Subjects Archives: Economic Theory

  Do you think Marxism is still relevant today? If so, which parts? I think that Marxism is completely relevant for understanding capitalism now. It’s an error to think that capitalism has changed and that therefore we have to change Marxism. Marx grasped the nature of capitalism; and, although capitalism has changed in some of […]

  “The Third World Network and Jubilee are partnering today to stand up against vulture fund activity, stand up for Argentina, in this incredibly important court case that has massive repercussions for all countries around the world to be able to protect themselves from this kind of litigation in the courts by holdout vulture funds. […]

The German taxpayers should be happy to have SYRIZA in Greece, says economist Yanis Varoufakis in an interview.  Greece is not unwilling to reform.

ZEIT ONLINE: Mr. Varoufakis, the Greeks say they want to keep the euro but vote for SYRIZA and its leader Alexis Tsipras, whose plan could lead to an exit from the monetary union. How does that work?

Yanis Varoufakis: SYRIZA also wants Greece to remain in the eurozone. But, at the same time, it wants to renegotiate the austerity program, because it doesn’t work. Just about everyone who knows anything about economics knows that by now.

Alberto Montero Soler: First of all, I have to say that those effects would only manifest themselves in the medium term. To propose an exit from the euro as an immediate solution to the deterioration of living conditions of people would mean to deceive them. We are at a crossroads where peripheral economies can only choose between two evils.

  The crisis is not relinquishing its grip on Europe.  From autumn 2008 to early 2009 the world market experienced the deepest slump in economic output since the Second World War.  This is a global crisis.  Even in emerging economies like China, Brazil, or India economic growth declined and could not compensate for the recession […]

Carlo Fanelli (CF): Your early work pays a great deal of attention to the classical political economists (e.g. Ricardo, Smith, J.B. Say, J.S. Mill, Marx, etc.), with later writings engaging with economic luminaries such as Alfred Marshal and John Maynard Keynes.  Could you briefly discuss how this research has influenced your thinking about economics?  And […]

  Amy Sonnie and James Tracy.  Hillbilly Nationalists, Urban Race Rebels, and Black Power.  New York: Melville House Printing, 2011.  ix-201 pp.  $16.95 (paperback). Most current academic discussion of radical movements populated by whites is devoted to understanding ultra-right movements based largely on demands for less government intervention and nostalgia for a lost time in […]

  Wednesday November 2, 2011 Dear Professor Mankiw — Today, we are walking out of your class, Economics 10, in order to express our discontent with the bias inherent in this introductory economics course.  We are deeply concerned about the way that this bias affects students, the University, and our greater society. As Harvard undergraduates, […]

  It costs the state of New Jersey more money to hold a prisoner for one year than to fund one Princeton student’s tuition.  Here’s an overview of the disturbing trend of prioritizing prison over higher education in the US. PublicAdministration.Net was created as an online informational resource for individuals looking to pursue public administration-related […]

  I. It seems to me that José Vasconcelos has found a formula on pessimism and optimism that not only defines the feeling of the new Ibero-American generation in the face of the contemporary crisis, but also corresponds to the absolute mentality and sensibility of an era in which, despite the thesis of José Ortega […]

  “My experience of the last year and half during the acceleration of this crisis is that the worst enemy of reason and progress are social democratic parties.  I say this painfully.  There’s no glee in this statement.”  — Yanis Varoufakis The Mess We’re In . . . The Future of Greece A Solution to […]

  The methods of the United States in colonized Latin America have not changed.  They cannot change.  Violence is not used in countries under Yankee administration just by accident.  Three events during the past five years underscore the increasing martial tendency of U.S. policy in these countries: the intervention in Panama against a strike, the […]

  Excerpt: For at least 5,000 years, before capitalism even existed, popular movements have tended to center on struggles over debt.  There is a reason for this.  Debt is the most efficient means ever created to make relations fundamentally based on violence and inequality seem morally upright.  When this trick no longer works everything explodes, […]

It is becoming widely acknowledged that the leading ideas of some of the most prestigious late-20th-century economists (such as Alan Greenspan and Lawrence Summers in the American government) are outmoded and that a new paradigm of economics is needed.  Part I of this essay will focus on two issues which we think it has to […]

  Excerpt: State lawmakers enacted a range of policies in 2011 to amend their unemployment insurance (UI) programs, most of them motivated by insolvent state trust funds.  Most notably, six states passed unprecedented cuts in the duration of benefits, for the first time reducing benefit weeks to less than the decades-long accepted standard of 26 […]

  Much of the discussion surrounding the Greek crisis revolves around the probability and implications of a sovereign default and on whether the introduction of a national currency (which, for simplicity, we could call the new drachma) would help pull the Greek economy out of recession (see for example Manasse 2011 on this site).  Less […]

The Crisis, especially in Europe, is all-consuming.  Every day our minds are hijacked by its latest twist.  Here in Athens, a general strike almost brought the government to its knees and has kick-started a process that will, inevitably, lead to what can only be described as regime change. While history is preparing the next regime […]

A sword of Damocles, we are told, is hanging over Greece.  Even the Greek EU commissioner says that Greeks must accept that their country will be run, nay micromanaged, by a committee of foreign creditors, or else Greece will be kicked out of the eurozone. This threat is found upon a flagrant lie.  Greece cannot […]

The curiosum of a ‘red regime’ with a knack to get re-elected term after term for over more than three decades within the ambit of a full-fledged multi-party democracy has finally disappeared.  The Left Front, led by the Communist Party of India (Marxist), has not merely lost the poll in West Bengal, it has been […]

In the long and impressive catalogue of Michal Kalecki’s contributions to economics, the proportion of writings devoted to what is now called “development economics” is relatively small.  And most of his work in this area is concise to the point of being terse, in short articles that simply state some crucial principles, typically without much […]