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The distinguished economist talks about the power of entropy in shaping a new economic reality and viewing current events. His new book, Entropy Economics: The Living Basis of Value and Production, challenges flawed mainstream models that lead to distortions and bad policy.

Predetermined profit margins and prices hidden in the back end of a transaction are really just market failures.

Average U.S. household loses over $100,000 to destructive activities of bankers and financiers

How can we understand the bright and dark sides of China’s gilded rise? Through the lens of American history.

Evidence sharply contradicts PhRMA’s contention that its member companies need unregulated drug prices to generate profits that they then reinvest in drug innovation.

How Penrosian Learning Confronts the Neoclassical Fallacy

This morning, when I woke up a few hours before the Nobel announcement, I felt seriously dissatisfied. I had meant to write a post on Thomson Reuters’s prediction that Card, Angrist and Krueger may win the Nobel for their work on empirical microeconomics.

The theoretical approaches to analyzing crises have behind them contrasting conceptions of the way the economy works

It was during a year in residency at Tokyo’s Hitotsuabashi University in 1995 that Jim Crotty first “met” John Maynard Keynes.

A comment on the Securities and Exchange Commission’s proposed rule “Share Repurchase Disclosure Modernization”

Business Insider quotes and cites William Lazonick’s INET-funded research on Boeing’s stock buybacks. Cross-posted in MSN, Yahoo Finance, Business News, AOL, News Break, Star News, and Web Today.

Paul De Grauwe raises very important questions on the institutional structure of Europe and how it must be modified to fortify the euro zone.

Because global warming doesn’t take a holiday

New research reveals that rising insurance costs, reckless building, regulatory inaction, and big banks’ fossil fuel investments are driving a dangerous cycle that jeopardizes homeowners — and financial stability for everyone.