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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.

“All of us, if we get old enough, need to be taken care of.”

When priests and princes lost their monopoly over the big questions of human existence over the course of the Enlightenment, philosophers, poets, and ordinary people struggled to find out the answers on their own. 

What Do Citations Actually Measure in Economics and How Should Economic Journals and Department Review Committees Use This Data? 

This text is part of a research project still in working progress that collects different contributions by the author and rewrite and reanalyse some reflections, already present, in a different form, in some publications:

How can we distribute growth globally when the developed world needs growth to emerge from debt overhangs and inequality between nations is still quite formidable?

After an era of vigorous expansion a downturn can reveal a large stock of debt relative to the economy’s capacity to service it.

Internationalization of the renminbi is a stated goal of the Chinese government, its brief flirtation with Special Drawing Rights and an Asian Currency Unit notwithstanding. Chinese officials understand that a dollar-centric international monetary and financial system is a mixedblessing.

Five years after the end of the Great Recession, corporate profits are high and the stock market is booming. Yet most Americans are not sharing in the apparent prosperity.

US household wealth concentration is not likely to decline in response to fiscal interventions alone.

What counts as work and what doesn’t?