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ProMarket and the Consumer Welfare Standard An output increase is not sufficient to increase welfare. Allocation—how goods are distributed—matters.

Renowned journalist and author Chris Hedges talks about the many ways traditional media, digital media, and the two political parties have worked to prevent progressive movements and give rise to the growth of the extreme right

Entangling alliances or entangling leagues are nothing to the entanglements of cash owing—Keynes

The shocking—but illustrative—example of how an Italian government agency concocted statistics to evaluate scholarship, hid them from the public, and masqueraded them as science. It’s a growing phenomenon

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

Peter Barnes, the entrepreneur and author of the recently published book, Ours: The Case for Universal Property, talks about how new conceptions of property - a universal commons - could fundamentally transform capitalism to make it more ecologically and socially sustainable.

“To get into the mood for their [Charles Goodhart and Manoj Pradhan] ideas, you can listen to the authors talk about them to my colleague Stephanie Flanders on the Stephanomics podcast, or this podcast from the Institute for New Economic Thinking, or this episode of The Sound of Economics podcast from the Bruegel Institute.” — John Authers, Bloomberg

Is Market Capitalism simply an accident of certain factors that came together in the 19th and 20th centuries? Does the innovation of economics require a new economics of innovation? Is the study of economics deeply affected by the incentive structures faced by economists themselves, necessitating a study of the “economics of economics”?

A new method developed by INET grantees to estimate country-level citation clubs and self-citations is making waves, with implications far beyond the paper’s initial focus.

What Strategies can Break This Dependency?

Judy Klein is Professor of Economics at Mary Baldwin College in Virginia. She is the author of Statistical Visions in Time: A History of Time Series Analysis 1662-1938, (Cambridge 1997) and co-editor of The Age of Economic Measurement (Duke 2001), and co-author of The Strange Career of Cold War Rationality (in preparation)

Black Americans remain second-class citizens in access to housing finance

What we’re reading: As the shock of the UK referendum vote to leave the European Union continues to roil, a number of analysts see it as revealing dynamics of which all Western policymakers ought to be aware

The shift toward applied economics in the last 40 years is usually associated with the development of computers and datasets. Yet, the success of computer-based approaches is highly selective, and what computerization failed to change in economics is equally remarkable.

To get justice, targets must show measurable harm: economists can help.