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Article
Trust and Finance
Oct 24, 2013
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.
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Article
Destabilizing A Stable Crisis
Jul 28, 2014
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.
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News
'Economists at Fault for Recent Crises': An Interview with the Bank of England's Andy Haldane
Aug 7, 2012
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.
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YSI Event
LALICS-YSI INET Academy 2018
YSI
WorkshopNov 3–9, 2018
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.
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Article
What A Green Monetary Policy Could Look Like
Jul 12, 2022
Central banks can encourage climate-friendly investments by offering financial institutions favorable haircuts on green collateral
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Article
Stark New Evidence on How Money Shapes America’s Elections
Aug 8, 2016
Oversights of two generations of social scientists have weakened democracy.
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Article
The Effect of Sanctions on Russia: A Skeptical View
Apr 11, 2023
Sanctions on Russia are isomorphic to a strict policy of trade protection, industrial policy, and capital controls.
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Article
Brexit: The Tectonic Plates
Jul 1, 2016
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.
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Article
What’s the Problem With Protectionism?
Jul 19, 2016
One thing is now certain about the upcoming presidential election in the United States: the next president will not be a committed free trader.
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Article
Why Mislead Readers about Milton Friedman and Segregation?
Nov 15, 2021
The curious case of the Wall Street Journal article on Virginia and school vouchers
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Article
The Promise and Limits of Carbon Pricing
Nov 24, 2020
Carbon pricing still has the potential to be a powerful tool contributing to emissions reductions, but it is clearly no panacea.
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Article
Brexit's Impact on the World Economy
Jun 21, 2016
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
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News
Day 2 Wrap Up - Berlin Conference
Apr 13, 2012
Read how did the second day of the Berlin conference go
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Article
The Pros and Cons of a Universal Basic Income
Aug 29, 2016
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.
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Article
How Economists Turned Corporations into Predators
Oct 5, 2017
The Idea That Businesses Exist Solely to Enrich Shareholders Is Harmful Nonsense
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Article
Why What’s Going on Right Now at the WTO Matters
Jun 10, 2022
Besides the crucial COVID-19 vaccine patent waiver, far more is at stake at this ministerial than is generally known.
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Article
“Worse Than Big Tobacco”: How Big Pharma Fuels the Opioid Epidemic
Oct 10, 2017
Once again, an out-of-control industry is threatening public health on a mammoth scale
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Article
Green Power Pools and Electricity Pricing: Practical Ways Out of the UK Energy Crisis
Nov 15, 2022
The current energy market structures, including the short-run-marginal-price-on-all nature of the current wholesale market, are not fit for a transition to a renewables-dominated system.
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Article
Sraffa’s Revolution in Economic Theory
Dec 26, 2016
The prominence of the debate over ‘reswitching’ has obscured the importance of Piero Sraffa’s profound contribution to economics. It’s time to revisit and build on that body of work
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Article
Is That New Procedure Proven? MedTech Billing Codes and Evidence-Based Medicine
Mar 2, 2026
Introduced by the AMA in 2001, Category III CPT codes aimed to streamline financial reporting. Instead they became entangled in a politically driven, zero-sum reimbursement game.
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Article
Autos and the European Union: Another Crash?
Aug 30, 2021
In Europe, imbalances in the structure of the automotive and a lack of industrial policies risk creating a deadly cocktail for millions of European workers just as the auto sector is undergoing decisive changes.
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Article
From Eric Garner to George Floyd: How History Repeats Itself
May 30, 2020
The Great Migration brought many freedmen to the North, and the reaction to that brought the Southern Mind to northern police officers as well.
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Article
The Dark Side of Discrimination in the Economics Profession
Nov 3, 2017
How Women Are Forced to Conform to the Research Habits and Interests of Men
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Article
Bretton Woods, Past and Present: 3. Models in Economics
Sep 24, 2011
I cannot resist but to start quoting Mary Morgan’s second entry to the second edition of the New Palgrave: “Modeling became the dominant methodology of economics during the 20th century.”
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Article
Economists Warn: Trump’s Intel Move Looks Like Performance, Not Policy
Aug 26, 2025
Two economists who have studied Intel warn that Trump’s move to take a stake in the company amounts to flashy optics, incoherent strategy, and a creeping politicization of economic policy.
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Article
In Memoriam, Jack Treynor
Jun 20, 2016
Remarks at a memorial service for pioneering financial analyst Jack Treynor Memorial, MIT Chapel, June 19, 2016
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Article
What About the Questions That Economics Can’t Answer?
Sep 24, 2012
Can economics be morally centered? And perhaps more importantly, should it be?
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Article
Feelings Offstage
Apr 15, 2012
INET Berlin 2012 - back home again. On stage, it’s been a huge amount of claims, assertions, and arguments about what went wrong, about what exactly happened, about why this time was different, about what will certainly happen, and about what remains deeply uncertain, about what “we” shall do about it, about what “we” could do better.
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Article
Our Hansen Moment
Dec 5, 2013
The main goal of the macroeconomist is to understand the sources behind business cycles and the behavior of financial markets in the modern economy.
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Article
Crying Wolf: Why Negotiating Lower Drug Prices Will Not Harm Pharmaceutical Innovation
Jul 22, 2024
Increasing evidence that the IRA is probably not harming pharmaceutical innovation.
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Article
Bracing for Trumponomics
Nov 29, 2016
What we’re reading: Some analysts expect dramatic changes and a short-term boost to the US economy, others predict continuity — and see Trump’s election reflecting a sea change in the global order
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Article
The Path to an African Economic Boom
Feb 2, 2018
The African Development Bank has laid out a plan for economic prosperity in the continent. But to get there, African countries must first confront jobless growth and underfunded infrastructure projects.
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Article
Police Shootings, Economics, and Empirics
Jul 19, 2016
In the past month, analysts from all disciplines have tried to make sense out of shooting deaths of blacks by police and also ambush attacks of police.
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News
Economics Is Not Math
May 20, 2012
Mathematician Michael Edesess has a dose of reality for economists.
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Article
Interview with Barry Eichengreen, any requests?
Apr 9, 2011
We have been talking and video interviewing people at the conference, and we’ve narrowed down a small list of questions which we try to build on and have so far talked to Kenneth Rogoff, Brad DeLong, Ha-Joon Chang, Stephen Ziliak, Philippe Aghion, Jean-Paul Fitoussi, Barry Eichengreen and tomorrow we start with James Galbraith.
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Video
The Death of Neo-Liberalism
Aug 20, 2015
The financial crisis of 2008 was not a run of the mill recession.
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News
Arjun Jayadev appeared on CNN News 18 to discuss the latest wave of Covid spreading through India
Apr 14, 2021
“To go back a little bit, Covid is possibly the first global event that we’ve actually seen. One year after it really started, we are seeing all these vaccines. It is really quite incredible when you think about the scientific advancement, it has really been something quite extraordinary. But our systems of management globally of knowledge and health are weak and counterproductive and in adequate. I’d say they’re probably best described as unjust and incompetent. Let’s start with this whole question of patent rights. Right from the outset it became quite clear that it was hindering the fight against covid. From the early days if you remember N95 masks we’re a concern, then treatments like remdesivir, so it’s not only a vaccine issue. This was the basis for last years’ call for the Covid technology access pool, which was rebuffed despite widespread support. It was rebuffed by the advanced countries. It’s hard to imagine why this should be the case because such technologies for public health are massive and have positive spill over benefits. Moving now to vaccines, I think the system is even more inefficient when one considers the fact that many companies across the world received significant subsidies for vaccines. Estimates range from about $100 billion and in some cases the entire cost; Moderna and Johnson and Johnson vaccines that were paid for by a public set of money. Such is the case for having patent rights to allow for innovation completely disappears. Now the debate has moved, that it is not actually IP which is the restriction, it’s the ability to produce and manufacturing capacity. But remember eight months ago that did not exist in developed economies. People like the Moderna chief chemist said it takes about three to four months to actually set up these factories. What we should’ve had was a massive transfer in technology to places that could actually do this, completely open access to technology of all sorts, and ramping up production on a sort of global war scale. That has not happened and is it’s still not happening because of these limitations and unfortunately despite India and South Africa making the case in the WTO and despite some better noises from the Biden administration we’re really not seeing much movement.” — Arjun Jayadev
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Video
Much Ado About Cyber Security
Jan 5, 2015
Private data is leaked more and more in our society. Wikileaks, Facebook, and identity theft are just three examples. Network defenses are constantly under attack from cyber criminals, organized hacktivists, and even disgruntled ex-employees.
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Article
Institute for New Economic Thinking Launches Project to Reform Undergraduate Syllabus
Nov 10, 2013
In response to widespread discontent among students, employers, and university teachers, a project to create a new core curriculum for economics was launched at a seminar hosted by HM Treasury today. The CORE curriculum project, funded by the Institute for New Economic Thinking, convened the meeting, which was attended by academics, policymakers, business leaders, and students from around the world.
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Webinars and Events
Understanding Inequality and What to Do About It
Discussion
Hosted by Human Capital and Economic Opportunity
Nov 5, 2015
A panel featuring Thomas Piketty, Kevin Murphy, and Steven Durlauf
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Webinars and Events
Reawakening
PlenaryFrom the Origins of Economic Ideas to the Challenges of Our Time
Oct 21–23, 2017
INET gathered hundreds of new economic thinkers in Edinburgh to discuss the past, present, and future of the economics profession.
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Webinars and Events
Building a Global Economic Response to COVID-19
Webinarwith Mohamed A. El-Erian | 12:30pm ET / 9:30 PT
Jul 16, 2020
As the world economy seeks to emerge from the deep recession caused by the pandemic, economic nationalism and isolationism are on the rise. Yet the better response to lower growth and worsening inequality could involve globally-coordinated policy responses that focus on broad based, sustainable economic growth. Now more than ever it is time for a new global economic policy paradigm that can facilitate a strong recovery.
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Video
America’s Burning
Jul 31, 2024
What happened to the dream? Rob talks with David Smick about his new film and the inspiration for the project.
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Grant
Years granted: 2011, 2012English Agricultural Markets and the State: The Corn Returns, 1685-1864
This research project offers a radical reconsideration of the centrality of the Corn Returns to the development of classical liberal political economy and shows how much the Corn Laws enriched agrarian interests and how their repeal represented a boost to British manufacturing.
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Grant
Years granted: 2013, 2014, 2015Innovation Systems: Positive and Normative Perspectives
This research project explores the causes and consequences of the way countries innovate and the economic foundations for the government’s direct involvement in conducting innovation.
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Webinars and Events
Debt Talks Episode 4 | Do We Need a Debt Jubilee?
Webinarmoderated by Moritz Schularick with Sebnem Kalemli-Ozcan, Astra Taylor and Richard Vague
Hosted by Private Debt
Nov 17, 2020
What is the current situation in private indebtedness in the U.S.? Recent ideas suggest that excessive levels of debt are an obstacle to a quick recovery and sustained economic growth.
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Partnership
Center for Economic and Policy Research (CEPR)
The Center for Economic and Policy Research (CEPR) was established in 1999 to promote democratic debate on the most important economic and social issues that affect people’s lives. In order for citizens to effectively exercise their voices in a democracy, they should be informed about the problems and choices that they face. CEPR is committed to presenting issues in an accurate and understandable manner, so that the public is better prepared to choose among the various policy options.
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Conference Session
Mexico, NAFTA, and the Future of the North American Economy
May 30, 2017 | 04:00—05:30
A discussion featuring Kenneth Smith, Head of the Trade and NAFTA Office of the Ministry of the Economy of Mexico, and Jay Pelosky, Principal of Pelosky Global Strategies.
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Grant
Years granted: 2015, 2016Worlds of Political Economic Thought in Twentieth-Century China
This research project explores Chinese economic thought of the 1930s, 1940s, and 1950s, with direct relevance to the present day, and in particular focuses on one specific thinker, Wang Yanan, and the intellectual debates he animated and in which he participated as a major theorist.
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Grant
Years granted: 2011, 2012The Global Finance and Law Initiative: Retheorizing the Relationship Between Law and Markets
This research project constructs a new theory of the relationship between law and finance through using case studies drawn from the global financial crisis as analytical windows for determining deficiencies of established theoretical frameworks
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Article
How Bill Cosby, Obama and Mega-preachers Sold Economic Snake Oil to Black America
May 2, 2018
It’s time to connect political violence with economic violence.
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Article
Was Martin Luther King a socialist?
Jul 5, 2018
Was Martin Luther King a socialist? New book may surprise you.
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Article
What Lehman Brothers Tells Us About American Capitalism
Jun 11, 2019
Ben Power, who adapted the play “The Lehman Trilogy,” talks about the eponymous family’s role in the creation and destruction of American wealth
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Article
"Build Back Better" Needs an Agenda for Upward Mobility
Jan 5, 2021
How the dream of a middle class existence collapsed, first for Blacks, then for more and more white American workers and what the Biden administration could do to retrieve the situation.
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Article
Covid Is Hitting Workers Differently Than the 2008 Financial Crisis
Apr 19, 2021
Unlike the Great Recession, the pandemic has hit women workers harder than men, and disproportionately hurt the job prospects of lower education workers.
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News
Day 1 Wrap Up - Berlin Conference
Apr 11, 2012
Read how did the day of the Berlin conference go
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Article
Bretton Woods, Past and Present: 1. Ethics in Economics
Sep 10, 2011
Our interviews in the halls of the Mount Washington Hotel, covered the range of opinion about the severity of conflicts of interest in economics: we are alright; economics is no more corrupted than other sciences; corruption is substantial; it is rotten to the core.
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Article
How the term “mainstream economics” became mainstream: a speculation
May 23, 2016
From 1958 onward, the back cover of Paul Samuelson’s bestselling textbook, Economics, showed a family-tree of economists. The diagram’s evolution, in particular its use of the term “mainstream economics,” reflected, and, I speculate, influenced how economists came to perceive the structure of their discipline.
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Article
At Home in Economics
Nov 29, 2011
My friend read somewhere that the experience of death makes people think in philosophical terms. He might have thought of religion rather than philosophy, I replied. We agreed, and wandered off talking about our crypto-religious experiences in good old secular Europe.
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Article
Labor Day 2025: The Great Crash (of the Economists)
Aug 29, 2025
Contrary to what many economic models suggest, salaries aren’t constantly recalibrated based on skills or technology. They follow the economy and politics—and common sense: hire when needed, promote from within, and slow hiring when budgets tighten.
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Article
How Money Won Trump the White House
Jan 9, 2018
It wasn’t Comey or the Russians. Trump prevailed because his campaign carefully targeted key states with late infusions of big money from private equity, casinos, and other far right contributors, a remarkable wave of donations from small donors, and substantial infusions from the candidate himself.
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News
CALL FOR PAPERS: Towards Pluralism in Macroeconomics?
Jun 23, 2016
The deadline for submission of paper proposals and complete sessions for the 20th FMM conference is approaching: 30 June 2016. Proposals (extended abstracts, max. 400 words) have to be submitted electronically via this web application. Please find more information in the Call for Papers.
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Article
We Must Lean Over Backwards
Apr 14, 2015
Emulate Richard Feynman: Lean over backwards so you do not fool yourself, and teach your students the discipline correctly from the start, rather than teaching them things at the start you will have to unteach them later.
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Article
Leakage as historiographic genre @ HES 2012
Jul 26, 2012
If the meetings of European historians of economics are urbane and cosmopolitan, the meetings of American historians are, by contrast, frank and toilful.
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Article
If You Want Justice for Black Americans, You Have to Fix This
Jun 10, 2020
Economist Darrick Hamilton explains why confronting the racial wealth gap is the only way to address 400 years of discrimination.
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Article
The Full Case Against Ultra Low and Negative Interest Rates
Mar 17, 2021
There are several reasons why unprecedentedly low interest rates will probably not stimulate demand and may even threaten financial stability
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Article
Monetary Policy Family Reunion at Jackson Hole
Aug 31, 2016
Like any family reunion, the Jackson Hole Economic Symposium may have been as significant for what was said as it was for what was not discussed
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Article
Fiscal implications of the ECB’s bond-buying program
Jun 14, 2015
The monetary-fiscal policy connection is under scrutiny by the German Constitutional Court in the context of the ECB’s OMT bond-buying programme. This column argues that most analyses are deeply flawed by the misapplication of private-company default principles to the central bank. ECB bond-buying transforms public bonds into monetary base, and sovereign-default risk into inflation risk. The real question is: What is the non-inflationary limit to money-base expansion? This depends upon the economic situation and is much higher in the current liquidity-trap setting.
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Working Paper
Working PaperHow “Maximizing Shareholder Value” Minimized the Strategic National Stockpile: The $5.3 Trillion Question for Pandemic Preparedness Raised by the Ventilator Fiasco
Jul 2020
The success of projects for pandemic preparedness and response depends on the strength of government-business collaborations.
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Podcasts
Gerald Horne
Apr 22, 2020
Gerald Horne is the Moores Professor of History and African American Studies at the University of Houston and author of several books including, Jazz and Justice: Racism and the Political Economy of the Music. He talks to Rob about the economics of jazz music and musicians, including financial tensions between primarily black artists and white producers.
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Article
Here’s Why Sexual Harassment Matters for Economists
Jan 11, 2018
To get justice, targets must show measurable harm. Economists can help
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Article
Stiglitz: Democratic Party Needs New Economic Thinking
Dec 4, 2016
Nobel laureate argues that the party’s adherence to neoliberal orthodoxy has hurt its prospects
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Article
A Reply to Michael Grubb’s Growth-Decarbonization Optimism from Schröder and Storm
Dec 5, 2018
Market tweaks and incentives won’t save us from climate catastrophe. Only radical policy change will.
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Working Paper
Working Paper SeriesEmployment and Earnings of African Americans Fifty Years After: Progress?
Jul 2020
To fulfill MLK’s vision of jobs and freedom for Black Americans, Washington must rein in corporate greed
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Course
Markets, Speculation and the State
William Janeway’s Far-Ranging Seminar on Fundamental Debates in Innovation and Finance
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Article
Tap... Tap... Tap... Is This Thing on?
Apr 5, 2015
Welcome to our website, and thus weblog, relaunch.
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Article
From 1000AD to 1970 the History of World Trade is Based on Fact, After 1970, Fiction?
Mar 28, 2012
Having just started Findlay and O’Rourke’s mammoth history of world trade in the second millenia, I have been struck by a strange incongruity
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News
Check out the New Book “Capitalism 4.0” by Anatole Kaletsky
Jun 27, 2011
Anatole Kaletsky explains the recent global crisis in sweeping historical context, and points out the once-in-a-lifetime opportunity now opening up to economists - particularly the younger generation.
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Webinars and Events
Debt Talks Episode 6 | Who’s Afraid of European Banks?
Webinarwith Martin Arnold, Elena Carletti and Richard Vague; moderated by Thomas Fricke and Moritz Schularick
Hosted by Private Debt
Feb 23, 2021
Does the COVID recession still have the potential to turn into a broader financial meltdown?
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Article
Pleasure, Happiness and Fulfillment: The Trouble With Utility
Nov 3, 2012
For nineteenthth century figures such as Bentham and Jevons, the concept of utility was associated with satisfaction or pleasure experienced.
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Article
Who Benefits When the Price of Insulin Soars?
Apr 16, 2020
Contrary to pharmaceutical company claims, revenue from high insulin prices are going to shareholders, not R&D
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Article
New Research Shows “Hostile Sexism” in Congress Thwarts Female Leaders. Just Ask Janet Yellen.
Nov 2, 2022
The debilitating challenges women face in being heard are detrimental to economic prosperity and to democracy itself.
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Article
In the thick of it (labels and research)
Nov 24, 2013
Historians like labels. X history. History of y. The labels carve out subjects, set boundaries in time and space, at times even suggest methodological commitments.
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Article
Improving the Teaching of Econometrics
May 12, 2016
A major shift is needed in the Econometrics curriculum for both graduate and undergraduate teaching to include modern topics.
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Video
Europe and the Challenge of Re-Starting Growth
Mar 13, 2015
How can we reconnect economic success to socioeconomic outcomes?
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News
Front Page of the NYT: Scholars Test Web Alternative to Peer Review
Aug 23, 2010
The New York Times has now pushed to the front page of today’s paper an issue of real relevance to INET: how new web tools are beginning to upend traditional peer review in academia.
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News
Phenomenal World Interviewed INET Research Director Thomas Ferguson on the 2024 US Election
Dec 13, 2024
Phenomenal World
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Article
Should we really be 'learning to love' the robots?
Jun 7, 2016
A response to Arjun Jayadev’s argument about the impact of automation on our work and life
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Article
Cybersecurity Expert: What the Media Miss on America’s Election Risks
Oct 23, 2020
David Mussington, a leading expert on cybersecurity, reveals what’s worrying him, from Facebook to foreign interference.
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Article
Replication and Transparency in Economic Research
Dec 3, 2015
In 2003, McCullough and Vinod wrote, “Research that cannot be replicated is not science, and cannot be trusted either as part of the profession’s accumulated body of knowledge or as a basis for policy.”(1)
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News
What are economists for, anyway?
May 20, 2012
Who does the economist serve: powerful interests or society?
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Article
@Academia and Public, Berlin: And then it was all about the history...
Sep 15, 2011
It’s not everyday that one finds economists using history as not just the right way but the only way to answer a question.
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Grant
Years granted: 2014, 2015The Birth of the Deutschmark: A social and financial history of German Currency Reform, 1945-1951
This research project provides a better understanding of the processes that accompanied the reforms of the Austrian schilling in 1947 and the birth of the deutschmark in 1948 by merging archival sources with financial data from banks and markets and comparing the two reforms.
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Grant
Years granted: 2015Living Standards, Inequality, and Poverty around the World, 1815-2015: A New Household Budget Approach
This research project lays a foundation for new and better long-run estimates of poverty and inequality around the world through the collection, digitisation, and harmonisation of household budget data.
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Grant
Years granted: 2012Green Economic Macro-Model and Accounts (GEMMA)
This research project analyses the possibility of achieving economic and financial stability, high employment, and good social outcomes, in the presence of clearly defined resource and environmental limits, even if these mean some limits to economic growth.
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Grant
Years granted: 2014Reflexivity and the Theory of Economic Agents
This research project uses reflexivity thinking to develop a theory of reflexive economic agents whose behavior is central to both the theory of innovation and to the explanation of phenomena such as bubbles, cascades, and herding that are inconsistent with DSGE/rational expectations macroeconomics.
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News
NH Media Features INET Imperfect Knowledge Economics Project
May 1, 2012
Human beings aren’t mechanical. And mechanistic economic theories can’t account for uncertainty or political instability and individual creativity.
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Webinars and Events
Changing of the Guard
PlenaryApr 4–7, 2013
The Institute for New Economic Thinking held its annual plenary conference in Hong Kong from April 4-7, 2013 at the InterContinental Hotel in Kowloon. The event discussed Asia’s emergence in the global economy and other core issues.
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Webinars and Events
A Global Perspective on the COVID-19 Pandemic
Webinarwith Michael Spence - 12pm EDT / 9am PDT
May 21, 2020
The economic and social costs of the global lockdown have been astronomical but as governments look to begin the process of reopening economies it will be critical to develop strategies that balance both the health and economic risks of the pandemic.
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Article
A Fight Over Inequality: The 5% Vs. The Rest
Apr 29, 2014
In late 2007, the United States started feeling the effects of the Great Recession. And over the ensuing two years the economic disaster spread across the globe.