Microeconomic theory has failed to reflect changes in the real world and the ferment in economics caused by the financial crisis of 2007/08 though there have been developments that reflect new thinking about consumer choice, the Association for Heterodox Economics…
Policymakers show interest in Steve Keen’s financial instability model
Policymakers, disillusioned with conventional general equilibrium models that failed to forecast the 2007/08 financial crisis, are showing interest in a new financial instability model developed by Australian economist Steve Keen. Keen told the annual Association for Heterodox Economics conference in…
IMF gets serious about infrastructure
The world’s underinvested in infrastructure and a new approach to building infrastructure should be developed. That is the message of an IMF report published on 18 June. The report, named Making Public Investment More Efficient, critically reviews global experience in…
The economics of Laudato Si
Pope Francis, head of the Catholic church, has once again courted controversy by intervening in the debate about pollution and global warming in an encyclical (a letter) dated 24 May and publicly released on 18 June. The text, which runs for more…
Intangible capital and the World Cup
FIFA’s capacity to manufacture income and capital through the World Cup brand is the key factor behind the crisis in global football. Association Football as it was originally known is wrongly described as the most lasting legacy of the lost…
Optimising value and efficiency in healthcare
Expenditure on health is rising as a proportion of GDP everywhere. It takes about 17 per cent of America’s GDP and it is said that, on present trends, 100 per cent of America’s GDP will be spent on healthcare by the…