Tag Archives: economics

The Virtues of the Market: Wilhelm Röpke as a Cultural Economist

by Erwin Dekker* Neoliberalism is often associated with an excessive focus on the market at the expense of both the state and society. A new book Wilhelm Röpke (1899–1966): A Liberal Political Economist and Conservative Social Philosopher, edited by Patricia Commun … Continue reading

Posted in Books, Community members posts | Tagged , , , , | Leave a comment

Finance, Class, and the Birth of Neoclassical Economics: The Marginalist Revolution Revisited

by Yair Kaldor* In economic textbooks, the concept of “value” is regarded as nothing more than the prevailing market price. This definition might seem self-evident, but it stands in sharp contrast to the classical theories of Adam Smith and David … Continue reading

Posted in Community members posts, Papers | Tagged , , , , , | Leave a comment

Neither Market Nor State?

“And what if the choice had never been between Market and State organizations, between liberals and socialists, but instead between those who believe in the miracles of a pre-established harmony and those who refuse to ‘believe in miracles’? Could we … Continue reading

Posted in Books, Oleg Komlik | Tagged , , , | Leave a comment

Galbraith vs. Friedman — “The emancipation of belief is the most formidable of the tasks of reform, the one on which all else depends”

John Kenneth Galbraith was one of the most famous and influential American economists and public intellectual of the post-WWII era. Galbraith, who leaned toward post-Keynesian economics embracing an institutionalist perspective, was a very prolific writer and his books (The Great … Continue reading

Posted in Oleg Komlik | Tagged , | Leave a comment

Nobel winner Paul Romer on the backwardness of economics and economists’ misleading use of math

A fresh Nobel Prize laureate in economic sciences Paul Romer published three years ago an interesting short paper “Mathiness in the Theory of Economic Growth”. His main assertion (which granted him with colleagues’ reactions such as “don’t make waves“) was that … Continue reading

Posted in Economists quotes on economics | Tagged | 1 Comment

Central Banks, Technocratic Power, and the Fear of Democracy

Jacqueline Best has an interesting new article that starts with catchy and provocative analogy and then presents thought-provoking discussion and arguments: “What do border guards and central bankers have in common? Both operate, on a day-to-day basis, in political spaces exempt … Continue reading

Posted in Papers | Tagged , , , , | Leave a comment

Economics as Religion

COME WORSHIP WITH US “A LESSON IN ECONOMICS” (Photo courtesy of  Jodi Beggs – Everglades, Florida, USA, 2013) I rest my case 😉  Or, at least, Max Weber could be assigned to teach it… 🙂   *** Join Economic Sociology and Political Economy … Continue reading

Posted in Funny | Tagged | 1 Comment

Robert Solow’s sarcastic economics

Robert Solow, one of the most honored and influential economist of the second half of the 20th century, has been involved throughout his career in a series of polemics with several neoliberal (and other) economists in academia and government. Along with substantial assertions and explanations, … Continue reading

Posted in Economists quotes on economics, Funny, Papers | Tagged , | 1 Comment

Economic Sociology, Homo Economicus, and Performativity of Economics

It is never too late, nor too early, to reread and contemplate a good theory. For example, to mull over Michel Callon’s programmatic statement about the performativity of economics, presented two decades ago in the introduction to The Laws of the Markets: … Continue reading

Posted in Books, Oleg Komlik | Tagged , , , | 2 Comments

The IMF’s Reconstruction of Economic Orthodoxy since the Crash

by Ben Clift* Analysing how the International Monetary Fund (IMF) contributes to prevailing understandings of sound economic policy reveals how economic orthodoxy is historically contingent, and throws into relief the malleability of economic policy credibility. These indirect IMF attempts to … Continue reading

Posted in Books, Community members posts | Tagged , , , , , , , , | Leave a comment

Folk economics, economic sociology, and Trump’s campaign

“When did we beat Japan at anything? They send their cars over by the millions, and what do we do? When was the last time you saw a Chevrolet in Tokyo? It doesn’t exist, folks. They beat us all the … Continue reading

Posted in Papers | Tagged , , , , | 3 Comments

What is Economics? Read Keynes’ definition

In July 1938, an English economist Roy Harrod sent John Maynard Keynes his lecture “Scope and Method of Economics” which he intended to deliver as a Presidential Address at one of the sections of the British Association. In his reply, after … Continue reading

Posted in Oleg Komlik, Papers | Tagged , | 3 Comments

Market Forecasting: A Sensitive Practice at the Heart of Neoliberal Capitalism

by Stefan Leins* Since the emergence of modern financial markets, financial analysts have played a critical role in producing visions of “the economy” and its future development. As experts, they analyze market developments and predict future scenarios that enable other financial … Continue reading

Posted in Books, Community members posts | Tagged , , , , , , | Leave a comment

Foucault: Neoliberalism is not laissez-faire, but permanent vigilance, activity, and intervention

The following Michel Foucault’s sharp insights on neoliberalism were presented during his lecture series “The Birth of Biopolitics” at the Collège de France in 1979 — a few months before Thatcher and Reagan took power, but several decades after Walter Lippmann, … Continue reading

Posted in Books | Tagged , , , , | 3 Comments

Paul Samuelson: Chicago is not so much a place as a state of mind

In 1954 a future Nobel laureate in economic sciences Paul Samuelson published one of his seminal articles “The Pure Theory of Public Expenditure”, which formalized the concept of public goods (which he called “collective consumption goods”) — i.e. goods that … Continue reading

Posted in Oleg Komlik, Papers | Tagged , , | Leave a comment