Lance Taylor received a B.S. degree with honors in mathematics from the California Institute of Technology in 1962 and a Ph.D. in Economics from Harvard University in 1968. He has been a professor in the economics departments of Harvard and the Massachusetts Institute of Technology, among other research institutions. He is currently the Arnhold Professor of International Cooperation at the New School for Social Research. He has published widely in the areas of macroeconomics, development economics, and economic theory. His most recent book is Maynard’s Revenge: The Collapse of Free Market Economics.
By this expert
Lance Taylor provides a second and final response to Andrew Smithers’ criticism of his working paper on the role of the “Global Savings Glut”
Lance Taylor responds to Andrew Smithers’s comment on his INET working paper, “Germany and China Have Savings Gluts, the USA Is a Sump: So What?”
A “global saving glut” was invented by Ben Bernanke in 2005 as a label for positive net lending (imports exceeding exports) to the American economy by the rest of the world. However, there is a more plausible explanation for the persistent trade imbalance between the US and its major trading partners.
An alternative look at the “global savings glut”
Featuring this expert
Lance Taylor explains how missing the big picture is too common in the field.
A little-understood rule in the tax code is making headlines. What’s all the fuss?