Naked Keynesianism

The editors of ROKE are pleased to announce that Professor Paul Krugman has agreed to give the 2022 Godley–Tobin Memorial Lecture. Professor Krugman is Distinguished Professor of Economics at the Graduate Center of the City University of New York. He has also taught at MIT, Princeton University, and Yale University. Like James Tobin, Professor Krugman was awarded the Nobel Memorial Prize in Economics (2008) and the American Economics Association’s John Bates Clark Medal (1991). Professor...

A new piece by Jamie Galbraith on Project Syndicate, that reviews some recent books, but deals essentially with what happened to heterodox economics, a theme that has been treated here often (on the definition of heterodox economics go here). Jamie provides an apt definition, on the basis of what he got at Cambridge back in the 1970s. In his words:When I attended the University of Cambridge in 1974-75, I read Keynes, met Piero Sraffa, listened to Joan Robinson, and studied with Kaldor, Luigi...

Giancarlo de Vivo suggests that the Sraffian equations come from Marx's schemes of reproduction, and that the inspiration was in a footnote from the editor, Karl Kautsky, in the Theories of Suplus Value. Here a letter from Maurice Dobb and Piero Sraffa to Kautsky, from 1929, asking to use his edition as the basis for an English translation (originals in Kautsky's archives):De Vivo's views are discussed in a book edited by Massimo Pivetti, which is certainly worth reading (I have the Spanish...

A good paper by Karina Patricio and Chris Marsh that deserves a wider readership, in particular if you are interested on the International Monetary Fund (IMF) and it's policies. The paper argues that the IMF agreement is legally void, and might lend support (the authors do not say so) to a more radical view, suggesting that Argentina should not pay. From the abstract:The 36-month exceptional access Stand-By Arrangement (SBA) with the Republic of Argentina approved by the International...

 By Thomas Palley (guest blogger)Every week my e-mail box receives a steady stream of articles aimed at cultivating public animus to Russia. The articles are always wrapped in a narrative in which Russia is a threat to democracy in Ukraine, Eastern Europe, and elsewhere. The effect is to create public support for hardline action (economic and/or military) against Russia.The insidious underside of this campaign is it paves the way for a scenario in which Ukraine provokes Russia, thereby...

By David Fields (guest Blogger)One of the defining features of classical political economy, particularly Marx, is the schema of a class system based on those who control the means of production, capitalists, and those who do not, wage labor. Yet, the intricacies of capitalist reality are more complex. As such, is it possible to formulate a model that better captures integrated social processes? Below is my attempt to do just that. This model, in my view, allows for greater attention to be...

[embedded content]My initial comments at the seminar on the legacy of Pierangelo Garegnani's contributions to economics organized by the Italian Post Keynesian Network. The full seminar here.

More on the same issues, with a discussion of Piero Sraffa and the surplus approach (this week there will be an event on the legacy of Pierangelo Garegnani). In Spanish again.

Interview in Spanish to Radio UNAL with Óscar Morillo. We discuss the the origins of political economy and their importance and the continuous relevance for the understanding of modern capitalism. Link here.

This event organized by the Italian Post Keynesian Network. I wrote about Garegnani's contributions when he passed away here in the blog. We will discuss some of the issues he raised, but also the new directions of Sraffian economics.