In an important paper, Lawson (1985a) discusses the conditions under which it is possible to carry out a coherent economic analysis of a system which is subject to fundamental uncertainty (as opposed to mathematical risk). Read more … https://www.jstor.org/stable/2233517 Bibliographic citation: Omar F. Hamouda and John N. Smithin, “Some Remarks on ‘Uncertainty and Economic Analysis’”,… Continue reading Some Remarks on `Uncertainty and Economic Analysis’
INTRODUCTION Although there has recently been a revival of some broadly “Keynesian” ideas and concepts in marcoeconomics, under the label of “New Keynesianism” (Colander, 1988), the so-called rational expectations hypothesis (REH) remains a major element in these theories.1 By now, it is widely accepted by both “New Keynesian” and “New Classical” economists that the REH… Continue reading Rational Behavior with Deficient Foresight
🎙 Post no 3 – 4 august 2021 Might one not have to create a different economic world after Covid … which is not capitalist, whether right- or left-leaning … The world of the last decade has been spinning too fast. Most economic indicators, such as credit creation and debt liability, which have… Continue reading Free-market, a casualty of the global corporate capitalism, and the tech-leveraging paradox
Keynes: A non-sequetor of Wicksell Hayek accuses Keynes of being ignorant of the contributions of Böhm-Bawerk in the treatment of capital, presuming that Keynes could not read German and was thus unaware of the German literature. Keynes, however, acknowledged Spiethoff, Knapp, and mainly Wicksell, whose writings at the time were mostly available in German. There… Continue reading Keynes: A non-sequetor of Wicksell
🎙Post no 2 – 13 July 2021 The COVID-19 pandemic has disrupted profoundly the way of life worldwide. A cry for ‘return to normal’ is becoming a consistent recurrent plea for returning to daily activities, preoccupations, and behaviours as before, as if such conceived normality is immutable. The fear of change and the desire to… Continue reading Today’s way of life: should it be taken for granted?
🎙Post no 1 – 1 July 2021 There are basically two opposing paths of development ahead: – either persist in applying the same economic policies that gave arise to accelerated corporate capital accumulation, thus furthering its speed with a likelihood of fuelling more strain on resources, greater disparities in income and opportunities, albeit with the… Continue reading Post-COVID-19 growth recovery paths ahead
O. F. Hamouda, 1986. “Beyond the IS/LM Device: Was Keynes a Hicksian?,” Eastern Economic Journal, Eastern Economic Association, vol. 12(4), pages 370-384, Oct-Dec.
What analysis? Which disease? What does it mean to preserve efficiency and freedom? Read sample pages from the book here – Most if not all academic research in macroeconomics since 1936 has evolved around asserting or countering Keynesian economics – Most if not all post-war economic policies, guiding first the free-market industrialized economies, then almost… Continue reading Money, Investment and Consumption: Keynes’s Macroeconomics Rethought – O.F. Hamouda