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The former chairman of Britain’s Financial Services Authority and author of the forthcoming book “Between Debt and the Devil” explains why private debt, not banks, deepened the financial crisis and continues to cause trouble today.

This research project deepens our understanding of labor market conditions during the Great Depression by assemling data at the national, state, and industry level for jobs created, jobs destroyed, unemployment, employment, and the labor force.

We need collective action and social movements to bring about change, but where is our sense of community and shared identity?

Welfare economists and moral philosophers have shown that the Consumer Welfare Standard is biased in favor of wealthy individuals and corporations—the very powers the antitrust law is supposed to regulate.

The INET community mourns Harcourt’s passing

Financial industry donations to members of Congress lead to the adoption of pro-bank policies

While German economic policy makers continue to cling to neoclassical economic approaches, an increasing number of prominent economic figures are starting to accept the failure of orthodox theories to address the current crisis and are expressing the need to rethink fundamental economic concepts.

The practical question in Washington today is not whether regulations will go, but whether anything will replace them

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

As empirical evidence continues to roll in, can the theoretical orthodoxy continue to hold their ground?

The argument that free trade is always the correct policy is based on a flawed welfare analysis. Free trade results in winners and losers and economists are not competent to analyze the impact on well-being as a whole or the spillover social consequences of the discontent of the losers.

Having lunch next to Edward Fullbrook he told me the story of how the post-autistic economic review got its start, leading to what we today know as the World Economic Association and all the great work coming from this community.

Mark Thoma offers a thorough, nuanced take on Roman Frydman’s theory of Imperfect Knowledge Economics (IKE) and George Soros’s ideas on the inability of people to predict the outcomes of financial and social change, which Soros calls “fallibility” and “reflexivity.”