Monthly Archives: August 2015

Remember the Golden Rule! Whoever has the gold, makes the rules!

Remember the Golden Rule! Whoever has the gold, makes the rules!! *** This sharp cartoon is from The Wizard of Id – a classic daily newspaper comic strip created by Brant Parker and Johnny Hart in 1964 to satirize modern American culture … Continue reading

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China’s Minsky moment? Stability leads to instability

Hyman Minsky (1919–1996) was a distinguished American scholar and prominent post-Keynesian economist. In the wake of the 2008-2009 crisis Minsky’s invaluable scientific contribution has widely spread, but soon he has unfortunately disappeared from public and economic discussions. While most of the mainstream economists are … Continue reading

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Fed with credit: financial “liberalization”, deregulation and the role of credit in Iceland’s collapse

Beginning in the 1990s, Iceland embarked on a major “liberalization” policy, privatizing its financial sector and reorganizing regulation. The resulting highly concentrated banking sector refocused on investment banking and international operations, while businesses, consumers and the finance industry itself borrowed … Continue reading

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Get free from the dogmas of the apostles of austerity: Fifteen Fatal Fallacies of Financial Fundamentalism

Just three days before he passed away, a notable Columbia University professor of economics William Vickrey was awarded 1996 Nobel Prize in Economic Sciences for fundamental contribution to the economic theory of incentives under asymmetric information. Throughout his prolific career, Vickrey developed methods … Continue reading

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United for understanding the economy: Heterodox Economics, Economic Sociology and Political Economy

A multidisciplinary and interdisciplinary approach is the only approach which enables a more in-depth study of any social phenomena and structures, including the economy. The Economic Sociology and Political Economy community is deeply committed to this mission, and consistently and persistently spreads the word about … Continue reading

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I shop therefore I am

“I shop therefore I am“                  A work by Barbara Kruger (1987), whose art was influenced by writings of              Walter Benjamin and Pierre Bourdieu.

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