This post continues a sequence of posts on the numerous changes required to create a Macroeconomics for the 21st Century. See also, related lecture on Economics for the 21st century. Eurocentric history portrays the West as advanced, rational, scientific, and democratic, while the East is superstitious, unscientific, autocratic, and backwards. This poisonous philosophy was developed… Read More Ecological Economics

In previous posts regarding “New Directions in Macroeconomics“, I have discussed many dimensions missing from Modern Macro which must be incorporated, in order to create a Macroeconomics for the 21st Century. Previous posts were about Post-Keynesian, Modern Monetary Theory, and Political Economy. In this post, I will provide a brief summary of developments in money… Read More Evolution of Global Finance

by Dr Carmelo Ferlito CEO – Center for Market Education, Malaysia The subject of the crisis experienced by economics as a scientific discipline and its teaching is not new and a call for a reform centred on pluralism, multidisciplinarity and realism was raised by many scholars. However, economics remains under the spotlight for what it… Read More Is the Crisis of Economics a Crisis of Vision?

The current WEA Discussion Forum on Trade Wars is being opened today. Many relevant questions are at stake: Can China actually replace the US as the economic leader in the world? If not, what will prevent it? If so, what is required for …? How can the US prevent this shift from happening? Will free… Read More WEA Discussion Forum: Trade Wars

This is a sequence of posts on “New Directions in Macroeconomics“, which discusses the numerous directions of research which must be incorporated to create a viable Macroeconomics for the 21st Century. We have previously discussed “Post-Keynesian Economics“, and “Modern Monetary Theory“. This post discusses the necessity of re-incorporating politics into economics. Once we recognize the… Read More Political Economy

This continues from the previous post on Post-Keynesian Response. A large number of contributions from different areas need to be integrated to build an economics for the 21st Century. For an acknowledgement of the failure of 20th Century Macro from one of its architects, see Romer’s Trouble With Macro. This post explains Modern Monetary Theory… Read More Modern Monetary Theory

This continues from previous post on New Directions in Macroeconomics. Among the heterodox responses to the crisis in economic theory created by the Global Financial Crisis 2007, we will briefly discuss the following:  Post-Keynesian Economics, Modern Monetary Theory, Political Economy, Evolution of Global Finance, Ecological Economics, Complexity Economics, Islamic Economics. This post is about Post-Keynesian Economics. The… Read More Post-Keynesian Response

This continues from the previous post: Coffee and Banking Clearinghouses. It explains how clearinghouses started to perform many of the functions we identify with Central Banks today. To understand modern central banks, it is useful to look at how they evolved out of the needs of the banking system. The Clearinghouse seems like a mechanical and… Read More From Clearinghouses to Central Banks

Asad Zaman, Sidika Basci: “New Directions in Macroeconomics”, International Econometric Review, Vol 12, Issue 1, p1-23 —  Article excerpted below (Section 1 only) provides introduction to new directions for 21st century macroeconomics, and invites submissions in outlined areas to our journal – International Econometric Review. We are broadening the focus of the journal to include all… Read More New Directions in Macroeconomics