History and Political Economy

Paul Davidson - What Goes Around Comes Around 3/4

In the third part of this four-part INET "From the Director's Chair" interview, INET Executive Director Robert Johnson talks with Journal of Post Keynesian Economics co-founder Paul Davidson about Davidson's book The Keynes Solution: The Path to Global Economic Prosperity.

Davidson examines the current economic problems in Europe and admonishes Germany for forgetting Keynes's truism that debtors' problems are creditors' problems too. To show how bolstering the Greek economy is in Germany's interests, Davidson points to the Marshall Plan as an example of how a major government investment was able to help solve a similar problem after World War II.

Paul Davidson - Keynes's Forgotten Lessons 1/4

In the first part of this four-part INET "From the Director's Chair" interview, INET Executive Director Robert Johnson talks with Journal of Post Keynesian Economics co-founder Paul Davidson about Davidson's book The Keynes Solution: The Path to Global Economic Prosperity.

Davidson discusses Keynes's oft-forgotten insights into the foundational assumptions of economics. Classical economists were treated as "Euclidians in a non-Euclidian world," Davidson says. "When they saw parallel lines intersecting they rebuked them for intersecting." Keynes saw that the problem with Euclidean economics was what he called uncertainty, meaning the idea that the future cannot be predicted from the past -- an insight that modern economics too often ignores.

Inclusive wealth and the history of GDP

The International Human Dimensions Programme on Global Environmental Change (IHDP) recently published the Inclusive Wealth Report 2012, in which the authors propose a measure of wealth based on the stock of capital present in a country, as opposed to the flow measure of GDP. It is an important step towards a more explicit recognition of the sustainability of the economy’s use of resources, and is so obviously analogous to the standard assets-based way of accounting and estimating wealth in the corporate sector that one wonders why on earth it took so long to appear on the scene. Read more

Insights from Bagehot, for these Trying Times

Here is a talk I gave recently at Wake Forest University.  It is pretty long, but you can page through the video (on the left) by paging through the powerpoint (on the right), and anyway the last twenty minutes are devoted to questions.  I couldn't figure out how to embed it in the blog, but the link will get you there.

Life Among the Econ: Talking history with Axel Leijonhufvud

Like many economists, I have enjoyed Axel Leijonhufvud’sLife among the Econ” and nodded appreciatively when he described the social classifications of the Econ as “Grads, Adults and Elders” and chuckled when the young grad tries to impress the elders of the ‘dept’ through adept ‘modl’ building; so when the man himself was holding a glass of champagne and chatting with me at the INET conference, I had to ask how he got that paper started. Read more

Progress in Economics: A Comment

I thought I could use some of my illegitimate blog administrator's privileges to participate in the discussion on the "progress in economics" post by Floris without being lost in the midst of other users' comments. What strikes me both in the video interviews and in the related comments is how it lacks historical and sociological understanding. Of course, it strikes me because we are first and mostly a history of economics blog with a strong interest in the methodology of science studies but I do not think that this lack is solely annoying from an historian's or a sociologist's perspective. Rather, I think it is problematic on a much larger level.  Read more

A call to arms for Historians and Economists...

The Marshall Lectures often provide thought provoking talks and one talk in particular spoke to me looking at the relationship between history and economics: The speaker is a well known historian and he said exactly the right thing: Read more

Warren J. Samuels (1933-2011)

On this blog, we like to overstate quite a bit our irreverence towards the establishment and in particular our senior colleagues. Several posts have been written in which we have challenged the prevaling views and methodologies in HET and criticized the way young scholars are sometimes treated with some condescension by more established peers. Yet there is no denying that we are also the products of this establishment that we sometimes take to task. One instance of this relation is that most of the contributors of this blog - if not all of them - have received the Warren J. and Sylvia J. Samuels Young Scholars Award, which allowed us to participate in the HES meeting without having to pay for it - at a time where most of us were graduate or post-graduate students with only meagre stipends. Therefore, it is with great sadness that we have learnt of the death of Warren J. Samuels on August 17. Read more