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In the following conversation, law and economics expert Walker Todd explains how a financialized system creates havoc and why it’s time to rethink banking

For all the talk of Modern Monetary Theory representing a brave new frontier, it is easy to forget that the United States has gone down this road before, when the US Federal Reserve financed the war effort in the 1940s. Then, as now, the question is not about government debt, but about the debt’s purpose and justification.

Swift reorganization or liquidation of insolvent businesses is the single best policy to deal with corporate debt booms.

Full paper is here. Comments are much welcome.And because it’s an epic story (and because I suck at writing abstracts), here is an audio trailer. I thank Paul for his beautiful Memphis accent.

Last Spring Larry Summers wounded Thomas Piketty in a friendly embrace.

Excerpts from “Retrospect and Prospect,” the concluding remarks Bob Coats presented at (or maybe wrote after) the History of Economics conference held in 1972 at Bellagio to commemorate and reassess the 1870s “marginal revolution” (full proceedings here).

Benner’s recent work with Manuel Pastor suggests the somewhat counterintuitive result that geographic regions with the most equitable distributions of wealth and influence also tend to have the highest growth.

This research project extends proven techniques in statistical learning theory so that they cover the kind of models and data of most interest to macroeconomic forecasting.

The Institute joined the Centre for International Governance Innovation, and the Mercator Research Institute on Global Commons and Climate Change in hosting its third-annual plenary conference in Berlin from April 12-15, 2012.

Dr. Ming Lin, and healthcare providers like him, are fighting to take back control of medicine from private equity firms that are gobbling up practices and facilities. Should Wall Street make life-and-death decisions based on the bottom line?

The rise of the economist as engineer is, economists and historians say, an essential characteristic of the development of economics in the postwar period.

Amid mass unemployment and economic turmoil, instructors who lecture on the superiority of free markets without acknowledging the dysfunction in the wider economy are at risk of appearing out of touch and exacerbating antipathy towards economics.

Reinterpreting Bagehot’s mature work as the origin of the key currency tradition

Cybersecurity expert Muayyad Al-Chalabi assesses CrowdStrike’s update failure and its broader implications for cybersecurity in a discussion with Lynn Parramore.

Contrary to the neoclassical loanable funds theory, historical bond yields show Keynes was right that “convictions” anchor long-term interest rates

By helping abate the liquidity crisis, incidences of banks becoming insolvent are reduced, and hence moral hazard in its severest form is minimized.

Evidence from Survey Data of Inflation Forecasts

There is a renewed interest in the size of labour supply elasticities and the discrepancy between micro and macro estimates. Recent contributions have stressed the distinction between changes in labour supply at the extensive and the intensive margin. In this paper, we stress the importance of individual heterogeneity and aggregation problems.

This research project studies the pricing and liquidity implications of sentiment and disagreement as origins of radical uncertainty in financial markets.

I was going to call this blog post ‘Utility maximising agents in Adam Smith’s Theory of Moral Sentiments’ but realised that was much too dull - even if it accurately describes my bedtime reading at the present moment.

We are not “all in it together.”

Personal connections are key to understanding concentrations of wealth and power

America’s economic system has failed by not raising living standards for most.

This research project develops a new field of anthropology: the anthropology of financialization, focusing on China and two main institutions of financialization, management consultancies and fund managers.

This research project shows the European origins of development economics between the late 1930s and the early 1960s and describes how the postwar global challenge of development took shape.

Technology has played a critical role during the COVID-19 pandemic, facilitating remote work and automating certain pandemic responses. But it has also accelerated technological adoption, and the “future of work” may now be the present.

Human societies have always coevolved with technology, but how can we think of technology? Is it an external force outside our control, or do we have a say in its direction, development and deployment?

AI has the potential to fuel historic levels of wealth concentration, leaving workers behind while a handful of companies profit. Or we can choose policies that steer us toward shared prosperity. The future is still up to us.

Ocean expert Peter Neill says the watery depths hold solutions to earth’s most pressing challenges

The National Institute of Public Finance and Policy (NIPFP) in collaboration with the Institute of New Economic Thinking (INET) are organising 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.

What Japan, the US, and Europe have in common is growing popular anger over the economy despite high stock prices and low unemployment.

Despite fear-mongering about the latest Consumer Price Index, unemployment remains elevated and stimulus is needed to prevent a collapse in demand

A look at America’s strange and dangerous approach to medicine, and how to fix it

Both before 2008 and today, there’s a disturbing tendency in Washington to not take mortgage fraud seriously

The younger generation, already saddled with student debt and uncertain jobs, will pay a high price as the crisis unfolds.

A Template to Prevent a Global Debt Crisis?

The World Bank and IMF say developing economies can’t afford to have strong labor laws. Actually, they can’t afford not to.

Eight years after the crisis erupted, what the global economy is experiencing is starting to look less like a slow recovery than like a new low-growth equilibrium. With monetary policy unable to stimulate demand, or even inflation, it’s time for fiscal authorities to relieve the burden on central banks.

A new book by economist Julia Cagé offers a participatory business model for independent media.

For one more time traveling closer to home – Mainz! It’s been the annual meeting of the German Society of the History of Science (the kind of academic club one has to be nominated for membership).

And the nominees for Best Documentary are…

Euro Crisis Report

Distinguished Scholars Including Larry Summers and Adair Turner Present Evidence of the Trend and Policy Solutions

The objective of the conference is to exchange perspectives on the risks posed by financial networks, and the role these networks play in the well-functioning of the real economy. 

Technology has played a central role in the response to the COVID-19 pandemic. But that has come with increased risks to privacy. How do we balance our needs for safety, convenience and privacy in the wake of this crisis?

Most “state of the art” macro models trivialize financial flows and largely neglect the interaction between finance and industry. That is why they failed at predicting and illuminating the collapse of the Irish economy.

The project provides new ideas and policy proposals to contain the spread of systemic risk in the financial system through appropriate regulation of financial markets and intermediaries, as well as the design of monetary policy.

Gokhale Institute of Politics and Economics

Investigations into the possible effects of the fiscal consolidations required under the new European fiscal rules on Italy’s debt-to-GDP ratio find that the new governance framework may lead to the pro-cyclical tightening, weaker growth and adverse debt dynamics that characterized earlier phases of EU fiscal governance.

Mission-oriented public investment is vital to spur a revival of private-sector investment

Average U.S. household loses over $100,000 to destructive activities of bankers and financiers

Connecticut is the first state to fund and enact a baby bonds program, inspiring more states to create their own plans. Can it make a difference?

Public funding behind the technology is the secret ingredient.

Economic theories that have been predominant over the past few decades have broken down, and we now have to start creating a new economics that reflects the realities of today.

We reserved 25 slots, but we got 563 applications. Something had to be done.

INET Advisors Help Answer

The FSR Energy Innovation Area and the Complexity Economics Working Group of the Young Scholars Initiative (YSI) have the pleasure to invite you to participate in the 1st Energy Innovation Academy.

Despite the accumulation of serious and unsolvable problems, the Consumer Welfare Standard survives and continues to be taught to students for reasons unrelated to theoretical consistency and empirical confirmation.

The People’s Bank of China’s network of local currency swap arrangements provide Asian countries with a much-needed safety net, while also strengthening China’s diplomatic position.

The prevailing stock market ideology enriches value extractors, not value creators

Author Samuel Stein talks about how capitalism shapes housing and what economists have in common with city planners

When a small group of companies can dominate a labor market, wages—and workers—suffer

Why real reform in American politics won’t come from slogans, scandals, or new parties — but from breaking the grip of investor politics and rebuilding power from the ground up.

An update from INET’s Young Scholars Initiative

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

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.

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.

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.

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.

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.