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All great thinkers run the danger of misinterpretation, in part because they tend to leave their innovative ideas incomplete due to the newness of those ideas. Misinterpretation also results from
This article reviews some of the issues concerning industrial policy that were aired in the interwar period. The debate needs to be revived, revisited and, where appropriate, revised to suit the present day, but on basic principles there is much to learn from the interwar discussions.
PEF Council Coordinator John Weeks writes for the blog to introduce his series ‘Principals of Macroeconomics’, with this piece exploring the definitions of economics.
‘Over five decades the principle that capitalist economies required active, continuous management by national governments established itself as policy orthodoxy, then the consensus abruptly ended.’ PEF Council Coordinator John Weeks reminds us what Keynes taught us about managing capitalism.
‘In my new book, Austerity, we step back from the emotional reactions on both sides of the debate; and we carry out a much more forensic analysis, following the evidence – and only coming to a conclusion when all of it has been carefully sifted and considered’.
Neoclassical economics has always relied on a positivist approach to economic issues, presenting economists as being non-ideological and free from bias. Yet ideology is embedded in economics departments all over the world.
“In recent years, even organisations like the IMF and the World Economic Forum have recognised the dangers of inequality. In particular, they have both drawn attention to both the high and rising inequality caused by austerity, and its damaging effects on both social cohesion and economic growth.”
In the face of technological change, we need ends that are more compelling than merely wanting more and more products and services.
Since the introduction of austerity, the focus of each Budget has been on reducing the deficit and debt – to the detriment of the wider economy. In this podcast series, members of the PEF Council explore what a progressive approach to the Budget could look like.
Our current economic policy framework leaves a vacuum of responsibility for delivering an economy in which people can flourish.
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