466 Videos
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Piero Sraffa's Price Theory Without Equilibrium
Jan 28, 2013
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.
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The Next Economic Frontier and the Wild World of Non-Rational Expectations
Jan 14, 2013
One of the fundamental ideas of modern economics — that people have rational expectations, an unbiased, statistically correct view of the future — is, in reality, a simple hypothesis.
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Behind the Scenes of International Banking Regulation
Jan 7, 2013
Five years into the Great Recession, discussion and political fights continue about the right approach to international banking supervision. How to avert the next financial crisis or at the very least lessen its damage?
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The Survival of the Riskiest
Jan 2, 2013
Financial fragility does not fall from the sky. That’s why treating risk as if it comes from exogenous shocks can’t capture the reality of financial markets.
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Human Capital in the Industrial Revolution
Nov 13, 2012
Did the industrial revolution increase the relative demand for skilled labor, or decrease it?
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How Expectations Interact to Create Bubbles
Nov 5, 2012
How do economists make their models work? By assuming that investors have rational expectations and that every market participant is alike. However, things quickly get messy once economists start to acknowledge that people are different, interact with each other, and change heuristic forecasting strategies based on recent performance.
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A Conversation on the Economy
Oct 24, 2012
What do you get when you put two of the most well known and most widely cited economists in the world, both Nobel laureates, on stage together? A healthy dose of economic reality.
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The Corn Laws: Seeing through the Eyes of Ricardo and Malthus
Oct 15, 2012
The British Corn Returns data provided the empirical basis for the fierce debate around the introduction and repeal of the 19th century British Corn Laws. Contemporary readers, like David Ricardo and Thomas Malthus, followed them as closely as stock market prices of today. Much of 19th century political economy rested on contemporaries’ interpretations of this data.
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Breaking the Climate Change Stalemate
Oct 2, 2012
Climate change policy is caught in a stalemate between those who fear the environmental consequences of not doing enough and those who fear the economic consequences of overreacting. But controversy over the extent and sources of climate change need not stand in the way of a positive economic policy response.
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Financial Instability Mini-Documentary
Apr 14, 2012
Financial stability, or the lack thereof.
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The Future of Europe
Apr 12, 2012
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The Future of Europe
Apr 12, 2012
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Challenging the Foundation
Apr 11, 2012
George Soros, Axel Leijonhufvud and Perry Mehrling in Berlin, Germany (2012).
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Growth and Crisis: The Two Faces of Credit
Feb 20, 2012
At least since Joseph Schumpeter we know that credit is good for economic growth. At least since 2007 we know that too much credit foreshadows financial turmoil.
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Inequality in Asia: The Local Effects of Global Capitalism
Feb 16, 2012
Inequality did not increase during the early stages of economic development in Japan and the East Asian Tigers. But in India and China it did. Why is that?