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“The former ambassadors were speaking on a panel discussion at the law economics policy conference titled “Strategic Patience and flexible policies: How India can rise to the China challenge” and organized by INET.” — BQ Desk, Bloomberg Quint

Treating education like a market is all the rage. But it hurts students, and our society.

U.S. GDP accounting underestimates intangible capital, overstates financial capital, and is all but oblivious to the erosion of human and social capital.

Neoclassical economics dismisses the role of money and the state in the economy. Keynes scholar Robert Skidlesky says it’s time for a re-evaluation.

Price gouging in the US pharmaceutical drug industry goes back more than three decades.

The fall of 2008 was scary. For most people, the aftermath of Lehman Brothers’ bankruptcy resembled a major earthquake with strong aftershocks. Official narratives have promoted the image of the crisis as a rare, unpreventable and unforeseen natural disaster, the “100-year flood.” Policymakers emphasize the extraordinary measures they have taken to prevent the system from collapsing and to support recovery since.

Professor Heckman was invited to speak at the HDCA 2015 Conference as the keynote speaker for the Amartya Sen Lecture. The presentation offered recent research on the economics of creating flourishing lives, discussing the importance of cognitive skills, character skills and health.

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.

The New York Times is having a “Room For Debate” discussion on its Opinion Page about how corporations should handle profits based on the Harvard Business Review article “Profits Without Prosperity” by William Lazonick of the University of Massachusetts Lowell, who is a grantee of the Institute for New Economic Thinking. The discussion features contributions by Bruce Greenwald, Peter Thiel, and Lazonick, among others. Lazonick argues that the capital being used for stock buybacks would be better spent on investment. Lazonick’s “Room For Debate” piece is below. To read the full discussion on The New York Times, click here.

Tito Boeri, professor of economics at Bocconi University, Milan, and Scientific Director of the Trento Economics Festival (June 3-6), talks about the meaning behind this year’s festival topic, The Return of the State. INET is organizing several panels at the festival this year featuring Mark Carney, Joe Stiglitz, Mike Spence, and Jayati Ghosh.

The Washington Consensus is dead.