Monthly Archives: April 2014

The Bank of England’s “‪‎Money‬ Creation in the Modern ‪‎Economy‬” erodes the mainstream ‪economics‬ and ‪‎finance‬ theory

Money creation in practice differs from some popular misconceptions — banks do not act simply as intermediaries, lending out deposits that savers place with them, and nor do they ‘multiply up’ central bank money to create new loans and deposits. … Continue reading

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Reviews of 6 interesting books on housing, urban policy, privatisation of cities and homelessness

Reading list of 6 books about housing, urban policy and future of our cities from LSE Review of Books.

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“Insurgent Capitalism: Island, Bricolage and the Re-making of Finance” by Donald MacKenzie & Juan Pablo Pardo-Guerra

Drawing on recent discussions of the material cultures of markets and of financial innovation as bricolage, this paper explores the development of Island, a new share trading venue set up in 1995. The paper examines Island’s roots in a very specific conflict … Continue reading

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‪Piketty‬, ‎Krugman‬ & ‪‎Stiglitz‬ talk about Piketty’s ‪‎”Capital‬ in the 21st Century”

I always say that ‪‎economists‬’ duty for the ‪‎wealthy‬ is not ingrained in the genetic code of their profession. In general, I would say, these scholars embody this argument.  

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The Economic Sociology and Political Economy community reached 17,000 members

“Oh, figures!’ answered Ned. ‘You can make figures do whatever you want.” (Jules Verne, 20,000 Leagues Under The Sea). Jules Verne was one of my favorite childhood writers– I’ve devoured his books with even greater curiosity than his protagonists were … Continue reading

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“What ‪Money‬ Wants: An ‪Economy‬ of Desire” is a groundbreaking book that will change the way you think about money

What in everyday life is an obvious truth, namely, that in some sense or another, people want money— is basically unthinkable in economic terms. Herein lies the starting point for the main argument of this book. If desire for money … Continue reading

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“The models [in economics] are all wrong.., but we work with wrong models because they are simple, and – of course – because they are useful.”

“The models [in economics] are all wrong. Many people have emphasized that point… That’s what makes economics different. These things are all invalid, but we work with wrong models because they are simple, and – of course – because they … Continue reading

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A book “Clusters and Economic Growth In Asia” provides insights into the development and transformation of various clusters and industrial sectors in East and Southeast Asia.

The volume edited by Sören Eriksson (Jönköping University, Sweden) deals with a number of important issues including the increasing relevance of cluster policies and the need to understand them in the context of the institutional and structural transition of newly … Continue reading

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How much did internationally promoted ideas about supervisory ‘best practice’ influence institutional design choices?

Who is watching the finance industry? There have been multiple waves of thought about whether the ministry of finance, the central bank, a specialized regulator or some combination of these should have supervisory authority. These waves have been associated with the convergence … Continue reading

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A ‪joke‬ from Mario Draghi, the President of the European Central Bank ;-)

A man needs a heart transplant. Says the doctor: “I can give you the heart of a five-year old boy.” “Too young.”“How about that of a forty-year old investment banker?”“They don’t have a heart.”“A seventy-five year old central banker?” “I’ll take it!”“But … Continue reading

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