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Clint Ballinger
@clintballinger
, 12 tweets, 4 min read Read on Twitter
"Raw Materials in the History of Economic Policy; or, Why List (the Protectionist) and Cobden (the Free Trader) Both Agreed on Free Trade in Corn" cambridge.org/core/books/vis…
Any correct heterodox theory of international trade must highlight the factors of decreasing vs increasing returns industries (primarily impact on domestic economy). #mmt
"Mercantilism and Economic Development:
Schumpeterian Dynamics, Institution Building and International
Benchmarking" google.com/url?sa=t&sourc…
In some ways #MMT on trade is still barter-centric. What is needed is "production-centred economics (as opposed to the barter-centred classical and neoclassical tradition)" Increasing returns & Schumpeterian. (Hint: $,£,¥ is a commodity)
Mazzucato & Wray 2015 is excellent of course "Financing the Capital Development of the Economy: A Keynes-Schumpeter-Minsky Synthesis" papers.ssrn.com/sol3/papers.cf…
MMT must incorporate the factors of increasing v decreasing returns industry to have a complete analysis of international trade (the only thing missing from MMT). Heterodox already has complete description ie amazon.com/How-Rich-Count…
"When our leaders come to lecture poor countries on the right road to riches they do so in almost perfect ignorance of the real history of national affluence."
The role of increasing- vs. decreasing-returns industry in trade/development is empirically shown here, fascinating paper "The Wealth of Nations at the Turn of the Millennium: A Classification System Based on the International Division of Labor" #MMT jstor.org/stable/4140788…
Thoughtful discussion/review of these issues by @martinwolf_ google.com/amp/s/amp.ft.c…
Jane Jacobs' underappreciated (she was one of first to say the Euro could not work) economic writing is also relavant here amazon.com/Cities-Wealth-…
Interestingly, this work by Jane Jacobs can be thought of as a blueprint for how to think about/best organize our vertical & horizontal "money" systems #mm amazon.com.au/Systems-Surviv…
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Christopher 'Stone Cold Loser' Federico
@ChrisPolPsych
This piece from R. Douthat is a good at the odd, esoteric "Ahmari/French" debate on the right. In it, RD actually raises some interesting questions not just about American conservatism, but about the nature of belief systems in general. (1/n) nytimes.com/2019/06/04/opi…
As a preface, this is an esoteric debate, and a good example of why it's prudent not to confuse Twitter or small political magazines with politics writ large. (2/n)
As @_Jon_Green noted, the debate RD refers to will strike most ppl (even a lot of right of center ppl) as weird and it's kind of premised on not being able to "tell the difference between pride month and the great leap forward." (3/n)
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Beatrice Cherrier
@Undercoverhist
1/The 2 final @Bachelor_X debates were on “Are Economic Agents Rational?”

so here’s a thread on how economists have defined rationality across 20th century.

Focus is on 2 debates: status of expected utility theory (EUT) in 50s & of Kahneman & Tversky’s results in 70s to 90s
2/ Narrative arch (oversimplified, b/c, well, twitter) is that of a descriptive behavioral hypothesis (rationality as utility maximization) turned formal & normative as econs seek to emancipate from ties w/ psychology after 1930s, but psychology strikes back from 1970s onward
3/In late 19th century, marginalists pictured rational man as selfish agent evaluating utility at the margin. The ‘law’ of decreasing marg U had psychological underpinnings, as Fechner-Weber law showed that a geometric growth in stimulus resulted in arithmetic growth in sensation
Read 35 tweets
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Beatrice Cherrier
@Undercoverhist
1/ Weekly lecture was on “should economic models be realistic?”

So here’s a thread on the making and legacy of Friedman’s famous 1953 essay (F53), the main reason why economists spent countless hours wrangling over realism in the postwar

kimoon.co.kr/gmi/reading/fr…
2/History hints taken from anniversary book cambridge.org/core/books/met… (see essays by Hammond, Backhouse & Maki) + my assessment

How F53 was written helps understand that widely-held econ methodological beliefs determined by article that WASN'T meant to be big debatable statement
3/ F53 wasn't published in fancy journal, it's write-up of 1946 letter exchanges w/ Patinkin, attempt to counter ≠ lines of work Friedman opposed:

1.Lester attacking marginalism

2.Robinson/Chamberlin’s alternatives to perfect competition

3. Cowles's structural econometrics
Read 23 tweets
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Beatrice Cherrier
@Undercoverhist
1/ Weekly lecture was on “what should come first: theory or data?” so here’s tweetstorm on the history of quantitative economics

Focus was on 1952 ‘Measurement w/o theory' debate b/w Cowles & NBER – replayed as structural vs reduced-form in 2000s & uses of machine learning now
2/ this is not thread on history of econometrics, more on econ struggling with inductive/deductive dichotomy, but it's written to be used as reading list. Also, tweet storming = overemphasizing & caricaturing big trends, yet it’s often the minutiae that matter, so it's just hints
3/ neither was this lecture on observation, measurement & quantification proper (here’s a reading list on the topic beatricecherrier.wordpress.com/2017/01/27/the… ) but on inference, aka how econs derive more general trends (in time and space) from limited data sets
Read 33 tweets
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Beatrice Cherrier
@Undercoverhist
I’ve been teaching post-45 mathematization of econ to @Bachelor_X, so here’s a tweetstorm on the topic

2 main ideas:
1)debates were not just on whether to mathematize but which maths to use
2)w/ tools were also imported mathematics epistemology & image battles on pure vs applied
2/ I focus on 50s & 60s, as it was when the use of mathematical 'models' took off in economics (see Backhouse’s figure), though of course math econ has a much older tradition dating back to Cournot, Walras, Marshall, Pareto, Edgeworth…
3/ Context remark: econ was not alone in debating use of math. Exchanges & alliances w/ other social scientists pervasive, as shown by Madow report by Econometric Society & MAA jstor.org/stable/1907269… or sociologist Lazarsfed’s Columbia lecture series & resulting publications
Read 27 tweets
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Matt Stoller
@matthewstoller
It's remarkable how easily we've gotten used to a very strange political dynamic. Donald Trump is President. We've had change elections in 2006, 2008, 2010, 2014, 2016, and 2018. We have powerful plutocrats. This is extremely unusual historically. Also Donald Trump is President.
Despite the stories we're sold, plutocrats in America are an unusual phenomenon. The basis of American political economy thinking has pretty much always been ensuring each citizen had a little bit of property so he can be independent, with the definition of citizen in contention.
The notion that laissez-faire capitalism was a basis of 19th century American economy is a fictional history peddled by a series of German-influenced thinkers. Questions of commercial rights, regulation, and resources were deeply contested.
Read 23 tweets

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