Bichler/Nitzan

The 1-2-3 toolbox of mainstream economics:Promising everything, delivering nothing

,AbstractWe write this essay for both lay readers and scientists, though mainstream economists arewelcome to enjoy it too. Our subject is the basic toolbox of mainstream economics. The mostimportant tools in this box are demand, supply and equilibrium. All mainstream …

The 1-2-3 toolbox of mainstream economics:Promising everything, delivering nothing

Inflation is always and everywhere a redistributional phenomenon

Inflation is the average rate of change of individual money prices. In this narrow sense, Milton Friedman’s claim that inflation is always and everywhere a monetary phenomenon is correct. But underlying the average rate of inflation, individual prices change at different rates. And in …

Inflation is always and everywhere a redistributional phenomenon

Dominant Capital and the Government

This note contextualizes the ongoing U.S. policy shift toward greater ‘regulation’ of large corporations. Cory Doctorow (2021) and Blair Fix (2021) are optimistic about this shift. We doubt it. 1.      The Limits of Power Large U.S.-based corporations are extremely powerful, but the growth of their …

Dominant Capital and the Government

The 1-2-3 Toolbox of Mainstream Economics Promising Everything, Delivering Nothing

We write this essay for both lay readers and scientists, though mainstream economists are welcome to enjoy it too. Our subject is the basic toolbox of mainstream economics. The most important tools in this box are demand, supply and equilibrium. …

The 1-2-3 Toolbox of Mainstream Economics Promising Everything, Delivering Nothing

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