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UK economics curriculum: an open reply to the QAA (Mon, 14 Jul 2014)
To: The Quality Assurance Agency for Higher Education Southgate House Southgate Street Gloucester GL1 1UB  15th July 2014 Thank you for the opportunity to suggest further changes to the QAA subject benchmark statement in economics (SBSE). I am of the opinion that the draft requires a significant amount of further work for four reasons: lack of readability; insufficient critical and open

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There are alternatives (Wed, 11 Jun 2014)
More on the lack of public support from CORE for the student letter, calling for 'more open, diverse and pluralist economics'. However,the student letter has been signed by a diverse group of academics and economists (see below).  This was sent to the FT on 3rd June but not published, hence the Blog. Sir, Dr Alvin Birdi’s hope that the CORE curriculum will ‘prioritise empirically

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Spinning from the CORE (Wed, 28 May 2014)
What have the CORE steering group and the ISIPE student letter got in common? The short answer: nothing. If you scan the list of supporters today (28th May 2014) you find that not a single steering group member has publicly supported the ISIPE call for 'a more open, diverse and pluralist economics'. Some of us have received private messages of support, but it would be fantastic if someone like

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Circling the square (Wed, 21 May 2014)
I just spent an enjoyable 24 hours chatting about ISIPE and Rethinking Economics in Nottingham; thanks for the distraction from essay marking. On the downside, I am going to regret opening this Twitter account just to say 'thank you'. If I inspired you to #changeEconomics, please support our open letter. You might be interested in the latest ad hominem from John Kay (also in the FT) who thinks

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Campaigning for the long-run at the Post-Crash fringe (Wed, 09 Apr 2014)
The fantastic Post-Crash Manchester held a fringe event to the Royal Economic Society (RES) conference. What better than a discussion between Victoria Chick and Diane Coyle? We heard their very different views on pluralism, on the openness of the RES and other institutional barriers to change. For Diane Coyle, the problems are a 'gap' between between research and the curriculum, and a 'gap'

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Avoiding bubbles with pooled funds (Sat, 04 Jan 2014)
There's a simple formula which shows how a speculative bubble can grow. With present value (P) and a positive rate of return (r) to time (t) the value of the annuity (A) rises exponentially: With a negative return the bubble tends towards zero. Since balance sheets have both assets and liabilities, there are four possible bubbles and anti-bubbles: Financial Crisis Observatory (

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How to start a crypto-bank run (Sat, 07 Dec 2013)
First published 7th December 2013 Updated 10th February 2014 A friend who is a crypto-currency evangelist gave me a Bitcoin a few years ago, which I jokingly accepted as a 'store of value' until the price bubbled* to over $1000. When I heard that China was banning direct trade in Bitcoins, I sold up and suggested my friend did, too. Yes, the flash-crash was China's fault. For a while I was

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Are there policy alternatives to Ireland's austerity? (Wed, 20 Nov 2013)
This is a response to the PKSG presentation by Stephen Kinsella on 19th November 2013. In essence, the stock-flow-consistent approach is ‘to a very large extent an exercise in accountancy – or perhaps logic is a more congenial word’ (Godley, 1983). The paper by Stephen Kinsella extends this approach with a five sector model, estimated using OLS. Applying different spending and tax shocks, he

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India's 'liquidity call' (Tue, 12 Nov 2013)
What is the Reserve Bank of India up to?  On Perry Mehrlings MOOC on the 'Economics of Money and Banking', the students are (quite rightly) asking why interest rates were rising. So while the Fed, ECB, Band of Japan and Bank of England continue with their 'liquidity put' to the international banking system, the Reserve Bank of India is doing the opposite: a 'liquidity call'. I'm hopeful that

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Mathematics for New Economic Thinking (Mon, 04 Nov 2013)
Last week, INET and the Fields Institute brought together economists and mathematicians in Toronto. The results were certainly interesting... with several economists paying their homage to Wynne Godley, including Stephanie Kelton, Marc Lavoie, Peter Skott and Randall Wray. It was interesting to see these economists play the same stage. Some speakers felt that bad economics had tainted

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Should Barclays borrow more without conditions? (Tue, 30 Jul 2013)
Would you unconditionally invest billions more in Barclays, knowing your equity was at risk and your loan would not be re-paid if the bank got into trouble? Since you get all of the downside, what return would you be looking for? 5%? 8%? Would you want the 14% that was given to Abu Dhabi and Qatar investors in 2008... a deal that is apparently under investigation by both the Serious Fraud Office

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