Dynamic Economic Systems

Mentions per year

What Hacker News says

• js8 · Sep 12, 2017 · Recommends

  …years ago, and has much nicer alternatives. The basic (but not only) problem with it is that you're looking at one side of equation at a time. There is a much nicer alternative treatment in J.M.Blatt: Dynamic Economic Systems, which uses Leontief matrices. Also, if you want to know where my criticism is coming from, read Steve Keen's Debunking Economics. And even he doesn't list all the issues with supply/demand analysis,…

  on “A New Way to Learn Economics” ↗
• asgard1024 · Sep 2, 2015 · Recommends

  The book I got recommended from Steve Keen, when I asked him a similar question, was J.M.Blatt: Dynamic Economic Systems. Although he has beautifully simple approach, it is really outside the standard economic theory and apart from Keen and perhaps few other individuals, sadly no one really follows in Blatt's footsteps.

  on “Economics Has a Math Problem” ↗
• js8 · Jan 1, 2017 · Recommends

  …it's just a language barrier. In economics, I wish more people knew about (I don't know the name, unfortunately) the approach to calculating of equilibrium prices that is described in J.M.Blatt's book Dynamic Economic Systems, and is based on input-output production matrices. It's a much more superior approach to the classical supply-demand analysis that dominates the textbooks, because it requires much less free parameters…

  on “What Scientific Term or Concept Ought to be More Widely Known?” ↗
• js8 · Apr 6, 2018 · Recommends

  …has the demand curve shifted, has the supply curve shifted? The problems of general equilibrium approach are quite succinctly described in Keen: Debunking Economics. And compared to approach in Blatt: Dynamic Economic Systems, it's a disaster - too many parameters and assumptions for too little explaining power. It was a pretty decent way to describe the world when Walras came up with it; but it should have been obsoleted…

  on “Supply and Demand Does a Poor Job of Explaining Depressed Wages” ↗
• js8 · Jun 13, 2019 · Recommends

  …theory. And if you want see alternative, which is completely superior (gives intuitively similar results and more, requires less parameters and is easier to extend), I suggest the treatment in Blatt: Dynamic Economic Systems, first part. (This was also suggested to me courtesy of Steve Keen, but boy, it is good. Keen is not to everybody's taste, but everyone in economics should read Blatt. He is the most forgotten of all…

  on “A plan to change how Harvard teaches economics” ↗
• asgard1024 · Aug 20, 2015 · Mentions

  …more innovation. Sorry, I thought that was obvious. It isn't obvious at all. In fact, there are some indications that the opposite is true. For example, there are some simple economic models in Blatt:Dynamic Economic Systems where rate of profit and rate of growth are inversely proportional. Also, data from Piketty aren't very optimistic in this sense either (it seems that economic states with lots of private capital correspond…

  on “July 2015 was warmest month ever recorded” ↗
• js8 · Sep 23, 2016 · Mentions

  If you're mathematically inclined, Steve Keen himself recommends Dynamic Economic Systems by John Markus Blatt. As an aside, I would also recommend reading Thomas Piketty's Capital for 21st Century. IMHO it gives you a deeper historic perspective on economics than just couple decades back.

  on “Ask HN: What are the must-read books about economics/finance?” ↗