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Over and over again, US government policies designed to transfer and create wealth and economic opportunity were restricted to whites by design.

Wishful thinking and tinkering won’t cut it. Nothing short of a mass mobilization for deep de-carbonization across the global economy can avert the looming climate catastrophe.

Professor Glenn Hubbard, professor of Finance and Economics at Columbia Business School, talks about his just-released book, “The Wall and the Bridge: Fear and Opportunity in Disruption’s Wake,” and how society and policymakers can help those who are left behind in the wake of today’s competitive world.

William Lazonick emphasizes that keeping workers productively employed is key to economic recovery from Covid-19 as well as a healthy economic future

William Darity, Jr. has a new key to unlocking the mystery of inequality: stratification economics.

The glass ceiling is typically examined in terms of the distribution of earnings. This column discusses the glass ceiling in the gender distribution of total incomes, including self-employment and capital income. Evidence from Canada and the UK shows we are still far from equality. Though the proportion of women in the top 1% has been rising, the progress is slower, almost non-existent, at the very top of the distribution.

“How could Michigan officials possibly talk about cutting the average $19,000-a-year pension benefit for municipal workers while reaffirming their pledge of$283 million in taxpayer money to a professional hockey stadium?

National States and Conflicting Economic Priorities in the Making of the European Monetary System

We need to ban stock buybacks, while building a movement for basic economic rights

The same angst that Americans and Europeans have about the future of jobs is an order of magnitude higher in Asia.

It’s not just Turkey­—from India to Indonesia, external financial liabilities are a looming threat

Did the global economic collapse in 2008 stem from structural failures in the capitalist system?

Excerpts from a draft introduction of Till Düppe’s and Roy Weintraub’s new book, under revision for Princeton University Press, presently carrying the working title “Finding Equilibrium: Arrow, Debreu, McKenzie and the Transformation of Economic Theory

A correspondent sends us to a column of Paul Krugman’s that asserts that “nobody understands debt”. Fair enough.

In the case of utility, it’s all in the name.

“This survey gives a voice to US health care workers who have been on the frontlines of COVID-19,” David Michaels, a professor of environmental and occupational health at the George Washington University and former administrator of the Occupational Safety and Health Administration, said. “Health care workers have valuable first-hand knowledge about this pandemic and this report offers recommendations that could help keep the U.S. on a steady course now and in the future.” …. Michaels and Melissa Perry, a professor and chair of the Department of Environmental and Occupational Health, provided guidance in producing the report. The McElhattan Foundation and the Institute for New Economic Thinking provided financial support for the survey and the report.” — George Washington University

Social scientists have stubbornly held that money and election outcomes are at most weakly linked. New research provides clear evidence to the contrary.

Repression in China today is at its most severe point since the aftermath of 1989. David Wu discusses the tensions inherent in a one-party state which is struggling to aspire toward a more predictable rule of law.

My friend and “grown-up kid” Yann Giraud just called my attention to Paul Krugman’s recent column, “Empire of the Institute”, on Roy Weintraub’s recently edited HOPE volume “MIT and the Transformation of American Economics” (to which three Playground kids contributed: Yann, Beatrice Cherrier and myself).

The future of macro, he says, may well make “the formation and revision of expectations an object of analysis in its own right.”

Dr. Victor Gurewich, a researcher and Harvard Medical School faculty member since 1965, discovered a breakthrough drug treatment for heart attacks and strokes with the potential to save millions, but institutional resistance and a U.S. healthcare system that puts profits over patients are keeping it out of reach.

We are happy to announce that we are offering a second run of the online course which aims to introduce graduate students and interested persons generally to the basic methods and topics of standard microeconomics as taught at the Ph.D. level — with a bit of ‘attitude’!

Janine Wedel charts the fast–evolving system of power and influence. Who is accountable? What are the remedies available to the average citizen?

One of the fundamental ideas of modern economics — that people have rational expectations, an unbiased, statistically correct view of the future — is, in reality, a simple hypothesis.

This research project provides insights into how the lending market and resale market for asset-backed securities could have broken down during the 2008-2009 financial crisis, leading to a near-collapse of the banking sector and to a significant decline in real loan activity.

This research project analyzes the determinants of wage share, taking account of country-specific institutional aspects, in order to contribute to the theory of distribution, combining insights from political economy, institutional economics, and industrial relations.

Breaking the Silence

Real Estate Investment Trusts (REITs) are considered “passive” investors and are exempt from corporate tax. But in reality, they play a very active role in reshaping whole industries, like healthcare.

We conclude that representing dynamic realism in such models is as important as – and far more empirically tractable than – continued debate about the monetization of climate damages and ‘social cost of carbon’.

How NAFTA led to GOP dominance of the American South

Throughout its first 10 years operation, the John Bates Clark medal was constantly challenged. Many young economists found it biased toward theory, and demanded the establishment of a distinct award for applied work.

The International Monetary Fund’s chief economist, Olivier Blanchard, recently asked a simple and important question: “How much of an adjustment has to be made by Greece, how much has to be made by its official creditors?” But that raises two more questions: How much of an adjustment has Greece already made? And have its creditors given anything at all?

An Open Letter to Tim Cook, CEO of Apple

Contrary to the dominant media narrative, social issues like racism and sexism on their own can’t explain Trump’s success.

This article originally appeared in The Sunday Times of London

Michael Goldberg was awarded last week the Todd H. Crockett Professor of Economics at the Peter T. Paul College of Business and Economics at the University of New Hampshire.

The YSI Keynesian Economics Working Group is co-hosting a PhD seminar at the Nordic Post-Keynesian Conference entitled “Economics at the Edge”.

“Rich economies have more resources to spare to prioritise saving lives. And Wolf reproduces the Institute for New Economic Thinking’s now famous chart that refutes the idea there is a “trade-off” between saving the economy and saving lives. On the whole, those states that prioritised saving lives also lost less economic output. China is the standout case. But it isn’t just about how rich an economy is. The same chart shows that the states that suffered the biggest losses of lives and output include Italy, Britain, Spain, and France. The US and Belgium aren’t far behind.” —Alex Callinicos

This research project demonstrates the ways in which fact and value are entangled in economic concepts and the implications of this entanglement for the ways in which various economic problems are approached.

This article originally appeared on Bloomberg

Friedrich von Hayek described the economist’s task as demonstrating how little we really know about what we imagine we can design

Eric Weinstein of Thiel Capital, a mathematician, physicist, and economist, explains the issues around economic thought and their potential consequences.

It’s day two of INET’s Conference in Bretton Woods and a new energy has filled the halls and sessions with the arrival of nearly thirty student attendees.

This paper analyzes the role of local spending, particularly on social welfare, and local inequality as factors in the Italian political crisis following the adoption in 2011 of more radical national austerity measures.

Our findings confirm the existence of a negative relationship between labor market slack and the wage share, and we find no tendency to return to a ‘normal’ unemployment rate associated with a stable wage share.

Increased borrowing by middle-class families with low income growth played a central role in rising indebtedness

Economics can be creative, it can be rigorous, it can be relevant.

What would it look like if women and other marginalized groups could fully participate in our economy and society?

Report to the Institute for New Economic Thinking on the statistical measurement and policy implications of the compensation of the highest- paid U.S. corporate executives

The largely unexpected arrival of the global economic crisis and the largely unpredicted slowness of the recovery from the Great Recession should be precipitating an intellectual crisis across economics and policy making. We require additional theories and additional methods to detect how an economy is evolving and to provide the basis for policy intervention (Haldane, 2014).

In the past decade and a half, state and local public employee retirement systems in the United States have significantly shifted their fund investment strategies toward a greater allocation in alternative investments. Today, roughly $660 billion of public pension funds are invested in hedge funds and private equity funds. These alternative investments typically require new governance structures within the pension funds in order to adequately monitor accompanying risks and returns, management fee arrangements and investment complexity.

Changes to deeply entrenched systems of unequal gender power dynamics, roles and relations, underpinned by patriarchal values, are part of an effective response to the prevention of sexual harassment and its economic consequences.

On 25 September 2015, the United Nations General Assembly adopted the Sustainable Development Goals (SDGs), an ambitious policy agenda that aims to eradicate poverty, in all its forms and dimensions, by 2030.

Can we learn something from philosophy students?

In the era of COVID and digital movements, strikes look radically different from traditional labor strikes

States can be sorted into two groups with statistically significantly different productivity regimes. In this sense, the US economy shows signs of dualism—which is the idea that the economy consists of heterogeneous units that exhibit different behaviors and levels of performance.

This essay critically evaluates the benefits and costs of the dominant methodology in macroeconomics, the DSGE approach. Although the approach has led to great progress in some areas, it has also created biases and blind spots in the profession that hold back our understanding and our ability to govern the macroeconomy. There is great scope for progress in macroeconomics by judiciously pushing the boundaries of some of the methodological restrictions imposed by the DSGE approach.

It is often argued that in recent years the question of the ‘dissemination’ of economic knowledge has been increasingly addressed by historians of economics.

When externalities are present and transaction costs are absent, private parties will strike welfare-enhancing deals regardless of who owns what. In a frictionless world, bargaining leads to efficiency. That is the essence of the Coase Theorem, and it is fiction, according to Steven Medema.

This research project examines the informational inefficiency of market prices in the presence of Knightian uncertainty or ambiguity by modeling the decision making of financial market traders.

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.

Yes, it is a tale of two nations, but in a much broader way than you think. Not just England and Scotland, but an equally salient parallel between Great Britain and Canada.

Why all of the fuss about a nonexistent emergency?

The “keys under the streetlight story” is well known among economists, but in case you haven’t heard it, it goes like this.

INET Advisory Board members Carmen Reinhart and Kenneth Rogoff today issued a response to recentcriticism of their paper “Growth in a Time of Debt.” Their response in full is below.

The best-known China bear says the emperor is not yet naked, but getting there.

Advisory Board members Carmen Reinhart and Kenneth Rogoff today issued a response to recent criticism of their paper “Growth in a Time of Debt.”

Famed short-seller is even more concerned with political fallout from Evergrande than economic/financial woes.

Back-room deals on corporate tax reform won’t increase growth

How does debt influence growth?

Institute for New Economic Thinking grantees Christian Belabed and Thomas Theobald and their co-authors have revived this old theory as a hypothesis to explain the apparent statistical link between rising income inequality and current account deficits.

This research project seeks to develop a theory of how bubbles and crashes can arise even when all agents are rational, informed, and trading in perfect markets.

Institute for New Economic Thinking at Oxford researcher Max Roser recently collaborated with world famous Swedish statistical showman Hans Rosling on the upcoming documentary ‘Don’t Panic: How To End Poverty In 15 Years’.

The Institute will host the Winter School on Law and Finance at Columbia University’s Global Center in Paris on January 6-9, 2014.

How once-promising Black upward mobility reversed course, and what can be done about it

The Cyclically Adjusted Budget (CAB) is the estimated size of the public budget at some previously defined level of output which may represent the ‘normal’ output or a policy target and that usually is considered to be unaffected by business fluctuations or cycles. Such an estimate is supposed to isolate the automatic movements of revenues and expenditures, given the current structure of tax and transfers, from discretionary fiscal interventions and indicate the “impact” and sustainability of fiscal action.

Unpacking the relationship between exploitation and group identity, Folbre offers a nuanced perspective on societal structures, and the pressing need for cooperative strategies to address global crises. Her insights pave the way for a more equitable and sustainable future in this illuminating discussion on intersectionality, political economy, and social justice.

Research on labor market experience does not explain the link between the volatility low-wage workers encounter and their earnings and it leaves open numerous pressing questions, such as what, if anything, can be done to reduce racial and ethnic differences in economic well-being.

Decades before it caught on with other economists, Sadie Alexander was the first economist to recommend a government jobs guarantee in the US

Behind bogus promises of job creation and economic growth lies a dangerous agenda to shred social safety nets.

Trump’s withdrawal from the Paris accord sets the US economy back

The Chicago School has long used bankrupt assumptions to strangle antitrust policy

This research project examines how the spatial pattern of inequality in US cities shapes the provision of public transit and more broadly the prospects for a more equitable and sustainable transportation policy.

Joseph Stiglitz, noted economist, Nobel Laureate and Institute advisor, had a letter published in the Financial Times yesterday. In it, he noted the need for new ways of thinking about economics, and how this can be achieved.

Please join us for a discussion with Geoff Mann, INET Senior Fellow and author of Climate Leviathan: A Political Theory of Our Planetary Future, on how the coronavirus pandemic might (or might not) teach us to prepare for a life on an increasingly hot planet.

The social cost of America’s economic royalty

Industrial organization economists have caused antitrust to cling to an antiquated and disproven economic theory.

The IRA has the potential to rectify the imbalance between public benefit and private incentives

Everyone at INET is saddened by the news that our colleague Lance Taylor passed away on Monday, August 15th, 2022. His loss leaves a giant hole in our hearts as well as in the field of economics. His talents and achievements were prodigious and we will miss his cheerful and inspiring presence. Words help little on such occasions, but we would like to extend our condolences to his wife Yvonne, and his children Signe and Ian.

“What I’d really like to see going forward is some sort of vision which is inclusive and forward-looking in the medium and long term about all these kinds of aspects welfare; health, education, environment. In the past, we’ve had a situation when we’ve looked at other countries which have made this transition to more advanced economies. They have always had some element of industrial policy thinking through how they actually going to shift their populations from low-productivity to high-productivity. Currently, I think we’re doing things with a hope and a prayer. Our growth models have fizzled out so far. What we’re looking for is something in the next three to five years which will be aimed at re-opening new markets, more inclusion, and really ensuring the wealth of a much much larger fraction of the population than we are currently doing.” — Arjun Jayadev, Bloomberg “Jayadev, a professor of economics at Azim Premji University, said India has returned home this year after decades of failure in providing access to quality health care for a large part of the population. If there is a silver lining, then the crisis will give the country a chance to “build better,” in the words of Jaydev. This includes at least three elements – an environment that is closely linked to health outcomes, with a medium-term plan to keep health and education spending at a consistently high level. – aimed at improving the quality of the environment and, finally, committed to support. one-third of these elements are something similar to a city employment program. The budget could also help immediately by universalizing the PDS and supporting revenues through direct remittances, Jayadev said. “Overall, short-term relief and long-term structural focus will help transition to a more inclusive and vital growth strategy that is missing in the current vision.” — Pallavi Nahata, Bloomberg

John Kay shares findings from his new book, Other People’s Money, and his insights on changing the financial sector.

Michael Greenberger discusses the current state of play of regulatory reform and gives a barely passing grade.

Between July 5th and 12th, the second annual summer school in development economics, jointly sponsored by Azim Premji University and the Institute for New Economic Thinking, was held in Bangalore, India.

A panel discussion with Professor Jonathan Wolff (Blavatnik School) and Dr. Craig Holmes (Pembroke College, INET).