This paper is an attempt to go beyond dichotomic taxonomies of the concept of uncertainty. It argues for the need to distinguish between at least two types of situation that have been opposed to what neoclassical economics deals with under the rubric of uncertainty or risk. These situations are...

Este artigo questiona a divisão da economia em micro e macroeconomia. Embora parte do estudo sobre as instituições possa se encaixar na microeconomia e uma outra parte na macroeconomia, tal estudo não se resume a essas áreas e merece um espaço próprio, na pesquisa e no ensino. Este...

This paper argues the mainstream economics profession is threatened by theories of the financial crisis and ensuing stagnation that attribute those events to the policies recommended and justified by the profession. Such theories are existentially threatening to the dominant point of view....

The case for central bank independence is built on an intellectual two-step. Step one argues there is a problem of inflation prone government. Step two argues independence is the solution to that problem. This paper challenges that case and shows it is based on false politics and economics. The...

Recently, there has been a burst of interest in modern money theory (MMT). The essential claim of MMT is sovereign currency issuing governments do not need taxes or bonds to finance government spending and are financially unconstrained. MMT rests on a triad of arguments concerning: (i) the...

This paper provides a critique of zero lower bound (ZLB) economics which has become the new orthodoxy for explaining stagnation. ZLB economics is an extension of pre-Keynesian economics which attributes macroeconomic dysfunction to rigidities and market imperfections. The ZLB is the latest...

This paper reflects on the history and enduring relevance of Keynes? economics. Keynes unleashed a devastating critique of classical macroeconomics and introduced a new replacement schema that defines macroeconomics. The success of the Keynesian revolution triggered a counter-revolution that...