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The Reformation In Economics
''The Reformation in Economics'' is a book written by the Irish economist Philip Pilkington. It is a book that aims to deconstruct contemporary neoclassical economic theory in order to determine to what extent it is scientific and to what extent it is ideological. The book is divided into three sections: ''Ideology and Methodology'', ''Stripped-Down Macroeconomics'' and ''Approaching the Real World''. The first section of the book engages in a deconstruction of economic theory that seeks to weed out the ideological elements of economic theory while introducing a coherent methodology that allows for the reconstruction that follows. The second section lays out a theory of the macroeconomy that builds on the methodology described in the first section and tackles: money, prices, profits, income distribution, income determination, investment and finance. The final section sketches out how such a theory should be applied to real-world empirical data, with a particular emphasis on the fa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Philip Pilkington
Philip Pilkington is an Irish economist working in investment finance. He became well-known for his critiques of neoclassical economics on his blog ''Fixing the Economists''. Since then he has written a book entitled ''The Reformation in Economics'' outlining these critiques, developed an empirical methodology to assess general equilibrium theory and created a new means to estimate both potential output and inflationary pressure in the labor market. Life Pilkington was born in Dublin. He attended C.B.C. Monkstown. Pilkington received his Masters in Economics from Kingston University. His thesis focused on a stock-flow approach to asset price modelling and was subsequently published by the Levy Economics Institute. Works In his article "The Miracle of General Equilibrium" Pilkington argues that all of contemporary macroeconomics is dominated by general equilibrium theory. He argues that both the New Keynesian and New Classical schools take as their starting point the assumpti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tautology (logic)
In mathematical logic, a tautology (from el, ταυτολογία) is a formula or assertion that is true in every possible interpretation. An example is "x=y or x≠y". Similarly, "either the ball is green, or the ball is not green" is always true, regardless of the colour of the ball. The philosopher Ludwig Wittgenstein first applied the term to redundancies of propositional logic in 1921, borrowing from rhetoric, where a tautology is a repetitive statement. In logic, a formula is satisfiable if it is true under at least one interpretation, and thus a tautology is a formula whose negation is unsatisfiable. In other words, it cannot be false. It cannot be untrue. Unsatisfiable statements, both through negation and affirmation, are known formally as contradictions. A formula that is neither a tautology nor a contradiction is said to be Contingency (philosophy), logically contingent. Such a formula can be made either true or false based on the values assigned to its propositi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2016 Non-fiction Books
Sixteen or 16 may refer to: *16 (number), the natural number following 15 and preceding 17 *one of the years 16 BC, AD 16, 1916, 2016 Films * '' Pathinaaru'' or ''Sixteen'', a 2010 Tamil film * ''Sixteen'' (1943 film), a 1943 Argentine film directed by Carlos Hugo Christensen * ''Sixteen'' (2013 Indian film), a 2013 Hindi film * ''Sixteen'' (2013 British film), a 2013 British film by director Rob Brown Music *The Sixteen, an English choir *16 (band), a sludge metal band * Sixteen (Polish band), a Polish band Albums * ''16'' (Robin album), a 2014 album by Robin * 16 (Madhouse album), a 1987 album by Madhouse * ''Sixteen'' (album), a 1983 album by Stacy Lattisaw *''Sixteen'' , a 2005 album by Shook Ones * ''16'', a 2020 album by Wejdene Songs * "16" (Sneaky Sound System song), 2009 * "Sixteen" (Thomas Rhett song), 2017 * "Sixteen" (Ellie Goulding song), 2019 *"16", by Craig David from ''Following My Intuition'', 2016 *"16", by Green Day from ''39/Smooth'', 1990 *"16", by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Affairs
''American Affairs'' is a quarterly American political journal founded in February 2017 by Julius Krein. The editors describe the journal as blending the literature and philosophy of the ''Claremont Review of Books'' with the political interests of ''National Affairs''. Its project has been described in ''Tablet'' as: "a dense, technically sophisticated form of neo-Hamiltonian economic nationalism, pushed in various forms by Michael Lind, David P. Goldman, and Krein himself," based on the contention that "a short-sighted American elite has allowed the country’s manufacturing core—the key to both widespread domestic prosperity and national security in the face of a mercantilist China—to be hollowed out," just as "Production and technical expertise have shifted to China and Asia, domestic capital has flowed into unproductive share buybacks or tech schemes (Uber, WeWork), and America has become a country with a two-tiered service economy, with bankers, consultants, and softwa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Irish Times
''The Irish Times'' is an Irish daily broadsheet newspaper and online digital publication. It launched on 29 March 1859. The editor is Ruadhán Mac Cormaic. It is published every day except Sundays. ''The Irish Times'' is considered a newspaper of record for Ireland. Though formed as a Protestant nationalist paper, within two decades and under new owners it had become the voice of British unionism in Ireland. It is no longer a pro unionist paper; it presents itself politically as "liberal and progressive", as well as being centre-right on economic issues. The editorship of the newspaper from 1859 until 1986 was controlled by the Anglo-Irish Protestant minority, only gaining its first nominal Irish Catholic editor 127 years into its existence. The paper's most prominent columnists include writer and arts commentator Fintan O'Toole and satirist Miriam Lord. The late Taoiseach Garret FitzGerald was once a columnist. Senior international figures, including Tony Blair and Bill Cl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Times
The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and published digitally that focuses on business and economic current affairs. Based in London, England, the paper is owned by a Japanese holding company, Nikkei, with core editorial offices across Britain, the United States and continental Europe. In July 2015, Pearson sold the publication to Nikkei for £844 million (US$1.32 billion) after owning it since 1957. In 2019, it reported one million paying subscriptions, three-quarters of which were digital subscriptions. The newspaper has a prominent focus on financial journalism and economic analysis over generalist reporting, drawing both criticism and acclaim. The daily sponsors an annual book award and publishes a " Person of the Year" feature. The paper was founded in January 1888 as the ''London Financial Guide'' before rebranding a month later as the ''Financial Times''. It was first circulated around metropolitan London by James Sherid ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Keynesian
Keynesian economics ( ; sometimes Keynesianism, named after British economist John Maynard Keynes) are the various macroeconomic theories and models of how aggregate demand (total spending in the economy) strongly influences economic output and inflation. In the Keynesian view, aggregate demand does not necessarily equal the productive capacity of the economy. Instead, it is influenced by a host of factors – sometimes behaving erratically – affecting production, employment, and inflation. Keynesian economists generally argue that aggregate demand is volatile and unstable and that, consequently, a market economy often experiences inefficient macroeconomic outcomes – a recession, when demand is low, or inflation, when demand is high. Further, they argue that these economic fluctuations can be mitigated by economic policy responses coordinated between government and central bank. In particular, fiscal policy actions (taken by the government) and monetary policy actions (tak ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neoclassical Economics
Neoclassical economics is an approach to economics in which the production, consumption and valuation (pricing) of goods and services are observed as driven by the supply and demand model. According to this line of thought, the value of a good or service is determined through a hypothetical maximization of utility by income-constrained individuals and of profits by firms facing production costs and employing available information and factors of production. This approach has often been justified by appealing to rational choice theory, a theory that has come under considerable question in recent years. Neoclassical economics historically dominated macroeconomics and, together with Keynesian economics, formed the neoclassical synthesis which dominated mainstream economics as "neo-Keynesian economics" from the 1950s to the 1970s.Clark, B. (1998). ''Principles of political economy: A comparative approach''. Westport, Connecticut: Praeger. Nadeau, R. L. (2003). ''The Wealth of Na ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Post-Keynesian
Post-Keynesian economics is a school of economic thought with its origins in ''The General Theory'' of John Maynard Keynes, with subsequent development influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor, Sidney Weintraub, Paul Davidson, Piero Sraffa and Jan Kregel. Historian Robert Skidelsky argues that the post-Keynesian school has remained closest to the spirit of Keynes' original work. It is a heterodox approach to economics. Introduction The term "post-Keynesian" was first used to refer to a distinct school of economic thought by Eichner and Kregel (1975) and by the establishment of the ''Journal of Post Keynesian Economics'' in 1978. Prior to 1975, and occasionally in more recent work, ''post-Keynesian'' could simply mean economics carried out after 1936, the date of Keynes's ''General Theory''. Post-Keynesian economists are united in maintaining that Keynes' theory is seriously misrepresented by the two other principal Keynesian schools: ne ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kaleidostatics
The term kaleidics ( ''kalos'': "good", "beautiful"; εἶδος ''eidos'': "form", "shape") denotes the ever-changing shape and status of an economy. Uncertainty is the primary kaleidic factor. It is strongly associated with the work of George Shackle, who had a rather radical interpretation of Keynesian economic theory. He surmised that the uncertainty in a capitalist economy was due to the irrational nature of investment, which is often driven by irrational fears, rumors, and superstition, rather than what is traditionally assumed to be cold, hard, calculation. Such theories lead to the view, expressed in Viennese kaleidics, that the turbulence of markets cannot be smoothed through government interference, and must therefore be left to their own devices. Uncertainty in economics British economist George Lennox Sharman Shackle, who has been characterised as a post-Keynesian but also as influenced by Austrian economics, made an attempt to challenge classical rational choice theo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wynne Godley
Wynne Godley (26 September 192613 May 2010) was an economist famous for his pessimism about the British economy and his criticism of the British government. In 2007, he and Marc Lavoie wrote a book about the " Stock-Flow Consistent" model, an analysis that predicted the global financial crisis of 2008. Life Godley was born in London to Hugh Godley, 2nd Baron Kilbracken and his wife Elizabeth Usborn. He was born six years after his older brother, John who was to become John Godley, 3rd Baron Kilbracken. Godley attended Sandroyd School in Wiltshire before attending Rugby School then read politics, philosophy and economics at New College, Oxford where Isaiah Berlin and Philip Andrews, one of the main economists of the Oxford Economic Research Group, were two of his most important mentors. Godley trained to become a professional musician, studying at the Paris Conservatoire for three years, and then becoming principal oboist at the BBC Welsh Orchestra. He was however continuously ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neoclassical Economists
Neoclassical economics is an approach to economics in which the production, consumption and valuation (pricing) of goods and services are observed as driven by the supply and demand model. According to this line of thought, the value of a good or service is determined through a hypothetical maximization of utility by income-constrained individuals and of profits by firms facing production costs and employing available information and factors of production. This approach has often been justified by appealing to rational choice theory, a theory that has come under considerable question in recent years. Neoclassical economics historically dominated macroeconomics and, together with Keynesian economics, formed the neoclassical synthesis which dominated mainstream economics as "neo-Keynesian economics" from the 1950s to the 1970s.Clark, B. (1998). ''Principles of political economy: A comparative approach''. Westport, Connecticut: Praeger. Nadeau, R. L. (2003). ''The Wealth of Natur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
