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Issue-12 June 8, 2005


From the Editor

Welcome to another big Newsletter. The reason is that heterodox activity of all sorts appears to be increasing around the world. However, much of what is sent to me is in English. On the other hand, many of the heterodox economists on my e-mail lists do not speak or read English as a first language. Thus, I have no problem with including material in the Newsletter that is not in English. For example, a conference announcement can be sent to me in both English and another language and both will be included in the Newsletter. If a completely non-English entry for the Newsletter is sent to me, please have something in English telling me what it is about so that I can put it in the right place in the Newsletter. As for the Newsletter itself, it is sent out to approximately 1,900 e-mail addresses (and it may be forwarded to a larger number than that). On a weekly basis I get about 5 new subscribers to the Newsletter. The number of “unique hits” on any particular Newsletter increases over time. Initially, the number is around one-third of the e-mail addresses (approximately 600 or so) but over time the number of unique hits grows to 900 or more. There are also repeat hits for a Newsletter which brings the grand total to 1000 to 1200 or more hits for a single Newsletter. Hopefully interest in the Newsletter continues to grow and that its content continues to expand and include a variety of language-content.

Fred Lee



In this issue:

- Call for Papers

           - The Research Network Alternative Macroeconomic Policies
           - Empire and Beyond Conference
           - Le Centre D'Etudes Monetaires Et Financieres
           - Research Unit on Industry and Innovation – University of Littoral France

Conferences, Seminars and Lectures

           - IDEAs Workshop On Reclaiming Development in the Age of Financial Globalization
           - The Collected Works of Karl Marx and Fredrick Engels
           - 7th Annual Conference of the Association of Heterodox Economics
           - Lancaster Institute of Advanced Studies 2005-6: The Knowledge Based Economy
           - 2005 IAFFE Conference on Feminist Economics
           - Third International PhD Student Conference in Turin

- Heterodox Conference Papers, Reports and Working Papers

           - New GDAE Working Paper on Social Security
           - Four papers from Carsten Herrmann-Pillath
           - Institutional Economics and Psychoanalysis: How Can They Colloborate for a Better Understanding of Individual-Society Dynamics?: By Arturo Hermann
           - New Working Papers on Economic Theory and Education

 - Heterodox Journals and Newspapers

           - The Grounded Theory Review: An international journal
           - New Progressive Journal: Socialist Studies
           - Issues in Regulation Theory
           - Political Economy Research Institute Bulletin
           - Talking Economics Bulletin - June 2005
           - Evolutionary and Institutional Economics Review (EIER)

- Heterodox Books and Book Series      

            -"Theories of Financial Disturbance" By:Jan Toporowski
            - Bernadette Andreosso and David Jacobson (2005) /Industrial Economics and Organization: A European Perspective
            - Global Finance at Risk: On Real Stagnation and Instability, By: Sunanda Sen
            - Biographical Dictionary of British Economists
            - Radical Political Economics Book Series
            - New Political Economy Book Series
            - Kurt Huebner (ed): The New Economy in Transatlantic Perspective. Spaces of Innovation

- Heterodox Job Postings

             - School of Earth and Environment- Sustainability Research Institute (SRI)
             - New Economics Foundation
             - Birmingham Business School
             - GLA-ECONOMICS
             - NEP-New Economics Papers

- Heterodox Web Sites

             - Working Class Studies

- For Your Information

            - Indiana University Labor Studies Under Attack
            - Support the General Thrust of the Declaration of the EuroMemorandum group


Call for Papers

The Research Network Alternative Macroeconomic Policies

The Research Network Alternative Macroeconomic Policies is currently preparing its 9th conference in cooperation with the Post Keynesian Economic Study Group and the Association pour le Développement des Études Keynésiennes. The conference will be on Macroeconomics and Macroeconomic Policies - Alternatives to the Orthodoxy and it will take place in Berlin, 28 - 29 October 2005 (see the attached call for papers). The conference is intended to contribute to an improvement of European heterodox networking in macroeconomics. But non-Europeans are of course also invited to submit papers.

There are no conference fees. Meals will be covered by the Hans Boeckler Foundation. Participants have to cover their travelling and hotel costs. Letters of acceptance will be sent out in early August. Accepted papers can be posted on the conference website in early October.

PD Dr. Eckhard Hein
IMK in der Hans Boeckler Stiftung
Hans-Boeckler-Straße 39
40476 Duesseldorf

For detailed information: CallforPapers2005.pdf

Empire and Beyond Conference

University of Leeds, UK
7-8 April 2006

Organised by The Conference of Socialist Economists, publishers of the journal Capital and Class

In the last decade or so global capitalism has undergone a radical transformation in a number of contradictory ways:

* Powerful imperialist states seem increasingly willing to cast away old 'containment' policies in favour of direct military operations around the world
* These very same imperialist states have also increasingly justified their military plunders under a new ideology of 'universal human rights', 'global right', and the like
* Nation states around the world centralise power in order to co-ordinate and mediate a number of local, national and global social networks
* The emergence of protectionist policies in the US coupled with a drive to marketise the rest of the world through neo-liberal policies has had profound consequences including increasing inequalities, poverty, political corruption, state crime and economic crises
* Neo-liberal capitalism has thus intensified uneven patterns of development across the globe
* Powerful technologies have emerged that discipline people through seemingly anonymous networks of power
* New rhetoric by global organisations like The World Bank that stresses the need for 'ordinary' people to take control of their lives within their communities whilst pushing national governments to maintain neoliberal economic policies
* New modes of global, national and local resistance have arisen to challenge capitalist globalisation

The Left has provided some of the most cogent analyses of these processes, the work of Michael Hardt and Antonio Negri arguably being one of the most well known. However, these debates are still ongoing and the re-election of George W. Bush demonstrates the urgency for those on the Left to press forward the debate on these issues within the labour movement and amongst groups working for a progressive, radical and emancipatory politics.

To help continue and facilitate these debates the Conference of Socialist Economists is holding a two-day conference at Leeds University around the theme of Empire and Beyond. Issues to be discussed include:

* Empire and beyond: new imperialism for old?
* The restructuring of the state
* The state debate revisited
* New modes of governance and discipline
* Economic crises
* The political economy of neo-liberalism
* The relevance of post-structuralism for Marxist theory
* Anti-capitalist movements & networks of global resistance
* Human rights, democracy and the West
* Technology, environmentalism and globalisation
* Uneven and combined development: the South and globalisation
* The changing nature of the labour movement and class politics
* Globalisation and its impact upon (popular) culture
* The nature of socialism today

Please submit an abstract to present a paper or a proposal for a panel (3 to 4 speakers discussing an issue or theme) to

Le Centre D'Etudes Monetaires Et Financieres
Le Centre D'Etudes Monetaires Et Financieres presents the Second bi-annual Dijon Conference; sponsored by the Journal of Post Keynesian Economics

December, 2-3, 2005
Université de Bourgogne, Laboratoire d’Economie Gestion, Dijon, France

Deadline for proposals: September 1, 2005
Deadline for final draft of paper: October 15, 2005

Organized by Claude Gnos and Louis-Philippe Rochon

“The Political Economy of Governance”

The notion of governance has become a buzz word in many academic circles. Originally associated with the firm, it is now more widely applied by mainstream economists. It addresses the context in which power is exercised in the firm and also within national, regional and international organizations, but also to describe how international economic relations are regulated. Governance rests on a set of rules, practices, regulations, norms and institutions. In this sense, according to mainstream thinking, transparency and accountability are core analytical elements of ‘good’ governance.

While a number of heterodox (institutionalists for instance) economists have written on this issue, the topic remains largely dominated by neoclassical economists, who have considerable influence over international institutions. But given the implications of this debate, it is essential that heterodox economists keep developing their views.

The objectives of the conference are firstly to analyze the evolution of the concept of governance and its underlying implications with particular emphasis on the connection between governance at the firm level and that of the macro, national or global, level. The second objective is to give added weight to the development of a heterodox perspective on this theme. In essence, by refusing to cede the place to neoclassical economists, we wish to offer a critical analysis of the theoretical foundation of governance in a political economy framework. We also want to propose a new set of economic policy reforms that will address some of the more contentious issues today. For instance, is the solution, like so many claim, to relinquish ourselves to the authority of the market? In proposing policies of ‘good’ governance, such as transparency, are economists not simply proposing market-friendly, policies? Are these not already the foundation of international relations, such as the Washington Consensus? Is not governance a substitute for activist economic policy?

We invite all heterodox economists, from institutionalists, to post-Keynesians, Marxists and feminist economists, to converge on Dijon in December to discuss some of the following issues:

Microeconomic issues:
-New models of corporate governance;
-Recent crises in corporate governance;
-Corporate Governance and social responsibility.
Macroeconomic and monetary issues:
-Governance and monetary policy;
-Is central bank transparency and accountability the solution?;
-Is good governance a good substitute for activist fiscal policy?;
-Is governance ‘old wine in a new bottle?;
-Governance and monetary unions/dollarization;
-Governance and labour unions.
International and regional issues:

-Interaction between corporate and global governance;
-Debates concerning the international monetary architecture, international finance, free-trade, Washington Consensus;
-American vs European models of governance;
-Governance in emerging economies (Development issues);

Proposals to be sent by e-mail, to:
Claude Gnos
University of Burgundy

Scientific committee

Philip Arestis, Cambridge University
Gérard Charreaux, Université de Bourgogne
Paul Davidson, New School University
Claude Gnos, Université de Bourgogne
Jesper Jespersen, Roskilde University
Peter Kriesler, University of New South Wales
Fred Lee, University of Missouri, Kansas City
Alain Parguez, Université de Besançon
Louis-Philippe Rochon, Laurentian University
Sergio Rossi, University of Fribourg
John Smithin, York University
Malcom Sawyer, Leeds University
Engelbert Stockhammer, Vienna University of Economics
Peter Wirtz, Université de Lyon

Research Unit on Industry and Innovation – University of Littoral France

International Symposium
Knowledge, Finance and Innovation
September, 26-30, 2006

Keynes, in his day, warned politicians of the dangers of entrepreneurial short-sightedness and the potential for undermining longer-term economic performance. His observations remain prescient, particularly with regard to innovation.

Innovation is characterized by the market introduction of new products, typically accompanied by new means of production, new methods of management, and the ultimate attainment of new forms of industrial organization. These outcomes are dictated by the imperatives of integration, the coordination of intellectual resources, and ultimately by the pursuit of financial profitability.

The myopic pursuit of short-term profitability may be the contemporary embodiment of Keynes’ apprehension. For instance, innovation projects jointly funded by large companies and units of government may by undermined by declining support for the basic research upon which those projects depend. This is particularly true regarding the reduction of public funding that often accompanies the opening of traditional markets to new sources of competition.

The logic of financial investment drives the valuation of technological capital (incorporating scientific knowledge, industrial knowledge and innovation engineering) and often motivates large firms to pursue a path of short-term expedience. Also, technological progress may evolve so rapidly that the industrial and social integration of scientific knowledge may be hindered.

On the other hand, scientific knowledge may perish due to insufficient profitability, prompting that knowledge to be ignored and withheld from contributing to innovation. Because profitability typically is the pre-eminent criteria in the short-run, only those enterprises that rapidly absorb scientific resources attain viability. Entire scientific fields, therefore, may become neglected.

The outcome may be the long-term neglect of the common good. Of course, as Keynes reminds, in the long-run we shall all be dead. But wasn’t Keynes really calling for more thoughtful linkages between short-term behaviors and long-term outcomes? Arguably—in the spirit of Keynes—it is expedient for societies to carefully reconsider how innovation occurs and to nurture the process more fully, both publicly and privately.

What drives innovation and how may its nurturance be accomplished?

Is it through the pursuit of pure knowledge (ensuing from R&D processes), its development, and its management for industrial use?

Or is it through greater nurturance of profitability? How do the imperatives of return on investment influence research and its industrial exploitation?

Or is it through measurement of the value of innovation in terms of its usefulness? Does this value depend upon the amount of capital and labour dedicated to its production?

Or, is it through greater reliance upon the profitability of knowledge? What are the consequences of the relationship between the management of knowledge and financial strategies on technical progress, economic growth and globalization of economic activities?

These and other questions will be pursued within the International Symposium on Knowledge, Finance and Innovation, through three axes:

•Enterprise logic, profitability and technological selection
Innovation trajectories and “autonomous science” [suggest “basic research”]
Financing and managing scientific and technical knowledge
Investments in the protection of knowledge and innovation
New organization of work, new financial structures and organizational change

•Network logic, technological and financial complementarity
Strategic Alliances and collective logic of innovation
Innovation networks: enterprises and public institutions
The cognitive division of labour, innovation and investment location
Networks, technical standards and competition

•Public logic, administration and routines
Scientific research, its institutions, its aims, its actors
Innovation policies and innovation systems
Economics of knowledge, innovation and economic growth

Theoretical, historical and applied proposals will be examined by the scientific committee.


Deadline for communication proposals: March 1 2006.
Final decision of scientific committee: June 1 2006
Final texts: September 5 2006
Languages: English, French

Blandine Laperche
21, quai de la Citadelle
59140 Dunkerque –France


Conferences, Seminars and Lectures

IDEAs Workshop On Reclaiming Development in the Age of Financial Globalization

Bilkent University, Ankara
31 August – 3 September, 2005

Organized by:
International Development Economics Associates (IDEAs)
Bilkent University Department of Economics

The workshop on Reclaiming Development in the Age of Financial Globalization is an intensive program covering theoretical and policy issues in the current international context. The aim of the workshop is to present critiques of existing theories as well to offer alternative analyses of current economic trends. It will be organized around three broad themes: (1) The economics of financial globalization and its implications for development macroeconomics; (2) the macroeconomics of stabilization and adjustment. (3) structures and mechanisms of the global economy and the economics of collective imperialism.

The total working time of the workshop is 24 hours over four working days. The sessions will be in lecture format followed by open discussion. In addition, participants are also expected to attend the International Conference on Development Economics of the Turkish Social Sciences Association, to be held in the Middle East Technical University, Ankara, September 5-7, 2005. This will involve a total stay of 7 days.

All courses are to be offered at the Bilkent University premises and will be taught in English. Participants will be hosted at the Bilkent University campus dormitories.

Participants will be chosen from young economists who have completed or are close to completing their Ph.D. dissertations. In addition, individuals with a strong economics background involved in advocacy work with civil society organizations or engaged in policy making activities are welcome to apply.

IDEAs will provide full funding for travel and accommodation to applicants from low-income developing countries and researchers from these countries are especially encouraged to apply.

Applications should be accompanied with a recent version of the curriculum vitae and one letter of recommendation and should be sent to

Professor Erinc Yeldan, Department of Economics, Bilkent University, 06580, Ankara TURKEY; tel 90-312-2664807; fax 90-312-2665140;


Professor Jayati Ghosh, IDEAs, c/o, Economic Research Foundation, 124 A/1 Katwaria Sarai, New Delhi 110016, INDIA; tel +9111-26611235; fax +9111-26611764 e-mail: or

The deadline for applications is: 30 June 2005

Course Program:

Wednesday, 31 August:
Morning: Determinants of Neoliberal Financial Globalization. The two waves of globalization; the rise of finance and the demise of Fordist industrialization; the withering away of the concept of ‘development’.
(Erinc Yeldan, Bilkent University, Ankara)

Afternoon: Financial Liberalization, Currency Crises and Developing Countries Balance of Payments crises and developing countries; new generation crises under globalization and financial interdependence; issues of stabilization under hegemonic conditionality of international financial capital.
(William Tabb, Queens College, NY, USA) To be confirmed

Thursday, 1 September:
Morning: The economics of financial flows at the global scale; the position of the developing countries in the new international division of labor; the dominance of finance and the sources of financial fragility; the rise of the rentier class
(Gerald Epstein, University of Massachusetts, Amherst)

Afternoon: The politics of development in the age of globalisation'. Development, post development and its social and political consequences; the politics/anti politics of populist regimes, and the crisis of development in global perspective.
Pasuk Phongpaichit, Chulalongkorn University, Bangkok, Thailand

Friday, 2 September
Morning: The US in the world economy. An analytical framework to understand the current imbalances in the US and the implied financial burden for the world.
(Alex Izurieta, Cambridge University)

Afternoon: Changing Structures of National and International Finance and their implications. Shifts in international financial systems; monetary and fiscal policy interactions; the onset of contractionary economics; the expanded Washington consensus; austerity with central bank independence, inflation targeting.
(C. P. Chandrasekhar, Jawaharlal Nehru University)

Saturday, 3 September
Morning: Interactions between international trade and finance and the effects on inequality:
Recent changes in world trade patterns and their implications; capital flows and trade flows; uneven development and emerging patterns of inequality and poverty.
(Jayati Ghosh, Jawaharlal Nehru University)

Afternoon: The Dominance of Finance: Implications for the Global Economy: The hegemony of finance; the economics of the new imperialism; deflation and unemployment; sovereignty and the role of the nation state.
(Prabhat Patnaik, Jawaharlal Nehru University)


Program Director and Contact: Erinc Yeldan, Bilkent University

Gerald Epstein, Professor University of Massachusetts, Amherst
C.P. Chandrasekhar, Professor, Jawaharlal Nehru University, New Delhi, India
Jayati Ghosh, Professor, Jawaharlal Nehru University, New Delhi, India
Alex Izurieta, Cambridge University
Prabhat Patnaik, Professor, Jawaharlal Nehru University, New Delhi, India
Pasuk Phongpaichit, Professor, Chulalongkorn University, Bangkok, Thailand
William Tabb, Queens College, NY, USA
Erinc Yeldan, Professor, Bilkent University, Ankara


The Collected Works of Karl Marx and Fredrick Engels

Marx Memorial Library- In association with Lawrence & Wishart and the Socialist History Society are proud to launch the final volume of the Collected Works of Karl Marx and Fredrick Engels

Professor Eric Hobsbawm
Professor David McLellan
Monty Johnstone - Editorial Commission
Mary Rosser - chair, Marx Memorial Library
Plus others

Tuesday 7 June at 7.00 pm
Friends House, 173 Euston Road, London NW1 3BJ

Admission Free
Tickets must be booked in advance
To apply, tel: 020 7253 1485

7th Annual Conference of the Association of Heterodox Economics
City University, London
15 – 17 July 2005

The AHE is the principal world forum encouraging and supporting pluralism in economics with participants from nearly 30 countries expected at the conference.
The CONFERENCE is organised around the theme of "Pluralism in Economics", sessions incorporate a variety of perspectives and fields of study.
Issues examined include globalisation and international trade, poverty, finance, technology studies, monetary theory and policy, banking and financial institutions, health economics, labour economics and literary criticism. These are addressed by presenters from the fields of economic development, transition economics, applied microeconomics, economic history, history of economic thought, and methodology and philosophy of economics, as well as researchers working in interdisciplinary areas at the borders of economics with cognate disciplines such as sociology, psychology, political science, philosophy and management.
Presenters will examine issues or deploy approaches neglected by the current orthodoxy; and to further develop the critique - and the defence - of the neo-classical orthodoxy. Discussion and debate, amongst participants from such diverse traditions as Post-Keynesian, Austrian, Institutionalist, Evolutionary Economics, Neo-Schumpeterian, Sraffian, Marxist and neoclassical economics, contribute towards opening up the discipline of economics.
The AHE and its annual conference arose out of the belief that institutions of the discipline of economics systematically discriminate against those working in non-mainstream fields and approaches, specifically, economists writing from a heterodox standpoint or active in minority areas. Advocating pluralism in economics, the AHE and its conferences provide a forum for advancing new ideas in heterodox political economy both theoretically and in policy debates. These conferences enable heterodox economists the opportunity to network, and allow for the dissemination of ideas. They demonstrate the continuing relevance of heterodox political economy to those practising and utilising modern economics. The AHE also runs an annual graduate student training programmes and is currently holding a series of seminars at the LSE. We welcome participation and support from individuals and organisations that share our goals.
To register for the conference, please go to

Lancaster Institute of Advanced Studies 2005-6: The Knowledge Based Economy

Workshops on Value Theory and Knowledge Based Economy
April and June 2006

One of the key characteristics of the Knowledge Based Economy (KBE), noted by both academics and policy-makers, is the fundamental shift in the factors adding or creating value. If, in classical and neoclassical political economy value was considered to emerge from the contributions of physical labour and/or capital, the supporters of the KBE claim that value formation in the new economy is fundamentally produced by immaterial forms of labour and capital (e.g. human capital and/or information). The workshops intend to bring together scholars from different disciplinary backgrounds but with an interest on value formation to explore questions such as
•Is the valorisation process in a KBE based upon changed principles?
•If so, what principle, and what difference does this make?
•If not, are arguments about the changed nature of valorisation in the KBE mistaken?
• Might the phrase ‘people are our greatest asset,’ often heard in management human resources circles, actually have some truth in it?
•What is the current status of classical and neoclassical theories of value?

We intend to run two, two-day workshop in April and June 2006. The workshops are deliberately open-ended and in-keeping with the IAS’s aim to provide distinguished scholars with ‘time to think’ on crucial contemporary issues in a rich and supportive interdisciplinary environment. The emphasis is on thinking and dialogue rather than presentation of finished papers – although the aspiration is to edit a book or journal if participants feel this is appropriate.

We will meet rail fare (advance purchase super saver fares) and overnight accommodation on campus on a first come first served basis.

At this stage we need to know which two consecutive days/dates you can make – all dates are Monday to Thursday inclusive. If you want to attend two workshops, please indicate this below, and we will accommodate you if possible.

April 2006 (please cross out the dates you cannot make it)
03 04 06
10 12 13
17 18 19

June 2006 (please cross out the dates you cannot make it)
06 07 08
13 14 15
20 21 22
27 28 29

Please respond to Sandra Irving with your preferences.
For further details of the IAS’s visiting fellowships programme on the Knowledge-Based Economy, see

Steve Fleetwood
Ramon Ribera-Fumaz

2005 IAFFE Conference on Feminist Economics

The International Association for Feminist Economics is planning its 14th Annual Conference, June 17 -19, 2005, at American University in Washington, DC. The deadline for early registration is May 24, 2005. For more information on the conference, see the IAFFE website at

History of Economic Thought Conference, Exeter, England, 5-7 September 2005

The programme for the History of Economic Thought Conference, Exeter, England, 5-7 September 2005 is now complete (attachment), and this is to invite you to attend. Booking and all other details, including the programme again, are at

John Maloney, School of Business and Economics, University of Exeter, Streatham Court, Rennes Drive, Exeter EX4 4PU.

Third International PhD Students Conference in Turin (September 8-10, 2005)
Four years ago, a group of PhD students started to organize a series of annual conferences aimed at debating with other PhD students the methodological foundations of our research. Along this path, the Siena International conference (
and Pavia International conference
( took place (and have been a success). The initial idea, though, was not only to invite speakers and scholars to animate our debate on the methodology of economic research, but also to make room for PhD students to meet and discuss among them and with seniors the methods they used in their specific research. Our main end is to maintain a continuous discussion about the method, comparing different approaches and highlighting the weakness and the strengths of each one, in order to become free to choose the best approach for our own research (see our manifesto at
and to drive the attention of faculties on the importance to discuss the scope of research and explore its tools, when educating students to become 'social scientists'.

We are now organizing a third international conference in Turin (September 8-10, 2005; We think this could become an extraordinary opportunity to meet with all the other groups around the globe, working on the same topics. Some of those experiences have had already a national and international role and recognition in promoting the debate on the methodology. Those experiences inspired us and gave us the impulse to put forward the discussion, but there are also other experiments that are just at their beginning, and some other we have got to know only during our research. We think that, whatever is the stage of each debate, a meeting could give new surge to everyone, being a chance to know each other's position, to understand the differences and the commonalities, and to create a network in order to be more incisive as promoters of the European debate on methodology in economic research. Most importantly, moreover, it would provide students and scholars participating to the conference an opportunity to know the existence of experiences, to eventually participate more easily, and to hopefully start new active groups, taking advantage of your experience.

We would like to invite a representative of your group to be part of the "Workshop of Movements", which is to be organized the first day of the conference 'Methodology in
Economics: the Importance of Social Sciences' (September 8th, 2005), bringing the experience of your group and sharing with us and the other groups the debate you are undertaking. The conference Organization Committee is ready to pay the travel and the accommodation expenses for one of your representatives for the duration of the whole conference.

We would also like to ask you to indicate any other similar experience, so that we can extend the invitation to them also.

Please, let us know if you will be able to participate, and if you have any question, please contact us replying to this email or at
We look forward to meet you in Torino!
Best regards,
Francesco Rullani
(in behalf of the Organization Committee)


Heterodox Conference Papers, Reports and Working Papers

New GDAE Working Paper on Social Security

President Bush has stated that Social Security is facing a “crisis” and will soon be “bankrupt.” He is proposing drastic changes in the existing system of retirement benefits. A new paper by GDAE researchers Brian Roach and Frank Ackerman develops a model of Social Security finances, in order to determine whether Social Security is really facing a crisis and to explore the range of policies that could remedy future shortfalls. Their research illustrates the extreme sensitivity of Social Security projections to the underlying economic assumptions. One analysis in the paper projects Social Security’s finances using the more optimistic economic assumptions made in the federal budget; this change alone eliminates virtually the entire projected 75-year Social Security shortfall.

The paper also provides details on a variety of policy options that could secure the finances of Social Security through 2080. These include increasing the cap on income subject to Social Security taxation, slowing the growth in average benefits, and raising the Social Security tax rate. The results suggest that various moderate adjustments could secure the finances of Social Security for the next 75 years without major structural changes. The paper concludes that the Social Security program can be adjusted at the margin to reflect modern realities, just as it has been many times over the last 70 years, without a drastic overhaul.

To learn more about the paper and download a copy, go to:

Four papers from Carsten Herrmann-Pillath

International Market Access Rights: Emergence,Evolution, and Economic Significance: carsten1.pdf

Reflexivity as a Source of Paradox in Political Economy: Analysis and Consequences for Economic Methodology: carsten2.pdf

Deliberative Trade Policy: carsten3.pdf

Reciprocity and the Hidden Constitution of World Trade: carsten4.pdf


The idea of carrying out this work stems from the observation that although institutional economics deals with the study of human actions and motivations in their historical evolution, there has been in many cases, as vividly expressed by Ayres (1936), a lack of scientific collaboration with other fields of the social sciences; in this regard, psychoanalysis is a case in point. (Download Paper)

New Working Papers on Economic Theory and Education

“Teaching Ecological and Feminist Economics in the Principles Course”

by Julie A. Nelson and Neva Goodwin

It can be difficult to incorporate ecological and feminist concerns into introductory courses based on neoclassical analysis. We have faced these issues head-on as we have worked on writing introductory economics textbooks, Microeconomics in Context (Goodwin, Nelson, Ackerman and Weisskopf, 2005) and Macroeconomics in Context (in progress). In this essay, we will describe how the introductory curriculum can be altered to encompass these perspectives.

Download at

“Rationality and Humanity: A View from Feminist Economics”

by Julie A. Nelson

Does Rational Choice Theory have something important to contribute to the humanities? Some argue that it is a powerful tool that will lend clarity and rigor to work in the humanities just as it (presumably) has in economics. This paper examines the disciplinary values behind such an assertion, and argues that richness and realism must be retained as important values alongside precision and elegance, if anti-scientific dogmatism and absurd conclusions are to be avoided.

Download at


Heterodox Journals and Newspapers

The Grounded Theory Review: An international journal

Volume 4, Issue no. 2, March 2005

The Impact of Symbolic Interaction on Grounded Theory
Barney G. Glaser, Ph.D., Hon. Ph.D.

Beyond the Physical Realm: A proposed theory regarding a
consumer’s place experience
Mark Rosenbaum, Ph.D.

Visualising Deteriorating Conditions
Tom Andrews, RN, B.Sc. (Hons), M.Sc., Ph.D. & Heather Waterman,
RN, B.Sc. (Hons), Ph.D.

Grounded Theory and Heterodox Economics
Frederic S. Lee, Ph.D.

The Grounded Theory Bookshelf
Vivian B. Martin, Ph.D.

For detailed information: TheGroundedTheoryReview.pdf

New Progressive Journal: Socialist Studies

The Society for Socialist Studies has just unveiled the premiere edition of its new, peer-reviewd, multi-disciplinary journal:
Socialist Studies. This Canadian journal will print research articles in a range of disciplines; see their website for more information on subscriptions and submission guidelines:

Issues in Regulation Theory
Volume 51

"Regulation finance-driven capitalism"
Michel Aglietta, FORUM (université Paris X-Nanterre) and CEPII
Antoine Rebérioux, FORUM (université Paris X-Nanterre)

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

Previous Issues in Regulation Theory :

Issues in Regulation theory n°50 contains a note on
"Taxes, benefits and the distribution of incomes"
John Morley, Univ. of Nottingham, Business School,
Terry Ward, Alphametrics, Cambridge and Applica, Brussels,

Issues in Regulation theory n°49 contains a note on
"France's new social protection system"
Jean-Claude Barbier (CEE)
Bruno Théret (Iris-Paris Dauphine)

Issues in Regulation theory n°48 contains a note on :
"Global Public Goods and the Transnational Level of Regulation"
Philippe HUGON, Paris X Nanterre/Forum (

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

Political Economy Research Institute Bulletin

The PERI Newletter of Research, Policy, and Events
05.2 (May)










The Political Economy Research Institute (PERI) is based at the University of Massachusetts, Amherst. For general information about PERI, please visit our website:

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Talking Economics Bulletin - June 2005

That the people of France have said no to a proposed European Union constitution reflects not so much their dissatisfaction with the political nature of the EU project, but their suspicion that with the constitution comes an unbridled Anglo-Saxon neo-liberalism which aims to displace by legal means the French image of a 'social Europe'. Indeed, it is hard to argue that the French sentiment is without foundation ... or indeed that French undergraduate students in economics were wrong 5 years ago to reject as unreal their overly mathematical and neo-liberal syllabus in favour of a more pluralistic approach, thereby giving rise to post-autistic economics. The June edition of Talking Economics Monthly picks up on their concerns in its main article and then goes on to consider what an expanded economics should take into account, as opposed to one that stops short with abstraction and narrow individualism.

1) Abstraction in Economics
2) Forthcoming Evening Events in London - Sustainability Week Special
3) Getting to Grips with Globalisation - Two evenings in Stroud UK
4) Economics and agriculture - a report

For detailed information: Talking Economics Bulletin.doc

Evolutionary and Institutional Economics Review (EIER),

is now available online.

Articles on the first volume (vol.1-1, November 2004) is open for browsing and downloading.
Those of the second volume (vol.1-2, March 2005) will be uploaded in a few month.
Editors of EIER welcome the contribution of Articles
(2000-10000words) and Notes (under 3000 words) from all parts of the world.

Aims & Scope:
Instructions to Authors:

Annual subscription (1 volume=2 numbers) : USD60.00 or JPY7000.-

Contributions/Orders to the EIER Editorial and Management Office International Academic Printing co. Ltd. (KOKUSAI BUNKEN INSATSUSHA)
4-4-19 takadanobaba, shinjuku-ku, tokyo, JAPAN 169-0075 tel (+81)(0)3-5389-6492 e-mail:

Kiichiro Yagi (Editor in Chief)
Grad. School of Economics, Kyoto University


Heterodox Books and Book Series

"Theories of Financial Disturbance" By:Jan Toporowski

‘Financial markets have an aura of disturbing instability. In this history of the thought of earlier economists who have studied the processes of finance, Jan Toporowski takes us on a fascinating journey to explore how they saw the impact of finance on the real economy. Not one for formal models, nor for rational expectations, Jan values historical experience and the insights and experience of earlier great thinkers.’
– Charles A.E. Goodhart, CBE, London School of Economics and Political Science, UK

‘Jan Toporowski’s Theories of Financial Disturbance is a tour de force. With his substantial knowledge of financial markets, his deep conceptual understanding of relevant concepts and his exhaustive reading of the essential literature, he is ideally placed to tell an absorbing narrative of, as he writes, critical theories of finance from Adam Smith to the present days – and he has. In a world in which finance and industrial and commercial capital are so out of kilter with one another, Toporowski’s lucid wisdom is required reading.’
– G.C. Harcourt, University of Cambridge, UK, Jesus College, Cambridge and University of Adelaide, Australia

Theories of Financial Disturbance examines how the operations of market-driven finance may initiate and transmit disturbances to the economy at large, by looking in detail at how various economists envisaged such disturbances occurring. Contents: Introduction Part I: A Premonition of Financial Fragility 1. Adam Smith’s Economic Case Against Usury 2. The Vindication of Finance Part II: Critical Theories of Finance in the Twentieth Century: Unstable Money and Finance 3. Thorstein Veblen and Those ‘Captains of Finance’ 4. Rosa Luxemburg and the Marxist Subordination of Finance 5. Ralph Hawtrey and the Monetary Business Cycle 6. Irving Fisher and Debt Deflation 7. John Maynard Keynes’s Financial Theory of Under-Investment I: Towards Doubt 8. John Maynard Keynes’s Financial Theory of Under-Investment II: Towards Uncertainty Part III: Critical Theories of Finance in the Twentieth Century: In the Shadow of Keynes 9. The Principle of Increasing Risk I: Marek Breit 10. The Principle of Increasing Risk II: Michal Kalecki 11. The Principle of Increasing Risk III: Michal Kalecki and Josef Steindl on Profits and Finance 12. A Brief Digression on Later Developments in Economics and Finance 13. The East Coast Historians: John Kenneth Galbraith, Charles P. Kindleberger and Robert Shiller 14. Hyman P. Minsky’s Financial Instability Hypothesis 15. Conclusion: The Disturbance of Economists by Finance Bibliography Index

Detailed information: Edward Elgar

Bernadette Andreosso and David Jacobson (2005) /Industrial Economics and Organization: A European Perspective
It contains detailed critiques of the neoclassical theory of the firm, the neoclassical models of market structure, and various other applications of neoclassical economics in the broad area of industrial organization.

Website for more information:

Global Finance at Risk: On Real Stagnation and Instability, By: Sunanda Sen

Sunanda Sen offers an analysis of the ongoing malaise in the world economy, which include the financial and real instability as well as economic recession and lack of development. Rejecting the explanations advanced by the orthodoxy, she deplores the retrograde steps in the interest of high finance. This calls for a change in policies, away from the contractionary monetarist devices and in the direction of demand expansion which will prove mutually beneficial for both advanced and developing countries.

Table of Contents

Introduction * The Changing Pattern of International Capital Flows: A Few Theoretical Insights * The Evolving Pattern on International Capital Flows: An Overview * The Pattern of Global Finance and the Real Economy * Global Finance and Development

For detailed information: GlobalFinanceatRisk.pdf

Biographical Dictionary of British Economists
General Editor: Donald Rutherford, University of Edinburgh

With over 600 entries on economic writers and thinkers, the Biographical Dictionary
of British Economists has unrivalled coverage of both prominent and less well-known
figures in the history of British economics. Eight-hundred years are spanned by
entries on individuals from Richard FitzNigel (d.1198) to John Flemming.
The high-profile names are all included Adam Smith, Malthus, Locke, Ricardo, the
two Mills, Petty, Hume, Marx and Marshall but importantly, those whose work is not
as widely known are here, including Henry Thornton, Daniel Defoe, Dudley North
and Herbert Spencer.
For detailed information: BDBEflyer.pdf

Radical Political Economics
(Pluto Press, University of Michigan Press)

This is a book series sponsored by the Union for Radical Political Economics (URPE). The book series is aimed at the general reader, and is intended to be of particular interest to undergraduate students. The goal of the series is to provide a wide audience with an introduction to radical political economics.

For more information:

Contact Al Campbell, e-mail address is
Paddy Quick, e-mail address is
Alfredo Saad-Filho, e-mail address is
Publisher Website:

New Political Economy Book Series

Routledge is currently seeking manuscripts for its distinguished series, New Political Economy. We are looking for recent dissertations in political economy that might be especially interesting to and worthy of a wider reading audience. Dissertations can be theoretical, empirical, or both. They also may be focused on a particular history or history of thought. The series is open to a wide variety of perspectives.

If you or one of your students has a completed or soon to be completed dissertation that fits the above description, please send a one or two page summary of the dissertation and a CV to the series editor (see contact information below.)

Titles in the series include:

Political Economy from Below: Economic Thought in Communitarian Anarchism, 1840-1914
Rob Knowles

Structuralism and Individualism in Economic Analysis: The "Contractionary Devaluation Debate" in Development Economics
S. Charusheela

Encoding Capital: The Political Economy of the Human Genome Project
Rodney Loeppky

Miracle for Whom? Chilean Workers Under Free Trade
Janine Berg

We print our books on 250-year-life acid-free paper with hard cover/library standard bindings. Our worldwide market is composed primarily of research and university libraries to which we sell between 250 and 450 copies of each text. Books in our series are published as hardcover and as attractively as possible for this library market. We do not provide individually illustrated covers (there is one standard series cover) or copyediting for the books, although they are typeset and proofread. Authors receive a royalty of 4% on net sales of the book, and a predetermined number of free copies (usually 5) for personal use.

The series editor is Richard McIntyre, Professor of Economics at the University of Rhode Island and he may be reached at the following addresses:

Richard McIntyre
Honors Center
210 Lippett Hall
University of Rhode Island
Kingston RI 02881

Kurt Huebner (ed): The New Economy in Transatlantic Perspective. Spaces of Innovation,
259pp., Routledge 2005, ISBN 0415336082

What's left of the New Economy? This book examines the remains of this well-hyped concept and finds that despite all the mistaken ideas and sexing-up, the technological changes of the 1990s still have important effects today.


Part One: Macro Economics of Innovation

1. Spaces of Innovation: Introductory remarks on the comparative political economy of
the New Economy - Kurt Hübner
2. The New Economy in a Growth Crisis - Georg Erber and Harald Hagemann
3. Innovations, Economic Growth and Productivity in the New Economy - Martin Zagler
Part Two: Institutional Matrixes
4. Is there an Institutional Base of the New Economy? - Bruno Amable
5. Europe in the Innovation Race - Daniele Archibugi and Alberto Coco
6. Innovation and Social Security: An international comparison - Martin Heidenreich
7. Transnationalisation of European Governance in the Information Age: The role of
policy networks - David Gibbs
Part Three: Spaces of Innovation
8. Urban Governance, Interspatial Competition and the Political Geographies of the New
Economy: Reflections on the Western European case - Neil Brenner
9. Do Regional Systems of Innovation Matter? - Michael Fritsch
10. Internet-based Electronic Business: A sociology of discontinuities and failures of new
companies in the fields of entertainment and technology in California – Gerhard
11. The New Economy Assets of the Berlin Metropolitan Region: Development chances
and threats - Stefan Kratke


Heterodox Job Postings

School of Earth and Environment- Sustainability Research Institute (SRI)

Lecturer in Ecological Economics and Lecturer in Sustainable Business - Job ref 310462/310463

Closing Date: 10-06-2005

Further details:

The Sustainability Research Institute (SRI) at the University of Leeds is seeking to make two lectureship appointments as part of its continued development. You will demonstrate the ability to develop his/hertheir own research programme of international standing and will contribute to teaching at the undergraduate and postgraduate level.

Ecological Economics lectureshsip - Applications are invited from those with research interests in Ecological Economics, which aims to integrate economic with biophysical, social and cultural analyses. Job ref 310462

Sustainable Business lectureship – Applications are invited from those with research interests in Environment/sustainable development and Business. Job ref 310463

Lecturer A (£23,643 - £27,116 p.a.) or for very well-qualified candidates Lecturer B (£27,989 - £35,883 p.a.)
The University is introducing a new reward framework which will facilitate the recruitment, retention and motivation of world class staff. Under the new structure the minimum Lecturer A salary point will be £26,401 plus cost of living increases.

Informal enquiries to Dr Klaus Hubacek (Ecological Economics post) email, tel 0044-(0)113 343 1631, or Dr Fiona Tilley Sustainable Business post) email, tel 0044-(0)113 343 1641.

To apply on line please visit and click on 'jobs'. Application packs are also available via email or tel 0113 343 5771

Closing date Friday June 10 2005 Interviews to be held in week commencing June 27 2005

New Economics Foundation
Economic Researcher: International Finance/Development
salary £24 - £32,000 p.a.
closing date 06.06.05

summary: Are you a radical economist, with a good knowledge of development and the international financial system? Would you like to make a real difference in promoting a global economy run for people and the planet? Are you an innovative and original thinker, as keen to listen to the views of others as to present your own? If so, you might be just the person we are looking for to help take our Jubilee Research programme forward to a broader global finance agenda.
This appointment may be made at junior level (minimum 3-5 years experience) or senior level.

Details: Economic Researcher

Birmingham Business School

New Lecturer/Senior Lecturer post in Industrial and Labour Economics at the Birmingham Business School.

Details of the post can be found at: - click on ‘Industrial and Labour Economics’.

There is also a Lecturer/Senior Lecturer post available in research methods which would suit an applied quantitative economist – details are available at the same web address; click on ‘research methods’.

More details about the Industrial and Labour Economics Group can be found at:

The deadline for applications is 17th June.


Economist- £51,867
It's your capital. Be part of it.

21st Century London. Culturally diverse. Ever changing and evolving. Open to the world. As government to this most vibrant and cosmopolitan of cities, the GLA has a responsibility both to reflect and lead the pace of change. Ours is a f ast-moving and forward-thinking environment, a microcosm of the exciting capital we serve. Can you keep up with us?

Established in May 2002, GLA Economics provides expert advice and analysis on London's economy and the economic issues facing the capital. Data and analysis from GLA Economics provide a sound basis for the policy and investment decisions facing the Mayor and the GLA group.

You'll plan and lead work on special projects and initiatives commissioned by the GLA Group to ensure that GLA Economics provides a sound economic evidence base for policy making decisions - taking particular responsibility for content and deadlines.

You must have a postgraduate degree or equivalent professional qualification in economics or a related subject, and at least 5 years' relevant experience. Evidence of detailed specialist knowledge of at least one of the following is essential: transport, labour economics, macro-economics, market studies and competition issues and policy. You must have highly developed analytical and communication skills and the ability to lead multi-disciplinary, multi-agency projects.

For further information about this role please contact Duncan Melville on 020 7983 4644.

For a full job description and application pack, please visit our web site or call the recruitment team on 020 793 4143 (textphone/4157) quoting reference CSEC13/G.

Closing date for receipt of completed applications: noon 17 June 2005.

NEP-New Economics Papers

Recruiting NEP Editors
There are currently vacancies for the following reports

mfd Microfinance & Financial Development
gth Game Theory
pbe Public Economics

If you are interested or know of someone who is, please email a curriculum
vitae and some thoughts as to how you would increase membership of the
report to

Although we are committed to equal opportunities, we are keen to attract
female applicants as well as practitioners or academics based outside of
Europe, the US or Canada.

On behalf of the NEP Team,

Bernardo Batiz-Lazo, PhD
Managing Director, NEP



Heterodox Web Sites

Working Class Studies
Working Class Studies is a mailing list for scholars and educators, activists and advocates, artists and writers, as well as students and workers who are interested in this engaged and interdisciplinary field. Sponsored by the new Working-Class Studies Association and the Youngstown State University Center for Working-Class Studies (CWCS), the listserv develops a forum for diverse intellectual and political approaches to scholarship, teaching, and outreach. It also promotes partnerships linking scholarly work with activism. Subscribers are encouraged to post announcements, queries, calls for proposals, and to exchange information on academic and political opportunities as well as general news relevant to working-class life.
Your address "leefs@UMKC.EDU" has been invited to join the
Working-Class-Studies mailing list at by the
Working-Class-Studies mailing list owner. You may accept the
invitation by simply replying to this message, keeping the Subject:
header intact.

You can also visit this web page:

Or you should include the following line -- and only the following
line -- in a message to

confirm 9a0e3d9f506c560684aae8c72c5287bb7edbcb88

For Your Information

Indiana University Labor Studies Under Attack

May 21, 2005
Dear Union Sisters & Brothers, Colleagues & Friends,

Ruth Needleman, professor of labor studies,

Just this week, six employees of the Indiana University Division of Labor Studies were terminated: three faculty among them. The reason given was a budgetary crunch resulting from legislative cuts in our funding and university demands for increasing income annually.
As you may know, a Republican governor and Republican control of both houses of the state legislature have made Indiana a very union unfriendly state. Public sector unions were thrown out of government agencies, a right to work law threatens on the horizon, and now the labor studies program has come under the knife.

Even though a faculty budgetary committee developed an alternative budget that would require no faculty layoffs, the Director went ahead and implemented his budgetary proposal, closing down the South Bend office,laying off two tenure-track faculty, Paul Mishler and Cathy Mulder, and faculty member Rae Sovereign, who has just completed her Master’s Degree as required by her contract.

Indiana University is a public university with a clear mission to serve constituencies in the state, especially under-served constituencies like adult working people. Increasingly public universities are functioning like private ones, forcing every unit to generate income above expenses, and setting budgets every year higher than the previous year’s income. It works like gain-sharing has worked in many workplaces—forcing workers to become ever more productive every year in order to meet the rising standard.

And why wouldn’t universities feel the same pressure of corporate competitiveness and privatization? Not only were tenure-track faculty terminated, but part-time, temporary and less credentialed employees were kept. The decision on whom the ax would fall did not follow IU policy; it ignored seniority, credentials and faculty governance. Welcome to Wal Mart University!

We are asking you for letters of support for maintaining our regional offices that serve working people where they live and work, in this case, the South Bend office. We are asking for support to reverse the arbitrary and discriminatory termination of Rae
Sovereign, Paul Mishler and Cathy Mulder, three of our top faculty. Finally we ask for your support in opposing hiring and firing procedures that violate university academic policy, and that promote contingent, part-time jobs over fully-funded, skilled
jobs. We cannot let WalMart become the model for universities as well.

Please send your letters in support of the Division of Labor Studies at Indiana University, to Executive Vice Chancellor & Dean of Faculties William M. Plater,
IUPUI, Administration Building 108, 355 North Lansing
Street, Indianapolis, Indiana 46202-2896. You may also e-mail him at Please send me a copy,and also William Schneider, IUPUI AAUP,

In Solidarity, Ruth Needleman, professor of labor studies,

Support the General Thrust of the Declaration of the EuroMemorandum group
Dear colleague,

the French and Dutch No have had the magnificent effect to broaden and intensify the discussion about the way in which we want to live in Europe not only in France and the Netherlands but in most other European countries, too. One central part, although certainly not the only part of this debate will be about the economic and social development strategy, i.e. the crisis of neo-liberal policy patterns and about alternative options towards a progressive economic and social European development model.

The working group "European Economists for an Alternative Economic policy in Europe" (EuroMemorandum Group) wants to contribute to this new phase of public debate in various ways. The most immediate one is the attached declaration, which contains in a very brief way our assessment of the main mistakes in the current economic and social policy course and proposals for an alternative development strategy in the short and the medium term. (For further activities of the group see our web side:

We want to attract some public attention for this declaration in two ways: firstly by collecting as many supporting signatures for the declaration as possible and secondly by publishing the declaration together with the signatures just before the EU summit at the end of next week (16/17 June). Therefore we would like to ask you:

1. to support the attached declaration (to facilitate the procedure you should just put your name on the prepared line at the bottom of this e-mail and click on the return key) and

2. to return this letter as soon as possible, at the latest until Saturday 11 June, so that we have one day time to prepare the complete list for the press.

Thank you for your rapid cooperation. Best greetings,
Jörg Huffschmid

Declaration of support:
I support the general thrust of the declaration of the EuroMemorandum group: "After the French and Dutch No to the Constitution: The EU needs a new economic and social development strategy".
City, Country:




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