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For thirty years after the Civil Rights Act, a sizable share of white Southerners still voted Democrat. That changed when the party embraced trade deals that hurt American workers.

Economic distress in rural areas and opioid exposure in cities are key indicators of overdose deaths

The National Institute of Public Finance and Policy (NIPFP) in collaboration with the Institute of New Economic Thinking (INET) are organizing India’s first “Law Economic Policy Conference (LPEC 2016)”. The aim is to bring together economic, legal and policy thinkers together to consider policy issues in a holistic manner.

The YSI Gender and Economics Working Group will host a workshop during the pre-conference of the 27th IAFFE Annual Conference. Members of the Gender and Economics WG will also be welcomed to take part in the workshop and mentoring activities organized by IAFFE in the pre-conference.  

INET Grantee & Academic Advisor Perry Mehrling talks about his new book “Money and Empire: Charles P. Kindleberger and the Dollar System”

Restoring faith in governance and public action is itself a public good that would prepare us for a whole myriad of challenges on the horizon

Can education stop the country’s backward slide?

An interview with the Industrial Development Advisor in the Office of the Director-General of the South African Department of Trade, Industry and Competition (DTIC).

Former Deputy Chairman of India’s Planning Commission, Montek Ahluwalia, and Nobel Laureate Michael Spence discuss Ahluwalia’s book BackStage: The Story Behind India’s High Growth Years, and explore the challenges for the developing world more generally.

The short answer is yes. For the long answer I will make you sit through seven paragraphs.

Recent developments in AI have added fuel to debates that have long simmered amongst economists, which could lead to a rethinking of economics itself.

Containing Slaves, Freedmen, Jim Crow laws and the Great Migration

In the future, how will work be different, what jobs are most at risk, what jobs are likely to grow?

Can society continue its long-run trajectory and commit to institutional, legal, social, fiscal, and educational systems that can advance equality?

Dr. Phillip Alvelda tells INET’s Lynn Parramore about persistent political and public health failures exposing us to devastating diseases, while vastly underestimating their long-term health effects.

US regulators can step in to ensure drug pricing both supports patient access and drug development

The Kauffman Foundation provides access to opportunities that help people achieve financial stability, upward mobility, and economic prosperity – regardless of race, gender, or geography.

A Nobel Prize-winning economist and the second-most-famous democratic socialist in America sit down together

Austerity measures have battered the region and created instability throughout the Eurozone. Here’s one way out of the mess.

Lord Adair Turner visited the Oxford Martin Lecture Theatre on Tuesday 24 November for a well-attended INET Oxford event launching his latest book ‘Between Debt and the Devil: Money, Credit, and Fixing Global Finance’ (Princeton University Press).

The Ukrainian government has committed to implement far-reaching reforms in exchange for the support it is getting from the international community, led by the International Monetary Fund (IMF). Understandably, given Ukraine’s disappointing transition history, there is widespread scepticism on whether the country will live up to its commitments. Three failed IMF programmes later, the fundamental question is: Is it different this time?

On the reflexive relationship between inflation and inflation narratives

Researchers reveal the enemies to stability and prosperity that threaten us all.

The history of the political relations between Hitler and the NSDAP leadership and the German “coal industrialists” from 1926 to 1933

Author Supritha Rajan argues that self-interested competition may be the official line, but it’s far from the whole story

How economists turned to the study of collective decision-making after World War II, faced many impossibilities, and lost interest after solving them

The (very) recent rise of quantitative analysis in history of economics working papers calls for a closer examination of the prospects and limitations of this approach, and of the impediment to its large-scale development.

Our usual problem in history (of economics) is a lack of information.

Medicare negotiators need to have a deep understanding - both theoretical and empirical - of the learning processes involved in developing a drug to negotiate a price that is fair.

This paper examines in detail the interrelationships between the EU’s concerns, its energy policies, and the resulting challenges and uncertainties facing European gas through the rest of the decade, and beyond.

Corporate responsibility needs to evolve if businesses are going to rebuild trust and provide real value for society.

John Kenneth Galbraith noted in 1973 that establishment economics had become the “invaluable ally of those whose exercise of power depends on an acquiescent public.” If anything, economists’ embrace of that role has grown stronger since then.

What can emerging economies learn from the financial meltdown in advanced economies?

Most sociologists believe that formal and informal institutions are more critical in explaining the rising inequality observed in advanced economies. In this light, changing institutions such as the ascendance of shareholder-centered corporate governance model, finance-friendly policies since the late 70s, credentialism, and deunionization all contribute to the earnings dynamics at different parts of the distribution.

Honorary Vice President at IMANI Center for policy and education, Bright Simons, on the challenges Ghana is facing

Inaugural conference addresses pressing issues around emerging technologies’ impact on economies and communities

What is the relationship between pluralist economics and interdisciplinary socio-economics? How does pluralist academic teaching need to be structured in economics or business administration in order to be successful? What should interdisciplinary socio-economic study programs look like, and how should teacher training in the field be designed? What kinds of new study materials, textbooks, and teaching methods are required?

Veteran researcher sheds light on what’s going on, how long the pain might last, and possible paths forward.

Jonathan Haidt deploys insights from moral psychology to help us see ourselves and each other more clearly

From physicists to engineers to meds to plumbers: thoughts on Esther Duflo’s ASSA 2017 lecture on rediscovering the last art of economics

Central bankers pursue a “neutral” rate that doesn’t exist

Europe’s social media crackdown is less about “speech wars” than a long-overdue attempt to price the public damage created by large platforms.

The vision of Dr. Martin Luther King Jr. 50 years later, and the relevance of his economic ideas today

Patrick Honohan, Governor of the Central Bank of Ireland, discusses the Irish banking crisis.

A few days ago, I began researching on the history of a subfield of economics which was born in the sixties, then thrived and institutionalized itself in the early seventies.

The History of Economic Thought and the Philosophy of Economics working groups are organising a Young Scholars Workshop on the methods and approaches to the history of economics that have consolidated during the last two decades.  

China is now the world’s largest greenhouse-gas emitter, accounting for over 25% of the global total. But the country has also demonstrated a growing understanding that a truly green economy promises to improve quality of life and create enormous opportunities for technological and political leadership.

The 2008 financial crisis was a shock to faith in entirely free financial markets. But the neoliberal assumptions underlying the previously dominant “Washington Consensus” continue to inform much Western commentary on China’s economy.

The big question in Asian countries right now is what lesson to take from Donald Trump’s victory in the United States’ presidential election, and from the United Kingdom’s Brexit referendum, in which British voters opted to leave the European Union. Unfortunately, the focus is not where it should be: geopolitical change.

With the publication of Thomas Piketty’s Capital in the 21st Century, the American public has become increasingly concerned about the scale and impact of inequality in economic life.

Comparing outcomes for biological and adopted children sheds light on the intergenerational transmission of wealth.

A recent e-mail conversation I had with Harro Maas concerning one of my latest drafts (shameless self-promotion) made me buy and read Naomi Oreskes and Erik Conway’s, Merchants of Doubts.

YSI is hosting sessions at the 2018 STOREP conference.

Kristen Ghodsee discusses her research on how love and relationships function under socialism and capitalism, and what economists miss about the rise of right-wing populism in Eastern Europe

To make start-ups work for everyone, we need to put power back in the hands of workers.

What we’re reading: A weekly scan of published items relevant to the Institute’s work

Until 2008, rising home values gave the middle class a cushion amid growing income inequality. But following the financial crisis, that wealth has failed to return.

The degree to which economics is isolated from the ordinary business of life is extraordinary and unfortunate.

Ever since 2016, INET researchers confirmed the significance of economic issues in Trump’s ascendency.

Open-ended polling responses reveal considerably more complexity – and more ambivalence and negativity – in Americans’ views of international trade than has been inferred from widely cited closed questions

The Volcker Alliance has launched a series of new papers with important proposals for reforming financial regulations to guard against future crises 

With the approval of the reform proposals by the Greek government, the Eurozone has returned to calmer waters. But it is only a brief interlude.

The Azim Premji University-Institute for Economic Thinking Advanced Graduate Workshop in Poverty, Development and Globalization is interested in identifying the complex global interactions that influence poverty and development as well as the development strategies that have proven successful in promoting equitable growth, promoting capabilities, and reducing poverty.

This three-day summer academy and annual meeting of the Finance, Law, and Economics Working Group aims to bring together graduate students and young professionals pursuing careers in international economic law. By learning from prominent academics and practitioners in the field, participants will develop the fundamental skills to handle multi-jurisdictional and interdisciplinary issues, while broadening their networks. After successful attendance, YSI FLE will issue the corresponding certificates.

Renowned campaigner for social and economic justice to set the tone in conference keynote

The key role coal industrialists played in supporting and financing the eventual Nazi triumph

The conference, which is part of our Academy’s ‘Future of Humankind’ initiative, will provide a global forum of discussion to scholars engaged in analytically understanding the evolution of world dynamics as a process involving a plurality of mechanisms, viewpoints and intersecting trajectories.

New INET Governing Board Member Announcement

How can history help us understand the world economists study—and change how we confront the climate crisis?

Company law in the US and UK fails to acknowledge that authorities’ propensity to rescue giant banks from the consequences of insolvency assigns taxpayers a coerced and badly structured equity stake in too-big-to-fail institutions.

Jo-Anne Rolle emphasizes the critical role of entrepreneurship and technology in revitalizing local economies and addressing societal issues.

Economists should stop pretending to be scientists and go back to the core of the discipline—as a field of inquiry and way of thinking

It was too good to be true: Another effort to vindicate austerity falls victim to flawed methodology.

The current economic and financial crisis has given rise to a vigorous debate about the state of economics, and the training which graduate and undergraduates economics students are receiving. Importantly, among those arguing most strongly for a change in the way that young economists are trained are the ultimate employers of these students, in both the private and the public sector. Employers are increasingly complaining that young economists don’t understand how the financial system actually works, and are ill-prepared to think about appropriate policies at a time of crisis.

In his new book, Mindless, acclaimed economic historian Robert Skidelsky urges readers to pause and reflect on the delicate balance between advancing technology and our human essence.

This paper examines the value of connections between German industry and the Nazi movement in early 1933. Drawing on previously unused contemporary sources about management and supervisory board composition and stock returns, we find that one out of seven firms, and a large proportion of the biggest companies, had substantive links with the National Socialist German Workers’ Party. Firms supporting the Nazi movement experienced unusually high returns, outperforming unconnected ones by 5% to 8% between January and March 1933. These results are not driven by sectoral composition and are robust to alternative estimators and definitions of affiliation. 

This episode features grantee D’Maris Coffman of the Centre for Financial History talking about her organization’s commitment to a New Financial History and what the fruits of their approach can tell us about modern debt crises and sustainable debt levels.

Inflation targeting insufficient: central banks and governments must manage the quantity and mix of credit created

So, my new students’ training is essentially about understanding urban “territories” and “societies” through fieldwork. And my contribution is, supposedly, to highlight the economic dimension of all this.

As artificial intelligence reshapes our economy, policymakers must act swiftly to prevent a winner-take-all scenario in the rapidly evolving market for AI foundation models.

The Romer/Romer letter to Professor Gerald Friedman marks a turning point. It concedes that there are indeed important issues at stake when evaluating the proposed economic policies of Presidential Candidate Bernie Sanders. These issues go beyond the political debate and should be discussed seriously between and among professional economists.

AI surveillance and algorithmic management threaten worker autonomy and dignity. It’s time for a rethinking of rights. Part of “AI and the Future of the American Worker,” a series on how artificial intelligence is impacting labor, power, and the meaning of work.

Modern monetary theorists ignore how their policies could hurt developing countries

In a harrowing new book, scholar Laura Katz Olson pulls back the curtain on a shadowy Wall Street threat that is taking over health care companies – and preying on human lives.

Re-evaluating the “equality-efficiency” trade-off

AI was sold as a tool to broaden the marketplace of ideas. Instead, a handful of platforms now control how truth travels, shaping what we see, starving journalism, and locking new AI rivals out of the data democracy needs to survive.

How Germany, the EU and the economics field itself suffer from myopia—and what we can do about it

Some nations have embraced new technologies, while others seem ill-prepared. What accounts for this difference?

To understand labor productivity—and growing inequality—you have to look at the “dual economy”

Reflections on the Radical Vision of Martin Luther King Jr.’s Last Major Speech

Sociologist Michael A. McCarthy’s latest book shows how ordinary people can take back control of financial capitalism and make it work for them.

Chong-En Bai, professor of economics at Tsinghua University, talks to Rob about how the U.S. can improve global governance, and what lays ahead for China’s relationships with the U.S., Europe, and India.

If anything, it points to a better managed global financial system and a more resilient Chinese economy.

What have we learned about the American political economy from the crisis and its aftermath?

Amid debates over costs—and profits—from a coronavirus vaccine, a new study shows that taxpayers have been footing the bill for every new drug approved between 2010 and 2019