From the Editor
Over a month ago, I began having problems with
my e-mail lists. Since then, I have been working
with the IT people here at UMKC to solve the
problems. It appears that my e-mail lists have
grown too large. Hence my lists have been
converted into listservs—United States, Canada,
Latin America, United Kingdom/Ireland, Europe,
and Other. The number of subscribers to the
listservs is over 3,000 and, since the
subscribers include some listservs, the number
of people receiving the Newsletter is probably
on the order 3,500 or more. Hopefully this new
format will solve the problems. If any
subscriber has not received a Newsletter over
the past month or so, go the archives at
http://www.heterodoxnews.com and check
what you have missed.
In the last Newsletter, I requested information
about where a person could go to graduate school
to study anarchist-environmental economics. I
got the following responses:
Contact Ignacy Sachs, who is now retired
from the Ecole des Hautes Etudes en Sciences
Sociales in Paris. His email address: ignacy
Sachs (
Ignacy.Sachs@ehess.fr ) He is still
very active and knows a lot about Kropotkin and
environmental thinking.
University of Massachussetts-Amherst: Professor
James Boyce, Department of Economics—Boyce does
his research in environmental economics and is
sympathetic to the general orientation of
anarchism. In addition, there are a lot of
anarchist-green thinkers/activists in the
Amherst area to work with.
The best option I can think is to go to
Universidad Autónoma de Barcelona (Barcelona,
Spain), and study under Joan Martínez Alier.
It is hard to think of a program, but as a
second best, there is the Centre for Philosophy
and Political Economy (
http://www.le.ac.uk/ulsm/research/cppe/
) in the Management School at the University of
Leicester.
In issue 60 of the Newsletter, I mentioned about
receiving a grant from the Charles Leopold Mayer
Foundation for the progress of Humankind (
www.fph.ch ). It
is to be used for improving the Newsletter and
its distribution and impact. In return, I have
agreed to produce and publish in the Newsletter
reviews of books, articles, chapters,
dissertations, reports, etc. that bear on the
themes of rethinking trade regimes, rethinking
the regulation of goods and services, the role
of currency and finance, and diversity of
economic approaches—for further information
about the themes, see the
attachment. This can
only be done with the help of colleagues with
perhaps some honorariums thrown in on the side.
What I need now are lists of reading material
and people who are interested in being reviews.
So if you are interested in contributing to the
Newsletter-FPH Project, please contact me at
leefs@umkc.edu.
Fred Lee
In
this issue:
|
Call for Papers |
|
- Essays in Political Economy (EPE)
- "Pluralism in Economics Education"
- Bilbao Conference 2008
- Revue de la régulation: Capitalisme, Institutions,
Pouvoirs
- Association for Institutional Thought [AFIT]
- Special Issue of the International Journal of Social
Economics on "Radical Economics"
- 10th Path to Full Employment Conference 15th National
Unemployment Conference
- Appel à articles pour la RFSE : la responsabilité sociale
des entreprises
|
|
Conferences, Seminars and Lectures |
|
- Franco - German Conference: Frankreich
- ein Vorbild für Deutschland?
- Buddhism in the Age of Consumerism
- Seminar Session: Finance and Farming - Sectors within or
boundaries of economic life?
- Seminar in the History of Economic Theory
- IFS Annual Lecture by Vincent Cable MP
- 11th Summer Institute
- 2008 DARE Graduate School in Economic Governance,
Development and Public Policy
- Galbraith Conference
- The History of Economics Society
- Looking For Lukács
- Automobility: A Conference on the 100th Anniversary of the
Model T
- History of American Capitalism
- Circulations: Economies, Currencies, Movements in American
Studies
- The Representation of Working People in Britain and France
- Character & Trajectory of the Indian Economic Formation in
an Era of Globalization
- The impact of global competition on Australian
Manufacturing prices: 1983-2007
- Pluralist and Practical - How should economics be taught?
- Reproductions: Social Class in Theory and Practice with
Bourdieu and Gramsci
- Life despite Capitalism
- SOAS Seminar
|
|
Job Postings for Heterodox Economists |
|
- Ruskin College
|
|
Heterodox Conference Papers and
Reports and Articles |
|
- The Research Network Macroeconomics
and Macroeconomic Policies
- Levy News
- Grupo Lujan
- New Reports on The Costs of Climate Change |
|
Heterodox Journals and Newsletters |
|
- L'ADEK
- Circus: Revista Argentina de Teoria Economica
- The European Journal of the History of Economic Thought
- Challenge
- Un panorama de la socio-économie française
|
|
Heterodox Books and Book Series |
|
- General Theory Online
- Institutional Economics and Psychoanalysis
- Beyond the World Bank Agenda: An Institutional Approach to
Development
- Economics for Everyone
- Great Thinkers in Economics: John Maynard Keynes
|
|
Heterodox Book Reviews |
|
- Bad Money: Reckless Finance, Failed
Politics and the Global Crisis of American Capitalism
- Economics: An Introduction to Traditional and Progressive
Views
- The Predator State
- The Size of Nations
- Reclaiming Nature: Environmental Justice and Ecological
Restoration
- Consumer Capitalism
- The New Development Economics: After the Washington
Consensus |
|
Heterodox Graduate Program and PhD
Scholarships |
|
- The FHTW Berlin |
|
Heterodox Websites and Blogs |
|
- The Society for the Development of
Austrian Economics Listserv |
|
For
Your Information |
|
- Course on “Alternative Paradigms of
Economics for Business Management”
- En attendant le prochain krach
- Why we buy what we buy
- Panmure House Project
- A Brave Army of Heretics by David Warsh
- Crude Oil Prices: "Market Fundamentals" or Speculation? |
|
|
Call for Papers
Essays in Political Economy (EPE)
Essays in Political Economy is a new Journal which the International
Institute of Political Economy (
www.iipec.com ) is launching this autumn. Rooted in the
tradition of the classical thinkers - Smith, Ricardo and Marx - the
Essays in Political Economy (EPE) aims to be a medium to discuss and
share critical thinking in economics but with a multidisciplinary
perspective encompassing all social sciences. It is dedicated to
publishing highest quality research in any field of economics,
specially in political economy, without prejudice to the methodology
or to the analytical techniques used.
The EPE will aim to develop a forum for professors, researchers and
students to discuss current issues in political economy and the
editors encourage submissions in all fields of heterodox economics
in order to provide practical contributions to the literature, and
to further the influence of economics in the world of practical
affairs.
The Essays in Political Economy (EPE) is an heterodox journal that
welcomes submissions from academics, practitioners and students of
all levels seeking to broaden and strengthen the foundational
structure of the study of economic systems. The EPE sees itself
primarily as a journal of opinion-based, interdisciplinary political
economy.
Submissions can be in the form of but not limited to, scholarly
articles, book reviews, guest editorials, and announcements. In
preparing your submissions, we ask that you keep the following
procedures and editorial practices in mind, and please do not
hesitate to contact the EPE Editorial Board ( journal@iipec.com )
for clarifications or with any questions as they may arise. Click
here for submission procedures.
"Pluralism in
Economics Education"
The International Review of Economics Education (IREE) is publishing
a special issue on "pluralism in economics education: issues in
teaching and learning". The special issue is to appear in November
2009 and the guest editor will be Dr Andy Denis of City University
London. Meanwhile IREE and the Association for Heterodox Economics
(AHE) are holding a one-day workshop in October 2008 at City
University London on "Pluralism in economics: rethinking the
teaching of economics". The calls for papers for the journal and the
workshop can be seen at
http://tinyurl.com/2v4qyv and
http://tinyurl.com/2s5ab7.
The deadlines for submission are:
- for the IREE/AHE workshop: abstracts by Friday, 6 June 2008; and
- for the IREE special issue: full papers by Friday, 28 November
2008. Abstracts and papers should be sent by email to
a.denis@city.ac.uk.
Bilbao Conference 2008
Call for papers
The deadline to submit papers and proposals of sessions to the 5th
International Conference Developments in Economic Theory and Policy
(Bilbao, Spain, July 10-11, 2008) has been extended to June 10,
2008.
For more information, you can visit the website of the conference (
www.conferencedevelopments.com ) or email to Jesus Ferreiro (
jesus.ferreiro@ehu.es )
Revue de la régulation: Capitalisme,
Institutions, Pouvoirs
http://regulation.revues.org
CALL FOR SUBMISSIONS THEMATIC ISSUE ON :
The Measuring of Institutions
Over the past decade, economic analysis has accorded growing
importance to the institutionalist approach in the understanding of
micro- or macroeconomic phenomena. Indeed, from Aoki and Durkheim to
North, Commons or Hall and Soskice, the literature draws on a wide
variety of theoretical frameworks in order to define institutions
and characterise how they function within social systems, depending
on the paradigms and methodologies used. But beyond this
multiplicity of concepts and theoretical choices, critical analysis
increasingly calls for a clarification of the empirical methods
which would serve to describe these institutions and their dynamics
(emergence, decline, adaptations, interconnections, etc.).
To this end, the Revue de la régulation (Capitalisme, Institutions,
Pouvoirs) would like to devote a thematic issue to the question of
how real institutions can be translated into empirical data aimed at
grasping their characteristics and furthering applied research.
Measuring the quality and effects of regulation by means of
indicators is a current practice in the field of labour economics.
The measuring of certain institutions, whether political (democracy,
administrative organisation, etc.) or legal (in areas such as legal
or constitutional monitoring of the state, the courts, the
independence of the judicial system) has recently been developed in
macro-economics (Barro) or in the framework of New Comparative
Economics (Djankov, La Porta, Lopez-de-Silanes, Shleifer). And other
noteworthy questions about institutional conditions have been raised
in development economics (from Rodrik to the New Political Economy)
or by the variety-of-capitalisms approach.
This scientific context justifies a review of achievements to date
concerning the methods and practices of measuring institutions. But
the editorial committee is also interested in proposals for articles
suggesting what institutionalist- or regulationist-inspired research
can contribute as alternative constructions of institutional
variables or tools for quantitative analysis (statistics, factor
analysis, econometrics).
Submissions might, for example, address (but please note that there
are no restrictions on empirical fields or topics):
- available databases and their uses;
- the influence of theoretical choices or technical constraints of
modelling on the development of techniques for the measuring of
institutions;
- what regulation indicators actually measure?
- the scope and limits of the measuring of institutions for purposes
of international comparative analysis.
Proposals (300 words maximum) should be submitted before 30 June
2008 to the issue coordinators by e-mail (
regulation@revues.org ).
The issue is scheduled for publication in 2009.
Coordinators :
Thierry KIRAT
(thierry.kirat@dauphine.fr – IRISES-CNRS (UMR 7170),
Université de Paris-Dauphine)
Jean-Pierre CHANTEAU
(jean-pierre.chanteau@upmf-grenoble.fr – LEPII-CNRS (UMR
5252), Université Grenoble-
Revue de la régulation: Capitalisme,
Institutions, Pouvoirs
http://regulation.revues.org
APPEL À CONTRIBUTIONS SUR LE THÈME
La mesure des institutions
Depuis une dizaine d’années, l’analyse économique attribue une place
croissante à la problématique institutionnaliste dans la
compréhension des phénomènes micro- ou macro-économiques. Certes, la
littérature mobilise une grande variété de cadres théoriques (de
Durkheim à Aoki en passant par North, Commons ou Hall et Soskice)
pour définir les institutions et caractériser les systèmes
institutionnels, selon les choix paradigmatiques ou méthodologiques
des auteurs. De très nombreux travaux et publications ont été
consacrés à la théorisation des institutions en économie, qui
illustrent la pluralité des concepts et des choix théoriques. Il
semble que les progrès de l’analyse économique des institutions
appellent de plus en plus une clarification des méthodes empiriques
qui permettraient de les décrire et de comprendre leurs dynamiques (genèse,
déclin, agencements, etc.).
La question de la transformation des institutions réelles en données
empiriques ayant vocation à capturer les caractéristiques de ces
institutions et à alimenter le travail d’analyse appliquée constitue
précisément l’objet du dossier thématique que la Revue de la
régulation (Capitalisme, Institutions, Pouvoirs) souhaite consacrer
à ce thème.
Ainsi, la mesure de la qualité et des effets de la réglementation
par le biais d’indicateurs est une pratique courante dans le champ
de l’économie du travail. Des développements récents de la mesure de
certaines institutions politiques (démocratie, organisation
administrative…) ou juridiques (dans des domaines tels que le
contrôle judiciaire ou constitutionnel de l’Etat, les tribunaux,
l’indépendance de la justice) ont été réalisés en analyse
macroéconomique (Barro) ou dans le cadre de la Nouvelle Économie
Comparative (Djankov, La Porta, Lopez-de-Silanes, Shleifer). De même,
les questions ouvertes sur les conditions institutionnelles en
économie du développement (de Rodrik à la Nouvelle Économie
Politique) ou par la théorie de la variété des capitalismes méritent
d’être signalés.
Ce contexte scientifique justifie un bilan d’étape critique des
méthodes et des pratiques de mesure des institutions. Cependant, le
comité de direction sera aussi attentif aux propositions d’articles
présentant ce que les travaux de sensibilité institutionnaliste ou
régulationniste peuvent apporter comme constructions alternatives de
variables institutionnelles et comme outils d’analyse quantitative (statistique,
analyses factorielles, économétrie).
À titre indicatif, le comité attend notamment des contributions sur
:
- les bases de données disponibles et leurs usages ;
- l’influence des choix théoriques ou des contraintes techniques de
la modélisation sur la construction des techniques de mesure des
institutions ;
- que mesurent les indicateurs consacrés à la réglementation ?
- la portée et les limites de la mesure des institutions pour
l’analyse comparative internationaliste.
NB : Les champs empiriques ou les thèmes ne font l’objet d’aucune
restriction.
Les propositions de contributions (2 000 signes maximum) sont à
adresser avant le 30 juin 2008 (publication prévue en 2009) à
l’adresse suivante : regulation@revues.org.
Coordination :
Thierry KIRAT
(thierry.kirat@dauphine.fr – IRISES-CNRS (UMR 7170),
Université de Paris-Dauphine)
Jean-Pierre CHANTEAU
(jean-pierre.chanteau@upmf-grenoble.fr – LEPII-CNRS (UMR
5252), Université Grenoble-2)
Association for Institutional Thought
[AFIT]
2009 CALL FOR PAPERS
The annual meeting and 30th anniversary of AFIT will be held
April 15-18, 2009
Albuquerque, New Mexico
Hyatt Regency, Downtown
In conjunction with the Western Social Science Association (WSSA)
51st Annual Conference
Theme for the 2009 Conference: Economics When People Matter
Institutionalism distinguishes itself from mainstream economics
through its emphasis on people and the role that culture and
institutions play in bettering the human condition. As the
advancement of human welfare and its distributive implications are
seen as an objective of economic inquiry by Institutionalists, this
year’s AFIT theme focuses on what economics – the questions asked,
the modes of analysis employed, and the policies advocated – looks
like when “people matter.” Papers and panels that explore such
topics as Fiscal and Monetary Policy When People Matter; Labor
Economics When People Matter; Distribution When People Matter,
Welfare Reform When People Matter, Resolving the Home Loan Crisis
When People Matter, Environmental Economics When People Matter, etc.
are encouraged. Click
here for detailed information. The Association for Institutional
Thought’s (AFIT) annual meeting will be held April 15-18 in
Albuquerque New Mexico. For those unfamiliar with AFIT, the annual
meeting provides a relaxed atmosphere to interact with colleagues,
share research, and pursue new ideas. This collegial environment
affords an excellent opportunity for those interested in, but less
familiar with, Institutional economics to learn more. Likewise,
graduate students can share their work and receive critical and
thoughtful feedback from established scholars.
Albuquerque is a delightful city, and for those of us from northern
climates, affords an early opportunity to experience spring. While
the collegiality, warm weather, and delicious cuisine are reason
enough to attend the conference, this year’s meeting offers an
additional incentive: it will be AFIT’s 30th anniversary!
Appropriately, we will be hearing from some of our founding members;
about their long term experiences with AFIT, the legacy of
Institutional economics, and the viability of its intellectual
traditions as we move forward as an association.
Special Issue of the IJSE on "Radical Economics"
There are two obvious senses of "radical" economics. Literally, the
term implies searching for the roots of the subject and then
attempting to create a new viewpoint from there. More ordinarily,
perhaps, the term suggests a basic break with the orthodoxy of a
given moment. For the purposes of this special issue, we are looking
for papers, about economists and theories that are radical in both
these senses.
Some names come to mind at once: Proudhon and Marx, for instance.
Proudhon remains interesting not least because he proposed an
alternative to a money economy; something which might be possible
given current powers of information storage and transfer and means
of communication, which allow people to negotiate (at least in large
groups) about what they want and what they are willing to do for it.
The combination of state capitalism and political authoritarianism
that came to be called Marxism-Leninism never had much to do with
what Marx actually wrote. As a concept, it is now virtually dead.
However, problems posed by the Marxists live on. The tendency to
ever larger groupings of economic power and the persistence of
"colonial economies", in which people produce for profitability of
the developed world rather than for the purposes of consumption
(whilst consuming what other countries send to them), are good
examples. So ‘Marxism today’ and ‘Proudhon today’ are possible
topics.
Other names may be arguable and we are happy to look at such
arguments.
- Were Léon Walras (often compared to the Fabian socialists) and his
(surprising) admirer Josef Schumpeter (who spoke of "creative
destruction") radical economists?
- Was John Kenneth Galbraith a radical?
- Is perhaps John Maynard Keynes now to be considered a radical and
not the centre of orthodoxy? (In our terms, von Hayek, once a
radical, now seems near the centre of orthodoxy, so where does that
leave Keynes)
Henry George has been appropriated for another special issue, but
Gandhi may not have been exhausted by our special issue on India.
Authors are free to make their own suggestions and also to write
about just what radical economics might consist of in our times and
about its prospects.
The submission deadline for this special issue is 31 July 2008 but
earlier submissions are welcomed. Manuscripts should be sent
electronically by e-mail (in Word file format) to:
The Publisher
Adam Smith
E-mail:
asmith@emeraldinsight.com
All papers will be reviewed in accordance with IJSEs normal review
processes. Authors are asked to follow the International Journal of
Social Economics’ standard formatting requirements which can be
viewed at:
www.emeraldinsight.com/ijse.htm.
Authors wishing to discuss their papers prior to submission should
contact the Editor, Professor Armour (
leslie.armour@collegedominicain.ca ).
10th Path to Full Employment
Conference
December 4-5, 2008
Theme: Labour underutilisation, skill shortages, and social
inclusion Three sides of the same coin
The Centre of Full Employment and Equity (CofFEE) will be staging
the 10th Path to Full Employment Conference combined with the 15th
edition of the National Unemployment Conference at the University of
Newcastle on Thursday, December 4 and Friday, December 5, 2008.
Click
here for the flyer.
This is also CofFEE's 10th Anniversary and so a special event is
planned for the Conference.
The Home Page for the Conference is at
http://e1.newcastle.edu.au/coffee/conferences/2008/index.cfm
We are calling for papers for the open sessions which broadly
address the major theme of the conference.
Papers are particularly welcome in the following research and policy
areas:
- 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.
- How can the new Federal Government's social inclusion agenda be
designed and implemented.
- The skills shortage debate - what is the extent of the problem and
what are the solutions? Who should be responsible for skills
development?
- The challenge of the VET system - is a competitive VET market the
best way to develop skills?
- Employment guarantees - why are several countries now turning to
Job Guarantee-type policies to combat poverty and unemployment? What
are the lessons for Australia?
- 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:
We plan to hold two special workshops during the Conference and
researchers and policy makers are invited to submit papers and/or
proposals if they wish to present at these workshops.
Workshop 1: Creating effective employment solutions for Australian
regions.
Workshop 2: Enhancing employment opportunities for the mentally
disabled.
Deadline for abstracts:
Detailed paper submission guidelines including dates can be found on
the Conference WWW site. The relevant dates for abstract submission
are as follows:
1. Presenters may elect to have their paper considered for the
refereed or the non-refereed stream. Refereed papers will be
included in a printed volume of conference proceedings (which will
constitute a referred conference paper under Australian government
rules).
2. Abstracts for the refereed stream should be submitted by
September 1, 2008.
3. Abstracts for the non-refereed stream should be submitted by
September 29, 2008.
Appel à articles pour la RFSE : la
responsabilité sociale des entreprises
« La plupart des définitions de la responsabilité sociale des
entreprises décrivent ce concept comme l'intégration volontaire des
préoccupations sociales et écologiques des entreprises à leurs
activités commerciales et leurs relations avec leurs parties
prenantes ». (Livre vert de la Commission européenne, Promouvoir un
cadre européen pour la responsabilité sociale des entreprises, 2001,
p.7)
Le livre vert de la Commission européenne arrête non seulement une
définition commune de la RSE (Responsabilité Sociale et
environnementale des Entreprises), mais signifie également la
reconnaissance, par la Commission, du potentiel régulatoire de ce
mouvement « volontaire » des entreprises. Du point de vue de la
régulation de nos sociétés occidentales, et européennes, c'est une
rupture assez nette relativement au mode précédent de régulation
économique et sociale connue dans la littérature sous l'expression «
compromis social fordiste ». Il s'agit en effet de requalifier les
entreprises comme acteurs responsables de la régulation des rapports
sociaux et environnementaux, autrefois gérés non pas par les
entreprises mais par les macro acteurs du rapport salarial : État et
partenaires sociaux. C'est à la profondeur de ce tournant
institutionnel et à la pérennité de la forme de régulation « micro
fondée » que représente la RSE que nous souhaitons consacrer le
futur dossier de la RFSE.
Cette question se prête en effet un traitement interdisciplinaire
que valorise la revue : la question de la régulation des rapports
sociaux et du rapport à l'environnement, au sein et grâce aux
entreprises, implique en effet un regard empruntant aux différentes
sciences sociales. Chaque discipline propose en effet un traitement
spécifique, complémentaire des autres approches, permettant de
mettre en avant les enjeux en termes de : régulation macroéconomique
et macro-sociale (enjeux socio-économiques), modification de la
législation et de la réglementation nationale et internationale
(sciences juridiques), modification de la gestion et des frontières
de l'entreprise (sciences de gestion), rapports de forces politiques
(sciences politiques) et distinction du neuf (la RSE) de l'ancien
(le paternalisme) propre aux sciences historiques.
Cette interdisciplinarité trouve sa source dans l'objet « RSE » qui
rapproche de fait les problématiques autrefois distinguées de la
performance privée de l'entreprise, de son encastrement (et de son
influence sur l'environnement) social et juridique et des
performances en termes de bien-être collectif. Mais elle se nourrit
aussi de l'approche méthodologique particulière que nous souhaitons
valoriser et qui consiste à interroger la RSE sous l'angle de la
transition institutionnelle qu'elle représente, puisqu'elle émerge
du plan microéconomique sur la base de l'affaiblissement des
anciennes structures régulatrices que formaient l'État social et les
divers dispositifs juridiques encadrant strictement l'activité de
l'entreprise et son rapport au travail. La notion de transition
institutionnelle, de dynamique ou d'émergence de nouvelles règles
collectives est en effet au coeur du questionnement des sciences
sociales contemporaines. Cette notion pose trois questions
saillantes de nature épistémologique : comment se représenter
l'acteur économique ? Quelle représentation se faire de
l'institution (et de son rapport à l'action individuelle ou
collective) ? Comment prendre en compte le temps de l'institution
dansson épaisseur historique ? (par opposition au temps instantané
du marché « standard » des économistes).
Notre appel à article vise donc, de par son objet et sa méthodologie
institutionnaliste, à interroger le coeur des sciences sociales à
partir d'un repérage empirique solide des processus RSE.
Les propositions d'articles sont à envoyer avant le 1er septembre
2008, selon les strictes consignes éditoriales précisées sur le site
de la revue.
http://rfse.univ-lille1.fr/consignes/consignes.htm
rf-socioeconomie@univ-lille1.fr
Top
Conferences, Seminars
and Lectures
Franco - German Conference:
Frankreich - ein Vorbild für Deutschland?
Call for participants
19-20 June 2008
Berlin, Neue Mälzerei
The conference addresses economic policy issues in France and
Germany that may provide some lessons for each other. It is jointly
organized by IMK in the HBS and OFCE. Speakers are among others
Reinhard Bütikofer, Peter Bofinger, Robert Boyer, Jean-Louis Levet
and Jean-Paul Fitoussi. Conference language is English (no
translation).
Programme and registration:
http://www.boeckler.de/33_90439.html
Buddhism in the Age
of Consumerism
2nd International conference of the Buddhist Economics Research
Platform – Theory and Practice
On December 1-3, 2008 there is a conference "Buddhism in the Age of
Consumerism" being held at Mahidol University, Salaya Campus,
Thailand. On December 5-7, 2008 the 2nd International conference of
the Buddhist Economics Research Platform will be held at Ubon
Ratchathani University, Warin Chamrab, Ubon Ratchathani Thailand.
For more information:
http://buddhist-economics.info.
Finance and Farming - Sectors within or boundaries of economic life?
6.30 - 8.00 PM Thursday May 22nd, London School of Economics,S306,
The session will begin with a focusing contribution as the basis for
a free ranging discussion by the participants.
Convenors: Dr. Christopher Houghton Budd, Arthur Edwards - contact
mail@cfae.biz Sponsored by the Centre for Associative Economics
(cfae.biz) Attendance charge: £5 (Students free) LSE, Room S306, 3rd
Floor, St. Clement’s, Houghton Street, London WC2A 2AE
http://www.lse.ac.uk/resources/mapsAndDirections/findingYourWayAroundLSE.htm
Seminar Series: Rudolf Steiner - Economist of Tomorrow Known mainly
in this country for his work in education, Rudolf Steiner also made
an important contribution to modern economics. In these seminars
some of Steiner's key thoughts will be explored against the
background of today's events.
June 19th
Pluralist and Practical - How should economics be taught?
Seminar in the History of Economic
Theory
A group of scholars at Clare Hall is organizing a Seminar in the
history of economic theory. Its field of interests will draw from
pre-Enlightenment and Enlightenment ideas, classical political
economy, the Cambridge tradition in political economy, issues in the
epistemology of economics and economic philosophy, and the policy
implications of economic theories. The Seminar will meet regularly
in each term at Clare Hall, on Mondays at 8.15 pm, with a
presentation of around 30 minutes followed by discussion. The
meetings are directed to scholars at all levels, including graduate
and research students for whom the history of economic ideas is of
interest.
The first meeting is on Monday 19th May 2008 in the meeting room at
Clare Hall.
Geoff Harcourt (Emeritus Reader in History of Economic Theory,
University of Cambridge, Emeritus Fellow of Jesus College and Life
Member of Clare Hall) will speak on
`After Joan Robinson's The Accumulation of Capital'.
Further details can be found on the Clare Hall website:
http://www.clarehall.cam.ac.uk/
IFS Annual Lecture by Vincent Cable
MP
Economic policy lessons from the disappearing decade of stability
Date: 07 July 2008 18:00 to 19:30 (registration from 5.30 - please
arrive as early as you can as security measures may delay
registration)
Venue: Bloomberg LP, London
http://www.ifs.org.uk/events.php?event_id=348
The fruits of a decade (now almost 15 years) of steady growth, low
inflation and ever expanding employment are now threatened by the
consequences of severe asset inflation (and, potentially, deflation)
and financial instability and imported inflation. Is this just
temporary bad luck? Or are there serious flaws in the economic
policy framework which future governments will have to address?
11th Summer Institute
11th Summer Institute on Economic History,
Philosophy and History of Economic Thought: Decision Theory :
History and Methodology
Paris and Surroundings, Saint-Denis
From Monday the 1st to Friday the 5th September 2008.
Organized by PHARE (Pôle d'Histoire de l'Analyse et des
Représentations Economiques, Université Paris I Panthéon-Sorbonne),
LED (Laboratoire d'Economie Dyonisien, Université Paris VIII
Saint-Denis) and supported byAssociation Charles Gide pour l'Étude
de la Pensée Économique
Click
here for detailed information.
2008 DARE Graduate School
Overview
The annual DARE Graduate School in Economic Governance, Development
and Public Policy will be held at the Åbo Akademi University,
Department of Economics and Statistics, Turku, Finland. It will take
place from 15th - 21st September 2008.
The School is co-ordinated and organised by DARE (Democratic
Communities in Academic Research on Economic Development)
(www.dareschools.net), a community of international faculty focused
on enhancing theoretical and policy understanding around democratic
economic development. The School has a ten year history, having
evolved from the L’institute-Ferrara Graduate School, which took
place in Ferrara, Italy from 1998 to 2005. Its location now moves
each year to be hosted by alumni of previous schools. In 2006 it was
held in Bath, UK, and in 2007 in Reus, Spain. Click
here
for detailed information.
Galbraith Conference
We are planning a conference to discuss the historical impact of the
life, work and influence of J.K. Galbraith, to be held in Cardiff
University in September 2008.
This conference aims to explore and analyse Galbraith's contribution
from the perspective of the historian. The focus will not be so much
on an assessment of Galbraith as an economist but on questions about
his role in influencing the development of economics over time,
about why his perspective generated (and still generates)
controversy, about the philosophies and traditions it draws upon,
about his part in the Keynesian revolution and the development of a
post-Keynesian analysis, about the value of his work in assisting
our understanding of advanced capitalist societies in the second
half of the twentieth century, and about his relationship with
Liberalism and the Left in the USA and the UK.
Our intention is to explore these issues by bringing together
contributions from a group of leading contemporary historians, as
well as economists, political scientists ands sociologists who have
worked in areas of study influenced by Galbraith's research and
publications. The value of the project has been recognised by Past
and Present: its editorial board has agreed to associate this
distinguished journal with the conference. The full programme can be
found at
http://www.cardiff.ac.uk/hisar/newsandevents/history/galbraith-conference.html
Speakers: Anthony Badger (Cambridge), Roger Backhouse (Birmingham),
Michael Dietrich (Sheffield), James Foreman-Peck (Cardiff), Giuseppe
Fontana (Leeds), Matthew Hilton (Birmingham), Roger Middleton
(Bristol), Richard Parker (Harvard), Noel Thompson (Swansea). The
conference will conclude with a discussion led by Alan Milward (LSE
and EUI) and Jim Tomlinson (Dundee).
The History of Economics Society
The HES will have 4 sessions at the 2009 ASSA meetings in San
Francisco. We received a number of excellent session proposals, as
well as individual papers. We selected these 4 sessions in an
attempt to balance periods and approaches, as well as newcomers to
the association and well-known members. Thanks to everyone who
offered a paper:
SESSION TITLE: Theory of Moral Sentiments After 250 Years
Chair: Sandra Peart, University of Richmond
Deirdre McCloskey, University of Illinois, Adam Smith Shows
Bourgeois Theory at Its Amiable Best
Vernon Smith, Chapman University, The Wealth in Adam Smith's First
and Last Book
Sandra Peart, University of Richmond and David Levy, George Mason
University, The Loss of Sympathy
DISCUSSANTS: Benjamin Friedman, Harvard University; George
Loewenstein, Carnegie Mellon University; Jonathan Wight, University
of Richmond
2. SESSION TITLE: The Real Debate of the 1950's: Marshallian versus
General Equilibrium Approaches
Chair: E. Roy Weintraub, Duke University
H. Spencer Banzhaf, Georgia State University Applied welfare
economics at mid-century
Marcel Boumans, University of Amsterdam, Looking under the hood:
Leontief versus statistical econometricians
Eric Schliesser, Leiden University, Monopoly and Methodology at
'Chicago': Nutter and Stigler
SESSION DISCUSSANT:
E. Roy Weintraub, Duke University
3. SESSION TITLE: The Role of Oral History in the Study of Economics
Chair:Maria Pia Paganelli, Yeshiva University
Craig Freedman, Macquarie University (AU): South Side Blues: An Oral
History of the Chicago School
Tiago Mata, Technical University of Lisbon: Not biography: how to
make the most of oral history of elites
John Lodewijks, University of Western Sydney: Economists from the
Antipodes: What can oral history tell us?
DISCUSSANTS:
E. Roy Weintraub, Duke University
Paul Oslington, University of Notre Dame (Australia)
4. SESSION TITLE: Growth Theory in Historical Perspective
CHAIR: Robert W. Dimand, Brock University
Kevin D. Hoover, Duke University: Was Harrod Right?
Harald Hagemann, Universitat Hohenheim-Stuttgart: Solow's 1956
Contribution in the Context of Early Growth Models
Robert W. Dimand, Brock University and Barbara Spencer, University
of British Columbia: Trevor Swan and the Neoclassical Growth Model
Steven Durlauf, University of Wisconsin: The Rise and Fall of
Cross-Country Regressions
DISCUSSANTS:
Robert W. Dimand, Brock University; Steven Durlauf, University of
Wisconsin; Kevin D. Hoover, Duke University; Harald Hagemann,
Universitat Hohenheim-Stuttgart
Looking For Lukács
A symposium in the School of Social Science, Media and Cultural
Studies University of East London June 25th 2008 1:00pm - 5:00pm
Room EB.G.11
In an era when the hegemony of capitalism within Western culture
appears to be almost unchallengeable, can we afford to ignore one of
the greatest critics of capitalism's fundamental cultural processes?
A range of recent and current work to be presented here has taken up
the challenge of Györky Lukács, arguably the father of 'Western
Marxism'.
Speakers and Titles
Andrew Hemingway - Totality vs. Reification: The Significance of
Romantic Anti-Capitalism in History and Class Consciousness Andrew
Hemingway is Professor in History of Art at University College
London. His publications include Artists on the Left: American
Artists and the Communist Movement, 1926-1956/ (2002) and the edited
volume Marxism and the History of Art: From William Morris to the
New Left (2006).
Tim Hall - Materialism and Metaphysics: Lukács & Adorno Tim Hall is
senior lecturer in International Politics at the University of East
London where he teaches courses on the history of political thought
and contemporary political philosophy. He is the co-author of
Theories of the Modern State: theories & ideologies (Edinburgh
University Press, 2007) with Erika Cudworth and John McGovern and
has written various articles and reviews on Critical Social Theory.
He is currently working on a book on Adorno and Hegelian Marxism.
Timothy Bewes - How to Escape from Literature: Lukács, Cinema, and
the Theory of the Novel Timothy Bewes is Associate Professor at
Brown University. He is the author of Cynicism and Postmodernity
(1997) and Reification, or the Anxiety of Late Capitalism (2002),
both published by Verso, and is currently working on a book called
The Event of Shame: Literature after Colonialism.
Andy Fisher - Allan Sekula's 'Novelistic Fantasy': Lukács, Aesthetic
Totality and the Literary Problematisation of Photographic Form.
Andy Fisher is an artist and Lecturer in Visual Cultures at
Goldsmiths College. Most recent publication, 'Beyond Barthes:
Rethinking the Phenomenology of Photography', Radical Philosophy,
No. 148, March / April, 2008. Coeditor of 'Photography and
Literature in the Twentieth Century', eds. David Cunningham, Andrew
Fisher and SasMays, Cambridge: Cambridge Scholars Press, 2005.
Stewart Martin - The art of capital in Lukács Stewart Martin is a
member of the editorial collective, and reviews editor, of Radical
Philosophy, and teaches philosophy and art at Middlesex University.
Attendance is free and open to all. To register email Jeremy
Gilbert:
J.Gilbert@uel.ac.uk
For transport info see
http://www.uel.ac.uk/ssmcs/about/location.htm
Automobility: A Conference on the
100th Anniversary of the Model T
Automobility: A
Conference on the 100th Anniversary of the Model T on November
6-7, 2008 at the Hagley Museum and Library in Wilmington, Delaware
focuses on the impact of motor vehicles in America since 1908.
History of American Capitalism
Grad Student Conference
The History
of Capitalism in the United States is a graduate student
conference at Harvard University on November 6-8, 2008.
Circulations: Economies, Currencies,
Movements in American Studies
The New York Metro American Studies Association and the Columbia
Journal of American Studies welcome papers on any historical period
for
Circulations: Economies, Currencies, Movements in American Studies
on November 8, 2008. Presentations that circulate across historical
and disciplinary borders are particularly encouraged.
The Representation of Working People
in Britain and France
The Representation of Working People in Britain and France at
the Université de Rouen from November 13 to 15, 2008 constitutes a
reconsideration of representations of workers and the meaning and
experience of labor, and the ways in which the socio-political
relations of work were mediated from the medieval period to the 20th
century.
Character & Trajectory of the Indian
Economic Formation in an Era of Globalization
The opening keynote for
The Character and
Trajectory of the Indian Economic Formation in an Era of
Globalisation on November 26 to 28, 2008 at the University of
Delhi will be given by Professor K.M. Shrimali, on the mode of
production as a concept in Indian historiography.
The impact of global competition on
Australian Manufacturing prices: 1983-2007
Neville Norman (University of Melbourne) and Ken Coutts ( Cambridge
University) [part of Coutts, Godley, and Nordhaus]
Wed, 18 Jun
Time: 12:00-13:00
Room: ASB107
This study examines to what extent increased international
competition in the supply of manufactured products to Australian
domestic markets has caused producers to set prices that match the
movement in competing imported prices. We assemble data on
Australian producer prices with matched cost data and the price of
competing manufactured imports for aggregate manufacturing and a
number of sub-sectors. The study follows a similar approach taken by
the authors to analyse foreign and domestic competition for the UK
manufacturing sector and a variety of sub-sectors in the period
1970-2000. We present interim results for Australian aggregate
manufacturing are remarkably similar to the earlier UK study and
indicate that while imported prices have an influence on domestic
price setting, domestic unit cost movements dominate.
Pluralist and
Practical - How should economics be taught?
June 19th LSE
Seminar Session:
June 19th
Pluralist and Practical - How should economics be taught?
6.30 - 8.00 PM - London School of Economics,S306,
The session will begin with a focusing contribution as the basis for
a free ranging discussion by the participants.
Convenors: Dr. Christopher Houghton Budd, Arthur Edwards - contact
mail@cfae.biz (tel - 01227 738207)
Sponsored by the Centre for Associative Economics (cfae.biz)
Attendance charge: £5 (Students free) LSE, Room S306, 3rd Floor, St.
Clement's, Houghton Street, London WC2A 2AE
http://www.lse.ac.uk/resources/mapsAndDirections/findingYourWayAroundLSE.htm
Seminar Series: Rudolf Steiner - Economist of Tomorrow Known mainly
in this country for his work in education, Rudolf Steiner also made
an important contribution to modern economics. In these seminars
some of Steiner's key thoughts will be explored against the
background of today's events.
Reproductions:
Social Class in Theory and Practice with Bourdieu and Gramsci
A DAY OF WORKSHOPS - CALL FOR PARTICIPANTS
ALL SPEAKERS HAVE BEEN CONFIRMED
Saturday June 21st 2008 at the University of Warwick
Keynote Speakers:
Prof. Andreas Bieler (Nottingham)
Prof. Lisa Adkins (Goldsmiths)
Prof. Michael Grenfell (Southampton)
Andreas Bieler is Professor of Political Economy and Fellow of the
Centre for the Study of Social and Global Justice at the University
of Nottingham. He has published widely in the area of International
Relations/International Political Economy and the analysis of
European integration from a neo-Gramscian perspective. He is author
of Globalisation and Enlargement of the European Union (Routledge,
2000) as well as The Struggle for a Social Europe: Trade unions and
EMU in times of global restructuring (Manchester University Press,
2006).
Lisa Adkins is Professor of Sociology at Goldmiths, University of
London.
Her contributions to Sociology fall into three main areas: the
sociology of post-industrial economies, social and cultural theory
and the sociology of gender and sexuality. Running across these
themes is an interest in the contemporary social theory of Bourdieu
particularly in regard to how Bourdieu's social theory may be of use
to and is transformed by engagements with feminist theory. Her
publications include Feminism After Bourdieu (edited with Bev Skeggs)
and Revisions: Gender and Sexuality in Late Modernity.
Michael Grenfell is Professor of Education at the School of
Education in the Faculty of Law, Arts and Social Sciences at the
University of Southampton, UK. He is an international researcher who
has published extensively on culture, language and education and is
a recognized authority on the work of Pierre Bourdieu. He is author
of Bourdieu and Education (1998) and Pierre Bourdieu: Agent
Provocateur (2004); Art Rules, Pierre Bourdieu and the Visual Arts
(2007) and Bourdieu: Education and Training (2007).
This innovative day of workshops for PhD students aims to stimulate
interdisciplinary exchange on the theoretical frameworks used to
investigate social class and its cultural and political
manifestations in the disciplines of the organisers: Sociology,
Politics and International Studies (PAIS) and Literature studies.
While these disciplines are not worlds apart, their separate
theoretical tools have taken their analysis down different though
not always divergent paths. The workshop will showcase and challenge
two of the most promising general theories of social class and
culture, with the purpose of generating useful connections and
intellectual exchange.
The workshop will bring together researchers and specialists
thinking about the reproduction of social and political cultures in
a variety of settings. Truly interdisciplinary in approach, it aims
to break down institutional barriers by forging interpersonal
relations, and searching for commonality between fields and
approaches which are normally considered incompatible: namely,
Bourdieusian and neo-Gramscian theories.
The format of the day will depart from traditional conferences.
There will be four parallel streams in the morning and afternoon.
Two papers will be given in each session, and will then form the
basis of a workshop facilitated by trained and experienced PhD
students. The aim of the workshop is to provide a stimulating,
challenging and supportive environment in which to share ideas. The
cost of the day will be £10 per delegate which includes
refreshments, a buffet lunch and a wine reception. Some funds for
expenses will be available for PhD students who are not supported by
a funding body.
To register, please visit
http://www2.warwick.ac.uk/fac/cross_fac/ias/resultsphdfunding2007/reproductions/
For more information, e-mail
ias.reproductions@warwick.ac.uk
Life despite
Capitalism
Building Radical Economies
Escanda International Gathering
4 - 9 September 2008
In September 2008, the Escanda collective along with others will be
hosting a five day radical economics gathering. As well as analysing
the failures of the current economic system and the means of
production and circulation we will learn from the possibilities and
experiences of those working in the here and now, despite
capitalism, to build autonomous economies from a basis of
sustainability, self organisation, solidarity, respect and justice
and the struggle for a better world.
The gathering will provide a space for networking and will combine
workshops that focus both on the theory of radical economics and the
practice – working towards creating and building radical economies
within and between our own movements and collectives.
Why?
Within the movement we discuss politics - what is wrong with the
system and how we build our own networks, we discuss ecology -
climate change and how we develop more ecological ways of doing
things, relations - how to avoid hierarchies and power relations
amongst ourselves, consumerism, culture, direct action, health,
education... but what about economics?
Over the last 5 years the Escanda collective and friends have
organised a number of different meetings and seminars. Ranging from
gender issues, popular education, renewable energies and social
change, to a radical women's gathering. This year, we want to go to
the belly of the beast and provide the space for skill sharing,
learning, discussion and debate around economics. For many of us it
remains a taboo word, or something we have not quite got our heads
around, all of us have critiques, ideas and questions about the
global economy and all of us, despite capitalism, are doing things
ourselves to provide for and control our lives. In the seminar we
hope to combine these different elements to develop our own
individual understanding, radicalise and deepen our critiques,
explore radical and alternative economies and join up with or form
new networks of autonomous production and circulation.
What?
Whilst we have an idea about what we would like to see in the
seminar, we are also very interested to hear from other groups and
collectives who have been working around these issues in developing
the content and programme of the seminar together. We have come up
with these questions but we welcome any feedback, ideas and
suggestions you might have.
– What issues and themes would you like to see represented?
– Can you offer a workshop?
– Can you think of any groups or individuals that would be useful to
invite?
– What networks and groups are you involved in and (briefly) what do
they do?
– What do you understand by the word 'economy'?
So far we thought we would like to look at some of the topics below:
• Looking at the mechanics of the market, global economics, money,
exchange, value and wage labour. Including looking at all the things
we do that are not'valued' such as domestic work or social work.
• A questionnaire and discussions amongst ourselves about ways in
which we already manage our needs without money - e.g. in our
families, social centres, shared flats and international networks.
• Learning about and examining existing models such as Solidarity
Economics, Participatory Economics, the concept of the Commons,
Anarcho-syndicalism etc.
• Learning about and examining real examples such as our own
communities and social centres, the Zapatistas, Argentina from 2001,
Spain during the civil war, etc.
• A networking point for those producing or circulating in non-
capitalist ways.
• Working towards establishing our own production and circulation
networks between groups and collectives.
• How do these model and examples link into our current real
struggles? How do we hold on to what we have wrestled out of the
capitalist sphere AND make them part of a bigger revolutionary
process of going beyond capitalism altogether?
• Are these “radical economies” real and sustenible alternatives or
they can only exist like parasites of the capitalist system?
Where?
The seminar will be held from the 4th-9th of September 2008 in
Escanda. Escanda is a collective in the North of Spain - a space for
interaction and cooperation between groups of people, networks and
movements. Escanda aims to practice and experiment how to live
together, without exchange relations and with horizontal structures.
The common thread is non-hierarchical, anti-capitalist grassroots
movements, with an emphasis on the environment. We subscribe to the
PGA Hallmarks and work within this framework. As such Escanda
organises meetings, seminars, courses, trainings, skill sharing
events and provides space for projects on a wide variety of
different issues.
For more information please contact
lifedespitecapitalismo@googlemail.com or
www.escanda.org
SOAS Seminar
We cordially invite you to listen to leading anti-corruption U.S.
lawyer Jack Blum speaking, and answering questions, on "Credit
Crunch and the Mortgage Industry: A long and sordid history. "How
many times must the fraud repeat before governments act?"
Jack Blum has 40 years’ experience in investigating mortgage fraud.
He uncovered the BCCI scandal and brought down seven governments in
the Lockheed fighter jet scandal in the sixties. An expert on money
laundering and global tax fraud, his former positions include:
Special Counsel to the US Senate Foreign Relations subcommittee,
consultant to the UN Centre on Transnational Corporations, chair of
the experts group on international asset recovery convened by the UN
Centre for Drug Control and Crime Prevention, General Counsel of
Americans for Democratic Action.
Weds 25th June 5.30-7.00 pm
Khalili Lecture Theatre SOAS Russell Sq
www.soas.ac.uk
There is no need to register, but if you could tell us if you are
coming – by replying to
kh22@soas.ac.uk – it would be helpful and appreciated. We shall
be audio recording this event and providing a transcript on our
website.
Top
Job Postings for
Heterodox Economists
Ruskin College
Tutor in Radical Economics and Social Sciences
Salary: Pro-rata to £28,290 - £41,545
Location: Oxford
We seek a Tutor in Radical Economics and Social Sciences to teach,
develop and co-ordinate courses in the Economics of Globalisation/Green
Economics/Social Economics and Radical Political Economics for Trade
Union Studies, on our degrees in Social Science and Trade Union
Studies. The candidate will be a well qualified and experienced
scholarly enabler of adult learning.
For an application pack email:
vjohansen@ruskin.ac.uk
Further information contact Wolfgang Deicke at:
wdeicke@ruskin.ac.uk
or Dr Hilda Kean at:
hkean@ruskin.ac.uk
Closing date: 23rd June 2008.
Top
Heterodox Conference Papers and Reports and Articles
The Research Network Macroeconomics
and Macroeconomic Policies
The Research Network Macroeconomics and Macroeconomic Policies has
finished its new research programme.
Since 1997, the research network has served as a forum for analysis
and discussion of macroeconomic issues. The network aims at a
revival and development of macroeconomic theory, which has been
neglected during the dominance of Neoclassical Economics,
Monetarism, New Classical theory and supply-side economics.
The English version of the new research programme is now available.
Download (English):
http://www.boeckler.de/pdf/imk_rnm_programme_pdf
Download (German):
http://www.boeckler.de/pdf/imk_pj_fmm_programm_aktuell.pdf
Eckhard Hein: Shareholder value orientation, distribution and growth
- short- and medium-run effects in a Kaleckian model, Department of
Economics Working Paper No. 120, 2008, Vienna University of
Economics and Business Administration:
http://www.wu-wien.ac.at/inst/vw1/papers/wu-wp120.pdf
Eckhard Hein, Achim Truger: Fiscal policy in the macroeconomic
policy mix: A critique of the New Consensus Model and a comparison
of macroeconomic policies in France, Germany, the UK and Sweden from
a Post-Keynesian perspective, IMK Working Paper, 3/2008, Düsseldorf:
Macroeconomic Policy Institute, Hans Boeckler Foundation:
http://www.boeckler.de/pdf/p_imk_wp_03_2008.pdf
Levy News
Digital Newsletter of The Levy Economics Institute of Bard College
May 23, 2008
BOOK SERIES: NEW EDITIONS
Stabilizing an Unstable Economy
HYMAN P. MINSKY. Introduction by Dimitri B. Papadimitriou and L.
Randall Wray
McGraw-Hill, 2008
www.levy.org/vdoc.aspx?docid=1067
The late American economist and Distinguished Scholar Hyman P.
Minsky first wrote about the inherent instability of financial
markets in the late 1950s, and his work remains relevant
today—particularly in regard to the recent meltdown of the
mortgage-backed securities market. This book, originally published
in 1986, is Minsky’s seminal work, and it has been reissued so that
it may be broadly available to a new generation of economists,
analysts, and investors. Topics covered include the effect of
speculative finance on investment and asset prices; booms and busts
as unavoidable results of high-risk lending practices; and the need
for increased Federal Reserve oversight of banks.
John Maynard Keynes
HYMAN P. MINSKY. Introduction by Dimitri B. Papadimitriou and L.
Randall Wray
McGraw-Hill, 2008
www.levy.org/vdoc.aspx?docid=1068
This reissue of Minsky’s classic book offers a timely
reconsideration of the work of economics icon John Maynard Keynes.
In it, Minsky argues that what most economists consider Keynesian
economics is at odds with the major points of Keynes’s General
Theory. Like Keynes, Minsky refuses to ignore pervasive uncertainty.
Once uncertainty is given center stage, they observe, recurring
financial crises are all but inescapable.
NEW WORKING PAPERS
Changes in the U.S. Financial System and the
Subprime Crisis
JAN KREGEL
Working Paper No. 530
www.levy.org/pubs/wp_530.pdf
Senior Scholar Jan Kregel, University of Missouri–Kansas City,
traces the evolution of housing finance in the United States,
outlines the reasons for the current crisis in real estate lending,
and examines the impact of the crisis on the global financial
system.
The International Monetary (Non-)Order and the
“Global Capital Flows Paradox”
JÖRG BIBOW
Working Paper No. 531
www.levy.org/pubs/wp_531.pdf
The global capital flows paradox is that capital flows have changed
direction (from poor to rich countries) because of surging foreign
reserve accumulation. Research Associate Jörg Bibow, Skidmore
College, hypothesizes that the root cause is systemic deficiencies
in the international monetary and financial order. The position of
the United States as the issuer of the world’s premiere reserve
currency, combined with its supremacy in global finance, explains
the conundrum of a positive investment income balance despite a
negative international investment position.
Old Wine in a New Bottle: Subprime Mortgage
Crisis—Causes and Consequences
MICHAEL MAH-HUI LIM
Working Paper No. 532
www.levy.org/pubs/wp_532.pdf
The author explains how the U.S. subprime mortgage crisis has led to
a generalized credit crisis that ultimately affects the real
economy. Recent financial innovations and strategies have
heightened, not reduced, systemic risks and financial instability.
In spite of attempts to improve liquidity in the money market
system, the problem may have escalated to one of insolvency.
The Discrete Charm of the Washington Consensus
JAN KREGEL
Working Paper No. 533
www.levy.org/pubs/wp_533.pdf
Kregel assesses the performance of domestic demand management and
industrialization in Latin America, and the validity of Washington
Consensus policies. He suggests reform of the international
financial architecture in line with the integrated policy framework
represented in the Havana Charter (which blended the aims of full
employment and domestic industrialization for developing countries)
and Keynes’s clearing union proposal (to counter the negative impact
of free capital flows and the debt problems of developing
countries).
Argentina: A Case Study on the Plan Jefes y
Jefas de Hogar Desocupados, or the Employment Road to Economic
Recovery
DANIEL KOSTZER
Working Paper No. 534
www.levy.org/pubs/wp_534.pdf
The author explores how Argentina pursued a strategy of employment
generation, with the state participating as employer of last resort,
and recovered from one of the worst social and economic crises in
history.
Statistical Matching Using Propensity Scores:
Theory and Application to the Levy Institute Measure of Economic
Well-Being
HYUNSUB KUM and THOMAS MASTERSON
Working Paper No. 535
www.levy.org/pubs/wp_535.pdf
This paper summarizes the background, type, logic, and working
procedure of the statistical matching used in the Levy Institute
Measure of Economic Well-Being (LIMEW) project to combine data sets
and produce the synthetic data set with which the LIMEW is
constructed.
Grupo Lujan
La revista Circus del Grupo Lujan, hace entrega de los videos de las
exposiciones completas de los conferencistas de la mesa redonda:
"Argentina:
Inflación, crecimiento, conflicto agropecuario", realizada el 28 de
mayo de 2008, en la sede capital de la Universidad Nacional de
Lujan.
Estàn separadas por expositor en orden de exposición y luego los
comentarios finales y respuestas.
Javier Rodríguez (CENDA)
1- Presentación y algunos elementos de análisis
http://www.youtube.com/watch?v=KOLPXv9GqcQ
2-Instancias del conflicto con el agro: “no hubo una política
explicita de desarrollo de la ganadería”
http://www.youtube.com/watch?v=gI_rau72B4Y
3-Inflación en el modelo: “a partir del 2005 se observa una
inflación que de alguna manera es distinta”
http://www.youtube.com/watch?v=Mqzmt7Qu1CY
4-Conclusiones: “una política de desarrollo industrial y expansión
de la oferta es antiinflacionario”
http://www.youtube.com/watch?v=x7PALhL2wG4
Jorge Schvartzer (CESPA)
1-Examen de la industria argentina los últimos años:
“el sector mas dinámico en la convertibilidad era el sector
financiero”
http://www.youtube.com/watch?v=_f2VsalcKf4
2-Comparaciones con el pasado: “el crecimiento de las exportaciones
industriales…es casi equivalente al saldo positivo de la balanza
comercial”
http://www.youtube.com/watch?v=A1DxC8yIejs
3-Inflación y causas: “tenemos una inflación retardada, agravada por
la suba brutal de los precios de las materias primas”
http://www.youtube.com/watch?v=XACgycd27MQ
4- Conflicto y redistribución del ingreso: “la gota que rebasó el
vaso”
http://www.youtube.com/watch?v=4aiY01H04XU
Eduardo Curia (CASE)
1-Situación coyuntural: “está bastante embromada”
http://www.youtube.com/watch?v=MqqZSHApVmE
2-Inflación: Superávit “fiscal machazo” y la puja distributiva
http://www.youtube.com/watch?v=mxFM_jYlHbE
3-Conflicto: “y parió la abuela”
http://www.youtube.com/watch?v=YRxaKqse_wM
4-“Existe un problema de tipo de cambio”
http://www.youtube.com/watch?v=qcwtxSC4yuA
Comentarios finales y respuestas:
Sobre grandes exportadoras, Clase obrera, Institucionales y péndulo
argentino de Marcelo Diamand.
1-Javier Rodríguez
http://www.youtube.com/watch?v=dAke7V9C5Zo
“Se cuestiona la forma que tiene el poder en momentos de crisis”
http://www.youtube.com/watch?v=vrooNQIMwVU
2-Jorge Schvartzer : “el problema institucional es de la derecha,
que no puede controlar al gobierno”
http://www.youtube.com/watch?v=2j7AvwN-VNU
3- Eduardo Curia: “el péndulo nos puede dejar un modelo excluyente,
que yo llamo soja, shopping y timba financiera”
“cuando uno les da plata a los pobres, hablan de populismo, cuando
se compra a la clase media con endeudamiento, lo llaman ortodoxia…¡eso
es populismo de derecha!”.
Schvartzer.
http://www.youtube.com/watch?v=3lqYG6YlUr8
"El desacuerdo entre los sueños y la realidad no produce daño
alguno,siempre que la persona que sueña crea seriamente en su sueño,
se fije atentamente en la vida, compare sus observaciones con sus
castillos en el aire y , en general, trabaje escrupulosamente en la
realización de sus fantasías."
www.geocities.com/grupo.lujan
New Reports on The
Costs of Climate Change
Researchers at GDAE and SEI-US* have just released two major studies
on the costs of climate change.
Click
here for detailed information.
Top
Heterodox Journals and
Newsletters
L'ADEK
L'ADEK vous présente une nouvelle revue: la REVUE FRANCAISE DE SOCIO
ECONOMIE.
Si elle est tournée sur les institutions, elle est largement ouverte
aux courants hétérodoxes. L'école de la régulation y est représenté
ainsi que les l'école des conventions. Toutefois les post keynésiens
sont les bienvenus et peuvent proposer des papiers. D'ailleurs le
Clersé de Lille 1 fait partie des centres fondateurs, et des membres
de l'ADEK sont présent dans le comité éditorial.
Je joints un document qui présente la revue plus longuement ainsi
qu'une présentation.
Demandez à vos bibliothèques respectives de s'y abonner. Si vous
voulez que des revues hétérodoxes existent, il faut absolument les
faire vivre. Et c'est tout de même plus intéressant que la revue
économique.
Vous pouvez joindre pour des précisions:
Richard Sobel
Maître de Conférences en Economie
Clersé (UMR 8019 CNRS)
Bureau 109 - Bâtiment SH2
Faculté des Sciences Economiques et Sociales Université des Sciences
et technologies de Lille (LILLE 1)
59655 Villeneuve d'Ascq
03 20 43 45 90
Circus: Revista Argentina de
Teoria Economica
El pensamiento económico heterodoxo del siglo XX
Entrevista con G. C. Harcourt... 6
Crisis de Estados Unidos
Randall Wray - Lecciones del hundimiento de las subprime. 22
Franklin Serrano - El déficit de cuenta corriente de EEUU bajo el
patrón dólar flotante.. 46
Argentina: política económica y teoría heterodoxa Entrevista con
Eduardo Curia.... 54
Efectos de la teoría sobre la política económica
Fabio Petri - Implicaciones para la política económica de recientes
avances en la teoría del capital y de la distribución.. 72
Debates en el enfoque clásico del excedente
Alejandro Fiorito - Los rendimientos a escala y el debate del método
clásico (una nota introductoria).. 107
Fabio Ravagnani - Cantidades Producidas y retornos en la teoría de
precios normales en Sraffa: evidencia textual y puntos analíticos..
113
Keynes & Kalecki
Santarcangelo & Fal - Depresión y desempleo en Kalecki y Keynes Un
análisis comparativo......... 128
Reseña: Capital, Salaires et crises: une approche classique,
Christian Bidard y Edith Klimovsky, 227 p., París: Dunod, 2006.
ISBN: 978-2-10-005823-5.
Por Pablo Bortz... 142
Reseña: Growth, Distribution and Innovations, Amit Bhaduri. ( New
York : 2007. Routledge, pp. 1-71). Por Gustavo Murga... 146
http://www.geocities.com/alejandrofiorito/circus_2.html
The European Journal of the
History of Economic Thought
Volume 15 Issue 2 is now available online at informaworld (
http://www.informaworld.com
).
This new issue contains the following articles:
British monetary orthodoxy in the 1870s: A victory for the Currency
Principle, Pages 181 - 209
Authors: Sylvie Diatkine; Jérôme de Boyer
Thoreau's economic philosophy, Pages 211 - 246
Author: Christian Becker
The industry supply curve: Two different traditions, Pages 247 - 274
Authors: Arrigo Opocher; Ian Steedman
Keynes's degree of competition, Pages 275 - 291
Author: M. G. Hayes
The Italian theories of progressive taxation, Pages 293 - 315
Author: Domenicantonio Fausto
On the origins of the concept of natural monopoly: Economies of
scale and competition, Pages 317 - 353
Author: Manuela Mosca
Challenge
Volume 51 Number 3 / May - June 2008 of Challenge is now available
at
http://mesharpe.metapress.com.
This issue contains:
Letter from the Editor
Jeff Madrick
Americans Worry: How They View Their Lives in an Economic Downturn
Robert Blendon, John Benson
What We're In For: Projected Economic Impact of the Next Recession
John Schmitt, Dean Baker
Securitization, Liquidity, and Market Failure
Paul Davidson
The Great Divergence: Real-Wage Growth of All Workers Versus Finance
Workers
Andrew Sum, Paulo Tobar, Joseph McLaughlin, Sheila Palma
Lessons from Behavioral Economics
Robert Frank
Losing Faith in the Dollar: Can It Remain the World's Dominant
Reserve Currency?
Robert Carbaugh, David Hedrick
Racism and Polite Conversation
Mike Sharpe
Un panorama de la socio-économie
française
Dans ce premier numéro «
Panorama », la
toute nouvelle Revue
Française de Socio-Économie se propose de donner le « la » de sa
politique éditoriale : développer une connaissance économique qui,
sans rien perdre en rigueur scientifique, se nourrit de la
collaboration disciplinaire et qui, sans réductionnisme ni
ésotérisme, vise à la compréhension effective des économies modernes
dans toutes leurs dimensions sociales.
Top
Heterodox
Books and Book Series
General Theory Online
The online version of the General Theory is available at
http://etext.library.adelaide.edu.au/k/keynes/john_maynard/k44g/index.html
Institutional Economics and
Psychoanalysis
INSTITUTIONAL ECONOMICS AND PSYCHOANALYSIS: HOW CAN THEY COLLABORATE
FOR A BETTER UNDERSTANDING OF INDIVIDUAL-SOCIETY DYNAMICS?
by Arturo Hermann
Published by UNI Service, Trento, Italy, December 2007,
link www.uni-service.it/
The idea of carrying out this work stems from the observation that
although institutional economics deals with the study of human
actions and motivations in their historical evolution, there has
been in many cases a lack of scientific collaboration with other
fields of social and psychological sciences; in this regard,
psychoanalysis is a case in point.
In light of these problems, our work can be synthesized as follows:
institutional economics, especially through Veblen's and Commons's
contributions, has highlighted a number of aspects that provide a
better understanding of the inner nature of social and economic
relations. This has been realized through the elaboration of
concepts which characterize, in their continual refining, the core
of institutional economics: these include ceremonial/instrumental
behaviour dichotomy, instincts, culture, evolution, habits,
path-dependency, tacit knowledge, technology, collective action,
going concerns, working rules and social valuing.
In this regard, a systematic collaboration between institutional
economics and psychoanalysis can help us to analyze the following
interrelated issues:
¨ The evolutionary and conflicting nature of habits, routines,
organizations, institutions and social valuing.
¨ The evolutionary and conflicting nature of individual and
collective decision-making processes.
¨ The analysis of structural problems, in particular in developing
countries, and the role of institutions and policies in economic and
social reforms.
This collaboration can greatly benefit from contributions provided
by other disciplines as well. In this respect, the fact that
institutional economics shares significant elements with important
strands of social sciences and with pragmatist and cognitive
psychology constitutes an enriching element that can contribute to a
more fruitful collaboration between all these theories and
psychoanalysis.
Beyond the World Bank Agenda: An Institutional Approach to
Development
By
Howard Stein
Professor
Center for Afroamerican and African Studies
University of Michigan
howstein@umich.edu
The development strategies of the international financial
institutions over the past few decades have been a profound failure.
The crisis in many developing countries reflects a crisis in the
economic theory that has driven the policies that the World Bank has
imposed on those countries 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.
Published by University of Chicago Press, July 2008
http://www.press.uchicago.edu/cgi-bin/hfs.cgi/00/269209.ctl
Cloth $45.00-- ISBN: 978-0-226-77167-0
Endorsements
William M. Dugger : "This book is dynamite. It blows to pieces the
World Bank and the bogus economics it sold to the poor countries of
the world. Professor Stein's indictment of the World Bank pulls no
punches, meticulously documenting the gross incompetence and
dishonesty behind the World Bank's failure to reduce world poverty.
Stein's mastery of economic theory is unmatched, as is his knowledge
of world poverty, particularly in Africa. You must read his
book."-William M. Dugger, University of Tulsa
Philip Arestis : "Beyond the World Bank Agenda will certainly make
an important and novel contribution to the literature. Howard Stein
puts forward an institutional approach to development, very
different and more akin to the real world than the prevailing view.
Commendable."-Philip Arestis, Cambridge Center for Economic and
Public Policy, Department of Land Economy, University of Cambridge
Jomo Kwame Sundaram : "Stein offers a critical review of the World
Bank's economic development policy agenda and its theoretical
foundations-particularly on state formation, financial development
and health policies. His institutionalist perspective points to
pragmatic policy alternatives to such increasingly discredited
Washington Consensus policies. This book is long overdue."-Jomo
Kwame Sundaram, UN Assistant Secretary General for Economic
Development
John Weeks : "Every year books, about the World Bank are published.
Few make an impact beyond the moment, if at all. This book does more
than make an impact: it sets the standard. Its power lies in 1) its
historical analysis to place World Bank practice in context, and 2)
a sophisticated yet accessible treatment of the economic analysis
underlying World Bank practice, and 3) why that economic analysis is
fatally flawed. And, most importantly, it indicates the way
forward."-John Weeks, School of Oriental and African Studies,
University of London
Economics for Everyone
PEF member Jim Stanford has just finished a new book that should be
of interest to many of our members. It’s called “Economics for
Everyone,” and is meant to be an accessible, non-technical, but
critical “primer” in economics for trade unionists and social change
activists. The book is co-published in Canada by the Canadian Centre
for Policy Alternatives and Fernwood Press. Internationally it is
published by Pluto Press.
Here is a website describing the book and the various on-line
resources and curriculum that will be available to support
organizations undertaking popular economics training with the book.
There is also a link for on-line ordering:
http://www.economicsforeveryone.ca
Jim will be traveling to several cities in coming months to discuss
the book and conduct workshops. Here are the first two “launch”
events: each will feature a presentation by Jim and a reception.
Toronto: Thursday June 12, 5-7 pm
Conference Room B&C (Mezzanine Level), Sheraton Centre Hotel (123
Queen St. W.)
Ottawa: Monday June 23, 5-7 pm
Le Salon, National Arts Centre (53 Elgin St.)
Great Thinkers in Economics: John Maynard Keynes
In October 2007 as part of their "Great Thinkers In Economics"
series Palgrave/Macmillan published my book, JOHN MAYNARD KEYNES, by
Paul Davidson (Palgrave/Macmillan, London and New York, 2007) ISBN#
978-1-4039-9623-7.
The publisher has informed me that the book is selling better than
expected and in the Spring of 2008 it went into a second printing. I
told the publisher that some economics professors had told me they
might adopt the book as a text or at least a supplementary text for
their class –except that the cost of the hard copy book was too
expensive and no inexpensive paper back was available. Accordingly I
requested that the publisher produce a paper back edition this
summer. Palgrave informed me that as long as the hard copy was
selling so well they did not want to undercut it with an inexpensive
paper back. NEVERTHELESS THE PALGRAVE EDITOR MADE THE FOLLOWING
OFFER:
"IN TERMS OF COURSE ADOPTION, IF YOU HAVE BEEN CONTACTED BY COURSE
CONVENERS WHO WISH TO ADOPT THE TEXT IN THEIR COURSE PLEASE PASS
THEIR DETAILS ON TO ME. WE WILL BE HAPPY TO OFFER THEM A DISCOUNT OF
UP TO 50% OR MORE (DEPENDING ON THE SIZE OF THE CLASS), THIS SHOULD
ENSURE THAT THE PUBLICATION IS AFFORDABLE FOR THE STUDENTS."
Accordingly, if you or any colleague would be interested in adopting
my JOHN MAYNARD KEYNES book in a course, then please email me
indicating your intention, course name, institution, contact
address, etc, and I will forward this information to the Palgrave
editor who will respond directly to you with a discount offer.
Let me remind you of some comments this book has received:
"This could be the best one-volume treatment of Keynes's economics
since Keynes himself. Clear, logical and faithful, Paul Davidson
introduces the real Keynes to a new generation. And do we ever need
him." - James K. Galbraith, The University of Texas at Austin and
Levy Economic
Institute
"Global imbalances, the unshackling of capital, the precarious state
of modern capitalism: rarely has the world of economics been in more
need of the thoughts of John Maynard Keynes. Although Keynes is no
longer with us, this book is the next best thing. Paul Davidson is
the leading expert on Keynes and Keynesianism and his book should be
read by anybody who wants to understand the world as it is, rather
than as the economic text books say it ought to be.
" - Larry Elliott, Economics Editor, The Guardian
"Davidson convincingly shows how Keynes's radical assault on
classical economic theory was undermined by mainstream interpreters
anxious to make his doctrines politically acceptable. Keynes's own
‘general theory' is compellingly explained; its obfuscators attacked
with Davidson's familiar panache." - Lord Skidelsky, biographer of
Keynes
"Paul Davidson's fascinating, encyclopaedic book captures the drama
of the appearance of the General Theory, illuminates the
controversies still surrounding it, and passionately defends
Keynes's radical innovations in economic theory and policy. It is
high time for economists and policymakers to go back to Keynes's own
words, whose power Davidson so effectively articulates." Peter L.
Bernstein, President of Peter L. Bernstein, Inc., and author of
Against the Gods: The Remarkable Story of Risk and also Capital
Ideas Evolving
Paul Davidson
Editor, Journal of Post Keynesian Economics
Bernard Schwartz Center for Economic Policy Analysis
The New School
79 Fifth Avenue, 11th Floor
New York, New York 10003
phone and fax number: (732)605-0255
email: pdavidson@utk.edu
http://econ.bus.utk.edu/davidson.html
Top
Heterodox Book Reviews
Bad Money
by Kevin Phillips. Penguin Group, ISBN 9780670019076, 256 pages,
$25.95 HB.
http://us.penguingroup.com/nf/Book/BookDisplay/0,,9780670019076,00.html
Review by James K. Galbraith
http://www.texasobserver.org/article.php?aid=2762
Economics: An Introduction to
Traditional and Progressive Views
7th edition by H. J. Sherman, E. K. Hunt, R. F. Nesiba, P. A.
O’Hara, and B. A. Wiens-Tuers. M.E. Sharpe, Armonk, New York: 2008.
Paper ISBN: 978-0-7656-1668-5; USD: $89.95.
http://www.mesharpe.com/mall/resultsa.asp?Title=Economics%3A+An+Introduction+to+Traditional+and+Progressive+Views%2C+Seventh+Edition
“An Appreciation of the new edition of Hunt, Sherman, O’Hara, Nesiba
and Weins-Tuers Combined with a Suggestion” by Michael Meeropol,
Western New England College
“Discussion of Economics, An Introduction to Traditional and
Progressive Views by Howard Sherman, E.K. Hunt, Reynold F. Nesiba,
Phillip A. O’Hara, and Barbara Wiens-Tuers” by John Miller. Click
for the review1 and
review2.
The Predator State
REVIEW OF THE PREDATOR STATE: How Conservatives Abandoned the Free
Market and Why Liberals Should too, by James K. Galbraith. New York,
London, Toronto, Sydney: Free Press, 2008. ISBN-13
978-1-4156-6683-0, ISBN-10 1-4156-6683-X c. xiv, 211 pages. (Note:
review is based on Advance Uncorrected Proofs.)
Reviewed by L. Randall Wray
The Size of Nations
by Alberto Alesina and Enrico Spolaore, MIT Press, 2003. ISBN:
978-0-262-01204-1; 266 pages.
Reviewed by Sara
Hsu, Trinity University
Reclaiming Nature: Environmental
Justice and Ecological Restoration
Edited by James Boyce, Sunita Narain, and Elizabeth Stanton, Anthem
Press, 2007.
ISBN: 9781843312352; 439 pages.
Reviewed by Amit
Basole, University of Massachusetts, Amherst
Consumer Capitalism
by Anastasios S. Korkotsides, Routledge, 2007.
ISBN: 978-0-415-37518-4; 256 pages.
Reviewed by Peter
T. Manicas, University of Hawai’i at Manoa
The New Development Economics: After
the Washington Consensus
Edited by Jomo K.S. and Ben Fine, Zed Books. 2006. ISBN
978-1-84277-643-8; 304 pages.
Reviewed by Quentin
M.H. Duroy, Denison University
Top
Heterodox
Graduate Program and PhD Scholarships
The FHTW Berlin
The FHTW Berlin (Berlin’s largest University of Applied Sciences) is
now inviting application for the next intake of our Master programme
in “International and Development Economics” (MIDE), starting on
April 1, 2009.
The programme is an 18-month full-time Master's degree programme in
"International and Development Economics" (MIDE), taught entirely in
English. Designed for students from developing and transition
countries as well as from Germany and other developed countries with
a special interest in the economic challenges facing "Third
World"-countries, the programme prepares students to work in areas
related to global economic affairs and development.
The MIDE programme has been established for students who have a
first degree in economics/business administration or in other social
sciences with a focus on economics. It is designed to enhance
understanding of development economics, the international economic
context in which socio-economic development takes place, and of key
sectors and policy areas that are relevant for developing countries,
with a particular focus on agriculture, financial institutions and
public enterprises. In order to understand the challenges of
formulating current development policies, the programme covers both
the principal theoretical debates as well as specific contemporary
examples of strategies, policies and projects.
MIDE has been accredited by the Foundation for International
Business Administration Accreditation (FIBAA).
Applications will be accepted until 30 September 2008. The MIDE
application form and further information is available on our web
page:
www.mide.fhtw-berlin.de under "Prospective Students".
Top
Heterodox
Websites and Blogs
The Society for the Development
of Austrian Economics Listserv
The Society for the Development of Austrian Economics is happy to
announce the creation of a new scholarly listserv dedicated to the
discussion of Austrian economics:
The AustrianEcon listserv is a scholarly discussion list sponsored
by the Society for the Development of Austrian Economics (SDAE). It
is devoted to the ideas of the Austrian school of economics and
related contributions to the understanding of human action and its
consequences. We aim for as broad a discussion as possible across
any disciplines or schools of thought that relate to Austrian
economics. It must be emphasized that the listserv is not a forum
for political discussion except to the degree that such issues have
a direct connection to the scholarly contributions of the Austrian
school both past and present.
Membership in the list is subject to the approval of the list
manager.
Membership will be limited to those affiliated with universities,
think-tanks, or other scholarly/intellectual organizations.
Exceptions for those not so affiliated will be granted on a
case-by-case basis at the discretion of the list manager. SDAE
members are automatically eligible for membership. You can join the
Society at http://it.stlawu.edu/sdae . You can request to join the
list by emailing the list manager Steve Horwitz at
sghorwitz@stlawu.edu .
We strongly encourage members to use the list as a vehicle for the
dissemination of their current scholarship. In particular,
discussion of working papers is a very valuable use of the listserv.
Any members wishing to make a paper available for discussion should
contact the list manager and the paper will be posed at the SDAE
website for list members to access. Austrian analyses of current
contributions to the mainstream economics literature are also
strongly encouraged as is discussion of current work in related
disciplines (e.g., evolutionary psychology, political science,
history, etc.) or traditions in economics (e.g., constitutional
political economy, public choice, or various heterodox schools etc.)
of which members might be less aware.
AustrianEcon is a _moderated_ listserv. All messages require
approval of the list manager.
Top
For Your Information
Course on
“Alternative Paradigms of Economics for Business Management”
Taught by Linda Nowakowski
Ubon Ratchatani University, Thailand
http://bba.bus.ubu.ac.th/index.php/Different_Economic_Paradigms_for_Business_Management-2008
En attendant le
prochain krach
Un article intéressant sur la finance
mathématique, largement généralisable à la macroéconomie
contemporaine.
Pour susciter le débat.
Rebonds
En attendant le prochain krach
CHRISTIAN WALTER professeur des universités associé à Sciences-Po
Paris, actuaire agrégé, membre du Cesces (CNRS Paris-Descartes)
QUOTIDIEN LIBERATION : lundi 26 mai 2008
Combien de temps devra-t-on encore attendre pour que les
établissements financiers ou bancaires installent dans leurs
processus de gestion et de contrôle des risques (de marché ou de
crédit), des modélisations probabilistes adaptées à la nature exacte
de l’incertitude affectant les variations boursières ? Combien de
pertes ou de faillites financières, combien de mises en difficultés
de sociétés de gestion d’actifs, combien de désillusions
d’épargnants abusés par des produits de gestion mal vendus ou mal
conçus, combien de licenciements d’équipes de trading sera-t-il
nécessaire de subir pour que les places financières se décident
enfin, à travers leurs instances professionnelles ou régulatrices, à
changer de génération de modèles probabilistes ?
Le plus terrible dans cette histoire récente est que des modèles
probabilistes en finance mathématique, réellement performants et
pertinents, existent depuis quelques années dans la recherche la
plus en pointe. De plus, en ce domaine extrêmement compétitif et
férocement gardé, l’école française de finance mathématique a acquis
une réputation mondiale d’excellence par ses travaux publiés dans
les meilleures revues scientifiques internationales. Mais la
résistance de nombreux universitaires américains à des modèles
certes plus pertinents mais qui présentent pour principal défaut
celui d’être non conformes à la vulgate caduque des prix Nobel des
années 1980 a pour effet d’empêcher ces modèles de pénétrer les
sphères professionnelles et les instances réglementaires
internationales.
Ce phénomène d’inertie intellectuelle est amplifié par une sorte de
mimétisme généralisé pour des modèles datés, accompagné d’une
référence (révérence ?) permanente aux productions américaines.
C’est le fétichisme du mouvement brownien (la dynamique
trajectorielle de base des modèles des années 1960), éventuellement
amendé marginalement par des innovations sans danger pour l’édifice
complet, qui continue à alimenter les pages des principales revues
scientifiques de langue anglaise.
L’orthodoxie financière tient sous sa domination forte et sans
failles les publications scientifiques, et les chercheurs européens
les plus innovants ne peuvent accéder à ces revues que dans la
mesure où ils valident, au moins implicitement, les hypothèses
fausses des modélisations américaines. On appelle cela en histoire
des sciences un paradigme (si l’on adopte la terminologie de Thomas
Kuhn), un programme de recherche (si l’on suit plutôt la démarche
d’un Imre Lakatos), un langage performatif produisant un
encastrement cognitif selon Bruno Latour et Michel Callon, une
convention au sens de Duhem- Quine. Quelque chose qui résiste malgré
les attaques successives dont l’édifice intellectuel de la finance
mathématique orthodoxe est l’objet.
Relisons donc les philosophes : selon Quine, la science totale (et
ici, il s’agit de la finance mathématique) est «sous-déterminée par
l’expérience», en sorte que tout événement de nature expérimentale
qui contredirait les colonnes de l’édifice scientifique peut être
ignoré dans sa portée révolutionnaire : «Les bordures du système
doivent rester en ligne avec l’expérience ; le reste […] a pour
objectif la simplicité des lois» (1). Dans la finance mathématique,
les bordures du système pourraient représenter les ajustements
marginaux des modélisations browniennes, tandis que le reste ne
change pas. Quant à la «simplicité des lois», on pourrait trouver
ici les réglementations internationales et la trop fameuse norme IAS
39 (Fair Market Value) qui reposent sur des hypothèses de marché
complet, arbitré dont tous les économistes savent aujourd’hui
qu’elles sont non validées.
Prenons juste une illustration. Sait-on par exemple qu’aujourd’hui,
alors que de plus en plus d’institutions financières de gestion de
l’épargne longue sont conduites à observer qu’une diversification
maximale (conforme à celle prônée par la théorie du portefeuille de
Markowitz, consolidée par le modèle d’équilibre de marché de Sharpe
- les prix Nobel 1990) ne représente pas la meilleure composition
d’un portefeuille pour la protection de l’épargne à long terme et
que, dans certaines situations, c’est au contraire une certaine
«concentration» de titres qui serait appropriée, cette question est
quasiment taboue et interdite de débat dans les congrès les plus
prestigieux de la finance internationale. Quels que soient les
effets observés sur le couple performance - risque, le discours
dominant reste la diversification. Diversifiez votre portefeuille,
braves épargnants, ne vous souciez pas du lendemain, la fée
diversification veille sur vous, jusqu’au prochain krach…
A la question initiale posée du moment du changement de modèles,
Pierre Duhem aurait répondu : les modèles scientifiques changent «quand
les colonnes vermoulues ne peuvent plus supporter un édifice qui
branle de toutes parts». Combien de pertes faudra-t-il encore pour
que les colonnes vermoulues du temple de la finance mathématique des
années 1980 s’effondrent et pour que l’on reconstruise un édifice
qui pense adéquatement l’incertitude ?
(1) W. Quine, Du point de vue logique, Vrin, 2003.
Dernier ouvrage paru:Critique de la valeur fondamentale, sous la
direction de ChristianWalter et Eric Brian. Springer, 2007.
Why we buy what
we buy
Here's an article on behavioural economics which appeared in The
Guardian:
A shopper wants to buy some cheese, but he must decide between the
197 varieties on offer. Conventional wisdom says that such a huge
choice makes it more likely he'll make a purchase. But that doesn't
take into account human unpredictability, according to the new
discipline of behavioural economics (cont.)
http://www.guardian.co.uk/money/2008/may/20/consumeraffairs.economics
Panmure House
Project
Dear friends of the Panmure House Project,
As some of you might be aware already, the Edinburgh City Council
agreed to the sale of Panmure House to Edinburgh Business School
(which is the Graduate School of Business at the Heriot-Watt
University). As is indicated in the Council decision document
(accessible from the Project's website
http://panmurehouseproject.googlepages.com/ ), EBS intends "to
preserve and re-instate the building to reflect the lifestyle of
Adam Smith, with the necessary technological infrastructure to serve
as an educational hub." The sale is "subject to the agreement of the
Scottish Ministers" because the accepted offer is significantly
lower than the competing bid from a private developer. (The press
coverage is available at
http://panmurehouseproject.googlepages.com/presscoverage/. )
On behalf of the supporters of the Panmure House Project, I have
already expressed thank yous to the Council for making this
important decision, and I have contacted the Scottish government to
express our support for the Council's decision. We now are anxiously
waiting for the decision of the Scottish government.
It is my understanding that our campaign was taken seriously by the
Council (as reflected in the Council's document). Thank you again
for participating in this campaign and for your effort to give due
respect to Adam Smith's home and to Scottish heritage.
My personal apologies for not spreading the news earlier - this is a
busy time of the academic year, too much exam marking!
Tatiana Kornienko
Coordinator
Panmure House Project
http://panmurehouseproject.googlepages.com/
A Brave Army of
Heretics by David Warsh
http://www.economicprincipals.com/issues/2008.05.25/319.html
Among the most prescient sentences I have ever written was this one,
in 1984, in my first book, The Idea of Economic Complexity:
"Complexity is an idea on the tip of the modern tongue."
Three years later, New York Times reporter James Gleick created a
sensation in certain circles with his best-seller, Chaos: Making a
New Science (1987). Complexity, The Emerging Science at the Edge of
Order and Chaos, by Science news writer M. Mitchell Waldrop; and
Complexity: Life at the Edge of Chaos, by his editor-colleague,
Roger Lewin, two books about the Santa Fe Institute,
http://www.santafe.edu/
, a research center established near Los Alamos National Laboratory
in 1984 with National Science Foundation funding, appeared in 1992 (cont.).
Crude Oil
Prices: "Market Fundamentals" or Speculation?
by Paul Davidson, Editor, Journal of Post Keynesian Economics
In a May 12, 2008 New York Times article entitled “The Oil Nonbubble
” Paul Krugman argued there is no evidence of a speculative oil
bubble because if speculators are driving up the price of oil above
the price “justified by fundamentals”, then a market adjustment
would occur where “ drivers would cut back on their driving;
homeowners would turn down their thermostats; owners of marginal oil
wells would put them back into production ...[and the resulting]
excess supply would...drive prices back down”. Click
here
to download the paper.
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