I find Minsky’s account of what caused the great depression
more plausible. As regards the role of international trade in economics I think
that economics, history and politics often gets so mixed up that it is
difficult to tell one from the other. Declining economic powers see
international trade as the route back to greatness, but ignore the historical
factors that serve far better to explain their former success and suggest that
it can never return. The role of international trade also has a political
aspect that tends to be veiled because it would embarrass our modern
sensibilities but the idea that any nation can gain a persistent advantage and
success through international competition contains implicit overtones of social
Darwinism. All-in-all, all of the current economic prescriptions look plausible
as abstractions but they all have practical limits in the real world and in
relation to the expectations that are placed on them.
"Having a background in Philosophy and Economics, I was very keen on deepening my knowledge of the legal environment of markets and the way it functions. EMLE was the perfect fit. As a program that employs the analytical and rigorous economic approach while at the same time paying tribute to legal complexities, EMLE is not only interesting and academically challenging but also seeks to develop its students 'practical understanding' of how the economy and legal sphere work. This combined with the instruction of leading scholars in the field and a motivated as well as a gracious international student body rounds out the program perfectly. Overall, this makes me feel well-prepared for my PhD studies in the area of the economics of international law."
[EMLE Student 2015/2016]