BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//Talks.cam//talks.cam.ac.uk//
X-WR-CALNAME:Talks.cam
BEGIN:VEVENT
SUMMARY:The Economist Who Mistook His Model for a Market - Professor Roy R
 otheim\, Skidmore College\, New York
DTSTART:20131113T170000Z
DTEND:20131113T180000Z
UID:TALK47355@talks.cam.ac.uk
CONTACT:Akanksha Bhat
DESCRIPTION:If ever there were a compelling case for Post Keynesian econom
 ics in both theory and policy it would be now in light of the anaemic reco
 very in the global recession of 2007-2009 and the levels of high unemploym
 ent that have persisted long after we passed out of that recession.\n\nInt
 erventionist policies during that recession were\, however\, too late and 
 too little hampered by an antipathy among policy makers toward such polici
 es. At one level removed there was also a corresponding economic mainstrea
 m view based on closed system thinking -- predicated on the impossibility 
 of economic fluctuations for the economy as a whole -- that admitted to no
  theoretical basis for lending support to these policies.\n\nIn the place 
 of expansionary fiscal and monetary policies that were put into force we a
 re now seeing a call for the return to economic growth by the traditional 
 policies of fiscal austerity and monetary restraint. The persistently high
  and prolonged unemployment world-wide is deemed to be structural\, not re
 mediable by interventionist monetary or fiscal policies.\n\nPost Keynesian
  concerns about failures of effective demand in an open-system framework\,
  involuntary unemployment (beyond the control of the atomistic individual 
 of the mainstream)\, large and growing inequalities in income and wealth (
 abhorrent in their own right and a significant cause of the paucity of agg
 regate demand)\, and a preponderance of speculation and financial circulat
 ion over enterprise and industrial circulation are no longer taken serious
 ly (if they ever were).\n\nIn his latest paper Professor Rotheim focuses o
 n points that address why mainstream economics has built an impenetrable w
 all around itself such that they cannot envision\, let alone take seriousl
 y\, any alternative economic perspective beyond their own. He takes these 
 conceptualisations to focus on the question of unemployment as it is perce
 ived by the mainstream.
LOCATION:Little Hall\, Sidgwick Site
END:VEVENT
END:VCALENDAR