I continue to read “Modern Political Economy: Making sense of the post-2008 world” by Yanis Varoufakis, Joseph Halevi and Nicholas Theocarakis, published in 2011 by Routledge. Here I discuss Chapter 6. Chapter 6 is a very critical assessment of marginalism and neo-classical economics that came forth from the marginalist “revolution” in economic theorizing in the…
Category: Methodology of economics
Modern Political Economics: Chapter 5
I continue to read “Modern Political Economy: Making sense of the post-2008 world” by Yanis Varoufakis, Joseph Halevi and Nicholas Theocarakis, published in 2011 by Routledge. Here I discuss Chapter 5. This chapter considers and restates Marxist theories of the classical capitalist economy. Clearly, it continues from the previous chapter. As usual in the Marxist…
Modern Political Economics: Chapter 3
I am currently reading “Modern Political Economy: Making sense of the post-2008 world” by Yanis Varoufakis, Joseph Halevi and Nicholas Theocarakis, published in 2011 by Routledge. In this and next posts I will collect my comments, chapter by chapter. Here I discuss Chapter 3. Condorcet’s Secret refers to the fact that the complicated economic organisation…
Modern Political Economics: Chapter 2
I am currently reading “Modern Political Economy: Making sense of the post-2008 world” by Yanis Varoufakis, Joseph Halevi and Nicholas Theocarakis, published in 2011 by Routledge. In this and next posts I will collect my comments, chapter by chapter. Here I discuss Chapter 2. This chapter reiterates the book’s main theme that economics is tainted…
Modern Political Economics: Introduction
I am currently reading “Modern Political Economy: Making sense of the post-2008 world” by Yanis Varoufakis, Joseph Halevi and Nicholas Theocarakis, published in 2011 by Routledge. In this and next posts I will collect my comments, chapter by chapter. These notes also form the foundation for a reading club initiated at Queen’s University Management School…
Stiglitz in Glasgow
I just returned from the meetings of the European Economic Association (EEA) in Glasgow. It was a good opportunity to assess the state of economics (as a science) after the collapse of the global financial system in 2008. As remarked by Phil Mirowski in a recent article, the state of economics is not very good…