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Issue-10 April 20, 2005
From the Editor
I often hear that heterodox economists
do not engage with the larger community of economists but rather
just talk among themselves in a cultist fashion. I find this strange
because the activities, books, journals, etc. that are posted in the
Heterodox Economics Newsletter suggest otherwise. And this
Newsletter is no different. The summer school on “Econophysics and
Complexity”, the Econ Journal Watch, and the conference on “How
Class Works” clearly indicate that the heterodox economics community
is quite broad in itself and that it deals with economists that do
not consider themselves part of it as well as academics and others
outside of economics. It is this richness of diversity and
intellectual tolerance that makes heterodox economics and its
community so dynamic and relatively pleasing place to engage in
scholarship and debate. I hope everybody is making summer plans to
attend at least one of their favorite heterodox conferences/seminars
announced in this Newsletter and read a couple of the books
publicized here as well.
Fred Lee
In
this issue:
- Call
for Papers
- The summer school: "Econophysics and Complexity"
- HOW CLASS WORKS - 2006
A Conference at SUNY Stony Brook
- International
Conference organized by the Dipartimento di Economia e Territorio -
Università degli Studi di Cassino - Italy Call for Papers
- Conferences, Seminars
and Lectures
-
Participants for Conference on Radical Economics in the 20th Century:
Radical Economics and the Labor Movement, September 15-17, 2005
- The Post
Keynesian Study Group Spring Meeting
- Seventh
International Workshop on Institutional Economics
- AHE 'Pluralism in
Economics' seminars at the LSE
- Franco Modigliani
and the Keynesian Legacy
- Economic Rights:
Conceptual, Measurement, and Policy Issues
- Heterodox Job Postings
- Visiting Assistant Professor of Economics, Drew University, Madison,
NJ
-
Heterodox Journals and Newspapers
- Oeconomicus- UMKC Student-Refereed Journal Volume VII, 2004-2005
- Econ Journal
Watch- April 2005
-
Heterodox Books and Book Series
- Grazia Ietto-Gillies, (2005), Transnational Corporations and
International Production. Concepts, Theories and Effects
- The
Flawed Foundations of General Equilibrium Theory
-
Global Development and Environment Institute's Globalization and
Sustainable Development Program
- There
Is A Better Way: A New Economic Agenda For Labour
-
Fundamentos de economía evolutiva. Ensayos Escogidos
- The
Politics of Empire
- Heterodox Graduate Schools
- University of Amsterdam
- Two new MSc
Programs at the Birmingham Business School
-
Heterodox Websites
- "Sino-German School of Governance",a heterodox research branch in
evolutionary economics
- Friends of
Business History News
Call for Papers
The summer school: "Econophysics
and Complexity"
We are organising a summer school in
Romania under a research project managed by European Science Foundation
COST P10 Physics of Risk. The summer school "Econophysics and
Complexity" will be hold in Navodari, Romania during 2-9 September 2005
and will have as key guest several famous academics, Professors
E.Stanley, Peter Rochmond, Massimo Salzano, and Thomas Lux. The summer
school will focus on topics covered by the field of Econophysics which
applies methods from statistical physics and non-linear dynamics to
macro/micro-economic modeling, financial market analysis and social
problems. See: www.econ.complexity.ase.ro for more information.
HOW CLASS WORKS - 2006 A
Conference at SUNY Stony Brook
June 8-10, 2006
The Center for Study of Working Class Life is pleased to announce the
How Class Works – 2006 Conference, to be held at the State University of
New York at Stony Brook, June 8 - 10, 2006. Proposals for papers,
presentations, and sessions are welcome until December 15, 2005
according to the guidelines below. For more information, visit our Web
site at <www.workingclass.sunysb.edu>.
Purpose and orientation: The conference seeks to explore ways in which
an explicit recognition of class helps to understand the social world in
which we live, and ways in which analysis of society can deepen our
understanding of class as a social relationship. Presentations should
take as their point of reference the lived experience of class; proposed
theoretical contributions should be rooted in and illuminate social
realities. All presentations should be accessible to an
interdisciplinary audience.
While the focus of the conference is in the social sciences,
presentations from other disciplines are welcome as they bear upon
conference themes. Presentations are also welcome from people outside
academic life when they sum up social experience in a way that
contributes to the themes of the conference. Formal papers will be
welcome but are not required.
Conference themes: The conference welcomes proposals for presentations
that advance our understanding of any of the following themes.
The mosaic of class, race, and gender. To explore how class shapes
racial, gender, and ethnic experience and how different racial, gender,
and ethnic experiences within various classes shape the meaning of
class.
Class, power, and social structure. To explore the social content of
working, middle, and capitalist classes in terms of various aspects of
power; to explore ways in which class and structures of power interact,
at the workplace and in the broader society.
Class and community. To explore ways in which class operates outside the
workplace in the communities where people of various classes live.
Class in a global economy. To explore how class identity and class
dynamics are influenced by globalization, including experience of
cross-border organizing, capitalist class dynamics, international labor
standards.
Middle class? Working class? What's the difference and why does it
matter? To explore the claim that the U.S. is a middle class society and
contrast it with the notion that the working class is the majority; to
explore the relationships between the middle class and the working
class, and between the middle class and the capitalist class.
Class, public policy, and electoral politics. To explore how class
affects public policy, with special attention to health care, the
criminal justice system, labor law, poverty, tax and other economic
policy, housing, and education; to explore the place of electoral
politics in the arrangement of class forces on policy matters.
Pedagogy of class. To explore techniques and materials useful for
teaching about class, at K-12 levels, in college and university courses,
and in labor studies and adult education courses.
How to submit proposals for How Class Works – 2006 Conference
Proposals for presentations must include the following information: a)
title; b) which of the seven conference themes will be addressed; c) a
maximum 250 word summary of the main points, methodology, and slice of
experience that will be summed up; d) relevant personal information
indicating institutional affiliation (if any) and what training or
experience the presenter brings to the proposal; e) presenter's name,
address, telephone, fax, and e-mail address. A person may present in at
most two conference sessions. To allow time for discussion, sessions
will be limited to three twenty-minute or four fifteen-minute principal
presentations. Sessions will not include official discussants.
Proposals for sessions are welcome. A single session proposal must
include proposal information for all presentations expected to be part
of it, as detailed above, with some indication of willingness to
participate from each proposed session member.
Submit proposals as hard copy by mail to the How Class Works - 2006
Conference, Center for Study of Working Class Life, Department of
Economics, SUNY, Stony Brook, NY 11794-4384 or as an e-mail attachment
to <michael.zweig@stonybrook.edu>.
Timetable: Proposals must be postmarked by December 15, 2005.
Notifications will be mailed on January 17, 2006. The conference will be
at SUNY Stony Brook June 8- 10, 2006. Conference registration and
housing reservations will be possible after February 15, 2006. Details
and updates will be posted at http://www.workingclass.sunysb.edu.
Conference coordinator:
Michael Zweig
Director, Center for Study of Working Class Life
Department of Economics
SUNY
Stony Brook, NY 11794-4384
631.632.7536
michael.zweig@stonybrook.edu
International Conference organized
by the Dipartimento di Economia e Territorio - Università degli Studi di
Cassino - Italy Call for Papers
The Keynesian Legacy in Macroeconomic Modeling Cassino (FR) - Italy -
16/17 September 2005
Objective
In the post-war period, macroeconomic modeling of developed economies
was mainly rooted in Keynesian theory up to the 1970s, when the failure
of applied models in dealing with stagflation lead to a shift in
economic theory towards supply side models, rational
expectations, optimizing behavior etc., and attention to applied
macroeconomic models has considerably diminished among economists.
However, existing empirical models based on Keynesian and post-Keynesian
principles are sometimes more successful than
model based on optimizing behavior in tracking real economies. Moreover,
theoretical
macroeconomic models are still developed and discussed among economists
of Keynesian persuasion. The goal of the conference is to collect
state-of-the-art results in what one may broadly label as Keynesian
macroeconomic modeling, both on theoretical and empirical grounds, and
to create or strengthen the network among research groups in this area.
Topics
Conference topics will include, but are not limited to:
- Theoretical models
- Growth models
- Stock-flow models
- Analysis of fiscal policy
- Analysis of monetary policy
- Models for open economies
- Applied models
- Models for developed and developing economies
- Models for emerging economies
- Issues in applied macroeconomic modeling
All submitted papers will be reviewed and subsequently made available on
the Internet. The conference proceedings will be published.
Deadlines
Authors wishing to submit a paper should send a 1-2 page abstract by
email to Gennaro Zezza ({zezza@unicas.it" }zezza@unicas.it) in pdf or
rtf format, no later than June 15th, 2005. Submissions will be reviewed
by a Scientific Committee. Papers accepted for the conference should be
sent by email to the same address no later than August 30th.
Attendance
The conference will be held in Cassino, Italy. The organizing committee
will provide transportation to/from Rome airport. All participants will
be required to provide for their own expenses; details on accommodation
opportunities will be provided later.
Registration and Conference Fee
You may register by using our form at http://ius.unicas.it/mc2005, or
writing to Gennaro Zezza (zezza@unicas.it). There is a Conference fee of
€100, which will cover for Friday lunch and dinner, three coffee breaks
and all conference materials.
Accommodation
We are making arrangements with hotels in the Cassino area for special
conference fares. Please visit the conference web site at a later date
for more information.
Conference Web Site and E-mail Contacts
For updated information please visit the Conference web site at http://ius.unicas.it/mc2005.
For information, please contact Gennaro Zezza ({zezza@unicas.it" }zezza@unicas.it),
Department of Economics - Cassino, Italy; or Philip Arestis
({pa267@cam.ac.uk" }pa267@cam.ac.uk), University of Cambridge, United
Kingdom.
Top
Conferences, Seminars and
Lectures
Participants for Conference on
Radical Economics in the 20th Century: Radical Economics and the Labor
Movement, September 15-17, 2005
University of Missouri-Kansas City
Kansas City, Missouri, U.S.A.
2005 will be the 100th anniversary of
the founding of the Industrial Workers of the World, the most radical
union in North America. To commemorate the anniversary, the Industrial
Workers of the World (IWW) is hosting the conference on radical
economics. The Conference theme is the role of radical economics in the
labor movement in the United States and around the world. Radical
economics includes but is not restricted to anarchism, Marxism,
syndicalism, radical Institutionalism, left-wing Keynesianism, and plain
old-fashion radical economics. Topics covered include syndicalism past
and present, local organizing education, radical economics and
democracy, industrial relations, labor, and Latin American workers, the
economics of the IWW, and Sraffa and organized labor. There will also be
a session on radical economics and the IWW in song and theater; and if
possible a tour of labor struggles in Kansas City. Come participate in a
conference that occurs only once every 100 years.
Information about the Conference including Registration Form which
includes Accommodation information, Program, and local information, can
be obtained at its web site: http://cas.umkc.edu/econ/iwwconf/.
The Post Keynesian Study Group
Spring Meeting
Friday 20th May, 2005
Dear Colleagues,
Please find below information regarding the Post Keynesian Study Group,
Spring Meeting, Friday 20th May, 2005, London School of Oriental and
African Studies, London (UK). For further information please contact
Mark Roberts (<mr10013@cam.ac.uk>)
Venue: Room G3 (ground floor)
Main Building (Russell Square campus)
London School of Oriental and African Studies (SOAS)
Schedule:
Session 1: 2 PM-3:30 PM
Wynne Godley (University of Cambridge): "Thinking strategically about
the US economy"
Marc Lavoie (University of Ottawa, Canada): "Banks and liquidity
preference in a post-Keynesian stock-flow consistent model"
Jesper Jespersen (Roskilde University, Denmark): "Macroeconomics: Some
Methodological Issues"
Coffee Break: 3:30-4 PM
Session 2: 4 PM-6 PM
Elisabetta De Antoni (Trento University, Italy): “Hyman Minsky's theory
of financial instability: are we really sure that Keynes would have
agreed?”
Alfonso Palacio-Vera (Universidad Complutense de Madrid, Spain): "On
Liquidity Traps: A Framework for the Analysis of Macroeconomic Policy in
the "Age" of Central Banks"
John McCombie and Mark Roberts (University of Cambridge): "A Tale of
Four Growth Paradigms: Some Preliminary Results"
Directions: the main campus of SOAS is located at Russell Square,
Bloomsbury in the heart of London close to the British Museum and
British Library. The meeting will be taking place in the main building
with room G3 on the ground floor just to the left of the reception desk
as you enter the building. Russell Square, Euston and Euston Square tube
stations are all located in walking distance, but for further details of
how best to reach the venue, including maps, please refer to
www.soas.ac.uk/contact/location.cfm? navid=1110.
Financial support: thanks to the generous support of Triados Bank, we
are pleased to say that we will be able to reimburse travel expenses
(APEX fares) for PKSG members and postgraduate students.
Seventh International Workshop on
Institutional Economics
INSTITUTIONS AND ECONOMIC DEVELOPMENT
Organised by the Centre for Research in Institutional Economics,
University of Hertfordshire, UK.
Organised with the kind financial help of the Cambridge Political
Economy Society Trust.
Speakers: Ha-Joon Chang (University of Cambridge), Barbara Harriss-White
(University of Oxford), Geoffrey Hodgson (University of Hertfordshire),
Ugo Pagano (University of Siena), Erik Reinert (Tallin University of
Technology), and Allan Schmid (Michigan State University.
22-24 June 2005
This residential workshop will be held in room N101 on the new De
Havilland campus of the University of Hertfordshire, in Hatfield,
England.
This workshop is designed to provide in-depth discussion of cutting-edge
issues in institutional economics, in a forum that permits the attention
to detail and definition that is often lacking in larger,
conference-style events. The expected maximum number of participants is
50. Please book early to avoid disappointment.
The De Havilland Campus of the University of Hertfordshire is about one
mile from Hatfield railway station. There are regular trains from
Hatfield to London Kings Cross, taking about 20 minutes. There is easy
access to all London airports.
For detailed information: insecond.doc
AHE 'Pluralism in Economics'
seminars at the LSE
AHE 'Pluralism in Economics' seminars at the LSE This is a series of
seminars on 'pluralism in economics' organised by the Association for
Heterodox Economics, in the run up to the seventh annual conference, in
July 2005 at City University, London, on the theme of "Pluralism in
Economics".
Time: 5.00 pm
Venue: T206, CPNSS Seminar Room, Lakatos Building, LSE, Portugal Street,
off Kingsway, London WC2A
Entrance in Portugal Street; building marked 'T' on maps at http://www.lse.ac.uk/resources/mapsAndDirections/accessibilityMap.pdf
and
http://www.lse.ac.uk/resources/mapsAndDirections/findingYourWayAroundLSE.htm
To get to LSE, see
http://www.lse.ac.uk/resources/mapsAndDirections/howToGetToLSE.htm
.
Tuesday, 26 April 5:00 - 7:00 pm
"PLURALISM IN ECONOMICS" SEMINAR
Stephen Pratten
Kings College London
"Can we Explain Social Reality Without Resorting to Fictions?
Ontological
Theorising and the Assumptions Issue in Economics"
Tuesday, 17 May 5:00 - 7:00 pm
"PLURALISM IN ECONOMICS" SEMINAR
Sue Himmelweit
Open University and LSE Gender Institute "When is Economics Feminist?"
Tuesday, 14 June 5:00 - 7:00 pm
"PLURALISM IN ECONOMICS" SEMINAR
Giuseppe Fontana
Leeds University Business School and Clare Hall, Cambridge "The Future
of Post Keynesian Economics"
Franco Modigliani and the
Keynesian Legacy
A New School University Conference
April 14-15, 2005
Papers are now online:
http://www.newschool.edu/cepa/conferences/
Economic Rights: Conceptual,
Measurement, and Policy Issues
Scholars and policymakers are increasingly attempting to link
socio-economic and classic civil and political rights in unprecedented
and innovative ways. The University of Connecticut will host a
conference on "Economic Rights: Conceptual, Measurement, and Policy
Issues" (October 27-29, 2005) to move this new research and debate
forward. The event is co-sponsored by the University of Connecticut
Human Rights Institute and the Thomas J. Dodd Research Center, in
celebration of the Dodd Center's 10th Anniversary Celebration. For full
information and registration form, please see: www.humanrights.uconn.edu
Top
Heterodox Job Postings
Visiting Assistant Professor of
Economics, Drew University, Madison, NJ
The Department of Economics invites applications for a visiting position
at the assistant professor (Ph.D.) level for the 2005-2006 academic
year. We seekan economist who can teach labor economics, economic
statistics/econometrics, and courses in introductory/intermediate
economic theory. The College of Liberal Arts at Drew University is an
undergraduate institution dedicated to excellence in teaching and
scholarship. Annual teaching load is five courses, plus such regular
department duties as student advising. Applicants should submit a letter
of application, curriculum vita, three letters of reference, and
evidence of teaching effectiveness. The review of completed applications
will continue until the position is filled. CONTACT: Professor Don Cole,
Search Committee, Department of Economics, Drew University, Madison, NJ
07940. Visit the department website at www.drew.edu/econ/.
Drew is an Affirmative Action-Equal Opportunity employer.
Heterodox
Journals and Newspapers
Oeconomicus- UMKC Student-Refereed
Journal Volume VII, 2004-2005
http://www.umkc.edu/econ/Oeconomicus/VolumeVII/
Table of Contents
Editorials
Editor's Note
By Fadhel Kaboub (UMKC)
Farewell to Dr. Bill Williams
By UMKC Students
Articles
Islamic Financing: Impacts on Development and Equality By Andrew
Barenberg (UMKC)
The Dominant Economic Discourse of Today’s Iran in Retrospect By
Mohammad Maljoo (University of Tehran)
The Influence of Firm Strategy on Business Cycles in Veblen’s Economic
Theory By Maximilien Nayaradou (Université Paris IX, Dauphine)
Neither Atomized nor Bi-lateralized: Market Actors Never Exchange
outside a Social-Structural Context
A Critical Analysis of the Economics of Transaction Costs By Sébastien
Plociniczak (Université Paris XIII)
Mathematical Formalism in Economics: Verdict of the Reality By Ganna
Pogrebna (UMKC)
Review Essay
Reflections on the Empire of Capital By Kevin Young (Carleton
University)
Book Reviews
The State, the Market and the Euro: Chartalism versus Metallism in the
Theory of Money (edited by Bell and Nell, 2003)
Reviewed by Zied Ben Hmida (University of Economics and Management of
Tunis)
Understanding Modern Money: The Key to Full Employment and Price
Stability (L. Randall Wray, 1998)
Reviewed by Shawn J. Gebhardt (UMKC)
Commitment to Full Employment: The Economics and Social Policy of
William S. Vickrey (edited by Warner, Forstater and Rosen, 2000)
Reviewed by Linda Hauner (UMKC)
The Open Economy and its Financial Constraints (Penelope Hawkins, 2003)
Reviewed by Tae-Hee Jo (UMKC)
The Crisis in Economics: The Post-Autistic Economics Movement
The first 600 days (edited by Edward Fullbrook, 2003)
Reviewed by Fadhel Kaboub (UMKC)
Reinventing Functional Finance: Transformational Growth and Full
Employment (edited by Nell and Forstater, 2003)
Reviewed by Yan Liang (UMKC)
Growth, Distribution and Effective Demand: Alternatives to Economic
Orthodoxy Essays in Honor of Edward J. Nell (edited by Argyrous,
Forstater and Mongiovi, 2004)
Reviewed by Gilberto Libanio (University of Notre Dame)
Trade, Balance of Payments and Exchange Rate Policy in Developing
Countries (A.P. Thirlwall, 2003)
Reviewed by Corinne Pastoret (UMKC)
The Countries of the Former Soviet Union at the Turn of the Twenty-first
Century: The Baltic and European States in Transition (Ian Jeffries,
2004)
Reviewed by Ganna Pogrebna (UMKC)
Toxic Exports: The Transfer of Hazardous Wastes from Rich to Poor
Countries (Jennifer Clapp, 2001)
Reviewed by Zdravka Todorova (UMKC)
Designing US Economic Policy: An Analytical Biography of Leon H.
Keyserling (W. Robert Brazelton, 2001)
Reviewed by Jonathan Watkins (UMKC)
Books Received
Write a book review for Oeconomicus and receive a complementary
copy of the book courtesy of the publisher
Announcements
Oeconomicus Call for Papers
Past issues of Oeconomicus are also available online: http://cas.umkc.edu/econ/Oeconomicus/
Sincerely,
Fadhel Kaboub
Oeconomicus, Editor
University of Missouri - Kansas City
E-mail: KaboubF@umkc.edu
Econ Journal Watch- April 2005
Dear Social Scientist,
The new issue of Econ Journal Watch is online at econjournalwatch.org.
In the April 2005 issue:
Comments:
•How did Chicago-school political economy go from Milton Friedman’s
heroic classical liberalism to Donald Wittman’s doctrine that democracy
is efficient? Bryan Caplan criticizes Wittman’s JPE paper, and Wittman
replies.
•Philip Coelho, Daniel Klein, and James McClure continue the exchange
with Wolfgang Pesendorfer, concerning his AER article of fashion cycles;
Pesendorfer concludes the exchange.
Symposium: The Distinction between Information and Knowledge in
Economics
Adam Smith said that even someone “fully informed” may be “unfit to
judge,” suggesting that knowledge is more than mere information. The
distinction between information and knowledge is addressed by symposium
contributors Brian Loasby, Thomas Mayer, Bruce Caldwell, Israel Kirzner,
Leland Yeager, Robert Aumann, and Ken Binmore, and correspondence from
Kenneth Arrow.
Intellectual Tyranny of the Status Quo:
Adam Smith, Henry George, and Milton Friedman all said that the least
bad tax is a tax on what land devoid of improvements would rent for.
Fred Foldvary describes how mainstream public economics treats the least
bad tax, suggesting that the treatment is scattered and
compartmentalized. He pleads for a better appreciation of the least bad
tax.
Character Issues:
What does mathematical economics look like to a mathematical engineer?
Warren Gibson explains how very differently economists and engineers use
mathematics, and speculates on what the differences say about the
character of mathematical economists.
Investigating the Apparatus:
Adam Smith doubted an invisible hand in academia, saying that academia
was prone to clubbish foolishness. The criticism still applies, says
Daniel Klein, who offers fresh data on Ph.D. origination of economics
faculty to show that the top economic departments dominate the
profession.
And a salute to Thomas Schelling.
Information about Econ Journal Watch, including a call for papers, is
available at http://www.econjournalwatch.org/main/. We warmly welcome
inquiries and submissions from sociologists, political scientists,
historians, policy analysts, etc., as well as economists.
If you would like to be removed from the list, click on the following
link and enter your email address in the unsubscribe box:
http://www.econjournalwatch.org/main/subscribe.php
EJW is a peer-reviewed journal for scholarly commentary. The Advisory
Council includes Ronald Coase, Douglass North, James Buchanan, Vernon
Smith, Robert Mundell, Thomas Schelling, Gordon Tullock, Israel Kirzner,
Sam Peltzman, Deepak Lal, Robert Higgs, Leland Yeager and Timur Kuran,
and many other prominent researchers.
Kindly forward this message to associates concerned about the character
of economics and of the social sciences in general.
Yours truly,
Daniel Klein
Editor, Econ Journal Watch
Econjournalwatch.org
Top
Heterodox
Books and Book Series
Grazia Ietto-Gillies, (2005),
Transnational Corporations and International Production. Concepts,
Theories and Effects
This unique textbook provides a comprehensive critical analysis of
modern theories, concepts and effects relating to transnational
corporations and international production. Its user-friendly
presentation includes boxes to highlight key concepts as well as
suggestions for further reading.
Bringing together wide-ranging research literature on TNCs for the first
time, the book will be invaluable to post graduate and advanced
undergraduate students of a variety of disciplines including
business/international business, economics, international relations, and
development studies. Lecturers and researchers wishing to familiarize
themselves with the theoretical developments of the subject will also
find the book of enormous interest.
For detailed information: Grazia
Ietto.doc
The Flawed Foundations of General
Equilibrium Theory
By Frank Ackerman is Director of the Research and Policy Program in the
Global Development and Environmental Institute at Tufts University.
Alejandro Nadal is Full Professor in the Center for Economic Studies at
El Colegio do México.
Frank Ackerman’s brief guide to the book: chapters 2, 3, and 4 are very
mathematical treatments of technical failings in general equilibrium
theory. The rest of the book is readable without advanced math skills,
although primarily interesting to those involved in the critique of
theory. I particularly recommend Chapter 1 (my prose account of the
internal contradictions of the standard theory), Chapter 8 (Nadal's
account of the failure of standard theory as applied to development in
Mexico, never before published in English), and Chapter 9 (my critique
of free-trade theory and policy, never before published anywhere). In
addition, Chapter 7 draws heavily on my more popularly written (and
reasonably priced!) book critiquing cost-benefit analysis of
environmental policy (jointly with Lisa Heinzerling, Priceless: On
Knowing the Price of Everything and the Value of Nothing, published by
The New Press, 2004).
Does economic theory, and its many practical applications, rest on
concrete foundations? Given the influence and prestige afforded to
orthodox economic policy advice, apparently the answer is a resounding
"yes".
Economists Frank Ackerman and Alejandro Nadal present a fundamental
challenge to this received wisdom, demonstrating that neither the
abstractions of general equilibrium nor their real-world consequences,
stand up to logical scrutiny. Themes critically analyzed in this book
include:
* Economics' assumptions about consumer behavior
* Individual choices and the role of money
* The Application of economic theory to current debates in
globalization, trade and development.
The Flawed Foundations of General Equilibrium Theory shows that there
are fatal flaws in the standard theoretical model of a market economy.
As such it will be an enlightening read for economists throughout the
world of all persuasions.
Table of Contents
Introduction: Underneath the Flawed Foundations
1. Still Dead After All These Years (Journal of Economic Methodology
2002)
2. Behind the Building Blocks: Commodities and Agents
3. Money and Prices: The Limits of General Equilibrium Theory
4. The Law of Supply and Demand in the Proof of Existence of General
Competitive Equilibrium
5. Consumed in Theory (Journal of Economic Issues 1997)
6. Choices of Technique Revisited (World Development 1990)
7. Existence Values and Priceless Externalities
8. Contradictions of the Open Economy Model
9. An Offer You Can't Refuse
10. Computable Abstraction
11. Freedom and Submission: Individuals and the Invisible Hand
Frank Ackerman is Director of the Research and Policy Program in the
Global Development and Environmental Institute at Tufts University.
Alejandro Nadal is Full Professor in the Center for Economic Studies at
El Colegio do México.
To order the book go to
http://www.routledge-ny.com/
Global Development and
Environment Institute's Globalization and Sustainable Development
Program
Researchers from the Global Development and Environment Institute's
Globalization and Sustainable Development Program have two new
publications:
"Understanding the Farm Problem: Six Common Errors in Presenting Farm
Statistics," by Timothy A. Wise
This new GDAE Working Paper, which builds on new work on family farmers
by the US Department of Agriculture, identifies six common ways in which
farm statistics are misrepresented or misunderstood in the ongoing
debates over US farm policy. Wise finds that the well-being of full-time
family farmers is commonly exaggerated. They are squeezed between low
prices for their products and high costs for their inputs and depend
heavily on off-farm income to stay out of poverty. Contrary to popular
representations, most are not excluded from farm programs. Farm policies
need substantial reform, but policy discussions should be grounded in
the realities faced by full-time family farmers.
http://www.ase.tufts.edu/gdae/Pubs/wp/05-02TWiseFarmStatistics.pdf
"CAFTA's False Promise," by Kevin P. Gallagher
In this America's Program Policy Brief, Gallagher argues that Central
American governments should think twice before ratifying the Central
American Free Trade Agreement, since new evidence shows it is unlikely
to bring the promised increased in U.S. foreign investment.
http://www.ase.tufts.edu/gdae/Pubs/rp/AmerProgCAFTAMar05.pdf
For more from GDAE's Globalization and Sustainable Development Program,
see:
http://www.ase.tufts.edu/gdae/policy_research/globalization.html
There Is A Better Way: A New
Economic Agenda For Labour
A new and updated edition of John Grieve Smith’s book, There Is A Better
Way: A New Economic Agenda For Labour, has just been published by Anthem
Press. In a critical appraisal of New Labour’s economic and social
policies, he concludes that the Government have been consolidating Mrs
Thatcher’s neo-liberal revolution, rather than
establishing any radical Third Way.
This has been particularly apparent in the case of social security.
Before coming to power, Labour vehemently criticized the Tories’
decision to index pensions and other benefits, to prices, rather than
earnings, and rely increasingly on means tested benefits. In power,
however, they have gone further down this road themselves, to the
point There is a widespread feeling that this approach to pensions is no
longer viable.
In the field of economic policy, the relatively strong recovery in the
UK has taken place despite central bank independence, and the Golden
Rule, not because of them. But in the euro area, the failure of
neo-liberalism to allow for expansionary fiscal policies to reduce
unemployment is fuelling a potential economic and political disaster.
Both developing and industrialized countries are still vulnerable to
major international financial crises.
John Grieve Smith sets out alternative policies for establishing a
fairer and more egalitarian society in Britain, more effective economic
management in the EU, and proposals for reforming the global financial
system.
Chapter headings:
1. The New Orthodoxy
2. A Fairer Society
3. The Welfare State
4. The Future of the EU
5. Reforming The Global Financial System
6. A New Economic Agenda
Available from Anthem Press, 75-76 Blackfriars Road, London SE1 8HA For
£9.99 plus £1.00 postage
There Is A Better Way: A New Economic Agenda For Labour John Grieve
Smith ISBN 1 84331 153 4 paperback 144 pages
Further information from John Grieve Smith (johngs@clara.co.uk).
Fundamentos de economía evolutiva.
Ensayos Escogidos
Autor
: Thorstein Veblen, Alberto Supelano (Trad) ISBN/ISSN : 958-616-905-7
Año : 2005 Características : 344 pp.
Contenido de la Obra
Los ensayos presentados recopilan los fundamentos de una economía
evolutiva posdarwinista, en los que Veblen (1857-1929) critica la
economía recibida por su generación y la versión radical de la economía
marxista. Veblen, guiado por su "curiosidad ociosa", tuvo interés
intelectual en la psicología, sociología, además de su formación de
filósofo, tuvo especial interés en la noción del determinismo estricto,
así como en la noción de la libertad de la persona. Veblen predijo, 25
años antes, la gran depresión económica, la que ocurrió dos meses
después de su muerte. En lo referente al institucionalismo, Veblen no se
centraba en los aspectos estáticos de la elección y de la imputación de
los valores sino en el estudio de los procesos de cambio acumulativo.
La propaganda del libro se encuentra en la siguiente dirección:
www.librosuexternado.com en donde se puede adquirir por
internet.
The Politics of Empire
Globalisation in Crisis
Edited by Alan Freeman and Boris
Kagarlitsky
Published to coincide with the European Social Forum this timely book
explains the origins of a new age of Empire that began with the wars of
occupation in Afghanistan and Iraq launched by the Bush administration.
Uniquely, it shows that globalisation itself is responsible for this new
and warlike period, uniting the critiques of the movements for peace and
for social justice.
Nine leading writers and activists spanning five continents present a
radical deconstruction of the theories behind the neoliberal project.
Challenging the idea that globalisation is inevitable and unstoppable,
they argue that its economic contradictions have torn apart the world
order which sustained it, creating a divided and warlike planet.
For detailed information: UK
Europe.pdf
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Heterodox Graduate Schools
University of Amsterdam
The Methodology and History of Economics Group at the University of
Amsterdam seeks a PhD student in a supported position beginning
September 2005. Please send a brief statement of research interest, a
curriculum vitae, and the names of two references by 1 June 2005 by
email to: John.davis@mu.edu
John B. Davis, Chair
Methodology and History of Economics Group
University of Amsterdam
http://www.fee.uva.nl/hme/
Two new MSc Programmes at the
Birmingham Business School starting October 2005:
MSc Economic Competitiveness and International Business
MSc Economic Policy and International Business
Both programmes are designed for advanced students who seek to
understand the impact that international businesses have on economic
policy, localities and societies, and in turn how economic policy,
localities and societies impact on business.
For detailed information: http://business.bham.ac.uk/bbs/static/page1739.htm
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Heterodox Websites
"Sino-German School of
Governance",a heterodox research branch in evolutionary economics
web1: http://notesweb.uni-wh.de/wg/wiwi/wgwiwi.nsf/name/hp_profile-EN
web2: http://www.on-China.de
web3: http://www.politekonom.ru
web4: http://www.evolutionaryeconomics.net
web5: http://www.sigecee.org
web6: http://www.china-colleg.de
web7: http://www.idm-info.org
Friends of Business History News
http://www.friendsofbusinesshistory.com/
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