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In introducing game theory (in chapters 7-9), MWG build upon the theory of rational choice by individual agents, developed previously in the book to attempt to analyze (describe, explain, and even predict?) the interactions of such agents as well as the outcomes to which they give rise. In previous chapters, MWG discuss interactions only in the form of the arms-length interactions of numerous firms and consumers in specific markets (e.g. under ‘perfect competition’, in chapters 3 and 5).

INET Research on Financial Sector Weakness and Too Big to Fail

This book traces the evolution of Charles P. Kindleberger’s thinking in the context of a ‘key-currency’ approach to the rise of the dollar system, here revealed as the indispensable framework for global economic development since World War II.

While Africa’s “premature deindustrialization” appears to be the dominant global narrative, recent analysis of the data suggests that de-industrialization is not the common experience for the majority of African countries

Financial commentator Andrew Smithers responds to Lance Taylor’s INET working paper. You may also read Taylor’s response to Smithers’s comment here.

Cisco’s turn from innovation to financialization and what it means for the competitive position of the US information-and-communication-technology industry

How models treat innovation may be just as important as their assumptions about climate damages

is the public sector really sclerotic and conservative in contrast with a dynamic and innovative private sector?

How do we regulate an information utility?

Employment as University Professor is by comparison with the grind of the professional world a peaceful, perhaps even relaxing, assignment.

Economists honored for their work on contract theory, which has important implications for issues such as executive compensation that have been a focus of Institute research

India: Climate Change, Technology, and Growth

Elon Musk secured shareholder approval for a new stock-based package designed to double his voting power at Tesla, potentially making him the first trillion-dollar employee. As this plan cements Musk’s control it ties vesting to audacious market-cap and production targets and diverts focus from progressive value creation. Musk’s governance, layoffs, and politicization could imperil Tesla’s EV leadership and ambitions in AI and robotics.

Globalization has fallen into disrepute; the myth of the prosperity and happiness-generating  free market has been dispelled. A visionary concept that provides guidance and direction is required now.