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I think I am on the track of what ‘New Economics’ is, and one could roughly sum up two days of presentations in two diagrams:

In science, empirical disciplines such as physics, chemistry, history, and parts of sociology and political science, reason from facts.

has picked up on my friend , and since James cites the latest writings by other friends Zoltan Pozsar, Manmohan Singh, as well as my , the piece reads like a discussant’s comments on a shadow banking symposium.

Judy Klein is Professor of Economics at Mary Baldwin College in Virginia. She is the author of Statistical Visions in Time: A History of Time Series Analysis 1662-1938, (Cambridge 1997) and co-editor of The Age of Economic Measurement (Duke 2001), and co-author of The Strange Career of Cold War Rationality (in preparation)

Perry and I extend our apologies for the unplanned hiatus. By way of breaking radio silence, it seems appropriate to check in on our two favorite banks.

A correspondent sends us to a column of Paul Krugman’s that asserts that “nobody understands debt”. Fair enough.

When I started this blog, almost exactly one year ago today, my thought was to provide commentary on the financial events of the day, using the Financial Times as my primary source of information about those events.

On November 2nd, I was sitting in the Hayden Library Special Collection reading room at MIT, browsing archives on the undergraduate and graduate students’ discontent during the early 70s and the response of the economics department faculty.

Amid mass unemployment and economic turmoil, instructors who lecture on the superiority of free markets without acknowledging the dysfunction in the wider economy are at risk of appearing out of touch and exacerbating antipathy towards economics.

This is the question I’m supposed to answer for an experimental INET conference aimed at inspiring new thinking through interdisciplinary conversation and collective reflection without rules.