What is the World Eco­nom­ics Asso­ci­a­tion?

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For par­tic­i­pants of the Hong Kong INET Con­fer­ence

What is the
World Eco­nom­ics Asso­ci­a­tion?

The World Eco­nom­ics Asso­ci­a­tion (WEA) was launched in May 2011. The WEA seeks to increase the rel­e­vance, breadth and depth of eco­nomic thought. Its key qual­i­ties are world­wide mem­ber­ship and gov­er­nance, and inclu­sive­ness with respect to: (a) the vari­ety of the­o­ret­i­cal per­spec­tives; (b) the range of human activ­i­ties and issues which fall within the broad domain of eco­nom­ics; and © the study of the world’s diverse economies.

 Already over 11,000 econ­o­mists and related schol­ars have joined, includ­ing some of today’s most respected thinkers. (See page 3 for a geo­graph­i­cal list of the WEA’s found­ing mem­bers.) The geo­graph­i­cal dis­tri­b­u­tion of the WEA’s mem­ber­ship is approx­i­mately as fol­lows: Africa 9%, Asia 18%, Europe 33%, Latin Amer­i­can and the Caribbean 12%, Ocea­nia 8%, and US and Canada 20%.

This phe­nom­e­nal suc­cess has come about because the WEA fills a huge gap in the inter­na­tional com­mu­nity of econ­o­mists — the absence of a pro­fes­sional orga­ni­za­tion which is both broadly inter­na­tional and plu­ral­ist.

Con­tact: supportWEA@worldeconomicsassociation.org

What does the WEA do already?


The WEA facil­i­tates the devel­op­ment of eco­nomic think­ing and debate through:

  • 3 on-line jour­nals (high down­load rates of papers):
    • World Eco­nom­ics Review (with open on-line peer review)
    • Eco­nomic Thought (with open on-line peer review)
    • Real-World Eco­nom­ics Review (See page 4 for the con­tents page of cur­rent issue.)
  • Online Con­fer­ences
    • Recently held:
      • Eco­nom­ics in Soci­ety: The Eth­i­cal Dimen­sion
      • Sus­tain­abil­ity – Miss­ing points in the devel­op­ment dia­logue
      • Rethink­ing finan­cial mar­kets
      • The polit­i­cal econ­omy of eco­nomic met­rics
    • Forth­com­ing:
      • The eco­nom­ics cur­ricu­lum: towards a rad­i­cal ref­or­ma­tion (spring)
      • Inequal­i­ties in Asia (Spring)
      • Neo-lib­er­al­ism in Turkey (Autumn)
  • Bi-monthly 12-page newslet­ter: 8 issues have already been pub­lished

All of the above are freely avail­able to audi­ences across the globe: aca­d­e­mics, stu­dents, lay peo­ple, and those in gov­ern­ment and busi­ness.

What new things does the WEA plan to intro­duce this year?

  • Its web­site is in the process of being com­pletely redesigned and upgraded.
  • A Net­work of 50+ National Chap­ters
    Our pro­to­type national net­work is Amnesty International’s. One or more peo­ple will be recruited to start up a national chap­ter and man­age its web­site. The idea is for them to pro­mote WEA net­work groups for schol­ars and stu­dents in the indi­vid­ual coun­tries, and for their web­sites to dis­play results of their activ­i­ties in terms of mem­o­randa, con­fer­ences, spe­cial ses­sions therein, reports, and dis­cus­sions of both pub­li­ca­tions and their national eco­nomic sit­u­a­tion. The IT sys­tem for the net­work is already in place, and the orga­niz­ing cam­paign will be launched in May. We expect this grass­roots net­work to lead to a large increase in WEA mem­ber­ship, enough to make the WEA the world’s largest pro­fes­sional asso­ci­a­tion for econ­o­mists.
  • Blog and Notice Boards
    The WEA Ped­a­gogy Blog will soon be oper­a­tional, man­aged by an Amer­i­can, a Pak­istani and a Brazil­ian. A set of seven regional WEB blog-type notice boards for jobs and events are planned, includ­ing one for the world as a whole, with the Latin Amer­i­can one (in Span­ish and Por­tuguese) to lead off.
  • WEA Press
    Plans are under­way for estab­lish­ing a WEA Press to pub­lish e- and paper­back books, ini­tially of best papers from WEA con­fer­ences, later prob­a­bly more wide rang­ing.

What are the WEA’s long term ambi­tions?

  • To cre­ate a global grass­roots move­ment in the eco­nom­ics pro­fes­sion that will real­ize the WEA’s aims of plu­ral­ism, global inclu­sive­ness and real-world rel­e­vance.
  • To make its web­site a pri­mary focus point for the eco­nom­ics pro­fes­sion world­wide.
  • To estab­lish more jour­nals using the strate­gic com­bi­na­tion of dig­i­tal tech­nol­ogy and the mem­ber­ship email list.
  • To make the WEA the discipline’s pri­mary pro­fes­sional ref­er­ence point, rather than the Amer­i­can Eco­nomic Asso­ci­a­tion.
  • To cre­ate dig­i­tal plat­forms for the global based pro­fes­sional dis­cus­sion of eco­nom­ics and eco­nomic issues.

What is the WEA’s legal sta­tus?

 World Eco­nom­ics Asso­ci­a­tion is reg­is­tered under United King­dom law as a non-profit Com­mu­nity Inter­est Com­pany. Com­pany num­ber: 07507045. Address: 12 Mau­rice Road, St. Andrews, Bris­tol BS6 5BZ, UK. Email: info@worldeconomicsassociation.org. It has a board of direc­tors and is a com­pany lim­ited by guar­an­tee.

 What is the WEA’s finan­cial sit­u­a­tion?

 The WEA is now at a point of tran­si­tion from “start-up”, based entirely on vol­un­teers, to a more estab­lished and per­ma­nent orga­ni­za­tion, still vol­un­teer based, but with a need for self-sus­tain­ing financ­ing to sup­port our web and pub­li­ca­tions infra­struc­ture.

 So far the WEA has been financed entirely by small dona­tions ($50 is about aver­age) from its mem­bers. In total about $45,000 has been raised this way. Our main costs are the employ­ment of staff for edit­ing, for­mat­ting and IT work and the pur­chase of IT soft­ware. Assum­ing that the man­age­ment of the WEA oper­a­tions con­tin­ues to be avail­able on a vol­un­tary basis, then a total bud­get of $200,000 for the next 2 years would secure WEA’s devel­op­ment and future.

For this we require sub­stan­tial dona­tions.

 We invite any­one who sym­pa­thizes with the WEA’s man­i­festo, agrees with WEA’s goals and appre­ci­ates its poten­tial to con­tact us, either to vol­un­teer or to donate: supportWEA@worldeconomicsassociation.org

 7 key WEA mem­bers are par­tic­i­pants in the INET Hong Kong Con­fer­ence.

  • Sheila Dow – co-edi­tor of Eco­nomic Thought
  • Jean-Pierre Dupuy – found­ing mem­ber
  • Edward Full­brook – Exec­u­tive Direc­tor (edward.fullbrook@btinternet.com)
  • Nor­bert Häring – Direc­tor
  • Steve Keen – mem­ber of Exec­u­tive Com­mit­tee
  • Richard Koo – mem­ber of Exec­u­tive Com­mit­tee
  • André Orlean – found­ing mem­ber

WEA Exec­u­tive Com­mit­tee Mem­bers

  • Juan Car­los Moreno Brid, Mex­ico, UN Eco­nomic Com. for Latin Amer­ica and the Caribbean
  • C. P. Chan­drasekhar, India, Jawa­har­lal Nehru Uni­ver­sity
  • Ping Chen, China, Peking Uni­ver­sity and Fudan Uni­ver­sity
  • Edward Full­brook, UK, Uni­ver­sity of the West of Eng­land
  • James K. Gal­braith, USA, Uni­ver­sity of Texas at Austin
  • Grazia Ietto-Gillies, Italy / UK, Lon­don South Bank Uni­ver­sity
  • Steve Keen, Aus­tralia, Uni­ver­sity of West­ern Syd­ney
  • Richard C. Koo, Japan, Nomura Research Insti­tute
  • Tony Law­son, UK, Cam­bridge Uni­ver­sity
  • Peter Rad­ford, USA, Rad­ford Free Press
  • Dani Rodrik, USA, Har­vard Uni­ver­sity

Found­ing mem­bers of the World Eco­nomic Asso­ci­a­tion


Edward Full­brook

Peter Rad­ford
Nor­bert Häring
Grazia Ietto Gillies
Vicki Har­ris
Valerie Rad­ford

Launch Com­mit­tee

Dean Baker

Ha-Joon Chang
Her­man E. Daly
Heiner Flass­beck
Edward Full­brook
James Gal­braith
Jay­ati Ghosh
Grazia Ietto Gillies
Nor­bert Häring
Steve Keen
Richard C. Koo
Tony Law­son
Frédéric Lor­don
Juan Car­los Moreno-Brid
Peter Rad­ford
Erik S Rein­ert
Irene van Staveren
Robert Wade

san­ity, human­ity and sci­ence                      prob­a­bly the world’s most read eco­nom­ics jour­nal


Sub­scribers: 22,149 Sub­scribe here
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A jour­nal of the World Eco­nom­ics Asso­ci­a­tion (WEA) 11,201 mem­bers, join here

— Sis­ter open access jour­nals: Eco­nomic Thought and World Eco­nomic Review

     — back issues at www.paecon.net
recent issues: 62


Issue no. 63, 25 March 2013


In this issue:


The veil of decep­tion over money                                 2
Nor­bert Häring


Ultra easy mon­e­tary pol­icy and the law of unin­tended con­se­quences              19

William White


Civ­i­liz­ing cap­i­tal­ism 57

Erik Rein­ert


Look­ing at the right met­rics in the right way — Two kinds of mod­els                  73

Mer­ijn Knibbe


Cri­sis and method­ol­ogy: Some het­ero­dox mis­un­der­stand­ings 98

Egmont Kakarot-Handtke


Inap­plic­a­ble oper­a­tions on ordi­nal, car­di­nal, and expected util­ity 118

Jonathan Barzi­lai


Reduced work hours as a means of slow­ing cli­mate change                     124

David Ros­nick


Elec­tronic money and Mod­ern Mon­e­tary The­ory 135

Trond Andresen


Pro­duc­tiv­ity, unem­ploy­ment and the Rule of Eight 142

Alan Tay­lor Har­vey


What I would like eco­nomic majors to know 147

David Hemen­way


Past con­trib­u­tors, sub­mis­sions and etc.                                155





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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  • Steve Hum­mel

    Regard­ing http://t.co/lLnfOCH0tz

    Fine arti­cle and excel­lent graphs. How­ever, If you graph the effects of the con­ven­tions of cost account­ing it will be quite enlight­en­ing. Those con­ven­tions say that labor costs, i.e. wages, salaries and div­i­dends, most espe­cially in cap­i­tal inten­sive tech­no­log­i­cally advanced economies, can only be a frac­tion of all costs.……and yet ALL costs must go into price.

    This deeply embed­ded account­ing real­ity graphed through time would show two upward slop­ing lines. The top line “Prices” going up at a higher rate of flow than the bot­tom line “Incomes” which would mean that through time there is a diver­gence of the lines, mean­ing that com­merce ITSELF, in its nor­mal “good times” oper­a­tion is in actual fact price infla­tion­ary.

    Con­tin­ual injec­tion of money via loans by Banks and gov­ern­ment stim­u­la­tion obscures this REALITY, but fails to effec­tively elim­i­nate it.….because the money injections/loans enter commerce/the econ­omy and the above infla­tion­ary effect is then put into effect.

    The only way to solve and to avoid this com­mer­cial infla­tion­ary effect is to directly dis­trib­ute a gift of money to indi­vid­u­als before it actu­ally goes into the econ­omy thus approx­i­mat­ing the dif­fer­ence in the rates of flow of incomes and prices while not impos­ing addi­tional costs and so increased prices.

    Even if one does not want to con­front the com­mer­cial real­ity of cost accounting’s con­ven­tions, or the neces­sity it forces, that is ever increas­ing bor­row­ing in an attempt to (unsuc­cess­fully) pal­li­ate the effects of those conventions.….….……the ratio­nal elim­i­na­tion of jobs by ever increas­ing tech­no­log­i­cal effi­ciency is also an inex­orable eco­nomic force mil­i­tat­ing for the solution.….…the neces­sity of incor­po­rat­ing the con­cept of mon­e­tary grace into our eco­nomic the­o­ries to keep that econ­omy in bet­ter bal­ance.