: The state of economics after the crisis

Veranstalter: IMK in der Hans-Böckler-Stiftung
Ort: Berlin, Best Western Premier Hotel Steglitz International
vom: 25.10.2012
bis: 27.10.2012

It is obvious that the experience of the global economic crisis, now commonly referred to as the “Great Recession”, will also change economics as a discipline. The mainstream textbook economics, based on the fiction of rational economic agents and efficient markets, have clearly failed to foresee the crisis and cannot explain its underlying causes. But although various deviant schools of thought have always been critical of the free market economics, the “Great Recession” came as a big surprise also to many heterodox economists. Moreover, a new mainstream economics has not yet emerged from the intellectual bankruptcy of the previous dominant paradigm. This year’s FMM conference asked the question: What is, and what should be, the state of economics after the crisis?

Speakers in plenary sessions: Robert Frank (Cornell University), John King (La Trobe University), Richard Koo (Nomura Research Institute), Michael Kumhof (International Monetary Fund), Tom Stanley (Hendrix College), Achim Truger (Berlin School of Economics).

  • The submission of papers in the following areas is encouraged:
  • The relationship between microeconomics and macroeconomics
  • Implications of experimental and behavioural microeconomics for alternative macroeconomics
  • Towards a more coherent post-Keynesian paradigm
  • Institutional impediments for a scientific revolution in economics

For the open part of the conference the submission of papers on the general subject of the Research Network is encouraged as well. We also asked for the submission of papers for graduate student sessions on both the specific topic of this conference and the general subject of the FMM.

Programme (pdf)

Till van Treeck, IMK Düsseldorf and University of Duisburg-Essen, Germany

Should Post Keynesians make a behavioural turn?
John King, La Trobe University, Australia

The Two Economies: Understanding the Economics of Credit and Debt
Michael Hudson, University of Missouri (KC)

What does it take to falsify theory? A Meta-Regression Revolution
Tom Stanley, Hendrix College, USA

Modelling challenges for the near future: Income inequality, financial systems, and exhaustible resources
Michael Kumhof, International Monetary Fund

Balance sheet recession as the other half of macroeconomics
Richard Koo, Nomura Research Institute, Japan

Austerity in Europe: The German debt brake as a shining example?
Achim Truger, Berlin School of Economics and Law, Germany

Panel discussion: The state of economic policies in Europe
Chair: Sebastian Dullien, HTW Berlin, Germany
Michael Burda, Humboldt University Berlin, Germany
Gustav Horn, IMK Düsseldorf, Germany

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