Responding to Scott Sumner
Scott Sumner cites this passage from my previous post about coordination failures. I can envision a pure barter economy with incorrect price expectations in which individual plans are in a state of...
View ArticleNick Rowe Teaches Us a Lot about Apples and Bananas
Last week I wrote a post responding to a post by Nick Rowe about money and coordination failures. Over the weekend, Nick posted a response to my post (and to one by Brad Delong). Nick’s latest post was...
View ArticleAggregate Demand and Coordination Failures
Regular readers of this blog may have noticed that I have been writing less about monetary policy and more about theory and methodology than when I started blogging a little over three years ago. Now...
View ArticleTraffic Jams and Multipliers
Since my previous post which I closed by quoting the abstract of Brian Arthur’s paper “Complexity Economics: A Different Framework for Economic Thought,” I have been reading his paper and some of the...
View ArticleA Tale of Two Syntheses
I recently finished reading a slender, but weighty, collection of essays, Microfoundtions Reconsidered: The Relationship of Micro and Macroeconomics in Historical Perspective, edited by Pedro Duarte...
View ArticleAxel Leijonhufvud and Modern Macroeconomics
For many baby boomers like me growing up in Los Angeles, UCLA was an almost inevitable choice for college. As an incoming freshman, I was undecided whether to major in political science or economics....
View ArticleA New Version of my Paper “Between Walras and Marshall: Menger’s Third Way”...
Last week I reposted a revised version of a blogpost from last November, which was a revised section from my paper “Between Walras and Marshall: Menger’s Third Way.” That paper was presented at a...
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