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Economists discussing the problem of radical uncertainty commonly invoke Frank Knight’s classic definition in Risk, Uncertainty and Profit, but only rarely venture to explore the broader contours of his argument.

The crisis has exposed the failure of economic models to deal sensibly with endogenously generated crises propagating from the financial sectors to the real economy, and back again.

A Monetary Rorschach Test

Princeton economics professor Markus Brunnermeier discusses his recently released book, The Resilient Society, which argues that in crisis-prone situations societal resilience is a crucial component for averting outright disaster and outlines how we might achieve that resilience. SHOW MORE

In Europe, imbalances in the structure of the automotive and a lack of industrial policies risk creating a deadly cocktail for millions of European workers just as the auto sector is undergoing decisive changes.

Fred Block says capitalism is not an unchanging monolith—which means we can make it better

On 23 June 2016, the British electorate voted to leave the European Union (EU). We analyse vote and turnout shares across 380 local authority areas in the United Kingdom.

The global economy appears to be stuck in a pattern of low growth, low inflation and unresolved debt burdens. Is this a result of policy mistakes, or have the fundamental dynamics of the economy shifted into an era of little or no growth known as secular stagnation?

What does the rise of shadow banking mean for monetary theory and practice? (How) should we change our traditional theories of money to capture the complex practices through which money is created in modern financial systems?

A core premise of contemporary economic models is that researchers can adequately specify in probabilistic terms how individuals alter the way they make decisions and how the processes underpinning market outcomes unfold over time.

If we save education, can we save humanity?

Despite fear-mongering about the latest Consumer Price Index, unemployment remains elevated and stimulus is needed to prevent a collapse in demand