Skip to main content

On the blogs

On Ajit Sinha On Sraffa -- by Robert Vienneau; I also recommend the reply by Heinz Kurz to Sinha available here (subscription required). In particular, Kurz takes issue with how much of the early equations Sraffa developed were influenced by Marx's schemes of reproduction, and also with the notion that Sraffa didn't deal with counterfactuals, although I would use the term ideal types for what he discusses there

Infrastructure Delusions -- Paul Krugman, who predicted before a run on the dollar (his famous phrase was "it seems likely that there will be a Wile E. Coyote moment when investors realize that the dollar’s value doesn’t make sense, and that value plunges"), predicts that there will be no fiscal expansion (to be seen). The main reason? He asks: "who really believes that this crew is going to come up with a serious plan?" Yeah, who would predict this crew would win the election, right? Hope he keeps his prediction track record intact

The Calico Acts: Was British cotton made possible by infant industry protection from Indian competition? -- Pseudoerasmus on, well, the title gives it away. I disagree with the notion, implicit, that some degree of protection was not instrumental for industrialization, but he raises interesting points about the Calico Acts and their relevance for the mechanization of the cotton industry. At any rate, an informed post worth reading

Comments

Popular posts from this blog

A few brief comments on Brexit and the postmortem of the European Union

Another end of the world is possible
There will be a lot of postmortems for the European Union (EU) after Brexit. Many will suggest that this was a victory against the neoliberal policies of the European Union. See, for example, the first three paragraphs of Paul Mason's column here. And it is true, large contingents of working class people, that have suffered with 'free-market' economics, voted for leaving the union. The union, rightly or wrongly, has been seen as undemocratic and responsible for the economics woes of Europe.

The problem is that while it is true that the EU leaders have been part of the problem and have pursued the neoliberal policies within the framework of the union, sometimes with treaties like the Fiscal Compact, it is far from clear that Brexit and the possible demise of the union, if the fever spreads to France, Germany and other countries with their populations demanding their own referenda, will lead to the abandonment of neoliberal policies. Aust…

A brief note on Venezuela and the turn to the right in Latin America

So besides the coup in Brazil (which was all but confirmed by the last revelations, if you had any doubts), and the electoral victory of Macri in Argentina, the crisis in Venezuela is reaching a critical level, and it would not be surprising if the Maduro administration is recalled, even though right now the referendum is not scheduled yet.

The economy in Venezuela has collapsed (GDP has fallen by about 14% or so in the last two years), inflation has accelerated (to three digit levels; 450% or so according to the IMF), there are shortages of essential goods, recurrent energy blackouts, and all of these aggravated by persistent violence. Contrary to what the press suggests, these events are not new or specific to left of center governments. Similar events occurred in the late 1980s, in the infamous Caracazo, when the fall in oil prices caused an external crisis, inflation, and food shortages, which eventually, after the announcement of a neoliberal economic package that included the i…

What is the 'Classical Dichotomy'?