Book Series: Studies in New Economic Thinking

In partnership with Cambridge University Press

Series Editor: Thomas Ferguson, Institute for New Economic Thinking, New York

The Institute for New Economic Thinking, in collaboration with Cambridge University Press, introduces a book series edited by INET Director of Research Thomas Ferguson. The 2008 financial crisis pointed to problems in economic theory that require more than just big data to solve. INET's series in New Economic Thinking exists to ensure that innovative work that advances economics and better integrates it with other social sciences and the study of history and institutions can reach a broad audience in a timely way.




Book

Never Together

The Economic History of a Segregated America

  • Author(s): Peter Temin
  • ISBN: 9781316516744
  • April 2022 (USA)

In November 2020, The New York Times asked fifteen of its columnists to “explain what the past four years have cost America.” Not one of the columnists focused on President Trump’s racism. This book seeks to redress this imbalance and bring Black Americans’ role in our economy to the forefront.


While all humans were created equal, economic history in the United States tells a different story. Reconstruction lasted for only a decade, and Jim Crow laws replaced it. The Civil Rights Movement lasted through the 1960s, yet decayed under President Nixon. The United States has been declining in the Social Product Index, where it now is the lowest of the G7 and 26th in the world.


For health and happiness, Temin argues that we need lasting integration efforts that allow Black Americans equal opportunity. This book convincingly integrates Black and white activities into an inclusive economic history of America.


About the Author


Peter Temin is the Elisha Gray II Professor Emeritus of Economics at the Massachusetts Institute of Technology (MIT). He received his B.A. from Swarthmore College in 1959 and his Ph.D. in Economics from MIT in 1964. Professor Temin was a Junior Fellow of the Society of Fellows at Harvard University, 1962-65; the Pitt Professor of American History and Institutions at Cambridge University, 1985-86; Head of the Economics Department at MIT, 1990-93; and President of the Economic History Association, 1995-96. Professor Temin’s most recent books are The Roman Market Economy (Princeton University Press, 2013), Prometheus Shackled: Goldsmith Banks and England’s Financial Revolution after 1700 (Oxford University Press, 2013, with Hans-Joachim Voth), The Leaderless Economy: Why the World Economic System Fell Apart and How to Fix It (Princeton University Press, 2013, with David Vines) Keynes: Useful Economics for the World Economy (MIT Press, 2014, with David Vines), and The Vanishing Middle Class: Prejudice and Power in a Dual Economy (MIT Press, 2017).




Book

How Novelty and Narratives Drive the Stock Market

Black Swans, Animal Spirits and Scapegoats

  • Author(s): Nicholas Mangee
  • ISBN: 9781108974899
  • eBook: Oct 14, 2021

    Hardback: Dec. 16, 2021

‘Animal spirits’ is a term that describes the instincts and emotions driving human behavior in economic settings. In recent years, this concept has been discussed in relation to the emerging field of narrative economics. When unscheduled events hit the stock market, from corporate scandals and technological breakthroughs to recessions and pandemics, relationships driving returns change in unforeseeable ways. To deal with uncertainty, investors engage in narratives which simplify the complexity of real-time, non-routine change. This book assesses the novelty-narrative hypothesis for the U.S. stock market by conducting a comprehensive investigation of unscheduled events using big data textual analysis of financial news. This important contribution to the field of narrative economics finds that major macro events and associated narratives spill over into the churning stream of corporate novelty and sub-narratives, spawning different forms of unforeseeable stock market instability.


About the Author


Nicholas Mangee is an associate professor of finance in the Parker College of Business at Georgia Southern University and a research associate for the Institute for New Economic Thinking (INET) program on Knightian Uncertainty Economics (KUE). My research focuses on testing the implications of macro-finance models based on KUE by investigating the relative roles and dynamics between market fundamentals, psychology, and social context in explaining instability in stock price fluctuations. I earned my doctoral degree at the University of New Hampshire. My research has received attention from financial press outlets such as The Economist and Bloomberg News and has been featured prominently in the book Beyond Mechanical Markets: Asset Price Swings, Risk, and the Role of the State - a 2011 finalist for the Paul Samuelson Prize.




Book

Macroeconomic Inequality from Reagan to Trump

Market Power, Wage Repression, Asset Price Inflation, and Industrial Decline

  • Author(s): Lance Taylor
  • ISBN: 9781108796101
  • Date Published: August 2020

    Availability: Available

    Format: Paperback

For five decades, rising US income and wealth inequality has been driven by wage repression and production realignments benefitting the top one percent of households. In this inaugural book for Cambridge Studies in New Economic Thinking, Professor Lance Taylor takes an innovative approach to measuring inequality, providing the first and only full integration of distributional and macro level data for the US. While work by Thomas Piketty and colleagues pursues integration from the income side, Professor Taylor uses data of distributions by size of income and wealth combined with the cost and demand sides, flows of funds, and full balance sheet accounting of real capital and financial claims. This blends measures of inequality with national income and product accounts to show the relationship between productivity and wages at the industry sector level. Taylor assesses the scope and nature of various interventions to reduce income and wealth inequalities using his simulation model, disentangling wage growth and productivity while challenging mainstream models.


About the Authors

Lance Taylor, New School for Social Research, New York Lance Taylor is the Arnhold Professor Emeritus of International Cooperation and Development and was Director of the Center for Economic Policy Analysis at the New School for Social Research, New York.


Özlem Ömer is an assistant professor at Haci Bektas Veli University in Turkey. Her research interests include growth and inequality, distributive impacts of economic policies, forces and dynamics of structural change in developed and developing countries, financial crises and information theoretic approaches to modeling political economy. Her work combines theoretical, methodological, historical, structural and policy oriented aspects of macroeconomic issues by employing modern modeling techniques in her research.


America’s Dire Inequality Demands a New Conceptual Framework. This Economist Has One
Author interview by Lynn Parramore featuring Lance Taylor


Summary of the Book: “Macroeconomic Inequality from Reagan to Trump”, by Lance Taylor