Pasinetti on Institutional Forces and the Discipline of Economics

Ever since 2008, increasing numbers of economists, students, and even market professionals have protested the way economics is currently taught and practiced1.

By now the revolt is close to a worldwide phenomenon. The discussion thus far has centered mostly on textbooks, pedagogic procedures, and what might be termed the broad “ecology” of the profession of economics, which frequently seems too close to the markets it purports to study for critical perspectives to emerge.

Read more

Destabilizing A Stable Crisis

Readers of Minsky are familiar with the idea that governments should act as financial stabilizing agents for their economies by running surpluses in times of boom and deficits in times of crises. Read more

Ajay Kela: Creating a Culture of Entrepreneurship in India

Ajay Kela, a former Silicon Valley software executive who heads the Wadhwani Foundation, is passionate about the transformative power of entrepreneurial thinking.

However, bringing the concept of entrepreneurship to a largely risk-averse society such as India’s is not a simple task. That’s why Wadhwani focuses on job development, skills development, and policy changes all designed to instill an entrepreneurial mindset into the Indian culture. Read more

Self-Control and Public Pensions

It’s November. Outside there is nothing but grey skies and days are so short that you benefit from a little daylight. It seems that you have been working forever without a vacation. So, the idea that you might want to reward yourself with a vacation somewhere warm crosses your mind. After all, you deserve it. Suddenly you imagine yourself on the beach, tropical music playing in the background, sipping pina coladas. It seems perfect. Read more

Letters at 3AM: That Word 'Oligarchy'

Oligarchy is upon us, claw and beak, and has been for some time

Originally posted by the Austin Chronicle Friday, June 27, 2014 Read more

Letters at 3am: Oligarchy Blues

Without fair elections and a viable legislative process at federal and state levels, the republic no longer exists

Originally posted by the Austin Chronicle Friday, June 27, 2014 Read more

UK Business Secretary Vince Cable to Open Major Conference

Vince Cable, Andy Haldane and Adair Turner are among the keynote speakers at a major international conference challenging conventional thinking about the role of the state in driving the innovation needed for sustainable, inclusive growth.

Lisa Cook: Who Wins and Loses From Innovation?

By Marshall Auerback

The concept of innovation as a “good thing” is seldom questioned. After all, there is no doubt that innovation and invention create the foundations for much of our growth and economic prosperity. 

But what about the distributional benefits?  Who wins? Who loses?  Among women and African Americans, what are the patterns and determinants in terms of patents, commercialization, and overall economic success relative to other groups in American society? Are there social and professional networks that are more salient for commercial activity than others?  If so, do these vary by gender and race? Read more

ECB’s Coeure Supports Student Curriculum Reform Movement

The global student movement to transform the economics curriculum received some unexpected high-level support this week from Benoit Coeure, a member of the Executive Board of the Europen Central Bank.

In remarks Tuesday at a panel discussion held by the ECB’s Macro-Prudential Network, Coeure said, “The typical economics curriculum tends to emphasize the frictionless benchmark more than the realistic variants. Shifting the academic focus to a world with frictions would have a welcome impact on teaching, allowing central banks to hire from a pool of young economists better equipped with methods and tools to address policy challenges.” Read more