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on Post Keynesian Economics |
| By: | Innes, Abby |
| Abstract: | In After Neoliberalism Michael Jacobs makes a compelling case for the systematic failures of neoliberal economic policies and in the neoclassical theories that justified them. He calls for an economics rooted in ontological institutionalism and for the (re)development of varied institutions charged with diverse social purposes. This response takes Jacobs’ critique further and states that neoliberalism fails because the neoclassical economics that underpins it is fundamentally utopian; and it is doomed to fail for the same ontological and epistemological reasons that condemned Soviet socialism. What these politically opposed doctrines hold in common is closed-system economic reasoning from axiomatic deduction presented as ‘a governing science’. It follows that both must tend to fail on contact with a three-dimensional reality in an always evolving, open-system world, subject to Knightian uncertainty. The dark historical joke is that a machine models of the economy, both Soviet and neoclassical neoliberal economics, converge on the same statecraft of quantification, output-planning, target-setting, forecasting and the presumption of only ‘rational’—socially productive—firms. The result in both systems is state and economic failure and the creation of production regimes that are a grotesque caricature of those promised, only now in the midst of an ecological emergency. It follows that we need an urgent revival of analytical pluralism in government and a non-utopian scientific realism about the true scope of the ecological crisis, so that Jacobs’ rich institutional ecosystem will have resilient foundations. |
| Keywords: | neoclassical economics; neoliberal policy; polycrisis; Soviet economics; utopia; Wiley deal |
| JEL: | J1 |
| Date: | 2024–05–30 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:123741&r= |
| By: | D.M. Nachane (Indira Gandhi Institute of Development Research) |
| Abstract: | In the inter war years (1919-39) macroeconomics was at the forefront of attention of both thinkers as well as policymakers. This paper focuses on Hawtrey, one of the major economists of that period whose contemporary influence on macroeconomic theory as well as policy was significant, but whose contributions, in the aftermath of World War II, have gone largely into oblivion. We begin with a brief exposition of the main strands of Hawtreyan macroeconomics. We then try to demonstrate the significant influence that Hawtrey's ideas had on Keynes' views, highlighting both the areas in which their ideas differed and where their views reinforced each other's. Before concluding, we draw attention to at least five contributions of Hawtrey, which have a strong claim to be considered original but which have received scant professional credit viz. the multiplier, the accelerator, quantitative easing, crowding out and the announcement effect of monetary policy. |
| Keywords: | instability of credit, credit deadlock, quantitative easing , the multiplier, crowding |
| JEL: | B22 B31 E12 |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:ind:igiwpp:2024-009&r= |
| By: | Nascimento, Natali Lourenço (Institute of Psychology at the University of São Paulo) |
| Abstract: | It is proposed of this paper to show that Critical thinking empowers individuals to rigorously analyze information and identify inconsistencies or anomalies, an indispensable skill for detecting deepfakes, which often exhibit subtle visual or auditory manipulation cues. For instance, critical thinkers can more effectively discern unnatural facial movements, inconsistencies in lighting or shadows, and other common artifacts in deepfakes. Cognitive biases, such as confirmation bias, increase susceptibility to misinformation that conforms to pre-existing beliefs. Critical thinking education raises awareness of these biases and cultivates strategies to mitigate their impact by promoting skepticism and inquiry, critical thinking reduces the likelihood of accepting false information at face value and encourages the pursuit of credible sources and evidence. |
| Date: | 2024–06–27 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:cxjaq&r= |
| By: | Sievertsen, Hans Henrik (University of Bristol); Smith, Sarah (University of Bristol) |
| Abstract: | This paper reports results from a survey experiment comparing the effect of (the same) opinions expressed by male versus female experts. Members of the public were asked for their opinions on topical issues and shown the opinion of either a male or a female economist, all professors at leading US universities. We find, first, that experts can persuade members of the public - the opinions of individual expert economists have an effect on public opinion - and, second, that the opinions expressed by female economists are more persuasive than the same opinions expressed by male economists. |
| Keywords: | economic expertise, persuasion, gender, stereotypes, survey experiments |
| JEL: | A11 D83 J16 |
| Date: | 2024–05 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17029&r= |