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More info The Political Economy Research Centre (PERC) is a new centre for cultural and political analysis of economic life, based in ... Time for a Copernican ...

The models we use for decision making determine the outcomes we experience. So, if our models are faulty or flawed, we make bad decisions and suffer bad outcomes.

These days, virtual currencies are the playthings of techies - do they have a mainstream future in e-commerce? Today, adventurous merchants are "intrigued" by bitcoin, the currency alternative.

Nobel prize-winning economist and New York Times columnist Paul Krugman wrote a blog post this weekend with a tantalizing title, "Bitcoin Is Evil," that has provoked theexpected backlash from proponents of the virtual currency.

Most post-World War II recessions have lasted less than a year; this crisis has been going on for five. The preferred cure of austerity seems to be making it worse. To understand where it came from, why it hasn’t gone away, and what might work to end it, you have to understand the dynamics of private debt. Steve Keen’s models, inspired by Hyman Minsky’s ‘Financial Instability Hypothesis’, anticipated the crisis and explain why it won’t go away until private debt levels are drastically reduced. Steve Keen was one of the handful of economists to realize that a serious economic crisis was imminent, and to publicly warn of it from as early as December 2005.

The European crisis-management was at each turn at best accidental and the
challenges facing the EU five years down the road are great.