There’s nothing as practical as good theory.
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Criticism Requires a Normative Theory
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Our Observations, Criticisms, and Praise of Popular Economists
Paul Krugman, John Greenwood, Steve H. Hanke, Philip McShane, N. Gregory Mankiw, John H. Cochrane, Alan S. Blinder, Raymond Thomas Dalio, Thomas Piketty, Joseph Stiglitz, Ben S Bernanke, Elizabeth Warren, Frederick G. Lawrence, Michael Gibbons, Karl Marx, Bernard Lonergan, Janet Yellen, Dr. Lindsey Piegza, Larry Summers, S. Peter Burley, Momma, Paul Romer, Stephanie Kelton, Ragnar Frisch, Robinson-Eatwell:
- Paul Robin Krugman
- John Greenwood and Steve H. Hanke
- Philip McShane
- Click here. https://functionalmacroeconomics.com/2023/06/09/a-mcshane-sampler-relevant-to-macroeconomics/
- Click here. https://functionalmacroeconomics.com/acknowledgments/
- Click here. https://functionalmacroeconomics.com/2018/10/07/the-simple-move-to-two-explanatory-circuits-new-foundations-of-a-scientific-dynamics-nipas-gdp-replaced-by-fmds-gdff/
- Click here. https://wp.me/p2R9Im-3eV Philip McShanes Lecture Notes for a Yearlong Course in Physics
Greg Mankiw’s First-Year Seminar: The Economic Isms And Schools Need A General Explanatory Macroeconomic Theory Providing A Reliable Analytic Framework
Part I – Introductory
Part II – List of questions relevant to the contents of Greg Mankiw’s First-Year Seminar
Part III – Repeating of the questions plus excerpts relevant to each specific issue
Part I – Introductory
Greg Mankiw’s Blog, dated 9/11/2023, and titled “This Year’s First-Year Seminar” (Click here) referred to his article in the New York Times, dated 9/10/2017, and titled “Getting Along by Getting Together.” Please read Greg’s article. (Click here)
The 2017 article summarized the readings of that year’s similar seminar and Greg’s stated purpose in teaching the course. He is to be commended for his effort to get people of different economic “persuasions” to get along with one another. (Continue reading)
Wouldn’t It Be Good If There Were A Scientific, Functional, Macroeconomic Dynamics On Which All Could Agree?
Wouldn’t it be good if there were a scientific Functional Macroeconomic Dynamics on which all could agree?
See on this website under Five Images : Sublation of “Schools” of Macroeconomics.
Also see Subsumption and Sublation of Keynes, Kalecki, Solow and others:
Independent Circulation Analysis, A Better Way to Handle Many Economic Issues
One can labor studying particular relations of particular economic situations with the textbook tool kit of a snapshot economics without the slightest suspicion that these situations are merely particular cases needing to be explained by a more general theory of the dynamic process. On the other hand, one can attempt an independent, more general circulation analysis, in which the formation of concepts, the choice of postulates, and the seriation of deductions are dictated … by the more immediate and germane consideration of the correlations among the dynamic functional interdependencies which constitute the monetary circulation itself. In that fashion, one would obtain a more general unified theory which, from its compactness, simplicity, explanatory power, and universality would prove more efficient in the solution of certain types of problems. Continue reading
A Must-Read, Melissa Kearney’s “The Two-Parent Privilege: How Americans Stopped Getting Married and Started Falling Behind”
We try to prescind from psychology and to concentrate on formulating macroeconomics as the objective explanatory science of the dynamic economic process involving values. However, in two previous posts, we have seen fit to point out the importance of culture in the hierarchical scheme of human values. Click here and here.
We have also, in a previous post, Just Thinkin’, questioned the effectiveness of throwing ever more money at what are fundamentally cultural problems. Continue reading
The Significance of Burley’s And Csapo’s Characteristic Equation And Its Root Solution
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)
Two Summaries in Functional Macroeconomic Dynamics
.I. Summary of the Analysis: Heuristic, Observations, and Discoveries
.II. Summary of the Argument (verbatim from CWL 15, 5-6)
.III. Supplement to the Summaries
Superpositionings Imagined; from Sequential to All-At-Once in a Single View
I do not have a video capability on this website, but perhaps the reader could, in his/her imagination, superpose simultaneously upon the Diagram of Rates of Flow several key formulas and images. This exercise and self-testing should be beneficial to the serious student. In addition to seeing and having insight into each image in a sequence, the reader would, by superposition see the inner workings and interrelations of the velocities and accelerations all at once in interdependence rather than alone and separately. The superpositioning of each diagram with its formulas offers the opportunity to consider the ideas and schemes one-at-a-time. one-against-one, and all-at-once. An imagining and understanding and affirming would bring home to the reader’s mind the full complexity of the always-current, purely dynamic, organic process. And it would help the reader to appreciate the wisdom in Lonergan’s orderly presentation.
Here is a list of key formulas and images to be considered: Continue reading
Alan S. Blinder’s Reply to John H. Cochrane
“δὶς ἐς τὸν αὐτὸν ποταμὸν οὐκ ἂν ἐμβαίης.” (Heraclitus)
“No man ever steps in the same river twice.” (translation of Heraclitus)
Each of the 1970’s, 1980s and current 2020s has featured its own unique and nuanced combinations of circulating flows of products and money in phases of normative expansion, divergent boom; and corrective contraction. The flows of these decades are not all identical flows which anyone can simply reference to justify a present shallow opinion.
The Wall Street Journal of Monday, August 7, 2023 included Alan S. Blinder’s reply to John H. Cochrane. (See the two posts below on this Home Page.) Continue reading