You are cordially invited to comment on these papers.

Comments can range from short remarks to full reviews.  We encourage you to be frank, but polite. As a rule, commentators should give their name. If they fear hurting their relationship with authors, they can use an alias, which has to be clearly recognizable as such. Editors will vet comments before publication to make sure appropriate and comprehensible language is used and that they are  substantive comments relating to the content of the paper at hand. Standards of fairness will be particularly high if an alias is used. Authors who have submitted a paper for open peer review are strongly encouraged to take part in this collaborative effort by reading and commenting on papers of other authors. We thank all contributors very much for their time and input.

Recent papers by date

Climate Change, Procrastination and Asymmetric Power

This paper argues that policy conclusions of the economics of climate change literature based on ‘integrated assessment models’ (IAM) fails to take into account the intricacies of collective action. Specifically, IAMs do not account for how asymmetric power between developed and undeveloped countries changes the former’s pay off matrix with respect to mitigation and adaptation … Continue reading »

Read the abstract and download the paper »
Posted for review 3 Jul 2014

Read the comments »
3 comments

Understanding Keen and Standish

In a series of papers, Steve Keen and Russell Standish attempt to critique the textbook approaches to rm behavior under conditions of perfect and imperfect competition. In their attempts, they misrepresent the assumptions underlying the models, err in their mathematics, fail to follow through on their theoretical arguments, and fail to explain what drives the … Continue reading »

Read the abstract and download the paper »
Posted for review 15 Jun 2014

Read the comments »
No comments

Setting a Principle to Interest Cap on the Issuance of Home Mortgages

Traditionally most home buyers in the US need a mortgage and the current system of mortgage origination creates an incentive for borrowers to offer bids on homes far higher than would be possible without that system. This has inflated home values, increased financial indebtedness, and has increased banking profits without extensively helping other players in the … Continue reading »

Read the abstract and download the paper »
Posted for review 7 Apr 2014

Read the comments »
7 comments

The price cannot be right: Taxation, Sub-Intrinsic-Value Housing Bubbles, and Financial Instability

A “general formula” for the price/rent ratio of a property is derived in terms of an exponential appreciation rate, a discount rate, a holding time, and a set of parameters describing the tax system, on the premise that property prices reflect intrinsic values after tax (“efficient markets”). Special cases are noted and interpreted and their consistency is verified. The formula … Continue reading »

Read the abstract and download the paper »
Posted for review 25 Feb 2014

Read the comments »
6 comments

Determinants of Financialisation in South Africa: A Balance Sheet Approach

This paper focuses on the process of finacialisation in South Africa. Financialisation is defined after Krippner (2005) and Arrighi (1994), as a pattern of accumulation in which profits accrue through financial markets and channels rather than through trade or commodity production in the real economy. We examine the financialisation of the South African economy from … Continue reading »

Read the abstract and download the paper »
Posted for review 12 Feb 2014

Read the comments »
3 comments

Rationality in the Theory of the Firm

We have previously presented a critique of the standard Marshallian theory of the firm, and developed an alternative formulation that better agreed with the results of simulation. An incorrect mathematical fact was used in our previous presentation. This paper deals with correcting the derivation of the Keen equilibrium, and generalising the result to the asymmetric … Continue reading »

Read the abstract and download the paper »
Posted for review 15 Jan 2014

Read the comments »
36 comments

THE DOUBLE PONZI: an alternative analysis of instability and crisis in the US economy

The current financial crisis is often thought to stem from “toxic” debts. Complex securitization transactions hid the extent of the lending problem for too long and the state had to step in to maintain confidence. But what if securitization was not driven by greed and unnecessary risk-taking, but by innovations required to bolster an already distressed financial system? What … Continue reading »

Read the abstract and download the paper »
Posted for review 20 Sep 2013

Read the comments »
2 comments

Comments on the critiques and defense of neoclassical firm theory – papers by Steve Keen and Russell Standish and the logical soundness of the Marshallian assumption (revised)

This paper discusses several papers relating to criticism of neoclassical firm theory by Steve Keen and Russell Standish and the logical soundness of the Marshallian assumption. Some errors (Cournot-Nash theory) in the published papers by Steve Keen and Russell Standish have been acknowledged by the authors, and this paper intends to extend and summarize the acknowledged … Continue reading »

Read the abstract and download the paper »
Posted for review 22 Jul 2013

Read the comments »
No comments

On the Historical, Moral and Economic Arguments for Asymmetric Trading Regimes: the case of sub-Saharan Africa

The Least Developed Countries Report 2006 argued that a paradigm shift in national and international policies to promote development and poverty reduction is required because current policies are inadequate and have failed to develop productive capacities in the underdeveloped economies. However, the policies that are advocated do not deal with the fundamental question of how … Continue reading »

Read the abstract and download the paper »
Posted for review 16 Apr 2013

Read the comments »
5 comments

A comment on the critiques of the neoclassical firm theory

This paper investigates into some of major errors made by Steve Keen and Rus- sell Standish (K-S) in their papers in Utilities Policy and Real-World Economics Review. The most important error that this paper nds is the wrong use of cal- culus that makes price (or demand) function of market inapplicable for calculus usage. This … Continue reading »

Read the abstract and download the paper »
Posted for review 16 Apr 2013

Read the comments »
12 comments