The Future of Economics
The Great Recession created questions about mainstream economic policies and the theories they are based on. Some economists have stood their ground, affirming that the market has not failed, while others cite how the profession was blindsided as a sign that change is necessary. This blog shares the discourse among professionals, journalists and academics on the future of economic study.
On May 4, 2012, SCEPA joined the Economics Student Union of the The New School for Social Research Economics Department to host a panel discussion with the economics faculty, "Vision in Heterodox Economics." The panel included faculty members Ed Nell, Anwar Shaikh, Duncan Foley, Teresa Ghilarducci, Sanjay Reddy and Christian Proaño and was moderated by economics student and SCEPA Assistant Lisa Selca.
Sanjay Reddy, Associate Professor and Director of Undergraduate Studies at the New School for Social Research and SCEPA Faculty Fellow, joins INET, The Institute for New Economic Thinking, to discuss his research on world poverty measurement and normative reasoning in economics.
INET's mission is to nurture a global community of next-generation economic leaders, to provoke new economic thinking, and to inspire the economics profession to engage the challenges of the 21st century. Sanjay Reddy's work supports this mission by arguing that normative criteria is essential to answering technical economic problems.
See what others are saying about Sanjay Reddy's research:
In celebration of the 80th anniversary of John Maynard Keynes' lectures at The New School, SCEPA's Robert L. Heilbroner Memorial Lecture hosted a speech by Lord John Eatwell, president of Queens' College and professor of Financial Policy at the University of Cambridge.
As Eatwell states, "Advocating sensible policies on 'pragmatic' grounds has never been enough to overcome primitive views on deficits, debt, and the role of the state."
The paralysis in policy-making that is exacerbating the economic crisis has its roots in the failure of economic theory. It fails to explain the causes of the breakdown or provide an unambiguous path of action to mitigate its consequences. Today's challenge is the same as that faced by Keynes in the 1930s: how to change the theoretical foundations of economic policy?
Click 'read more' for pictures of the event.
Academic Freedom? Conservative Billionaire Charles Koch's Donation to FSU Buys Veto Over Economics Faculty Hires
An article by Kris Hundley at the St. Petersburg Times describes how conservative billionaire Charles G. Koch bought himself a veto over the faculty hired to teach at Florida State University's economics department. David W. Rasmussen, dean of the College of Social Sciences, says it would be "irresponsible" not to accept a large donation. Jennifer Washburn, author of University Inc., a book on industry's ties to academia: "This is an egregious example of a public university being willing to sell itself for next to nothing. In addition to FSU, Koch has made similar arrangements at two other state schools, Clemson University in South Carolina and West Virginia University.
On March 22, 2011, economist and author Ha-Joon Chang gave a lecture at The New School as part of the SCEPA / Economics Spring Lecture Series on Economic Recovery. Chang is an economist and an author of numerous books on topics including capitalism, develpoment, and free trade. His presentation related to his latest book, "23 Things They Don't Tell You About Capitalsim."
"23 Things They Don't Tell You About Capitalism" assaults economic orthodoxy. A guide to the follies of economics, Chang explains that free market policies rarely make poor countries richer; global companies without national roots belong in the realm of myth; the US does not have the highest living standards in the world; the washing machine changed the world more than the internet; more education does not of itself make countries richer; financial markets need to become less, not more efficient; and – perhaps most shocking to Chang's colleagues – good economic policy does not require good economists.
View Ha-Joon Chang's presentation.
The nation’s top academic economists — who advise policy makers, testify before Congress, and publish influential papers and articles — are also much sought after by the financial industry as speakers, consultants, and corporate board members. Though typically portrayed as independent experts, they can reap huge fees from financial firms, including those that profited during the housing and the credit bubbles.
In a new paper, "Silent Partners," Gerald Epstein, chairman of the UMass Amherst economics department, and Jessica Carrick-Hagenbarth, a graduate student, examined a group of influential economists, scoured publicly available resumes, biographies, articles, and interviews, and found that the majority had made money from financial institutions — but very few had disclosed these connections when writing, speaking, or giving interviews on public policy.
On September 17, 2010 The Economist posed the question: How has the crisis changed the teaching of economics? What followed was a lively discussion among guests who expressed their opinions on how the crisis has changed the teaching of economics.
In John Cassidy’s blog Rational Irrationality, he interviewed Richard Thaler. This is the eighth in a series of interviews with Chicago School economists. Cassidy calls Chicago School economics into question given the events of the past two years and Thaler responds.
In John Cassidy’s blog Rational Irrationality, he interviewed Gary Becker from the Chicago School of economics. This is the fourth in a series of interviews with Chicago School economists where Cassidy calls Chicago School economics into question given the events of the past two years and Becker responds.
In John Cassidy’s blog Rational Irrationality, he interviewed James Heckman from the Chicago School of economics. This is the fifth in a series of interviews with Chicago School economists where Cassidy calls Chicago School economics into question given the events of the past two years and Heckman responds.