August 2012

Judy Klein – The Rules of War and the Development of Economic Ideas

Sometimes navigating through the field of economics can feel like dodging bullets in a metaphorical war.

But to INET grantee Judy Klein, a professor at Mary Baldwin College, this is no metaphor. Rather, Klein believes that understanding the protocols of war developed during World War II is at the core of understanding modern economics.

In her forthcoming book, Klein will delineate how models and modeling strategies established for the practical needs of war eventually wound up in economic research. As it turns out, the rules of combat and the rules for thinking about financial, economic, and monetary policy have deeply similar roots. Read more

Frydman, Goldberg, Johansen, and Juselius – Modeling Imperfect Knowledge and Non-Routine Change

How do you model the unmodelable? By taking seriously the idea of non-routine change. Simply put, change in capitalist economies is to a significant degree non-routine, and thus cannot be adequately forecasted or represented in advance with mechanical rules and procedures. In this groundbreaking area of inquiry, four INET grantees lead the way. Read more

Felix Salmon: Curb High-Frequency Trading and End the Stock Market “War Zone”

When Felix Salmon looks at the global equities market he sees a world of free-for-all electronic warfare that likely would be more recognizable to Isaac Asimov than Milton Friedman. Read more

'Economists at Fault for Recent Crises': An Interview with the Bank of England's Andy Haldane

In a recent interview, INET Advisory Board member and Executive Director for Financial Stability at the Bank of England Andy Haldane took aim at the economics profession.

Asked if the economists should shoulder blame for the recent crises, Haldane didn’t pull any punches: Read more

INET Spotlight – Ben Bernanke to Economists: More Philosophy, Please

Ben Bernanke, Federal Reserve chairman and philosopher?

This week Bernanke spoke to the International Association for Research in Income and Wealth, and, as Bloomberg Businessweek notes, he was singing a different tune. Read more

VIDEO: Beyond the Numbers - Michael Najjar's Artwork at INET Berlin

In January 2009, artist Michael Najjar stood on the summit of Mount Aconcagua, at 6,962 meters the highest mountain in the world outside of the Himalayas. Read more

Sleepwalking with Heiner

In the Financial Times Deutschland on Aug. 1, Dr. Heiner Flassbeck raised some serious questions about the INET Council on the Euro Crisis (ICEC) and its diagnosis and prescription for euro-zone change. Read more

Which Economists Are Worth Listening To?

What makes a great economist? Someone who works uses a framework to describe what's unfolding in the real world? Or someone who constructs visions and fictions that are palatable to the powerful and ease anxiety?
The Not The Treasury View Blog votes for the former. They say it's not just enough to get it right - you need to provide a framework that explains why you got it right. What is your view?

Deleveraging Redfined - Part 2: Martin Wolf on the Least-Bad Alternative

"You can’t get out of debt by adding more debt.”

This is the myth that Martin Wolf takes aim at in his third blog post on deleveraging, one of the most significant economic issues of our time. Read more