The idea that humanity could turn tables on economic necessity--mastering rather than being enslaved by material circumstances--is so new that Jane Austen never entertained it. With an opening sentence like that, I thought, Sylvia Nasar's Grand Pursuit:

This seems to me as a remnant of the Neoclassical theory Keynes had set out to refute. To Walras and the Neoclassical School that he and (more directly) Alfred Marshall bred, prices are data exogenously provided to the market. This is an important...

That's the question - is this bogus, or is there factual evidence to conclusively support this new estimate? The Energy Information Administration (EIA) - a unit of the U.S. Department of Energy - continues to wrestle with the distinction between...

London in 1930, specifically to battle Keynes. As Nasar writes, British economics at the beginning of the ’30s was in the process of dividing into two broad camps. There was Cambridge University, the seat of high theory since Newton, home to Malthus and...

London in 1930, specifically to battle Keynes. As Nasar writes, British economics at the beginning of the ’30s was in the process of dividing into two broad camps. There was Cambridge University, the seat of high theory since Newton, home to Malthus and...

Krugman, who won the Novel Prize in Economic Sciences in 2008 for his contributions to New Trade Theory and New Economic Geography, points to a famous line from the great British economist Alfred Marshall, that "economics is about the ordinary business...