Category Archives: Peter Burley

The Significance of Burley’s And Csapo’s Characteristic Equation And Its Root Solution

Leave a reply

Our references in this section are [Burley, 1992-2] and [Burley and Csapo, 1992-1].

Burley, Peter and Csapo, Laszlo, (1992) Money Information in Lonergan-von Neumann Systems, Economic Systems Research, Vol 4, No. 2, 1992 [Burley and Csapo, 1992-1]

Burley, Peter (1992) Evolutionary von Neumann Models, Journal of Evolutionary Economics 2 , 269-80 [Burley, 1992-2]

We consider a game-theoretic, von Neumann model of the transitional process from an initial stationary state to a more abundant stationary state, with matrix A of inputs and matrix B of outputs containing explanatory functional variables.  (continue reading)

John H. Cochrane’s Article in The Wall Street Journal, Thursday 8/25/2022

Leave a reply

The Wall Street Journal of Thursday, 8/25/2022 featured John H. Cochrane’s commentary entitled  “Nobody Knows How Interest Rates Affect Inflation.”  We would say, “In order to understand how interest payments from Smith to Jones should circulate in order to achieve price stability, continuity, equilibrium and realization of the economy’s potential, one must have a unified theory explaining the whole, organic, dynamic, pretio-quantital,economic process.  Then, within that theory one can know How Interest Rates Might Affect Inflation.”  (Click here, and here)  We would also assert that manipulation by the Fed of the rental price of money – the interest cost – can be counterproductive. (Continue reading)

 

A Note about Laszlo Csapo; “Economics is a Serious Business”

Leave a reply

Peter Burley and Laszlo Csapo coauthored an illuminating article:

Burley, Peter and Csapo, Laszlo, (1992) Money Information in Lonergan-von Neumann Systems, Economic Systems Research, Vol 4, No. 2, 1992 [Burley and Csapo, 1992-1]  

In trying to find out something about Csapo, I came across an  article-lecture by Geoff Raby, from which I have excerpted four paragraphs about Csapo.

“The student protests began with the death of Hu Yaobang in April 1989. Over the weeks and months leading to the June 4 violence, the depth of the political divisions among the top leadership became apparent. As I watched wave after wave of protest groups pass by my apartment on Chang An Avenue and saw a student movement become a broadly based movement of the people until the military intervened, I kept recalling my Hungarian professor of comparative economic systems all those years ago at La Trobe University. Continue reading →

The IS-LM, AD-AS, Models and the Phillips Curve Correlation

Leave a reply

In this section, we are contrasting familiar textbook models of macrostatic equilibrium, with Lonergan’s explanatory theory of macrodynamic equilibrium.  We are contrasting a macrostatic toolkit with a purely relational field theory of macroeconomic dynamics. Lonergan discovered  a theory which is more fundamental than the traditional wisdom based upon human psychology and purported endogenous reactions to external forces.  His Functional Macroeconomic Dynamics is a set of relationships between n objects, a set of intelligible relations linking what is implicitly defined by the relations themselves, a set of relational forms wherein the form of any element is known through its relations to all other elements.  His field theory is a single explanatory unity; it is purely relational, completely general, and universally applicable to every configuration in any instance. (Continue reading)