Posts Tagged ‘ Economic Theory ’

The Economic Crisis & Crisis Theory II

June 13, 2014
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This panel explored causes of the Great Recession and the continuing economic sluggishness since the recession’s ended, as well as how the left can respond to this situation. In keeping with the conference theme, panelists addressed what different analyses and theories imply about the kind of socioeconomic change that is called for. Alan Freeman...

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E Peshine Smith: A Study in Protectionist Growth Theory and American Sectionalism

December 4, 2012
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NY University, PhD, 1968, Michael Hudson Peshine Smith (1814 – 82) was probably the most sophisticated of the pre-Civil War protectionists. What he attempted was no less a task than to transform protectionist economic thought from a body of disparate and often self-contradictory parts into an integrated doctrine of economic growth, and to develop...

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Set Up To Fail

September 17, 2012
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Renegade Economists interview 05.09.2012 Interview with Professor Michael Hudson by Karl Fitzgerald Listen KF: We welcome to the show Professor Michael Hudson, Distinguished Research Professor at the University of Missouri-Kansas City, the leading Post-Keynesian university in America. It’s been fantastic to see, Michael, that the public profile of UMKC has really taken off with...

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Incorporating the Rentier Sectors into a Financial Model

September 12, 2012
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Incorporating the Rentier Sectors into a Financial Model

by Dirk Bezemer and Michael Hudson As published in the World Economic Association’s World Economic Review Vol #1. ABSTRACT Current macroeconomics ignores the roles that rent, debt and the financial sector play in shaping our economy. We discuss the Classical view on rents and policy responses to the rentier sector in the 19th century....

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Veblen’s Institutionalist Elaboration of Rent Theory

July 27, 2012
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Michael Hudson’s new book The Bubble and Beyond has just been released and can be purchased here. Speech given at the Veblen, Capitalism and Possibilities for a Rational Economic Order Conference, Istanbul, Turkey, June 6th, 2012 Simon Patten recalled in 1912 that his generation of American economists – most of whom studied in Germany...

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Productivity, The Miracle of Compound Interest and Poverty

April 22, 2012
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The bank regulators did not urge the government to tax real estate more. That would have squeezed homeowners on their bank loans – and left less new rental income to be capitalized into new bank loans. But it would have enabled the government to reduce its heavy taxes on employment. This was not the...

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Simon Patten on Public Infrastructure and Economic Rent Capture

October 17, 2011
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Rentier income is now treated as just another profit opportunity to gain from investing tangible or financial capital. Land and monopolistic rent-seeking activities are lumped together as “capital,” stripping away the classical distinction between economic rent and normal profit.

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The Use and Abuse of Mathematical Economics

September 24, 1999
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* I thank Hans Maks and Peter Senn for their helpful suggestions that I have incorporated into this paper. – “There are more things in heaven and earth, Horatio, than are dreamt of in your philosophy.” (Hamlet, Act I, scene v) Content Mathematical economics as tunnel vision The semantics of mathematical equilibrium theory The...

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