One of the consequences of the present vaccine environment is the increasing need of understanding of the role nudges in encouraging people to comply with government initiatives. For instance. to effectively nudge behaviour, the Fogg Behavior Model (behaviormodel.org) combines three elements: They must initiate, facilitate, and motivate behavior. capacity to act, incentive, and a cue.… Read More Vaccination, cognitive bias and behavioural economics
Video recording of talk at 3rd BANK INDONESIA INTERNATIONAL SEMINAR ON ISLAMIC FINANCE, Presented at Session 4: Macroprudential Policy Framework for Islamic Finance, Nusa Dua – Bali, Indonesia 30th & 31st May 2013. Video is followed by summary of talk 1 A Three-Dimensional Approach It is well-known that the Global Financial Crisis… Read More Islamic Regulation: Based on Character and Social Norms
Introduction: The dark underside of leading lights of the European Enlightenment has been skillfully concealed. Nearly all major enlightenment thinkers held abhorrent views about slavery, race, democracy, women, and equality. Even though their views are public, easily available in major works, there is a conspiracy of silence, and suppression of dissent. Even though there is… Read More Kant: Misogynist & Racist
FROM DAVE TAYLOR Looking now at anticipations of Shannon’s information systems in recent economic research, Maria Madi found American pragmatist C. S. Peirce studying scientific logic cycles and semiotics (signalling) in 1873. In the latest Real Word Economic Review, Katherine Farrell found Marshall starting economics from everyday life (small is beautiful) instead of the funding… Read More Learning to Re-envisage the Economy (Part 2)
FROM DAVE TAYLOR After the invention of printing, pedagogy began with Machiavelli’s The Prince teaching politicians to lie, and Francis Bacon’s The Advancement of Learning advising a new king to develop an encyclopedia of science “for the glory of God and the relief of Man’s estate” by “taking things to bits to see how they… Read More Learning to Re-envisage the Economy (Part 1)
In the 1960s, Hayek argued that: “in the field of complex phenomena, the term” law “, as well as the concepts of cause and effect, are not applicable”. Regarding “The Theory of Complex Phenomena”, Hayek warned that in the case of complex phenomena, the scientist must give priority to the development of theoretical assumptions, instead… Read More Complexity and economic laws
This material is taken from first 15 minutes of Michael Hudson’s Webinar: a 4000-year perspective on economy, money and debt. Shortlink: http://bit.ly/MHudson4000. These are real-world economics lessons, not found in textbooks. A ten-minute video wrap-up is followed by a 1400 word writeup/summary. Loans to 3rd World Meant for Control Michael Hudson’s First Wall Street Job… Read More What they don’t teach in economics textbooks
Most economists are committed to Friedman’s methodology which advocates a nominalist philosophy of science. Theories do not aim to discover hidden real structures which explain the observations. Instead, they aim to “save the appearances”: provide a good match to the observations. Although a small minority of voices has advocated a realist methodology – Bhaskar Roy,… Read More Hockey Stick or Growth Illusion?
In previous posts/articles, I have argued that the fundamental problems at heart of economics lie in a hopeless methodology which is systematically incapable of reaching the truth; see How Economic Models Became Substitutes for Reality and The WHY of Crazy Models. This is also aligned with views of Tony Lawson and others who offer critical realism as… Read More Why Newton Matters?
TRADE WARS AFTER CORONAVIRUSEconomic, political and theoretical implicationsA webinar from the WEA Friday May 28, 2021. 5pm-7pm, London Time. LINK: meet.google.com/nxr-ucuj-agf 1. WELCOME. Maria Alejandra Madi, Chair WEA Conference Programme 2. PRESENTATIONS America’s Trade Deficits: Blame U.S. Policies – Starting with Tax LawsKenneth E. AustinUniversity of Maryland The interplays of… Read More WEA WEBINAR THIS WEEK: TRADE WARS