252 Results for “stiglitz”

Writing the history of economic journals is not merely a way to reconstruct the development of new fields and new approaches to economics. It also recasts current debates on peer-review, retractions, open-access, replicability, and bias in scientific publishing in a wider perspective. It answers important questions on the influence of editors, publishers and referees on the development or marginalization of various economic approaches. But such endeavour requires the preservation of journals’ archives, the recognition of historical expertise, and economists’ adoption of a more relaxed and humble approach to their history.

Getting the whole spectrum of governments, academia and civil society to track “natural capital” would help create shared efforts toward solving shared problems like the climate crisis.

Labor-saving advances in AI may undo the gains from globalization and pose new challenges for economic development

The renowned economist reflects on the rise of neoclassical economics, the post-2008 surge of interest in non-mainstream, heterodox thought, and how young economists can remain independent in the face of biased evaluation systems

The path of austerity could spread economic pain and social woes far beyond the Caribbean island, says public debt expert Martin Guzman 

INET presents you a paper that deals with the relationship between economics and the world we live in. John Kay spells out methodological critiques of economic theory in general, and of DSGE models and rational expectations in particular. The paper builds on two articles that Kay, Fellow at St. John’s College of Oxford University and Visiting Professor at the London School of Economics, recently published in the Financial Times (scroll down to find the links). It is concerned with the relation of quantitative models to the world in which we live, and with evergreens such as the implications of unrealistic assumptions in economic theory. Highly recommended reading. INET forwarded Kay’s paper to a handful economists and invited them to respond. In the following days, we are going to publish direct responses to the paper by a handful of prominent economists. Follow the INET Blog and stay tuned to what is going to be a healthy discussion.

The reputation of economics and economists, never high, has been a victim of the crash of 2008.

An alternative to Dynamic Stochastic General Equilibrium (DSGE) models

The AEA and the Crisis of Expertise

How economists turned to the study of collective decision-making after World War II, faced many impossibilities, and lost interest after solving them

The optimism embedded in the efficient market hypothesis has been one of the main sources of the recent turmoil

Does general equilibrium theory sufficiently enhance our understanding of the economic process to make the entire exercise worthwhile, if we consider that other forms of thinking may have been ‘crowded out’ as a result of its being the ‘dominant discourse’? What, in the end, have we really learned from it?

Germany’s debt brake and EU fiscal rules will make it well neigh impossible for EU countries to fund the investments needed to decarbonize their economies.