Blogs

Alex Salmond Pound-Foolish on Scottish Independent Currency

Alex Salmond, leader of Scotland's independence party and the nation’s First Minister, continues to dig his heels over the question of what currency an independent Scotland would use.  Following a debate in Scotland last week in which he was consistently challenged on the point, Salmond continued to insist that there was "no Plan B," and that nothing could stop a newly independent Scotland from continuing its use of the pound. Read more

Political Dogma is Holding Back Reform in Economics (Part 1)

Do you know what we need before we can have a sound monetary system, a reformed economic curricula, and wealth redistribution instruments?

We need critically sound economic discourse. Today’s global economic conversation has been fractured by political agendas and irrational dogma. But if this doesn’t change soon our economic scholarship is going nowhere, which will have a profound impact on our society.

In light of this predicament, the obvious questions are why does economics lack a productive discourse, and how can we restore economics to its critical nature instead of its judgmental current mode?   Read more

The Elephant Is Still In The Room

The wound of the financial crisis of 2008, and the challenge to the legitimacy of our governance, is still very much with us.

Despite the frequent claims of policy officials who presided over the bailouts and regulators, it would be impossible to say that the public demoralization has been rectified and that that a balanced social contract between society and the large complex financial institutions has been achieved. As Andy Haldane wrote in 2009, financial Institutions continue banking on the state and the legitimacy of governance continues to be doubted.  Read more

Preparing for the Next Global Public Debt Crisis

In response to the international financial crisis of 2008, global debt has been driven to high levels, and in the coming years macroeconomic conditions are likely to push debt burdens to even higher ratios across the developed and emerging worlds. Read more

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 practiced.

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

Macro once again, or "it is history, stupid"

                          The blogosphere experiences another burst of historical/methodological discussions about macroeconomics: was new cla ssical macroeconomics of Lucas and Sargent, among others, an empirical or methodological revolution? 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