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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.

Entretien avec Gilles Yabi, directeur exécutif du Think Tank ouest-africain WATHI, sur la sécurité alimentaire en Afrique

The Toxic Textbooks movement devotes energy to curriculum reform as well. Its purpose is to galvanize student protests and “encourage schools and universities to use economics textbooks that engage honestly with the real world.”

Modern monetary theorists ignore how their policies could hurt developing countries

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?

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.

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.

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

This research project develops an intellectual biography of the Hungarian economist Tibor Scitovsky (1910-2002), who is known primarily for his path breaking 1976 book, The Joyless Economy.

The Institute for New Economic Thinking hosts an exclusive luncheon and conversation with Lynn Parramore, Senior Research Analyst at the Institute and Reuters columnist, and Rana Foroohar, TIME Assistant Managing Editor and Economic Columnist, and Global Economic Correspondent at CNN.

SOAS is home to the leading research and expertise on the global issues of today.

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

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

Current proposals will worsen inequality and harm those Trump promised to protect—while further enriching the top 1%

Nobel laureate James Heckman is one of this year’s recipients of the Dan David Prize, an international honor which encourages innovative and interdisciplinary research, for his scholarship on poverty.

Exploring inequality, gender, and the North-South divide.

Two weeks of dialogues on Poverty, Development, Globalisation

We first show that, with a Kaleckian structure that is consistent with Pasinetti (1962), the relationship between distribution and growth is more robust than conventional wisdom suggests. Next, we extend our model by incorporating borrowing and emulation effects into workers’ consumption behavior, under different assumptions about how debt is serviced.

This paper traces the evolution of the concept of the cyclically adjusted budget from the 1930s to the present.

The British Academy is the UK’s national academy for the humanities and social sciences. We mobilise these disciplines to understand the world and shape a brighter future.

Dr. Ming Lin spoke out about Covid safety at his hospital and was fired. He’s fighting back against a system that put profits over human life.

Despite using different methodologies, a number of scholars agree that most of the ‘bailout’ money is going to Greece’s foreign creditors

Extract from the keynote speech by the Rev. Dr. William Barber III at the Institute for New Economic Thinking conference on race and economics in Detroit on November 11

Trump ran in both 2016 and 2024 on a promise to reverse the deindustrialization caused by globalization and free trade, using tariffs as his main tool. But the critical question now is: Can it work?

Paper revised for the Institute’s Plenary Conference in Berlin

The YSI Working group on Gender and Economics invites young scholars to partake in their session at the ATGENDER spring conference

From MIT to IMF

Back in 2008, a critical opportunity was missed when the burden of post-crisis adjustment was tilted heavily in favor of creditors relative to debtors. The result was not only prolonged stagnation, but also the Republican Party’s embrace of demagogic populism and the election of Donald Trump.

Below is a revised version of a talk I gave at the New School University, at a conference to launch Lance Taylor’s latest book. The date of the event was April 28, 2011, more than a year ago, and the delay in revision was entirely my fault—overcommitment and pressing deadlines on many fronts. Sorry about that.

In this episode of Hidden Forces, host Demetri Kofinas speaks with Robert Johnson, about the political economy, inequality, and the failings of our technocratic institutions.

For years, governments in India and much of the developing world have followed the advice of a paper arguing that labor regulations actually hurt workers. The problem? The research was wrong.

Are there aspects of modern technology, made possible by unprecedented computing power and connectivity, that make them distinctively different from previous eras? If so, what are the implications?

Do temporary economic shocks like the COVID-19 recession create lasting effects on the economy?

Why women experts are denied the same scholarly authority conferred to men, and what we should do about it

The workshop aims to bring together experienced researchers with young scholars in the fields of Innovation, Economic Complexity and Economic Geography to understand knowledge accumulation and spillovers through products, people and places. Those interested in interdisciplinary research, especially bridging a gap between these topics are strongly encouraged to apply. 

A growth model incorporating dynamics of capital per capita, atmospheric CO2 concentration, and labor and energy productivity is described.

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.

The last straw in the enduring blog debate over microfoundations has taken a decisive historical turn.

An ensemble of mechanisms enables cloud hegemons (Microsoft, Google, Amazon) to plan the whole AI knowledge and innovation network by weaponizing interdependence in networks.

Stock-Price Volatility During the Pandemic

When they told me I was expected to teach “Introduction à l’économie” this year, I thought, OK, this is straight. Every economist knows how to do that.

Charles Ferguson’s Inside Job forces us to fundamentally rethink the connections between economics and policy making.

Understanding India’s Northeast from Emerging Perspectives

Davis looks at the financialization of non-financial corporations—i.e., firms that traditionally produce goods and services and invest in machinery, buildings and technology rather than trade in financial assets—and asks what it means that they’re taking on large financial investments.

We all know it: The financial sector is bloated and banks are too big to fail. But just how bloated is it, and how much should it be shrunk?

In a previous post we queried whether the theory of the consumer as developed in the first three chapters of Mas-Colell, Whinston and Green (and indeed other comparable texts) provides anything by way of content beyond what is implied by the abstract description of consumers as agents who are maximizing something. [We did not discuss chapter four, on aggregation of demand, to which we may return later]. As we noted then, a comparable point can be made about the theory of the firm.

Losing jobs isn’t the only thing workers have to worry about. AI may make many jobs worse.

The renowned economist reflects on the rise of neoclassical economics, the post-2008 surge of interest in non-mainstream, heterodox thought, and how young economists can remain independent in the face of biased evaluation systems

Along the entire “innovation chain” — from research and development, to production and commercialization — government and private sectors have very different roles to play.

The plight of white blue-collar workers is well-known, but Blacks in that category were feeling the squeeze long before their white counterparts.

How might a reimagined American foreign policy both bolster the domestic economy and help build a 21st-century global economy that works for everyone?

Finance for the Rest of Us

Warnings of “corruption and incompetence coming together,” as economists William Lazonick and Öner Tulum study the race to end the pandemic.

As protests erupt on the streets of America and the world, current power structures no longer feel tenable. Can this popular uprising break the neoliberal grip on the state and create lasting structural change that will empower the disenfranchised?

The Eurozone is (quietly) disintegrating as ‘core’ and ‘periphery’ countries continue on paths of economic divergence. That disintegration is reinforced by self-defeating policies shaped by a macroeconomic model that mimics and reinforces the divisions between ‘winners’ and ‘losers’

It was a mistake to accept a ‘reference price’-determination process for basic commodities led by finance

Estimated space requirements for solar energy sufficient to power the entire world are reassuringly trivial, at 0.5-1% of global land area. For individual countries however, the challenges vary greatly, reflecting dramatic differences in population density.

The battle for a living wage for the nation’s poorest workers is set against the backdrop of mass unemployment and the highest level of economic inequality in the U.S. in almost a century.

U.S. GDP accounting underestimates intangible capital, overstates financial capital, and is all but oblivious to the the erosion of human and social capital. A serious growth slowdown is coming.

One thing is clear – the ‘get Brexit done’ slogan resonated in a country which had been living on a series of knife edges as one ‘crunch’ time after another came and went.

The YSI Economics of Innovation, Economic Development and Africa Working Groups, in partnership with Global Network for Economics of Learning, Innovation and Competence Building Systems (GLOBELICS), Globelics Alumni, are organizing the 1st GLOBELICS Pre-Conference for Young Scholars entitled ‘Financing of Innovation and Infrastructure for Development’.

Former Deputy Finance Minister of Japan, Eisuke Sakakibara, contrasts Japan’s and the US’s response to the pandemic and talks about the different roles and economic strategies of some of the world’s largest countries.

Martin Luther King, Jr. and other civil rights leaders relied on black entrepreneurs to make their work possible

A new book by economist Peter Temin finds that the U.S. is no longer one country, but dividing into two separate economic and political worlds

The famed short-seller offers a mid-2017 reality check for “fake fiscal news,” and economic pipe dreams, and sees “portents of even worse things”

We find empirical evidence that changes in market sentiment drive unforeseeable change in how stock returns unfold over time, thereby engendering Knightian uncertainty.

Today’s richest Americans may soon blow past the tycoons of the Roaring Twenties. Lance Taylor explains why, and what to do about it.

Why does Benn Steil’s history of Bretton Woods distort the ideas of Harry Dexter White?

Reaching climate goals means rich countries must invest in sustainable technologies in developing countries with huge energy needs.

Is it good for your wallet? A climate bill in disguise? Landmark action or nothingburger? Economic experts assess the Democrats’ legislative victory for the Institute for New Economic Thinking.

This article originally appeared on Bloomberg

This research project analyzes the role of investment in the operation and performance of three broad high-technology sectors: communication technology, biopharmaceutical drugs and medical technologies, and wind power, solar power, electric vehicles, and the smart grid.

Every nation faces the challenge of imagining what a good life means. Sound nutrition, shelter, health care, personal safety, social stability, security of savings, clean air and water, and the development of children are among the elements of what many envision as vital to a happy and healthy society.

This essay deals with the EMS experience and its failure, with the Maastricht Treaty, and with the interregnum leading to the formation of the EMU in 1999.

Young Scholars Initiative (YSI) has released a new e-book, “Conversations on Dependency Theory”

Long term labor shortages do not happen naturally in market economies.

So why am I hopeful about the future?

This article originally appeared on insider.co.uk

Ivan Moscati is one of the most exciting voices in the historiography of decision theory.

Is Neoliberalism a fixed set of ideas, or even an identifiable political movement?

In this interview, Folashadé Soulé and Camilla Toulmin speak with Carl Manlan, the Chief Operating Officer of the Ecobank Foundation - responsible for Ecobank’s social impact engagement with the communities in which the bank operates in Africa – on the role of African philanthropy and corporate social responsibility in the response to COVID-19 on the continent.

The AEA and the Crisis of Expertise

It doesn’t make sense to pay someone to rob you.

Despite dismissive comments by the U.S. Treasury Secretary, facing the challenge posed by robotics replacing human labor raises key public policy questions 

“In taking over industrial companies, financial managers focus on the short run, because their salary and bonuses are based on current year’s performance. The “performance” in question is stock market performance. Stock prices have largely become independent from sales volume and profits, now that they are enhanced by corporations typically paying out some 92 percent of their revenue in dividends and stock buybacks.[6]” — Michael Hudson, Naked Capitalism [6]William Lazonick, “Profits Without Prosperity:Stock Buybacks Manipulate the Market and Leave Most Americans Worse Off,”Harvard Business Review, September 2014. And more recently, Lazonick and Jang-Sup Shin, Predatory Value Extraction: How the Looting of the Business Corporation Became the U.S. Norm and How Sustainable Prosperity Can Be Restored(Oxford: 2020).

As the COVID crisis threatens to overwhelm both federal and state government services, getting the digital component of government services to function effectively is mission critical.

What does Biden’s economic policy mean for the future?

The IMF and World Bank can no longer function as instruments that discipline some member countries while deferring to others. Their challenge is to transform the exercise of power among member countries into a framework of mutual respect and cooperation.

“The stories we tell ourselves about the world are a map of the world as we see it. And if we want to change the world, we have to change the story first.”

Whilst progress has been made, the “glass ceiling” dividing men and women has yet to be broken definitively. Monika Queisser discusses the challenges still facing women in the workplace and beyond.

Naomi Klein discusses her new book, No Is Not Enough: Resisting Trump’s Shock Politics and Winning the World We Need.

Since 2011, the Institute has partnered with the Centre for International Governance Innovation (CIGI) to change the way the field approaches the interplay between economics and governance, accelerating the development of new economic thinking.

The Indian Institute of Technology Bombay

Capitalism will destroy itself, the former Greek finance minister warns, if economic calculation excludes human needs and ignores democratic verdicts