By Paul Ormerod I have been interested in this for some years, and here is a paper I published on Keynes, Hayek and complexity. Both Keynes and Hayek retained the concept of equilibrium in their models.  But their theories describe what happens when – which is most of the time – the economy is out […]

By Bridget Rosewell A conference last week brought together a variety of economists from academia and policy to discuss what changes the discipline should produce post the financial crisis and what changes should be made to degree studies. There was probably a consensus that micro economics had made more progress than macro in recent years […]

By Greg Fisher In a blog on Keynes and Hayek I mentioned that I viewed recessions as collective action problems.  In this blog I want to expand on what I mean by this because it makes all the difference for economic policy.  It also contextualises our conventional demand management approaches, namely fiscal and monetary policy. […]

By Greg Fisher The word “univocal” refers to words that have one and only one meaning.  I’m not aware that the word has any alternative meanings (although it would be wonderfully ironic if it did).  “Keynesianism” for sure is not a univocal term and, like all non-univocal words, there can be a great deal of […]

by Paul Ormerod To many people, this phrase is an oxymoron.  How can fiscal contraction be expansionary? But the evidence suggests that this is exactly what has been happening in the United States. In terms of national output, GDP, the trough of the trough of the recession was reached in the second quarter of 2009 […]