Anwar Shaikh
@shaikhecon
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Book cover of the forthcoming Spanish translation of my book
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I will give a talk at the Oxford Economics Society May 19 2021 on my argument for a general theoretical and empirical alternative to both neoclassical and postKeynesian economics. Here is the link. Please pass it on.
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My book now out in Chinese, beautiful cover! Citic Press has an impressive list of authors (press the English translate tab at the top).
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I recently gave a talk to the Oxford Economics Society on the new economic framework called Real Economic Analysis, along with applications to the analysis of the stock market and international trade and the effects of global competition: YouTube link
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A course about what economics is really about, from Ha Joon Chang. Read and pass on, please.
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John Weeks passed away recently. A brilliant intellectual, a dedicated fighter for the Left, for academic freedom, for economic development. He walked the walk, lived his singular life with dedication and much humor. Goodbye my old friend, I miss you terribly.
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Purpose of studying economics is to understand the world, not to mystify it -- as neoclassical economics does. I reject the notion that "economists" means neoclassical economists. I am an economist too, proud of it. Please acceding to the imperial notion of the orthodoxy.
"The purpose of studying economics ... is not to be deceived by the economists" thanks
@cacrisalves
(
@FTAlphaville
panel at
#ASSA2019
Atlanta)
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My latest INET interview about the attempt to create a unified framework for micro and macro. Four of us will be presenting this viewpoint at the Eastern Economics Association Feb 27, Boston.
Alternatives to mainstream economics via
@wordpressdotcom
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Please share this important video series of interviews with heterodox political economists. There are condensed interviews along with full ones. Useful teaching tools.
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Would all "adult" neoclassical economists" please raise their hands? Their theory says that one can always substitute capital for labor in any degree. [Marx quote in the letter from Marx to Kugelmann, London, July 11, 1868.]
Marx, as usual, saw it all coming:
"Every child knows a nation which ceased to work, I will not say for a year, but even for a few weeks, would perish."
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I am giving a talk at the Cambridge Economics Society on Real Economic Analysis (REA) as opposed to neoclassical or post Keynesian economics: Thursday October 21 2021, 5:30 pm BST/12:30 EST. Registration is free.
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This is the first of my five lectures on real political economy that I gave as a Sheridan Fellow at the Univ of Mass at Amherst, Econ Dept.
The 4 others can be found at my book webpage along with many others.
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Theories that hang in the air fall to the ground under the gravity of facts.
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On the neoclassical thesis that capital and labor are perfect substitutes, a fall in work will not harm production. Joan Robinson asked sarcastically: if you have ten workers and ten shovels, and you add another worker, what will they do?
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In this moment, everyone should watch the courageous testimony by the great Paul Robeson in front of the House Un-American Committee during the McCarthy period. Please share.
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I agree that Hayek is an important thinker. The book Hayek by Andrew Gamble is a good overview of his life and economic thought. Here is my talk on Hayek and Marx given in a faculty seminar
Funny that I get chewed out by extreme Hayekians all the time, but I do think that Hayek was an important thinker: in methodology, ability to move beyond strict economics, belief that success in capitalism must not be confounded w/ one's moral worth.
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How does one distinguish between corporate profits benefitting from inflation and corporate profits contributing to inflation? This depends on your theory of inflation itself (see Shaikh, A. (2016). Capitalism: Competition, Conflict, Crises, OUP, Ch. 15)
Corporate profits have contributed disproportionately to inflation. How should policymakers respond? | Economic Policy Institute
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Our critique of standard trade theory and of those (some on the Left) who point to "imperfections" in actual trade. The real imperfection is in having standard theory as point of departure. From our foundation, trade imbalances are a consequence of international cost differences.
The U.S.–China trade imbalance is at the heart of the enormous tension in the current global economic order. In this article with
@shaikhecon
we argue that the root cause is real cost differences not currency manipulation.
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Yes for both! History because it is fundamental to a good education, History of Thought because (as everyone knows) they are smarter then and knew more history.
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Well, Branko, I am on your side, although I would modify it to say that "capitalism is the dominant (not the only) game in town. Important book that everyone should read. Btw, Piketty also says that "the price system neither knows limits nor morality" (Piketty, 2014, p. 6).
"C,A"
I get criticized by the left for stating an obvious fact that capitalism is the only game in town (read: the world).
I get criticized by the right for stating an obvious thing that capitalism is amoral.
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Please spread the word, it is more than past time for us to join others in a collective reaction to police violence and racism.
#ScholarStrike
: Professors
@AntheaButler
&
@TheTattooedProf
are organizing a work stoppage & virtual, public teach-in on police violence & racism next month.
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My productive labor
According to Adam Smith, "The sovereign ... all the officers both of justice and war who serve under him ... are unproductive labourers. So too churchmen, lawyers, physicians, men of letters of all kinds"
Ok then, this is my productive labor (stained glass)
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Critical point in the discussion about austerity: whom is it supposed to benefit, and on what theoretical foundation? Don't be fooled by orthodox claims to "neutral" expertise.
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Chinese edition of my book Capitalism: Competition, Conflict, Crises selected 2021 China Business Network (Yicai)-J.P. Morgan Financial Book of the Year. Daniel Kahneman & co-authors other category, & Piketty, Buiter, and Sachs in 2020. Acceptance video:
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My lecture today 12pm-2pm Eastern Standard Time in the US, on the structure and empirical content of Real Economic Analysis. Please share
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Very interesting indeed. And administrators everywhere are calling for "austerity" to be imposed on students, staff and faculty.
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Flat-earthers are organizing a cruise. I just come from the ASSA conference, so I am wondering if the ship has a special section for orthodox microeconomists. Maybe in the Perfect Earth section? Would love to go, actually, if someone will pay for it.
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A good and sharp article on hyper inflation in Venezuela.
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Seven widespread moral rules in almost every culture. Not in microeconomics of course. But game theorists are working on the appropriate games, no doubt, and will then claim to have invented them.
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Phenomenal World, an interesting online publication of heterodox theory across the social sciences.
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Bayesian approaches are all the fashion now. Here is one concern.
Why I am not a Bayesian via
@wordpressdotcom
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The Market as God, a brilliant essay please spread far and wide
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Wynne Godley was a major figure in modern macroeconomics, and a good friend.
My entry on Wynne Godley for the New Palgrave Dictionary of Economics has been published. Thanks to
@NakedKeynes
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Thank you, Isabela. It's amazing how often the term "economists" is used even by critics of neoclassical economics - including part of the Left attached to small departures from a fictitious universe. I am a economist too, for a long time: get really real.
Just to be sure, there were *real economists* who have argued fiercely against Shock Therapy and voucher privatization, yes it’s a minority but they exist.
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Agree, this is a pontification. Marx argues that while mechanization displaces workers, profit-driven growth picks up workers. He argues the rate of surplus value rises, i.e. real wages rise more slowly than productivity: See Measuring the Wealth of Nations, Shaikh/Tonak 1994.
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Gee, did their marginal product go up. Or did Amazon decide to lower its monopoly markup? Or did this happen because of worker struggles? Guess where I stand?
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The real failure is that economists have been taught to forget what earlier and far better thinkers have said (remember the Neuralizer in Men in Black?), so that they best they can do it to "Re-Think Economics". Make Economics Great Again! Start with History of Thought.
I’m rather puzzled with how uncertainty is being misused (vs heterodox econ) to justify existence of an alleged equilibrium outcome based on which biases and rationality are formed, isolated from social power structures and institutions, narrowly focused on individual behaviour.
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@BrankoMilan
Three of us did this already in 2014, published in a leading physics journal, available on my homepage, ignored by "distributionists" in the heterodox economics profession. So please don't let's talk about the cancel culture of just the orthodoxy.
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@BrankoMilan
Really? I am not a Keynesian/Kaleckian, rather in the tradition of classical political economy . Please advise me how to pass. Btw, everyone knows Lucas's famous phrase that “the audience starts to whisper and giggle" when Keynesian economics is mentioned.
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Existing alternatives to neoclassical theory
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Nobel prize winner finally makes it into Wikipedia (she was not considered famous enough, previously)!
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But is this not the socialism of capital?
In the USSR they had a medal of the "Hero of Socialist Labor".
Perhaps it is the time to introduce a medal for the "Heroes of Dow Jones".
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@HannaSzymborska
@NathanTankus
Quite striking that the notion of diversity being peddled by the orthodoxy does not include diverity of theoretical traditions. So then diversity on one plane goes hand in hand with monoculture on another.
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Large and enthusiastic crowd at my book talk at SOAS Development Studies in London, thanks to Alfredo Saad Filho!
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Why I think game theory and rational expectations are vacuous.
I much prefer Soros' theory of reflexivity, see my book at , pp. 544-545, 577-584
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Always thought "optimization" was a moldy idea. Slime molds do it better, without the cost of grad school. And then there is game theory.
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Yes, indeed! No doubt they will promote her to full professor once she has done something “significant”. Waiting like they did with Joan Robinson.
Also still an Associate Professor, which reveals much about promotion practices that vary by gender
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Thanks, Branko. However, the article is only about "paper" money. Commodity money is far older (see Primitive Money by Alison Quiggin, 1949): beetle legs, hides, tobacco, cowrie shells, etc. See my book , Ch 5. Time to stop elevating kings and bankers.
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Orthodox Economics is populated by "idiot savants": Economists versus the Economy by Robert Skidelsky via
@ProSyn
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This is capital's vision of education for all except the privileged of course. Read, weep, and keep fighting.
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The original bitcoin. No doubt there is an original MMT too.
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Mirowski’s market muddle 1: markets as algorithms. But real markets are forms of class and power relations. Slave markets for millennia, capitalist labor markets for centuries, sex trafficking still. Mirowski falls for notion that it is about algorithms.Tell that to the slaves...
@shaikhecon
Hi professor. What are your views on this by prof mirowski? - According to him, it helps not only to counter neoliberalism but also the usual supply/demand story.
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Capital creates profit. Job gains for some, job losses for others. Big Lie
#1
: capitalism creates full employment.
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MIT researchers show how to influence dreams. Unfair, this is the job of advertising, they should fight back and demand a stop this. On the other hand, the Pentagon is likely to be interested 😉
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Now I am afraid to fly. What if he is on the flight? I mean, just in case his private jet isn't working because it had been grounded by a divine power, and he had to fly coach with me and other demons?
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Thank you, Alex, very nice to hear. OUP has commissioned me to produce a shorter version of my Capitalism book , hopefully easier to read and use.
@shaikhecon
's lectures and works has been really fundamental for me (as a non-economist) to view so-called neoclassical - which is really anti-classical - economics for what it is: an ideological enterprise designed to deny the chaotic nature of capitalism, by idealizing...
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Physics starts from reality, whereas neoclassical economics starts from idealization and then is forced to add a variety of “imperfections”. For Econophysics based on real econ see my recent paper on Piketty at
@INETeconomics
@JosephEStiglitz
I think
@shaikhecon
recent book is a compendium of evidence for imperfect competition in a systematic methods- we need a new econo physics
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Biodegradable plastics from seaweed, some hope at least.
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Car Wash didn't wash itself.
During his presidency, Lula da Silva oversaw huge reductions in poverty and remains Brazil’s most popular politician. I stand with political and social leaders across the globe who are calling on Brazil’s judiciary to release Lula and annul his conviction.
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Orthodox econs claim that the Market produces an exchange rate that automatically balances trade. Many heterodox econs argue instead that the State can set the exchange rate to achieve a desired balance of trade. They share the same illusion. See Ch 11.
Interesting turn in the IMF! Maybe she's been reading
@shaikhecon
?
(And high time the Fund got a woman as a chief economist... This is their first one ever!).
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Interesting development in energy generation. Is there a catch?
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@plbds
@TNSLCoalition
@UAW7902
@reneetwhite
Those of you who care about this special space in an increasingly corporate educational world, please weigh in directly to the administration.
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Capital creates profit. Science needs money, universities love it. Read & weep: . Big Lie # 11: science is neutral.
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Sorry, but for me the biggest problem is the implied definition of “internalities”. In what absurd framework are direct interactions among people”externalities”? Oh, oh, I think I know the answer to that one!
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Very interesting graph on the rise of the term "heterodox eonomics", from the Heterodox Economics Newsletter
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Now we can begin damaging our Moon in the way that we have already done on Earth. And Mars mining is already in the works. Hooray for free enterprise!
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Greenhouse emission in waters of resorts and ports of Israel, Jordan and Saudi Arabia is 40 times predicted levels: the emissions from the waters mix with pollutants from industrial shipping to create noxious pollutants very harmful to human health.
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Mirowski’s market muddles 5: “his math is better than their math”. Misses the point, math a tool in service of a vision. Complexifying neoclassical econ is fashion now, like nonlinearizing was decades ago. But very same tools applied to a different vision gives different reading.
Would be interesting to hear
@shaikhecon
,
@ProfSteveKeen
,
@StephanieKelton
,
@billy_blogand
@neilwilson
's opinion on Philip Mirowski's concept of markets as computer programs
"This supply and demand crap's gotta go" -
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Remember Ramanujan! Retired statistician proves Gaussian correlation inequality, eluded mathematicians half century
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Gives new meaning to the phrase "my brain is really fried"
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Why give away the term "economists" only to the orthodoxy? Many of us are economist too, and have never said anything like this. Why shouldn't we count?
Most important quote from this article: "only 52 black women earned economics doctorates" in a 9-10 year period. Can economists stop bragging about their objectivity now? There is nothing rational about that stat.
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Theory aims to provide a comprehensive explanation of some aspect of reality supported by a large body of evidence.
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Yes, the videos on the book lecture cover the whole book at a graduate level. For a shorter set see my five Umass lectures. Both sets at . Best wishes.
@shaikhecon
Is it possible for me to just watch those videos and generally get most of what I'd get from the book?... I'm both partially dyslexic and also need to play Overwatch on my Playstation. Videos would just be easier...only if it is encompassing enough though.
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Thank you very much. Though even when addressing heterodox economists, I do sometimes feel like a Protestant addressing a Catholic Conclave.
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@BrankoMilan
Totally agree. I would add the issues of economic patterns arising from consumer behavior, behavior of firms, financial markets, international trade, and development, all within a unified framework encompassing Smith, Ricardo, Marx and Keynes.
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Wonderful on both counts, Isabella! Congratulations.
After the launch of How China Escaped Shock Therapy I got to do some serious work.
Recording is available here (of the book launch not the tractor noise):
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Capital creates profit. Benefits for some, miseries for others. Big Lie
#2
: capitalism creates benefits for all.
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Well, even the Fed is committed to more "diversity" these days, just not in economic frameworks. Optimize or die.
Want to talk about being cancelled as an economist?
Try desk rejections because, "while interesting and technically sound," your paper is not framed in terms of optimising individuals.
Or, is your [theoretical] argument "related to the Brazilian economy?"
Inter alia...
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I beg to differ. Downward sloping demand curves are easily derived from income constraints without any reference to utility, rat choice or maximizing. See Ch 3 of my book and corresponding video lecture
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Yes, astonishing that comparative cost theory claim that free trade automatically makes all countries equally competitive still holds sway.
.
@iamjohnoliver
Also largely inspired by
@Shaikhecon
's critique and alternative presented in
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Extra belly-fat linked to brain-shrink. As an economist, I have to wonder if this downward sloping curve is linear? Also, will my memory improve if I give up chocolate icecream? Things to ponder.
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@BrankoMilan
I am more concerned about Marx's failure to finish his beloved "Economics". After all, Newton, Kepler, Darwin and Einstein, to name very few, did not write autobiographies. But they did write out that which made them great.
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Wonderful animation of immigration into the US from the beginning. Would have liked to see immigration as a percentage of the pre-existing population. This would dramatically change the size of the waves depicted in the two pictures.
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Mirowski’s market muddle 2: supply/demand (SS/DD) = “crap”. Confuses neoclassical fiction with reality. Real markets are subject to turbulent regulation along moving paths, SS/DD are BOTH regulated by profitability, profit is no algorithm. Ask the workers.
Would be interesting to hear
@shaikhecon
,
@ProfSteveKeen
,
@StephanieKelton
,
@billy_blogand
@neilwilson
's opinion on Philip Mirowski's concept of markets as computer programs
"This supply and demand crap's gotta go" -
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Have to agree with Justin here. I grew up in Karachi, in the province of Sindh , and Sindhri mangoes were sublime. We waited all year for this gift from nature. According to Wiki, these are the "Queen of mangoes". Still, never did taste Durian, the smell definitely put me off.
Paul is flat out wrong here: Mangoes are objectively better than any other fruit and it’s not even close. 🥭
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Apologies if this has already been posted. Quite shocking that this can still happen "inadvertently.
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How real science works and doesn't work. Always a social activity with conflicting interests and weaknesses
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