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Topic 1: Post-crisis Economics /2548

The week 1 session covers the module’s structure and outlines assessment. Week 2 onwards addresses the first topic.

See ECON548-15 Module handbook [pdf]

Lecture handouts

A note about lecture handouts – you should regard the lecture handouts as a skeleton or framework for ideas that we flesh out in the lectures. Moreover, that skeleton requires you to follow up through the guided reading. The handouts alone are simply insufficient for you to address the module in a satisfactory fashion – they are merely the starting point.

New stuff

Luyendijk, Joris (2015a), How the banks ignored the lessons of the crash, The Guardian, Sept 30th [extract from Luyendijk’s book about the banking industry, Swimming with Sharks]

Luyendijk, Joris (2015b), Don’t let the Nobel prize fool you. Economics is not a science, The Guardian, Oct 11th

Lecture reading

Beker, V (2011), On the economic crisis and the crisis of economics, Real-world Economics Review, issue no. 56, 11 March, pp. 72-94

Boettke, P (1996), What is wrong with neoclassical economics (and what is still wrong with Austrian economics), in Foldvary, F (1996), Beyond neoclassical economics, Cheltenham: Edward Elgar Publishing

Blaug, M (1980), The Methodology of Economics – or how economists explain, Cambridge: Cambridge University Press

Campbell, D (2009), The Post-Autistic Movement, Adbusters – Journal of the Mental Environment, Sept/Oct, #85 v17 no5

* Cassidy, J (2009), How markets fail – The logic of economic calamities, London: Penguin books

Chakrabortty, A (2014), University economics teaching isn’t an education: it’s a £9,000 lobotomy, The Guardian, May 9th

Chang, Ha-Joon (2010), 23 things they don’t tell you about capitalism, London: Allen Lane

* Chang, Ha-Joon (2014), Economics: The User’s Guide, London: Pelican books

Colander, D et al (2008), The Financial Crisis and the Systemic Failure of Academic Economics, working group on ‘Modeling of Financial Markets’ at the 98th Dahlem Workshop

* Coyle, D (ed) (2012a), What’s the use of economics, London: London Publishing Partnership

Coyle, D (2012b), Do economic crises reflect crises in economics?, keynote address, ‘Rethinking Economics’ conference, Frankfurt, Jan 23rd [pdf]

Coyle, D (2012c), The public responsibilities of the economist, Tanner lecture, Brasenose College, Oxford, May 18th-19th [pdf]

Davidson, P (2010), Is economics a science? Should economics be rigorous?, Real-world Economics Review, issue no. 59, 12 March, pp. 58-66

Fang, L (2013), The Scholars Who Shill for Wall Street, The Nation, Oct 23rd

Fullbrook, E (ed) (2004), What’s wrong with economics, London: Anthem Press

Haering, N (2014), George Soros’ INET: an institute to improve the world or a Trojan horse of the financial oligarchy?, RWER, i67 pp90-96

Haldane, A (2012), What have the economists ever done for us?,, Oct 1st

Hill, R and Myatt, T (2010), The economics anti-textbook, London: Zed books, ch 1-2

Inman, P and Kingsley, P (2011), Inside Job: how bankers caused the financial crisis, The Guardian, Feb 17th

Inman, P (2014), Manchester University move to scrap banking crash module angers students, The Guardian, April 2nd

Kocken, T (2012), Endogenous instability, VU university Amsterdam, Mar 15th
[described as ‘the book that started it all’ on the Boom Bust Boom site, although it’s really a booklet or pamphlet, as the text of Kocken’s inaugural professorial lecture].

Krugman, P (2009), How Did Economists Get It So Wrong?, New York Times, Sept 6th

Krugman, P (2012), Economics in the crisis, New York Times, Mar 5th

Lippert, J (2008), Friedman Would Be Roiled as Chicago Disciples Rue Repudiation,, Dec 23rd

Nelson, JA (2005), Is economics a natural science?, Cosmos and History: The Journal of Natural and Social Philosophy, v1 i2 pp261-269 [pdf]

Ormerod, P (2009), Can Economists improve the Human Condition ?, Adbusters – Journal of the Mental Environment, Sept/Oct, #85 v17 no5

* Orell, D (2012), Econo myths, London: Icon books (2000), The Strange History of Economics, Post-Autustic Economics Network

Reinert, ES (2012), Neo-classical economics: A trail of economic destruction since the 1970s, RWER, i60 pp1-17

Reinhart, C and Rogoff, K (2008), This Time is Different: A Panoramic View of Eight Centuries of Financial Crises, NBER Working Paper no. 13882.

Shaft, T and Gamble, R (1999), A theoretical basis for the assessment of rule-based system reliability,  AMCIS 1999 Proceedings

Wyne, A (2012), Empirics and Psychology: Eight of the World’s Top Young Economists Discuss Where Their Field Is Going, Big Think :: Power Games blog, July 25th


Smith, Noah (2012), EconoTrolls: An Illustrated Bestiary, Noahpinion, Sept. 25th

Institute for New Economic Thinking – see Inaugural Conference: The Economic Crisis and the Crisis in Economics (which ran April 8-11 2010) – great selection of speakers’ videos, papers and interviews

Real World Economics Review blog

Nobel prizes in Economics (good set of resources on each the winners, including interviews)

The Economist (2012), Game, set and match [on Roth and Shapley], The Economist, Oct 20th

The Economist (2014), It’s complicated [on Tirole], The Economist, Oct 14th

The Economist (2015), Reality cheque [on Deaton], The Economist, Oct 17th

Inman, P (2013), American trio share Nobel economics prize for work on asset prices, The Guardian, Oct 14th

Inman, P (2015), Angus Deaton wins Nobel prize in economics, The Guardian, Oct 12th

Elliott, L and Moulds, J (2012) , Nobel prize for economics won by Alvin Roth and Lloyd Shapley, The Guardian, Oct 15th

Nobel prize for economics: three share prize for labour market study (The Guardian)

INET interview with Philip Mirowski on the impact of the Economics ‘Nobel’ on the discipline

New York Times (2006), A history of home values [graphic], New York Times, Aug 26th [Robert Shiller’s work;
see also – The Economist (2011a), Between a rock and a living space, The Economist, Mar 3rd]

Wikipedia (usual provisos on following up identified sources applies) has a good set of entries on Alfred Marshall, Paul Samuelson, Gary Becker and the Chicago School