Category Archives: Economics

Scope and purpose of economics

Policy of Debt and Destruction

Posted on June 12, 2015 by admin

For several decades, the historical data show that the monetary policy of central banks has been to use debt to stimulate the global economy, constrained only by the possible emergence of high inflation. This post shows that the policy has … Continue reading →

Posted in Economics | 6 Comments

Optimal Aggregate Consumption

Posted on January 1, 2015 by admin

Over-consumption is not in the Keynesian lexicon. More consumption is assumed always to be better for economic growth (with few exceptions) in a Keynesian prescription of perpetual demand-stimulation policy of quasi-boom (Keynes, 1936, p. 322): Thus the remedy for the … Continue reading →

Posted in Econoclasm, Economics | 2 Comments

Saving=Investment Fallacy

Posted on November 14, 2014 by admin

“Saving=Investment” is axiomatic in macroeconomics as it is taught in basic textbooks, found in advanced research and assumed in national statistics. Yet it is a fallacy which can be traced to Keynes (1936, p.63) where he defined saving as “the … Continue reading →

Posted in Econoclasm, Economics | 12 Comments

Methodology

Posted on May 8, 2014 by admin

The reason for discussing methodology is to explain why we do things differently and to warn readers not to expect to see on this blog, standard methods for investigating economics. Different methods are used here to develop new economic knowledge. … Continue reading →

Posted in Economics, Methodology | 10 Comments

What is Economics?

Posted on March 26, 2014 by admin

What is economics? Why is it important to define clearly what is economics? Economics as Phenomenon Historically, economics originated from the consideration by philosophers of human activities as social phenomenon, to be studied like physics as natural phenomenon (Mirowski, 1989). … Continue reading →

Posted in Economics | 6 Comments