skidelsky & wigstrom (eds.) - the economic crisis and the state of economics (2010)

[...]... Post Keynesian Economics and member of the Editorial Board of Ekonomia He is the author, co-author, or editor of twenty-two books, the most recent one being The Keynes Solution (2009) Meghnad Desai Emeritus Professor of Economics, London School of Economics, and member of the House of Lords Author of Marx’s Revenge: The Resurgence of Capitalism and the Death of Statist Socialism (2002) and Nehru’s Hero:... Advisor to the Government of India and the World Bank John Kay Visiting Professor, London School of Economics, and weekly columnist in the Financial Times Author of The Long and the Short of It (2009) Sujoy Mukerji Professor of Economics, University of Oxford, and the author of articles on uncertainty and ambiguity Marc Potters Head of Research at Capital Fund Management, and co-author of Theory of Financial... Vice-Chair of The Work Foundation, weekly columnist, and the author of The Writing On The Wall: China and the West in the 21st Century (2007) He is a former editor-in-chief of The Observer Paul Klemperer Edgeworth Professor of Economics, University of Oxford, and author of Auctions: Theory and Practice (2004) Richard Layard Programme Director at the Centre for Economic Performance, London School of Economics, ... THE CONTRIBUTORS Christopher Bliss Professorial Fellow and Nuffield Professor of International Economics 1976–2007, University of Oxford Author of Trade, Growth and Inequality (2007) Richard Bronk Visiting Fellow, London School of Economics Author of The Romantic Economist: Imagination in Economics (2009) Paul Davidson Emeritus Professor of Economics, University of Tennessee Editor of the Journal of. .. Kumar in the Life of India (2004) Charles Goodhart Emeritus Professor of Banking and Finance, London School of Economics Former member of the MPC Former advisor to the Governor of the Bank of England xii A BOU T TH E CON T R I BU TOR S Vijay Joshi Fellow of St John’s College, and Emeritus Fellow of Merton College, Oxford Co-author of India: Macroeconomics and Political Economy (1994) Former Economic. .. Theory of Financial Risk and Derivative Pricing (2003) Edward Skidelsky Lecturer in Philosophy, University of Exeter, and author of Ernst Cassirer: The Last Philosopher of Culture (2009) Robert Skidelsky Emeritus Professor of Political Economy, University of Warwick, and member of the House of Lords Author of a three-volume biography of John Maynard Keynes and Keynes: The Return of the Master (2009) Christian... THE ECONOMIC CRISIS AND THE STATE OF ECONOMICS This page intentionally left blank INTRODUCTION Robert Skidelsky and Christian Westerlind Wigström K eynes wrote of his General Theory of Employment, Interest, and Money (1936) that it was “an attempt to bring to an issue deep divergences of opinion between fellow economists which has for the time being destroyed the practical inf luence of economic theory.”... planets around the sun and that of the moon around the earth has been predetermined since the moment of the Big Bang beginning of the universe Nothing that humans do can change the predetermined path of these heavenly bodies This Big Bang theory means that the “hard science” of astronomy relies on the ergodic axiom Consequently, by using past measurements of the speed and direction of celestial objects,... method or another, decision makers today can, and do, possess knowledge about the future Thus the only economic problem that markets have to solve is the allocation of resources to meet the most valuable outcomes of current and future dates The Keynes liquidity theory, on the other hand, presumes that decision makers “know” that they do not, and cannot, know the future outcome of certain crucial economic. .. possible, then a “stimulus” can improve the situation The fact that this kind of debate is interminable only shows how far economics is from being the natural science many of its practitioners claim it to be Papers and Discussion Three main themes emerged from the papers and the discussions that followed: the question of whether future events are a matter of uncertainty rather than risk; the impact of global . w0 h1" alt="" THE ECONOMIC CRISIS AND THE STATE OF ECONOMICS This page intentionally left blank THE ECONOMIC CRISIS AND THE STATE OF ECONOMICS Edited by Robert Skidelsky and Christian Westerlind. Desai Emeritus Professor of Economics, London School of Economics, and member of the House of Lords. Author of Marx’s Revenge: The Resurgence of Capitalism and the Death of Statist Socialism (200 2) and. School of Economics. Author of The Romantic Economist: Imagination in Economics (200 9). Paul Davidson Emeritus Professor of Economics, University of Tennessee. Editor of the Journal of Post