The Economics Thread

[andmark]

My views of economics have slipped into being agnostic, although I feel morally inclined towards modern liberalism (in the turn of the century sense of the phrase) which is also reflective of political leanings. Does anyone have any recommendations for an A Level or university level economics textbook? Many thanks.

 

[Uppercut]

https://www.newstatesman.com/politics/uk/2018/10/how-austerity-broke-britain-and-how-we-can-recover

This is an excellent econ/history-of-econ-thought essay, condenses the last 70 years of British economic policy really nicely. Not sure I agree with all of his recommendations, but even so.

Unfortunate that the NS have titled it like an Owen Jones piece.

 

[Prince EWS]

https://www.newstatesman.com/politics/uk/2018/10/how-austerity-broke-britain-and-how-we-can-recover

This is an excellent econ/history-of-econ-thought essay, condenses the last 70 years of British economic policy really nicely. Not sure I agree with all of his recommendations, but even so.

Unfortunate that the NS have titled it like an Owen Jones piece.

I tried to read this yesterday and just couldn't stomach the wording early on. It'd probably be like me trying to get you to listen to a Tom Woods podcast to see my point.

 

[harsh.ag]

It's not that bad tbh. Just feels like a whole lot of pre-2007.

 

[Uppercut]

I tried to read this yesterday and just couldn't stomach the wording early on. It'd probably be like me trying to get you to listen to a Tom Woods podcast to see my point.

Interesting. What are the phrases or expressions that trigger your gag reflex?

Skidelsky is quite possibly the world's most Keynesian Keynesian, so maybe I shouldn't be surprised that he's too fundamentally at odds with your view of the world for you to find much value in him. If you reject the first principles then everything afterwards is worthless. It's how I feel about Rothbard. Whereas I get a lot from Hayek, because Hayek appeals to material outcomes that matter to people like me.

 

[Furball]

https://www.newstatesman.com/politics/uk/2018/10/how-austerity-broke-britain-and-how-we-can-recover

This is an excellent econ/history-of-econ-thought essay, condenses the last 70 years of British economic policy really nicely. Not sure I agree with all of his recommendations, but even so.

Unfortunate that the NS have titled it like an Owen Jones piece.

First paragraph looks like it's setting the tone for a really interesting read; Labour would be absolutely slaughtered if it was to preside over something as idiotic as Brexit.

 

[Magrat Garlick]

Is it a coincidence that modern monetary theory has the same acronym as magic money tree?

 

[andmark]

I went very basic and got an A Level (age 16-18) revision book from a library. I'm through most of the microeconomics bit and the macro bit seems to have substantially less graphs. Is that to be expected? Like would macro be more theoretical whilst micro would be a bit more mathematical and nitty gritty or is that just wishful thinking?

 

[Bahnz]

Depends on how deep you go with it. In the early stages Macro is definitely more theoretical and philosophical, while micro is more about mathematical models. But after a certain point (usually the post-grad level) Macro is basically all math as well.

 

[andmark]

Depends on how deep you go with it. In the early stages Macro is definitely more theoretical and philosophical, while micro is more about mathematical models. But after a certain point (usually the post-grad level) Macro is basically all math as well.

My main aim with reading about economics is to be able to make more detailed political opinions because I'm sort of agnostic out of ignorance and so I won't be challenging the likes of Harshag any time soon. So yeah, thanks for your reply, it's encouraging.

 

[Uppercut]

The last Econ101 I taught had a bit of descriptive macro. One of the lectures was on how and why the shape of the UK economy has changed over time. Whereas the micro didn't really introduce anything empiric. So if your textbook is anything like than then yeah, the initial macro will be far more interesting.

 

[harsh.ag]

Things be heatin' up

 

[Uppercut]

https://twitter.com/centralbankja/status/1129517029252304896?s=21

The Bank of Jamaica’s forward guidance skills are off the charts.

 

[trundler]

As an alternative to this thread, there should be a communism thread too.

 

[Magrat Garlick]

David Graeber: Against Economics (NYRB)

I always enjoy reading Graeber although I often suspect his arguments are too neat. And now my list of oeconomics books to read is growing long (what with Uppercut being a published author and all)

 

[smalishah84]

David Graeber: Against Economics (NYRB)

I always enjoy reading Graeber although I often suspect his arguments are too neat. And now my list of oeconomics books to read is growing long (what with Uppercut being a published author and all)

wow, didn't know uppercut has published a book.

Congratulations uppercut. I hope your book does well and reaches a large audience

 

[Uppercut]

David Graeber: Against Economics (NYRB)

I always enjoy reading Graeber although I often suspect his arguments are too neat. And now my list of oeconomics books to read is growing long (what with Uppercut being a published author and all)

Almost none of Graeber’s comments about academic economics today are consistent with my experience. Maybe I’m in my own bubble but I think the economics he’s against is mostly straw.

Hope you like the book if you do read it!

 

[Magrat Garlick]

I'm sure you know more of the field than me (and probably Graeber too), but are the ill straw economics he's describing not fairly accurate of what Wren-Lewis calls "mediamacro"?

 

[Uppercut]

I'm sure you know more of the field than me (and probably Graeber too), but are the ill straw economics he's describing not fairly accurate of what Wren-Lewis calls "mediamacro"?

It would have been in 2015. Deficit fetishism in the media is dead in the U.K. now- they abandoned it when the Tories did. Politicians constantly being asked how to fund pledges is exactly what isn’t happening in this election campaign.

Likewise the major U.K. universities have almost all replaced the old Econ curriculum with CORE, or adapted it along those lines. So his criticisms there are out of date too.

Another wtf moment was government and money being the two things economists least like to talk about. I don’t think it’s true but it’s especially crazy coming from someone who thinks monetarism still dominates economic discourse- monetarism is about little else.

There were a couple of pretty good Noah Smith blogs a few years ago that went through all the common outsider criticisms of economics and tried to say which ones were fair. I think some of Graeber’s were way out of date even back then.