Carlton and Peltzman on who founded the modern theory of competition and oligopoly
20 Jul 2019 Leave a comment
George Stigler on the contribution of monopsonistic competition
17 Jul 2019 Leave a comment
in applied price theory, George Stigler, history of economic thought, industrial organisation
From George Stigler Five Lectures in Economic Problems 1949.
Steven N.S. Cheung has his doubts about the most famous parable about the theory of the firm
08 Jul 2019 Leave a comment
in applied price theory, entrepreneurship, history of economic thought, industrial organisation, labour economics, labour supply, managerial economics, occupational choice, organisational economics, personnel economics, property rights, theory of the firm Tags: China
How neoclassical are New Keynesian dynamic stochastic general equilibrium models?
01 Jul 2019 Leave a comment
in business cycles, history of economic thought, macroeconomics
In sum, New Keynesian models are most certainly not reincarnations of textbook IS–LM models with maximization added on. Rather, they are real business cycle models augmented with a few distortions—typically sticky prices and monopoly power—and shocks that do little to contribute to fluctuations or influence the nature of optimal policy
From Kehoe, Patrick J., Virgiliu Midrigan, and Elena Pastorino. 2018. “Evolution of Modern Business Cycle Models: Accounting for the Great Recession.” Journal of Economic Perspectives, 32 (3): 141-66.
“Mainstream economists reach mathematical conclusions about their model of the economy that they don’t like…and are then willing to make patently absurd assumptions to rescue their desired equilibrium conclusion” @ProfSteveKeen with a list from Deirdre McCloskey on what is yet to be shored up
01 Jul 2019 Leave a comment
in history of economic thought Tags: market failure
Thomas J. Sargent – Keynote Address on effects of open borders
30 Jun 2019 Leave a comment
in applied price theory, applied welfare economics, comparative institutional analysis, development economics, economic history, history of economic thought, industrial organisation, international economics, macroeconomics Tags: free trade
Sargent on history as written by the late switchers, saying I thought of that too; said so in a footnote, in a seminar or as an aside. But Sargent was at Berkeley, knowing who is against everything he, Lucas and others said
23 Jun 2019 Leave a comment
in business cycles, fiscal policy, history of economic thought, macroeconomics, monetarism, monetary economics
From http://www.tomsargent.com/research/romers3.pdf Reactions to the Berkeley story Thomas J. Sargent October 21, 2002
Steven N.S. Cheung on comparative institutional analysis
21 Jun 2019 Leave a comment
in applied price theory, applied welfare economics, comparative institutional analysis, economics of information, economics of regulation, history of economic thought, industrial organisation, law and economics, property rights Tags: government failure, market failure, transaction costs
Utopia, you are standing in it! 
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