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Guest post: The Crisis as a repercussion of global imbalances, by Peter Dorman
, 19/02/2013
Peter Dorman wrote this piece in 2009 shortly after the financial implosion and has recently revised it. While I agree with almost all of what he has to say, one comment seems to me pertinent: The global rebalancing which Peter mentions, toward the paper’s end, is (a) uncertain and, to boot, (b) certain, if it happens, […]
On the Global Minotaur’s Recycling Loop: An elementary comparison of US-German and Intra-Eurozone trade & capital flows
, 17/02/2013
This post was occasioned by a reader’s (Alejandro Calve Seferian) query: Why do I presume that an accelerating US trade deficit required an offsetting tsunami of net capital flows, from the Rest of the World to the US, in order to ‘close the loop’ and, thus, provide long term aggregate demand to the Rest of […]
A discussion with Evergreen College students on the state of the global economy
, 15/02/2013
Yesterday, 14th February 2013, I spent a wonderful 75 minutes visiting a wonderful class of students at Evergreen College – the inverted commas denoting that I did so from… Austin, using the excellent AV facilities of both Evergreen and the LBJ Graduate School of Public Affairs (thanks are due to the excellent support staff on both ends). […]
"Real lessons from virtual worlds", article by Amie Tsang in the Financial Times
, 14/02/2013
The Financial Times‘ Amie Tsang has just published this article in which she discusses the extent to which digital economies, in particular the ones that evolve within multi-player video games, have the power to elucidate ‘real’ world economic processes. The reader may enjoy reading her article in conjunction with Gabe Newell’s recent talk and, perhaps, […]
Are Ireland and Portugal out of the woods? An updated version
, 12/02/2013
This post is an updated version of the previous one, addressing some of the points raised by Wolfgang Munchau in this article published since in the Financial Times. Ireland and Portugal have, recently, tested the water of the money markets with some success. Portugal has issued 5-year bonds and Ireland is in the process of […]
Are Ireland and Portugal out of the woods?
, 10/02/2013
Ireland and Portugal have, recently, tested the water of the money markets with some success. Portugal has issued 5-year bonds and Ireland is in the process of converting its unbearable promissory notes into long-term bonds, to be sold to the private sector. So, on face value, two of the so-called ‘program’ Eurozone countries, wards of […]
European Banking Union: Behind the rhetoric
, 09/02/2013
On 8th February 2013, the Texas International Law Journal organised a conference on the theme of The Nation State and its Banks. Click here for the full program. The organisers were kind enough to invite me to give the lunchtime talk, which I chose to be European Banking Union: Behind the rhetoric. You can here an […]
The Global Minotaur reviewed in the Calcalist (in Hebrew) by Uri Pasovsky
, 08/02/2013
As the second edition of my The Global Minotaur is about to hit the bookstands, Uri Pasovsky just published an extensive review of it in Calcalist, the leading Israeli business daily. Thanks Uri. Click here for the review.
More on economics' methodological cul-de-sac: a paper by S. Holland and T.C. Oliveira
, 08/02/2013
Since a couple of recent posts have burdened you with my own musings on the intellectual fraud masquerading as economics (the neoclassical tradition that dominates economic theory and policy), I thought of completing a trifecta with a paper by Stuart Holland and Teresa Carla Oliveira which argues that economics will not evolve unless it recovers some of Smith and […]
The neoclassical economist as playwright
, 05/02/2013
In my previous post I explained that, over the past few weeks, I was frantically putting the finishing touches on a hopelessly academic book that reflects on my personal experiences with neoclassical economics; primarily through the lens of my own work which attempted to engage neoclassical colleagues on labour economics, game theory and political economy. […]
Economic Indeterminacy – the cause of my (relative) silence
, 03/02/2013
Regulars may have noticed that I have gone relative quiet recently. It is true! The reason is that I am struggling to put the finishing touches on an academic book entitled ECONOMIC INDETERMINACY: A personal encounter with the economists’ most peculiar nemesis (to be published by the good people of Routledge). As I have well […]
Gabe Newell on ‘Productivity, Economics, Political Institutions and the Future of Corporations’ – the video link
, 01/02/2013
On 30th January, Gabe Newell gave a talk at the University of Texas, Austin, with the above title. Click here for an abstract and a description of the motivation behind the talk. The video of his talk is now available below:
In memory of Frank Hahn, a rare jewell of a neoclassical economist
, 30/01/2013
Having just received the news of Frank Hahn’s passing, from my friend and colleague Nicholas Theocarakis, I felt the obligation to share Nicholas’s email with all of you. Those of us who knew and worked with Frank Hahn can only second Nicholas’ points. At least I do. Until time permits a long, considered assessment of […]
Why is the 2009 Greek government deficit probed by the courts, again?
, 29/01/2013
Greek judges are, again, moving against Mr Georgiou, the Head of ELSTAT (the revamped Greek national statistics bureau). Why is this happening? And what does it signify?
Gabe Newell on 'Productivity, Economics, Political Institutions and the Future of Corporations': 30th January, University of Texas at Austin
, 28/01/2013
In recent months, as some of you know, I have been working with Gabe Newell (of Valve Corporation) exploring the social economies that have spontaneously emerged within the vast and intriguing communities of video game players. Convinced that students of economics, politics and public policy in general have a great deal to learn from this […]
Some of us always said it: Grexit was an incredible threat
, 27/01/2013
So, Grexit is off the table, at least for now. Well, it was really never on the table, as some of us have been shouting from the rooftops for years now. Back in May 2011, I was writing here that the whole idea of expelling Greece from the Eurozone was based on “an incredible treat”; on […]
How can Europe overcome the crisis – by Robert Misik
, 23/01/2013
“The euro zone slips into the Merkel-recession”, writes Robert Misik in the German Trades Union Federation’s magazine AGAINST APERTURE. But, he adds, there are realistic alternatives. Some economists have developed ambitious plans. The DGB a Marshall Plan for Europe is one such. Click here to go to Misic’s webpage or read on…
Greek unemployment: Interviewed by John Doyle, ABC Radio National
, 15/01/2013
Unemployment in Greece is now at a staggering 27%, but behind all the statistics and the ongoing international drama there lies a major human tragedy and an ongoing European Crisis that is ravaging the continent like an unstoppable bushfire. Click: RN Breakfast Tue 15th Jan 2013 – Greek unemployment
The Eurozone and Greece: Is the Crisis over?
, 15/01/2013
A journalist from Chile’s El Mercurio just put two questions to me: (1) Is the Eurozone safe? and (2) Is Greece stabilising? Here are my answers:
Taking stock of 2012: Interviewed by Doug Henwood on KFPA
, 09/01/2013
Just before New Year’s Eve, I had the pleasure of being interviewed by Doug Henwood once again. As the New Year was approaching fast, our talk, naturally, summed up developments on the Euro Crisis during 2012 and the prospects for 2013. To listen click: Behind the News with Doug Henwood for December 27th 2012 Podcast Contents […]
Toward an evolutionary model of the Eurozone Crisis: Ayers Scholar address, ASSA, San Diego
, 08/01/2013
We are all familiar with the so-called domino effect, or contagion, that began in Greece and has taken its toll throughout the Eurozone. Interestingly, no formal economic model has ever attempted to capture the essence of this negative dynamic. When the Association for Evolutionary Economics (AFEE) chose to honour me with the ‘Ayres Scholar for 2013’ accolade, […]
Up from Here? Panel discussion on 'The Impediments to Recovery' with K. Arrow, R. Gordon, E. Laursen and Y. Varoufakis
, 06/01/2013
On 4th January 2013, in the context of the ASSA-AEA Annual Conference, EPS (Economists for Peace and Security) organised a panel to discuss the ‘Global Crisis and the Impediments to Recovery’. The organisers afforded me the distinct honour of sharing a platform, to discuss our world’s most pressing issues, with Kenneth Arrow and Robert Gordon. […]
In lieu of a Happy New Year, courtesy of Camus
, 31/12/2012
“In the depths of winter, I finally learned that within me there lay an invincible summer.”—Albert Camus Photo by Danae Stratou
Video: Debt Crises and the World Economy, Seattle Town Hall
, 28/12/2012
On 20th November, a wonderful crowd came to Seattle Town Hall to hear me talk about Debt Crises and the World Economy, effectively a presentation of the main thesis of The Global Minotaur, suitably updated for 2012 and beyond. It was a rare occasion made possible by a crowd with which I felt a special bond […]