Confusing Accounting Identities With Behavioral Equations

January 4th, 2015
in macroeconomics

Fixing the Economists Article of the Week

by Philip Pilkington

Here’s an interesting little debate from earlier this year that I came across yesterday evening. It is between a number of market analysts over whether the current stock market is overvalued. Why is that interesting? Because the argument is focused on one of the best known foundational stones of heterodox economics: the Levy-Kalecki profit equation.

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Debunking the Stubborn Myth that War Is Good for the Economy

January 4th, 2015
in macroeconomics

by Washington's Blog, Washington's Blog notes:

One of the more enduring myths in Western society is that wars are somehow good for the economy.

It is vital for policy-makers, economists and the public to have access to a definitive analysis to determine once and for all whether war is good or bad for the economy.

That analysis is below.

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Lumpiness, Uncertainty and 'Infinite' Choice: Three Elements of the 'Utility Maximization' Fraud

January 3rd, 2015
in macroeconomics

Rebuilding economics: 3 steps to clearing the ground

by Unlearning Economics

This appeared originally at The Institute for Dynamic Economic Analysis Blog.

Agents in neoclassical economics typically maximise some function, such as utility (‘satisfaction’) in consumption, or profits in production. Taken at face value, this is a transparently unrealistic depiction of how the world works, since it’s pretty difficult for people or firms to truly ‘maximise’ anything – especially something as intangible as utility – in the real world. But economists have shown that if you start with some not-too-unreasonable assumptions about human behaviour, then you can derive relationships that are functionally equivalent to maximising behaviour.

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Hello 2015! What Do You Have In Store for Us?

January 3rd, 2015
in aa syndication, weekly economic summary

Written by

Life as an investor has been very different since the Great Recession - and I did not anticipate the large drop in oil prices this year. Oil price decline will have so many knock-on effects (good and bad) that it is difficult to understand the timing or intensity of the effects.

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Construction Spending Growth Declined in November 2014. Continued Softness in Private Sector Construction.

January 2nd, 2015
in aa syndication, construction spending

Written by

The headlines say construction spending declined this month - the data is volatile and backward revisions distort the picture. However, the rate of growth looking at the unadjusted rolling averages has been stable. Noteworthy is a continued softness in private sector construction with some strengthening in public sector construction.

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