Category Archives: Economics

A Sceptical Defense of Rights

Amartya Sen’s 2009 book, The Idea of Justice, will, I think, come to be seen as summing up the intellectual legacy of this remarkable man. The book references hundreds of books, papers, and talks by this Nobel Prize-winning economist with … Continue reading

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The Republican’s “Big Idea” Is a Bald-faced and Cynical Lie

It is election season in the United States. The Republican Party’s “Big Idea” this year, as it has been since the 1980s, is that low top tax rates inspire the “job creators” to hire more workers and give them more … Continue reading

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Bad Samaritans

Ha-Joon Chang is not widely known, even among economists, in the United States, but he is a rock star in his native Korea. He is not mentioned in the index or the bibliography of the recent neo-liberal tract, Why Nations … Continue reading

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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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