Piketty and Marx: Or, why no one needs to read anything

The Charnel-House

Less than a week ago, Jacobin magazine enumerated a list of nine canned responses criticizing the French neo-Keynesian economist Thomas Piketty’s book Capital in the Twenty-First Century. Zachary Levenson gave us the guide for “How to Write a Marxist Critique of Thomas Piketty without Actually Reading the Book.” It ranges between Marx and Piketty’s radically different conceptions of capital to the latter’s conflation of derivatives stemming from finance and industry. “Capital in the Twenty-First Century is a long book,” Levenson writes, sympathizing with his readers, “and you just don’t have time in your busy schedule to finish it and formulate a materialist critique.” Don’t worry, he urges, “we’ve got you covered.”

No doubt: there’s plenty of truth to such a list, conceived as it is in parody. Many self-proclaimed Marxists are quite eager to dismiss the latest fad in social liberal economic thought, and counterpose the trenchant historical critique…

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Learning Statistics Through Dance

Learning Statistics Through Dance

Four short films demonstrating statistical concepts through dance. The concepts are: correlation, variance, frequency distributions, sampling and standard error. Project title: ‘Communicating Psychology to the Public through Dance’ (AKA ‘Dancing Statistics’) 

Book Presentation: The Economic Development of Latin America Since Independence (New York, January 31st, 2013)

Photography by Manuel A. Bautista Gonzalez.

It has been well over a year of the presentation of “The Economic Development of Latin America Since Independence,” held at Columbia University in the City of New York, with the participation of José Antonio Ocampo (co-author, SIPA/Columbia), Alan Dye (Barnard College) and John H. Coatsworth (Columbia University), moderated by Pablo Piccato in Columbia University in the City of New York, on January 31, 2013.

I am biased to believe the contents of the book presentation are still relevant. I post this transcript to pay a debt to my Uruguayan friend and colleague Sebastián Fleitas (University of Arizona), who aided Luis Bértola and José Antonio Ocampo as a research assistant for this book. The transcript would certainly benefit from (even) more editing. But as it happens most frequently in grad school, I lack the time to do that. Without further ado, here’s the baby whose birth took 15 months (!).

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“As in the modern world.” Foreign and Domestic Equities in the London Stock Exchange, 1869-1928

Comment on foreign and domestic equities in the London Stock Exchange, 1869-1928 for NEP-HIS

The NEP-HIS Blog

Interior of the London Exchange, The Illustrated London News, March 25, 1854. Interior of the London Exchange, The Illustrated London News, March 25, 1854.

Bloody Foreigners! Overseas Equity on the London Stock Exchange, 1869-1928.

by Richard S. Grossman, Wesleyan University (rgrossman@wesleyan.edu)
Abstract: This paper presents data on quantity, capital gains, dividend, and total returns for domestic and overseas equities listed on the London Stock Exchange during 1869-1928. Indices are presented for Africa, Asia, Europe, Latin America, North America, Australia/New Zealand and for the finance, transportation, raw materials, and utilities sectors in each region. Returns and volatility were typically highest in emerging regions and the raw materials sector. Dividend yields were similar across regions and differences in total returns were due largely to disparities in capital gains. Returns of firms in more industrial markets were relatively highly correlated with each other and with developing regions with which they had substantial colonial or trade connections. Contingent liability was most extensively employed where leverage…

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A panel proposal that never was

The Virtues and Vices of Making Money in America

The functioning of a capitalist economy necessitates means of payment and vehicles for credit with which business can be conducted and expanded. The seasonality of agriculture, industrial production, and the nature itself of trade require money and credit to lubricate market exchange.

When talking about money in a historical perspective, instances of virtue follow very closely moments of vice. In the American case, for example, when the thirteen colonies became independent virtue was to be delivered in the promise of sovereign money issued directly in the continent. Nevertheless, the monetary experiments handled by the states in the period of Confederation led to a rather vicious situation, similar to countries enacting beggar-thy-neighbor trade policies. Virtue came again with institutional reforms adopted under the guidance of Alexander Hamilton and the rise of the First Bank of the United States, but soon concerned actors voiced the potential vice carried by the monopoly of issue. After the War of 1812-1815 the Second Bank of the United States emerged to guide the financial development of an industrializing nation, but this came with the cost of limiting the availability of money and credit for the ever-emerging peripheral regions of the country.

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Piece in The Economist about the economic history of the Great Depression

“Perhaps economic historians can make a better contribution by ensuring the past is not abused in debates about modern-day crises. For instance, putting all the blame on Wall Street for the Great Depression—or on bankers in the current crisis—does not stand up to historical scrutiny. The responsibility may more properly lie in a complex combination of factors, like how global financial systems are structured. But this still needs be interpreted from modern day evidence rather than in over-simplistic “lessons” from the past. As the Irish economic historian Cormac Ó Gráda once wrote, “shattering dangerous myths about the past is the historian’s social responsibility”. Such sentiments should apply to the Great Depression as much as they do any other episode in history.”

Estimados colegas,

Por este medio les hacemos llegar una copia digital de un artículo publicado en el blog "Free Exchange" de la revista The Economist sobre la historia económica de la Gran Depresión.

Saludos cordiales,

Manuel Bautista,

Vocal de la mesa directiva de la AMHE, 2013-2016


C., R. (2013), ‘Economic history. What can we learn from the Great Depression?’, Free Exchange (2013; London: The Economist). Accessed November 16 2013. <http://www.economist.com/node/21589497>


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“The Otherness of the Past:” (Economic) History and Policy in the Age of Disenchantment

My take on a stimulating paper by Francesco Boldizzoni.

The NEP-HIS Blog

On history and policy: Time in the age of neoliberalism
Francesco Boldizzoni (francesco.boldizzoni@unito.it), University of Turin
URL: http://econpapers.repec.org/paper/zbwmpifgd/136.htm
Abstract: It is often said that history matters, but these words are often little more than a hollow statement. In the aftermath of the Great Recession, the view that the economy is a mechanical toy that can be fixed using a few simple tools has continued to be held by economists and policy makers and echoed by the media. The paper addresses the origins of this unfortunate belief, inherent to neoliberalism, and what can be done to bring time back into public discourse.

“How will the 2008/09 crisis influence historical scholarship? […] The recent crisis reminds us that the policy response is as much a matter of ideology and politics as it is a matter of economics. […] The widespread use of the Great…

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