Economic Theory

Subjective Versus Objective Costs: How the Labor Theory of Value Almost Destroyed the World

Steve Mariotti | Posted 08.20.2011

Read More: Labor Theory of Value, Subjective Costs, Economic Policy, Economic Theory, Objective Costs, Business News
Steve Mariotti

Over the past 200 years or so, many of the world's conflicts have developed around a little-known debate in economic theory. The outcome of this argument has had an impact equal to that of a major war.

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New Economic Thinking Conference To Shatter Illusion of Control

Steve Clemons | Posted 06.07.2011

Read More: Bretton Woods, International Monetary Fund, George Akerlof, Kenneth Rogoff, George Soros, Paul Volcker, Lawrence Summers, Gordon Brown, Unemployment, Yves Smith, John Maynard Keynes, Joseph Stiglitz, Adair Turner, Economic Policy, Chrystia Freeland, Rob Johnson, Gillian Tett, Kings College, Michael Hirsh, Economic Theory, Reflexivity, Institute for New Economic Thinking, Inet, Politics News
Steve Clemons

As INET Executive Director Rob Johnson said, "last year's conference punctured the mystique of market stability (not to mention real events). This year, the conference will shatter the illusion of control."

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Dan Froomkin

Government Spending Goes From Hero To Goat

HuffingtonPost.com | Dan Froomkin | Posted 05.25.2011

Read More: Politics, US News, Keynesian Economics, Keynes, Economy, Government Spending, Jobs, Double-Dip Recession, Recession, Economic Theory, Keynesian, Politics News

WASHINGTON -- It wasn't so very long ago that many economists and even some White House officials were talking about the need for more government spen...

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The Rest of the (Economic) Story

Dr. Vladimir A. Masch | Posted 05.25.2011

Read More: Free Trade, Trade, Economic Theory, Business News
Dr. Vladimir A. Masch

In a complex society any single-factor theory of value, such as the labor theory of value (Marx), is to be a failure, and replacing labor by capital (Milton Friedman) does not improve its validity.

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Economic Crisis Compels Economists To Reach For New Paradigm

Wall Street Journal | MARK WHITEHOUSE | Posted 05.25.2011

Read More: Economy, Policy, The Fed, Recession, Ben Bernanke, Collateral, University, Mortgage, Credit, Economic Policy, Lenders, Finance, College, Rational Expectations, Bernanke, Crisis, Economists, Banks, Academics, Theory, Colleges, Economic Theory, Universities, Business News

The pain of the financial crisis has economists striving to understand precisely why it happened and how to prevent a repeat. For that task, John Gean...

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An Open Letter to Paul Krugman

David K. Levine | Posted 05.25.2011

Read More: Collateral Cycles, Fiscal Stimulus, Financial Crisis, Panics, Paul Krugman, Systemic Risk, Bank Bailout, Too Big to Fail, Economic Theory, Bubbles, Credit Cycles, Business News
David K. Levine

Crises have been ubiquitous throughout history. While we can't forecast them we do know how to learn from them. And we certainly have a good idea what not to do in response.

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The Myth of the Black Swan

Hale "Bonddad" Stewart | Posted 05.25.2011

Read More: Recovery, Economy, Black Swan Event, Economic Rules, Economic Recovery, Black Swan, Economic Theory, Recession, Business News
Hale

This is the third time that I have been through an economic event where there were groups of people who said the old methods of analysis didn't apply. As I will demonstrate, nothing could be farther from the truth.

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An Economic String Theory For America

Frank A. Weil | Posted 05.25.2011

Read More: Economy, Stock Market Crash, Economic String Theory, Finance, Stock Market, Economic Theory, Economic Crisis, Politics News
Frank A. Weil

Our challenge and opportunity is very clear. We must push and pull hard on the string which leads to rebuilding and modernizing our whole national infrastructure.

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The First Death Rattle of Our Unsustainable Economy (Part II)

Rebekah and Stephen Hren | Posted 05.25.2011

Read More: Capitalism Fallacies, Regenerative Economics, Sustainability, Steady State Economics, Economy, The Wealth of Nations, Adam Smith, Alternative Resources, Neoclassic Economics, Commerical Consumption, Economic Systems, Global Resources, Renewable Energy, Financial Crisis, Credit Default Swaps, Economic Theory, Green News
Rebekah and Stephen Hren

Since our current economic system is riddled with contradictions that are forcing its implosion as it abuts the physical limits of our planet, what do we do next?

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