Essays
In conversation with Rob Johnson (INET Chairman) on the Global Minotaur, the Slump, US and Europe
, 08/06/2012
A few weeks ago, while in New York, Rob Johnson (Chair of the Institute of New Economic Thinking) invited me to their offices where we recorded a conversation on my The Global Minotaur, the true causes of the Crash of 2008, the reasons why the global economy cannot find its poise after that momentous Crash, […]
Why Europe should fear Fine Gael-like ‘reasonableness’ much, much more than it fears Syriza
, 03/06/2012
The establishment view in Europe is that the problem is too much debt (by profligate countries like Greece) and, therefore, that the solution must involve (a) austerity and (b) structural reforms (which increase the competitiveness of the weaker states). The problem, however, is that the establishment view is profoundly mistaken and, as a result, the […]
Italy’s Own Goal: Guest post by Joseph Halevi
, 03/06/2012
The Eurozone’s idiocy is obvious to all those with eyes and ears. It can be witnessed anywhere we turn these days: from the evolving bank run to the non-debate on eurobonds. Joseph Halevi, friend, co-author and serial guest of this blog, just sent me a missive that offers new insights into our continent’s infinite inanity: […]
There’s a lady who’s sure…
, 28/05/2012
I dedicate this post, belatedly, to Christine Lagarde. For her seriously ridiculous remarks on Greek child poverty not being as worthy of her concern as the poverty of far worse off African children. So, to the Managing Director of the one global organisation which has contributed the most to child poverty in Africa and Latin America, […]
What does bank recapitalisation mean? An exchange with Joseph Halevi
, 27/05/2012
In reaction to my Le Monde piece, Joseph Halevi (my close friend and co-author) send me an email, regarding the meaning of bank re-capitalisation, that started as short exchange which you, dear reader, may find of interest. Any comments?
A Paradox of Risk Aversion is haunting the global economy: Rob Johnson’s poignant warning against both bubbles and austerity
, 26/05/2012
We keep forgetting that every Crisis, like a coin, has two faces. One is the mountain of debt and losses that is crushing states, people and banks. The other is an equally imposing mountain of accumulated savings that are to ‘frightened’ to fund investment, thus remaining idle and frittering away. Keynes famously invoked the Paradox […]
For Europe’s sake Greece must renege on its bailout commitments – my op-ed in Le Monde
, 25/05/2012
Le Monde commissioned me to write an op-ed explaining my view that it is in Europe’s interest that Greece resists the ‘terms and conditions’ of its bailout package while staying within the eurozone. In effect, to explain why there is no contradiction between (a) the Greek people’s determination to stay in the eurozone, and (b) […]
Bloomberg Businessweek on UADPhilEcon – the progressive Athens University PhD Economics Program that is now threatened by the Crisis
, 25/05/2012
A few days ago, Brendan Greeley, of Bloomberg, got in touch with me to discuss UADPhilEcon, the Doctoral Program in Economics that I helped set up at the University of Athens. The following article was the result: Greece’s Brain Drain Has Begun Apparently, Brendan had heard me say, in some interview, that one of the […]
Rob Johnson on the economists' collective guilt
, 23/05/2012
Rob Johnson, President of INET, on the sophisticated (but often unintentional) fraud that passes as scientific economics. (I could not, and would not, have put it differently myself.)
Guest Post: Today Germany is the big loser, not Greece – by Marshall Auerbach
, 20/05/2012
Just before the Crisis erupted, in April 2010, with Greece falling into the troika’s embrace in May 2010, I had written an article (A New Versailles haunts Europe) to argue that Germany was about to commit the error that the winners’ of World War I had committed by imposing upon Germany the Versailles Treaty. It was […]
The Modest Proposal for Overcoming the Eurozone Crisis, Version 3.0
, 15/05/2012
This blog was established in order to throw useful light on the Eurozone Crisis and, in particular, to present our Modest Proposal for resolving it. The first version was presented in November 2010. Since then we have had a number of updates. Today, I have the pleasure of posting Version 3.0, a thoroughly re-worked variant […]
On CNN Int and Democracy Now, commenting of the Greek and French elections
, 09/05/2012
On Monday 7th May, a day after the French and Greek elections, I was asked to comment on both these momentous results first by Amy Goodman, of Democracy Now, and a little later that day by Christiane Amanpour, CNN International. Both interviews covered quite a lot of ground and departed from the usual epidermic coverage we […]
On China Radio International (中国国际广播电台), discussing the Greek elections
, 03/05/2012
A radio panel discussion on China Radio International discussing, for a whole hour (!), the (I am afraid) inconsequential Greek Elections that are coming up this Sunday. Click here PANEL: –Zhao Changhui, Senior analyst with the Export-Import Bank of China; –Yanis Varoufakis, Professor of Economic Theory at the University of Athens; –Nicholas Economides, Professor of […]
'Plotting' an economics' rebellion? Featured on Deutsche Welle's mini video documentary on the INET Berlin Conference
, 02/05/2012
During the INET Berlin Conference, April 2012, DW tv spent a day with me, compiling this mini documentary on the INET Conference in general and my involvement in it in particular. You can watch it here: click the video entitled Economists Planning a Revolution. [Those of you who have missed my INET address, and can […]
Interview with China's '21st Century Business Herld'
, 02/05/2012
Just interviewed by Chinese business daily 21st Century Business Herald (21世纪经济报道|). Here is the Q&A, in English of course…
A chance for happiness for Europe’s unhappy family (*)
, 27/04/2012
Europe is an unhappy family. And like all unhappy families, its diverse forms of competing miseries, afflicting differently its different members, are the reason it cannot regain its poise. Divorce is looming. Only in Europe’s case, and this is where my analogy with families breaks down, divorce can never be cathartic. It stands no chance […]
Why Won’t Germany Turn? Joseph Halevi’s insightful analysis, circa 1995
, 25/04/2012
The question οn almost everyone’s lips is: “How long before Germany recognises that a new architecture is necessary to keep the Eurozone together?” Implicit in the question is a mistaken premise: that Germany’s view of the Eurozone is wrong, that its stance is predicated upon a mistaken analysis concerning the nature of Europe’s macroeconomy. Recently, […]
‘Die Deutschen drehen immer durch’: Interviewed by Tageszeitung 23rd April 2012
, 25/04/2012
While in Berlin, last week, I gave an extensive interview to Tageszeitung. Click here for the article, as it appeared on their website (you can use Google Translate if you have no German). Alternatively, you can read the pdf version of the print edition (complete with a weird photo…): Tageszeitung YV interview 23rd April 2012
German Mercantilism and the Failure of the Eurozone, Guest Post by Heiner Flassbeck
, 21/04/2012
One of the most poignant analyses of the deeper causes of the Euro Crisis, amongst the many presented in INET’s Berlin Conference, was a paper entitled ‘German Mercantilism and the Failure of the Eurozone’, by Heiner Flassbeck. With the author’s kind permission, I reproduce it here for your benefit. Enjoy. (You can watch Heiner’s presentation […]
THE MODEST PROPOSAL AND THE DEMOCRATIC DEFICIT
, 18/04/2012
In an astute commentary on the INET panel in which I appeared (see here for the text), to talk about Europe’s future, Eves Smith had this to say: “It is worth noting that one of the questions after the various presentations on the Eurozone mess raised the issue of the ‘democratic deficit’. The various speakers […]
IT’S TIME TO OPEN THE BLACK BOXES: Thursday April 19th, Athens
, 13/04/2012
While ‘stuck’ in INET’s Berlin Conference, and before I get a chance to write here about that experience, I thought I should invite all those who may be in Athens on Thursday 19th April, to the opening of Danae Stratou’s new installation at the Zoumboulakis Gallery, Kolonaki Square, Athens (nb. it will open for a […]
Vital Space – Istanbul, a video project
, 05/04/2012
And now for something different. The Sydney College for the Arts (part of the University of Sydney) is hosting Danae Stratou’s video installation VITAL SPACE – Istanbul. For a glimpse of the videos involved, plus my text on the project’s socio-economic and political siginficance, read on…
On Keynes, Marx and the value of models at a time of Crisis: A reply to David Laibman
, 04/04/2012
Following my post Keynesian Legacies neither Europe nor Keynes deserved: A critique of New and ISLM Keynesians in the context of Europe’s Crisis, I received an email from David Laibman, my dear friend and wonderful colleague, long standing editor of Science & Society, the oldest and, in my opinion, most significant academic journal dedicated to Marxist […]
So, what is neoclassical economics (and what is not)?
, 03/04/2012
In recent days, an unwholesome spat has erupted between progressive economists (e.g. Mark Thoma and Steve Keen, with some prior involvement by Paul Krugman) which, curiously, ended up revolving around the question of what is neoclassical economics, who can be classified as a neoclassical economist etc. I must state it for the record that such […]