Comments for LARS P SYLL

Comment on Flawed macroeconomic models by Dave Holden

Dave Holden — Sat, 18 May 2013 07:09:08 +0000

Wow that’s a great list and his number one would have been my number one.

Comment on Further suggestions for Krugman’s IS-LM reading list by Jan Milch

Jan Milch — Sat, 18 May 2013 02:53:05 +0000

Professor Heiner Flassbeck: ” Corporations are sitting on mountains of cash and are unwilling to invest in the real economy – only high taxes on profit will make them do so”
Heiner Flassbeck talk about his Paul Davidson,Richard Koo,James K. Galbraith and Jayathi Ghosh new book with a new Economic Manifesto.

Comment on Further suggestions for Krugman’s IS-LM reading list by Jan Milch

Jan Milch — Fri, 17 May 2013 22:35:30 +0000

Dean Baker-Reinhart-Rogoff one more time: why the 90 percent never should have been taken seriously- and why ,as a general rule economists are not very good at economics.
http://rwer.wordpress.com/2013/05/14/reinhart-rogoff-one-more-time-why-the-90-percent-never-should-have-been-taken-seriously/#more-12720

Comment on Further suggestions for Krugman’s IS-LM reading list by Jerry Brown

Jerry Brown — Fri, 17 May 2013 20:42:42 +0000

Economists seem to assume a state of equilibrium a lot. Why is that? Are there good reasons for it?

Comment on Macroeconomics without aspirations by Lars P Syll

Lars P Syll — Fri, 17 May 2013 20:23:43 +0000

Thanx Jan.
Sun shines all over my island and the temp is 26′ Celsius. Lovely

Comment on Macroeconomics without aspirations by Jan Milch

Jan Milch — Fri, 17 May 2013 20:10:52 +0000

Here it is Lars,and may sun shine over Blekinge to !
THE LUCAS CRITIQUE. POLICY INVARIANCE. AND MULTIPLE EQUILIBRIA5′. Roger E. A. Farmer. University of California. Los Angeles. 1989 http://www.econ.ucla.edu/workingpapers/wp551.pdf

Comment on Macroeconomics without aspirations by Dw

Dw — Fri, 17 May 2013 19:04:15 +0000

ANNALES D”CONOMIE ET DE STATISTIQUE. – N? 67/68 – 2002

Why Does Data Reject the Lucas Critique? Roger E.A. FARMER

Comment on Flawed macroeconomic models by Lincoln's Economics

Lincoln's Economics — Fri, 17 May 2013 18:20:28 +0000

Geldstone, an engineer, argues that there has never been a sound theory of economics because there has never been a sound definition of money. In short, money’s value is established by government decree based on a domestic labor unit (i.e. min wage). Money’s role serves to establish structured rigid wages (a purely domestic phenomenon based on Keynes relative wage observation), which in turn establishes rigid cost-of-production prices. A labor theory of value is necessary (unlike neo), because LTV is not micro but of a macro nature (classical’s mistake) in the sense that labor content must be measured in order to track productivity gains and induce NECESSARY short term instability (job loss–goodbye Walras). LTV becomes the heart of growth theory. The productivity gains result in consumers flush with cash who will spend it in other sectors providing long term employment for the newly unemployed. Worker mobility relies on wage rigidity and a common language (why the Euro will fail) to function properly. These factors in turn imply free trade theory is radically flawed too, since both language and mobility are lacking, nor can labor units be tracked properly either in an imported good. In short, a flawed definition of money, leads to a flawed definition of micro, which in turn leads to flawed macro and international economics. Game over says Geldstone. Like our protectionist Constitution and Lincoln, the Chinese get it. Maybe it is time we do too.

Comment on Further suggestions for Krugman’s IS-LM reading list by Dwayne Woods

Dwayne Woods — Fri, 17 May 2013 14:09:05 +0000

Try as you might, you are not going to shake Krugman from his IS-LM model. Its his conceptual workhorse.

Comment on Macroeconomics without aspirations by Dwayne Woods

Dwayne Woods — Fri, 17 May 2013 14:07:53 +0000

Roger Farmer is an orthodox economists who does relatively interesting things. He and two of his french co-writers have tried to deal with the problem of time in closed models and the standard assumption of ergodicity by intro ducting Sunspots and, more cleverly, that people are born into markets. I find it very creative modeling.

Comment on Macroeconomics without aspirations by Lars P Syll

Lars P Syll — Fri, 17 May 2013 12:22:14 +0000

Thanks Dwayne

Comment on Macroeconomics without aspirations by Dw

Dw — Fri, 17 May 2013 12:19:00 +0000

I mentioned someone: Roger Farmer. He has written several solid critiques against Lucas. E.g.,T he Lucas Critique, Policy Invariance and Multiple Equilibria ROGER E. A. FARMER University of California, Los Angeles

Comment on Macroeconomics without aspirations by Lars P Syll

Lars P Syll — Fri, 17 May 2013 11:16:30 +0000

Anyone particular in mind?

Comment on Macroeconomics without aspirations by Dwayne Woods

Dwayne Woods — Fri, 17 May 2013 10:16:18 +0000

There have been some very good mainstream economists who have taken the Lucas nonsense to the wood-shed. Roger Farmer, in particular, has written some devastating critiques of the Lucas critique.

Comment on Top Economics Blogs by dmerciar

dmerciar — Wed, 15 May 2013 23:10:56 +0000

Great compilation, Lars, thanks for putting these all in one place…