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As the world turns upside down, Mariana Mazzucato discusses how to shape an economy that works for everyone

Orthodox macroeconomics has become a place where visions die and hopes are banished, for both liberals and conservatives.

Mathematics and the ‘Whiz Kids’

Despite post-2008 regulations, the boom-bust credit cycle continues to run wild

Despite assembling a formidable data set and leveling a bold argument, Thomas Piketty’s Capital in the Twenty-First Century has theoretical and accounting flaws that distort its central findings

Five lessons from the last crisis — for managing the next one

There is a deeper story to be told about the inclusion of the Renminbi.

Why most economists did not see the 2008 crash coming

A Response to the INET Euro Council Report

What does the bankruptcy of Detroit say about the US social contract?

What makes a good model?

A new online course challenges typical teaching approaches.

An interview with Thomas Ferguson on the 2024 US election conducted by Andrew Yamakawa Elrod and Tim Barker for Phenomenal World

Abstract, “basic science” research is essential to drug discovery. It is also largely funded by the public sector.

For more than three decades, orthodox economists, policy makers in government and central bankers and their economic advisors, using some variant of old classical economic theory [OCET], have insisted that (1) government regulations of markets and large government spending policies are the cause of all our economic problems and (2) ending big government and freeing markets, especially financial markets, from government regulatory controls is the solutionto our economic problems, domestically and internationally.

Monetary policy should be guided much more by financial sector developments and much less by near-term targets for inflation.

Recent austerity policies have been guided by ideology rather than research. This column discusses research that reconciles disparate estimates of fiscal multipliers in the literature. It finds that common identification assumptions are problematic. Matching methods based on propensity scores show how contractionary austerity really is, especially in economies operating below potential.

Summers and Stansbury Get It Half Right

With the COVID-19 death toll rising, we should question the wisdom and morality of an IP system that silently condemns millions of human beings to suffering and death every year.

Financial Globalization and its Cryptocurrency Discontents

INET and CIGI Award Spring 2011 Grants: The grants offer a diversity of approaches and global perspectives that target critical issues that have been neglected by conventional economic analysis.

As the “Technoking” of Tesla strategizes to maintain his control over the company’s decision-making, anyone concerned with the role that Tesla will play in the evolving EV transition should be asking how CEO Musk might use, or abuse, his powerful position.

Recently, our analysis has been questioned by Servaas Storm who has claimed that it is untenable to blame neo-mercantilist Germany for driving a wedge into the Eurozone. [i] It is shown below that Storm’s critique has a certain aplomb, but lacks substance.

As Greece heads to the polls, a look back at the crisis and what the future will bring.

Health researcher Steven H. Woolf tells INET’s Lynn Parramore why making Americans healthy again means economic policies that help working- and middle-class families. Raw raw milk won’t cut it, and even being rich won’t save you. *This is Part 2 of the interview; Part 1 is here.

The New Keynesian Dynamic Stochastic General Equilibrium (DSGE) is a straightjacket for macroeconomics

An Institute for New Economic Thinking Working Paper by William Lazonick and Matt Hopkins reveals that much reporting on executive pay relies on systems of measurement that underreport real compensation

I am pleased to announce that the History of Economic Thought Website is back. I am thankful for the assistance of the Institute for New Economic Thinking (INET), which has supported its revival and made it possible.

In his two-tome, 1400 page Dutch Leerboek der Staathuishoudkunde (Textbook of Economics), first published in 1884, Nicolaas Pierson (1839 - 1909) accuses the great Scotsman of being a communist – or at least of consciously clearing the way for the socialists with their ideal of a communist society.

The central challenge confronting us in the future of work is this: can we create a future where work exists for all who need one with fair rewards, or will we end up on the path of increasing displacement, leaving workers vulnerable, dispensable, and miserable?

This research project explores the factors producing “herding” in the economics profession and professional investment community with the goal of articulating policy changes appropriate to the organization of the economics profession and its practices in particular.

During her long career she illuminated many of the shortcomings of neoclassicism, and offered alternative paths

In Europe and the United States, stock-based compensation discourages long-term corporate sustainability

With the RMB in the SDR, careful progression in China could balance the international monetary system.

Robert Skidelsky knocks the scientific halo off mainstream economists’ teaching and research

And what was QE about anyway?

Adair Turner discusses his new book, Between Debt and the Devil: Money, Credit, and Fixing Global Finance.

This research project creates a computational model of the current financial crisis to discover the essential elements needed to reproduce the crisis, while investigating alternative policies that may have reduced its intensity and strategies for recovery.

Adair Turner talks about his new book, Between Debt & the Devil: Money, Credit, and Fixing Global Finance with Martin Wolf of the Financial Times in a free, public discussion.

Hannah Farber discusses her book and explains how the insurance business and the United States discovered that they were good for one another.

To fight COVID-19, the EU must recognize that spending restraints have to go

INET presents you a paper that deals with the relationship between economics and the world we live in. John Kay spells out methodological critiques of economic theory in general, and of DSGE models and rational expectations in particular. The paper builds on two articles that Kay, Fellow at St. John’s College of Oxford University and Visiting Professor at the London School of Economics, recently published in the Financial Times (scroll down to find the links). It is concerned with the relation of quantitative models to the world in which we live, and with evergreens such as the implications of unrealistic assumptions in economic theory. Highly recommended reading. INET forwarded Kay’s paper to a handful economists and invited them to respond. In the following days, we are going to publish direct responses to the paper by a handful of prominent economists. Follow the INET Blog and stay tuned to what is going to be a healthy discussion.

In his new book, “Plunder: Private Equity’s Plan To Pillage America,” Brendan Ballou, a federal prosecutor who served as Special Counsel for Private Equity in the Justice Department’s Antitrust Division, outlines the dangers of a trillion-dollar industry that hardly anyone understands. He explains how Americans can fight their harmful practices.

200 years after Marx’s birth, many elites have taken unabashed pride in capitalism, a term that originally had negative connotations. To make our economy more just, we must reclaim Marx’s understanding of capitalism’s contradictions.

INET-funded study: Government provides early investment in pharmaceutical innovation

That’s the amount of buybacks U.S. corporations funneled to shareholders during the past decade—rather than invest in technologies for the common good. This article is being published jointly by INET and The American Prospect

Austerity for ordinary citizens and bank rescues for the affluent is a toxic mix

If libertarians wish to maintain their self-centered fixation on their own freedoms without considering others, let them do so — in indefinite quarantine from the rest of us.

A review of The Entrepreneurial State: Debunking Public vs. Private Sector Myths, the new book by Mariana Mazzucato

The “economics and engineering” line of argument is part of economists’ rhetoric.

There is a new economics rock-star touring the US by all accounts, and his name is Thomas Piketty.

Alex Thaler, the CEO of the software platform Iconik, and Iconik advisor Adam Cummings discuss how the platform helps shareholders create personalized voting profiles for shareholder meetings, allowing them to increase their influence over companies and give management a clearer awareness of investor goals without abrupt and embarrassing conflict.

Faced with rapid cost reductions for clean electricity generation, some commentators suggest that we no longer need the Paris agreement or other policy interventions, because technology alone can solve all problems.

Beijing’s leaders face a critical dilemma over a credit boom that imperils China’s prospects for a smooth transition to a sustainable economic path

Surviving the geopolitical and economic challenges of the coming years requires a world order less vulnerable to the vagaries of U.S. elections

Offshoring manufacturing may have hurt many working people in America, but professionals and intellectual property have been robustly protected

In his contribution to our ongoing series “Experts on Trial”, Alessandro Roncaglia argues that viewing economists as princes or servants of power is inherently authoritarian. We should instead see the economist as a socially and politically engaged citizen

Epstein discusses financial reform, central banking, and how the FED actually contributed to economic inequality.

The financial crisis of 2007-2009 should have been sufficient empirical evidence to indicate that the axiomatic basis of the mainstream theory needs to be replaced.

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.

Black Americans remain second-class citizens in access to housing finance

The US stands out as an outlier: the US spends far more on health than any other country, yet the life expectancy of the American population is not longer but actually shorter than in other countries that spend far less.

To get beyond the neoclassical fallacy, economists have to stop relying on constrained-optimization methodology

A discussion with Shahar Shelef, Director of The Economic and Strategic Affairs Department, Center for Policy Research at the Israeli Ministry of Foreign Affairs.

We analyze shareholders’ incentives to change the leverage of a firm that has already borrowed substantially. As a result of debt overhang, shareholders have incentives to resist reductions in leverage that make the remaining debt safer.

The adoption and diffusion of inputs in the production network is at the heart of technological progress. What determines which inputs are initially considered and eventually adopted by innovators? We examine the evolution of input linkages from a network perspective, starting from a stylized model of network formation.

Once again, income earned by the many is used to save the wealth of the few.

Renewed interest by policymakers in the challenges of long-term slow economic growth highlights the importance of the Institute’s research

The transatlantic conference has been moving targets: sociology went first, then economics, then history, today it was political science and international relations.

The YSI Complexity Economics Working Group is delighted to invite all Young Scholars interested in Agent Based Modeling to apply for the Summer School on Computational Methods and Agent Based Modeling (Curitiba Summer School)

Europe’s revamped fiscal rules promise discipline and stability, but Italy’s numbers tell a different story. Once realistic multipliers and hysteresis are built in, consolidation pushes debt up, growth down, and recessionary pressure outwards across the eurozone, hardly a recipe for sustainability.

One INET project is to “reconnect the teaching of economics with the working of the actual economy,” which is to begin with a reform of the undergraduate curriculum.

Author and law professor Maurice Stucke explains why the practices of Google, Amazon, Facebook, and Apple are so dangerous and what’s really required to rein them in. Hint: Current proposals are unlikely to work.

An interview with young migrants living in Mali’s capital city of Bamako

The Challenge to Bidenomics

Finance is built on trust. It is based on promises about tomorrow, often paper promises backed by nothing other than words on a page. When trust in those promises breaks down, so too does the financial system. That is the lesson of thousands of years of history.

Readers of Minsky are familiar with the idea that governments should act as financial stabilizing agents for their economies by running surpluses in times of boom and deficits in times of crises.

New economic thinking is creating change in Germany.

In a recent interview, INET Advisory Board member and Executive Director for Financial Stability at the Bank of EnglandAndy Haldane took aim at the economics profession.

Our focus is on teaching and discussing theoretical and empirical methods related to the innovation processes in Latin America and the Caribbean and how these are linked to the economic development of the region. The Academy offers the opportunity to connect students to a research community integrated by high profile researchers.

Central banks can encourage climate-friendly investments by offering financial institutions favorable haircuts on green collateral

How could the new SDR allocation help developing countries?

Reactions to the size of the proposed plan rely on discredited assumptions and betray a fundamental misunderstanding of economic growth—and austerity 

Oversights of two generations of social scientists have weakened democracy.

Sanctions on Russia are isomorphic to a strict policy of trade protection, industrial policy, and capital controls.

The Brexit referendum is nothing less than an earthquake. But when an earthquake happens, seismologists try to understand how and why the tectonic plates had been shifting, and the pressures that had been building to bring about the event. The causes underlying every earthquake are specific in how they come together, even if they are seen in different places.

One thing is now certain about the upcoming presidential election in the United States: the next president will not be a committed free trader.

The curious case of the Wall Street Journal article on Virginia and school vouchers

If the European Central Bank does not jump to the aid of peripheral countries weakened by the pandemic, the Eurozone could collapse.

Carbon pricing still has the potential to be a powerful tool contributing to emissions reductions, but it is clearly no panacea.

President Franklin D. Roosevelt’s policies allowed the United States to avoid the perils of right-wing populism that plunged Europe into war in the 1930s — Europe should learn from his example

Why a British vote to leave the European Union would have consequences far larger than the UK’s proportional share of the global economy might suggest

Read how did the second day of the Berlin conference go

In June of this year, Swiss voters saw an initiative on their ballots calling for an “unconditional basic income” that would “allow the whole population to lead a decent life and participate in public life.” Put on the ballot by a petition drive after it was rejected in parliament, the initiative was rejected by 77 percent of Swiss voters, with 23 percent approving.

The Utah Project on Antitrust and Consumer Protection hosted a conference on the future of consumer financial services law on October 11, 2024, which was supported by an INET grant.

The Idea That Businesses Exist Solely to Enrich Shareholders Is Harmful Nonsense

China’s successful technological development path stands in contrast to the corporate financialization model in the United States

Besides the crucial COVID-19 vaccine patent waiver, far more is at stake at this ministerial than is generally known.

Once again, an out-of-control industry is threatening public health on a mammoth scale