Keynes tried to show that market economies could settle in equilibrium states in which the labour market did not clear, and in which the level of une….

The behavior of the economy as a whole, at the aggregate, macro-level, is built up from the individual equations at the micro-level..

The model of competitive equilibrium which has been discussed so far is set in a timeless environment. People and companies all operate in a world in….

I am often asked by would-be entrepreneurs seeking escape from life within huge corporate structures, ‘How do I build a small firm for myself?’ The a….

The temptation to use mathematics is irresistible for economists. It appears to convey the appropriate air of scientific authority and precision to e….

Even in financial markets, the concept of market efficiency does not hold..

We need to abandon the economist's notion of the economy as a machine, with its attendant concept of equilibrium. A more helpful way of thinking abou….

The linear, mechanistic view of the world which pervades orthodox economics is simply not capable of capturing the richness and complexity of the rhy….

In most Western economies, the general relationship is not in fact between the rate of inflation and the level of unemployment, but between the rate ….

Books proliferate, and occasionally sell in very large numbers, which claim to have found the rule, or small set of rules, which will guarantee busin….

Baseball players or cricketers do not need to be able to solve explicitly the non-linear differential equations which govern the flight of the ball. ….

The reader might reflect that an awful lot of supposing has to take place in order for the quantity theory of money to be true..

The obstacles facing academic economists are formidable, for tenure and professional advancement still depend to a large extent on a willingness to c….

Many Europeans, while admiring the strength and power of the American economy, undoubtedly feel that the system of social values which prevails in th….

At 2 per cent growth a year, an economy doubles in size in just thirty years..

But Adam Smith was a philosopher as well as well as an economist, famous in his time as much for his Theory of Moral Sentiments as for The Wealth of ….

Despite the high salaries involved, employing economists is a cost-effective way for banks, and stockbrokers to secure exposure in the media..

The second part of the New Right's policy package has been the belief that free-market solutions are always best. It is this latter view which is pro….

Once the true relationship between inflation and unemployment is understood, with luck and skill, a free lunch is possible..

By any reasonable criteria, the discipline of economics as a whole, in its present state, is sadly lacking..