Recommended readings (Machine generated): Alesina, A. and S. Ardagna (1998) 'Tales of Fiscal Adjustment', Economic Policy, October: 489-545 -- Alesina, A. and R. Perotti (1995) 'Fiscal Expansion and Adjustments in OECD Countries', Economic Policy, 10 (21): 205-48 -- Alesina, A. and R. Perotti...

The current crisis is like an earthquake for the theoretical foundations of economic policies, which have guided governments and central banks for the last few decades. The efficient market hypothesis and its application to labor markets –“natural rate theory”- dominated interpretations of...

The search for an equilibrium between individual and social calculation encapsulates Keynes's economic and social programme - a far-reaching vision to be implemented not on the macroeconomic level only, but by rethinking the laissez-faire creed as a whole. Accordingly, Keynes’s fundamental aim...