Sunday, May 21, 2017
Wednesday, May 17, 2017
http://www.debtdeflation.com/blogs/minsky/). In a continuous time model, the time axis is the real line, instead of being discrete steps (as in the Python sfc_models package). This article discusses some of the advantages of the discrete time formalism.
Saturday, May 13, 2017
|Click to find retailer.|
This article discusses a few topics that have struck my interest in recent days. Unfortunately, discussions of theory are back. I am starting to pursue a collaboration with Alexander Douglas (an academic philosopher), as we wish to write an article about Dynamic Stochastic General Equilibrium (DSGE) models from a philosophy of science perspective. As a result, I feel somewhat like I am trapped in a parody of The Godfather, Part III, being pulled back in to discuss DSGE macro. Although I want to otherwise avoid being bogged down in theory, the belief that we can discuss the empirical data without reference to theory in this case is just wishful thinking.
Wednesday, May 10, 2017
Professor Steve Keen, the well-known critic of mainstream economics and professor at Kingston University, published Can We Avoid Another Financial Crisis? His argument that unsustainable private debt dynamics make a future crisis of some sort inevitable; and the biases of mainstream economics helps ensure that little useful will be done to prevent this outcome. The book offers an overview of his economic theories, which are somewhat distinct niche within the heterodox tradition. Although the book is interesting, I have some reservations about his strategy vis-à-vis mainstream economics within the book.
Sunday, May 7, 2017
Hilliard MacBeth published When the Bubble Bursts: Surviving the Canadian Real Estate Crash in 2015. It is mainly targeted at Canadians, but it would be of interest for foreigners who wish to understand what is happening in the Great White North. Although real estate bubbles are a familiar international phenomenon, there are some institutional differences that matter.
Wednesday, May 3, 2017
The news that some Canadian alternative mortgage lenders have had financing issues has brought around speculation about the Great Canadian Real Estate Crash. Certainly, the Canadian economy is extremely vulnerable to another global financial spasm like 2008. I am somewhat of a Negative Ned, and can think of many catalysts for such an event. However, barring such an event, the problems look like they can be