Blog posts

Joan Robinson, Rent, and the Limits of Cambridge Synthesis

6 minute read

Published:

Joan Robinson occupies a peculiar position in twentieth-century economic thought. She is widely cited, frequently invoked, and often celebrated as a founding figure of heterodox economics. Yet she is just as often domesticated: reduced to a Keynesian popularizer, a critic of neoclassical capital theory, or a transitional figure on the road from Marshall to Sraffa. What tends to disappear in these readings is Robinson’s deeper intellectual project: a sustained attempt to confront the internal incompatibilities of Cambridge economics. That confrontation never yielded a synthesis, and this was not accidental.

Cointegration as a Reduced-Rank Structure: A comment on Long-Run Dynamics

4 minute read

Published:

Cointegration is often described as a technique for identifying stable long-run relationships among non-stationary variables. While this introductory definition is not incorrect, it is insufficient for understanding the dynamic architecture underlying macroeconomic processes that unfold over long horizons. In settings where series display trends, high persistence, or structural breaks, the existence of stationary linear combinations raises a deeper analytical question: what structural restrictions allow certain relationships to remain anchored while the rest of the system drifts over time?