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Orthodox macroeconomics has become a place where visions die and hopes are banished, for both liberals and conservatives.

Mathematics and the ‘Whiz Kids’

Despite assembling a formidable data set and leveling a bold argument, Thomas Piketty’s Capital in the Twenty-First Century has theoretical and accounting flaws that distort its central findings

Five lessons from the last crisis — for managing the next one

There is a deeper story to be told about the inclusion of the Renminbi.

Why most economists did not see the 2008 crash coming

A Response to the INET Euro Council Report

What does the bankruptcy of Detroit say about the US social contract?

What makes a good model?

A new online course challenges typical teaching approaches.

An interview with Thomas Ferguson on the 2024 US election conducted by Andrew Yamakawa Elrod and Tim Barker for Phenomenal World

Abstract, “basic science” research is essential to drug discovery. It is also largely funded by the public sector.

Recent austerity policies have been guided by ideology rather than research. This column discusses research that reconciles disparate estimates of fiscal multipliers in the literature. It finds that common identification assumptions are problematic. Matching methods based on propensity scores show how contractionary austerity really is, especially in economies operating below potential.

For more than three decades, orthodox economists, policy makers in government and central bankers and their economic advisors, using some variant of old classical economic theory [OCET], have insisted that (1) government regulations of markets and large government spending policies are the cause of all our economic problems and (2) ending big government and freeing markets, especially financial markets, from government regulatory controls is the solutionto our economic problems, domestically and internationally.

Monetary policy should be guided much more by financial sector developments and much less by near-term targets for inflation.