Issue-27, May 2, 2006

From the Editor

May 1, World Workers Day, is usually a day for rejoice, but yesterday John Kenneth Galbraith died.  His obituary is found under FYI.  By coincidence, ROPE is calling for papers on Galbraith—see below.  The Newsletter also has information about a number of interesting summer conferences and schools, a number of job postings for heterodox economists, and a new heterodox website.   Finally I would like to plug the Association for Heterodox Economics annual conference that is being held at the LSE on July 13-16—information about the conference will be sent out shortly.

Fred Lee


In this issue:

  - Call for Papers

          - The Ninth International Post Keynesian Conference
          - The Review of Political Economy- John Kenneth Galbraith
          - Rethinking Marxism 2006
Conferences, Seminars and Lectures

          - How Class Works -- 2006
          - 2006 URPE Summer Conference
          - NYC Union for Radical Political Economics and the Brecht Forum
          - The Contemporary Relevance of Marx
          - "The Nature of Money"
          - History of Economic Thought Conference
          - Post Keynesian, Institutionalist & Feminist Economics
          - Impact of Keynesian Economics on Policy
          - 19th Annual Conference of the HETSA
          - Histories of 8 Hour Day and Working Life

   - Job Postings for Heterodox Economists

         - URPE Part-Time Job Vacancy
         - Portland State University, Portland, OR
         - World Vision Australia
         - Manhattan College
         - Austin College
         - Franklin & Marshall College

  - Heterodox Journals and Newsletters

         - Review of Political Economy
         - Journal of Institutional Economics
         - USBIG Newsletter VOL. 7, NO. 38, March - April 2006
         - RRPE

  - Heterodox Books and Book Series      

          - Macroeconomics in Context
          - Ethical Codes and Income Distribution
          - Monetary and Exchange Rate Systems: A Global View of Financial Crises
          - The Physical Foundation Of Economics: An Analytical Thermodynamic Theory

  - Heterodox Websites      

          - Global MacroScope

 - Heterodox Economics Archives      

          - URPE Newsletter 1969-1972

  - For Your Information

         - John Kenneth Galbraith, 97, Dies; Economist, Diplomat and Writer
         - Doha Round and Developing Countries: Will the Doha deal do more harm than good?


 Call for Papers

The Ninth International Post Keynesian Conference


September 15-18, 2006
Kansas City, MISSOURI
For detailed information: Call For Papers.pdf

The Review of Political Economy- John Kenneth Galbraith

The year 2008 marks the centenary of the birth of John Kenneth Galbraith. It is also the 50th anniversary of the publication of The Affluent Society. The Review of Political Economy plans to commemorate these anniversaries with a special issue devoted to the legacy of John Kenneth Galbraith. His writings touch upon an extraordinarily wide range of topics, including the theory of the firm; the theory of consumer choice; poverty and income inequality; finance and speculation; fiscal and monetary policies; wage and price controls; the nature of modern capitalism; economic development; the history of economic thought; and the importance of economic power. Those interested in contributing to this special issue should submit three copies of their papers by April 30, 2007 to Steven Pressman, Department of Economics and Finance, Monmouth University, West Long Branch, NJ 07764 or via email to

Rethinking Marxism 2006

RETHINKING MARXISM: a journal of economics, culture & society is pleased to announce its sixth major international conference, to be held at the University of Massachusetts, Amherst on 26-28 October, 2006. The conference is entitled Rethinking Marxism 2006.
The deadline for proposal submission is 1 August 2006.
For detailed information: Rethinking Marxism 2006.doc


Conferences, Seminars and Lectures

How Class Works -- 2006

A conference at the State University of New York at Stony Brook

JUNE 8 to 10, 2006


To see the full program and register visit the conference page at

Speakers Confirmed

Joe Berry
Barbara Bowen
Steve Fraser
Jennifer Gordon
Peniel Joseph
Nelson Lichtenstein
Joyce Mills
Susie Orbach
Uhuru Williams
Nancy Wohlforth

Plus over 150 presentations in working class studies from graduate students, faculty, union and community activists -- from Canada, Germany, Greece, Lithuania, Nigeria, UK, and US -- plus film, music, photography, poetry

Sponsored by the Center for Study of Working Class Life
Conference coordinator -- Michael Zweig: (631) 632.7536 or 

2006 URPE Summer Conference

Nationalism, Internationalism, and Nature
Wars and Natural Resources
Katrina: Race and Class
Latin America: Breaking the Mold
New Dates: Friday, Aug. 11 - Monday, Aug 14.
New Place: Camp Deer Run
Next year's Summer Conference will take place a week earlier than previous conferences and will take place at a new site, Camp Deer Run (north of New York City). The new site will provide improved facilities at a similar price. In January further information on the change, and full instructions to the camp will be posted.

For more information contact URPE at  or 413-577-0806.

NYC Union for Radical Political Economics and the Brecht Forum


Date: Tuesday, May 2, 7:30pm


U.S. manufacturing employment is declining, and jobs in many other sectors are being outsourced to countries with cheaper labor costs and eliminated through "lean and mean" technological change. In this climate, union organizers are asking themselves where to organize next. Our panelists feel there is great potential for organizing workers in the retail sector, which includes massive distribution centers as well as stores. Edan Dhanraj, our panel's organizer and chair, and RWDSU research director Mathias Bolton have both worked in these distribution centers, and Mathias has been involved in organizing drives in both distribution centers and retail stores. RWDSU organizer Jeffrey Eichler led a recently-successful drive to unionize immigrant workers in a chain of Brooklyn sneaker stores. David Bensman has done extensive research on the retail sector and will describe how it functions and how it has changed over the years. Where Wal-Mart goes, others will follow -- it is the largest employer (and retail employer) in the U.S. Liza Featherstone will talk about the experiences of people who have been organizing workers at Wal-Mart.

About the Speakers:

David Bensman is a professor of Labor Studies and Employment Relations at Rutgers University, and author of several books about labor, education, and social policy.

Mathias Bolton is the Director of Research for the RWDSU (Retail, Wholesale and Department Store Union). For 10 years he worked at a unionized retail distribution center where he was a rank and file activist and elected union representative.

Jeffrey Eichler is the coordinator of Retail Organizing in NY for the RWDSU.

Liza Featherstone is a journalist who writes frequently on labor and student activism for The Nation, as well as many other publications. She is the co-author of Students Against Sweatshops: The Making of a Movement (2002). In 2004, she published Selling Women Short: The Landmark Battle for Workers' Rights at Wal-Mart, a history of Dukes vs. Wal-Mart, the largest civil rights class-action suit in history.



Date: Tuesday, May 16, 7:30pm


The long-suffering Iranian people face dual burdens: the constant prospect of a bloody U.S.-led intervention, and the continued internal rule of the mullahs. This panel examines the motivations of both sides, and addresses a number of questions: What is the political-economic basis for the persistent hostility towards Iran by the U.S. and its allies: Britain, France and Germany? What is the role of their long-term quest for oil? What are the real issues involved in the nuclear power dispute? What is the political economy of the present clerical regime, and what are the prospects for internal social and democratic transformation? What is the current status of women in Iran, and how are policies towards women used to maintain overall social control? Our panelists will cut through the abundance of official misinformation on Iran, and seek effective ways to express our solidarity with the just struggles of the Iranian people.

About the Speakers:

Faramarz Farbod is an Iranian-American (a native of Iran). He taught politics in Iran for several years in the 1990s, and has been teaching politics in the US (Moravian College, Bethlehem, PA) since 1998. He is pursuing his PhD in comparative politics at Rutgers University. His primary areas of interest are: American foreign policy in the Third World (especially in the Middle East); issues related to globalization, empire, capitalism, and development; politics of dissent here in America; and issues related to the US media.

Reza Ghorashi has a Ph.D. in economics from Fordham University and teaches at Richard Stockton College of New Jersey. His areas of research and interest are international trade, globalization, and the Middle East, particularly Iran. He has published articles in both English and Farsi on the listed subject matters.

Fatemeh Moghadam teaches courses at Hofstra on Economic Development, Women and Development in the Middle East, Economic Development in the Middle East, and International Economics. She has published extensively on economic history, agricultural development, and women and development, including a book, From Land Reform to The Revolution: The Political Economy of Agricultural Development in Iran (1960-1979) (Tauris Academic Studies, London, February 1996). Her research work includes several field studies in Iran. Her most recent publications include entries in The Oxford Encyclopedia of Economic History (New York, 2003), entries in Encyclopedia of Women and Islamic Cultures (to appear 2006), as well as articles on women and work in Iran.

Tom O'Donnell (PhD, nuclear physics) is Lecturer at the University of Michigan, Ann Arbor in the Science, Technology and Science Program (STS) and the Center for Middle East and North African Studies (CMENAS), and the Residential College. He lectured on "The Global Oil System and the Middle East" in graduate economics at The University of Algiers and, as visiting professor, at The New School for Social Research in New York City in spring-summer of 2005. He is currently writing a book on "The New Globalized Oil Order." He is also Associate Member of the Michigan Center for Theoretical Physics (MCTP). He previously spent a decade as an industrial worker and organizer-activist in Detroit auto plants and on Chicago railways.


Date: Thursday, June 1, 7:30pm


Last summer Jerry Joffe participated in a fact-finding tour of Palestine, sponsored by Faculty For Israeli-Palestinian Peace. He traveled extensively throughout the West Bank in search of a deeper understanding of how the economy of Palestine works, and of how economic circumstances frame the political prospects for peace between Israel and Palestine. Jerry will report on what he learned about the many obstacles to economic development in Palestine during the years of the Israeli occupation.
Because the economies of Israel and Palestine are so closely intertwined, economic policies and circumstances in Israel have a strong effect on Palestine, above and beyond whatever is going on politically. Karen Pfeifer, who has studied and taught about the economies of many countries in the Middle East, will talk about Israel's economy: its strengths, its vulnerabilities, and their dialectic.

About the Speakers:

Jerome Joffe teaches at St. John’s University, Division of Social Science, Program in Health Care Administration. His publications include "The U.S. Health Care System, A Reproduction Crisis" in Political Economy and Contemporary Capitalism (M.E. Sharpe) and articles on Long Term Care (Home Health Care Services Quarterly), Health Care Costs (Journal of Economic Issues), Physician Productivity (Public Health Reports) and Health Utilization (Inquiry). Jerry recently joined a tour of Palestine sponsored by Faculty For Israeli-Palestinian Peace and has written a report which is on their website.

Karen Pfeifer is a Professor of Economics at Smith College and has taught there since 1979. She has served as an editor of Research in Middle East Economics and of Middle East Report. Pfeifer's main teaching fields are alternative economic theory and comparative economic systems, with research focused on economic development and social change in the Middle East and North Africa. She has done research in Algeria, Egypt, Jordan, Kuwait, Lebanon, Turkey, and the Palestinian Territories. Her most recent scholarly projects concern rebuilding devastated economies in the Middle East and the Euro-Med Partnership Initiative.

The Contemporary Relevance of Marx


Daniel BENSAïD, journal Contretemps (Paris)
Alex CALLINICOS, journal International Socialism Journal (London)
Alexandros CHRYSSIS, journal OUTOPIA (Athens)
Michael LöWY, journal Contretemps (Paris)
Yannis MILIOS, journal THESEIS (Athens)

ATHENS – 3 MAY 2006 18H 30
Eshea Meeting Roo
20 Akadamias Street (metro Panepistimio line 2)

"The Nature of Money"

Multidisciplinary Workshop- Laurentian University
May 5-6, 2006
Sudbury, Ontario, Canada
For detailed information: SudburyPoster1_2_.pdf

History of Economic Thought Conference

UK Annual Conference
The University of Brighton Business School hosts the Annual UK History of Economic Thought Conference at Mithras House from September 13 until 15, 2006

Post Keynesian, Institutionalist & Feminist Economics

Graduate Summer School
The Interdisciplinary Graduate Summer School in Post Keynesian, Institutionalist and Feminist Economics from June 18 to 24, 2006 is hosted by the University of Missouri - Kansas City, the Center for Full Employment and Price Stability, and the Journal of Post Keynesian Economics

Impact of Keynesian Economics on Policy

9th Int'l Post Keynesian Conference
The 9th International Post Keynesian Conference from September 15 to 19, 2006 at the University of Missouri - Kansas City is a celebration of the impact of Keynesian economics on policy. Keynote speakers include Skidelsky, Goodhart, Davidson, Harcourt, Pasinetti.

19th Annual Conference of the HETSA

History of Economic Thought
The School of Business at the University of Ballarat hosts "Rummaging through the golden threads of the history of economic thought" - the 19th conference of the History of Economic Thought Society of Australia (HETSA) on July 4-7, 2006.

Histories of 8 Hour Day and Working Life

Working to Live
On June 20 & 21, 2006 Histories of the 8 Hour Day and Working Life, a joint initiative of the Australian Society for the Study of Labour History and the Australian Centre at the University of Melbourne, commemorates the 150th anniversary of the 8 Hour System established by the Melbourne Stonemasons.


Job Postings for Heterodox Economists

URPE Part-Time Job Vacancy

The Union for Radical Political Economics (URPE) seeks applications for a part-time Office Manager. Founded in 1968, URPE is a membership organization of academics and activists who share an interest in a radical analysis of political and economic topics. URPE's members use their analysis to advance various progressive political and social agendas.

Applicants should have the experience necessary to:
a. Manage the URPE office (located at U. Mass/Amherst). Some bookkeeping required; web skills an advantage.
b. Make use of the URPE office to build URPE's presence in the area.
b. Attend and help organize conferences, including URPE's August Summer Conference.
c. Work with the URPE Steering Committee to promote the goals of the organization.

Starting date: August 1.
Salary, benefits, and hours negotiable.

Send applications to:
P. Parmalee
35 Aumick Road
Wallkill NY 12589

Portland State University, Portland, OR

E0 Macroeconomics
C01 Econometrics
C02 Mathematical Methods

One year Visiting Assistant Professor opening--with possible one-year renewal--for candidate with teaching fields that include macroeconomics at the introductory, intermediate and master’s level. Helpful but not necessary would be the ability to contribute in other areas such as econometrics, mathematical economics and money and banking. Candidate should display exceptional ability in classroom teaching to a diverse student body at an urban university campus. Ph.D. preferred, will consider exceptional candidates who are A.B.D. or experienced applicants. Compensation will be competitive. Portland State University is an Affirmative Action, Equal Opportunity institution and welcomes applications from diverse candidates and candidates who support diversity. Review of applications will begin May 1, and continue until finalists have been identified. Send curriculum vita with cover letter, writing sample, teaching evaluations or other evidence of high-caliber teaching, and 3 letters of recommendation. Position open until filled. CONTACT: Mary King, Chair, Dept. of Economics, Portland State University, P.O. Box 751, Portland, OR 97207-0751.

World Vision Australia

World Vision Australia, Australia's largest development NGO, is currently seeking an experienced development economist to lead its public policy work on the area of trade and debt. Australian trade policy and its impact on development will be the primary focus of the role, with a smaller emphasis on bilateral and multilateral debt policy. Ideally, the incumbent will possess postgraduate qualifications in economics, have a thorough knowledge of trade and/or debt policy from a broadly Post Keynesian, evolutionary and/or institutional economics perspective, and have experience in policy development or influence. The position will be located in Canberra (preferably) with Melbourne or Sydney also possible. Assistance with relocation expenses will be available to a successful international applicant.

Applicants should direct enquiries to either Kirsty Nowlan (Manager, Public Policy) at  or Melanie Gow (Head, Advocacy & Public Influence) at .

Applications close 12 May 2006. Applications, containing a CV and a covering letter addressing the essential and desirable criteria should be mailed or emailed to:

Linda Ng-Tatam,
Administrative Coordinator
Advocacy & Public Influence
World Vision Australia
1 Vision Drive
Burwood East VIC 3151

Manhattan College

The Department of International Studies at Marymount Manhattan College invites applications for a one-year, non-tenure track faculty position beginning Fall 2006.

Assistant Professor/Instructor of International Studies
Description: A Social Scientist with a background in the political economy of developing nations.
Requirements: Candidates should also demonstrate substantive interest in one or more of the following areas: international political economy, economic geography, human rights, migration, refugees, urban issues. Ph.D. preferred, ABD considered in one of the following disciplines: Economics, History, Political Science, and Sociology.
Classes to be taught include Economy, Society and the State, Global Economy, Political Economy of Development and Underdevelopment, and a freshman writing seminar.
Application Materials: Please submit letter, vita, sample of current scholarship and three reference letters to the Chair of the Search Committee.
Search Chair: Radhika Balakrishnan, Ph.D., Chair, Search Committee, Marymount Manhattan College, 221 East 71st St., New York, NY 10021
Submission Deadline: Review of applications begins May 12, 2006.

Austin College

A tenure-track position, with fields in Law & Economics, International Trade, Urban & Regional, and possibly Environmental. From past interviews at the AEA, it has become painfully obvious that the candidates are extremely narrowly read; unaware of heterodox material. Being a Liberal Arts College, we want desperately to interview candidates who are more well-rounded. The position starts in Fall 2007. Interviewing for the position will run from Fall 2006 to Spring 2007. We may attend the ASSA. A job ad will be placed in the October JOE. If you have any questions e-mail:

Dan Nuckols
Associate Prof. of Economics
Austin College
Sherman, Texas

Franklin & Marshall College

Franklin & Marshall College’s Local Economy Center (LEC) and the Campus Sustainability Committee (CSC) anticipate a Postgraduate Fellow position within the Floyd Institute for Public Policy.
For detailed information: LEC=CSC_Fellow3.doc


Heterodox Journals and Newsletters

Review of Political Economy

Volume 18 Number 02/April 2006 of Review of Political Economy is now available on the web site at .

This issue contains:

‘Marxism Gone Mad’: Tugan-Baranovsky on crises, their possibility and their periodicity Daniele Besomi

Effective demand in a stylised Keynesian model of growth  Keiran Sharpe

The role of pecuniary external economies and economies of scale in the theory of increasing returns Ramesh Chandra, Roger Sandilands

Profit-sharing versus interest-taking in the Kaldor–Pasinetti theory of income and profit distribution Usamah A. Uthman

Real wages, productivity and economic growth in the G7, 1960–2002 H. Sonmez Atesoglu, John Smithin

A Kantian critique of neoclassical law and economics Mark D. White

 Stiglitz and his discontent Timothy Koechlin

 Screpanti versus Marx on exploitation: a comment Andrew Kliman 

Book reviews

Journal of Institutional Economics

The April 2006 issue of the Journal of Institutional Economics (JOIE) has appeared.
Contents of the April 2006 issue
John T. Davis, "The turn in economics: neoclassical dominance to mainstream pluralism?"
Antonella Zucchella, "Local cluster dynamics: trajectories of mature industrial districts between decline and multiple embeddedness"
Huáscar Fialho Pessali, "The rhetoric of Oliver Williamson's transaction cost economics"
Werner Hölzl, "Convergence of financial systems: towards an evolutionary perspective"
Christopher May, "Social limits to the commodification of knowledge: ten years of TRIPs"
Werner Sombart (1929), "Economic theory and economic history"
For detailed information: La JOIE du printemps.doc

USBIG Newsletter VOL. 7, NO. 38, March - April 2006

This is the Newsletter of the USBIG Network, , which promotes the discussion of the basic income guarantee (BIG) in the United States--a policy that would unconditionally guarantee a subsistence-level income for everyone. If you would like to be added to or removed from this list please email:
For detailed information: USBIG Newsletter.doc


URPE at ASSA papers:

Christopher Gunn, "Cooperatives and Market Failure: Workers'
and System Mismatch"
Tim Koechlin, "U.S. Mulitnational Corporations and the Mobility of Productive Capital"
James Crotty and Kang-Kook Lee, "The Effects of Neoliberal 'Reforms' on the Post-Crisis Korean Economy"
Gerard Dumenil and Dominique Levy, "Imperialism in the Neoliberal
Era: Argentina's Reprieve and Crisis"
Martin Wolfson, "Neoliberalism and Social Security"
Douglas Orr, "The Rhetoric of the Social Security Debate"
Erdogan Bakir and Al Campbell, "The Effect of Neoliberalism on the Fall in the Rate of Profit in Business Cycles"
Christian Weller, "Gambling with Retirement: Market Risk Implications for Social Security Privatization"
Ron Baiman, "The Estimated Economic Impact of a Chicago Big Box Living Wage Ordinance"
May King, "Women's Work: Using U.S. History to Explain Mexican Women's Differential Work Strategies in Mexico and the United States"
Phillip Anthony O'Hara, "A Chinese Social Structure of Accumulation for Capitalist Long Wave Upswing?"

Book review essay:
Mehrene Larudee, "Inside Stories"

Vol. 38 No. 4: Special Issue: The History of Heterodox Economics

Fred Lee, "Introduction"
Howard Sherman, "The Making of a Radical Economist"
Stavros Mavroudeas, "The History of Political Economy and Post-Modernism"
Matias Vernengo, "Technology, Finance, and Dependency: Latin American Radical Political Economy in Retrospect"
Guido G. Preparata, "Perishable Money in a Threefold Commonwealth:Rudolf Steiner and the Social Economics of an Anarchist Utopia"
Jonathan Goldstein, "Marxian Microfoundations: Contributions or Detour?"
Fabian Tarrit, "A Strange Marxism: Defining the Scope of Analytical Marxism"
Frank Stilwell, "The Struggle for Political Economy at the University of Sydney"


Heterodox Books and Book Series

Macroeconomics in Context

Substantial portions of the Preliminary Edition of Macroeconomics in Context are now available electronically on the Web. You can use this as your class text this fall by downloading the whole book, or individual chapters, at no cost to you or your students.
One user of early drafts says:
"Macroeconomics in Context is the best text I've seen for undergraduate teaching…By paying attention to the challenges we face today, such as environmental degradation and social issues, students readily see why and how economics is important to learn. This text gives students the basics while raising questions about how we can do better…"
--Valerie Luzadis, SUNY Syracuse.
Go to  to download this innovative text!
While Macroeconomics in Context incorporates the theoretical content expected in a principles text, it delves deeper, offering a fresh understanding of economic realities. Instructors will find that standard topics – including Classical and Keynesian approaches, in both new and old versions – are covered clearly and succinctly. But, in addition, questions of ecological sustainability, non-marketed production accomplished within households and communities, the quality of life, and income distribution are given more attention than in other texts. Taking history, institutions, and environmental constraints seriously, this textbook balances analysis of market processes in the macroeconomy with discussion of public policies that go beyond short-term stabilization targets to promote long-term sustainability and social goals. Nine chapters of Macroeconomics in Context, Preliminary Edition are currently available individually as Adobe Acrobat (pdf) files. All of the chapters necessary to begin teaching from this book will be ready before the start of fall term 2006; the last few chapters in the last section will become available early in the semester. A revised, full-color, print First Edition will later be produced, incorporating feedback from users of the Preliminary Edition.

This is the companion book for Microeconomics in Context (Goodwin et al., Houghton Mifflin, 2005).

For more information contact 

Ethical Codes and Income Distribution

A Study of John Bates Clark and Thorstein Veblen
by Professor Guglielmo Forges Davanzati, Universita degli Studi di Lecce
Hb: 0-415-36539-2: £65.00

In this key new text Guglielmo Davanzati studies this burgeoning view that ethics and economics can be compatible. Does ‘morality’ affect income distribution? And, if so, what are the effects of the widespread adoption of ethical codes on the functioning of the labour market? Central to Davanzati’s efforts is the thesis that the roots of these new developments can be traced back to the pioneering work of Thorstein Veblen and John Bates Clark. Utilizing their contrasting works, Davanzati’s text illuminates the propagation of ethical codes within the two opposing frameworks i.e. the neoclassical and the institutional. Davanzati’s important book will be an invaluable reference for readers interested in history of economic thought, economics and moral philosophy.

To purchase a copy of any of the book, please either reply to with a contact name, delivery address, telephone number and/or e-mail address, or order online at  in the UK, or  in the US.

Further Information from:
Victoria Lincoln, Marketing Executive: Business and Economics, Routledge Books, 2 Park Square
Milton Park, Abingdon, Oxon, OX14 4RN
Tel: 020 7 017 6108
Fax: 0207 017 6707

Monetary and Exchange Rate Systems: A Global View of Financial Crises

By: Louis-Philippe Rochon and Sergio Rossi eds.
Published by Edward Elgar
For detailed information: Rochon Rossi 2006.pdf

The Physical Foundation Of Economics: An Analytical Thermodynamic Theory

By: Jing Chen
Published By: World Scientific Publishing
All human activities, including mental activities, are governed by physical laws and are essentially thermodynamic processes. However, current economic theories are not established on these foundations. This pioneering book seeks to develop an analytical theory of economics on the foundation of thermodynamic laws. A unified understanding of economic and social phenomena is presented, an understanding that is much simpler than what mainstream economic theory has to offer. Its aim is to revolutionize thinking in economics and transform social sciences into an integral part of the physical and biological sciences.
What the Reviewers Say
"The Physical Foundation of Economics is an interesting attempt to use the physics concept of entropy in economic sciences, analogous to its success as Shannon entropy in information science."
Professor Dietrich Stauffer
University of Cologne
"Jing Chen presents us with a thermodynamic theory of economics which unifies the concepts of physical entropy, information, and economic value. The book is an exciting journey towards the point where economics, physics, and biology come together and provides a deep understanding of the fundamental interconnectedness between the socio-economic world and the biosystem."
Assistant Professor Raluca Iorgulescu Polimeni, Siena College, USA

This book presents a theory that bridges the well ordered world of physics and the chaotic world of economics. It goes a long way in explaining why the world of human structures and systems are the way they are and suggests that, perhaps, the world is not as unpredictable, chaotic or complex as the dismal science would have us believe. This book contains a fundamental idea that leaves readers thinking, "that's so simple and obvious, I could have thought of that". -- Richard West
You will receive a 25% discount on your order if you buy direct from World Scientific's online bookshop. Just mention the discount code WSPC5819. This promotion ends on 31 May, 2006. A guide on how to order can be found here.

Heterodox Websites

Global MacroScope

Global MacroScope, a new website, seeks to provide a portal for international news, opinion and analysis focused on shifting parameters, context and trends in the international economy. In additional to selecting and continuously updating key published articles from a vast array of international sources, we also commission original work from academics, journalists, government policy makers and private industry specialists. We publish writers embedded in the contexts, places and sectors which are the focus of their work. We are proud to offer an unrivaled diversity of opinions, paradigms, nationalities and career backgrounds among our family of contributors and board members.

We invite you to visit, explore and also consider contributing to this project. In this initial phase, all content is free. We will eventually consign certain more specialized research reports to a client space on the website, while the rest of the website will remain free and open to the public.Max Fraad-Wolff (


Heterodox Economics Archives

URPE Newsletters- 1969-1972

I am engaged in making pdf files of the URPE Newsletters from 1969 to 1980 and beyond. The files will be put in an URPE Newsletter folder that is located in the Archive that can be found on the Heterodox Economics Newsletter website:  Currently the folder has newsletters for the period 1969 – 1972. Frederic S. Lee

Archive link

For Your Information

John Kenneth Galbraith, 97, Dies; Economist, Diplomat and Writer


John Kenneth Galbraith, the iconoclastic economist, teacher and diplomat and an unapologetically liberal member of the political and academic establishment he often needled in prolific writings for more than half a century, died April 29th at a hospital in Cambridge, Mass. He was 97.

For detailed information: John Kenneth Galbraith.doc and Iconoclastic Economist John Kenneth Galbraith Dies, By Bart Barnes

Doha Round and Developing Countries: Will the Doha deal do more harm than good?

by Timothy A. Wise and Kevin P. Gallagher
RIS Policy Brief No. 22, April 2006 

As WTO negotiators miss yet another deadline for concluding world trade talks, developing country negotiators are no doubt asking themselves if they might be better off with no deal at all. According to a new policy report by Tufts University researchers, they have good reason to question the agreement, as hidden costs may well outstrip the limited gains predicted for most countries.

The new report, "Doha Round and Developing Countries: Will the Doha deal do more harm than good?" was just released by the Indian think tank RIS, the Research and Information System for Developing Countries. Timothy A. Wise and Kevin P. Gallagher of Tufts Global Development and Environment Institute use recent projections of different Doha scenarios from the World Bank, UNCTAD, and others to assess the benefits and costs for developing countries. Among their findings:

All projections of income gains for developing countries as a group are modest, well under one percent of GDP and less than a penny-a-day per person.
Only a few countries capture the bulk of the projected gains, with Brazil and China among the winners. Some of the poorest countries and regions, including Sub-Saharan Africa, see income losses or trivial gains.
For many countries the loss of tariff revenues with liberalization are greater than the projected gains from a Doha agreement. India, for example, would lose nearly $8 billion in annual revenues from manufacturing tariffs, almost four times the projected gains of $2.2 billion. For the developing world as a whole, a projected gain of just $7 billion would be swamped by $63 billion in losses from tariffs on manufactured goods.
Liberalization leads to de-industrialization in some emerging economies, as some countries (Brazil) gain in agriculture at the expense of manufacturing, and others (India) lose high value-added manufacturing for gains in less-technologically developed industries, such as apparel.

The authors call for a re-examination of the proposed agreement in light of the WTO's current mandate to foster broad-based development. For many governments, the balance sheet on the Doha deal may well be negative.

Download "Doha Round and Developing Countries: Will the Doha deal do more harm than good?" 

See RIS Policy Briefs: 

See other analyses of the Doha Round by GDAE: 

See more on GDAE's Globalization and Sustainable Development Program: