Wednesday, November 30, 2011

30 November 2011: INETeconomics and UMKC

The Politics and the Sociology of the Economics Profession - James Galbraith

Uploaded by INETeconomics on Jun 8, 2010:

James Galbraith, professor at the University of Texas at Austin, notes that many economics institutions (especially journals and academic departments) are hierarchical and tribal by nature, and that sociology can exclude dissident views. Interviewed by Peter Leyden at King's College, April 2010.

I note that at around 4:20-4:30 he mentions the University of Missouri-Kansas City economics department, which is where Counterpunch's Mike Hudson teaches. Speaking of UMKC Econ:

L. Randall Wray, professor at UMKC, talks about Hyman Minsky, an American economist who, even in the relative stability of the 1950s, predicted financial collapse because of "speculative euphoria." Interviewed by Peter Leyden at King's College, April 2010. Uploaded by INETeconomics on Jun 8, 2010

L. Randall Wray discusses Hyman Minsky:

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At December 02, 2011 4:23 PM, Blogger micah holmquist said...

Are all economists dull speakers? I followed Galbraith, but completely lost track of the second guy early on. By the end, I appreciated his soothing voice, but all I remembered is that there apparently was an economist ahead of his time.

On a more a serious note, in Zombie Economics, John Quiggin argues that too much of economics as a discipline is coming up with theories that work in theory and then ignoring actual practice, which may or may not actually support the theories.

I suppose the same could be said about other disciplines to some extent or another.

If you are interested in the topic, the book is well worth reading.

At December 02, 2011 6:07 PM, Blogger Jonathan Versen said...

I don't know Micah. Max Keiser isn't an economist, but he does talk about economy stuff. Does he count as a partial exception?

I think the general problem with economic theories is they're correct until they stop being correct because of unforeseen events that the theory doesn't account for, or because people are unpredictable and don't necessarily make decisions based on the assumptions you assume they assume.

(I had fun writing such a knotted sentence, but I guess stylistically it's frightful. (But did you actually understand my meaning?))

I had heard the term before, and of course the term zombie banks, but hadn't heard of the book.


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