Rejuvenation: An Excerpt from “Wealth and Power: China’s Long March to the Twenty-first Century”

The following is an excerpt from the book, Wealth and Power: China's Long March to the Twenty First Century, which comes out tomorrow, July 16th. Written by Orville Schell, Director of the Asia Society's Center on U.S.-China Relations, and John Delury, the book provides a panoramic narrative of China's rise to prominence  as seen through the lives of eleven influential officials, writers, activists, and leaders, whose contributions helped create modern China. Read more

Let Them Eat Credit: Has Financial Capitalism Failed the World?

Did the financial crisis of 2008 represent a failure of the capitalist system?

That crucial question was in the air when Institute for New Economic Thinking Senior Fellow Lord Adair Turner spoke in May at a special Head to Head debate hosted by Al Jazeera at England’s legendary Oxford Union. Read more

Why Austerity Theory is the Economist's Atomic Bomb

ON August 6, 1945, America dropped an atomic bomb on Hiroshima, instantly killing 70,000–80,000 people and injuring another 70,000. The atomic bomb changed the world. President Truman promised a 'rain of ruin' would fall on America's enemies if they didn't surrender.

The chief architect of the atomic bomb project was a physicist, Robert Oppenheimer. Mr Oppenheimer had mixed feelings about his project. Initially, he was delighted that it worked at all. Read more

Alex Kinmont: The Future of Japan and Abenomics

Welcome to our new video series called “New Economic Thinking.” The series will feature dozens of conversations with leading economists on the most important issues facing economics and the global economy today. Read more

The Transit Coup – How Robber Barons Got New York City to Bail Out Their Subway Lines

Since the Reagan/Thatcher era, it has been common to view politics vs. infrastructure as simply a battle between right wing forces attempting to privatize infrastructure and others trying to defend it. However, this is only the recent history of United States infrastructure policy. Read more

Fiscal Systems, Organizational Capacity, and Crisis: A Political Balance of Payments Approach

By Nathaniel Cline and Nathan Cedric Tankus

Organizational capacity Read more

Keynesianism, neoliberalism and the 'Dissemination' of Economic Ideas: That's the Way of the World.

It is often argued that in recent years the question of the 'dissemination' of economic knowledge has been increasingly addressed by historians of economics. However, as our buddy Tiago has noted on the previous version of this blog quite some time ago, historians seem to not really know what they're talking about when they talk about 'dissemination'. In fact, I would argue that most accounts of the history of science - and therefore, of economics - should deal with the question of dissemination, as science itself is "a form of communicative action" (Secord, 2004). Read more

Economics and the Powerful - INET Hong Kong

Panel titled "Economics and the Powerful: Faulty Analysis, Economic Advice, and the Imperatives of Power" at the Institute for New Economic Thinking's "Changing of the Guard?" conference in Hong Kong. Featured panelists include Norbert Haring, INET Grantee Steve Keen, and INET Advisory Board member Robert Lord Skidelsky, with INET Executive Director Rob Johnson moderating.

Voth vs. Ferguson: And How Austerity Leads to Worse Outcomes

At dinner yesterday Niall Ferguson made the argument that China (or the East) were perhaps no longer looking to how Western countries had built their social institutions and formed their empires, and were instead now doing their own thing as the Western approach was shown to be flawed. Hans-Joachim Voth pulled Ferguson up on this in a seeming contradiction, as Ferguson is apt to argue that the legacy of empire - particularly the British - is the basis of most of the good institutions in the lucky ex-British colonies. So which is it? Read more

A New Psychology: "Mimetic" Preferences

One of the new things at this year's INET is a way to look at the psychology of agents, namely Rene Girard's theory of 'mimetic' preferences, or rather that one consumer copies another's preferences in order to keep up socially. (I am grossly simplifying here, as a two hour panel on Girard will substantiate, but this seemed to me to be the gist). Read more