June 2011

Andrew Sheng - Sustainability Requires Caging Godzillas

Financial business is creating credit without limit until a crisis occurs. That’s the fundamental flaw which caused the current crisis, says Andrew Sheng in this INET interview. Read more

INET Welcomes the History of Economics Playground

A refrain heard many times at the Bretton Woods conference was the need for an economics that is grounded by a clear sense of history. This week INET is pleased to announce a step in that direction, welcoming the History of Economics Playground as a new featured blog on our website. Read more

David Hale - Where the World Economy Is Headed

Contemplate Possible Economic Scenarios of the Future to Inspire New Thinking Read more

Domenico Delli Gatti - Microfoundations for the Vision of Minsky

About the Interview

Delli Gatti starts where his dissertation advisor, Hyman Minsky, left off. With tools from network theory and agent-based modeling, he simulates the economy as enormous web of credit relations. He says agent-based models can capture a simple idea that traditional macro models could not: when a business fails to pay, its creditors may fail to pay – that’s interaction – threatening to shake the entire web of credit relations. The microfoundations are a step beyond Minsky, the interaction is a step beyond the representative agent – this is new economic thinking. Read more

image: 

Ha-Joon Chang - Economics Upside Down

The Conventional Wisdom of Free Market, Free Trade Economics is Often Wrong and Sometimes Needs to be Flipped on its Head Read more

INET and CIGI Award Spring 2011 Grants

INET and CIGI Award Spring 2011 Grants: The grants offer a diversity of approaches and global perspectives that target critical issues that have been neglected by conventional economic analysis. Read more