Tag: economic theory
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What’s Up For 2013? “We simply do not know” but:
Gerald Epstein Prognostication is a fool’s errand…maybe that’s why we economists like to do so much of it, especially this time of year. John Maynard Keynes was no fool, but even he couldn’t help making forecasts. Keynes famously predicted, for example, that over time there would be such abundance of capital that investments would yield close to 0{660353129f8d892044c993645a1c75194301fec6786a7f617c15adde0b0011e9}, bringing about the “euthanasia of the rentier.” Though interest rates are now quite low, the rentiers are still, unfortunately, going strong. Keynes’ willingness to engage in such forecasts is all the more interesting because, better than most economists – then and now — Keynes understood the pitfalls of economic prediction. As emphasized by my colleague James Crotty, among others, central to Keynes’…
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Honoring Alice Amsden and Albert Hirschman: Trailblazers in Development and Political Economics
Gerald Epstein On the last day of 2012, we note the passing of two brilliant economists who have done much to contribute a broad and deep understanding of economic history and institutions. Triple Crisis has written of the passing, life, and work of Alice Amsden, the brilliant development economist from MIT, who contributed enormously to our understanding of technology and industrial policy to the dramatic rise of Asian economies, among others. We also recognize here Albert Hirschman, the brilliant political economist, who crossed disciplinary boundaries and had a deep commitment to learning from economic history and political institutions. Hirschman died on December 11, 2012 at the age of 97. According to the New York Times, Hirschman learned the …
