Articles
Articles and analyses from the INET community on the key economic questions of our time.
Learning from Karl Polanyi
The old political-economic thinking of Karl Polanyi was never properly absorbed into “mainstream” North Atlantic economics: recognizing that land, labor, and finance are not really “commodities” returns institutions and social processes to the center of economic analysis.
Sir John and Maynard Would Have Rejected the IS-LM Framework for Conducting Macroeconomic Analysis
The Coming China Crisis
Why Understanding Money Matters in Greece
The solutions to Greece’s crisis challenge many existing economic paradigms, including the concept of “money” itself.
Can Democracy Survive Aggressive Global Capitalism?
Rana Dasgupta shares his view of the contradictions and tensions of India’s economic and political scenes.
Drooping Green Shoots
Paul Krugman on the MIT History
What does Yanis Varoufakis want?
Finding Till Düppe
The Wealthless Recovery
By the Way, Why Does the History of the JEL Codes Matter ?
Full paper is here. Comments are much welcome.And because it’s an epic story (and because I suck at writing abstracts), here is an audio trailer. I thank Paul for his beautiful Memphis accent.
A sparsity based model of bounded rationality
A more realistic version of how people “maximize utility”
Why Keynes is Important Today
Adam Smith's first - and last! - book: what rational choice?
I was going to call this blog post ‘Utility maximising agents in Adam Smith’s Theory of Moral Sentiments’ but realised that was much too dull - even if it accurately describes my bedtime reading at the present moment.
Numbers Show Apple Shareholders Have Already Gotten Plenty
Apple should be returning profits to workers who have invested their time and effort into generating its products and to taxpayers who have funded the investments in the physical infrastructure and human knowledge so critical to Apple’s success.
To Boost Investment, End SEC Rule Encouraging Buybacks
The New York Times is having a “Room For Debate” discussion on its Opinion Page about how corporations should handle profits based on the Harvard Business Review article “Profits Without Prosperity” by William Lazonick of the University of Massachusetts Lowell, who is a grantee of the Institute for New Economic Thinking. The discussion features contributions by Bruce Greenwald, Peter Thiel, and Lazonick, among others. Lazonick argues that the capital being used for stock buybacks would be better spent on investment. Lazonick’s “Room For Debate” piece is below. To read the full discussion on The New York Times, click here.