Interview: a decade of volatility
The Finance News Network has just released an interview with me on the current financial turmoil. Click the link below to watch it (or read the transcript):
FNN is about to establish a paid subscription service, so shortly interviews such as this will only be available to subscribers.
On a similar note, I urge readers of this blog to support CfESI, the Center for Economic Stability Incorporated (www.cfesi.org) by signing up to one of the three levels of membership (see the table below for details).
CfESI needs subscribers to raise funds to support the development of the realistic, empirical approach to economics that I have championed on this blog. The majority of economists are adherents to the neoclassical school of thought, and since neoclassical economists dominate decisions about which research projects get funded, non-neoclassical research like mine receives very little funding from research funding bodies. This situation persists despite this school’s extraordinary empirical failure to realise that a major economic crisis was about to break out in 2007.
I have provided my analysis here for free because my main objective is not to make money, but to help develop a realistic theory of economics to replace the delusionary theory that played a large role in leading us into this crisis. But developing a realistic theory takes time, and the capacity to hire people with skills (such as computer programming) that I don’t have. So CfESI has been formed to provide a non-profit institute through which, hopefully, such funds can be raised by public subscription.
The fees we have set for membership start at a very low A$13 per year. This could still raise a substantial sum if the many members of this blog–and its many more readers–signed up.
This blog now has 12,150 subscribers. Some are undoubtedly would-be spammers, whose attempts have been blocked by Akismet. For example, I’d hazard a guess that the user whose email name starts with “sexdating4u” isn’t here for the economic analysis. But at least 10,000 have signed up for the non-orthodox economic analysis that this site provides.
There are also roughly 50,000 unique readers every month (not surprisingly, August is well on the way to setting a new record, with 55,000 so far and eight days still to go). Visitors also come from all over the globe: the majority are now from the USA, followed closely by Australia and then the UK. I’m told that the site has quite a following amongst hedge fund managers (and again, I’d hazard a guess that signing up to CfESI would still leave the average hedge fund manager with some spare pocket money).
I would hope that it’s expecting too much to think that something of the order of $250,000 p.a. could be raised annually from Debtwatch’s readership base . But for that to happen, you have to decide to sign up. So far, only a handful have done so.
If we do raise funding of that order, the first project we will support is the development of a monetary macroeconomic modeling program, to be called “Minsky”.
Development has already started courtesy of a grant of $128,000 from INET–the Institute for New Economic Thinking that George Soros funded with a donation of $5 million per year for five years, specifically to help fund non-orthodox research into economics that conventional funding bodies normally ignore. That grant will let us develop version 1.0 of Minsky, and make it available for free to economists and students. But much more could be done than will be possible with such a small grant. Continuing funding from our membership base would provide some of those development funds.
|Associate||You can access all existing content on the entire site and download one document every 30 days||A$13 per year|
|Fellow||Associate rights plus a copy of the latest eBook by a CfES author (currently the second edition of Steve Keen’sDebunking Economics), and the capacity to download all papers and participate in live lectures online||A$78 per year|
|Partner||Fellow rights plus a signed copy of the latest book by a CfES author in place of the eBook, and the capacity to attend live lectures in person||A$260 per year|