From the Editor
There are many new calls for papers in the
Newsletter, three of which I would like to call
your attention to: ‘Critical Political Economy,’
‘Congress of the Brazilian Keynesian
Association,’ and the ‘Post-Keynesian Analyses
and Modeling;’ in addition, there is also the
ongoing Cambridge Realist Workshop. In short
academic activities of heterodox economists
continue to grow and multiply, perhaps because
of the crisis of capitalism. I would also like
to draw your attention to Mark Setterfield
tribute to John Cornwall (who recently passed
away) in the FYI section. I first met John
around 1980 when I was on vacation in Nova
Scotia. As a graduate student at Rutgers circa
1980, I was taught that John was a perfect
example of a very good Post Keynesian
macroeconomist—and he was a fine individual.
This year at the ASSA meetings some 173
heterodox economists ticked the ASE box on the
registration form (and two were ICAPE
exhibitors). These economists came from small
colleges and big universities all across the
United States and from many international
institutions as well. Not all were members of
ASE—there were also members of URPE, AFEE,
IAFFE, AHE, and SHE. Truly a gathering of
heterodox economists! For the next ASSA meetings
lets aim for 250.
One final thing. Wolfram Elsner and I have
received a grant to put on a workshop on the
impact of research assessment, benchmarking, and
journal and department rankings on heterodox
economics, especially in the European context.
Further information will be in the next
Newsletter; but if you are interested in
presenting a paper at the workshop, which will
take in June at the University of Bremen,
Germany, please e-mail Wolfram (
welsner@uni-bremen.de ) and myself (
leefs@umkc.edu
).
Fred Lee
In
this issue:
|
Call for Papers |
|
- CHORD Conference
- Conference of the Regulating for Decent Work Network
- Union for Radical Political Economics
- VI STOREP Conference on the History of Political Economy
- Managing Economic Transition Network
- Post-Crisis States Transformation: Rethinking the
Foundations of the State
- European Collaborative Research Projects (ECRP)
- International Journal of Global Energy Issues (IJGEI)
- Critical Political Economy RN at the ESA Conference
- The Erasmus Journal for Philosophy and Economics (EJPE)
- Behavioural Economics, Economic Psychology: Theory and
Policy
- Pilgrims to the Euro Area: Romania and other new EU
members ante portas
- Second Conference on Developing Quantitative Marxism
- II International Congress of the Brazilian Keynesian
Association
- Congreso Internacional de la Asociación Keynesiana de
Brasil (AKB)
- Post-Keynesian Analyses and Modeling
- Analyses et Modélisations Post-Keynésiennes
- PEF Student Essay Contest
- XVth World Economic History Congress |
|
Conferences, Seminars and Lectures |
|
- Seminar -
Everyday Economics
- Cambridge Realist Workshop
- The Green Economics Institute
- Studies in Economic Transition Series
- The Eighth Congress of the U.S. Basic Income Guarantee
Network
- Culture and Economic Performance
- Understanding and Treating the Crisis and Ensuing Slump
- The International Socialist Tradition in Political Economy
- The Globalisation Lectures
- MONDIALISATION ET COMPÉTITION
|
|
Job Postings for Heterodox Economists |
|
- The Economics, Management and
Demography Doctoral School
- Vacancy at University of Paris 13
- Earlham College
|
|
Heterodox Conference Papers and
Reports and Articles |
|
- Levy Papers
- Petroleum and Energy Policy in Iran
- Post Keynesian Economics
- An Introduction to the Economics of Abundance
- The Role Of Markets In The System Of Abundance
- FINANCIAL CRISIS AND BANKING BEHAVIOUR IN A POST-KEYNESIAN
STOCK-FLOW CONSISTENT MODEL |
|
Heterodox Journals and Newsletters |
|
- Metroeconomica
- Friends of Associative Economics Bulletin
- International Review of Applied Economics
|
|
Heterodox Books and Book Series |
|
- Understanding Keynes' General Theory
- Re-reading Marx
- Beyond the World Bank Agenda: An Institutional Approach to
Development
- Institutional Economics and Psychoanalysis
- The Metaphysics of Capitalism
- History of Economic Thought and Methodology eBooks
- Radical Economics and Labour
|
|
Heterodox Book Reviews |
|
- L’économie morale, pauvreté, crédit et
confiance dans l’Europe préindustrielle
- Genres of the Credit Economy |
|
Heterodox Graduate Program and PhD
Scholarships |
|
- City University London
- PhD Studentship |
|
The HEN-IRE-FPH Project |
|
- The HEN-IRE-FPH Project for Developing Heterodox Economics
and Rethinking the Economy Through Debate and Dialogue
- L’économie morale, pauvreté, crédit et confiance dans
l’Europe préindustrielle
- Genres of the Credit Economy
- Rhetoric vs Realism in Economic Methodology |
|
For
Your Information |
|
- PERI – Political Economy Research
Institute
- ESSAY: Dan Hind on the Financial Crisis
- Tribute to John Cornwall By Mark Setterfield
- PhD Comics
- ¿Somos todos keynesianos? |
|
|
Call for Papers
CHORD Conference
'RETAILING AND DISTRIBUTION HISTORY': A CONFERENCE TO MARK 10 YEARS
OF CHORD
9 and 10 September 2009
The Centre for the History of Retailing and Distribution wishes to
mark the first ten years of its history by inviting conference
proposals on any aspect of retailing and / or distribution history.
Papers from any disciplinary perspective and covering any
geographical area / chronological period are welcome.
Proposals are invited either for individual papers or for sessions
(generally of three papers). Please send (if possible via e-mail) a
one page abstract and if proposing a session, a cover letter with
title and one-paragraph session description, to the address below by
9 April 2009.
Conference web-pages:
http://home.wlv.ac.uk/~in6086/2009conf.html
CHORD web-pages:
http://home.wlv.ac.uk/~in6086/chord.html
For more information, please contact:
Dr. Laura Ugolini, HAGRI/HLSS, University of Wolverhampton. E-mail:
l.ugolini@wlv.ac.uk
Postal address:
HAGRI/HLSS
MC 233
Millennium City Building
University of Wolverhampton
Wolverhampton
WV1 1LY
E-mail: l.ugolini@wlv.ac.uk
Conference of the Regulating for
Decent Work Network
Regulating for decent work: innovative regulation as a response to
globalization
International Labour Office,
Geneva, Switzerland
8-10 July 2009
Union for Radical Political Economics
Call for Papers - Annual Meeting of ASSA
Atlanta, January 3-5, 2010
URPE invites proposals for individual papers and complete sessions
for the URPE at ASSA annual meeting. URPE welcomes proposals on
radical political economic theory and applied analysis from a wide
variety of theoretical traditions.
The deadline for proposed papers and sessions is May 1, 2009. At
that time individual and panel proposals will be checked to be sure
everyone is current with their URPE dues or the proposals will be
set aside.
Click
here for detailed information.
VI STOREP Conference on the History
of Political Economy
3-4 June 2009, University of Florence, Italy
The Sixth Annual Conference of the Italian Association for the
History of Political Economy (STOREP) will be held at the University
of Florence, Italy, on June 3-4, 2009.
The central theme of the conference is "Financial Crises in the
Economists' View".
Proposals of sessions or submissions of papers concerning any other
aspect of the history of economic thought are also welcome. An
abstract of 200 words or less for a paper, or a brief description of
theme, motivation, authors and papers' titles of 400 words or less
for a session should be submitted to: segretario@storep.org.
The deadline for submissions is February 28, 2009.
Notice of acceptance or rejection will be sent within March 15,
2009.
Completed papers will be due by May 15, 2009.
General information on the conference can be found at:
http://www.storep.org/conference2009/
Managing Economic Transition Network
23rd research seminar of the Managing Economic Transition network is
organized jointly with t the European Association for Comparative
Economic Studies www.eaces.org.
The research seminar will be hosted by EST, University of Brighton
Business School on the 8th of May 2009.
We look forward to receive papers which relate any economic issues
of Central Eastern Europe and Central Asian region, both on macro
and micro level. Issues, which relate to the current economic
crisis, will be particularly welcome. Our selection however will be
primarily based on quality not on a particular choice of topics.
The papers or abstracts should be sent to Chris Matthews
c.r.matthews@brighton.ac.uk no later than on the 31st of
March. The network seminars are free for all, but we do not cover
any costs.
Post-Crisis States Transformation:
Rethinking the Foundations of the State
Organised by the ESF, in partnership with Linköping University (LiU)
1-5 May 2009, Scandic Linköping Väst, Linköping, Sweden
Chaired by: Ivan Samson, Université Pierre Mendès France, St.
Martin-d'Hères, FR
Consensus is growing that the application of the Western model of
the Nation State in post-crisis contexts poses many problems. This
particular model of the State is at the foundation of the current
international system. While it originates from the specific
socio-historic context of Europe, the model is widely applied in
post-crisis countries (post colonial, post-conflict and post-Soviet)
under the assistance or influence of the international community.
The conditions in which recent states are formed differ
substantially. Mainstream models of state-building assume that state
legitimacy can be established and state collapse avoided through
international intervention combined with military presence, huge
amounts of aid and democratic elections.
Click here for more information (URL:
www.esf.org/conferences/09271 )
European
Collaborative Research Projects (ECRP)
The European Science Foundation has published a Call for Proposals
for the European Collaborative Research Projects (ECRP) scheme in
the social sciences. The ECRP scheme supports responsive-mode,
investigator-driven, international collaborative research in all
fields of the social sciences in the countries of 21 participating
funding organisations.
European Collaborative Research Projects (ECRP) in the social
sciences
Website: http://www.esf.org/ecrp
Launch of call: 13 January 2009
Deadline for submission of proposals: 12 March 2009, 16.00 CET
For inquiries on the ECRP scheme, please contact:
Ms. Sarah Moore, email: ecrp@esf.org
International Journal of Global
Energy Issues (IJGEI)
Call for Papers
Special Issue on: "Energy Security in the 21st Century"
Guest Editor: Dr Lynne Chester, Curtin University of Technology,
Australia
As we approach the end of the 21st century’s first decade, energy
security is high on the policy agenda of the developed and
developing world, and supranational organisations such as the
European Commission, World Economic Forum, OECD, NATO, APEC and the
G8. The European Union, the UK and Japan, to name a few, have spent
considerable resources developing energy security strategies. Events
such as a rapid escalation in oil prices, disruption of gas supplies
to Europe during freezing winter temperatures, electricity blackouts
following hurricanes or other severe natural disasters, tend to
focus public and media attention on energy supply issues and
measures taken by governments to overcome short-term supply
disruptions. This also was the focus of energy security strategies
following the 1970s oil disruptions.
Click
here for detailed information.
Critical Political Economy RN at the
ESA Conference
Lisbon, 2-5 September 2009
The financial crisis: Responses and implications in Europe
Europe is experiencing its most serious financial crisis since the
Great Depression. The response of the EU and member states to this
crisis has been paradoxical. The crisis has discredited the
'Anglo-American' model of finance-led capitalism and gravely
weakened the American imperium.
Yet, the countries of Europe have been unable either individually or
collectively to devise a concerted regional solution to the crisis.
The result has been rising unemployment, the intensification of
intra-regional disparities, signs of inter-state rivalries and is
likely to result in growing poverty. Notwithstanding the deployment
of massive resources to failing banks, the EU and member states
continue to pursue the main planks of the neoliberal agenda,
including labour market reforms, privatisation, and financialisation.
This session seeks to address the prospects for a European
alternative to U.S.-led neoliberalism. Addressing the theme of this
conference, we aim to consider to what extent does the current
crisis unite or divide Europe and prospective allies in the world
order, and what are its implications for the European project of
integration. We invite papers which consider at least one of the
following:
- Limits and contradictions of the mode of development currently in
crisis, which may enable us to understand the current conjuncture.
- The problem of translating intellectual criticism into policy
prescription or alternative strategies
- The political consequences of the crisis, its implication for
political strategies pursued in relation to the 'European model' as
well as to the regulatory frameworks on national and sub-national
levels
- The issue of contemporary social and political mobilization and
attendant effects on the 'limits of the possible'.
Abstracts should be submitted by 26 February 2009 (online submission
form: view Call for Abstracts button at
http://www.esa9thconference.com )
More information on CPE RN:
http://criticalpoliticaleconomy.blogspot.com/
The Erasmus Journal for Philosophy
and Economics (EJPE)
EJPE is a peer-reviewed biannual academic journal publishing
research which improves our understanding of the methodology,
history and inter-disciplinary relations of economics. EJPE is
supported by the Erasmus Department of Philosophy and the Erasmus
Institute for Philosophy and Economics (EIPE) and is an open access
journal.
EJPE aspires to:
- publish high quality and interesting contributions to the field of
philosophy and economics.
- provide a forum for inter-disciplinary content and approaches that
is particularly friendly to Young Scholars (graduate students and
recent PhD graduates), supported by an efficient and constructive
peer review process.
Call For Papers
Research domains
(1) Methodology of economics
Issues falling within the analytical philosophy of science tradition
including the methodological analysis and appraisal of the concepts,
theories and techniques of economics, both mainstream and heterodox.
Contributions on methodological issues in evolutionary and
institutional economics are particularly welcome.
(2) History of economic thought
Issues in the historical development of the ideas, theories, and
methods of economics.
(3) Inter-disciplinary issues relating economics to other fields
Issues arising from non-traditional sources of critique and
investigation of economics, including, for example, ethics;
sociology; political philosophy; continental philosophy; rhetoric.
Such contributions must show a clear connection to economic issues
and involve conceptual rather than purely empirical analysis.
Content sought
Academic articles (5-7 per issue; with abstract; 4000-8000 words;
[exceptional papers may be longer by arrangement])
Book reviews (4-6 per issue; 750-2000 words)
Summaries of recently completed PhD theses in philosophy and
economics (500-1000 words)
Deadline: March 1st
Sample Issue (Autumn 2008): Available online at
http://ejpe.org
Realism from the ‘lands of Kaleva’: an interview with Uskali Mäki
(Why) do selfish people self-select in economics?
By Alessandro Lanteri
Are we witnessing a ‘revolution’ in methodology of economics? About
Don Ross’s recent book on microexplanation.
By Maurice Lagueux
Reply to Lagueux: on a revolution in methodology of economics
By Don Ross
The impossibility of finitism: from SSK to ESK?
By David Tyfield
Bernard Mandeville and the ‘economy’ of the Dutch
By Alexander Bick
Is history of economic thought a “serious” subject?
By Maria Cristina Marcuzzo
Reviewing 'The Cult of Statistical Significance': an exchange
between Aris Spanos and Stephen Ziliak & Deidre McCloskey
The EJPE Editors
editors@ejpe.org http://ejpe.org
Behavioural
Economics, Economic Psychology: Theory and Policy
Conference WEB site:
http://www.smu.ca/iarepsabe09/welcome.html
7-11 JULY 2009
IAREP/SABE CONGRESS
Halifax , Nova Scotia , Canada
International Association for Research in Economic Psychology
(IAREP)
Society for the Advancement of Behavioral Economics (SABE)
Conference Theme: “Behavioural Economics, Economic Psychology:
Theory and Policy”
Behavioral economics and economic psychology have made significant
advances over the past two decades impacting on economic theory and
public policy. These realms of research are influenced by research
in economics, psychology, sociology, biology, neuroscience,
institutions as well as being informed by traditional empirical
studies and evidence derived from experimental economics and
surveys, interviews, and simulations. Thus, behavioral economics and
economic psychology are enriched by a knowledge base that spans the
disciplinary divide.
The IAREP-SABE Conference aims at providing voice to economists,
psychologists and other academics to rigorously discuss and debate
their latest research in a welcoming scholarly environment. We
welcome paper submissions as well as session submissions, be they of
a theoretical or empirical bent, on all relevant topics relating to
behavioral economics and economic psychology.
The deadline for submissions is March 15, 2009. You will be notified
by April 30, 2009, whether or not your submission has been accepted
for presentation.
All sessions will take place at Saint Mary's University.
Some Conference Highlights:
George Akerlof 2001 Nobel Laureate in Economics (University of
California, Berkeley) will present one of SABE's two Herbert Simon
Memorial Lectures
Gerd Gigerenzer
(Max Planck Institute for Human Development, Centre for Adaptive
Behavior and Cognition, Berlin) will present the other of SABE's
Herbert Simon Memorial Lecturers.
Ilana Ritov
(The Hebrew University of Jerusalem) will present IAREP's Kahneman
lecture.
Morris Altman (Academic convener)
Sonja Novkovic (Local convener)
Pilgrims to the Euro Area: Romania
and other new EU members ante portas
From 4 to 6 September 2009 in Brasov, Romania
We invite economists to present their latest research results on the
possible tensions and problems for new member countries on their
road to EMU, and for the enlarged Euro area. The background is the
debate on an emerging split of the current EMU countries in terms of
current account imbalances, different inflation rates and unit labor
cost developments nine years after the introduction of the Euro. Is
there a split, and if, would new EMU members aggravate it? A related
objective is to contribute to the ongoing debate on institutional
reforms of the EU, and the Euro area in particular. Papers with
empirical, theoretical or institutional orientation are highly
welcomed. Also, organizers are particularly interested in research
papers with a focus on labor market integration and the Euro.
Generally, the list of topics that follows should not be considered
as exclusive:
- Labor market asymmetries among new and old EU countries and
institutional reforms
- The impact of asymmetries on the on common monetary policy and
vice versa: the impact of a common currency on labor market
flexibility
- Synchronization of economic activities (optimum and enogenous
currency areas)
- Long-run convergence (real and nominal) of new member countries
- Driving forces for institutional changes on the national level.
- Own currency or the Euro? The problems of fixed and flexible
exchange rates, and a single currency reconsidered in general or
with respect to new EU member countries.
- New institutional solutions for the EU.
We welcome studies with a comparative perspective as well as country
studies, in particular, from new member countries. Papers will be
published in a conference volume; and the best papers will be
published in a special issue of the European Journal for Comparative
Economics ( http://eaces.liuc.it/
).
Submissions and deadlines
Authors are invited to submit an abstract (500 words) of their paper
by 31 March 2009 at latest to:
Ileana Tache:
ileanatache@unitbv.ro
Hubert Gabrisch: gab@iwh-halle.de
Submitted papers are subject to a review process. Decisions will be
made by 30 April 2009.
Scientific committee: Ileana Tache (Jean Monnet Chair, University of
Brasov), Hubert Gabrisch (Halle Institute for Economic Reseach),
Jens Hölscher (University of Brighton, President of EACES), Nicolae
Marinescu (University of Brasov), Marius Dinca (University of
Brasov), Michael Keren (Hebrew University of Jerusalem, EJCE), and
David Kemme (University of Memphis, Tennessee, Executive Committee
of EACES)
Submission of full papers is expected to happen not later than 1
August 2009.
Fees
There is no submission fee. The registration fee of Euro 60 is
waived for EACES members. Organizers do not compensate for travel
and accommodation, but provide refreshments and lunches and a
dinner. The program will include a trip by coach to the scenic and
historical important Bran region, including a visit to Dracula’s
Castle.
Second Conference on Developing
Quantitative Marxism
16th-18th April 2009, Burwalls Hall, University of Bristol
Organised by Department of Economics, University of the West of
England, Bristol and the Department of Economics, University of
Bristol
Following last years successful inaugural conference, offers of
papers are invited for a conference on developing quantitative and
empirical Marxism.
Bringing together some of the researchers in the area might provide
further momentum.
This new initiative will try to develop empirical Marxist analysis
as an alternative perspective to the prevailing orthodoxy and try to
create a coherent, influential and self sustaining research agenda.
Papers are invited on any Marxist economics topics that deal with
empirical issues and/or use quantitative information and methods.
The intention is not to debate the validity of the approach, but to
use it to show the power and potential of Marxist analysis of
capital. The areas covered in the 1991 book may well be revisited
but it is also expected that the papers will develop a more
comprehensive and contemporary research agenda.
Please send a title and abstract as soon as possible and before 9th
February 2009 to:
Professor J Paul Dunne: Email:
John2.Dunne@uwe.ac.uk
For details on the previous conference and to keep up with
developments see:
http://carecon.org.uk/QM/
II International Congress of the
Brazilian Keynesian Association
Call for Papers
The Brazilian Keynesian Association (AKB) is organizing his 2nd
International Congress which will be held in Porto Alegre (Brazil),
from 9 to 11 September, 2009. The Congress theme is "Financial
instability and Contemporaneous Capitalism". With this theme, the
AKB aims at analyzing, in a Keynesian perspective and other
heterodox approaches, the international financial crisis and its
impacts on world economy, more specifically on Latin-American and
Brazilian economies. We would like to invite you to submit papers to
our Congress. The submissions shall be related to the following
topics:
- Financial instability and recession;
- Financial and exchange rate crises;
- Fiscal and monetary policies;
- Financial system and investment;
- Exchange rate regime and capital controls;
- Subprime crisis and its impacts on world economy;
- Economic growth and cycles;
- Reforming the international monetary system.
Submission details:
i. Submission dates: from March 2 to April 30, 2009 (deadline);
ii. The papers can be written in Portuguese, Spanish or English;
iii. The paper's copies (3) must be sent to the following address:
Programa de Pós-Graduação em Economia/UFRGS, Av. João Pessoa 52/sala
33b, Centro, Porto Alegre/RS, 90040-000, a/c Fernando Ferrari Filho,
President of the Associação Keynesiana Brasileira;
iv. The author should send the file with the paper (with his/her
name and affiliation) to the email
associacao.keynesiana@gmail.com
v. Each author can not submit more than 2 (two) papers;
vi. The print papers must have the following characteristics: the
name of the author and his/her affiiliation should be extracted from
the printed paper; they must be written in Microsoft Office Word 97
(or compatible) or in PDF, the maximum number of pages is 25,
abstract included, the space between lines is simple and the font
and the size of letters have to be, respectively, Times New Roman
and 12 pt;
vii. The fees, cost for transportation and accommodation are at the
expense of participants.
Scientific Committee and Other Details
The Scientific Committee is Ricardo Dathein (UFRGS), Simone Deos
(UNICAMP), José Rubens Garlipp (UFU), José Luís Oreiro (UnB) e Marco
Flávio Resende (UFMG)., Additional details about our Congress will
appear in the AKB website ( http://www.ppge.ufrgs.br/akb ), as soon as
the Steering Committee, Fernando Ferrari (UFRGS), Luiz Fernando de
Paula (UERJ), Ana Rosa Mendonça (Unicamp) e Vanessa Petrelli (UFU),
has some news.
Congreso
Internacional de la Asociación Keynesiana de Brasil (AKB)
invitación a presentar Trabajos
La Asociación Keynesiana de Brasil (AKB) organiza su Segundo
Congreso Internacional que tendrá lugar en Porto Alegre (Brasil)
entre el 9 y el 11 Septiembre de 2009. El tema del Congreso será "La
inestabilidad financiera y el capitalismo contemporáneo". Las AKB
escogió este tema para discutir, desde una perspectiva keynesiana y
otras perspectivas heterodoxas, la crisis financiera internacional y
su impacto en la economía mundial, particularmente, en las economías
latinoamericanas y de Brasil. Hacemos una invitación a presentar
ponencias en los siguientes temas específicos:
- Inestabilidad financiera y recesión;
- Crisis financieras y cambiarias;
- Políticas monetarias y fiscales desde una perspectiva heterodoxa;
- El sistema financiero y la inversión;
- Regímenes cambiarios y control de capitales;
- La "crisis subprime" y su impacto en la economía mundial;
- Crecimiento económico y ciclo;
- La reforma del sistema financiero internacional.
Forma de presentación:
i. Fechas de entrega: 2 de marzo al 30 de abril de 2009 (fecha
límite);
ii. Se aceptaran trabajos escritos en portugués, español e inglés;
iii. Los trabajos deben estar escritos en Microsoft Office Word 97
(o compatible) o formato PDF, máximo de 25 páginas (que incluye
resumen del trabajo), espacio entrelíneas simple, Times New Roman y
12 puntos. El nombre del autor y la filiación institucional deben
ser excluidos de la copia del trabajo en papel.
iv. El autor debe enviar tres copias en papel a la dirección
Programa de Pós-Graduação em Economia/UFRGS, Av. João Pessoa 52/sala
33b, Centro, Porto Alegre/RS, 90040-000, a/c Fernando Ferrari Filho,
Presidente da Associação Keynesiana Brasileira;
v. Se debe enviar una copia electrónica del trabajo (con nombre del
autor y filiación institucional) al correo electrónico:
associacao.keynesiana@gmail.com
vi. Cada autor puede participar con máximo dos (2) trabajos;
vii. Los gastos asociados a la participación de la conferencia (cuotas,
costo de transporte y alojamiento) son asumidos por los
participantes.
Comité científico y otros detalles
El Comité Científico está conformado por José Luís Oreiro (UnB),
José Rubens Garlipp (UFU), Marco Flávio da Cunha Resende (UFMG),
Simone Deos (UNICAMP) y Ricardo Dathein.
La organización del comité está a cargo Fernando Ferrari (UFRGS),
Ana Rosa Mendonça (Unicamp), Luiz Fernando de Paula (UERJ) y Vanessa
Petrelli (UFU) que proporcionarán información adicional el
desarrollo congreso en el sitio web de AKB, cuya dirección es
http://www.ppge.ufrgs.br/akb
)
Post-Keynesian Analyses and Modeling
I am pleased to announce that the Centre of Economics of Paris North
(U. of Paris 13) has decided to create a working group called
“Post-Keynesian analyses and modeling.”
The aim of this group is to promote post-Keynesian research. It is
therefore open to all researchers working in this field. In
particular, works on Kaleckian (growth-income distribution) and
Kaldorian (path dependency, memory effects) themes will be developed
inside of this group. This is not an exhaustive list, and all work
closely related to Post-Keynesian themes is welcome.
A number of seminars have already been scheduled, from January to
May. A list of the seminars, that will take place at the University
of Paris 13, will be established very shortly.
The first seminar takes place on Friday, January 23th, at the “Maison
des Sciences de l’Homme” of Paris 13, with Edwin Le Héron, who will
present a paper on “The financial crisis and banking behavior in a
stock-flow consistent model.”
A workshop with the best international specialists working on
Post-Keynesian modeling will also be organized, during the second or
third week of November.
Thanks for spreading the information about the creation of this
group in your respective departments and networks.
If you are interested in taking part in this working group, please
send me an E-mail. A mailing list will be established shortly.
Yours sincerely,
Dany Lang, Maître de conférences (senior lecturer),
CEPN, UMR CNRS 7115, Université de Paris XIII
99 avenue Jean-Baptiste Clément, F - 93430 Villetaneuse
lang.dany@univ-paris13.fr
+33(0)1.49.40.38.37.
Analyses et Modélisations Post-Keynésiennes
J'ai le plaisir de vous informer que le Centre d'Economie de Paris
Nord (U. de Paris 13) a décidé de créer un groupe de travail
intitulé "analyses et modélisations post-keynésiennes."
Ce groupe a pour objet la promotion des travaux post-keynésiens. Il
est donc ouvert à tous les chercheurs, français ou internationaux,
menant des travaux autour de ce thème. En particulier, les travaux
sur les thèmes kaléckiens (croissance-répartition), kaldoriens (dépendance
au chemin suivi et effets de mémoire) seront développés dans le
cadre de ce groupe. Mais cette liste n'a rien d'exhaustif, et tous
les travaux proches des thématiques post-keynésiennes sont les
bienvenus.
Un certain nombre de séminaires sont dores et déjà programmés, de
janvier à mai. Nous allons établir et diffuser prochainement la
liste de ces séminaires. Le premier d'entre eux aura lieu dès
vendredi 23 janvier, avec la venue d'Edwin Le Héron à la MSH de
Paris Nord.
Un workshop regroupant les spécialistes internationaux qui font
référence en matière de modélisation post-keynésienne sera également
organisé, la deuxième ou la troisième semaine du mois de novembre.
Merci de bien vouloir diffuser l'information concernant la création
de ce groupe dans vos laboratoires et réseaux respectifs.
Si vous êtes intéressé(e) par une participation à ce groupe de
travail, je vous invite à me contacter par courriel. Une liste de
diffusion sera établie rapidement.
Au plaisir de vous lire,
Dany Lang, Maître de conférences,
CEPN, UMR CNRS 7115, Université de Paris XIII
99 avenue Jean-Baptiste Clément, F - 93430 Villetaneuse
lang.dany@univ-paris13.fr
+33(0)1.49.40.38.37.
PEF Student Essay Contest
USE YOUR ECONOMICS FOR SOCIAL JUSTICE! Tired of learning economics
that seems more interested in justifying the status quo, than in
explaining the real world – and changing it? Then join thousands of
economics students around the world: put your economics to work in
the cause of social change. PRIZES $1000: Top Graduate Essay $500:
Top Undergraduate Essay Prizes will be awarded to an essay of
5,000-10,000 words on any subject related to political economy,
economic theory or an economic policy issue, which best reflects a
critical approach to the functioning, efficiency, social and
environmental consequences of unconstrained markets. DEADLINE FOR
APPLICATIONS: May 1, 2009 Mail 1 Hard Copy of Your Essay to: PEF
Student Essay Contest, c/o Professor Brenda Spotton Visano School of
Public Policy and Administration Ross Building N802 York University,
4700 Keele St., Toronto Ontario Canada M3J 1P3 All entrants receive
a complimentary 1-year membership in the Progressive Economics
Forum. Judges’ decisions are final. Circulate a poster in your
department by downloading it at
http://www.progressive-economics.ca/wp-content/uploads/2009/01/pef-essay-contest-2009.pdf.
Contest rules and application form can be downloaded at
http://www.progressive-economics.ca/wp-content/uploads/2009/01/2009-essay-contest-rules-and-form.pdf
XVth World Economic History Congress
Utrecht, Netherlands, 3-7 August 2009
Session "Why is economic history not an evolutionary science?"
Description and aim of the session: Economic history is dominated by
two opposite approaches that can be roughly defined as either
quantitative or qualitative. Each of these
approaches receives criticism from the other side. Not seldom, the
analytical results of either of these approaches differ
fundamentally, which is a clear sign of the insufficient explanatory
power of both quantitative and qualitative research techniques.
Economists have long been aware of this discrepancy between
positivist, neoclassical and subjectivist, institutional research.
An analytical solution that recently started to gain ground is the
evolutionary approach. In their theoretical discourse, evolutionary
economists have been able to prove that an evolutionary analytical
framework of
economics can overcome the limitations of both quantitative and
qualitative approaches.
We are convinced that this is a highly promising event for the
development of economic history as a scientific discipline. The
question remains, however, how evolutionary theory can be turned
into sound historical research practice. Therefore we would like to
bring
together evolutionary theorists and economic historians to discuss
how
evolutionary economics can become the basis of an evolutionary
economic history.
We propose to build this session around four elements of focus:
(1) Theory: evolutionary concepts and their position in historical
research practice,
(2) Sources and research goals: which sources (archival and other)
can be used in evolutionary economic history? How can they be used?
Why should they be used?
(3) Method: Evolutionary economic theory and its use in historical
practice?
(4) Results: presentation of the results of economic historical
research carried out in an evolutionary manner.
Organizers:
Werner Scheltjens, LARHRA, ENS-LSH, Université de Lyon
Prof. Dr. Kurt Dopfer, University of St. Gallen
Application:
The session will contain 6 to 8 papers. A number of papers are
reserved
for those who reacted to the original session proposal.
This call aims at recruiting 3 to 5 more papers. Applicants are
requested to provide a short resume and a list of publications as
well as an abstract of one-two pages.
The submission deadline is February 28, 2009. Acceptance decisions
will be
communicated before March 15, 2009.
We encourage graduate students to apply.
Deadline for submission of the complete paper: May 31, 2009.
The congress organization has a grants programme for students from
developing countries presenting a paper at the congress; the
deadline
for applications is February 1, 2009:
http://www.wehc2009.org/grants.asp
For more information on the World Economic History Congress, see:
http://www.wehc2009.org/default.asp
Top
Conferences, Seminars
and Lectures
Seminar - Everyday Economics
Date: Wednesday, 18th February, 2009, 12:45 - 14:00
Venue: National Audit Office, 151 Buckingham Palace Road, Victoria,
London, SW1W 9SS
Speaker: Dr Martin Weale CBE , Director NIESR
Financial services sector and its importance to the economy as a
whole and what happens when it goes wrong!
Date: Monday, 23rd March, 2009, 12:45 - 14:00
Venue: National Audit Office, 151 Buckingham Palace Road, Victoria,
London, SW1W 9SS
Speaker: Professor Charles Goodhart, London School of Economics
Monetary policy and why are measures such as interest rate cuts used
to stimulate growth?
Date: Wednesday, 22nd April, 2009, 12:45 - 14:00
Venue: National Audit Office, 151 Buckingham Palace Road, Victoria,
London, SW1W 9SS
Speaker: Ray Barrell, Director of Macro Economic Research and
Forecasting NIESR
Fiscal stimulus - how do we get ourselves out of recession?
The events are free but registration is required.
If you would like to attend the event or to receive further
information, please contact Pat Shaw by
email: p.shaw@niesr.ac.uk
or
phone: 020 7654 1905.
Cambridge Realist Workshop
The programme for the Lent Term 2009 can be found at:
http://www.econ.cam.ac.uk/seminars/realist/workshop_programme.htm
The Green Economics
Institute
The Green Economics Institute is holding an event exploring the
effects of women's unequal pay, poverty and
other social and environmental justice issues, with the aim to show
how their causes are linked and how green
economics perspectives can help in solving them. The event will take
place at the Reading International
Solidarity Centre, London Road, Reading, UK on 7 March 2009. I
attach the conference information and look
forward to seeing you there. If you would like to speak or
book or
run a stall at the event or for more
information please email Volker Heinemann at
greeneconomicsinstitute@yahoo.com
Studies in Economic Transition Series
10 YEAR ANNIVERSARY CELEBRATION!
STUDIES IN ECONOMIC TRANSITION SERIES
Series Editors Jens Hölscher and Horst Tomann will chair the event
with Brigita Schmögnerova, EBRD as guest
speaker.
on Friday 30th January, 4pm
in the Staff Common Room (125), The Department of Economics,
University College London, Drayton House, Gordon
Street, London,WC1 6BT
RSVP
Please reply by 23rd January to Beverley Millar on 01256 302720 or
b.millar@palgrave.com
The Eighth Congress of the U.S. Basic
Income Guarantee Network
February 27 – March 1, 2009
Sheraton New York Hotel
811 Seventh Avenue at 53rd Street., New York, NY
Click here for
the program.
Culture and Economic Performance
SCEME workshop on 'Culture and Economic performance' on 25 April:
call for participants.
The programme and registration details for this workshop are now
available at
http://www.economics.stir.ac.uk/SCEME/events.htm For
further information please contact Sheila Dow on
s.c.dow@stir.ac.uk
Understanding and Treating the Crisis
and Ensuing Slump
SCEME Public Lecture by Professor E S Phelps, Stirling Management
Centre, early evening, Friday 29 May 2009 on 'Understanding and
Treating the Crisis and Ensuing Slump: The Early Moderns - Knight,
Keynes and Hayek - are Necessary but not Sufficient'.
Further details for both events are available at
http://www.economics.stir.ac.uk/SCEME/events.htm For
further information please contact Sheila Dow on
s.c.dow@stir.ac.uk
The International Socialist Tradition
in Political Economy
An International Socialism journal seminar with Alex Callinicos,
author of An Anti-capitalist Manifesto, The Revolutionary Ideas of
Karl Marx and The Resources of Critique.
6.30pm, Friday 30 January. Room 629, Birkbeck university, Malet
Street, London WC1
At this, the first in a series of seminars organised by
International Socialism journal, Alex will set out the analysis of
capitalism first developed by Tony Cliff, Mike Kidron and others
associated with the journal. He will consider its strengths and
weaknesses in relation to later analyses that emerged from the 1970s
onwards, such as those developed by Ben Fine, David Harvey and
Robert Brenner.
For more information phone 020 7819 1177 or email
isj@swp.org.uk
The Globalisation Lectures
Organised by the Department of Development Studies
School of Oriental and African Studies (SOAS)
University of London
Convenor: Prof. Gilbert Achcar
2008-2009
LECTURE 3
HUMANITARIANISM AT THE RISK OF IMPERIALISM
DR. RONY BRAUMAN, MD
Former President of 1999 Nobel Peace Prize winner Doctors without
Borders (MSF, Paris)
Wednesday 28 January, 6:30pm
SOAS, Brunei Gallery Lecture Theatre
Born in Jerusalem in 1950, Rony Brauman worked since 1977 in the
field of international medical assistance. After having served as a
physician in developing countries with Medecins Sans Frontières
(France), he became President of the organisation in 1982, remaining
in this position until 1994. He currently teaches at the Institut
d'Etudes Politiques (Paris) and remains involved with MSF for
training and evaluation.
Rony Brauman is the author of several publications in French on
humanitarian action as well as on the Israel-Palestine conflict.
With Eyal Sivan, he also co-directed a documentary film (1999) based
on Hannah Arendt's famous Eichmann in Jerusalem.
MONDIALISATION ET COMPÉTITION
Centre de Recherches sur le Brésil Contemporain
École des Hautes Études en Sciences Sociales
Maison des Sciences de l’Homme
MONDIALISATION ET COMPÉTITION
(ET L’AMÉRIQUE LATINE
Entre les années 1930 et 1980 le développement de l’Amérique Latine
a été fort, et plusiers pays réalisaient completent leur révolution
capitaliste avec la révolution industriel. Ça a été possible parce
que une stratégie national de compétition – le national-développementisme
– orientait le gouvernement et les entrepreneurs et, essentiellement,
a été capable de neutraliser la tendance à la survaluation du taux
d’échange. Cependant, depuis la grande crise de la dette externe des
années 1980, et la subordination au Nord que s’en suit, les taux de
croissance baissent. Dans le deuxième séminaire, on discutera les
causes internes et externes de cette capitulation. Dans le troisième
séminaire, l’alternative que progressivement se matérialise dans la
région – le nouveau développementisme – est présenté et le problème
de la neutralisation de la tendance à la survaluation du taux
d’échange est discuté. Dans le quatrième séminaire on retourne, d’un
coté, à la discussion de la globalisation et de la lente mais
effective formation d’un Système Politique Globale au même temps que
les pays deviennent démocratiques, d’autre, à la crise du
capitalisme basé dans les finances et de son idéologie néo-libérale.
Top
Job Postings for
Heterodox Economists
The Economics, Management and
Demography Doctoral School
The Economics, Management and Demography Doctoral School (n°42) will
be equipped for the year 2009 – 2010 with a post doctorate degree
grant.
This one can be awarded to the following research teams belonging to
the Doctoral School :
- GREThA UMR 5113 <http://beagle.u-bordeaux4.fr/gretha-new/>
(Dir. Pr. Y.
Lung)
- LARE-Efi <http://lare-efi.u-bordeaux4.fr/>
(Dir. Pr. Y. Marquet)
- IRGO <http://irgo.u-borderaux4.fr/>
(Dir. Pr. G. Hirigoyen)
- IEDUB - mailto :
bergou@u-bordeaux4.fr (Dir. Pr. Ch. Bergouignan)
Annual amount remuneration :
Euros 40 000 (without pay roll taxes deduction)
Monthly net wage : euros 2 000
Both French and foreign post doctor’s degree researcher is
authorized to apply for this grant.
*How to apply for the grant* :
Contact the director of the specific research team for information.
The research teams directors belonging to the Doctoral School will
have to inform the School about the candidates.
Then the Doctoral Board will award the post doctorate degree grant,
after having discussed choice with the concerned research teams
directors.
*Candidate deadline* : March 1, 2009
Vacancy at University of Paris 13
Possible opening for a
Post Keynesian macroeconomics POST-DOC (1
year). The duration will be 1 year and the salary around 2000 euros
net a month (including social security). Contact Dany Lang
(lang.dany@univ-paris13.fr ).
Earlham College
Job Announcement for a one year full time visiting faculty position
in Economics at Earlham College
Earlham College, a national liberal arts College of 1200 students
that emphasizes quality teaching, seeks a visiting assistant
professor in economics to teach full time for the 2009-2010 academic
year. The teaching load is two 4 credit hour courses and one 2
credit hour topical seminar per semester. We seek a colleague who is
interested in teaching Economics as a liberal arts discipline and
who can teach a range of courses, from basic theory to special
topics. The fields are open and we encourage applicants versed in
diverse methods.
Specify in your application letter what elective courses you have
taught recently or would be able to prepare. The topical seminar
courses should reflect your interests and help students delve into a
topic in economics.
Earlham is affiliated with the Society of Friends (Quakers), is an
AA/EOE employer and eagerly solicits applications from African
Americans and other ethnic minorities, women, and Quakers.
Send Letter of Interest that addresses your interests and
qualifications, a c.v., and contact information for three references
(but NOT letters yet). Opening subject to final budgetary approval.
Please Send Hardcopies to:
Cheri Gaddis, Economics Search
Earlham College
801 National Road West
Richmond, IN 47374
USA
Top
Heterodox Conference Papers and Reports and Articles
Levy Papers
Strategic Analysis, December 2008
Prospects for the United States and the World: A Crisis That
Conventional Remedies Cannot Resolve
Wynne Godley, Dimitri B. Papadimitriou, and Gennaro Zezza
Using the Levy Institute’s macro model of the U.S. economy, the
authors conclude that the world’s economies will not be able to
achieve balanced growth and full employment unless the associated
institutions replace their total reliance on market forces with an
entirely new framework. They note that their previous (contrarian)
forecasts and remedies were ahead of the curve: that is,
unsustainable imbalances in the U.S. economy would require a large
fiscal stimulus, a rise in net exports, and depreciation of the
dollar; and both lending and private expenditure relative to income
would collapse, leading to a recession in 2008.
The authors expect that the (negative) change in the flow of net
lending will continue for some time, and that the unprecedented drop
in interest rates may not be effective in reactivating standard
lending practices. They foresee a steep fall in both the private
sector balance and GDP, with unemployment rising to 10 percent in
2010. The virtual collapse of private spending will make it
impossible to apply a fiscal and monetary stimulus large enough to
return output and unemployment to tolerable levels within the next
two years.
>>
Read complete text (pdf)
Strategic Analysis, January 2009
Flow of Funds Figures Show the Largest Drop in Household Borrowing
in the Last 40 Years
Gennaro Zezza
Research Scholar Gennaro Zezza reviews the latest Federal Reserve
flow-of-funds data and finds a steeper drop in borrowing than
previous projections in April 2008. While the last two recessions
saw a marked fall-off in business borrowing and minor consequences
for households, the current recession’s drop in credit is having a
greater effect on household finances.
Although mortgage debt has fallen sharply, household debt remains
very large relative to income. As a result, we can expect a further
decline in borrowing, which will immediately lead to a drop in
private expenditures. The delayed effects may cause a substantial
decline in real GDP and a substantial rise in unemployment (see
December 2008 Strategic Analysis).
>>
Read complete text (pdf)
Working Paper No. 552 Hypothetical
Integration in a Social Accounting Matrix and Fixed-price Multiplier
Analysis
Kijong Kim
In 2004, the South African government initiated a direct job
creation initiative—the Expanded Public Works Programme (EPWP).
Research Scholar Kijong Kim shows how to incorporate a new
hypothetical sector such as EPWP into a social accounting matrix
(SAM) in order to accurately capture the impact of the program and
its proposed expansion in terms of sectoral development, job
creation, and poverty reduction.
In the case of South Africa, the modification of the SAM lifts the
aggregate income of poor and ultrapoor households in response to
EPWP job targeting. Without reformulation of the SAM, the multiplier
analysis would underestimate the effect of the public works program
on income distribution and poverty reduction. The author shows that
fixed multiplier analysis using a SAM can articulate any
multiplicative effects of economic policy instruments and provide
valuable insights to policymakers.
>>
Read complete text (pdf)
Working Paper No. 553 Insuring Against
Private Capital Flows: Is It Worth the Premium? What Are the
Alternatives?
Jörg Bibow
The “global capital flows paradox” refers to the fact that the
developing world is both a hoarder of reserves, in the form of U.S.
Treasury securities, and a net capital exporter to rich countries.
Research Associate Jörg Bibow argues that the breakdown of the
Bretton Woods system in the early 1970s did not fundamentally change
the hegemonic position of the U.S. dollar or the lead role of the
U.S. economy as the driver of global demand. Contrary to
expectations, Bretton Woods II is unlikely to get back on track
anytime soon, so there is the possibility that consumer retrenchment
in the United States could pose a serious threat to global
stability.
Bibow investigates the opportunity costs of self-insuring by
accumulating foreign reserves, and rejects the idea that these
reserves represent low-cost protection against the vagaries of
global finance. Rather, the risks offer no rewards to developing
countries because financial globalization is a handy device for rent
extraction. He proposes comprehensive capital account management as
an alternative to liberalization in order to maintain sufficient
macro policy space and to ensure that foreign direct investment
complements a country’s development strategy.
>>
Read complete text (pdf)
Winter 2009 Summary
Vol. 18. No. 1
The Summary, published three times a year, is aimed primarily at an
academic audience. It updates current Levy Institute research, with
synopses of new publications, special features on continuing
research projects, accounts of professional presentations by the
research staff, and an overview of Levy Institute events.
In this issue, Levy scholars foresee an extended period of
stagnation and possibly deflation if the government does not take a
more active role in terms of fiscal policy, direct homeowner relief,
and regulatory system reform.
>>
Read complete text (pdf)
Petroleum and Energy Policy in Iran
Cyrus Bina, "Petroleum and Energy Policy in Iran," Economic &
Political Weekly, Vol. 44 (1), January 3, 2009.
Click here
to download the paper.
Post Keynesian Economics
Stockhammer, E., Ramskogler, P.: Post Keynesian economics - how to
move forward, Department of Economics Working Papers, 14/2008,
Vienna University of Economics and Business Administration:
http://www.wu-wien.ac.at/inst/vw1/papers/wu-wp124.pdf
An Introduction to the Economics of
Abundance
Brendan Sheehan, An Introduction to the Economics of
Abundance
Click here to
download the paper.
The Role Of Markets In The System Of
Abundance
Brendan Sheehan The Role Of Markets In The System Of
Abundance
Click here to
download the paper.
FINANCIAL CRISIS AND BANKING
BEHAVIOUR IN A POST-KEYNESIAN STOCK-FLOW CONSISTENT MODEL
by Edwin Le Heron, SPIRIT – Sciences Po Bordeaux – CNRS UMR 5116
e.le.heron@sciencespobordeaux.fr
Click here
to download the paper.
Top
Heterodox Journals and
Newsletters
Metroeconomica
Volume 60, Issue 1, 2009.
http://www3.interscience.wiley.com/journal/121641405/issue
Online ISSN: 1467-999X
Print ISSN: 0026-1386
Pages: 1-23
HEURISTICS, THE NON-MAXIMIZING FIRM AND EFFICIENT ALLOCATION Eirik
G. Furubotn
http://www3.interscience.wiley.com/journal/121477467/abstract
Pages: 24-53
MARSHALL'S CETERIS PARIBUS IN A DYNAMIC FRAMEWORK Fabio Cerina
http://www3.interscience.wiley.com/journal/121382701/abstract
Pages: 54-76
AN OBTRUSIVE REMARK ON CAPITAL AND COMPARATIVE STATICS Gaetano
Bloise, Pietro Reichlin
http://www3.interscience.wiley.com/journal/121358559/abstract
Pages: 77-90
THE HEX GAME THEOREM AND THE ARROW IMPOSSIBILITY THEOREM: THE CASE
OF WEAK ORDERS Yasuhito Tanaka
http://www3.interscience.wiley.com/journal/119880192/abstract
Pages: 91-118
DEMAND THRESHOLD, ZERO EXPENDITURE AND HIERARCHICAL MODEL OF
CONSUMER DEMAND Nachiketa Chattopadhyay, Amita Majumder, Dipankor
Coondoo
http://www3.interscience.wiley.com/journal/120120882/abstract
Pages: 119-149
DIVORCE AND THE OPTION VALUE OF MARITAL SEARCH Valerio Filoso
http://www3.interscience.wiley.com/journal/121359343/abstract
Pages: 150-161
MANY CAPITAL–OUTPUT RATIOS INCREASING WITH THE INTEREST RATE:
AN INDUSTRY-LEVEL ANALYSIS Ian Steedman
http://www3.interscience.wiley.com/journal/121496148/abstract
Pages: 162-178
HAS THE OKISHIO THEOREM BEEN REFUTED?
Dong-Min Rieu
http://www3.interscience.wiley.com/journal/121452763/abstract
Pages: 179-196
PUBLIC CAPITAL, TAXATION AND ENDOGENOUS GROWTH IN A FINITE HORIZONS
MODEL Toshiki Tamai
http://www3.interscience.wiley.com/journal/121376644/abstract
Pages: 197-223
MONETARY AND FISCAL INTERACTIONS: SHORT-RUN AND LONG-RUN
IMPLICATIONS Alan G. Isaac
http://www3.interscience.wiley.com/journal/121452760/abstract
Friends of
Associative Economics Bulletin
January 2009
The new look bulletin offers a means to befriend associative
economics by finding out what is going on, contributing to research,
undertaking a diploma, attending an event, subscribing to the
journal, signing up for the guarantee mark.
The format remains concise; links to websites are given where more
information is available. In-depth analysis is provided in
Associate!, our journal (now in its 28th year of existence), which
has been renamed to reflect the need for one's will to become
active. Both hard-copy and electronic versions can be subscribed to
online:
http://www.cfae.biz/fae-bulletin/09jan/
http://www.anthromedia.com/articles/economics/events/#c16621
1) EVENTS 2009
- Making Credit Less Crunchy: 12 Feb & 19 Mar / Rudolf Steiner
House, London
- The Colours of Money: 20-22 February / Viroqua, USA
- Inner and Outer Aspects of Associative Economics: 27 Feb - 1 Mar /
Auckland, New Zealand. 13-15 March / Melbourne, Australia
- The Colours of Money: 3-5 April / Stroud, England
2) Associate! SEA CHANGE - JAN 09
Lead: Egonomy is not Economy: Towards sustainable economics. Marc
Desaules
A Sign of Our Time: Keynes and Hicks; Steiner and Who? Editors
Feature: Overcoming Money Monopoly: The Quest for Nonpolitical
Money. E C Riegel
Archive: Money and the State. Rudolf Steiner
21 Policies: Review
Glossary: Virtue
Friends Page: Bookkeeping and LETS
AE Hero: Six Projects - Deep Accounting / Youth Financial Literacy /
The Role of the Corporation and the Future of Not-for-profits /
Prospects for a World Currency / Financing Education / The Economics
of Farming
Accounting Corner: It's Not Just About Money. Stephen Torr
The Friends of Associative Economics Bulletin provides an overview
of what is going on around the world in the associative economics
movement. The bulletin is viewable as a webpage,
http://www.cfae.biz/fae-bulletin/09jan/.
International Review of
Applied Economics
Volume 23 Issue 1 is now available online at informaworld
( http://www.informaworld.com
).
This new issue contains the following articles:
Labour market effects of public capital stock: evidence for the
Spanish private sector, Pages 1 - 18
Authors: Xavier Raurich; Hector Sala; Valeri Sorolla
Effects of European integration on Austria’s economy, Pages 19 - 40
Author: Engelbert Stockhammer
The endogeneity of the natural rate of growth – an empirical study
for Latin-American countries, Pages 41 - 53
Author: Lena Vogel
Synchronisation and staggering of interest rate change by UK
financial services firms, Pages 55 - 69
Author: John K. Ashton
Product mix, transactions and cost behaviour: a study of South
African bank branches, Pages 71 - 88
Author: Charles C. Okeahalam
Spatial disaggregation patterns and structural determinants of job
flows: an empirical analysis, Pages 89 - 111
Authors: Elena Cefis; Roberto Gabriele
Top
Heterodox
Books and Book Series
Understanding Keynes' General Theory
By Brendan Sheehan
http://us.macmillan.com/understandingkeynesgeneraltheory
http://www.palgrave.com/products/title.aspx?PID=312260
The General Theory of Employment, Interest and Money is the pinnacle
of the intellectual achievements of John Maynard Keynes, and
certainly his most well-known work. The General Theory was central
to economic thought for much of the second half of the twentieth
century, and continues to have great relevance in the twenty-first.
However, for many students coming to the book for the first time,
the General Theory can be a difficult text to fully grasp on an
initial reading.
This book is a comprehensive guide for those seeking to fully
understand the General Theory, and especially those approaching
Keynes’ seminal work for the first time. It provides a wide-ranging
overview of the work, covering both the familiar and lesser-known
elements, and sets it amongst Keynes’ other writings so that key
ideas can be set within a wider context. The book also highlights
Keynes’ important policy insights and includes key background
details which further illuminate Keynes’ work. The General Theory is
essential reading for any economics student or scholar, and
this book is an
essential introduction to Keynes’ most influential text.
Re-reading Marx
New Perspectives after
the Critical Edition
Edited by Riccardo Bellofiore and Roberto Fineschi
Palgrave Macmillan
256 pages
The new historical and critical edition of the works of Marx and
Engels, the second Marx-Engels-Gesamtausgabe (MEGA2), opens up the
possibility of a radical rethinking of the entirety of Marx’s
thought. Marx has been read primarily through Engels’ spectacles.
Now, with the publication of the entire corpus of Marxian
manuscripts, it is now possible to read Marx according to Marx. This
has rejuvenated debate and shed new light on Marx’s original
intentions.This important collection assesses the relevance of the
historical and critical edition, includes analysis, by leading
scholars, of specific themes in the Marxian critique of political
economy using the new material available, and provides an overview
of the German debate in Marxian theory in recent decades. This
detailed and fascinating book is essential reading for all seeking
the best in contemporary Marxian analysis and theory.
Introduction; R.Bellofiore & R.Fineschi
New Perspectives Opened by the Publication of Marx’s Manuscripts of
Capital, Vol. II; R.Hecker
Karl Marx’s Original Manuscripts in the Marx-Engels-Gesamtausgabe
(MEGA): Another View on Capital;R.Roth
Dialectic of the Commodity and its Exposition: The German Debate in
the 70s: a Personal Survey;R.Fineschi
Reconstuction or Deconstruction? Methodological Controversies about
Value and Capital and New Insights from the Critical Edition;
M.Heinrich
The Limits and Uncertainties of Historical Materialism: An Appraisal
Based on the Text of Grundrisse(Notebooks III, IV and V); R.Finelli
The Chapters on Machinery in the 1861-63 Manuscripts; T.Smith
The Development of Marx’s Theory of the Distribution of
Surplus-Value in the Manuscripts of 1861-63;F.Moseley
The Possessive Spirit of Capital: Subsumption/Inversion/Contradiction;
C.J.Arthur
The Place of ‘The Results of the Immediate Production Process’ in
Capital; P.Murray
A Ghost Turning into a Vampire. The Concept of Capital and Living
Labour; R.Bellofiore
From History of Capital to History in Capital; M.Tomba
Marx’s General Rate of Profit Transformation: Methodological and
Theoretical Obstacles. An Appraisal Based on the 1864-65 Manuscript
of
Das Kapital III; G.Reuten
RICCARDO BELLOFIORE is Professor of Economics at the University of
Bergamo, Italy. He has edited Marxian Economics: A Reappraisal,
Global Money, Capital Restructuring and the Changing Patterns of
Labour, two volumes on Hyman Minsky’s economics (with Piero Ferri)
Financial Keynesianism and Market Instability and Financial
Fragility and Investment in the Capitalist Economy and The
Constitution of Capital: Essays on Volume I of Marx’s Capital (with
Nicola Tayor). He is a member of the International Symposium on
Marxian Theory.
ROBERTO FINESCHI studied Philosophy and Political Economy in Siena,
Berlin and Palermo. He won the Rjazanov-Prize for young scholars for
the most valuable research in Marxian Theory. He has published three
books: Ripartire da Marx, Marx e Hegel and Un nuovo Marx and several
essays in English, French, German, Italian and Japanese. He is
editor of a new Italian edition of Capital: Book I, after the new
critical edition. He is a member of the editorial board of the
Italian Marx and Engels Collected Works and the International
Symposium on Marxian Theory.
Beyond the World Bank Agenda: An
Institutional Approach to Development
By Howard Stein, Center for Afroamerican and African Studies,
University of Michigan
howstein@umich.edu
Published by University of Chicago Press, September, 2008
Cloth $45.00-- ISBN: 978-0-226-77167-0
http://www.press.uchicago.edu/cgi-bin/hfs.cgi/00/269209.ctl
The crisis we are witnessing today in the global economy is not
unlike what we have seen in poor developing countries for decades
under the watch of the World Bank and IMF. The same body of economic
theory that has driven changes that have led to the current
financial crisis has also been behind the policies the World Bank
has imposed on Africa, Latin America and other regions since 1980.
The volume examines the evolution of economic policy in the World
Bank focusing on how economists became hegemonic in the Bank, how
economic policy evolved over time and how the shifting policy
strategies reflected the changing nature of the Bank’s theoretical
understanding of economic development and underdevelopment. It is
argued that part of the problem with Bank policies, as economists
increasingly dominated the policy branch of the agency, was the
ever-narrowing of the economics profession and its growing
a-institutionalism. Yet, transforming institutions is at the central
core of development. When the Bank began to use institutional theory
it problematically drew on the neo-classical or new institutional
economic variant (NIE) and used it to buttress rather than to
rethink the same orthodox agenda. The book generates an alternative
approach building on the work of Gunnar Myrdal the last economist to
systematically apply original institutional economic theory (OIE) to
development. It also draws on 40 years of new research in
organizational theory, sociology, social psychology and
institutional and behavioral economics. The volume provides chapter
length criticisms of the theory under the Bank’s policy strategies
in three important sectors, finance, state formation and health care
and generates alternative strategies based on an OIE approach. Most
of the empirical work in the volume is from data from sub-Saharan
Africa. However, examples from Asia, Latin America and the
transitional countries of East and Central Europe are also
incorporated into the book.
Click here for detailed information.
Institutional Economics and
Psychoanalysis
Institutional Economics and Psychoanalysis: How Can They Collaborate
for a Better Understanding of Individual-Society Dynamics?
By Arturo Hermann
Trento, Italy, UNI Service, January 2009.
http://www.uni-service.it/institutional-economics-and-psychoanalysis.html
The Metaphysics of Capitalism
By Andrea Micocci (with a preface by Giuseppe Limone)
"A strikingly new analysis of our economic and social system and its
means of functioning brings the author to the very core of it,
claiming that the whole structure of our society is nothing else but
a flawed, dialectical intellectual mode… Andrea Micocci manages to
use his deep knowledge of various subjects and vast erudition
skillfully: instead of making them a burden on the reader, he uses
them to create the needed suspense, pushing us to devour page after
page. The Metaphysics of Capitalism is undoubtedly a timely book."—
Mino Vianello, University of Rome
"Andrea Micocci reinterprets materialist philosophy and Marxist
critique of political economy in a provocative synthesis that
commands the most serious attention from anyone worried about the
increasingly disastrous world capitalism has made."—Alex Callinicos,
King's College London
Micocci argues that capitalism can be conceptualized as a limited
and limiting socialized mode of thought, an intellectuality whose
dialectical features are effectively identified by using the proxy
of political economy, both marxist and mainstream. Political
economy, a representative instance of dialectical thinking, mirrors
the dialectical nature of capitalist economic andpolitical
relationships. According to Micocci, non-dialectical occurrences in
capitalism are simply excluded from normal social, economic, and
intellectual activities, which are performed
in a metaphysical, intellectually isolated environment. Micocci
describes capitalism as an intellectually constructed culture (a
metaphysics) which preserves itself, and props itself up, by means
of its iterative (market-like) functioning. Andrea Micocci is
professor of economics at the University of Malta, Link Campus, and
teaches political philosophy at the Jean Monnet Faculty of Seconda
Università di Napoli (SUN), San Leucio.
Table of Contents: Foreword • Preface by Giuseppe Limone •
Acknowledgments • 1. Outline
of an Intellectual Monster • 2. The Anti-Hegelian Argument • 3.
Political Economy of
Capitalism • 4. The Iterative Character of Capitalism • 5.
Capitalism's Politeia • 6. Capitalism
vs. Individuality • 7. Like Cut Flowers
LEXINGTON BOOKS
$75.00 • Cloth • 0-7391-2837-X | 978-0-7391-2837-4 • December 2008 •
274 pp
History of Economic Thought and
Methodology eBooks
The Routledge Economics, Business and Management eBooks Archive and
Subscription Package offers free access to over 1,600 backlist
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and Methodology sub-package. For more information, please contact us
using the details below.
The three titles below offer a taster of the quality of titles
available:
The Science
of Wealth
Tony Aspromourgos
This volume clarifies the character and fundamental structures of
'political economy' as an intellectual discipline in the texts of
Adam Smith and will be vital reading for historians of economic
thought and philosophers of social science.
Click here
to view sample pages
Master eBook ISBN13: 978-0-203-88957-2
No of pages: 416
Originally Published: 18 Sep 2008
David Hume's
Political Economy
Editors: Margaret Schabas and Carl Wennerlind
This collection of twelve new essays by distinguished scholars in
the fields of history and the philosophy of economics is one of the
first book-length studies of Hume's political economy.
Click here
to view sample pages
Master eBook ISBN13: 978-0-203-32447-9
No of pages: 392
Originally Published: 20 Dec 2004
At the
origins of Mathematical Economics
Richard van Den Berg
This pioneering new book examines the life and work of Achille
Nicolas Isnard. It illuminates his major contributions to political
economy and contains substantial extracts from a number of his
publications in French and English.
Click here
to view sample pages
Master eBook ISBN13: 978-0-203-61758-8
No of pages: 482
Originally Published: 15 Dec 2005
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Radical Economics and Labour
Edited by Frederic Lee, Jon Bekken
http://www.routledgeeconomics.com/books/Radical-Economics-and-Labour-isbn9780415777230
Price: $140.00
- ISBN: 978-0-415-77723-0
- Binding: Hardback
- Published by: Routledge
- Publication Date: 23rd January 2009
- Pages: 208
About the Book
To celebrate the centenary of the most radical union in North
America - The Industrial Workers of the World - this collection
examines radical economics and the labor movement in the 20th
Century. The union advocates direct action to raise wages and
increase job control, and it envisions the eventual abolition of
capitalism and the wage system through the general strike.
The contributors to this volume speak both to economists and to
those in the labor movement, and point to fruitful ways in which
these radical heterodox traditions have engaged and continue to
engage each other and with the labor movement. In view of the
current crisis of organized labor and the beleaguered state of the
working class—phenomena which are global in scope—the book is both
timely and important. Representing a significant contribution to the
non-mainstream literature on labor economics, the book reactivates a
marginalized analytical tradition which can shed a great deal of
light on the origins and evolution of the difficulties confronting
workers throughout the world.
This volume will be of most interest to students and scholars of
heterodox economics, those involved with or researching The
Industrial Workers of the World, as well as anyone interested in the
more radical side of unions, anarchism and labor organizations in an
economic context.
Table of Contents
Iv Notes on Contributors: x Introduction. Radical Economics and the
Labor Movement by Frederic S. Lee and Jon Bekken: 1 Chapter 1.
Senex’s Letters on Associated Labour and the Pioneer, 1834: A
Syndicalist Political Economy in the Making by Noel Thompson: 40
Chapter 2. Peter Kropotkin’s Anarchist Economics for a New Society
by Jon Bekken: 79 Chapter 3. Some Notes on Anarchist Economic
Thought by Mathew Forstater: 98 Chapter 4. The Economics of the
Industrial Workers of the World: Job Control and Revolution by
Frederic S. Lee: 142 Chapter 5. Economic Science and the Left:
Thoughts on Sraffa’s Equations and the Efficacy of Organized Labor
by Tony Aspromourgos: 179 Chapter 6. John Kenneth Galbraith’s New
Industrial State 40 Years Later: A Radical Perspective by Spencer
Pack: 216 Chapter 7. A Radical Critique and Alternative to U.S.
Industrial Relations Theory and Practice by Richard McIntyre and
Michael Hillard: 284 Chapter 8. Labor during Transition: A Radical
Institutional Approach by John Marangos: 317 Chapter 9. Offshore
Production and Global Labor Arbitrage: A New Era of Capitalism? by
Claude Pottier: 345 Chapter 10. Financialization, Employability and
their Impacts on the Bank Workers’ Union Movement in Brazil
(1994-2004) by Maria Alejandra Caporale Madi, José Ricardo Barbosa
Gonçalves and José Dari Krein
About the Author(s)
Frederic S. Lee is Professor of Economics at University of
Missouri-Kansas City, USA and Jon Bekken is an Associate Professor
of Communications at Albright College, USA and former General
Secretary-Treasurer of the Industrial Workers of the World.
Top
Heterodox Book Reviews
L’économie morale, pauvreté, crédit
et confiance dans l’Europe préindustrielle
Laurence Fontaine, _L’économie morale, pauvreté, crédit et confiance
dans l’Europe préindustrielle_. Paris: Gallimard, 2008. 439 pp, €20
(paperback), ISBN: 978-2-0707-8577-3.
Reviewed for EH.NET by Pierre-Cyrille Hautcoeur, Ecole des Hautes
Etudes en Sciences Sociales and Paris School of Economics.
Click here to
download the review.
Genres of the Credit Economy
Mary Poovey, _Genres of the Credit Economy: Mediating Value in
Eighteenth- and Nineteenth-Century Britain_. Chicago: University of
Chicago Press, 2008. x + 511 pp. $59 (cloth), ISBN:
978-0-226-67532-9.
Reviewed for EH.NET by David Mitch, Department of Economics,
University of Maryland –- Baltimore County.
Click here to download
the review.
Top
Heterodox
Graduate Program and PhD Scholarships
City University London
The City University Research Fellowships and Research Studentships
are currently being advertised. There are 4 fellowship positions and
10 doctoral studentships available for 2009-10.
Fellowships:
http://www.city.ac.uk/research/resdev/appointment2009.html
(Closing date for applicants 16 February 2009)
Studentships:
http://www.city.ac.uk/research/resdev/studentships.html (
Closing date for applicants 2 March 2009)
Anyone interested in a postdoc or PhD working with me should get in
touch. I emphasise that they should contact me first, rather than
simply applying. Internal support is vital to the success of
applications.
Do please pass this on to potentially interested candidates.
Deadlines are already close.
Andy Denis
Director of Undergraduate Studies
Economics Department
City University London
London EC1V 0HB
+44 (0)20 7040 0257
http://www.staff.city.ac.uk/andy.denis
PhD Studentship
Assessing the Role of Structural Drivers in the HIV/AIDS Pandemic: A
Case Study of the Link Between Socio-Economic Indicators and
Prevalence Patterns
Supervisor: Dr Deborah Johnston, Department of Economics (SOAS)
Co-Supervisor: Dr Justin Parkhurst, Health Policy Unit (LSHTM)
UNAIDS estimates three out of four HIV/AIDS deaths occur in sub
Saharan Africa. Many prevention activities, such as education and
subsidized condom access, assume that HIV transmission is driven by
poverty and ignorance. However, population-based studies of HIV
prevalence often find that prevalence increases with both wealth and
education. The Tanzanian HIV/AIDS Indicator Survey 2003-2004 (THIS)
found the poorest 20% of households had a prevalence rate of 3.4%,
while the richest 20% had one of 10.5%. However, surveys of HIV/AIDS
prevalence are not large in number, are often limited in terms of
the socio-economic data they include and have also been subject to
relatively little scrutiny.
Click here for
detailed information.
Top
The HEN-IRE-FPH Project
The HEN-IRE-FPH Project for
Developing Heterodox Economics and Rethinking the Economy Through
Debate and Dialogue
The Heterodox Economics Newsletter, The International Initiative for
Rethinking the Economy (IRE), and the Charles Leopold Mayer
Foundation for the Progress of Humankind (FPH) (
www.fph.ch ) have undertaken a joint
project to promote the development of heterodox economics. It
involves publishing in the Newsletter reviews, analytical summaries,
or commentary of articles, books, book chapters, theses,
dissertations, government reports, etc. that relate to the following
themes: diversity of economic approaches, regulation of goods and
services, currency and finance, and trade regimes. These themes
relate to heterodox economics and to the open and pluralistic
intellectual debates in economics. For further information about the
project and queries about reviewing, contact Fred Lee (
leefs@umkc.edu ).
Rhetoric vs Realism in
Economic Methodology
Peter, F. (2001), ‘Rhetoric vs realism in economic methodology: a
critical assessment of recent contributions, Cambridge Journal of
Economics, September, 25(5): 571-89. Reviewed by Lynne Chester,
Curtin University, Australia
Click
here to download the review.
Top
For Your Information
PERI – Political
Economy Research Institute
Progressive Economists' Statement on Economic Recovery and Financial
Reconstruction
The Obama administration and Congress will soon be debating plans to
revive the U.S. economy. To contribute to this debate, the
progressive economists who recently issued "Principles For Economic
Recovery And Financial Reconstruction From Progressive Economists,"
now add a more complete statement: "Progressive Program for Economic
Recovery and Financial Reconstruction."
These documents argue that a successful economic program must reject
the policies that contributed to the current economic crisis.
Instead, the program develops an set of initiatives that include: 1)
a fiscal expansion program centered on aiding state and local
governments, keeping people in their homes, creating green jobs and
public infrastructure, protecting key industries and instituting
government employer of last resort programs; 2) economic policies to
end extreme inequality and restore power to labor, households and
communities; 3) programs to reconstruct, regulate and manage
financial institutions to serve people's needs and contribute to
financial stability; 4) international financial coordination to make
the transition to more balanced global growth; and 5) a set of
Congressional hearings on restructuring the financial system.
Download "Progressive Program for Economic Recovery and
Financial Reconstruction"
Download "Principles For Economic Recovery And Financial
Reconstruction From Progressive Economists"
Add your name to
the lists of signatories
http://www.peri.umass.edu/
ESSAY: Dan Hind on the
Financial Crisis
Many explanations have been offered for the current economic crisis
– regulatory failure did it, or President Carter, or sub-prime
lending, or Alan Greenspan. Maybe we all did it. Dan Hind, author of
The Threat to Reason: How the Enlightenment was Hijacked and How We
Can Reclaim It, points out the problems with the stories most often
offered by journalists, politicians and broadcasters. And he offers
an alternative reading of the crisis that draws on the work of
Richard Wolff, Graham Turner, Richard Stiglitz and others to provide
the best brief account yet of what has really been going on in the
global economy. It’s 10,000 words long, and it is sensitively
entitled Jump! You Fuckers!
http://www.versobooks.com/FTP/Jump%20You%20Fuckers%20Edition%201.pdf
You can download it from the Verso website here:
http://www.versobooks.com/books/ghij/h-titles/hind_d_threat_reason.shtml
Tribute to John Cornwall By
Mark Setterfield
It was just over twenty years ago, in August 1988, that I first
arrived in Halifax and met John Cornwall. A year earlier in the
spring of 1987, I had written to him – and to numerous others around
the world associated with the Cambridge tradition in economics –
hoping to find a dissertation advisor willing to help me to pursue
my interests in macrodynamics. Like all students of this tradition,
I wanted to write about the laws of motion of capitalism (what
else?!) John’s reply was by far the most encouraging and
enthusiastic response that I received, and I quickly became
convinced that my future lay, under his supervision, at Dalhousie.
Click
here to download the paper.
PhD Comics
http://www.phdcomics.com/comics.php
¿Somos todos keynesianos?
El autor plantea que la supuesta euforia keynesiana en respuesta a
la crisis no puede ocultar su corazón ortodoxo. Las contradicciones,
en la Argentina y en los países centrales.
Por Fabian Amico *
¿Somos todos keynesianos? ¿Vuelve Keynes? Parece evidente en estos
tiempos de crisis doméstica e internacional. Cuando en 1971 Nixon
dijo: “Ahora somos todos keynesianos”, la frase tenía un cierto
sentido. Hoy es dudosa y ambigua. Stiglitz repitió hace poco que “ahora
somos todos keynesianos, incluso la derecha en Estados Unidos se
sumó al bando keynesiano con un entusiasmo desenfrenado”. Pero el
propio Stiglitz sucumbe a la tradición keynesiana “bastarda” cuando
se preocupa por el déficit fiscal. Propone: “Bajarles los impuestos
a los pobres y aumentar los beneficios de desempleo, al mismo tiempo
que se aumentan los impuestos a los ricos puede estimular la
economía, reducir el déficit y disminuir la desigualdad”. Siempre la
preocupación por el déficit. ¿Será keynesiana tal preocupación?
Esto forma parte de una tendencia más reciente, donde Keynes y
Friedman ya no se oponen sino que “interactúan”: el Estado
interviene en el plano fiscal (Keynes dixit) y la política monetaria
se encuentra en manos “independientes” (Friedman dixit). Por caso,
Nixon tenía a Friedman como asesor, y el mismo Milton llegó a decir:
“Ahora somos todos keynesianos”, aunque más tarde aclaró: “En un
sentido, ahora somos todos keynesianos; en otro, ya nadie es
keynesiano”. Digamos: keynesianos retóricos, aunque no keynesianos
sustanciales.
Entonces, ¿”somos todos keynesianos”? La respuesta positiva parece
otra vez evidente con las masivas intervenciones estatales que
abundan en la crisis. Sería, se dice, un keynesianismo “forzoso”.
Pero el keynesianismo queda así desdibujado en cualquier tipo de
intervención estatal. En esta confusión hay una que resulta fundante:
aquella que sostiene que para crecer hace falta “ahorro previo”,
invirtiendo la causalidad correcta según la cual la inversión es la
que determina el ahorro (y no al revés), con lo cual lo mejor de
Keynes se pierde por completo. En esta línea, en el centro de las
recomendaciones keynesianas (aunque el “keynesianismo” no se agote
en ello) está la propuesta de estimular la demanda efectiva por
medio del gasto público deficitario.
¿Qué dicen los “keynesianos” al respecto? El panorama es confuso. El
propio Stiglitz defendió, en tiempos de Clinton, una suerte de “contracción
fiscal expansionista”, donde la reducción del déficit público
resultaría (vía expectativas o por una dudosa relación inversa entre
tasa de interés e inversión) en una menor tasa de interés y en un
alza de la inversión. Luego se reveló que tal “contracción fiscal
expansionista” no se produjo. La expansión de los tiempos de Clinton
pareció obedecer al sesgo expansivo de la política monetaria y al
intento de mantener viva la burbuja accionaria. Merced a tal
política monetaria los gastos privados crecieron lo suficiente para
más que compensar los efectos contractivos de la política fiscal. El
propio Paul Krugman (“Deficits and the Future”, The New York Times,
1/12/2008), reciente Premio Nobel y considerado un “keynesiano” más,
festejaba tales superávit de los tiempos de Clinton, porque pensaba
–como Stiglitz– que eso estimularía la inversión privada. ¿Y en la
Argentina? ¿Somos todos keynesianos? Aquí, la promesa de un mayor
gasto público, como en el anunciado plan de obras del Gobierno
destinado a estimular la economía, recibe críticas instantáneas y
diagnósticos sombríos de “insustentabilidad”, destilando que tras
tal intento se escondería en verdad una concepción populista,
irresponsable, etcétera. Con aires de suficiencia y seriedad, la
sentencia se pronuncia bajo la forma de una pregunta cuasi retórica:
“¿Hay billetera para hacer políticas keynesianas?”. Se responde: “Muchos
dudan de que el Estado cuente con el presupuesto necesario para
afrontar tal gasto...”. Impera aquí la lógica de Doña Rosa, es decir,
la racionalidad de una economía familiar. Pero el tamaño del gasto
público, e incluso del déficit público, no tiene nada que ver con
esta racionalidad pre-keynesiana, según la cual cuando uno gana 1000
su gasto no puede ser 1500. Desde Keynes y Kalecki se sabe que esta
lógica, aplicada a la economía en su conjunto, es errónea. Resulta
obvio que si la economía se desacelera (existe capacidad ociosa y
desempleo) no sólo es factible sino deseable “recaudar 1000 y gastar
1500”. Hay algo incluso previo a esto, y es la verdadera naturaleza
de la relación entre gasto público e impuestos.
Contablemente, los ingresos del Estado representan flujos de fondos
desde el sector privado hacia el Tesoro. Tales flujos reducen la
cantidad de dinero disponible en la economía. Análogamente, todo
gasto público representa un flujo de fondos desde el Tesoro hacia el
sector privado y significa un aumento de la cantidad de dinero. El
gobierno intenta así coordinar sus ingresos y gastos para mantener
un nivel adecuado de liquidez en la economía (el asunto es complejo).
Al inicio del ejercicio fiscal, cuando se decide el presupuesto y el
gobierno compromete en alguna forma precisa sus gastos, los
impuestos aún no han sido recaudados. No podrían ser recaudados al
principio del ejercicio, puesto que los ingresos de los cuales se
detraen no han sido aún distribuidos. Como resultado, los impuestos
son en verdad una renta contingente vinculada con la percepción de
ingresos por parte de los agentes privados y sólo pueden ser
determinados ex post.
Surge la pregunta: ¿cómo puede ser que un ingreso ex post financie
una actividad económica ex ante? Obviamente esto es imposible. De
allí la pertinencia de la explicación chartalista según la cual el
dinero es una creación del Estado: en esta concepción, el dinero
debe gastarse antes de ser recaudado como impuestos. Dado que los
impuestos sólo pueden ser recaudados ex post, si el gobierno
intentara financiar sus gastos con los impuestos (como sugiere la
receta ortodoxa), el sector público se pararía por entero y no
estaría disponible ningún bien y servicio. Para que el gobierno
desarrolle sus actividades, basta con que el “brazo bancario” del
gobierno pague los cheques emitidos por el “brazo fiscal” (el
Tesoro).
Luego, esos cheques son depositados por el público en los bancos
privados y más tarde se hace el cargo correspondiente en la cuenta
del Tesoro en el BC, mientras que en las cuentas de los agentes
privados en los bancos comerciales se realiza un depósito por el
mismo importe. Sólo en esta etapa el Estado comienza a recaudar sus
impuestos. Asimismo, es durante esta fase cuando se destruye el
dinero y la “deuda” del Tesoro con el BC es liquidada pari passu con
el reflujo del impuesto. Así, los impuestos son resultado del gasto
precedente de las empresas, las familias y el Estado.
En este contexto, la noción de “financiación del déficit” resulta,
en rigor, incorrecta. En realidad, el déficit presupuestario,
diferencia contable entre gasto inicial e ingresos por impuestos del
período corriente, no puede ser considerado más que como una
identidad contable ex post que ya ha sido financiada. Así, a
diferencia del sector privado, mientras exista un banco central que
tenga capacidad de financiar los gastos del gobierno, el Estado no
se regirá nunca por los criterios de solvencia que rigen para las
empresas privadas. En la concepción ortodoxa de las finanzas “sanas”,
en cambio, se afirma que los impuestos son la fuente principal de
financiación del gobierno y que deben evitarse la “creación
monetaria” y el recurso al crédito. Es la misma lógica de una
economía familiar. Un Estado “grande” necesita así mayores impuestos,
que vendrían a ser recursos sustraídos de otros usos privados
(crowding out), como la inversión. Así, un Estado “chico” (mínimo)
es requisito del crecimiento y el desarrollo.
Por eso los gobiernos de los países como la Argentina se abstienen
de comprometer gastos públicos en proyectos de infraestructura o en
planes sociales. Se aduce, como hoy, que no hay recursos fiscales
para financiarlos. Esto ciertamente obstaculiza la recuperación y el
crecimiento, y mantiene altos niveles de pobreza, no porque los
impuestos sean necesariamente bajos sino porque los gastos del
gobierno están arbitrariamente ligados a los impuestos, y por ende
son comprimidos arbitrariamente.
El enfoque correcto es evaluar el gasto (déficit) público por su
funcionalidad con relación al conjunto de la economía y
especialmente a su nivel de empleo. Las finanzas funcionales de Abba
Lerner y los desarrollos posteriores de William Vickrey (Premio
Nobel de Economía 1996) brindan una medida adecuada del déficit
público de plena capacidad. En este enfoque, una magnitud adecuada
para el déficit público de plena capacidad debe alcanzar para
compensar la suma del déficit externo en cuenta corriente percibido
como sustentable o deseable con el superávit del sector privado (o
sea, la diferencia entre ahorro privado e inversión privada), cuando
la economía opera cerca de la plena capacidad. Cualquier déficit
mayor será inflacionario y cualquier déficit menor será recesivo
porque implica que la economía no podrá generar demanda suficiente
para operar a plena capacidad, una vez satisfecha la restricción
externa. En este contexto, resulta obvio que los ingresos fiscales
resultan fuertemente procíclicos y que, por ende, el déficit público
es endógeno.
Recientemente se señaló que los anuncios del gobierno estaban
destinados a evitar que la economía muestre números negativos luego
de años de fuerte crecimiento. Varias serían las medidas que apuntan
a eso: el mega-plan de obras públicas, la eliminación de la tablita
de Ganancias, los adicionales para jubilados y desocupados, el
financiamiento barato para la compra de autos y electrodomésticos. “Pero
todo –se objeta–, a la vez, cuesta dinero.” Aquí está el quid: el
costo del dinero para el Estado es cercano a cero. Que los
economistas ortodoxos sostengan que estas medidas keynesianas no son
aplicables, que la reducción del nivel de gasto interno es
inevitable y que las políticas de expansión del gasto “sólo
agravarán el ajuste posterior”, es algo esperable. Pero la falta de
convicción que se aprecia en algunos funcionarios oficiales, quienes
se apuran a hacer números para “demostrar” que los recursos estarían
disponibles, en tanto retacean el volumen de gasto necesario para
estimular la economía, es algo peligroso. Por caso, no hace mucho el
ministro Julio De Vido aseguró que con la reducción de los subsidios
y el sinceramiento tarifario “se logrará la consolidación del
superávit fiscal”, y que el aumento de tarifas (como el transporte y
la luz) permitirá financiar parte del plan de obras públicas que
anunció la Presidenta recientemente. Entonces la pregunta del
comienzo se transforma en una duda mortal: ¿somos en verdad todos
keynesianos?
* Economista del Grupo Luján e investigador de la UNLU.
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