Heterodox Economics Newsletter

Issue 161 March 24, 2014 web pdf Heterodox Economics Directory

Six weeks ago I hypothesized in this editorial that Thomas Piketty's new book on "Capital in the 21st century" might be a significant contribution to a more realistic and open-minded economics profession. I was quite surprised to see Paul Krugman agreeing with me today on this issue (at least with respect to the importance of Piketty's contribution) - so let's hope the profession will follow him in taking a close look at Piketty's results and arguments.

In a similar vein I was startled to see the Bank of England explaining the internal workings of the monetary sector, and thereby the concept of "endogenous money", in one of their official publications as well as on Youtube. Given the high number of economic models where money is still represented as a numeraire good, this intervention is not only timely - it also lends support to some long-standing claims of heterodox economic thought.

While all this is surely good news, much more can be done to advance economic analysis as well as economic policy. Maybe the current issue of the Newsletter offers some signposts for you how to direct your contribution to this common aim.

All the Best!

Jakob

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