In Debunking Economics, I argued that economic theory had done such damage to society that humanity would be better off if everything ever written about economics by anyone–including yours truly–were obliterated, and the world had to start again from scratch.
Before the Pool Room, a quick comment on Australia’s recent 0.4% growth in GDP in the first quarter of 2009–largely due to a surprise growth in net exports–and the sequel the next day of a surprise trade deficit.
Briefly, the “textbook” definition of GDP is:
GDP = C+I+G+X-M
STEVE KEEN and EVAN JONES in conversation with FRANK STILWELL
In this event to celebrate the publication of Political Economy Now!–the history of the Political Economy struggle at Sydney University–Evan Jones, Frank Stilwell and Steve Keen will discuss the struggles inside the university economics departments and their significance, not only for teaching, but for the world economy itself.
Economic debate in Australia today reminds me of one of the great lines in The Rocky Horror Show. As he invites Brad and Janet to meet Rocky, Frank-N-Furter taunts Janet with the lines:
I would like–if I may–to take you on a strange journey…
“I see you shiver with anticipation!
Thanks again to blog member Evan Harris for compiling this weekly list, and for blog members passing on their suggestions. If you see any article or blog entry that you think deserves recording for posterity, send the link to gfcwrap at gmail.com.
Two prominent economics textbook writers have recently written that the Global Financial Crisis (GFC) shows that the world needs more economics rather than less.
Writing in the New York Times, Gregory Mankiw could see some need to modify economics courses a bit in response to the GFC, but overall he felt that:
Fans of the Australian movie classic “The Castle” will remember the archetypal line “This one’s going straight to the Pool Room”, uttered by the ever-optimistic Darryl Kerrigan whenever he was given a gift. If you haven’t yet seen the movie, consider setting aside a couple of hours to watch it.
A new Facebook group dedicated to reforming economics tuition has just been established by Edward Fullbrook, the coordinator of PAECON, the Post-Autistic ECOnomics Network.
Called Toxic Textbooks, its aim is to support and coordinate student protest against neoclassical economics at universities and schools around the world. Its manifesto is:
I’ll be speaking on the financial crisis at the monthly “Politics in the Pub” meeting in Newcastle next week. It’s on Tuesday May 19 at 6pm at the Hamilton Station Hotel on the corner of Fern and Beaumont Streets Islington (next door to Hamilton station on the Maitland Road side of the railway line).
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I’ll be speaking at Politics in the Pub on Friday May 29, along with Jacob Saulwick from the SMH. The Location is the Gaelic Club, Level 1 (Tel. 9212 1587) 64 Devonshire Street Surry Hills–just 50 metres or so from the Chalmers Street exit from Central Station.