Discover and read the best of Twitter Threads about #neoclassical
Most recents (6)
Joan Robinson was “probably the best economist alive” in Paul Samuelson’s own words.
@zachdcarter rightfully celebrated her work on monopolistic competition (without which there wouldn’t be new trade theory nor endogenous growth theory) & #monpsony.
Dismissing her work...
@zachdcarter rightfully celebrated her work on monopolistic competition (without which there wouldn’t be new trade theory nor endogenous growth theory) & #monpsony.
Dismissing her work...
...on #capital theory is wrong-headed, because it has fundamental implications for the theory of #distribution.
She realized that there is no “quantity of capital” independent of prices in a world with heterogeneous capital goods.
The existence of...
She realized that there is no “quantity of capital” independent of prices in a world with heterogeneous capital goods.
The existence of...
...such quantity of capital is *crucial* for the #neoclassical theory of distribution, which rests fundamentally on the possibility that price movements will ensure that f’(k) = r.
This “closes” the Solow growth model: the real wage will be determined residually: w = y-f’(k)k..
This “closes” the Solow growth model: the real wage will be determined residually: w = y-f’(k)k..
As promised to @g_m_hodgson & @ingridharvold I got myself a copy of Hodgson’s book e-elgar.com/shop/gbp/is-th…. It’s hard 2 do justice in a thread to the many arguments he makes, but I’ll try to engage. 1/
Among other things, a) Hodgson correctly points out that lack of raison d’etre 4 hetecon may be responsible 4 its marginalization. I also agree that b) agreement on a “core” among hetecons would be desirable. He also notes c) general neglect of micro (I’ll return 2 this). 2/
Reviewing various attempts at self-definition of heterodoxy, Hodgson looks at the late Fred Lee’s “political” project of gathering anti-capitalist economists under the heterodox umbrella as prone to failure; & Tony Lawson’s dichotomy b/w “open” and “closed” systems... 3/
#MustRead new policy note by #GISPscholar Steven Hail (with co-author David Joy) "Federal Debt and Modern Money"
global-isp.org/policy-note-12…
#MMT #JobGuarantee
global-isp.org/policy-note-12…
#MMT #JobGuarantee
“The fallacies of the #neoclassical loanable funds view of interest rates and the related myths about #fiscal #sustainability and crowding out, would be seen to be nonsensical. #Neoliberal narratives would be undercut."
"We could get on with having a rational and well-informed discussion about issues such as the appropriate role and size of the #government within the #economy; the appropriate design of more effective automatic stabilisers like the #JobGuarantee; ..."
The widening gap between the rich and the poor worldwide in the past 40 years has prompted people to reflect on the #neoclassical economics that prevailed, not only reviewing #Keynesianism, but also going over the political economy represented by Adam Smith.
There is also a social ethical perspective besides the market and government perspectives，according to CF40 member Peng Wensheng. mp.weixin.qq.com/s/upwEkbRlSpdT…
The neoclassical school believes that the value of a commodity depends on its utility provided to consumers.
A recent paper by cf40 member Peng Wensheng on counter-cyclical
adjustments from the perspective of Modern Monetary Theory (MMT).The main point he made is that at current stage,#China should mainly rely on expansionary
fiscal policies,especially #tax cuts,to achieve stable growth
adjustments from the perspective of Modern Monetary Theory (MMT).The main point he made is that at current stage,#China should mainly rely on expansionary
fiscal policies,especially #tax cuts,to achieve stable growth
Fiscal expansion can help make broad #money growth less dependent on #credit while facilitating the deleveraging process of non-government sectors. At least currently,“tight credit and loose fiscal policy” can help balance stable growth, structural adjustment,& risk prevention.
Over the past 40 years, under the influence of #neoclassical #economics, people have separated fiscal system from finance. In fact, the two are closely related and are both part of the #government. cf40.org.cn/uploads/newsle…
A recent paper by Peng Wensheng on counter-cyclical adjustments from the
perspective of Modern Monetary Theory (MMT).The main point he made is that at current stage,#China should mainly rely on expansionary fiscal policies,especially #tax cuts,to achieve stable growth. #economics
perspective of Modern Monetary Theory (MMT).The main point he made is that at current stage,#China should mainly rely on expansionary fiscal policies,especially #tax cuts,to achieve stable growth. #economics
Fiscal expansion can help make broad #money growth less dependent on #credit while facilitating the deleveraging process of non-government sectors. At least currently,“tight credit and loose fiscal policy” can help balance stable growth, structural adjustment,& risk prevention.
Over the past 40 years, under the influence of #neoclassical #economics, people have separated fiscal system from finance. In fact, the two are closely related and are both part of the #government. Download this paper at cf40.org.cn/uploads/newsle… 🤓
