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Taxing the use of robotics may or may not be the answer, but the question remains how to compensate for the growing inequality created by our changing economies

The more reflexive mode brought by the financial crisis to macroeconomics made economists more outspoken about methodological, historical and sociological issues: how have we come to the DSGE dogma? What are its limitations? How can we produce alternative knowledge? Do publishing practices favor a “monolithic” thinking, and if so, how can we change it? What about the graduate training in economics?

The old political-economic thinking of Karl Polanyi was never properly absorbed into “mainstream” North Atlantic economics: recognizing that land, labor, and finance are not really “commodities” returns institutions and social processes to the center of economic analysis.

The World Economic Roundtable seeks to help the business, investment, and policy communities understand ongoing changes in the world economy and to promote a discussion of ideas that can advance the goal of a widely shared global prosperity.

Microfinance and then financial inclusion have become buzzwords in international development. Such initiatives have mobilised and generated  large amounts of development funding, despite substantial amount of critique. Such critiques call for a more impartial assessment of the effectiveness of financial inclusion on the grounds that funds for microfinance, they argue, displaced development spendings on healthcare, education or infrastructure. In addition, the focus on expansion of financial markets to ‘bank’ and financially ‘include’ the poor may divert attention from more comprehensive and effective poverty reduction strategies. Critiques of this ‘way of doing development’ are often sidelined and labelled as ‘extreme’, ‘sloppy’ or ideology-driven rather than evidence-based. We believe that there is a need for contemporary development scholars from all disciplines to engage in those debates. This half-day workshop would bring in such scholars to discuss what we have learned from a decade of research on the microfinance, and how financial inclusion and the emergence of fintech may offer new opportunities - as well as risks - in for inclusive global development. 

This paper argues that (i) we have reached “peak GenAI” in terms of current Large Language Models (LLMs); scaling (building more data centers and using more chips) will not take us further to the goal of “Artificial General Intelligence” (AGI); returns are diminishing rapidly; (ii) the AI-LLM industry and the larger U.S. economy are experiencing a speculative bubble, which is about to burst.

The failure of Lehman Brothers on 15 September 2008 marked the beginning of the end of the world’s love affair with financialization.

In his notorious “How Did Economists Get It So Wrong” NYT article in 2009, Paul Krugman relied on the freshwater/saltwater distinction to explain that the economists’ inability to predict and solve the current economics crisis was due to the fact that MIT/Harvard economics lost their long dispute against their Chicagoan counterparts.

The “maximum fair price” for a drug must not only be equitable to those with unmet medical needs who may benefit from the use of the drug but also provide equitable returns on both public and private sector investments.

Consumer demand by America’s most affluent citizens is driving consumer spending, and consumer spending, in turn, is the main force keeping inflation so high

We examine the World Bank’s protracted and conflicted attempts at shareholding reform from 2008 to the present, situating them within the broader context of multipolarity and intensifying geopolitical rivalries.

Inflation and corporate profits, a further discussion, responding to Servaas Storm

Billions living in insecurity and injustice is hardly a rational system.

The tech giant is in the hot seat, but it’s going to be a “big fight,” warns antitrust expert Mark Glick.

This paper considers a puzzle in growth theory from a Keynesian perspective.

INET’s Commission on Global Economic Transformation - Interim Report on the Global Response to the Pandemic

A stark warning from Institute researchers on the probability that ‘2°C capital stock’ will be reached in 2017

Lazonick discusses how we evolved from a society in which corporate interests were largely aligned with those of broader public purpose into a state where crony capitalism, accounting fraud, and corporate predation are predominant characteristics.

If Congress and the White House fail to raise the debt ceiling this week and the United States defaults on its debt, what can we expect and how can we protect ourselves against these events?

Innovation drives economic growth and welfare, and the industrial corporation drives innovation, says William Lazonick. But just how do corporations innovate?

We consider nonparametric identification and estimation of pricing kernels, or equivalently of marginal utility functions up to scale, in consumption based asset pricing Euler equations. Ours is the first paper to prove nonparametric identification of Euler equations under low level conditions (without imposing functional restrictions or just assuming completeness).

The Institute joined DIME and Central European University in hosting a conference addressing a key question of economics today: How can we create a new macroeconomic theory that takes into account the true relationship of finance to the real economy and can more accurately anticipate crises?

The increase in populism that import competition causes has its roots in import competition’s adverse effects on local labor markets

Economist Morton Schapiro, president of Northwestern University, and his colleague, literary critic and Slavic studies scholar Saul Morson, argue that—contrary to popular belief—studying the humanities is the key to not getting outsourced.

“Larger dairy farms inevitably mean a system less geographically dispersed, larger environmental challenges with farm waste, and a less resilient system. The Institute for New Economic Thinking detailed these impacts in a recent report on the pandemic’s effects on dairy farmers, Spilt Milk: COVID-19 and the Dangers of Dairy Industry Consolidation: “The COVID-19 pandemic led to the collapse in commercial demand as restaurants, caterers, schools and other institutional customers were forced to close. Dairy plants serving supermarkets and grocery stores were already operating at close to full capacity when the coronavirus struck. Capital equipment specialized to produce for commercial customers were incapable of producing for consumers served by supermarkets or food banks. Some farmers had no choice but to dump milk.”[9] For the smaller dairy farmers, international (primarily Canadian) competition and price fluctuations are daily economic challenges.” — Charles Luke, Homeland Security Today … [9] Eileen Appelbaum and Jared Gaby-Biegle, “Spilt Milk: COVID-19 and the Dangers of Dairy Industry Consolidation,” Institute for Economic and Policy Research, August 15, 2020, https://www.ineteconomics.org/uploads/papers/WP_134-Appelbaum-and-Gaby-Biegel.pdf

Corrado DiGuilmi and Laura Carvalho, grantees of the Institute for New Economic Thinking, have individually been exploring two possible alternative analytical entry points: mean field methods from physics and stock flow consistent modeling from accounting. The idea behind their grant is to work together to combine these two approaches, the first bottom-up and the second top-down.

Household economic surveys, such as the German Socio-Economic Panel, notoriously underestimate the degree of income and wealth inequality at the upper end of the distribution.

Mid August, with the Olympics over, Paralympics and Premiership starting (that’s Soccer for the American readership), it is well and truly the quiet period for most of academia.

Washington Monthly

Universities have always been centers of learning—and centers of power.

In the papers of economist Charles Kindleberger, Perry Mehrling found notes on the paper that won Ben Bernanke his Nobel Prize.

A look at the American household debt boom

So, most Nobel Prize exegetes went a long way, this week, toward explaining that asset pricing is not primarily born out of theoretical reflection but out of prize-deserving empirical work.

To mark the release of INET’s “What Money Can’t Buy” with professor Michael Sandel, the YSI Philosophy of Economics Working Group and and Finance, Law and Economics Working Group invite young scholars working on issues related to the core issues in Michael Sandel’s lectures to present their work in a series of webinars. Professor Sandel will join the webinars to answer questions about the topics raised in his book, the video lectures and to give comment on the presentations.

The symposium focuses on the various paradigms of economic and social policy at work in the Scandinavian countries, in light of the most recent macroeconomic developments given by increased inequality, population ageing and automation.

Spanning centuries, this website concentrates information and resources on the history of economic thought for students, researchers and all those who are interested in learning about economics from a historical perspective.

An examination of some little-known ways nation states and central banks prop up megabanks

Unregistered lobbyists, including former members of Congress, are a key resource for lobbying firms

America’s new “philanthrocapitalists” are enabling social problems rather than solving them

The EU is preparing to take a tough line with Britain, in order to deter other member states from following it out of the Union. But it is the neoliberal agenda that has prevailed for last four decades, benefiting only the top 1%, that is fueled voter anger on both sides of the Atlantic.

How could reputable ratings agencies – and investment banks – misjudge things so badly?

If there is no universally accepted outside authority to tell us how to judge theories then knowledge is only going to progress by means of debate

Big Tech companies are swallowing up nascent competitors. Why aren’t regulators paying attention?

Animal rights, child welfare, social equality are all a direct legacy of the “cult of feeling” 

Everyone wants to ring-fence something, but they can’t agree on what:

The Straight Truth

Hedge fund managers are pushing American firms to play Wall Street games instead of investing in technologies of the future. China doesn’t have that problem.

Axel Leijonhufvud showed economists a promising path forward. They should have taken it. Leijonhufvud passed away on May 5, 2022

A global carbon tax alone will not be enough to significantly reduce CO2 emissions

Germany’s economic policies are under attack from all sides.

This one is different. Tiago, Benjamin and Floris have asked a dozen economists in the Bretton Woods hotel hall to reflect on the way their teaching has been affected by the current economic crisis and their answers, taken collectively, are quite puzzling.

Do the benefits of new technologies accrue primarily to inventors, early investors, and highly skilled users, or to society more widely as their adoption generates employment growth?

Or Does It?

GFC finance as war finance

Where’s the next economic crisis?

So with a suitably provocative title I think we can declare 2012 open.

So with a suitably provocative title I think we can declare 2012 open.

“To do this properly, we need to understand the structure of markets for knowledge-based products like new vaccines. Currently, we do not: the “market” is a mishmash of competition and side deals. According to a recent paper from the Institute for New Economic Thinking, governments and pharmaceutical companies last year concluded 44 bilateral COVID-19 vaccine deals, many of which have undisclosed details and poorly understood escape clauses. Poor countries were, by and large, left out.” — Kaushik Basu, Project Syndicate

Engaging in music, literature and the arts is essential for understanding context and human behavior—which economists so often miss

This research project explores the sources of and remedies for financial instability as well as the relationship between traders’ choice of a price-setting mechanism and market structure and the relationship between market freezes and the amount of intermediation in the market.

This research project combines 140 years of economic history with state-of-the-art econometric methods to gain new insights into the relationship between finance, growth, and crises.

This research project will examine the long-term costs of macroeconomic instability in a major metropolitan area and the direct impact of macroeconomic shocks on technological discovery.

Turner’s speech at the UK Financial Services Authority

Dinner has already rolled around on what has been a quick day.

The Institute for New Economic Thinking (INET) and the Cambridge Central Asia Forum, University of Cambridge, in partnership with The Green Industrial Policy in the Age of Rare Metals: A Transregional Comparison of Growth Strategies in Rare Earth Mining Project (Funded by European Research Council (ERC) administered by University of Sussex, UK., are organizing the Research in Action Workshop 2026: The Science of Critical Minerals and the Realigning Global Order, on 27–28 April 2026 at the University of Cambridge.

How do we break free of the cycle of restrictive thinking which has plagued economics, and the world?

The United Nations Conference on Trade and Development’s Richard Kozul-Wright and Orsola Costantini say we can continue misguided policy choices or collectively chart a new path that leads from recovery to a more resilient, more equal and more environmentally sustainable world.

Mason doesn’t think teaching contending economic theories is effective, and sees the objective of introductory economics courses as teaching students basic tools to understand economic terminology and standard relationship between cause and effect.

Following a thought-provoking panel discussion at the AEA, James Heckman and Rob Johnson discuss peer-reviewed journals and a professional incentive structure that constricts the idea space and reinforces tired orthodoxies in economics.

This research project models financial interdependencies in the form of dynamic networks and propose policy and risk measurement tools to pre-identify contagion.

This research project offers a theoretical and empirical reassessment of alternative fiscal policy actions to tease out their advantages and disadvantages.

“Oh, the Chinese hate the Japanese and the Japanese hate the Chinese—to hate all but the right folks is an old established rule. The Koreans hate the Japanese and the Vietnamese hate the Chinese, and the North Koreans hate them all. Oh, the People hate the Communists and the Communists hate the People. The Nationalists hate the Communists and the Communists hate themselves. The Confucians hate the Buddhists and the Muslims hate them all. All of my folks hate all of your folks. But during National Brotherhood Week, be nice to people who are inferior to you. It’s only for a week, so have no fear—be grateful that it doesn’t last all year.”

This research project reinterprets the events causing the British Industrial Revolution by showing that the Glorious Revolution of 1688-1689 was significant in causing the divergence of political institutions which led to the divergence of economic institutions and policy.

This research project develops a much better understanding of Paul Samuelson’s life, work, and broader political-economic vision through archival research at Duke University’s Paul Samuelson archives.

A new angle on the link between property rights and economic growth

What happened to the excitement of creativity?

Pernicious cultural norms inside American banks and regulatory agencies have crowded out fundamental moral principles. Ed Kane proposes an antidote.

The History of Economics Society (HES) held four sessions at the Allied Social Science Associations (ASSA) 2013 meeting, in San Diego, Jan. 4-6: “Keynes and the International Monetary System” (co-organized by Robert Dimand and Rebeca Gomez Betancourt), “Writing MIT’s History” (organized by E. Roy Weintraub and having our blog fellow Yann Giraud presenting), “Looking for Best Practices in Economic Journalism: Past and Present” (organized by our blog fellow Tiago Mata), and “Real Business Cycle after Three Decades: Past, Present and Future” (a panel discussion co-organized by Warren L. Young and Sumru Altug).

An excerpt from Revolt of the Rich: How the Politics of the 1970s Widened America’s Class Divide by David N. Gibbs, published by Columbia University Press (2024)

Industry lobbyists vehemently oppose Medicare drug price negotiations. However, physician-scientist Fred Ledley and economist William Lazonick debunk their arguments.

The IPCC was correct in emphasizing the need for early mitigation, but their analysis of possible growth trajectories appears to be faulty.

Dean Corbae is a leader of the Markets network and Professor of Finance, Investment, and Banking at the Wisconsin School of Business, where he also holds an appointment in the Department of Economics. His current research focuses on consumer credit and bankruptcy, foreclosures, and banking industry dynamics.

On this blog, we like to overstate quite a bit our irreverence towards the establishment and in particular our senior colleagues.

Why is the IMF getting involved in the Eurocrisis, and why is its involvement taking the form of lending to individual member states of the Eurozone?

A formal argument that Kahneman and Tversky’s compelling empirical findings, and those of other behavioral economists, do not provide a basis for a general approach to specifying participants’ “predictable errors.”

We investigate the claim that the way in which debtor households service their debts matters for macroeconomic performance.

Examining the crucial role of poverty and inequality in shaping household indebtedness.

What should courts prioritize in determining antitrust cases: measurable welfare effects, or the protection of competitive rivalry itself? The Consumer Welfare Standard and the Protect Competition Standard offer different answers.

“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)

This research project provides guidance to policymakers for designing policies that are able to bring economies out of recessions by identifying the best policies to fight unemployment and stabilize the business cycle while alleviating inequality.

This resarch project examines the economic theory, policy, and international political economy of cross border finance in the run up to and in the wake of the global financial crisis of 2008.

Smart Energy

Who gains—and who loses—from global capitalism?

Economist Gordon Lafer describes a race against the education technology industry to do what’s right for America’s kids

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

An obituary for Axel Leijunhufvud (Sept 6, 1933 - May 5, 2022)

By suddenly eliminating two widely used bank notes, India’s government risks undermining public confidence in the basic means of exchange

Till is right. It’s not the historian’s task to question the legitimacy of the decisions of the Nobel Committee.