Support the World Economics Association

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I’m not the only economist campaigning to bring about a new, empirical, realistic economics–far from it. In fact there is an association dedicated to this end with over 10,000 subscribers: the World Economics Association.

As is often the case, the formation and management of the WEA has rested on the shoulders of one person: Edward Fullbrook, the UK-based scholar who kept the PAECON movement alive after its birth with the French student “Protest Against Autistic Economics” revolt back in 2000. Without his energy and commitment, that spark lit by the French students might have petered out. Thanks to Ed’s efforts, the WEA is flourishing, and has almost as many members of the American Economic Association. The WEA’s purpose is:

to improve economics. It intends to do so by encouraging pluralism, by developing a thriving, growing, and active platform for economists committed to pluralism and new thinking; and by deepening and broadening the reach of its activities. To that end it will expand and continually upgrade the quality of its suite of journals, establish its conferences as leading the field, and expand its website to become a central location and reference point for economics and economists.

Now the WEA is trying to expand its operations, and it requires financial support to do this. It has put out an appeal to raise US$100,000. Membership of the WEA is free, but they are asking members and supporters to pledge an annual amount equivalent to US$15. They also accept sponsors with one-off payments of from $100 up (I just put in $1,250 as a sponsor).

If you want to encourage the development of a realistic economics, then please consider donating to the WEA.

About Steve Keen

I am Professor of Economics and Head of Economics, History and Politics at Kingston University London, and a long time critic of conventional economic thought. As well as attacking mainstream thought in Debunking Economics, I am also developing an alternative dynamic approach to economic modelling. The key issue I am tackling here is the prospect for a debt-deflation on the back of the enormous private debts accumulated globally, and our very low rate of inflation.
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3 Responses to Support the World Economics Association

  1. Steve Hummel says:

    Oh thanks. I’ve been wanting to repost my refutation of velocity theory with the REALITES of cost accounting here ever since it was missed/ignored the first time. And my response to you in the above shows why it is necessary for economists to finally realize that science and math although wonderful and necessary tools are inadequate alone to understand economics which after all IS a moral science, and that factoring in the need for wisdom is not only necessary to find ethical solutions, but also ACTUALLY IS the economic and monetary POLICY solution to our current crisis and the long term stability of those systems. Yes, there IS a NATURAL canon to human life (sorry Rover) and the sooner economists, financiers and their terminally orthodox followers wake up to that fact the sooner will be the better and more joyous survival of Mankind. We are homo sapiens, i.e. wisdom discerning man, not homo economicus, no?

  2. Steve Hummel says:


    He’s correct and onto something with the IDEA of the need for reform. However reform is really never enough. You can’t reform a cat from wanting to eat a mouse. You have to transform the cat. Good luck with that, but a financial system or accounting rule……are human systems and thus malleable. Humans are always corruptible too, so you’ll need reform/regulation also in addition to transformation of such systems, that’s true. But to get back to the systems, the accounting system in particular, how do you transform accounting rules? Accounting as we are recently coming to understand is important as a guide to following the economy and money system., and COST accounting a subset of accounting is particularly significant. Why? Well, because it, cost and its assessment, is at least co-equally as important as profit itself…..because that’s how you know whether or not you’ve made a profit. Now I’m not referring here to the kind of shenanigans that the Banks and pols of various stripes have enabled in suspending FASB standards in not allowing assets to be marked to market as well as other unethical obfuscations of reality.
    But again, I AM referring specifically to the ever present and deeply embedded effects of cost accounting’s rules/conventions. The two most important of these are:

    1) ALL costs must be considered within commerce/the economy, and
    2) Labor costs are not the totality of costs and hence, because ALL costs must factored into price….there will always tend to be a a higher rate of flow of total prices than the total rate of flow of individual incomes.

    So income scarcity is BUILT INTO the accounting discipline. This is 24/7 REALITY NOT THEORY. Quantity and velocity THEORIES are incorrect inaccurate and much less significant than this REALITY. Quantity theory may have some significance, yes, but much less than the it has as the pet hate of most money reformers, and velocity theory may actually have a form of liquidity effect of helping to “keep the balls in the air” so to speak, but so far as liquidating more debt than cost accounting says it ever can….that is a complete fallacy. And as we have found out debt and its build up….is of major, major importance. And so an ENFORCED build up of debt via cost accounting’s ENFORCED conventions of income scarcity viz prices is exposed as the “too close to perceive” “mundane” REALITY that underlies the whole shebang of the problem. Oh, and exports are no actual solution to this dilemma, just a geo-politically dangerous and often hegemonic “can kicking” exercise.

    So how do you overcome and transform this this tyranny of numbers, this domination by discipline, this “only this for that” paradigm? Well, you think outside of the box by GOING outside of the cost accounting/commercial/economic system and GIVE INDIVIDUALS MONEY. Horrors!, say the moralist and the Banker. No, actually TRANSFORMATION…of the CONSUMER financial paradigm…from loan ONLY to Dividend AND loan, if desired and actually creditable. And of course this is a DISTRIBUTIVE dividend not a RE-distributive one, and a non interest bearing one also. That way you see you’ve not only not taken from someone in order to give to another, but completely avoided clicking in the conventions of cost accounting as well. And so a truly free flowing free market system….finally. Ah, Grace the liberator, a sense of which is the thing that inwardly keeps us from going at each others throat, and the temporal universe free gift that liberates us from the enforced burden of debt. As above, so below, as within, so without. Money and Wisdom. Alignment and Bind Back.

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