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Economics has advanced an enormous distance from the Walrasian paradigm and the Neoclassical synthesis. However, undergraduate curriculums continue to heavily favour these views of what economics is and what tools it provides for understanding contemporarypublic problems.

For macroeconomists, an individual is rational if she uses her understanding of the way the economy works in making decisions that do not conflict with her objectives.

Does cyber risk exposure, as opposed to actual incidents, affect firm outcomes?

The renowned feminist economist discusses the importance of heterodoxy, radicalism, and social justice to the discipline

The pandemic and electrification are shaking the foundations of the auto industry

“Build back” means restoring the government and business investments in the productive capabilities of the U.S. labor force that created a growing middle class in the three decades after World War II

Progressive movements can and should push for pluralism in economics

One might think of the satisfied consensus reigning in macroeconomics before the financial crisis (and still relatively entrenched) as evidence of “Groupthink” in a “Divided State”

Model Ambiguity, Consistent Representations of Market Forecasts, and Sentiment

Revised text of a presentation at the Conference on Microfoundations for Modern Macroeconomics, Columbia University, November 2010. I would like to thank Amar Bhidé, Roman Frydman, and Andy Haldane for helpful comments, and the Institute for New Economic Thinking for research support.

Economic theory has modeled itself on theoretical physics. It has sought to establish timelessly valid laws that govern economic behavior and can be used reversibly both to explain and to predict events.

“Natural rate theory” has dominated interpretations of economic trends and policy prescriptions over many decades. European-type welfare state institution were claimed to cause a compressed wage distribution that distorts otherwise well functioning labor markets.

Economists make what we do seem complicated, says Ha-Joon Chang. It’s not.

Matt Stoller, Director of Research at the American Economic Liberties Project and author of Goliath: The 100-Year War Between Monopoly Power and Democracy, talks about the many ways in which the US economic system has become rigged to favor the richest.