History of Economics Playground
 Marion Fourcade and historians of economics: a quiet revolution?
by YANN GIRAUD
In recent years, an increasingly significant part of the history of economics has modeled itself after the methodologies developed by Science and Technology Studies (STS) scholars. Accordingly, since I began working in the field as a graduate student, I have seen a lot of sociologists of science being invited at our conferences and our seminars. ...
John Kay: The Limits of Consistency and Rigor, and Why Economics Needs Eclecticism
John Kay suggests that economics has focused too much on axiomatic and deductive reasoning and has been constrained by the simplifying assumptions that such an agenda imposes. The exclusion of inductive reasoning in the name of consistency and rigor is not how real science advances, he says. Economics would benefit from a healthy dose of eclecticism. Link to video |
The Money View
 Bank or No Bank? A Money View of SDRs
by DANIEL NEILSON
In a market economy, when you need something, you go out and buy it. Liquidity is no different, in that respect at least. If it is market liquidity that you need, you go to a dealer, who stands ready to buy what you are selling. You pay for the convenience, though—the dealer is getting more for the same asset than you are. ...
by PERRY MEHRLING
From a money view perspective, the central issue is settlement of TARGET balances between national central banks within the Eurozone, and the key is to understand TARGET balances as a kind of interbank correspondent balance. ... Moritz Schularick: Credit Booms Gone Bust
 Carmen
Reinhart and Kenneth Rogoff tell the history of financial crisis as a tale of excessive public debt. But what more commonly drives financial instability, says Moritz Schularick, is excessive private debt. Financial crises are credit booms gone bust. Schularick and his collaborators compile a long-run data set of disaggregated credit flows, separating loans for productive investment from loans for the purchase of existing assets. A marriage of economic history and modern statistical methods to investigate the role of finance in the macroeconomy -- this is new economic thinking. Link to video
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Students: Join Us in Berlin
INET’s Young Scholar Initiative (YSI) will be hosting a select group of graduate students at its third annual plenary conference in Berlin, April 12-15, 2012, “Paradigm Lost: Rethinking Economics and Politics.” Check out the conference program here, and fill out a brief application here. (INET will cover all travel and accommodation expense.)
Economists: A Profession at Sea Without an Anchor
Economics needs to find a new way forward if it is to remain relevant to today's society. In an essay for Time Magazine, INET Executive Director Rob Johnson suggests remedies to get economics and society back on course. Click here
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