197 Results for “mehrling”

We know about emergency lending, but what we are missing is the macroeconomic framework to guide a new rule for stabilization policy

When Paul Krugman paints John Maynard Keynes as a pioneering critic of dominant free-market economics, he exaggerates wildly, both about the rigidity of orthodoxy and about the pioneering character of Keynes’ critique.

Does general equilibrium theory sufficiently enhance our understanding of the economic process to make the entire exercise worthwhile, if we consider that other forms of thinking may have been ‘crowded out’ as a result of its being the ‘dominant discourse’? What, in the end, have we really learned from it?

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

The state has long used law to back private money—with dire consequences, then and now

A dollar-denominated global economy means the Fed is at once the bankers bank and government bank, as well as both U.S. central bank and global central bank — managing that hybrid is the challenge of our time

A new online course challenges typical teaching approaches.

Notes from the Institute’s Director of Research on some significant papers and contributions produced in 2016 under the INET rubric 

The INET roundtable on “new conversations and the academy” took place a week ago. Most panelists were bloggers, including Mike Konczal from RortyBomb and Noah Smith from Noahopinion.

The depth of the U.S. securities market helps ensure dollar hegemony

Modern Monetary Theory is problematic. Launching large scale fiscal programs that rely on it would be skating on thin ice.

The election of Italy’s right-wing, populist government exposes the economic and democratic shortcomings of the European project and its nationalist rivals

Banks have long had undue influence in society. But with the rapid expansion of a financial sector that transforms all debts and assets into tradable commodities, we are faced with something far worse: financial markets with an only abstract, inflated, and destabilizing relationship with the real economy. To prevent another crisis, finance must be domesticated and turned into a useful servant of society. 

In the face of  laissez-faire capitalism at home and resurgent nationalism across the globe, INET offers an innovative look at the causes of—and solutions for—the problems that ail a fissuring world economy.