Editor's Note: On Monday, Nobel Prize winning economist Ronald Coase passed away at 102. Though Coase was a self-decribed "accidental" economist who taught at the University of Chicago's Law School rather than its economics department, his work on transaction costs in "The Nature of the Firm" and "The Problem of Social Cost" were major contributions in the history of economic thought.Read more
For many years, economic fatalism ruled the roost: markets are sovereign, governments must never interfere, social democracy is passé, and politics is effectively dead. The big bang of the crisis has ended this fatalism, and is – albeit slowly – leading to calls for a fairer capitalism (as by the Occupy movement).
Technocrats preaching the “free market” see the state as merely a tool to correct market failures. But should the state play a more active role in shaping the economy and promoting smart and inclusive growth? Read more
The International Economic Assocation has sent out a call for submissions for its 17th World Congress. The event will take take place on June 6-10, 2014, and is supported by the Centre for International Governance Innovation (CIGI) and the Institute for New Economic Thinking. The text of the call for submissions is quoted below. You can also download it as a PDF at the bottom of the page. Read more
Did the global economic collapse in 2008 stem from structural failures in the capitalist system?
During his keynote address to the European Financial Congress, Institute Advisory Board member Roman Frydman argued that capitalism itself did not fail. Instead, Frydman placed the blame on those who promulgated the theories that guided policy makers. Read more