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The Washington Consensus is dead.

Graciela Chichilnisky has a plan to do exactly that.

Economist Marie Mora discusses the deep economic crisis that has afflicted Puerto Rico for years

Under the guise of “philanthropy,” business elites have an increasing grip on society

The Intercept covers a new INET paper from our Research Director Tom Ferguson and his co-authors.

In 2008 a global financial meltdown was just barely contained. But Adam Tooze says that the crisis of confidence has had long aftershocks

Ten years ago, the investment bank Bear Stearns collapsed. Its controversial rescue by the Federal Reserve and JP Morgan Chase marked a prelude to the global financial crisis, which would begin in earnest in September 2008. As part of INET’s look back at the financial crisis, we offer this series of reflections on the Bear Stearns bailout, the financialization of debt, and the moral hazard of government bailouts of banks. 

The prevailing wisdom that aggregate demand ‘shocks’ determine short-run cyclical fluctuations around a supply-determined equilibrium growth rate and an associated equilibrium unemployment rate (or NAIRU) has been called into question by various streams of literature in the last decades. Specifically, a recently revived literature on hysteresis finds significant persistence in the effects of recessions and negative aggregate demand shocks (Blanchard et al. 2015; Martin et al. 2015).

Widespread criticism of elites and their ‘experts ’ raises questions about how economists should perceive their role, and what role societies should give them. We invited four scholars to start an online conversation by sharing their perspectives. The symposium is also downloadable in booklet form.

Piero Sraffa’s classic work Production of Commodities by Means of Commodities has been variously interpreted as a special case of modern neoclassical general equilibrium or a foundation stone for the revival of the classical tradition of Smith and Ricardo.

How to become a historian of economic thought? Members of the profession gather just once a year at the annual conference of the History of Economic Society but otherwise are dispersed in universities and archives all around the world.

In preparing this paper I have decided not to embark upon the decades-old issue of optimal-currency areas and governance as such. I assume that one of my colleagues on the panel will do that. Instead I will present an historical case of over-indebtedness of parts of a common-currency area somewhat similar to the present challenge of Europe, or rather of the Euro area with its common currency.

I am supposed to speak about Complexity Economics and the issues this theoretical approach is able to illuminate. Defined as such, it appears as if I should discuss methodology and I am reminded of Paul Krugman’s quote: “It is said that those who can, do, while those who cannot, discuss methodology”. So, having a discussion centered on methodology may give the impression that the panelists in this session are unable to make scientific progress.