoughts from the Frontline

All over America, kids who were fortunate enough to go to summer camp are busy telling mom and dad what they did. Their stories will be suspiciously incomplete, but that’s OK. We know they learned something.

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The Global Energy Transition: Will Renewables Save Us?

August 17th, 2017
in energy

by Elliott Morss, Morss Global Finance

Introduction

Even with the US pulling out of the Paris Accord, there has been a lot of positive press about growth in the use of renewable energy worldwide. In this piece, I look at energy data to illustrate what has really been happening.

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Fighting Colony Collapse Disorder: How Beekeepers Make More Bees

by Timothy Taylor, Conversable Economist

Bees and pollination play an important supporting actor role in economic discussions of how and when markets will work well.

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

August 12th, 2017
in history, macroeconomics

by Philip Pilkington

Article of the Week from Fixing the Economists

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. In that post, however, I never dealt with why some people have sought out a labour theory of value in Sraffa’s work.

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