“In Open; The Progressive Case for Free Trade, Immigration, and Global Capital economist Kimberly Clausing faces down the critics from both sides. She demonstrates in this vivid and compelling account that open economies are a force for good, not least in helping the most vulnerable.”
“A group representing more than 100 of the biggest corporations in the U.S. has released a statement updating its definition of the purpose of American corporations.”
“Despite their lingering power, banks and financiers needn’t be untouchable,” so John Quiggin argues. Quiggin is author of Economics in Two Lessons: Why Markets Work So Well, and Why They Can Fail So Badly (Princeton University Press, 2019).
“In the real world, through the pages of scientific journals, in blog posts and in spirited Twitter exchanges, the set of ideas now called ‘Ergodicity Economics’ is overturning a fundamental concept at the heart of economics, with radical implications for the way we approach uncertainty and cooperation. The economics group at LML is attempting to redevelop economic theory from scratch, starting with the axiom that individuals optimise what happens to them over time, not what happens to them on average in a collection of parallel worlds.”
“In An Economy of Well-being, author Mark Anielski presents a practical guide for building a new economy of well-being to help communities and nations become more flourishing and happier places to live.”
“Current academic research – into the impact of new technologies, the economics of innovation, and the quality of management, for example – may be providing ever more pieces of the puzzle. But many crucial questions about economic progress remain unanswered, and others have not yet even been properly posed.”
“More consumers want companies to address societal problems, including climate change and crumbling infrastructure. Additionally, more than half want to buy from brands that take stands on social issues. At the same time, consumers are increasingly skeptical about these partnerships, seeing them as marketing stunts. It’s called wokewashing.”
“ince its founding in the aftermath of the 2008 global financial crisis, INET has been spearheading efforts to move economics towards more pluralistic, multidisciplinary, and human-centric approaches. The evident failure of the profession’s mainstream to predict, prevent, and manage the crisis has laid bare its limitations. Currently, in the face of another transformation of seismic scale—the rise of artificial intelligence, or AI—an enlarged and improved economic discussion is crucial to ensure shared prosperity, and that humanity as a whole is not left behind.”
“Market booms and busts might be irrational, but we can understand why they happen – and what to do to mitigate the damage.”
“The results of the 2019 Australian and Indian general elections, announced within days of one another on May 18th and 23rd respectively, were each in their own way a vote for crony capitalism and ‘development’ over environmental, sustainability and social justice concerns.”
“Economics is often dismissed as ideological, reductionist, and mendacious. In the United States we see these criticisms increasingly from both the political left and right. […] Carl Menger, one of the driving forces behind the marginal revolution in economics, was no stranger to these sorts of criticism. His essay, ‘The Social Theories of Classical Political Economy and Modern Economic Policy (1891),’ […] The entire essay is well worth reading and only recently available in English.”
“Many people believe government rules and regulations are the only way to protect the environment. But there are important benefits that properly structured market forces can bring to environmental policy. When the government and markets work together, it leads to effective solutions for sustainability.”
New on the Moral Markets bookshelf: Free Market Environmentalism for the Next Generation (2015)
“Rev. Robert A. Sirico has spent decades defending capitalism from the left. Today the attacks come from the right too.”
According to Govert Buijs “we have come to misunderstand transactions as simple, one-dimensional operations. In this way we have forgotten what it takes for a market to work well.” Chapter 6 of the book Finance and the Common Good (2019, Amsterdam University Press).
“Culturally, we like to think that once money is involved, a transaction becomes clean and passionless. It’s an adjustment that isn’t merely economic, but sociological as well. It requires grappling with how we define intimacy, what we view as transactional, and how we categorize what’s business, what’s personal…and what’s both.”