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Economist Darrick Hamilton and Institute President Rob Johnson discuss “stratification economics”, which addresses the failure of orthodox economics to see, explain and point to remedies for persistent racial inequality.

The central concepts of Keynes’ macroeconomic theories concerning the behavior of labor markets, aggregate demand, and asset pricing can be formulated as special cases of a general social interaction model.

We develop adjustments to align the NIPA measures of key household flows with cash flow concepts that better reflect household budgets and demand.

Uncertainty is an unavoidable feature of economic life, although we may cope with it sometimes by ignoring it. Institutions, conventions and behaviour are all conditioned by uncertainty, and they in turn condition uncertainty in a reflexive manner.

Using datasets on transactions within business groups and social sentiment in China, I show that state-owned enterprises (SOEs) use internal funds to address social unrest, complying with the government’s political goals.

Cryptocurrency is one of the hottest topics in finance, yet it is often misunderstood, both by the general public and self-proclaimed “experts.” In this collection, members of the INET community offer a broader look at the economics of cryptocurrency, and money itself.

In the paper that we present this afternoon, Soren Johansen, Anders Rahbek, Morten Tabor, and I introduce the Qualitative Expectations Hypothesis (QEH) as a new approach to modeling macroeconomic and financial outcomes.

The concern that an economy could experience persistent, and in some sense unusual, weakness goes back to Keynes’s General Theory and led Alvin Hansen to coin the term “secular stagnation.”

At the heart of economics is a theory of action. It reflects views about how human beings make economic decisions and leads to an analysis of aggregate consequences.

State and market are often depicted as distinct, even antagonistic. Markets appear as natural products of spontaneous ordering; states as leviathans that if left untamed will distort, if not destroy markets’ natural state.

It is impossible to ignore material inequality. Wealth, and the goods that come with it, are accumulating at the top of society while others seem to be struggling in the middle and bottom.

Are existing institutions up to the task? Is the nation-state an obstacle, and if so how do we overcome it? What would alternatives look like, and how would we realize them?

Recognizing that inflation of the value of output and its costs of production must be equal, we focus on a cost-based macroeconomic structuralist approach in contrast to micro-oriented monetarist analysis.