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Monday, March 30, 2015

IS-LMist Fundamentalism and the Quest for Ignorance

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"So I don't care whether Hicksian IS-LM is Keynesian in the sense that Keynes himself would have approved of it, and neither shoul...
Sunday, March 8, 2015

Fortune and the Four-day Workweek

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What economists of the 1950s and 60s disparaged with the " lump-of-labor " hand, they typically celebrated with the "inevitab...
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Friday, March 6, 2015

"Unemployment and Shorter Hours" -- Howard G. Foster

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The following hypothetical example was developed by Howard G. Foster -- then a teaching assistant at the New York State School of Industria...
Wednesday, March 4, 2015

Break Their Haughty Frames

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They have taken untold millions that they never toiled to earn, But without our brain and muscle not a single wheel can turn. We can  bre...
Monday, March 2, 2015

Bad Faith Economics: A Cheap Market Will (almost) Always (tend to) Be Full of Customers (except when it isn't)

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As a rule , new modes of economy will lead to an increase of consumption according to a principle recognised in many parallel instances. Th...
Thursday, February 26, 2015

Who knew? People oppose austerity -- because the lump of labour fallacy!

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ht "The basic story put forward to justify austerity is that a reduction in debt will generate an economic turnaround, but why have ...
Tuesday, February 24, 2015

Larry Summers Tells It Like It Is

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From the  unedited transcript , "Future of Work in the Machine Age" policy forum: Third, when I was an undergraduate at MIT in t...
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