Category Archives: James Clerk-Maxwell

The Lack of Ultimacy in Price Theory; Prices are Last in the Analysis and Purely Relative

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DRAFT

Contents

.1. Preliminaries and preview

.2. Functional Macroeconomic Dynamics is a normative theory

.3. Microeconomics vs. Macroeconomics

.4. The normative systematics of prices is last in the analysis – We are not doing microeconomics

4.a Preliminaries

4.b Reference to other treatments

4.c Prices are treated in several contexts

4.d Prices are formally treated last in the analysis

4.e The intelligibility of prices as real and relative.

4.f “Absorbing several trillion Dollars of Free Money”

4.g Miscellanea

.5. Monetary stability -correlation and concomitance of magnitudes and frequencies with magnitudes and frequencies

.6 Lonergan’s three assumptions in treatment of pure expansion

.7. Inflation due to scarcity or to mistaken anticipations – instances of inflation

8. Divergences of particular flows and the requirement of systematic correction

.9. Miscellanea

.10. CWL 15, Section 28 spreadsheet

.11. Appendix: Indexes of textbooks re prices

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A Scientific Normative Alternative Between Laissez-Faire Running Amok and Totalitarianism Featuring Controlled Media, Firm Indoctrination, the Threat of Labor Camps, and Servile Degeneracy

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Frederick Lawrence (Boston College) is a co-editor of Bernard Lonergan’s Macroeconomic Dynamics: An Essay in Circulation Analysis. (CWL 15)   Fred penned the Editors’ Introduction to that book. (Click here.) He also wrote an article entitled “Between Capitalism and Marxism: Introducing Lonergan’s Economics”.  Perspicacious economists in academe, government, and banking will benefit greatly from an immediate reading.  For access to the article now, please use the following simple path:

In your main search bar, enter JSTOR and press your Enter key.

Then, in the upper left, Click into the box “Search journals, books, images, and primary sources“.

Then, type into that box 40338243 and press your Enter key. That’ll do it. Continue reading →

Lonergan’s “Macroeconomic Field Theory” (MFT), AKA “Functional Macroeconomic Dynamics” (FMD)

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Functional Macroeconomic Dynamics seeks not merely to “view” and describe the economic process; rather it seeks to understand and explain the process in order to provide norms of adaptation and systematic guidance to managers of the process. (Continue reading)