World Economic Review No 7, July 2016 – Worldwide Fiscal Crisis: Fact or Fiction? [MMT]

World Economic Review

WER No 7, July 2016 – Worldwide Fiscal Crisis: Fact or Fiction?

Worldwide Fiscal Crisis: Fact or Fiction? John T. Harvey	1 – 2
Taxes are for Redemption, Not Spending L. Randall Wray	3 – 11
The Debt Ratio and Sustainable Macroeconomic Policy Scott T. Fullwiler	12 – 42
Eurozone Groupthink and Denial on a Grand Scale William Mitchell	43 – 55
Austerity in Mexico: Economic Impacts and Unpleasant Choices Ahead Juan Carlos Moreno-Brid, Noel Pérez-Benítez, Héctor J. Villarreal	56 – 68

World Economics Association Progress Report

I previously posted an invitation to join the World Economics Association, which was launched on May 16, 2011. Here is a progress report.

World Economics Association - Progress Report

Dear Member of the World Economics Association,

The WEA is now two months old. So I thought I should give you a brief report on how things stand.

Membership is now over 6,000. Donations total nearly £13,000.

The Journals

Seven of the ten co-editorships of the WEA ’s two new journals have been filled. These are as follows.

Economic Thought

John Latsis , UK, Reading Univeristy

Annalisa Rosselli , Italy , Rome La Sapienza

Alejandro Nadal , Mexico , El Colegio de Mexico 


World Economics Journal

Zhu Andong , China , Tsinghua University , Beijing

Jayati Ghosh , India , Jawaharial Nehru University

Norbert Häring , Germany , Handelsblatt

Michael Hudson , USA , University of Missouri at Kansas City

We have chosen and are in the process of purchasing an online journal software system for the WEA ’s three journals. It should be up and running by late August. When it is, you will be notified so that you can submit papers. We will also at that time be looking for volunteers to perform various tasks involved in the production of the journals. Meanwhile the editors of the World Economic Journal have already begun work at putting together the first issue. My WEA work commitments have delayed the publication of issue no. 57 of the real-world economics review, but it should be out soon.

Editorial Boards have been formed for the three journals and are listed here for the WEJ, here for ET, and here for the RWER.

Online Conferences: Volunteers needed

This link to our Guidelines for Conferences explains the anticipated conference setup. The Guidelines are open to amendment. We are currently investigating online conference software. It is likely that we will opt for a system that is a module of our journal software. In any case we need:

- 3 or 4 people to serve on the Conference Organisation Committee as described in the Guidelines,.

- Conference Leaders as also described in the Guidelines. This role especially concerns people who have a topic or set of topics that they would like to make the focus of a conference.

- one or more people with a bit of IT knowledge may also be needed.

Executive Committee

Progress with establishing the World Economics Association reached the point where it needed a top layer of formal structure in addition to its legal status as a Community Interest Company (CIC) under UK law. A formal constitution with procedures for electing officers and Executive Committee members is being prepared, but things are not yet far enough advanced for its adoption and enactment. Therefore we have recruited an interim Executive Committee. Its members are currently as follows.

Juan Carlos Moreno Brid , Mexico , UN Economic Com. for Latin America and the Caribbean

C. P. Chandrasekhar , India , Jawaharlal Nehru University

Ping Chen , China , Peking University and Fudan University

Edward Fullbrook , UK , Real-World Economics Review

James K. Galbraith , USA , University of Texas at Austin

Grazia Ietto-Gillies , Italy / UK , London South Bank University

Steve Keen , Australia , University of Western Sydney

Tony Lawson , UK , Cambridge University

Peter Radford , USA , Radford Free Press

Dani Rodrik , USA , Harvard University

Your ideas for the development of the WEA are welcome.

I and my co-organizers Peter Radford, Norbert Häring , Grazia Ietto-Gillies,Vicki Harris and Valerie Radford, who have worked hard for many months, thank you for your support. We hope that you will continue to spread the word among your colleagues and encourage them to join the World Economics Association. Six thousand members is an excellent beginning.

Edward Fullbrook

World Economics Association (WEA) Invitation

The World Economics Association (WEA) was launched on May 16, 2011. It fills a gap in the international community of economists -- the absence of a professional organization which is truly international and pluralist. The American Economic Association and other nationally based organizations provide broad associations mainly for their country’s economists. The WEA will do the same for the world's community of economists, while promoting a pluralism of approaches to economic analysis.

Read our Manifesto.

See the list of Founding Members.

To this end, the WEA will initially publish online three quarterly journals and host online conferences. Online subscriptions are free to members (a fee will be charged for print copies). The anticipated size of the WEA’s membership means that its journals will have one of the largest readerships of any in the world.

The WEA will publish the World Economics Journal, Economic Thought and the Real World Economics Review. For detailed information, including submission procedures, on each journal, click on its title.

Help economics and yourself: become a WEA member for free.