Category Archives: Economics

On the Economic Theory of Socialism by Oskar Lange (An Outline Summary)

Chapter I. The Present State of the Debate • “Dedicated” to Ludwig Von Mises who maintained that prices cannot be rationally determined under socialism. • Three things are required for determination of price: Preference scale which guides acts of choice … Continue reading

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Why Economists Fail

The book Why Nations Fail by Daron Acemoglu and James A. Robinson comes with book-jacket praise from the usual suspects: Steven Levitt of Freakonomics fame, Jared Diamond of Collapse fame, Nobel Prize “laureate” George Akerlof, and Niall Ferguson, champion of … Continue reading

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Karl Polanyi’s Great Transformation

Karl Polanyi is a well-known figure in a relatively small circle of economic historians and sociologists, but he is not widely known to the general public in the United States. That is a great shame, because his epochal book, The … Continue reading

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Economics for Sceptics – Modern Political Economics

The magisterial book, Modern Political Economics (MPE), by Yanis Varoufakis, Joseph Halevy, and Nicholas Theocarakis is a tour de force. The subtitle of the book expresses its major theme: Making sense of the post-2008 world. But this is not another … Continue reading

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Why Marx Was Right

Ever need a handy compendium to use when you were in discussions with tiresome right-wingers about how Marx and Marxism was a “Fatal Conceit” or “The Road to Serfdom”? (The quoted references are, of course, to anti-socialist tracts by F. … Continue reading

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The Way of Doxa

There were two articles on the comment page of the Financial Times today which proposed contradictory premises. In the first article the contradictory premises were: 1) “China is the world’s emerging superpower” and 2) “China is an intrinsically unstable country, … Continue reading

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Drill Baby Drill

Why do working class people whose lot has steadily declined over the years of Republican-dominated politics since 1980, vote against their interest? The core Republican belief system of minimal government and low tax rates is in the interest of the … Continue reading

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Investing in Gold

Let’s assume that you have invested money in gold during a period in which the price of gold was rising rapidly. The proceeds from your decision to invest at a price that turned out to be low and to sell … Continue reading

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