Microeconomics
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Capitalism: Competition, Conflict and Crises
The aim of the two-semester sequence is to explore a coherent alternative to neoclassical and post-Keynesian theory that does not rely in any way on concepts of utility maximization, rational choice, rational expectations, or perfect/imperfect competition.
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After the Crisis
Many thought the financial crash was a final blow to capitalsim. Why does it still reign supreme? Anatole Kaletsky outlines the shape of things to come.
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Advanced Microeconomics for the Critical Mind
Oct 3–Dec 19, 2016
This course aims to introduce graduate students to the “standard” basic methods and topics of microeconomics as taught at the Ph.D. level, while providing a very different teaching approach than is prevalent in introductory doctoral-level microeconomics courses. Typically, much effort is focused on mastering a large technical apparatus consisting of axioms, theorems, propositions, and corresponding proofs, often leaving students longing for an informed and critical understanding of the deeper significance of the methods and results.
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The Economics of Money & Banking
Learn to read, understand, and evaluate professional discourse about the current operation of money markets at the level of the Financial Times.
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Commission on Global Economic Transformation
Chaired by Nobel laureates Joseph Stiglitz and Michael Spence, INET has assembled a global team of leaders and scholars calling for new thinking & new rules for the world economy
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Years granted:
2013, 2014
Macroeconomic Instability and Microeconomic Financial Fragility: A Stock-Flow Consistent Approach with Heterogeneous Agents
This research project introduces heterogeneous microeconomic behavior into a demand-driven stock flow consistent model to study the links between microeconomic financial fragility and macroeconomic instability.
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The Economic Crisis and the Crisis in Economics
PlenaryNew Economic Thinking 2010
Apr 8–11, 2010
The Institute for New Economic Thinking convened many of the world’s most distinguished economists, academics and thought leaders at its inaugural Conference at King’s College, University of Cambridge.
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Changing of the Guard
PlenaryApr 4–7, 2013
The Institute for New Economic Thinking held its annual plenary conference in Hong Kong from April 4-7, 2013 at the InterContinental Hotel in Kowloon. The event discussed Asia’s emergence in the global economy and other core issues.
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Human After All
PlenaryApr 10–12, 2014
The Institute for New Economic Thinking joined the Centre for International Governance Innovation (CIGI) in holding its fifth Annual Conference from April 10 to April 12, 2014 in Toronto.
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The Good Life The Challenge of Progress in China Today
ConferenceSep 7–8, 2013
Every nation faces the challenge of imagining what a good life means. Sound nutrition, shelter, health care, personal safety, social stability, security of savings, clean air and water, and the development of children are among the elements of what many envision as vital to a happy and healthy society.
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The Institute at ASSA
DiscussionJan 2, 2016
Join us for a reception at the ASSA conference in San Francisco
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Advanced Graduate Workshop in Development and Globalization
WorkshopJul 4–17, 2016
The Advanced Graduate Workshop in Development, led by Nobel Laureate Joseph Stiglitz is interested in identifying the complex interactions that influence well-being, development and growth.
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Law Economic Policy Conference
ConferenceSep 28–30, 2016
The National Institute of Public Finance and Policy (NIPFP) in collaboration with the Institute of New Economic Thinking (INET) are organizing India’s first “Law Economic Policy Conference (LPEC 2016)”. The aim is to bring together economic, legal and policy thinkers together to consider policy issues in a holistic manner.
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World Economic Roundtable
DiscussionExplaining a Decade of Stagnation: Where Do We Go From Here?
Dec 14, 2017
The World Economic Roundtable seeks to help the business, investment, and policy communities understand ongoing changes in the world economy and to promote a discussion of ideas that can advance the goal of a widely shared global prosperity.
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INET Guide to the 2017 EEA Meeting
ConferenceFeb 23–26, 2017
A reference guide to all Institute for New Economic Thinking (INET) community presentations at the Eastern Economic Association’s (EEA) 2017 annual meeting
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Is Slow Growth the “New Normal”?
ConferenceIf So, What Are the Policy Solutions?
Hosted by Secular Stagnation
Dec 15, 2017
Distinguished Scholars Including Larry Summers and Adair Turner Present Evidence of the Trend and Policy Solutions
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Trento Festival of Economics
YSI Europe Convening 2017
YSI
WorkshopJun 1–4, 2017
The Young Scholars Initiative and its working groups will be hosting meetings and discussions in and around the 2017 Trento Festival of Economics.
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Festival for New Economic Thinking
YSI
ConferenceOct 19–20, 2017
The Festival for New Economic Thinking is a collaborative initiative of several organizations, and aims to bring together those who seek to improve how economics is taught, studied and practiced.
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Reawakening
PlenaryFrom the Origins of Economic Ideas to the Challenges of Our Time
Oct 21–23, 2017
INET gathered hundreds of new economic thinkers in Edinburgh to discuss the past, present, and future of the economics profession.
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Paradigm Lost
PlenaryNew Economic Thinking 2012
Apr 12–15, 2012
The Institute joined the Centre for International Governance Innovation, and the Mercator Research Institute on Global Commons and Climate Change in hosting its third-annual plenary conference in Berlin from April 12-15, 2012.
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Liberté, Égalité, Fragilité
PlenaryApr 8–11, 2015
The Institute for New Economic Thinking held its sixth Annual Conference from April 8 to April 11, 2015, in collaboration with the Organization for Economic Cooperation and Development (OECD) in Paris.
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Core Fractures and International Relations
Oct 23, 2017 | 04:30
As dual economies transform countries, how does world politics adjust?
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Taking the Con Out of Economics? The Limits of Negative Darwinism
Oct 22, 2017 | 12:00
What Do Citations Actually Measure in Economics and How Should Economic Journals and Department Review Committees Use This Data?
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China’s International Economic Strategy
Nov 21, 2017 | 04:00—05:30
The Implications of Xi’s Belt and Road Initiative for China and the World Economy
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American Big Tech vs. China Big Tech: Common Challenges or Conflicting Concerns?
Sep 26, 2017 | 08:15—09:45
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Mexico, NAFTA, and the Future of the North American Economy
May 30, 2017 | 04:00—05:30
A discussion featuring Kenneth Smith, Head of the Trade and NAFTA Office of the Ministry of the Economy of Mexico, and Jay Pelosky, Principal of Pelosky Global Strategies.
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India's Economic Challenges
May 9, 2017 | 04:00—05:30
A discussion with Kaushik Basu, Professor of Economics and the C. Marks Professor of International Studies at Cornell University and former Senior Vice President and Chief Economist of the World Bank.
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What Kind of Brexit, What Kind of European Union?
Feb 9, 2017 | 04:00—05:30
A discussion on Brexit with Iain Begg, Professorial Research Fellow at the European Institute, London School of Economics.
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China’s Economic Management at the Beginning of the Trump Era: Turbulence Ahead or Steady-As-You-Go
Feb 1, 2017 | 06:00—07:30
A discussion on China’s economic management at the beginning of the Trump era featuring Leland R. Miller, Co-founder and CEO of the China Beige Book.
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China: Challenges for the Next Administration
Nov 15, 2016 | 04:00—05:30
A conversation with Isaac Stone Fish, Senior Fellow at the Asia Society’s Center for U.S. – China Relations and Asia Editor at Foreign Policy Magazine.
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The Outlook for the Global Economy
Sep 22, 2016 | 06:00—07:30
An exclusive conversation with Richard Batley, Head of Macroeconomics at Lombard Street Research.
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How Empirical Evidence Does or Does Not Influence Economic Thinking and Theory: Calibration, Statistical Inference, and Structural Change
Apr 9, 2010 | 04:05—06:10
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Anatomy of Crisis- The Living History of the Last 30 Years: Economic Theory, Politics and Policy
Apr 8, 2010 | 03:00—04:50
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Can Sovereignty and Effective International Supervision Be Reconciled? The Challenge of Large Complex Financial Institutions
Apr 8, 2011 | 11:05—01:05
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Sovereignty and Institutional Design in the Global Age: The Global Market and the Nation States
Apr 8, 2011 | 09:00—10:50
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Is Mercantilism Doomed to Fail? China, Germany, and Japan and the Exhaustion of Debtor Countries
Apr 12, 2012 | 10:00—12:10
A country that produces goods of high quality at a competitive price is likely to be rewarded for its ingenuity with a trade surplus. Small countries often achieve great development success through export-led growth. At the same time, the entire economic system must be balanced.
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The Future of Europe
Apr 12, 2012 | 12:30—02:40
What has been learned now that the Euro zone’s fault lines have been revealed? Where are Europe and the Euro zone today?
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What Matters: Fundamental Challenges and Self inflicted Wounds
Apr 12, 2012 | 03:30—05:10
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Human Decisions
Apr 11, 2012 | 03:00—04:45
The human brain relies on three devices for its decisions: emotion controls; addictive learning; and intellectual processing. Understanding the conditions under which the three devices are engaged is essential for conscious decision-making.
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Welcome Remarks
Apr 11, 2012 | 07:00—07:25
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Which Way Forward? Reflections on Global Turmoil and the Role of Markets, Governments, and Civil Society
Apr 11, 2012 | 09:20—11:30
The global economy is in turmoil. Societies are unstable and not anchored by faith in the system or social order.
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Challenging the Foundations of Economic Thinking
Apr 11, 2012 | 06:25—07:45
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Paradigm Lost
Apr 11, 2012 | 09:15—10:15
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Economics and the Powerful: Faulty Analysis, Economic Advice and the Imperatives of Power
Apr 5, 2013 | 12:00—01:30
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Inequality in China, India and America: Causes and Consequences
Apr 5, 2013 | 05:15—06:45
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Capitalism and the Rule of Law
Apr 4, 2013 | 02:30—04:30
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China in the World: Growth, Adjustment and Integration
Apr 4, 2013 | 11:45—01:15
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What is the Role of Psychological Considerations in Economics?
Apr 4, 2013 | 09:50—11:30
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Business Leaders Panel: The Future of the World and Asia's Role
Apr 4, 2013 | 04:00—05:00
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Intersubjectivity: René Girard's Vision of Mimetic Desire and Economic Dynamics
Apr 3, 2013 | 10:45—11:15
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Growth Adjustment and Convergence in Asia: The Challenge Ahead?
Apr 3, 2013 | 08:20—09:15
The developed economies of Europe, North America, and Japan are facing tremendous challenges related to indebtedness and stagnation. How will the developing economies of Asia respond to this challenge as they reorient their growth strategies to meet the rising aspirations oftheir people?
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Secular Stagnation? The Future Challenge for Economic Policy
Apr 11, 2014 | 03:15—05:00
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Law and Innovation: Is Intellectual Property a Path to Progress
Apr 11, 2014 | 07:00—08:30
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What Are the Moral Limits of Markets?
Apr 10, 2014 | 03:15—05:00
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Information And Economics: How Should Expectations Be Modeled? What Actually Works?
Apr 9, 2015 | 10:45—12:15
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The Problem of Capital Flight
Apr 9, 2015 | 11:30—01:00
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Motivations, Emotions, Decisions
Apr 8, 2015 | 11:15—12:45
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Reflexivity and Knightean Uncertainty: Implications for Economics
Apr 10, 2014 | 02:45—04:00
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Why Exports Alone Can’t Make Poor Countries Rich
Sep 27, 2017
“Blindly” Engaging in Global Supply Chains Can Erode Developing Nations’ Economic Power
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What Are the Moral Limits of Markets?
Apr 10, 2014
In recent decades, market values have crowded out non- market norms in almost every aspect of life—medicine, education, government, law, art, sports, even family life and personal relations. Without quite realizing it, we have drifted from having a market economy to being a market society. Is this where we want to be?
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Membership Theory of Inequality
Mar 15, 2017
A transition from the conventional policy of “redistributing income” to “redistributing membership”, could promote economic integration across communities and intergenerational mobility.
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The Next Generation of New Economic Thinkers
Mar 7, 2017
Explore your curiosity in economics in an open and critical community.
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Understanding the Economics of Networks
Sep 7, 2016
Prof. Sanjeev Goyal explains his general theory of network formation based on individual incentives, and their economic implications
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Mazzucato and Kaletsky Debate U.K. Mortgage Plan on BBC
Nov 27, 2013
The Bank of England took the first step in putting the brakes on the surging property market as it scrapped the United Kingdom’s flagship initiative that encourages mortgage lending, introduced earlier this year by Treasury minster George Osborne.
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Conference paper
Instrumental Variables and Causal Mechanisms
Oct 2017
Unpacking the Effect of Trade on Workers and Voters
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Conference paper
Globalization and Japanese Manufacturing Industry
Oct 2017
As globalization proceeds rapidly, manufacturing industry in most of developed countries declined steadily.
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Conference paper
Fracturing at the Core of the Global Order
Oct 2017
The Death of the Seventy-year American Empire
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Conference paper
Inside the Great Leveraging
Oct 2017
This paper discusses what we have learned about the debt build-up in advanced societies over the past century. It shows that the extraordinary growth of aggregate debt in the past century was driven by the private sector.
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Conference paper
Innovation, Intellectual Property, and Development
Oct 2017
A better set of approaches for the 21st century.
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Conference paper
Importing Political Polarization?
Oct 2017
The Electoral Consequences of Rising Trade Exposure
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Conference paper
Gains from Trade
Oct 2017
Is Comparative Advantage the Ideology of the Comparatively Advantaged?
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Journal article
On The Career of a Microeconomist
Jan 1983
An autobiographical paper by William J. Baumol, in which he recounts his academic life and career. The paper is a contribution to a series of recollections and reflections on the professional experiences of distinguished economists which the Banca Nazionale del Lavoro Quarterly Review (now PSL Quarterly Review) started in 1979.
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Conference paper
On the Role of Theory and Evidence in Macroeconomics
Apr 2010
This paper, which is prepared for the Inagural Conference of the Institute for New Economic Thinking in King’s College, Cambridge, 8-11 April 2010, questions the preeminence of theory over empirics in economics and argues that empirical econometrics needs to be given a more important and independent role in economic analysis, not only to have some confidence in the soundness of our empirical inferences, but to uncover empirical regularities that can serve as a basis for new economic thinking.
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Conference paper
How Empirical Evidence Does or Does Not Influence Economic Thinking and Theory
Apr 2010
This paper asks, how empirical evidence does or does not influence economic thinking and theory. In particular, which role do calibration, statistical inference, and structural change play?
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Conference paper
Life after “Rational Expectations”? Imperfect Knowledge, Behavioral Insights and the Social Context
Apr 2010
Many people regard the recent financial crisis as a painful addition to an already massive body of evidence that demonstrates the inadequacy of today’s economic models of “rational” markets.
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Conference paper
George Soros: The Living History of the Last 30 years
Apr 2010
Economic theory has modeled itself on theoretical physics. It has sought to establish timelessly valid laws that govern economic behavior and can be used reversibly both to explain and to predict events.
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Conference paper
Anatomy of Crisis: Economic Theory, Politics and Policy
Apr 2010
The current economic and financial crisis, and it is both, has already imposed great costs on the global economy. Nor is there any guarantee that we have seen the worst and that recovery is now assured.
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Conference paper
Corporate Citizenship in a Civil Economy
Apr 2011
Many companies around the world have discovered they can benefit financially from integrating environmental, social and governance (ESG) targets in their daily operations and strategy.
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Conference paper
Too Big to Fail, Too Big to Jail
Apr 2011
The theme of this session is very timely and controversial, on the ability of sovereign governments to supervise Large Complex Financial Institutions (LCFIs), now officially described as G-SIFIs, global systemically important financial institutions.
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Working Paper Series
Innovative Enterprise or Sweatshop Economics? In Search of Foundations of Economic Analysis
Oct 2015
By integrating the history of industrial development in Britain and the United States with the ideas of leading economic thinkers, this essay demonstrates the absurdity of perfect competition as the ideal of economic efficiency.
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Conference paper
Sovereignty Effects
Apr 2012
With my remarks today on financial markets and the financial crisis, I do not make any claims to originality. Rather, they are intended as a reminder of certain circumstances that are already familiar to us, in one form or another.
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Conference paper
Economics and the Powerful: Faulty Analysis, Economic Advice, and the Imperatives of Power
Apr 2013
“Look! Up there in the sky! What is it? Is it a plane? Is it a bird?” No, it’s a distraction from the robbery that is taking place in broad daylight on the ground.
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Conference paper
Domestic Rebalancing to Reduce Global Imbalances: The Role of Financial Market Measures
Apr 2013
“Taking advantage of the opportunity offered by the structural adjustments of the global economy…”The decisions on the four modernisations taken at the Third Plenum represented a radical change in Chinese domesticdevelopment strategy.
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Conference paper
Meritocracy Is a Good Thing
Apr 2013
Political meritocracy is the idea that a political system is designed with the aim of selecting political leaders with above average ability to make morally informed political judgments. That is, political meritocracy has two key components: (1) the political leaders have above average ability and virtue and (2) the selection mechanism is designed to choose such leaders.
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Conference paper
Irreducible Uncertainty and its Implications: A Narrative Action Theory for Economics.
Apr 2013
At the heart of economics is a theory of action. It reflects views about how human beings make economic decisions and leads to an analysis of aggregate consequences.
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Conference paper
Market Psychology, Animal Spirits and Reflexivity
Apr 2013
Neoclassical economics has abolished the role of psychology in decision making by assuming that all individuals are rational optimizers with rational expectations about future events.
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Conference paper
Scarcity, Preferences and Cooperation: A Mimetic Analysis
Apr 2013
In “The Ambivalence of Scarcity” which is my contribution to L’Enfer des choses. René Girard et la logique de l’économie, written by Jean-Pierre Dupuy and originally published in French in 1978, I attempt to apply mimetic theory to modern economics and to economicphenomena, and also to explain why economic issues and economics as a discipline occupy such an important place in the modern world.
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Conference paper
David Sainsbury: Innovation Systems
Apr 2013
A striking feature of the neoclassical economic theory which has been dominant in Western universities in recent years is that it has had so little to say about innovation and innovation policy which is useful for policy-makers.
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Conference paper
Crisis and the Sacred
Apr 2013
It would be nonsensical to blame economists for not foreseeing the crisis; even less for causing it. It was obvious there would be a crisis. It was impossible to foresee how it would start and evolve, and at what moment these events would occur.
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Conference paper
Individual Judgments, Social Values, and Mimetic Interactions
Apr 2013
The problem of value has always occupied a central place in economic thought and debate.
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Working paper
Input Diffusion and the Evolution of Production Network
Apr 2015
The adoption and diffusion of inputs in the production network is at the heart of technological progress. What determines which inputs are initially considered and eventually adopted by innovators? We examine the evolution of input linkages from a network perspective, starting from a stylized model of network formation.
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Working paper
The Consumption Response to Liquidity-Enhancing Transfers: Evidence from Italian Earthquakes
Jun 2015
Exploiting three earthquakes in Italy as quasi-experiments, we analyse the response of homeowners’ consumption to transfers targeted to finance housing repair and reconstruction. To the extent that funds are made available up-front, these transfers are akin to loans, mainly affecting the liquidity of households’ wealth
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Working paper
Networks in the Laboratory
Feb 2015
This chapter surveys experimental research on networks in economics.