Issue 44: May 29, 2007

From the Editor

Last week I gave a series of lectures on heterodox microeconomics at the Universidad Nacional de Colombia in Bogota. I was treated very well, the students were very interesting, and the sightseeing wonderful. In the course of my lectures I mentioned something about taxes, government printing money, and chartalism that generated a great deal of interest among the audience, certainly more so than my discussion of pricing and prices, which some of my colleagues at UMKC will say is quite natural.

On Friday, June 1 the 2nd ICAPE Conference – Economic Pluralism for the 21st Century – begins. There will be over 200 economists at the conference includes loads of graduate students and young professors. If you cannot make the Conference, then check out its web site, which is given below. Look at the papers being presented and if some strike your fancy, then go to the presenters index to get their e-mail address and then e-mail them for their paper. Rob Garnett and company have done a wonderful job organizing the Conference.

Prior to the AHE Conference in Bristol United Kingdom on 13-15 July 2007 there will be a Postgraduate Workshop on Advanced Research Methods run by Paul Downward. It is open to postgraduate students studying in the UK (and others if they pay their own way). It is a very exciting workshop where various kinds of research methods are covered, not just econometrics. For further information, see below.

There are a number of new calls for papers to check out as well as many conferences and seminars that are taking place. In addition, among the journals you might want to look at La Revista de Economia Institucional; and among the many interesting books in the Newsletter, you might want to look at Microeconomia Heterodoxa. Finally, the Newsletter has been added to INTUTE: Social Sciences--see below.

One final note, check out “Hip Heterodoxy” below and find out why Peter Dorman (that brilliant heterodox economist) was called an astrologer by Hal Varian as well as various little-known and well-known facts, tales, and stories about heterodox economics.

Fred Lee

In this issue:
  Call for Papers
  - JSPE 55th Annual Conference- 2007
- World Association for Political Economy
- The 2007 Historical Materialism Conference
- The Challenge to Restore Full Employment December 6-7, 2007
- L’esprit de l’innovation III
- The Spirit of Innovation III
  Conferences, Seminars and Lectures
  - Association of Heterodox Economics
- The USSEE 2008 Conference
- Canadian Economics Association
- Séminaire Hétérodoxies du CES - Matisse
- Wellbeing in International Development
- Conference on Africa, 30th June 2007
- The Contemporary Prehistory of Capitalism: Debating "So-Called Primitive Accumulation" Today
- II Seminario Internacional Complutense (S.I.C.)
- II International Complutense Conference
- Seminarie Arc 2
  Job Postings for Heterodox Economists
  - Berlin School of Economics
- The Economic Policy Institute
- Universidad Nacional de Colombia
  Heterodox Conference Papers and Reports and Articles
  - "An Interview with the Chairman"
  Heterodox Journals and Newsletters
  - Issues in Regulation Theory
- Journal of the History of Economic Thought
- Econ Journal Watch
- Policy Brief Series
- Review of Political Economy
- La Revista de Economía Institucional
- Challenge
- Levy News
  International Confederation of Associations for Pluralism in Economics - News
- ICAPE Conference
  Heterodox Books, Book Series, and Book Reviews
  - Ideas, Policies and Economic Development in the Americas
- Policy Notes for National Development Strategies
- Microeconomia Heterodoxa
- Modern State Intervention In The Era Of Globalisation
- The Vocation of Business: Social Justice in the Marketplace
- Consumer Capitalism
- Public Investment in High-Quality Prekindergarten
- Wall Street: How it works and for whom
  Heterodox Websites
  - Intute: Social Sciences
  For Your Information
  - Innovation Metrics
- Tufts Institute Awards Annual Economics Prize
- ‘Hip Heterodoxy’

Call for Papers

JSPE 55th Annual Conference- 2007

How Do We Consider “Society with Increasing Inequality”?
To be held on October 20-21, 2007, at Yokohama National University, Yokohama

The 55th annual conference of the JAPAN SOCIETY OF POLITICAL ECONOMY (JSPE) will be held on October 20 (Saturday) and 21 (Sunday), 2007, at Yokohama National University, Yokohama. As stated above, the theme of the plenary session in this conference will be: How do we consider “society with increasing inequality”? With this theme, we intend to analyse what are the essential elements of our “society with increasing inequality” and what are main factors to cause inequality, and we try to propose policies to solve the problem of our society.
We should analyse the problem of increasing inequality in our society from both national and international perspectives. For example, in Japan, economic inequality increased with great assets differentials formed in the Bubble boom in the late 1980s, an increase in non-regular workers and a rise in the unemployment rate caused by the large-scale restructuring of business in the recession in the 1990s, and sharp decrease in the rate of progressive income tax. Furthermore, the intergenerational reproduction of socio-economic differentials proceeds through the Japanese education system. In the world economy, globalisation and neo-liberalist policies cause increasing inequality and unemployment in advanced capitalist countries, on one hand, severe poverty and unemployment problems in developing countries, on the other.
In this situation, we should ask how economic theories can analyse inequality in income and wealth as well as the intergenerational reproduction of socio-economic differentials and social classes. A new theoretical framework is needed to analyse systematically the generation and distribution of incomes at the macroeconomic level as well as the distribution of income and wealth among individuals from the socio-economic point of view. Furthermore, making economic policies, we should consider how we can propose an alternative strategy to prevent the collapse of the welfare state and rapidly increasing inequality in advance countries and how we can solve the poverty problem in developing countries.
We call for papers from JSPE members and from others interested in taking part in this conference which is based on the aforementioned theme. We will welcome various participants with a wide range of interests and methodological approaches. Although the main conference language is Japanese, we will organize English-language sessions on October 20, especially aiming at accepting those from overseas who are willing to participate in the following two categories:

English Sessions 1: Topics relating to the general theme of the conference.
These sessions are designated to the topics relating to the conference general theme: How do we consider “society with increasing inequality”?

English Sessions 2: Other specific topics
These sessions will be organized to focus on such other specific topics as environment and gender and regional economies (including China and others), while remaining completely open to suggestions and proposals.

Submission Procedures and the Deadline
All those who want to present a paper at the conference should send an abstract of the paper [in 200 words] with (1) name, (2) address (E-mail and mailing address), (3)affiliation and other relevant data by no later than June 8, 2007, to:

Prof. Shinjiro HAGIWARA or Dr. Tomohiko SEKINE
Postal mailing address:
Prof. Shinjiro HAGIWARA
Faculty of Economics, Yokohama National University
Tokiwadai 79-3, Hodogaya-ku, Yokohama-shi, Kanagawa-ken, 240-8501, Japan
TEL: + 81-45-339-3575 (Prof. HAGIWARA’s Office), Fax: +81-45-339-3504

*Notification of acceptance will be sent by June. 22. Attendants will pay their conference fee (5000 yen including the conference buffet), as well as their own transportation, accommodation and other personal expenses.

Dr. Tetsuji Kawamura, Secretary General, JSPE Executive Office, c/o Faculty of Economics, Hosei University

World Association for Political Economy

The 2nd Forum of the World Association for Political Economy (WAPE), on "The Political Economy of the Contemporary Relationship between Labor and Capital in the World" is to be held on October 27-28, 2007 at the University of Shimane, Japan. Please email your application, the full text of your paper on the above topics together with its shortened version of about 3000 words in English and your curriculum vitae (including your affiliation, list of published papers, contacting information and so on) before July 30, 2007 to (Dr. Xiaoqin Ding/Allen Ding, deputy secretary general of WAPE). For detailed information: Call for Paper WAPE 2007.doc

The 2007 Historical Materialism Conference

The 2007 Historical Materialism Conference, organised with Socialist Register, the Isaac and Tamara Deutscher Memorial Prize Committee and the Politics Department of York University, Canada, will take place between 9 and 11 November 2007 in the School of Oriental and African Studies, Central London. As usual, this will be an interdisciplinary conference, but strands of meetings will include Gramsci, the Grundrisse, the Russian and Spanish Revolutions, and contemporary debates in labour studies. Further details will be circulated soon. The organisers would be particularly pleased to hear from people who would like to play an active part in organising the conference.

The Editors
Historical Materialism
Faculty of Law and Social Sciences
SOAS, University of London
Thornhaugh Street, Russell Square
London WC1H 0XG,
United Kingdom 

The Challenge to Restore Full Employment December 6-7, 2007

The Centre of Full Employment and Equity (CofFEE) will host the Conference, which incorporates the 9th Path to Full Employment Conference and the 14th National Conference on Unemployment. It will be staged in Newcastle, NSW on Thursday, December 6 and Friday, December 7, 2007.

The Call for Papers is now open. Registrations will be open early June.

The 2 day program will cover the following themes and papers are invited that address them:
* What is full employment? How is it defined and measured? How close are we to achieving full employment? What are the challenges that remain?
* The increasing problem of underemployment and marginal workers;
* The increased precariousness of work;
* Has Work Choices worked? - wages, productivity, participation and job security
* The skills shortage debate - what is the extent of the problem and what are the solutions?
Who should be responsible for the introduction of a national skills development framework and how should it be designed?
* Employment guarantees - why are several countries now turning to Job Guarantee-type policies to combat poverty and unemployment? What are the lessons for Australia?
* The future of work including issues regarding sustainability and job design;
* Why do disparities in regional labour markets persist? What is the extent of the problem and its solutions? Spatial patterns of work and housing.
* Long term, youth, disabled and indigenous unemployment;
* Welfare to work issues;

Special workshops:
* Workshop 1: Creating effective employment solutions for Australian regions
* Workshop 2: Enhancing employment opportunities for the mentally disabled.
* Workshop 3: A just transition from coal dependency to a clean energy
* Workshop 4: Social networks and their role in local labour market outcomes;

Please note the deadline of August 31, 2007 for submission of abstracts to refereed stream and September 28, 2007, for submission of abstracts to the non refereed stream.

For information about the conference and more details about the Call for Papers go to:
Conference Home Page:
CofFEE Home Page:

L’esprit de l’innovation III

Nous avons le plaisir de vous annoncer le Forum L’esprit de l’innovation III, 2008, Poitiers Le thème de cette troisième édition du Forum l'Esprit de l'Innovation est "Services, Innovation et Développement Durable"
L'appel à communications est téléchargeable à l’adresse suivante :

Nous nous tenons à votre disposition pour plus d’informations
Anne Marie Cretieneau (Univ de Poitiers) :
Blandine Laperche (Univ du Littoral) :

The Spirit of Innovation III

We have the pleasure to announce the Forum The Spirit of Innovation III, 2008, Poitiers, France The topic of this third edition of the Forum the Spirit of Innovation is "Services, Innovation and Sustainable Development"
Read the call for papers at the following address:  

Also, the information about the event is on The Lab.RII's website :  (notably Rubric Forum Innovation)

Do not hesitate to write us for more information:

Anne Marie Cretieneau (Univ de Poitiers) :
Blandine Laperche (Univ du Littoral) :


Conferences, Seminars and Lectures

Association of Heterodox Economics

Postgraduate workshop on advanced research methods

11th-12th July 2007
University of the West of England
Bristol, U.K.

The workshop covers topics in research not typically covered in economics training.

Workshop topics include:
• Reorienting economics to match method with social material
• Open system methodology in Economics
• Triangulating quantitative and qualitative data
• Multilevel Modelling

The Cambridge Political Economy Society Trust has funded places for current and prospective Ph.D. students for the above event. We are able to fund attendance at the workshop, accommodation (including food) and partial travel expenses (within the UK) for ten students.

Speakers include:
Dr. Paul Downward- Loughborough University
Professor Steve Fleetwood- University of the West of England
Dr. Andrew Mearman- University of the West of England
Dr. Wendy Olsen- The Cathie Marsh Centre for Census and Survey Research. University of Manchester

For an application form and further details please contact

Dr. Paul Downward, Email:
Institute of Sport and Leisure Policy
School of Sport and Exercise Sciences
Loughborough University
Leicestershire LE11 3TU

The USSEE 2008 Conference

The USSEE 2008 Conference at Pace University is just a few short weeks away. If you haven’t already registered you might want to visit the conference website to see the excellent program that is awaiting you in New York City. 

To take advantage of special rates you must renew your ISEE  membership for 2007 if you haven’t already done so. And, by the way, you will have extra time for the conference’s early bird registration rates. The date has been extended to May 25th.

Canadian Economics Association

The Canadian Economics Association annual conference is just ten days away. Writers are furiously writing up their papers for presentation (or like me, are procrastinating until the pressure builds); discussants are plotting clever things to say in response to those papers; and others are just figuring out where they will be sleeping in Halifax.
As in the past, the Progressive Economics Forum will be part of the action (if you can call it that), presenting a record six panels at this year's conference. A list of those panels and their time slots follows. I would also like to thank the CEA on behalf of the PEF for providing us with a grant in support of this year's sessions.

Besides the panels, the PEF has been beavering away on the inaugural John Kenneth Galbraith Lecture, to be delivered by James Galbraith:

Title: The Abiding Economics of John Kenneth Galbraith
Sunday, June 3, 2007

Download the program

Séminaire Hétérodoxies du CES - Matisse

L’objectif de ce séminaire, organisé par le CES-Matisse (UMR 8595), est d’offrir un cadre pour s’approprier et approfondir les outils présentés par différents travaux hétérodoxes (d’inspiration keynésienne, marxiste, régulationniste, conventionnaliste, évolutionniste, etc.).

La prochaine séance du Séminaire se tiendra avec :

(Università Cattolica, Milano)

Les Keynésiens de Cambridge (U.K.) :
une école de pensée injustement oubliée

Discutant :
(LED – Université Paris VIII)

Mardi 29 mai 2007 de 16h à 18h30
Attention au changement de lieu :
Salle 2 au Panthéon
(12 Place du Panthéon, 75 005 Paris)
accès : par la Galerie Soufflot, 1er étage, escalier M

Le texte de la communication est disponible sur le site du Matisse :
La séance suivante se tiendra le mardi 12 juin 2007 (de 16h à 18h30 à la MSE)
Ben Fine Ben FINE (SOAS - University of London)
The Economics of Identity, the Identity of Economics and the General Impossibility of Methodological Individualism

Wellbeing in International Development

Please download a 'late' announcement and the flyer of a conference on 'Wellbeing in International Development' which should be of interest to heterodox economists. there are still a few places left. For inquiries contact

Conference on Africa, 30th June 2007

Ethical Events website ( ) is organising a conference on ALTERNATIVES FOR AFRICA'S DEVELOPMENT.

For more details about this event please visit

The Contemporary Prehistory of Capitalism: Debating "So-Called Primitive Accumulation" Today

A presentation by Sandro Mezzadra (Bologna), with a reply by Massimo De Angelis (UEL)

Hosted by CSISP | Department of Sociology, Goldsmiths
Tuesday 29 May
2pm-4pm | Room 137, Richard Hoggart Building, Goldsmiths

The past few years have witnessed renewed interest and lively polemics around the Marxist notion of "primitive accumulation". Though it is commonly understood as the violent premise for the expanded reproduction of capital - an original expropriation written, as Marx put it, "in letters of blood and fire" - many now regard primitive accumulation as a continuing process that cannot be relegated to the prehistory of capitalist society, and thus choose to speak of the present as an era of "new enclosures" or "accumulation by dispossession". In his talk, Sandro Mezzadra, visiting professor at CSISP, will return to the origins of this debate in Part VIII of Marx's Capital
( and reflect on how a rereading of Marx can help us, in conjunction with postcolonial theory, to dislocate a linear interpretation of the temporality of capitalism, recast our concept of exploitation, and rethink political subjectivation, labour and struggle in the heterogeneous space of global capital. Sandro Mezzadra's talk will be followed by a reply from Massimo De Angelis, who in his writings and his editorship of The Commoner ( ) has played a crucial role in reviving the debate on primitive accumulation.

II Seminario Internacional Complutense (S.I.C.)

13/15 de noviembre de 2007

13/15 November 2007


(En breve podrán consultar los detalles en la página 

Propuestas de ponencias individuales: enviar un resumen de no más de 500 palabras a antes del 30 de junio de 2007, en formato Texto, HTML, Word o PDF.

Propuestas de sesiones y mesas: enviar la propuesta detallada a la misma dirección, adjuntando nombres y direcciones de los participantes propuestos y un resumen de 500 palabras de cada trabajo.

Los organizadores tendrán en cuenta todos los resúmenes y notificarán la decisión antes del 31 de julio de 2007.

Los trabajos aceptados deberán enviarse al SIC antes del 30 de septiembre, fecha límite asimismo para el pago de la cuota de inscripción. La cuota normal será de 100 euros. Los estudiantes pagarán 10 euros y los jóvenes investigadores y becarios acreditados, 30 euros. Todas las cuotas se incrementarán en un 20% si se abonan después de esa fecha.

Los trabajos seleccionados se discutirán en las sesiones paralelas ubicadas en los espacios S-1 a S-4 del programa.

Para cualquier consulta, escriba a

II International Complutense Conference

13/15 November 2007

13/15 de noviembre de 2007


Proposals for single papers: please send an abstract of not more than 500 words by email to by 30th June 2007. Text, HTML, Word and PDF format attachments are acceptable.

Proposals for sessions and streams: please indicate exactly what you are proposing, giving the names and email addresses of the proposed speakers, and attaching the abstracts (of not more than 500 words each) for their papers. Send by email, as above.

The SIC Committee will consider all abstracts and will notify you of acceptance or rejection of your proposal by Tuesday 31st July 2007.

Those whose abstracts have been accepted must send their full paper and completed registration to be received by Sunday 30th September 2007. Normal registration fees amount to 100 euro, 10 euro for students and 30 euro for accredited young researchers and scholarship holders. All fees will be increased 20% if paid after that date.

The papers that are chosen will be discussed at the parallel sessions located in the spaces S-1 to S-4 of the program.

Further details will be available soon at  Any question can be sent to

Seminarie Arc 2


DEMI JOURNEE (15h-19h)

Salle 117
106 - 112 boulevard de l'Hôpital, 75013 Paris

La Turquie et l’intégration européenne

15h - 15h15 : Introduction
El Mouhoub Mouhoud, Bruno Théret

15h15 - 17h : La dynamique endogène de la Turquie

L’économie turque, Deniz Ünal-Kezenci (CEPII)
Discutant : Rauf Gonenc (OCDE) et Jean-François Jacques (Université Paris Dauphine)

Le système politique turc, Gilles Dorronsoro (université Paris I)
Discutant : Marc Semo (Libération, à confirmer)

17h-17h15 : Pause

17h15 - 19h : La Turquie est-elle prête à s'intégrer à l'Europe : convergence économique, stratégie politique

Les capitalismes turcs face à l’intégration européenne, Deniz Akagul (université Lille 1)
Discutant : Eda Alidedeoglu (CEPN-Paris 13 et Eurisco Université Paris Dauphine),

L' intégration de la Turquie à l'UE : défis politiques et stratégiques, Ali Kazancigil (Centre de Recherches comparées sur l'intégration régionale, Université des Nations-Unies)
Discutant : Guney Coban (collège de Bruges et université Paris Dauphine

Les textes d'appui seront disponibles dans les prochaines semaines

Les informations relatives au calendrier du séminaire ARC2 sont disponible au lien suivant :


Job Postings for Heterodox Economists

Berlin School of Economics

Vacancy Announcement for Professorial Positions in Economics and Business at the Berlin School of Economics, Berlin, Germany

- Professor of Economics, with Specialisation in International Trade and Production
- Professor of Economics, with Specialisation in European Economic Policy
- Professor of International Management
- Professor of International Business Management

For detailed information: Prof Position Announcements May 2007.doc

The Economic Policy Institute

The Economic Policy Institute (EPI) seeks a Ph.D. level labor economist. Candidate should have demonstrated interest in the determinants of the distribution of wages and income, the role of labor-market institutions in economic inequality and employment creation, and related topics in labor economics, for an ongoing program of research. Applicants should possess a Ph.D. in economics or related field and have strong empirical and econometric skills, including substantial experience analyzing large microeconomic data sets. A commitment to policy-oriented research is essential. Candidate should have strong writing skills with ability to communicate results to non-technical audiences. Position offers the opportunity to work closely with the full range of actors in the economic policy arena, including policy makers and the media.
The mission of the Economic Policy Institute is to provide high-quality research and analysis in order to promote a prosperous, fair, and sustainable economy. EPI focuses on the economic conditions of low and middle income Americans and their families. It adheres to strict standards of sound, objective research and analysis, and marries this with outreach and popular and policy education.
The Economic Policy Institute is an affirmative action employer. Women and minority candidates are encouraged to apply. To apply, send letter of interest, vita, list of references, and writing samples to: Economic Policy Institute, 1333 H Street, NW, Suite 300, Washington, D.C. 20005, ATTN: S. Scott ( ).

Universidad Nacional de Colombia

Professor in Economics (History of Economic Thought)
Universidad Nacional de Colombia, sede Medellín (Colombia)
More info:  (Ref E74)
JEL Classification: B
Deadline: 20 June 2007.


Heterodox Conference Papers and Reports and Articles

"An Interview with the Chairman"

"An Interview with the Chairman": Taxes, Spending, Deficits, Inflation: The Workings of Federal Finance by Warren Mosler 


Heterodox Journals and Newsletters

Issues in Regulation Theory

We’re pleased to inform you of the publication of Issues in Regulation Theory number 56, which you can download from the website of our association :
( )

The transformation of ‘search regimes’: implications for government interventions Philippe Larédo 

This English-language newsletter contains a translation of the theoretical note published in French in La Lettre de la Régulation and information on research activities in the area of institutional regulation.

Any remarks or opinions you might have concerning Issues in Regulation Theory are quite welcome. In addition, we would be grateful for the names and e-mail addresses of individuals and institutions potentially interested in our publication.


Vous trouverez ci-joint le programme de deux journées d'étude très intéressantes sur "figures et énigme de la pauvreté économique"
les 7 et 8 juin à Lille 1,
organisées par nos amis du CLERSE.

Journées pauvreté bulletin d'inscripition

Vous pouvez contacter Benoît Lengaigne pour plus de renseignements.

Université Lille 1
Maître de conférences en sciences économiques Faculté des sciences économiques et sociales Bâtiment SH2

Journal of the History of Economic Thought

Volume 29 Issue 2 is now available online at informaworld ( ).

This new issue contains the following articles:

Marshall's Metaphors on Method p. 135
Authors: Tiziano Raffaelli

Irving Fisher and Financial Economics: The Equity Premium Puzzle, The
Predictability of Stock Prices, and Intertemporal Allocation Under Risk
p. 153
Authors: Robert W. Dimand

Efficiency wages and classical wage theory p. 167
Authors: Michael E. Bradley

How can the history of economic thought contribute to an understanding
of institutional change? p. 189
Authors: Joachim Zweynert

Was George Stigler Adam Smith's Best Friend? Studying The History of
Economic Thought p. 213
Authors: Craig Freedman

John Bates Clark on Trusts: New Light from the Columbia Archives p. 229
Authors: Luca Fiorito; John F. Henry

Econ Journal Watch

The new issue of Econ Journal Watch is online at

In the issue:

Where would Adam Smith publish today? Daniel Sutter and Rex Pjesky show that almost no math-free research appears in top economics journals.

Theory of what? Dan Klein and Pedro Romero articulate the difference between model-building and theorizing, and contend that most articles in Journal of Economic Theory do not qualify as theory.

The Internet and economic discourse: Dan D'Amico and Dan Klein examine the websites of Harvard and George Mason economists, and ask whether the differences speak of differences in character type.

Henrik Lindberg tells of the role of economists in liberalizing Swedish agriculture.

Daron Acemoglu says the economic analysis of constitutions and political structure has been revolutionized by Torsten Persson and Guido Tabellini. But Charles Blankart and Gerrit Koester argue that the new political economics is not that new, and might be a step backwards.

Institutional quality is all the rage. So why doesn't research in the top economics journals make better use of the Economic Freedom of the World index? John Dawson reports.

Development economics has discovered important truths about trade, aid, property, and planning. Ian Vasquez recounts how the truths were advanced in the work of Peter Bauer, and how the late-comers often neglect that learning.

Information about Econ Journal Watch is available at We welcome inquiries and submissions, including from non-economists and non-academics who would like to comment on articles in top economics journals.

Policy Brief Series

We are pleased to announce the launch of a Policy Brief series, published by the Department of Economic and Social Affairs (DESA).

Intended for those who shape and make policies, the series will feature synopses of key policy analysis intended to frame issues, inform decisions and guide policy action in the economic, social and environmental areas. The inaugural issue, authored by the Development Policy and Analysis Division (DPAD), with the title "Downside risks to world economic growth call for concerted policy action", draws on major findings of the recent World Economic Situation and Prospects, highlights the risk of a global economic slowdown and stresses the urgent need for internationally coordinated macro-economic policies. The latest issue, and subsequent numbers in the series as they become available, can be downloaded at:

You can also access the full range of DESA's publications relevant to your information needs in the economic and social fields through our on-line catalogue at:

Review of Political Economy

Volume 19 Issue 2 is now available online at informaworld (  ).

This new issue contains the following articles:

The Meaning of Social Efficiency p. 139
Authors: Louis Lefeber; Thomas Vietorisz

Thinking Things Through: The Value and Limitations of James Buchanan's Public Choice Theory p. 165
Authors: Bart Engelen

Facts, Theories, Values and Destitution in the Works of Sir Partha Dasgupta p. 181
Authors: Hilary Putnam; Vivian Walsh

Are Functional Relations Always the Alter Ego of Humean Laws? p. 203
Authors: Mark Setterfield

Classical Theory and Policy Analysis: A Roundtable Discussion p. 219
Authors: Enrico Sergio Levrero

Professor Foley and Classical Policy Analysis p. 221
Authors: Pierangelo Garegnani

Distribution, Inflation and Policy Analysis p. 243
Authors: Massimo Pivetti

Reviewing a Review p. 249
Authors: Fernando Vianello

Response to Garegnani, Pivetti and Vianello p. 263
Authors: Duncan K. Foley

Book Reviews p. 269

Call for Applications: First Graz Schumpeter Summer School p. 295

La Revista de Economía Institucional

La Revista de Economía Institucional es una publicación plural, abierta a la discusión y difusión de trabajos teóricos e investigaciones en el área de la economía institucional. Busca divulgar los trabajos elaborados por investigadores de diversas universidades y centros de investigación colombianos e internacionales, con el fin de contribuir a conformar una comunidad académica congregada alrededor del libre examen.
The Revista de Economía Institucional is a plural publication in which research and theoretical works related to political economy, economy and law, economy and philosophy, and other areas all of them within the theoretical bases of institutional economics, are discussed and extended. The Journal was founded in the second semester of 1999. It has four sections: articles, classics, notes and discussions and book reviews. The Journal is written in Spanish, including translations of English, French and Italian articles.


Volume 50 Number 3 / May-June 2007 of Challenge is now available on the web site at

This issue contains:

Letter from the Editor


Jeff Madrick


How Americans View Their Lives


Robert Blendon, John Benson


The Real Dangers to the American Middle Class


Jacob Hacker


Strengthening America's Middle Class


Eileen Appelbaum


The Minimum Wage is a Middle-Class Issue


Oren Levin-Waldman, Charles Whalen


The Financial Vulnerability of Families


Christian Weller, Kate Sabatini


Old Europe Goes to Work


John Schmitt, Dean Baker


Economists Interviewing Economists


Stephen Kinsella


Does the Big Mac Predict Exchange Rates?


Robert Dunn Jr.


How to Become a Friend of the Next President


Mike Sharpe

Levy News

Digital Newsletter of The Levy Economics Institute of Bard College
May 2007

The U.S. Economy: What’s Next?
Vol. 17, No. 2 
Vol. 16, No. 2 
Gender Disparities in Employment and Aggregate Profitability in the United States
No. 496
Surveying American Jews and Their Views on Middle East Politics: The Current Situation and a Proposal for a New Approach
No. 497
Employment Guarantee Programs: A Survey of Theories and Policy Experiences
No. 498
ELR-led Economic Development: A Plan for Tunisia
No. 499
Economic Perspectives on Aging
No. 500
Two National Surveys of American Jews, 2000–01: A Comparison of the NJPS and AJIS
No. 501
Employment Guarantee Policies: Theory and Practice

International Confederation of Associations for Pluralism in Economics - News

ICAPE Conference

ICAP 2007

Conference schedule


Final program

List of abstracts

Index of presenters

Lodging and Travel Information
  Conference site and directions


Heterodox Books, Book Series, and Book Reviews

Ideas, Policies and Economic Development in the Americas

Edited by Esteban Perez Caldentey and Matias Vernengo
Publisher: Taylor & Francis Group
Contributing Authors: Luiz Carlos Bresser-Pereira, James M. Cypher, Kenneth P. Jameson, Julio Lopez Gallardo, Carlos Mallorquin, Ricardo Mansilla, Juan Carlos Moreno-Brid, Jose Antonio Ocampo, Maria Angela Parra, Esteban Pérez Caldentey, Jaime Ros, Diego Sanchez-Anchochea and Matias Vernengo.
Ideas, Policies and Economic Development in the Americas
Click to Enlarge
The interplay of ideas and policies is central to understanding the historical evolution of economies. Ideas shape economic institutions and real economic constraints are the source of new economic ideas. The history of economic ideas, both those that are fairly recent and those that are considerably older, may provide a fertile ground for new approaches to Latin American and Caribbean economic development. However, the history of economic ideas and their intricate relation to economic policies remains a relatively unexplored field in Latin American and Caribbean studies. This book is a valuable
new contribution to this emerging literature. 


• Foreword by Lance Taylor

1. Introduction: Ideas, Policies and Economic Development in the Americas
Esteban Perez Caldentey and Matias Vernengo

2. Method and Passion in Celso Furtado
Luiz Carlos Bresser-Pereira

3. Shifting Developmental Paradigms in Latin America: Is Neoliberalism History?
James M. Cypher

4. Exchange Rate Regimes from a Latin American Analytical Perspective
Kenneth P. Jameson

5. The Latin American Theory of Inflation and Beyond
Julio Lopez Gallardo and Ricardo Mansilla

6. The Unfamiliar Raul Prebisch
Carlos Mallorquin

7. Mexico's Market Reforms in Historical Perspective
Juan Carlos Moreno-Brid and Jaime Ros

8. The Continuing Relevance of the Terms of Trade and Industrialization Debates
Jose Antonio Ocampo and Maria Angela Parra

9. Strategies of "Industrialization by Invitation" in the Caribbean
Esteban Perez Caldentey

10. Anglo-Saxon versus Latin American Structuralism in Development Economics.
Diego Sanchez-Ancochea

11. Economic Ideas and Policies in Historical Perspective: Cairu and Hamilton on
Trade and Finance
Matias Vernengo

About the Editors
Esteban Pérez Caldentey is presently Economic Affairs Officer in the Division of Economic Development at ECLAC, Santiago, Chile and Matias Vernengo is Assistant Professor at the University of Utah, Salt Lake City, USA.

Policy Notes for National Development Strategies

We are pleased to announce that the United Nations Department of Economic and Social Affairs (DESA) has launched a series of "Policy Notes for National Development Strategies".

The outcome document of the 2005 United Nations World Summit called, in its paragraph 22, on countries to prepare "National Development Strategies", taking into account the international development goals agreed in the various UN Summits and Conferences of the past two decades, many of which have been sustantively supported by DESA.

In order to assist countries in this task, DESA commissioned six notes for policy-makers and policy-shapers both in the government and civil society, in major areas relevant to National Development Strategies: "macroeconomic and growth policy", "trade policy", "investment and technology policy", "financing development", "social policy" and "state-owned enterprise reform". The policy notes, authored by experts in these fields, draw on the experience and dialogues of the United Nations in the economic and social areas, complemented by outside knowledge. The views expressed in the policy notes are those of the authors and do not necessarily reflect those of the United Nations.

The texts of these notes, which represent work in progress, are available at the following Web board: NDS-Net, located at Available customized versions of the notes have been posted in Arabic, Chinese, English, French, Russian, and Spanish. Additional language versions will be posted as they become available.

The Web Board provides read-only access for all who click on the link. However, in order to post comments new users may wish to register on the Web Board, which will confirm to them automatically the user name and password of their choice.

You can also access the full range of DESA's publications relevant to your information needs in the economic and social fields through our on-line catalogue at:

Microeconomia Heterodoxa




1.Teoria microeconomica heterodoxa
2.El juego de la oferta y la demanda

3. Condiciones de la dinamica de la empresa en la teoria poskeynesiana

4. El comportamiento de la inversion: revalorizacion de los factores micro y macroeconomicos en mercados globalizados en
la economia mexicana

5. Mercados financieros imperfectos, un analisis heterodoxo.

6. Sistemas complejos adaptables y teoria de la empresa: el programa de investigacion.

7. Estado, instituciones, y mercados. Nota para un analisis institucionalista de la industria.

8. Instituciones y desarrollo institucional de las actividades empresariales: Mas alla de incentivos, costos de transaccion y gobernabilidad; algunas observaciones a la econonomia institucional de Jose Ayala

9. Comportamiento exportador de la empresa en la industria manufaturera en Mexico

Modern State Intervention In The Era Of Globalisation

Nikolaos Karagiannis, Adjunct Professor of Economics, H. Wayne Huizenga School of Business and Entrepreneurship, Nova Southeastern University, US and Zagros Madjd-Sadjadi, Assistant Professor of Economics, Winston-Salem State University, US
May 2007
360 pp Hardback

‘Modern State Intervention in the Era of Globalisation is a thoughtful and well-researched assessment of the evolving role of the state in the contemporary world economy. This work is provocative because it goes against the predominant arguments in favor of a minimal state, as commonly asserted by neoclassical economics. Instead, Karagiannis and Madjd-Sadjadi think “outside of the box” and produce both theoretical arguments and evidence from important cases such as the EU, Singapore and Hong Kong to support the idea of a viable and continuing role for the “Developmental State”. The scholarship underlying this very readable book, which includes contemporary material as well as ancient economic thought, is truly impressive. Readers will be left with much to reconsider about the benefits of globalisation.’
– Patrick James, University of Southern California, US

The authors of this book argue that in order to meet the challenges of globalisation and promote their own economic welfare, governments need strong policy instruments that will enable them to take up a strategic role in selected policy arenas. They illustrate how this retooling of policymaking requires a rethinking of the form of government intervention and, especially, an emphasis on its modern developmental role.
Contents: Preface Introduction Part I: Theoretical Issues 1. Economic and Political Aspects of the State 2. The Role of the State and Government Expenditure 3. Globalisation: Problem or Solution? 4. Why Free Trade isn’t Free – and Shouldn’t Be 5. Public Finance and Taxation Part II: Global Experiences 6. Fiscal Policy and the Case of EC/EU 7. Is There an East Asian Economic Theory? Japan, South Korea and Taiwan in Retrospect 8. A Tale of Two-Cities: Singapore and Hong Kong 9. The Developmental State View Part III: Modern Policy 10. EC/EU Problems in Government 11. The Developmental State and the EC/EU 12. The Relevance of the Developmental State Today References Index

Download the book cover

The Vocation of Business: Social Justice in the Marketplace

Written By: John C. Médaille

Continuum International

The overriding theme of this book is that the original unity of distributive and corrective justice that prevailed in both economics and moral discourse until the 16th and seventeenth centuries was shattered by the rise of an individualistic capitalism that relied on corrective justice (justice in exchange) alone. But an economics that lacks a distributive principle will attain neither equity nor equilibrium and will be inherently unstable and increasingly reliant on both government power (Keynesianism) and consumer credit (usury) to correct the imbalances. Catholic social teaching, by contrast, emphasis a greater equity in the distribution of land and other means of production, and the just wage. Finally, the book shows many examples of functioning systems, both large scale and small, that operate on the principles taught by the Church and produce a high degree of both equity and equilibrium.

‘In this remarkable book John Médaille succeeds in showing how the more radical elements in Catholic Social teaching can be turned into really practical projects for building an alternative to capitalism. He shows that the key is to alter the culture of the business and the corporation in order to ensure that political and economic purposes, distributive and corrective justice become once again integrated, as classical philosophy and Christian theology alike demand. *The Vocation of business* supplies us at last with some keys for the turning of Christian critique of liberalism into a new from of effective practice.’

John Milbank University of Nottingham

The book may be ordered at,,, and other on-line bookstores.

If anyone is willing to write a review or otherwise assist in promoting the book, please contact with the author.

Consumer Capitalism

Author(s) - Anastasios Korkotsides
Series: Routledge Frontiers of Political Economy

An excellent addition to Routledge’s strong tradition of publishing exceptional books on heterodox economics, this innovative and groundbreaking volume draws on the work of Schumpeter, Marx and Sraffa: three of the most influential economists of all time.

Arguing that all consumers are capitalists, Consumer Capitalism departs from the standard economic approach which fails to take into account ontological and psychological substratum of behaviour to explore how capitalistic growth surveys existential distress rather than welfare.

Using a cohesive framework, based on motivational uniformity which is propounded throughout the work, Korkotsides examines a broad range of issues, including:

* how consumers scramble to foresee market conditions
* how consumers generate use-type knowledge and gain positional advantage by purchasing commodities which embody more human time-space through capital-intensive production.

A valuable resource, this book is a must read for postgraduate students studying in the areas of political economy, the history of economic thought and economic history. (Copied from the website)

Public Investment in High-Quality Prekindergarten

Research is increasingly demonstrating that investing in high-quality prekindergarten programs provides a wide array of significant benefits to children, families, and society as a whole, including job creation, inequality reduction, education and health care improvements, and reduced crime rates. The new EPI book, Enriching Children, Enriching the Nation: Public Investment in High-Quality Prekindergarten by Robert G. Lynch, examines the costs and benefits of either targeted or universal prekindergarten programs and shows the positive effects these programs have on the economy, federal and state budgets, crime, and the educational achievement of children and future earnings of adults.
ISBN: 1-932066-28-4, paperback, 6” x 9”, 140 pages, May 2007, $14.50

Table of Content

Purchase this book

Executive Summary

Exam/Class adoption copy policy


Subscribe to EPI's other mailing lists

About the Author

View media kit

Wall Street: How it works and for whom

Doug Henwood's book "Wall Street: How it works and for whom" is now available online for free download from the author's website ( ). While more or less considering himself a Marxist, Henwood is very sympathetic to and knowledgeable of post-keynesian theory. Also, the book provides a fairly accessible institutional description of contemporary financial instruments, institutions and markets.


Heterodox Websites

Intute: Social Sciences

Intute: Social Sciences is the subject group of Intute that provides the very best Web resources for education and research for the social sciences, including law, business, hospitality, sport and tourism.
Intute: Social Sciences has been created by bringing together two of the Hubs of the Resource Discovery Network (RDN): Altis and SOSIG. In combining the resources and services of these two services, Intute: Social Sciences offers an easy to use and powerful tool for discovering the best Internet resources in this important range of subjects.


For Your Information

Innovation Metrics

Heterodox economists may be interested in following the progress of a U.S. Department of Commerce initiative to find an innovation metric.

'The Measuring Innovation in the 21st century Economy Advisory Committee will help develop better ways to measure innovation so that public and policy makers can understand better its impact on economic growth and productivity. The committee will study metrics on effectiveness of innovation in various businesses and sectors, and work to identify which data can be used to develop a broader measure of innovation's impact on the economy'

The committee held an inaugural meeting in February and has solicited public feedback. Full details of this very open search can be found at their site

Tufts Institute Awards Annual Economics Prize

to Jomo Kwame Sundaram and Steven DeCanio
Fall lectures to focus on climate change, global inequality
Download the PDF announcement at:
View the event webpage at:

Tufts University’s Global Development and Environment Institute announced that it will award its annual Leontief Prize for Advancing the Frontiers of Economic Thought to development economist Jomo Kwame Sundaram of the United Nations and economist Steven DeCanio, known recently for his groundbreaking work on climate change. The award ceremony will take place October 17, 2007 from 5:00 - 7:30PM at Tufts University and will feature lectures by the prize winners on the topic, “Climate Change, Economic Development, and Global Equity.”
The Global Development And Environment Institute (GDAE), which is jointly affiliated with Tufts’ Fletcher School of Law and Diplomacy and Graduate School of Arts and Sciences, inaugurated its economics award in 2000 in memory of Nobel Prize-winning economist and Institute advisory board member Wassily Leontief, who had passed away the previous year. The Leontief Prize for Advancing the Frontiers of Economic Thought recognizes economists whose work, like that of the institute and Leontief himself, combines theoretical and empirical research that can promote a more comprehensive understanding of social and environmental processes.
The inaugural prizes were awarded to John Kenneth Galbraith and Nobel Prize winner Amartya Sen. Subsequent Leontief Prize recipients have included Paul Streeten, Herman Daly, Alice Amsden, Dani Rodrik, Nancy Folbre, Robert Frank, Richard Nelson, Ha-Joon Chang, Samuel Bowles, and Juliet Schor.
“With the world’s attention increasingly focused on the urgent challenges of climate change and global inequality, we want to recognize two individuals whose contributions have helped supply the theoretical framework and empirical understanding to tackle these global problems,” says GDAE Co-director Neva Goodwin.
Jomo K.S. (as he is known) is Assistant Secretary General for Economic Development in the United Nations’ Department of Economic and Social Affairs (DESA). Born in Penang, Malaysia, Jomo has a PhD in economics from Harvard and, before joining the U.N., was a professor in the applied economics department, University of Malaya, until 2004. He has taught at Science University of Malaysia, Harvard University, Yale University, National University of Malaysia, University of Malaya, and Cornell University. He has authored more than 35 monographs, edited more than 50 books, and translated 11 volumes, in addition to writing many academic papers and articles for the media. His most recent coauthored books, The New Development Economics: After the Washington Consensus, and The Origins of Development Economics: How Schools of Economic Thought have Addressed Development, are important contributions to renewed debate in this area.
Steven DeCanio is Professor of Economics at the University of California, Santa Barbara. Among other public service activities, he has been a Senior Staff Economist at the President's Council of Economic Advisers, and a member of the Economic Options Panel convened by the United Nations Environment Programme to review economic aspects of the Montreal Protocol on Substances that Deplete the Ozone Layer. He has applied theories of bounded rationality and principal-agent problems to explain the failure of firms to make extremely profitable energy efficiency investments, one of the important puzzles of the field. With a strong mathematics background, he has provided an in-depth critique of the general equilibrium models used by many economists to model climate change, most notably in his 2003 book Economic Models of Climate Change: A Critique.
The Global Development And Environment Institute was founded in 1993 with the goal of promoting a better understanding of how societies can pursue their economic and community goals in an environmentally and socially sustainable manner. The Institute develops textbooks and course materials that incorporate a broad understanding of social, financial and environmental sustainability. The Institute also carries out policy-relevant research on globalization and sustainable development, the role of the market in environmental policy, recycling and material use, and climate change. Its six-volume book series, Frontier Issues in Economic Thought, identified and summarized nearly 500 academic articles on topics often given little attention in the field of economics.
The awards ceremony and Leontief Prize lectures will take place on Tufts University’s Medford Campus on Wednesday, October 17 from 5:00 - 7:30PM.

Read more about the Leontief Prize on the GDAE web site at:
Learn more about GDAE on the web:

‘Hip Heterodoxy’

‘Hip Heterodoxy’ by Christopher Hayes