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Angus Deaton and Paul Krugman in Conversation

Angus Deaton and Paul Krugman in Conversation | Economists & Theorists | Scoop.it
This event was recorded live on March 20, 2024.

Economics is supposed to be a useful science — a discipline that helps us devise policies that serve the public interest. But are economists still playing that role, or have they become captives of orthodoxy and defenders of the status quo? Two Nobel Prize winners, Angus Deaton and Paul Krugman, join in a candid conversation on the economist’s craft, the current political landscape, and insights from Deaton’s new book. In Economics in America: An Immigrant Economist Explores the Land of Inequality, the British-born U.S. citizen blends personal stories with social commentary in his incisive and witty style. Deaton is the Dwight D. Eisenhower Professor of Economics and International Affairs Emeritus at Princeton University; Krugman is a columnist for The New York Times and distinguished professor of economics at the CUNY Graduate Center.

Presented with the Stone Center on Socio-Economic Inequality.

For more information about our events, visit: http://www.gc.cuny.edu/public-programs
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Unleashing Change: Innovative Strategies for Effective Change Management

Unleashing Change: Innovative Strategies for Effective Change Management | Economists & Theorists | Scoop.it
Discover innovative strategies for effective change management that can unleash the full potential of your organization.
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Adam Smith and J.B. Say on the Division of Labour | Online Library of Liberty

Adam Smith and J.B. Say on the Division of Labour | Online Library of Liberty | Economists & Theorists | Scoop.it
Related Links: Collections: The Scotttish Enlightenment Collections: The French Enlightenment Collections: Economics The Division of Labour: Adam Smith and the Pin-Maker; J.B. Say and the Playing Card Manufacturer One of the most famous stories in economics is Adam Smith's story of the pin-maker.
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Alan Greenspan Says Recovery Will Be Long & Painful

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‘Socialism for the rich’: the evils of bad economics | Inequality | The Guardian

‘Socialism for the rich’: the evils of bad economics | Inequality | The Guardian | Economists & Theorists | Scoop.it
The long read: The economic arguments adopted by Britain and the US in the 1980s led to vastly increased inequality – and gave the false impression that this outcome was not only inevitable, but good

Via Graham Watson
Graham Watson's curator insight, June 6, 2019 2:39 AM

Excellent Long Read in the Guardian about 1980s economics - the monetarist revolution - and its implications for inequality. It could equally have been put on the Economic Method section of the board but it is a must-read, particularly for any prospective PPE-ists.

Pranjul sarma 's comment, September 24, 2021 7:52 AM
nice
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Trump doesn't understand economics, says former Fed chair Janet Yellen

Trump doesn't understand economics, says former Fed chair Janet Yellen | Economists & Theorists | Scoop.it
Former US central bank head Janet Yellen says the president has no grasp of key issues or the Fed's purpose.

Via Graham Watson
Graham Watson's curator insight, February 26, 2019 8:28 AM

Can you believe this? Remarkable, isn't it.

 

Well, no. Not if you've heard his policy pronouncements, or witnessed his policymaking. But, apparently, the President of the US doesn't know much about Economics.

 

Watch for the inevitable tweets about 'how rich he is' and how this disproves Janet Yellen's observations...

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Why all economists must learn lessons before next US downturn | Joseph Stiglitz | Business | The Guardian

Why all economists must learn lessons before next US downturn | Joseph Stiglitz | Business | The Guardian | Economists & Theorists | Scoop.it
Secular stagnation advocates should agree on outcome if their preferred policies had been implemented

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Graham Watson's curator insight, September 7, 2018 2:22 AM

Joseph Stiglitz argues that history has a lot to teach us, and that economists need to return to it, if they wish to head off the worst consequences of the next US downturn.

 

His view is that the so-called 'secular stagnation' associated with recent downturns makes a strong case for greater fiscal stimulus in the event of a downturn. It's not a view that will have much support from 'austerian economists' - see what I've done there - but, intellectually, it's an interesting argument, and asks some searching questions about what precipitated the last financial crisis and whether the solutions were appropriate.

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What Is the Free Rider Problem?

The free rider problem describes when someone benefits from a good or service without paying for it

Via Graham Watson
Graham Watson's curator insight, July 11, 2018 3:00 AM

An essential part of understanding why public goods aren't provided by the free market, or why it is difficult to tackle externalities, or why shareholders are reluctant to tackle managerial under-performance is a grasp of the Free Rider Problem.

 

This Marginal Revolution University clip might help.

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BINARY ECONOMICS pt. 1 (ESOPs)

Louis O. Kelso on 60 minutes talking about his employee stock ownership plan, one aspect of what is known as Binary Economics.

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Game of Theories: The Great Recession

Tyler Cowen puts Keynesian, monetarist, real business cycle, and Austrian theories to work to explain a downturn from recent economic history: the Great Recession.


Via Graham Watson
Graham Watson's curator insight, December 5, 2017 2:14 PM
The ever-affable Tyler Cowen looks at the various different models of the business cycle and how they explain the so-called Great Recession.

More typically excellent stuff from Marginal Revolution University...
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Game of Theories: The Monetarists

Meet the monetarists! This business cycle theory emphasizes the effect of the money supply and the central bank on the economy.


Via Graham Watson
Graham Watson's curator insight, November 15, 2017 3:17 AM
More excellence from Marginal Revolution University - this team you're invited to meet the monetarists, starting with its 'eminence grise' - Milton Friedman.
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Talking to My Daughter About the Economy by Yanis Varoufakis – review

Talking to My Daughter About the Economy by Yanis Varoufakis – review | Economists & Theorists | Scoop.it
Economics is political, and should be discussed in terms everyone can understand, argues this brief history of capitalism

Via Graham Watson
Graham Watson's curator insight, October 26, 2017 4:55 AM
I pop this here because Yanis Varoufakis is a poster boy for the new Left and this book looks like it might well be worth reading, although on the evidence of all the review, I know most of the examples cited. That said, it won't do any harm.
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Britons just need nudge to drive better or opt for healthier drinks, says report

Britons just need nudge to drive better or opt for healthier drinks, says report | Economists & Theorists | Scoop.it
Results from trials by UK government’s behavioural insights team suggest people can be prompted into acting differently
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Signs of a Failing Change Management Program

Signs of a Failing Change Management Program | Economists & Theorists | Scoop.it
Discover the key indicators that your change management program may not be delivering the desired results. Learn from industry thought-leaders at BTOES.com to overcome these challenges and drive successful organizational change.
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Robert Mundell Lecture: "Is North America an Optimum Currency Area?" (Carleton University, Ottawa, Canada, 2002) on

On April 4, 2002, Nobel Laureate in Economics Robert Mundell, currently University Professor Emeritus at Columbia University, delivered the Sir John A.Macdonald…...
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Milton Friedman - Free to Choose - La tyrannie du contrôle Vostfr Ep 2

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The new left economics: how a network of thinkers is transforming capitalism | News | The Guardian

The new left economics: how a network of thinkers is transforming capitalism | News | The Guardian | Economists & Theorists | Scoop.it
The long read: After decades of rightwing dominance, a transatlantic movement of leftwing economists is building a practical alternative to neoliberalism

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Graham Watson's curator insight, June 26, 2019 3:39 AM

The Guardian rejoices in the rise of left-wing economics: with the left seemingly inheriting the policy space vacated by neoliberalism. Excellent stretch and challenge stuff.

Pranjul sarma 's comment, September 24, 2021 7:51 AM
nice
YourAmmoshop's comment, September 2, 2022 5:41 PM
good
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Capitalism used to promise a better future. Can it still do that? | Richard Reeves | Opinion | The Guardian

Capitalism used to promise a better future. Can it still do that? | Richard Reeves | Opinion | The Guardian | Economists & Theorists | Scoop.it
The greatest challenges to capitalism come when that promise begins to be questioned

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Graham Watson's curator insight, May 24, 2019 4:01 AM

Richard Reeves is more of a historian than economist, but this is a fantastic read about the nature of market capitalism that echoes Marx's view that capitalism, ultimately, sows the seeds of its own destruction.

 

It is a great piece of writing and really gets you thinking about what it is that capitalism is really about.

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GDP is not a good measure of wellbeing – it's too materialistic | Joseph Stiglitz | Business | The Guardian

GDP is not a good measure of wellbeing – it's too materialistic | Joseph Stiglitz | Business | The Guardian | Economists & Theorists | Scoop.it
Why focus on production of goods, rather than on health, education and environment?

Via Graham Watson
Graham Watson's curator insight, December 3, 2018 10:27 AM

This Joseph Stiglitz piece takes the Project Syndicate prize for Money for Old Rope articles. Nevertheless, if you've not come across the debate before, you might ask whether GDP is a good measure of subjective well-being, and, if it isn't, why we continue to use it. 

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Britain’s economics students are dangerously poorly educated | Business | The Guardian

Britain’s economics students are dangerously poorly educated | Business | The Guardian | Economists & Theorists | Scoop.it
Universities that only train young people to be City analysts leave us unable to learn from the past or predict the future

Via Graham Watson
Graham Watson's curator insight, August 5, 2018 9:15 AM

Is this true? And do I feel threatened by it? 

 

In part, yes. I work in education, but I'm of the view that you could have said that same about any cohort of undergraduates or graduates, as the baton passes from one generation to another. Do they know as much as us? What is to blame for this?

 

I don't even think this is economic-specific either. I think that its chronocentrism - we've forgotten the state of our own education when we left university. Did we really know that little then? The answer, I fear, is probably 'Yes'.

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Optimal inflation and the identification of the Phillips curve | VOX, CEPR Policy Portal

Optimal inflation and the identification of the Phillips curve | VOX, CEPR Policy Portal | Economists & Theorists | Scoop.it
The Phillips curve – a positive relationship between inflation and economic slack – is one of the building blocks of the standard macroeconomic models used for forecasting and policy advice in central banks.
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A leading economist has a plan to heal our fractured societies

A leading economist has a plan to heal our fractured societies | Economists & Theorists | Scoop.it

"Minouche Shafik, director of the London School of Economics, argues that we need to weave a new kind of safety net.


6. Restore progressivity in tax systems. There is clear evidence of a declining trend in tax progressivity in OECD countries, particularly in the 1980s and 1990s. Tax reforms have raised exemption thresholds and lowered top personal income tax rates, placing a greater tax burden on the middle class. Similarly, corporate tax rates have fallen on average across the OECD (from 32% on average in 2000 to 25% in 2015) while taxes on consumption have risen (the average standard rate of VAT increased from 18% in 2000 to 19.2% in 2015). This has had negative effects on social cohesion and social mobility. In more unequal countries, the ability of children to do better than their parents tends to be much reduced. Restoring progressivity in tax systems and enabling greater social mobility will do much to heal divisions in society."

 

Via pdeppisch
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Game of Theories: The Austrians

Austrian business cycle theorists argue that the central bank could be distorting market signals for entrepreneurs. How does this contribute to booms an

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Graham Watson's curator insight, November 29, 2017 3:06 AM
More first-class economics: an Austrian anaylsis of the business cycle via Marginal Revolution University. It's Hayek to the max.
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Lord Robert Skideisky interview with Zach Carter of the Huffington Post: MMT Conference UMKC

Lord Robert Skideisky - interview with Zach Carter (Huffington Post)

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How a critic of economics became the discipline’s Nobel-winning best friend

How a critic of economics became the discipline’s Nobel-winning best friend | Economists & Theorists | Scoop.it
Enthusiasm for Richard Thaler’s work on behavioural economics means economists have more influence than ever. But their failures contributed to the financial crisis – and we’re being distracted, say Tiago Mata and Jack Wright
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