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When the survival constraint bites

The renowned economist reflects on the rise of neoclassical economics, the post-2008 surge of interest in non-mainstream, heterodox thought, and how young economists can remain independent in the face of biased evaluation systems

Despite disparate policy beliefs, MMT and orthodox macro rely on many of the same theoretical foundations

Evidence reveals our remote ancestors were neither brutes nor innocents, but complex beings whose experiments in living have much to teach us. Welcome news as disaster looms in every direction.

New book reveals how and why hedge-fund activists have been able to suck the life from big-name companies like J.C. Penney and Samsung with their short-sighted profit-grabs. Can their harmful activities be stopped?

The reaction to repressive political conditions that prevailed in Brazil during the 1970s helped to produce a commitment to diversity and tolerance among Brazilian economists.

Contrary to the neoclassical model’s assumptions, shifts in aggregate demand have persistent effects on GDP

The central goal of any serious climate policy is to keep fossil fuels in the ground. The central question is how.

Economists who dismiss inequality as a problem secondary to poverty miss the point: Inequality is part of what drives poverty

And heading where?

The short answer is yes. For the long answer I will make you sit through seven paragraphs.

Summers and Stansbury mark a dramatic shift from New Keynesian orthodoxy, but only make it halfway to understanding the demand-driven nature of stagnant growth

Economists and historians of economics have related differently over time, and the past of the discipline has then served for varied purposes.

Banks have long had undue influence in society. But with the rapid expansion of a financial sector that transforms all debts and assets into tradable commodities, we are faced with something far worse: financial markets with an only abstract, inflated, and destabilizing relationship with the real economy. To prevent another crisis, finance must be domesticated and turned into a useful servant of society.