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Issue 88: September 17, 2009


From the Editor

The breaking news is that the University of Notre Dame has decided to close down the Department of Economics and Policy Studies over the next two years. In 2003, the University decided to place the heterodox economists and other economists they did not think much of in the above Department. The then existing economics department was renamed as the Department of Economics and Econometrics and the only economists really allowed in it were mainstream economists of a very narrow sort. One of the reasons given for splitting the Economics Department in 2003 was the low ranking of the doctoral program. Recent research shows that at the time of the ‘splitting’ of the Department, the ‘heterodox-pluralist’ department had much better research productivity than the mainstream department (click here for the research). Thus, the powers at Notre Dame have opted for scholarly mediocrity over excellence. For additional information, see the following:
One of the problems facing the economists at Notre Dame in 2003 is that the conventional measures of research excellence used to rank doctoral programs discriminated against heterodox journal publications. This issue has not disappeared, for just the other day I received an e-mail from a European colleague asking me to recommend good heterodox journals. My colleague is part of a national committee that is identifying economic journals that are to be used by the state as a basis to allocate academic research funds. Because of my research, I was able to recommend some journals to my colleague and supply arguments to sustain my recommendations. If this is successful, then heterodox economists in my colleague’s country will have it a little easier when requesting research funds. This kind of issue as well as others were explored at the Bremen Workshop on Assessing Economic Research in a European Context (click here for the Report of the Workshop). Revised versions of many of the papers given at the Workshop will be given at the following conferences: 13th Conference of the Research Network Macroeconomics and Macroeconomic Policies, 2009 EAEPE Conference, and the 2010 ASSA-URPE sessions.

On a different note, in case you are interested, there is a call from the European Commission 2009/S 141-205367 - B-Brussels: consumer decision-making in retail investment services: a behavioural economics perspective (SANCO/2009/B1/011).:

One last thing regarding the ASSA. You may now register for the ASSA meetings at  Remember to tick the ASE membership box. In addition, the ASE will have its opening plenary session on Saturday, January 2, 2010. Our distinguished speaker and his topic will be:
Joseph E. Stiglitz
Homo Economics: The Impact of Economic Crisis on Economic Theory.
A reception will follow immediately after his presentation. In addition the AFEE 2010 Conference Program can be found at:

Fred Lee

In this issue:
  Call for Papers
- Fourth Conference on the History of Recent Economics
- STOREP Workshop
- History of Macroeconomics Workshop
- International Colloquium at Pierre Mandes- France University
- What is the Common?
- The International Journal of Management Concepts and Philosophy
- Rosa Luxemburg Foundation
- “The Impact of the Global Financial Crisis on Economic Reform Processes in Africa”
  Conferences, Seminars and Lectures
  - The World Economy in Crisis - The Return of Keynesianism?
- The Second Latin American Advanced Programme on Rethinking Macro and Development Economics
- History of Economics Society sessions program at ASSA 2010
- The recent developments in Post-Keynesian modeling
- L’analyse monétaire de l’économie
- Recovery towards what? Finance, justice, sustainability
- Put People First G20 Counter Conference
- Europe in Crisis: A Critique of the EU’s Failure to Respond
- Post-keynesian Analyses and Modelling
- The 4th Bi-Annual Cross-Border Post Keynesian Conference
- Center for the History of Political Economy Workshop
  Job Postings for Heterodox Economists
- Gettysburg College
- The University of Sydney
  Heterodox Conference Papers and Reports and Articles
  - Confronting the Gloves-Off Economy: America’s Broken Labor Standards and How to Fix Them
- Agri-Business for Development’: Who Really Gains?
- The Experience of Working Class Students at a Research I University
Heterodox Journals and Newsletters
  - Historical Materialism 17/1
- Historical Materialism 17/2
- History of Economics Review
- Levy News
- The European Journal of the History of Economic Thought
- Friends of Associative Economics Bulletin
- eInsight
  Heterodox Books and Book Series
  - Ideology, Absolutism and the English Revolution
- Economic Pluralism
- Kalecki's Principle of Increasing Risk and Keynesian Economics
- Money and Power: Great Predators in the Political Economy of Development
- Economic Abundance: An Introduction
  Heterodox Web Sites and Associations
  - International Rosa Luxemburg Society
  For Your Information
  - The Japanese Society for Post Keynesian Economics
- 2009 EAEPE Conference Program
- How Did Economists Get It So Wrong?
- New Supplemental Material for Microeconomics in Context and Microeconomics in Context

Call for Papers

Fourth Conference on the History of Recent Economics
3-5 June 2010
École normale supérieure de Cachan

The Second World War and its aftermath marked a major stage in the establishment of economics as one of the dominant discourses in contemporary societies. The spread of economic ideas into many areas of social life invites mutually profitable engagements between historians of economics and historians of other social sciences economists. It also presents great potential for those working on the history of economics to broaden their audience beyond those that they have traditionally addressed.
The past decade has been witness to a surging interest in the history of economics post-WWII. This new scholarship has made good use of newly available source-materials, rehearsed new methodologies for the study of the past and looked across disciplinary boundaries for insights. The first three HISRECO conferences offered wide-ranging samples of this work. For the fourth consecutive year, we are inviting submissions of papers on the post-WWII era. Papers that deal with the period leading up to this may be considered, but only if they shed significant light on subsequent developments. Though all proposals will be carefully considered, our preference is for papers that place post-war economics in a broader context, whether this is parallel developments in other social sciences, politics, culture or economic challenges. To this end, we solicit proposals from scholars trained in history, economics, sociology, or any field that may yield insights. Proposals from doctoral students and junior researchers are actively encouraged.
If you are interested in participating, please submit a proposal containing roughly 500 words and indicating clearly the original contribution of the paper (if you have a draft of the paper, we would be happy to see that as well). The deadline for the submission of paper proposals is 30 September 2009. Notice of acceptance or rejection will be sent by 15 November 2009 and completed papers will be due on 1 March 2010 so that we can provide feedback and then give discussants time to prepare worthwhile comments.
The organizing committee consists of Roger Backhouse (University of Birmingham), Philippe Fontaine (École normale supérieure de Cachan and Institut universitaire de France), and Tiago Mata (University of Amsterdam).
Proposals should be sent electronically to
For further information about the conference please contact Philippe Fontaine.

STOREP Workshop

(Associazione Italiana per la Storia dell'Economia Politica) "Alternative Approaches to the Building of Economic Dynamics in the Years of High Theory"
Collegio S. Chiara, Università di Siena
December 18-19, 2009

Organizers: Massimo Di Matteo and Franco Donzelli

The aim of the workshop is to assess the state of the art about the birth of economic dynamics in the interwar period. The debate around the topic is still open as many strands of thought have been competing in those “years of high theory” to gain full acceptance by economists.

Scholars interested in presenting a paper are invited to send an abstract to  and  before October 15th, 2009. Acceptance will be communicated by October, 31st, 2009.

The following have already guaranteed their participation: Michel De Vroey (Université Catholique de Louvain), Pierangelo Garegnani (Università di Roma 3), Marji Lines (Università di Udine), Alfredo Medio (Università di Udine), Luca Pensieroso (Université Catholique de Louvain), Alessandro Vercelli (Università di Siena), Massimo Di Matteo (Università di Siena), Franco Donzelli (Università di Milano).

Organizers are contacting editors of a few journals in the field to explore the possibility of having a special issue devoted to the workshop.

Further information at:

History of Macroeconomics Workshop

6 March, 2010
Université de Paris 1 (PHARE),
Université de Paris VIII (LED), Université de Paris X (ECONOMIX),
Call for papers
Deadline: September 30, 2009
The current financial crisis has turned once again income distribution into a central issue within both teoretical economics and economic policy debates. Ongoing discussions are based on lines of research, which have recently gone through an important theoretical renewal. The objective of this meeting is to draw together economists and historians of economics working in the field of income distribution. Our hope is that, by confronting important pioneering contributions like those of Dunlop, Goodwin, Harrod, Kaldor, Kalecki, Keynes, Minsky or Tarshis with new and recent theoretical developments, this meeting would encourage more systematic inquiries into the subject and open up new perspectives. Contributions could address issues related to
? Post Keynesian contributions on growth and cycles in which income distribution is linked to class conflicts (A. Bhaduri (2006)).
? Models which have sought to revive « Keynesian » discussions on aggregate instability by circumventing the central Real Business Cycle postulate of a large number of identical immortal
agents (M Woodford 1988, 1989).
? Models of imperfect competition (O. Blanchard and F. Giavazzi (2003)) linking income distribution with the mark-up determinants established by the market power of firms and the bargaining power of workers. Focusing on the complex interactions between deregulation on the labour product markets, this approach raises new political issues, especially linked to the ambiguous effects of de-unionization on employment.
? The New Growth Theory ((P. Aghion et al (2002)) seeking to establish a twofold relationship between growth and income distribution: the impact of growth on income distribution and the impact of income distribution on growth. Recent discussions based on these questions have dealt with the stabilising/destabilizing effect of income distribution policies.
? Models of coordination failures based on the existence of strategic complementarities (R. Cooper and A. John (1988)). Raising the possibility of multiple equilibria, these studies attempt to discuss the central role played by distribution effects on the impact of macroeconomic policies.
Contributions could also address issues related to the Neo Ricardian and Marxian approaches. The meeting will take place in Paris on March 6, 2010. The deadline for submitting abstracts in English or French is September 30, 2009. Abstracts should be about 100-200 words in length and
sent by email to :
Michaël Assous
Université de Paris 1 (PHARE)
106 - 112 boulevard de L'Hôpital
75647 Paris cedex 13
Local Organizers:
Michaël Assous, PHARE, Université de Paris 1, France.
Carlo Benetti, ECONOMIX, Université de Paris X, France.
Alain Béraud, THEMA, Université de Cergy-Pontoise, France.
Jérôme de Boyer, PHARE, Université de Paris IX, France.
Antoine Rebeyrol, ECONOMIX, Université de Paris X, France.
Goulven Rubin, LED, Université de Paris VIII, France
Scientific Committee:
Bruno Amable, CES-Matisse, Université de Paris 1, France.
Richard Arena, GREDEG, Université de Nice, France.
Michaël Assous, PHARE, Université de Paris 1, France.
Carlo Benetti, ECONOMIX, Université de Paris X, France.
Alain Béraud, THEMA, Université de Cergy-Pontoise, France.
Muriel Dal-Pont Legrand, GREDEG, Université de Nice, France.
Rodolphe Dos Santos Ferreira, BETA, Université de Strasbourg, France.
Amitava Dutt, University of Notre Dame, USA.
Alain Raybaut, GREDEG, Université de Nice, France.
Antoine Rebeyrol, ECONOMIX, Université de Paris X, France.
Goulven Rubin, LED, Université de Paris VIII, France

International Colloquium at Pierre Mandes- France University

Monetary analysis
About Marchands, salariat et capitalistes
Pierre Mendès-France University / Grenoble II, France
April 15th-16th 2010
In Marchands, salariat et capitalistes (1980), Carlo Benetti and Jean Cartelier propose a monetary analysis of market economies, namely, an analysis wherein money is an integral part of the economic process. As unit of account, money allows economic magnitudes to be expressed. As means of payment (expressed in terms of a unit of account), money allows the transactions involved by such magnitudes to be executed. Unit of account and means of payment are no longer some “functions” added as an afterthought, but the basic properties of any market economy. Such monetary analysis stands in sharp contrast with the usual approach in economics, wherein goods, rather than money, are seen as the point to start any economic analysis. This is the result of an (often implicit) assumption, namely, the nomenclature. Nonetheless, monetary analysis is shared by only a minority of economists, so that it remains too much unexplored. At the same time, the specific contribution of Marchands, salariat et capitalistes to monetary analysis has not yet been discussed thoroughly, thirty years after its publication. This colloquium aims at examining monetary analysis in general, while being interested in Marchands, salariat et capitalistes in particular. Papers might address the following topics:
_ The nature and role of money, the opposition between the “real” and “monetary” spheres.
_ Credit, finance, the banking system and the financial markets.
_ Dependence and the wage relationship.
_ Value, pricing and distribution within a monetary economy.
_ Equilibrium, disequilibrium, circulation, crisis and viability.
_ The philosophical implications of monetary analysis.
The colloquium will take place at Pierre Mendès-France University / Grenoble II (France), on April 15th-16th 2010. 20 minute-length papers will be followed by a 10 minute-length comment, then by a discussion. A round-table with Carlo Benetti and Jean Cartelier, attending the colloquium, is also planned. Conference language is French. Interventions in English and Spanish are also allowed.
Selected papers will be published within an economic review.
Please send an abstract (500 words) to: 

What is the Common?

An International Conference

10-11 October 2009
University of Gothenburg
Submission deadline: September 5

David HarveyYitzhak LaorJacques RancièreAntonio Negri
The list of keynotes may be subject to changes

New Sessions
• The Iranian Revolution 30 Years Later
• Constructing the Common in Contemporary China
• Conflictual Democracy and Institutional Production of Space

In the shadow of the global crisis of capitalism, the common, somehow obliterated in the recent past, has emerged as an indispensable and central notion. The conference addresses this notion both as a real movement and as an already present horizon, a dynamic principle, for societal life. It is a critical topic today, not only because the public, administrated by the state, is reduced to expendable assets for regulating a supposedly self-regulating machine called Market, but more importantly because the emerging forms of the common impose themselves with an unprecedented acuity and in opposition to the doxa of the private property.

The common refers not only to primary resources, such as water or ecological conditions on a planetary level, but it is at the same time a political force that traverses diverse fields of tension such as art and culture, law and gender relations. The question "What is the Common?" is addressed as a real agenda that conditions the thought. The conference is a program that extends over 4 years. Each year will treat two themes. The conference 2009 will welcome papers related to the following two axes:

1. The Common and the Economy
Which are the specific emerging forms of the common today and what defines its relation to the material conditions of production of values in contemporary capitalism? Under this axis, both theoretical discussions and case-specific investigations in areas such as autonomous popular organisations, regional movements or global changes in one specific economic sector are welcome.

2. The Philosophical Understanding of what the Common Is
The common has since Plato's Republic been a central question for the philosophical thinking. What is the relation or non-relation between the common and the totality of social relations? In which form and based upon what ontological or existential categories does it emerge? What is the difference between the common as the name of a real movement and the nostalgies of the return to a simple life?

Submission Guidelines
We are welcoming papers from all disciplines regardless academic affiliation or other background. All Interested researchers are required to submit an abstract of no more than 500 words, not later than September 15. Submissions via email must be in MS Word, RTF, or PDF format. Presentations will be given in English. Presenters will each be given 30 minutes for their presentation, followed by a 15 minutes discussion with the floor. Each session will be appointed a chair. Please specify if you are interested to chair a session. Number of sessions are limited to 8. If accepted, you will be required to provide a complete version of your 10-15 page double-spaced paper by January 1, 2010. Your abstract should not include your name, but do include the following on a separate page: Name, paper title, affiliation (university, other), email address. Submissions should be sent either by electronic mail to:  or as a paper copy to: Sylva Frisk, School of Global Studies, University of Gothenburg, Box 700, SE-405 30 Goteborg, Sweden.

About the Organization
The conference is organized upon an original proposal by Dr Dariush Moaven Doust. He is also responsible for the organization of the conference and the head of the Scientific committee in which Tomas Jonsson, researcher at CEFOS, Professor emeritus Sven-Eric Liedman, History of Ideas, Professor Lennart Nilsson, CEFOS, Professor emeritus Jan Ling, Sylva Frisk, Director of Studies at the School of Global Studies participate. The host for the conference is the School of Global Studies, Faculty of Social Sciences.

The International Journal of Management Concepts and Philosophy

Call for critical papers on business and management

The International Journal of Management Concepts and Philosophy is a peer reviewed journal looking at business and related issues that over the last couple of years under my de facto editorship has tried to provide a home for more radical pieces from academics working in an otherwise hostile environment in business and related areas. We are increasing our number of issues and welcome more papers from critical scholars which engage with some of the establishment pieties that appear in business and management. We are open to both theoretical pieces and the use of empirical case studies to deconstruct and attack bigger concepts. Past contributors have included Jane Hardy looking at how the rhetoric of knowledge transfer can be a mask for exploitation of companies that are taken over; Ben Selwyn critiquing supply chain literature for ignoring social relations and showing how bottlenecks in the supply chain can aid effective workers action; Chris Yuill detailing some of the debate about health and work and alienation; Gareth Dale and others taking apart the talk of green shift in business; Rachel Aldred attacking the misuse of qualitative research methods to support state policy and so on.

We have also rescued some papers that have been circulating in samizidat including Hugo Radice's paper on how the higher education system in the UK has come to mirror elements of the old USSR. We have recently published an excellent piece by Colin Barker on 'Industrialism, capitalism, force and states: some theoretical and historical issues', carved out of one his many unpublished papers and available from me on request.

Anyone on the HM list who might wish to submit a piece is invited to e-mail me and I will get back with an idea of whether it might be suitable. The journal website is
Ignore the outdated editorial discussion and be guided by the last issues of volume 2 and volume 3 in terms of the approach we now encourage.

Mike Haynes

Rosa Luxemburg Foundation

Call for contributions

The Global Crisis and Africa: Struggles for Alternatives

A conference organised by the Rosa Luxemburg Foundation in cooperation with its partners in Africa to be held in Johannesburg, South Africa from 19-21 November 2009

While the current world economic crisis in its complexity is unprecedented, crises are inherent to capitalism and more often than not the South has borne the brunt of these crises. For the first time in history however a crisis in the financial markets and its repercussions in the real economy have
coincided and mingled with a socioecological crisis which stand to seriously affect the basic living conditions of mankind. Emerging from the financial crisis in the US, it has been raging through the G8 countries and is now extending its impact to all corners of the world, including Africa.

Much can and will be said about the negative effects of the crisis on Africa; however the conference will approach it from the angle of the search and struggle for alternatives.
What different alternative responses have been or are being developed; for example an Ecological Solidarity Economy, Economy of the Commons,
Ecological Socialism, Marxist instead of Keynesian concepts, a different global financial system? What struggles are being fought already and how can we better link these struggles in pursuit of such alternatives?

The conference will be structured along these lines:
1. Which basic tenets have to be changed?
2. Spaces of alternatives & sites of struggle
3. Linking struggles

The conference aims at linking the local, national and global quest for alternatives by social movements, NGOs,trade unions, political parties both in North and South and other global actors.

While we want to offer enough space for different issues and interests of the respective participants the focusduring the conference itself will be on crucial, overarching problems with the ultimate aim of developing common strategic perspectives for the left in both South and North.

The conference will bring together contributions from union, socials movement and NGO activists as well as academics. Participants are therefore kindly invited to send in contributions on any of following themes.
• the impact of the present crisis (e.g. in the areas of food production and food prices, energy, climate, trade/production, debt and development aid)
• responses by various stakeholders in both North and South
• overall utopian views like an economy of the commons, climate justice, food security, de-globalisation;
• critical analysis of reactions to the crisis like the G-20, the UN Stiglitz Commission, the EU EPA negotiations, the New Green Deal, the new role of the BRIC states.

Contributions might be traditional academic papers, but any other forms (statements, petitions, video, audio etc.) are more than welcome. Registered participants will be informed about the detailed programme in due course.

Registration and offering of contributions are requested before 25th October 2009.

For more information please contact the office of the Rosa Luxemburg
Foundation in Johannesburg, South
Africa by e-mail:  or  or at the
Berlin Office:

“The Impact of the Global Financial Crisis on Economic Reform Processes in Africa”

Call for papers for an international workshop at Bremen University of Applied Sciences,
Faculty of Business and Economics, Bremen (Germany)

“The Impact of the Global Financial Crisis on Economic Reform Processes in Africa”

Date and Venue: January 28 – 29. 2010, House of Science, Bremen, Germany

The impact of the Global Financial Crisis (GFC) on the African economies is not only a concern to researchers in development economics but also to the policy makers in the region who have been engaged in economic reforms.

The workshop will provide a forum for leading scholars, experts, and policy makers to present papers on the impact of the global financial crisis on the socio-economic environment in sub-Saharan countries and contribute to the development of coping strategies. Of particular concern are the different consequences of the global financial crisis on countries with varying approaches to economic reforms.

The workshop will be organized around a number of themes on the following broad issues:

(1) Is Africa at another political and economic crossroads? What are the opportunities and dangers of policy reversals in the face of the GFC?

(2) What has been the impact of different kinds of governance on financial stability? Which macro-economic policies can be used to overcome the crisis in Africa?

(3) What has been the impact of the GFC on Africa's external economic relations in different types of African economies with regard to their opening up to the world markets (esp. export performance, capital imports, and migration)?

(4) How have economic reform processes affected social cohesion and what are the respective social consequences of the GFC, especially regarding poverty alleviation and the MDGs?

(5) Which has been the role of International Financial Institutions during and after the crisis? What are the repercussions of an aggravating financial, economic, and social crisis in Africa on the world economy?

The workshop welcomes papers based on theory, applied research and case studies from all fields of economics and social sciences.

To submit a topic, please send an abstract of up to 300 words and a bio note of up to 100 words by October, 18th 2009 to the organizers. We will inform you immediately as to whether the proposed topic corresponds with the general framework of the workshop and in this case would ask you to send a full paper of around 15 to 20 pages by January 15, 2010. Presentation is scheduled for 15 to 20 minutes. No participation costs for accepted presenters.

*All accepted and presented papers will be published in the African Development
Perspectives Yearbook.

Organizers: E-Mail address
Dr. Joy Alemazung
Prof. Dr. Hans H. Bass
Dr. Tobias Knedlik
Dr. Osmund Uzor (co-ordinator)


Conferences, Seminars and Lectures

The World Economy in Crisis - The Return of Keynesianism?

Berlin, 30-31 October 2009.
Please find attached a registration form as well as a first preliminary programme for the 13th Conference of the Research Network Macroeconomics and Macroeconomic Policies (FMM) on "The World Economy in Crisis - The Return of Keynesianism?", Berlin, 30-31 October 2009.
If you would like to participate in the conference, please return the completed registration form to Christiane Borsch ( ) by 12 October. Alternatively, you can also register online:  The deadline for reservation of a hotel room in the conference hotel is 21 September.
Please do register formally, even in case you have already confirmed your attendance by email.
Note that travelling and hotel costs cannot be covered, but there are no conference fees and lunch and dinner are free.
We are looking forward to seeing you all in Berlin!

The Second Latin American Advanced Programme on Rethinking Macro and Development Economics

Hosted by São Paulo School of Economics FGV/SP
with support from FAPESP and Ordem dos Economistas do Brasil
11 January – 15 January, 2010
Fundação Getúlio Vargas, São Paulo, Brazil
The programme is mainly intended for young academics. This year’s lecturers whose participation are confirmed are, Gabriel Palma (Cambridge University), Ha-Joon Chang (Cambridge University), Jomo, K.S. (Assistant-Secretary General, UN), Jose Antonio Ocampo (Columbia University), Jan Kregel (Univ. of Missouri, Kansas City), Yoshiaki Nakano (São Paulo School of Economics) and Luiz Carlos Bresser-Pereira (São Paulo School of Economics). Applications, including a CV, transcripts, and a letter of recommendation, should be sent, with a covering letter, to Dr. Luiz Carlos Bresser- Pereira, Course Director, LAPORDE, São Paulo School of Economics, Rua Itapeva n. 474, 13andar, 01332-000, São Paulo, SP, Brazil. All documents, with the exception of the recommendation, should arrive in Sao Paulo by 10th November, 2009.
Candidates will be notified of the results by the beginning of December. Please note that we are not able to accept any faxed or electronic documents, with the possible exception of the letter of recommendation. For the details, please refer to the pages sent out with this poster. Please contact Paulo Gala ( ) through email for further inquiries.

History of Economics Society sessions program at ASSA 2010

Jan. 3, 10:15 am, Atlanta Marriott Marquis, M105 HES The Integration of Micro and Macroeconomics From a Historical Perspective (B2)

Presiding: JOHN DAVIS, Marquette University PEDRO GARCIA DUARTE, Universidade de Sao Paulo - Not Going Away:
Representative-agent Model and Microfoundations in Recent Macroeconomics D. WADE HANDS, University of Pudget Sound - The Rise and Fall of Walrasian Economics: the Keynes Effect KEVIN D. HOOVER, Duke University - Microfoundational Programs PHILIP E. MIROWSKI, Notre Dame University - How Cowles Neutered Keynes and Laid the Groundwork for Neoclassical Macroeconomics
Discussant: PERRY MEHRLING, Barnard College

Jan. 3, 12:30 pm, Atlanta Marriott Marquis, M105 AEA/HES Complexity in the History of Economic Thought (B2)

Presiding: MAURO BOIANOVSKY, Universidade de Brasilia J. BARKLEY ROSSER JR., James Madison University - Chaos Theory Before Lorenz JOHN B. DAVIS, Marquette University - The Emergence of Agent-based Modeling in Economics PHILIP E. MIROWSKI, Notre Dame University - Complexity as Excuse versus Complexity as Inspiration DAVID COLANDER, Middlebury College, CASEY ROTHSCHILD , Massachusetts Institute of Technology - The Sins of the Sons of Samuelson
Discussants: WADE HANDS, University of Pudget Sound ELIAS KHALIL, University of Richmond JUDY KLEIN, Mary Baldwin College MICHAEL MAKOWSKY, Towson University

Jan. 4, 10:15 am, Atlanta Marriott Marquis, M107 HES 100 years of Walras's Death (B3)

Presiding: WADE HANDS, University of Pudget Sound MICHEL DE VROEY, Universita Catholique de Louvain - Marshall and
Walras: Incompatible Bedfellows?
FRANCO DONZELLI, Universita degli Studi di Milano - Edgeworth versus Walras on Equilibrium and Disequilibrium ALAN KIRMAN, Groupement de Recherche en Economie Quantitative d'Aix-Marseille - Walrasian Theory: The Starting Point for a Journey Down the Wrong Road?
PASCAL BRIDEL, Universita de Lausanne - The Normative Origins of General Equilibrium Analysis
Discussants: JEAN PIERRE POTIER, Universita Lumiere Lyon 2 DAVID COLANDER, Middlebury College CASEY ROTHSCHILD, Massachusetts Institute of Technology

Jan. 4, 2:30 pm, Atlanta Marriott Marquis, M107 HES Financial Crises and the History of Economic Thought (B1)

Presiding: SANDRA PEART, University of Richmond PERRY MEHRLING, Barnard College - New Lombard Street THOMAS HUMPHREY, Federal Reserve Bank-Richmond - The Lender of Last Resort in the History of Economic Thought SANDRA PEART, University of Richmond, DAVID LEVY, George Mason University - Economists, Cartoons and Crises
Discussants: KEVIN D. HOOVER, Duke University BENJAMIN FRIEDMAN, Harvard University


Vous trouverez ci joint le programme du colloque international de Paris Nord sur la modélisation post keynésienne.

Il aura lieu les 20 et 21 novembre 2009 et est organisé notamment par les membres de l'ADEK de Paris Nord.

The recent developments in Post-Keynesian modeling

Dear colleagues and friends,

The task group “Post-Keynesian analyses and modeling” of the Centre d'Economie de Paris Nord is happy to announce its first conference on “The recent developments in Post-Keynesian modeling.” It will take place on November 20th and 21st 2009 in Paris.

The attendance is fully free, and we would be happy to see you at this conference. However, because of space constraints, the number of persons who can attend the symposium will be limited. Therefore, if you would like to come to this conference, please try to register as soon as possible.

Further information about the programme of the conference and how to register is attached.

L’analyse monétaire de l’économie

Autour de Marchands, salariat et capitalistes
Université Pierre Mendès-France / Grenoble II, France
15-16 avril 2010

Recovery towards what? Finance, justice, sustainability

Friday, November 6
9:00 - 19:30
Congress Centre, London
An exciting and timely one-day conference on 6 November in London exploring the policy issues related to global finance and its role in both developed and developing countries. It brings together experts, researchers, practitioners and civil society to discuss how to reshape finance so that it contributes to a just and sustainable economy. To stimulate a genuine debate, it has not only plenary sessions but also two breakout sessions to facilitate small group discussions.

Register now:
Places are limited so registration is advised. To register to attend please visit

The event is co-sponsored by ActionAid, The Bretton Woods Project, Friends of the Earth, new economics foundation, Research on Money and Finance, and the Trade Union Congress. This event is being organised with the financial assistance of the Ford Foundation and the European Union. The event is the sole responsibility of the organisers and can under no circumstances be regarded as reflecting the position of the funders.

Put People First G20 Counter Conference

Saturday, November 7
10:00 - 17:30
Central Hall Westminster, London

Making the links between the economy, decent work, the environment and the global fight against poverty.

Setting an agenda for the future

The Put People First G20 Counter Conference is one of two alternative G20 conferences being held simultaneously in London and St Andrews on November 7th to coincide with the G20 finance ministers meeting on 7th-8th November.

Over three plenary sessions we invite activists, campaigners, unions, thinkers, policy makers and the interested public to debate alternative policies to promote jobs, justice and a safe climate. Smaller breakout sessions will give you the opportunity to take part in more focused debates on the linkages between the economy, environment and international development and in addition, discuss how we can mobilise and turn our ideas into action.
Register now
Places are limited so registration is advised. To register to attend please visit

Europe in Crisis: A Critique of the EU’s Failure to Respond


15th Annual Workshop
European Economists for Alternative Economic Policies in Europe (EuroMemorandum Group)
25 – 27 September 2009
With the Institute for International Political Economy
Berlin School of Economics & Law, 50-51 Badensche Strasse, 10825 Berlin
Friday, 25 September
3.00 – 3.30 Arrival & Registration
3.30 – 5.30 Plenary: The State of the Union
Chair: Marica Frangakis, Athens
The Political Situation (John Palmer, London)
The Economic Situation (Trevor Evans, Berlin)
5.30 – 6.00 Coffee Break
6.00 – 7.00 The Ecological Situation (Frieder Otto Wolf, Berlin)
7.30 Dinner
Saturday, 26 September
9.30 – 1.00 Workshops
Macroeconomics, finance and the crisis
Coordinator: Trevor Evans (Berlin)
The crisis and its social impact
Coordinators: Diana Wehlau (Bremen) & Mahmood Messkoub (The Hague)
The EU and the crisis in the regions
Coordinator: Miren Etxezarreta (Barcelona)
Capitalism, ecology and restructuring
Coordinator: Frieder Otto Wolf (Berlin)
1.00 – 2.00 Lunch 2.00 – 4.00 Special Plenary: Gender & Alternative Economic Policies
Chair: Anne Karrass (Berlin)
Friedericke Maier (Berlin), Gender & Economic Policy
Margareta Kreimer (Graz), Flexicurity and gender
Marcella Corsi (Rome), Women and Microcredit
4.00 – 4.30 Coffee break
4.30 – 6.30 Plenary: A progressive response to the crisis
Chair: Trevor Evans (Berlin)
Input from workshops
Sunday, 27 September
9.30 – 12.00 Business Meeting
Papers and other details will be posted as they become available on 
If you would like to participate in the workshop, please send an Email to Jacqueline Runje ( ).

Post-keynesian Analyses and Modelling

Dear colleagues and friends,

The task group "Post-keynesian analyses and modelling" is very pleased to announce the next post-keynesian seminars that will take place in 2009-2010 at the CEPN in Paris 13.

- Friday, October 9th : Laurent Cordonnier (U. of Lille I, France).
- November : Mark Setterfield (Trinity College, USA) : between Nov. 17th and Nov. 19th.
- Friday, January 22nd: Till Van Treek (IMK, Berlin) and Thomas Dallery (U. of Lille I, France).
- Friday, March 26th : Mark Hayes (Cambridge University, UK).
- April: Gennaro Zezza : one Friday in April; precise date to be determined later.
- Friday, May 27th: Srinivas Raghavendra (National U. of Ireland, Galway).

Attendance to all these seminars is free, and you would be very welcome. Further information on the CEPN's website:

The 4th Bi-Annual Cross-Border Post Keynesian Conference

- CFP2

Call for Participants
The 4th Bi-Annual Cross-Border Post Keynesian Conference will be held at Buffalo State College on October 9-10, 2009. We have organized a keynote session and 14 sessions around the general theme of “Financial Crisis and Reform.” (see the program). Post Keynesian/Heterodox scholars and experts from various institutions and countries will present fresh and realistic insights on the ongoing global financial crisis.

We cordially invite scholars, policy makers, students, practitioners, the public who are concerned about current economic situations and future prospects.

Conference Venue:
Burchfield Penny Art Center
Buffalo State College
1300 Elmwood Avenue
Buffalo, NY 14222

Directions to BPAC and floor plan.

Adam’s Mark Hotel
120 Church Street
Buffalo, NY 14202

Hotel reservation must be made by September 17, 2009 to receive the discounted rate at $115 per night. Make a reservation on-line here. Or you can call the Hotel to make reservations at (716) 845-5100 (please mention that you are attending “Buffalo State College, Post Keynesian Conference”)

Center for the History of Political Economy Workshop

Below is the Center for the History of Political Economy Workshop Schedule for Fall 2009.
Workshops are held on select Fridays in Room 327 of the Social Sciences Building, Duke University, and begin at 3:30 p.m. The schedule so far is as follows:

September 4 ¬ Avner Offer, All Souls College, University of Oxford ¬ “The Economy of Obligation ¬ Contract Ambiguity and the Welfare State” (This workshop is co-sponsored by the Duke Economic History group.)

September 18 ¬ Kevin Hoover, Duke University ¬ “Microfoundational Programs”

October 9 ¬ D. Wade Hands, University of Puget Sound ¬ “The Rise and Fall of Walrasian Economics: The Keynes Effect”

October 16 ¬ Béatrice Cherrier ¬ Ecole normale supérieure de Cachan ¬ “Building Economists’
Identity: The ‘Economics and the Behavioral Science’ Survey of the Ford Foundation, 1952”

November 6 ¬ E. Roy Weintraub ¬ Duke University ¬ “Lionel McKenzie Redux”

November 20 ¬ Jeremy Shearmur ¬ Australian National University ¬ “Further Thoughts on Hayek’s Abuse of Reason Project”

December 4 - Maria Pia Paganelli ¬ Yeshiva University ¬ “The Same Face of the Two Smiths: Adam Smith and Vernon Smith”


Job Postings for Heterodox Economists

Gettysburg College

Economics (Macroeconomics and Monetary Economics) Tenure-Track
Gettysburg College Location: Gettysburg, PA
Faculty - Liberal Arts - Economics
Posted: 09/03/2009
Application Due: 12/01/2009
Type: Full Time
The Department of Economics announces a search for a tenure-track position at the assistant professor rank, effective August, 2010. Applicants must have research and teaching interests in macroeconomics. We are especially interested in candidates who can also contribute to the department's depth in Political Economy, International Economics, or Development Economics. Candidates should hold a Ph.D. in Economics by the time of appointment and demonstrate potential for strong teaching and significant accomplishments in research. To support faculty in their research endeavors, Gettysburg College offers a five-course teaching load per year, a pre-tenure sabbatical program, generous travel allowances, and financial support through competitive grants.

Gettysburg College is a highly selective liberal arts college located within 90 minutes of the Baltimore/Washington metropolitan area. Established in 1832, the College has a rich history and is situated on a 220-acre campus with an enrollment of over 2,600 students. Gettysburg College celebrates diversity and welcomes applications from members of any group that has been historically underrepresented in the American academy. The College assures equal employment opportunity and prohibits discrimination on the basis of race, color, national origin, gender, religion, sexual orientation, age, and disability.

Priority will be given to applications received by December 1, 2009. Send a letter of application, curriculum vitae, a sample of current research, and three reference letters (at least one addressing teaching ability) to: Tenure Track Search Committee, Economics Department, Box 391, Gettysburg College, Gettysburg, PA 17325. Electronic submissions are encouraged and may be sent to Sue Holz at Include Tenure Track Search in subject line.
Application Information
Postal Address: Tenure Track Search Committee
Economics Department
Gettysburg College
300 North Washington Street
Box 391
Gettysburg, PA 17325
Phone: (717) 337-6670
Fax: (717) 337-6638
TDD: (717) 337-6833
Email Address:

The University of Sydney

Lecturer in Political Economy – Academic Level B (3-Year Fixed Term)

School of Social and Political Sciences
Faculty of Arts
The University of Sydney, Australia
Reference No. 469/0809

- Join the fast expanding School of Social & Political Sciences
- Australia’s top rated Faculty in the arts and humanities
- A competitive academic salary is available

The University of Sydney is Australia's premier University with an outstanding global reputation for academic and research excellence, and employs over 6,800 permanent staff supporting over 46,000 students.

The University of Sydney’s Faculty of Arts has a proud history and tradition of intellectual rigour. It offers one of the most comprehensive and diverse range of humanities and social science studies in the Asia Pacific region, and a vibrant research and teaching environment. It is regularly ranked in the top 20 Arts faculties in the world.

The School of Social and Political Sciences (SSPS), composed of the departments of Anthropology, Government and International Relations, Political Economy, Sociology and Social Policy, and Peace and Conflict Studies, offers innovative degrees at undergraduate and postgraduate level that attract the very best students from Australia and overseas.

SSPS is the focus for the strategic development of the social sciences at Sydney with a view to our becoming Australia’s leading centre for research and teaching in the area. The current recruitment round represents a further major investment in the School after the addition of twelve academic positions last year, including three full professors.

Applications are invited for a full-time fixed-term position for a Lecturer in Political Economy to commence in 2010 within the School of Social and Political Sciences in the Faculty of Arts.

The Department of Political Economy at the University of Sydney is concerned with a critical perspective on economic theories, engaging Marxian, classical and neoclassical, Keynesian and post-Keynesian, institutional and feminist economic theories. The Department is also concerned with analysis of the social foundations of economic activity, globalisation, economic development, class, gender and economic policy. Interdisciplinary links to other social sciences are actively sought.

Candidates should have a PhD or equivalent in political economy, economics or closely related field and the potential to publish in leading international and national journals. Preference will be given to those with an established track record of high quality research publications. Evidence of teaching ability and experience is also important, including potential to supervise honours and higher degree research students and contribute to curriculum development. Applications are particularly sought from people with expertise in economic theory, international political economy and development.

This position is a full- time fixed term appointment of 3-years, subject to the completion of a satisfactory probation period for new appointees. Membership of a University approved superannuation scheme is a condition of employment for new appointees.

Remuneration package: a competitive remuneration package is available consisting of a Level B salary range (A$76,250 - A$90,546); plus leave loading and up to 17% employer’s contribution to superannuation.

All applications must be submitted online. To be considered applicants must respond to selection criteria; to do so complete your responses on the online application form. Please note that resumes need to include contact details of 3 referees.

General enquiries can be directed to Ben Whitfield on (+61 2) 9351 3682. For further information about the position, contact Dr Stuart Rosewarne, Chair, Department of Political Economy, on (+61 2) 9351 2492, e-mail:

Closing Date: 23 September 2009

For more information and to apply, please visit

The University is an Equal Opportunity employer committed to equity, diversity and social inclusion. Applications from equity target groups and women are encouraged.

Appointment is on merit; as women are under-represented at this employment level suitably qualified women are encouraged to apply.

Heterodox Conference Papers and Reports and Articles

Confronting the Gloves-Off Economy: America’s Broken Labor Standards and How to Fix Them

Edited by
Annette Bernhardt
Heather Boushey
Laura Dresser
Chris Tilly
With assistance from Scott Martelle

Published by
UCLA Institute for Research on Labor and Employment
Center for Economic Policy Research
Center on Wisconsin Strategy
National Employment Law Project

Across the United States, growing numbers of employers are breaking, bending, or evading long-established laws and standards designed to protect workers, from the minimum wage to job safety rules to the right to organize. This “gloves-off economy,” no longer confined to a marginal set of sweatshops and fly-by-night small businesses, is sending shock waves into every corner of the low-wage – and sometimes not so low-wage – labor market. What can be done to reverse this dangerous trend?

This report, based on the book The Gloves-Off Economy: Labor Standards at the Bottom of America’s Labor Market (a Labor and Employment Relations Association volume published by Cornell University Press), provides a comprehensive yet compact summary of gloves-off practices, the workers who are affected by them, and strategies for enforcing workplace standards. The editors, four prominent labor scholars, have brought together economists, sociologists, labor attorneys, union strategists, and other experts to offer varying perspectives on both the problem and the creative, practical solutions currently being developed in a wide range of communities and industries. Bernhardt, Boushey, Dresser, and Tilly and the volume’s 18 other authors combine rigorous analysis with a stirring call to renew worker protections.

The report can be downloaded at 
(To purchase a bound hard copy for $10, please contact Joanna Lukowicz, )

Agri-Business for Development’: Who Really Gains?

The Centre for Development Policy and Research is pleased to announce the publication of Development Viewpoint #36, "‘Agri-Business for Development’: Who Really Gains?—Perspectives from the Journal of Agrarian Change”. The authors, Hannah Bargawi, CDPR, and Carlos Oya, Department of Development Studies, SOAS, draw on articles in the special April 2009 issue of the Journal of Agrarian Change to provide a summary critique of the World Bank’s World Development Report 2008: Agriculture for Development. The Viewpoint criticizes the World Bank’s efforts to more closely integrate smallholder producers in developing countries with global agribusiness and debunks, within this context, the feasibility of the Bank’s supposedly progressive support for more public investment in agriculture and greater producer organisation.

Click here to download.

The Experience of Working Class Students at a Research I University

"The Experience of Working Class Students at a Research I University," by Veronica Gonzalez, a recent intern at the Center for Study of Working Class Life. Gonzalez compares the academic experiences of students from working class families with those from middle class families who entered the State University of New York at Stony Brook between 2001 and 2003.


Heterodox Journals and Newsletters

Historical Materialism 17/1

Research in Critical Marxist Theory
Volume 17 Issue 1



Marcus E. Green and Peter Ives
Subalternity and Language: Overcoming the Fragmentation of Common Sense

Henry Heller
The Longue Durée of the French Bourgeoisie

Michael Löwy
Capitalism as Religion: Walter Benjamin and Max Weber

Daniel Cho
Adorno on Education, or, Can Critical Self-Reflection Prevent the Next Auschwitz?

Reflections on ‘Gewalt’
Étienne Balibar

Massimilano Tomba
Another Type of Gewalt: Beyond Law. Re-Reading Benjamin

Guglielmo Carchedi
The Fallacies of ‘New Dialectics’ and Value-Form Theory

Christopher J. Arthur
Contradiction and Abstraction: A Reply to Finelli

Review Articles
Benjamin Noys
on Ian Parker’s Revolution in Psychology: Alienation to Emancipation and Yannis Stavrakakis’s The Lacanian Left: Psychoanalysis, Theory, and Politics

Marcel Bois
on Christian Gotthardt’s Die radikale Linke als Massenbewegung.
Kommunisten in Harburg-Wilhelmsburg 1918–1933

Tyson E. Lewis
on Peter McLaren’s Capitalists and Conquerors and McLaren and Ramin Farahmandpur’s Teaching Against Global Capitalism and the New Imperialism

Historical Materialism 17/2

Research in Critical Marxist Theory
Volume 17 Issue 2


Isaac and Tamara Deutscher Memorial Prize Lecture Rick Kuhn Economic Crisis, Henryk Grossman and the Responsibility of Socialists


David McNally
From Financial Crisis to World Slump: Accumulation, Financialisation, and the Global Slowdown

Steve Edwards
Apocalyptic Sublime: On the Third Brighton Photo Biennal

Symposium on the Global Financial Crisis Samantha Ashman Editorial Introduction

Costas Lapavitsas
Financialised Capitalism: Crisis and Financial Expropriation

Gary A. Dymski
Racial Exclusion and the Political Economy of the Subprime Crisis

Paulo L. Dos Santos
On The Content of Banking in Contemporary Capitalism

Reflections on ‘Gewalt’ (contd.)
Luca Basso
The Ambivalence of Gewalt in Marx and Engels: On the Interpretation of Balibar

Review Articles
Ian Hudson & Mark Hudson
on Gavin Fridell’s Fair Trade Coffee: The Prospects and Pitfalls of Market Driven Social Justice, Daniel Jaffee’s Brewing Justice: Fair Trade Coffee, Sustainability, and Survival, and Laura Raynolds’, Douglas Murray’s & John Wilkinson’s Fair Trade: Th e Challenges of Transforming Globalization

Richard Westra
on Pierre Bourdieu’s Firing Back: Against the Tyranny of the Market 2, Global Turbulence: Social Activists’ and State Responses to Globalization, edited by Marjorie Griffin Cohen and Stephen McBride, John Rapley’s Globalization and Inequality:
Neoliberalism’s Downward Spiral and Anti-Capitalism: A Marxist Introduction, edited by Alfredo Saad-Filho

Michele Filippini
on Alberto Burgio’s Gramsci storico

Richard Seymour
on Markku Ruotsila’s John Spargo and American Socialism

Robert Knox
On Alain Supiot’s Homo Juridicus

Historical-Critical Dictionary of Marxism Stefan Bollinger & Juha Koivisto Hegemonic Apparatus

History of Economics Review

No. 49, Winter 2009


Robert Torrens’ Theory of Profit Reconsidered Taro Hisamatsu

The Transition from Keynesian to Monetarist Economics in Australia:
Joan Robinson’s 1975 Visit to Australia
Alex Millmow

Pigou on the Minimum Wage: An Institutional Inquiry into the Labour Market Norikazu Takami

Adam Smith’s Macrodynamic Conception of the Natural Wage A. M. C. Waterman

Communications and Notes from the Archives Keynes’ Collected Writings, A Correction Richard J. Kent

‘Il est encore plus important de bien faire que de bien dire’.
A Translation and Analysis of Dupont de Nemours’ 1788 Letter to Adam Smith Robert Prasch and Thierry Warin

Review Article
The Ups and Downs of Henry George
John Pullen

Book Reviews
Richard Reeves. John Stuart Mill: Victorian Firebrand Mark Donoghue

Bruce Kinzer. J.S. Mill Revisited: Biographical and Political Explorations
Mark Donoghue

Claude Gnos and Louis-Philippe Rochon (eds). The Keynesian Multiplier J.E. King

David A. Spencer. The Political Economy of Work J.E. King

Roger Frantz (ed.). Renaissance in Behavioral Economics: Essays in Honor of Harvey Leibenstein
John Lodewijks

Geoffrey Poitras (ed.). Pioneers of Financial Economics.
Volume 2: Twentieth-Century Contributions Jan Toporowski

Levy News

The 2010 Hyman P. Minsky Summer Seminar

18th Annual Hyman P. Minsky Conference on the State of the U.S. and World Economies: Meeting the Challenges of Financial Crisis

Financial and Monetary Issues as the Crisis Unfolds

The Global Crisis and the Implications for Developing Countries and the BRICs: Is the B Really Justified?

The Unequal Burden of Poverty on Time Use

How Well Do Individuals Predict the Selling Prices of Their Homes?

From Unpaid to Paid Care Work: The Macroeconomic Implications of HIV and AIDS on Women’s Time-tax Burdens

Fiscal Policy and the Economics of Financial Balances

July 2009 Report

The European Journal of the History of Economic Thought

Volume 16 Issue 3  is now available online at

This new issue contains the following articles:


Cameralism as ‘political metaphysics’: Human nature, the state, and natural law in the thought of Johann Heinrich Gottlob von Justi
Author: Hans-Christoph Schmidt am Busch

A return to Bentham's felicific calculus : From moral welfarism to technical non-welfarism
Author: Antoinette Baujard

Why John Stuart Mill should not be enlisted among neoclassical economists
Author: Dimitris Sotiropoulos

Frank H. Knight, pragmatism, and American institutionalism: A note
Author: Luca Fiorito

Keynes and probability: An assessment
Author: Alessandro Roncaglia

Wassily Leontief: In appreciation
Authors: William J. Baumol; Thijs ten Raa

Book reviews

Il pensiero economico nei ducati emiliani e negli stati pontifici, dalle origini al 1848
Author: Cosimo Perrotta

Alfred Marshall
Author: Tiziano Raffaelli

From Political Economy to Economics. Method, the Social and the Historical in the Evolution of Economic Theory
Author: Alessandro Roncaglia

Fejezetek a modern közgazdaságtudományból [Chapters from Modern Economic Theory]
Author: Julius Horvath

Friends of Associative Economics Bulletin

September 2009

1) Economics at a Threshold
2) Finance and Education
3) Associate! September 2009

1) Economics at a Threshold
To what extent is the 'global financial crisis' a consequence of the way in which economics is taught? Although present circumstances have brought this question to a head it is not clear what, if anything, will change as a result. The various contributions Associate! Sep 09 address this question by asking what an economist is, what is the purpose of economics, and how should the subject be taught.

2) Finance and Education
Spiritual insight as public benefit
See here for details.
A short but comprehensive course concerning finance and education, with particular reference to the Waldorf movement and Rudolf Steiner's insights in this regard.
25 October | Spiritual Sovereignty
15 November | Financial Literacy
13 December | Public Benefit
Coordinated by Dr. Christopher Houghton Budd, the course is intended for teachers and would-be teachers, school administrative staff, bookkeepers and accountants, and those responsible for governance. Conceived as professional development, it will combine conventional understandings of finance with Rudolf Steiner's approach and aims to be two-way, providing a thorough backgrounding in the topics covered, but encouraging also feedback and the sharing of experience by participants.Cost: £50 per day (£135 all three). For questions, further information and registration, please contact Anita Murphy c/o anitamurphy {at} or from the address below.
Centre for Associative Economics PO Box 341, Canterbury CT4 8GA / 01227-738207 /

3) Associate! September 2009 - Economics at a Threshold
Lead: Truth or Self? Is economics a Vocation or Profession? Joseph T. Salerno
A Sign of Our Time: Ivory Tower Unswayed by Crashing Economy.
Feature / The Future of Economics. Alan Freeman
Archive: Hayek's Lament
Glossary: B for Benefit
AE Hero: Rudolf Steiner: The Austrian Who Isn't. Mark Arnold.
Accounting Corner: Economics Perception. Daniel Osmer
The Friends of Associative Economics Bulletin provides an overview of what is going on around the world in the associative economics movement. The bulletin is viewable as a webpage at


Welcome to the 4th issue of eInsight. Our key experts summarise some of the most interesting developments and economic indicators below, providing you with useful and timely reflections on the economy as it continues to evolve and respond to circumstances. We hope you find it interesting and welcome your comments.

Major economies start to grow again

In August the GDP figures for the second quarter of 2009 were released for most major economies. Perhaps surprisingly, a number of large developed economies exited the recession, whilst the UK and US continued to contract.

On the left we present indexed GDP levels for selected advanced economies during this recession. GDP in the quarter prior to each country entering recession is indexed at 100. This allows us to directly compare the recessions in each country. In Germany and Japan, the depth of the recession has been far more severe than for the UK and US. These countries also entered recession earlier.

Read more...  Six months of rising house prices

Based on the Nationwide house price index, prices of residential property have risen every month from March to August. This 8 per cent rise has undone much of the 21 per cent fall during the crash.

However, other indices remain more tentative. Both the Halifax and Communities and Local Government measures have shown much flatter and stalled growth since the trough. Why are the measures differing?


Low supply and high demand

As discussed in the previous section, low levels of supply of houses for sale have supported prices. On the other hand, demand is growing and estate agents have reported increasing levels of enquiries.

Historically the level of mortgage approvals has been a very good predictor of house price movements around 5 or 6 months into the future. When mortgage approvals have been above 71,000 a month house prices generally rise on a year on year basis. Below 71,000 and they fall. The graph on the left shows this strong correlation – a fit that is quite impressive given that it uses monthly data.

Read more... 

Calm returning to stock markets

After a period of great volatility, stock markets are now settling back down to a more even keel. This is demonstrated by recent movements in the VIX – an index that measures traders’ expectations of the volatility of the S&P500 over the next 30 days.

In late October 2008 the VIX measure was implying that in the next 30 days volatility in the S&P500 could be almost 25 per cent. In fact, over the next 4 months the S&P500 dropped over 30 per cent.

Read more... 


Heterodox Books and Book Series

Ideology, Absolutism and the English Revolution

Debates of the British Communist Historians, 1940-1956
David Parker

Paperback, All Rights L&W
ISBN: 9781905007868
Price: £18.99

This book offers a fascinating insight into ideas in the making - a glimpse into some of the early debates inside the History Group of the Communist Party of Great Britain, whose members included Christopher Hill, Rodney Hilton and Eric Hobsbawm. The outstanding contribution to historical studies of these and other members of the group is now almost universally recognised. The debates they initiated formed the ground for academic research that is still continuing, in particular their work on the nature of English civil war and revolution in the seventeenth century, and on the development of capitalism in Britain.
This book focuses on the debates of the sixteenth- and seventeenth- century section of the group and their work on ideology and absolutism. It reproduces original documentary material - single contributions, reports and minutes - from the debates, and also includes an informative introductory essay as well as useful notes and appendices.

Economic Pluralism

Edited by Robert F. Garnett Jr, Erik K. Olsen, Martha Starr 

The leading edges of economic thinking in the early 21st century are marked by a nascent pluralism - a positive valuing of difference and complexity - regarding the nature and evolution of human behaviour and economic organization. Economic Pluralism brings these pluralist sensibilities to the fore. Its twenty original essays explore the value and difficulties of pluralism in economic theory, philosophy, institutions, and education.

These twenty original essays reflect the maturity and breadth of pluralist scholarship in economics today. The first eight chapters (including essays by Tony Lawson, Diana Strassmann, Frederic Lee, and David Colander) stake out contentious positions on how and why pluralism matters in economic inquiry. The remaining chapters explore the meaning and consequences of pluralism in economic education, institutions, and policies.

This volume provides a unique "second generation" discussion of pluralism in economics. Its twenty original essays include contentious disagreements about where and why pluralism matters in economic inquiry as well as creative explorations of pluralism and its consequences in economic systems and in graduate and undergraduate economic education. It is certain to spur further debate over the scope and value of economic pluralism for the 21st century. This volume would be of most interest as a supplementary text for graduate or undergraduate courses that include units on heterodox economics or economic philosophy.

Kalecki's Principle of Increasing Risk and Keynesian Economics

By Tracy Mott 
Price: $115.00
- ISBN: 978-0-415-08039-2
- Binding: Hardback
- Published by: Routledge
- Publication Date: 28th August 2009
- Pages: 192
About the Book
Kalecki was one of an important generation of Cambridge economists. Here, Tracy Mott's impressive book examines the relationship of Kalecki's economics to different economic areas and its relationship to major alternative schools, such as Keynes and Marx.
Mott looks at Kalecki's 'principle of increasing risk' and how it gives the way in which the reproduction and expansion of wealth can bring a coherent unity to economic analysis. In so doing, it makes sense out of the fundamental conclusions of Keynesian economics on the underemployment of labour and capital.

Money and Power: Great Predators in the Political Economy of Development

(Third World in Global Politics) (Paperback) by Sarah Bracking

Product Description
A committed, thoughtful, closely and rigorously-argued work. This book explains the most important constraints to economic development today.
An essential contribution to understanding economic 'development' in our troubled times. The most relevant analysis of how money and capitalist power reproduce poverty in today's world. --Professor Alfredo Saad Filho, Head of Department of Development Studies, School of Oriental and African Studies, University of London

Sarah Bracking exposes in meticulous and elegant detail the economic and political interests that lie behind aid. The books great strength lies in its insistence on viewing the institutions that promote and service the development industry - the Great Predators of the title - through the lens of power relations. In a strikingly original analysis, Bracking pushes explanations of the failures of development, revealing how such failures are in fact integral to the expansion of corporate power - and how the aid industry will continue to create poverty unless action is taken to bring it under democratic control. -- Nick Hildyard works with the Corner House, a UK research and solidarity group focusing on human rights, environment and development.

Our understanding of allegedly 'concessional' finance and donor credit will never be the same, what with Bracking's critique of predatory multilateral and bilateral institutions. Now that the false glow of 'Make Poverty History' has dimmed and global capital is exposed as crisis-ridden, we can get back to a rigorous political economy of finance and uneven development, of which this is a cutting-edge example. --Patrick Bond, Senior Professor, University of KwaZulu-Natal School of Development Studies, Durban, South Africa

Product Description
Sarah Bracking explores the role of governments and development finance institutions in managing the markets in which the poorest countries operate. These institutions - the 'Great Predators' - are trapping the populations of the south in a permanent cycle of austerity. Bracking examines the political economy relations between states. She shows how pseudo-public 'development' institutions retain complete economic control over Southern markets, yet the international system is itself unregulated. Operating in the interests of North Americaand the European Union, they have a political purpose, and yet serve to cloud the brute power relations between states. This book will be of interest to anyone studying debt and development, global financial institutions, and the way the world economy is regulated and governed.

About the Author
Sarah Bracking is a Senior Lecturer in Politics and Development at the University of Manchester. She is the editor of Corruption and Development (2007) and a member of the Review of African Political Economy editorial working group.

Economic Abundance: An Introduction

Dear Professor,

As a preferred customer, we would be delighted to send you a FREE exam copy of Economic Abundance: An Introduction, by Dugger and Peach, to consider for your course(s). To receive your copy, reply to this e-mail or contact me at  with your current course information, enrollment, decision date, and preferred shipping address.

Most principles of economics texts are predicated narrowly on the concept of scarcity, but that is only one aspect of economics. This supplemental text for basic and intermediate level undergraduates provides a serious discussion of the concept of abundance—what it means, how we can move toward it, and what keeps us from doing so. For additional information and to view the table of contents, please click here.


Heterodox Web Sites and Associations

International Rosa Luxemburg Society

Ottokar Luban is establishing a new web site for the International Rosa Luxemburg Society 


For Your Information

The Japanese Society for Post Keynesian Economics

The Japanese Society for Post Keynesian Economics was established in April 1980 in order to promote the researches on Post Keynesian Economics in Japan and to activate communications among scholars who have interests in Post Keynesian Economics. The Society holds seminars(or Meetings) about three times a year. The Society has a good partnership with Nihon Keizai Hyoronsha Ltd, a well-known publisher in Japan, which publishes a translation series on Post Keynesian Economics ( 34 books were translated into Japanese and published since 1978 by Nihon Keizai Hyoronsha Ltd: ).

Click here for detailed information.

2009 EAEPE Conference Program

6-8 November 2009

Friday 6 November

12h00-16h00: Registration at the Amsterdam School of Economics (E-hal, Roetersstraat 11)

17h00-17h15: Welcome by EAEPE and and local organizers
17h15-18h00: Keynote lecture by Prof. Noreena Hertz
18h00-20h30: Welcome reception
19h00-20h00: EAEPE Membership meeting

Saturday 7 November

08h45-10h45: parallel sessions:
Research area A Room: E0.03
Chair: Emrah Aydinonat & Uskali Mäki
Hansen: The Stern review and its critics: Putting economics at work in an interdisciplinary setting
Engelen: My way or the highway: Why economists should stop isolating themselves from other social scientists
Wells: What kind of economics is Amartya Sen’s capability approach and where is it going?
Chiusi: A two-tier structure for normative theory appraisal

Research area C Room: E0.07
Chair: Paolo Ramazzotti
Stam: Designing institutions for dynamic efficiency
Jacquinet: The problem of order and economic regulation
Ozel: The role of technology in institutional reproduction of capitalism
Ennuste: Towards synthetic design of implementing socio-economic communication mechanisms

How Did Economists Get It So Wrong?

It’s hard to believe now, but not long ago economists were congratulating themselves over the success of their field. Those successes — or so they believed — were both theoretical and practical, leading to a golden era for the profession. On the theoretical side, they thought that they had resolved their internal disputes. Thus, in a 2008 paper titled “The State of Macro” (that is, macroeconomics, the study of big-picture issues like recessions), Olivier Blanchard of M.I.T., now the chief economist at the International Monetary Fund, declared that “the state of macro is good.” The battles of yesteryear, he said, were over, and there had been a “broad convergence of vision.” And in the real world, economists believed they had things under control: the “central problem of depression-prevention has been solved,” declared Robert Lucas of the University of Chicago in his 2003 presidential address to the American Economic Association. In 2004, Ben Bernanke, a former Princeton professor who is now the chairman of the Federal Reserve Board, celebrated the Great Moderation in economic performance over the previous two decades, which he attributed in part to improved economic policy making. (cont.)


Following our (just concluded) summer class, Howie Seligman and I will again be doing a study group in the New York City area on Marxian theory and the current crisis. If you are interested, read on.
All applicants welcome.
Click here for detailed information.


Dear Colleague

I have organized a web petition in support of the following words by Paul Krugman:
"Few economists saw our current crisis coming, but this predictive failure was the least of the field’s problems. More important was the profession’s blindness to the very possibility of catastrophic failures in a market economy ... the economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth ... economists fell back in love with the old, idealized vision of an economy in which rational individuals interact in perfect markets, this time gussied up with fancy equations ... Unfortunately, this romanticized and sanitized vision of the economy led most economists to ignore all the things that can go wrong. They turned a blind eye to the limitations of human rationality that often lead to bubbles and busts; to the problems of institutions that run amok; to the imperfections of markets – especially financial markets – that can cause the economy’s operating system to undergo sudden, unpredictable crashes; and to the dangers created when regulators don’t believe in regulation. ... When it comes to the all-too-human problem of recessions and depressions, economists need to abandon the neat but wrong solution of assuming that everyone is rational and markets work perfectly." (New York Times, September 2nd, 2009.)
If you agree, please sign and forward to others:
SIGN "Revitalizing Economics After the Crash" ON

I think this is an important opportunity to make an impact, and I'd like to encourage you to add your signature. It’s not an attempt to lionize Krugman (although he deserves full credit), but to use his forceful words to help reform economics. It's free and takes less than a minute of your time.
Best wishes
Geoff Hodgson

New Supplemental Material for Microeconomics in Context and Microeconomics in Context

We are happy to inform you that new supplemental materials for Microeconomics in Context and Macroeconomics in Context are now available.

For Microeconomics in Context, Julie A. Nelson, now at the University of Massachusetts, Boston (and a co-author of the text), has provided additional homework questions for twelve chapters and teaching aids for the topics of production costs and production decisions. These are available at: 
For Macroeconomics in Context, Marjolein van der Veen of Bellevue College has provided a comparison of fiscal and monetary policy, and primers on military spending and oil supply and demand, available at: 
As these websites include answer keys, please do not distribute these web addresses to students. However, you may download the materials and revise them as desired for your classes.
We very much appreciate these additions, and invite you to send us any supplemental materials you maybe willing to share with others. We are particularly interested in handouts or simulations further explaining conceptual points presented in the texts, or additional problems for in-class, homework, or exam use. You can e-mail us your materials at
Thank you for your interest and assistance!