William K. Black
February 29, 2016 Brooklyn, N.Y.
A blogger has trolled all heterodox economists as believers in the “occult.” More precisely, he is upset about “econ people” (who are likely not economists) and who tweet him or post comments on his blog site. The blogger further complains that these commenters say that they believe in heterodox economics and “new methodologies [that] are poised to topple mainstream economics.” He then goes on to say: “My typical response is to ask what these new methodologies are. But incredibly, I can almost never get an answer.”
The UMKC economics department is chock full of heterodox economists who share the blogger’s experience. We too get weird blogs and tweets that are long on revolutionary conclusions and short on specifics. Some of these messages come from folks who say they are heterodox and some from those that write to denounce heterodox economics. We also get an endless stream of policy nostrums from orthodox economists that promise to transform America (in good ways). They have, collectively, transformed America in terrible ways.
Stephanie’s latest podcast. She talks with UMKC Economist Dr. Fred Lee about the micro/maco distinction, Post-Keynesian price theory, the problems with neoclassical economics and his ideas about how to move the discipline in a more useful direction. (Note: There are some audio quality issues but only for the first 30 seconds).
By William K. Black
I wrote yesterday about the “control frauds” (in which the person controlling a seemingly legitimate entity uses it as a “weapon” to defraud) that target purchasers of bad quality goods (“lemons”) and employees. The example I used to explain these concepts was the collapse of the building housing garment factories in Bangladesh. Continue reading
By Michael Hoexter, Ph.D.
[Part 1 is posted here; Part 2 is posted here; Part 3 is posted here]
The Anti-Keynes Revolt
Against the Keynesian consensus of the WWII era and afterwards, there remained marginalized economic schools that held to ideal notions about markets and remained convinced that a reliance on government was tantamount to a “Road to Serfdom” and ultimately led to Communism. The core of the neoliberal campaign, gathered around the Mt. Pelerin Society founded by economist/social philosopher Friedrich von Hayek, denied that government management of capitalism’s excesses was needed and that the price system and the market were pure, self-regulating entities which bring maximum prosperity and liberate the individual. Continue reading