An outbreak of communication

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Any­one who has been moti­vated to read eco­nom­ics for the very first time by the eco­nomic cri­sis that began in 2007 should have real­ized at least one thing: that com­mu­ni­ca­tion between econ­o­mists resem­bles the Tower of Babel after the con­found­ing of tongues. Econ­o­mists who speak in one tongue hear what those in another say, but com­pletely fail to under­stand it—and then shout back some­thing that is just as incom­pre­hen­si­ble to the oth­ers’ ears.

Economics’ odd couple highlights a Nobel folly

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I would love to be in the audi­ence watch­ing the body lan­guage at this year’s “Nobel” cer­e­mony for eco­nom­ics. Robert Shiller, who is far too polite a per­son to make it obvi­ous, will nonethe­less at least fid­get as he lis­tens to Eugene Fama’s speech, since Fama con­tin­ues to dis­pute that bub­bles in asset prices can even be defined. Shiller, in con­trast, first came to pub­lic promi­nence with his warn­ings in the early 2000s that the stock and hous­ing mar­kets in the States were dis­play­ing signs of “irra­tional exuberance”.

Crash Course in Disequilibrium Economics

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This is a set of 5 lec­tures that I deliv­ered last week in Quito, Ecuador, at FLACSO–the Latin Amer­i­can Fac­ulty of Social Sci­ences. In future years I hope to expand this into two com­plete courses–one on the his­tory and devel­op­ment of eco­nom­ics from a dis­e­qui­lib­rium per­spec­tive, and the other on dynamic mon­e­tary mod­el­ing in eco­nom­ics using Min­sky, the Open Source sys­tem dynam­ics pro­gram that I have devel­oped with the help of a grant from INET.