The current WEA Discussion Forum on Trade Wars is being opened today. Many relevant questions are at stake: Can China actually replace the US as the economic leader in the world? If not, what will prevent it? If so, what is required for …? How can the US prevent this shift from happening? Will free… Read More WEA Discussion Forum: Trade Wars
This is a sequence of posts on “New Directions in Macroeconomics“, which discusses the numerous directions of research which must be incorporated to create a viable Macroeconomics for the 21st Century. We have previously discussed “Post-Keynesian Economics“, and “Modern Monetary Theory“. This post discusses the necessity of re-incorporating politics into economics. Once we recognize the… Read More Political Economy
This continues from the previous post on Post-Keynesian Response. A large number of contributions from different areas need to be integrated to build an economics for the 21st Century. For an acknowledgement of the failure of 20th Century Macro from one of its architects, see Romer’s Trouble With Macro. This post explains Modern Monetary Theory… Read More Modern Monetary Theory
This continues from previous post on New Directions in Macroeconomics. Among the heterodox responses to the crisis in economic theory created by the Global Financial Crisis 2007, we will briefly discuss the following: Post-Keynesian Economics, Modern Monetary Theory, Political Economy, Evolution of Global Finance, Ecological Economics, Complexity Economics, Islamic Economics. This post is about Post-Keynesian Economics. The… Read More Post-Keynesian Response
This continues from the previous post: Coffee and Banking Clearinghouses. It explains how clearinghouses started to perform many of the functions we identify with Central Banks today. To understand modern central banks, it is useful to look at how they evolved out of the needs of the banking system. The Clearinghouse seems like a mechanical and… Read More From Clearinghouses to Central Banks
Asad Zaman, Sidika Basci: “New Directions in Macroeconomics”, International Econometric Review, Vol 12, Issue 1, p1-23 — Article excerpted below (Section 1 only) provides introduction to new directions for 21st century macroeconomics, and invites submissions in outlined areas to our journal – International Econometric Review. We are broadening the focus of the journal to include all… Read More New Directions in Macroeconomics
Originally posted on An Islamic WorldView:
[bit.ly/dsia05E] – Part E of Lec 5:Descriptive Statistics: An Islamic Approach. This lecture explains the difference between classical Fisherian approach and our REAL statistics approach, within context of a study of the Quantity Theory of Money. https://youtu.be/WB7CWK-r9fg In previous portions of this lecture, we have emphasized the need for…
In a previous post (Coffee and Banking Clearinghouses), we explained how a clearing house substantially improves efficiency of transactions. Suppose that there are ten banks and there are thousands of checks written on each bank. The clearance of each check requires a transfer of gold from one bank to another. If we sum all of… Read More Private Creation of Money
Originally posted on An Islamic WorldView:
[bit.ly/dsia05D] – Part D of Lec 5:Descriptive Statistics-An Islamic Approach. In previous lectures, we have explored some of the reasons why foundations of modern statistics constructed by Sir Ronald Fisher are deeply flawed. In this lecture we explain the basics of our alternative approach to the subject. https://youtu.be/mWmNnLYDXBU This…
Originally posted on An Islamic WorldView:
Bit.ly/dsia05b – Part B of Lec 5:Descriptive Statistics-An Islamic Approach. This portion discusses the racist ideas of Galton, and some statistical tools he developed in his attempts to prove them. https://youtu.be/R7A6hIZSWxo The Islamic tradition asks us to look at both the nature of the knowledge, as well as the…
