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Nobel laureate James Heckman, Sidharth Moktan and their INET-funded research on economics journals is featured in The Economist.

Wage suppression—not monopoly power—is fueling corporate profits and the growing gap between rich and poor

NBER: Concentrating Intelligence: Scaling and Market Structure in Artificial Intelligence

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

“To save the economy, you have to save people first, is the title of a paper by Alvelda, Ferguson and Mallery of the Institute for New Economic Thinking. This work groups countries into three categories, according to the response to the covid: those that gave priority to maintaining economic life; those who focused on taking care of health first and those who wanted to be placed in the middle, but did not do either one well. The best economic results correspond to those who prioritized health. They are countries that are in Asia and Oceania, mainly. The worst are in the other two groups. Those who did not define one or the other, got the worst of both worlds: many deaths and great economic damage. What can be done? Alvelda, Ferguson, and Mallery recommend targeted subsidies by regions and sectors hardest hit; guarantee income for workers in non-essential activities and subsidize health safety measures for all those who cannot stop. This means, among other things, public money to make public transport and some massive workplaces more sanitary. Subsidize supervision / surveillance measures in spaces where many people go: shopping centers and places of religious worship, for example.” — Luis Miguel Gonzalez, El Economista (translated from Spanish)

Forget the myth of a savings glut causing near-zero interest rates. We have a shortage of aggregate demand, and only public spending and raising wages will change that.

Mortality and economic data show how constraints to government spending and a skepticism of redistributive policies have made the pandemic far worse

Like the Great Depression and the stagflation of the ’70s, the anemic growth of the U.S. economy can’t be understood or remedied without changes in economists’ thinking

The Economic Times quotes Rob Johnson’s presentation at the Global Business Summit in India. Cross posted in Pune Media and BM Business News

Italy’s austerity-fueled crisis is a warning to the Eurozone

The most likely outcome of the second Trump administration is a recession and an exacerbation of inequalities, and a further degradation of the living standards of working and middle-class Americans.

A four percent growth goal for first term of the next president is not only possible, but is what we should strive to achieve.

Edoardo Nesi’s new book tracks the destructive march of globalization and neoliberal capitalism through his own life and the places, like Italy, that lie broken in its wake.

Just before the crisis, European countries were designing austerity reforms that would increase inequality and reduce internal demand. Could they return?