Archive for February 23rd, 2012

Are economics graduates fit for purpose?

February 23, 2012

Another nice take on state of economics and the changes needed to make economics worthwhile.

The global crisis has plunged the economic profession into a state of anxiety, at least in some quarters. One question, among many, is whether the way economics is taught at universities needs to be rethought. This column summarises the range of views raised at a recent conference on this issue organised by the British government, the Bank of England, and the Royal Economic Society.

Not discussing the article as short of time…all I can say is exciting times ahead for wannabe econs..

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Should Krugman leave macro and go back to international trade theory?

February 23, 2012

G.R Steele of Lancaster University writes this strongly worded paper saying:

In 2008, the Nobel Prize was awarded to Paul Krugman for research showing „the effects of  economies of scale on trade patterns and on the location of economic activity‟ (Royal Swedish Academy of Sciences, 2008). We might wish him a speedy return to his profession.

He says this at the end. The start of the paper deals with how first Keynes got recession economics wrong. And this has been further advocadte really strongly.

Steele picks up key thoughts from General Theory and how Krugman has worked on them. But it is all wrong as govt intervention just worsens the price signals. Sample this:

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