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Econoclast Rosser on economics prize

Barkley Rosser has been deeply involved in the economics of John Maynard Keynes, along with nonlinear dynamics. In Econospeak, a blog billed as the “Annals of the Economically Incorrect,” he comments on the recent awarding of the Nobel Memorial Prize (needless to say, not in the group of Nobels awarded in fields such as literature, peace, etc.), adding a postscript yesterday with some deeper thoughts and misgivings. The post offers some analysis of this award for Richard Thaler, an economist who has developed psychology that can be applied to behavior and data studied by economists, including “mental accounting,” an empirically based idea that has connections to sociology.

Last week, I mentioned attending a macro seminar at the New School for Social Research. This week’s talk at the same seminar was given by Rosser, though I was not able to be there for this one. Rosser was scheduled to this paper connecting the concept of entropy from physics with Minsky’s theory of financial fragility and instability. This link is from Rosser’s research page at his institution, James Madison University.

I have previously mentioned the retirement of Barry Schwartz, a psychologist who has based a broad pop critique of economics in part on mental accounting in his The Battle for Human Nature and The Costs of Living. His work and some links to his papers are on his research page.

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