jlou , to economics group

David Ellerman on Mistakes and Metaphors in

https://youtu.be/fvWJ10ONPkY

"A core part of neoclassical @economics is the marginal productivity (MP) which is used to address ... in production--at least in the ideal ... model. It is... remarkable... that like Piketty, Stiglitz, ... Keen, etc., who ... 'criticize' MP theory only attack the empirical shortcomings of the theory, and have no criticism of the ideal model itself."

@economics-that-works

Nonilex , to random
@Nonilex@masto.ai avatar

16 -winning signed a letter warning the re-election of would ‘reignite’ , harm the US & lead to higher for .

Joseph Stiglitz & other say Trump threatens ’s standing in the world.

In the letter released Tues, the economists said that the candidate would stoke & revive high inflation w/his “fiscally irresponsible budgets”.


https://www.axios.com/2024/06/25/nobel-prize-winners-biden-economy-trump-inflation

Nonilex OP ,
@Nonilex@masto.ai avatar

The signatories also praised President Joe ’s record on the , including a “remarkably strong & ” recovery in the market since the .

“While each of us has different views on the particulars of various policies, we all agree that ’s economic agenda is VASTLY SUPERIOR to Donald ’s,” the said.

appassionato , to bookstodon group
@appassionato@mastodon.social avatar

ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism by Yves Smith

“Lost your job, lost your life savings, the country's going down the proverbial - want to know who did it? Yves Smith tells the tale of how bad economics created the foundations for the 'Madoff economy'.

@bookstodon




ECONned examines the unquestioned role of economists as policy-makers, and how they helped create an unmitigated economic disaster. Why are we in such a financial mess today? There are lots of proximate causes: over-leverage, global imbalances, bad financial technology that lead to widespread underestimation of risk. But these are all symptoms. Until we isolate and tackle fundamental causes, we will fail to extirpate the disease. Here, Yves Smith looks at how economists in key policy positions put doctrine before hard evidence, ignoring the deteriorating conditions and rising dangers that eventually led them, and us, off the cliff and into financial meltdown. Intelligently written for the layman, Smith takes us on a terrifying investigation of the financial realm over the last twenty-five years of misrepresentations, naive interpretations of economic conditions, rationalizations of bad outcomes, and rejection of clear signs of growing instability. In eConned, author Yves Smith reveals: --why the measures taken by the Obama Administration are mere palliatives and are unlikely to pave the way for a solid recovery --how economists have come to play a profoundly anti-democratic role in policy --how financial models and concepts that were discredited more than thirty years ago are still widely used by banks, regulators, and investors --how financial deregulation enabled predatory behavior by Wall Street towards investors
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    • bibliolater , to histodons group
    @bibliolater@qoto.org avatar

    "Economists have reported results based on populations for every country in the world for the past two thousand years. The source, McEvedy and Jones’ Atlas of World Population History, includes many estimates that are little more than guesses and that do not reflect research since 1978."

    Guinnane TW. We Do Not Know the Population of Every Country in the World for the Past Two Thousand Years. The Journal of Economic History. 2023;83(3):912-938. doi: https://doi.org/10.1017/S0022050723000293 @histodon @histodons @historyofeconomics

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