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There’s no turning back from humanity’s move to high-density living, says Ed Glaeser. The task of the century will be making cities more liveable.

What happens to Main Street when Wall Street fails? Japan expert David Weinstein squeezes a unique data set to answer this question.

This research project follows freed slaves from when they first applied for their land under the Southern Homestead Act until 1900 to learn how access to free land influenced their economic progress.

This research project develops, estimates, calibrates, and deploys a new class of stock flow consistent macroeconomic models to try to understand Ireland’s macroeconomic collapse since 2007.

The world won’t emerge from the pandemic until the pandemic is controlled everywhere, and this is a special concern because of the new mutations that are likely to arise where the disease is running its course. So too, the world won’t have a robust economic recovery until at least most of the world is on the course to prosperity. Global growth is far more muted now than then, and inward-looking policies in some of the nations where growth has been restored have resulted in an increase in their trade surplus, attenuating the global impact of their recovery.

Danny Quah—Dean and the Li Ka Shing Professor of Economics at the Lee Kuan Yew School of Public Policy in Singapore—talks to Rob about why the fast-moving “Ferrari” economy we’re used to is ill-suited for the pandemic, and why we now need a sturdier “Jeep” economy that can handle bumps in the road.

“A new international analysis by the Institute for New Economic Thinking found countries such as South Korea and New Zealand that focused on lockdowns early on in the pandemic, rather than preserving their economies, have gained control over the virus and are now seeing their economies grow, in contrast with the dire economic circumstances currently in the U.S.” — Mike Lugwig, Truthout

“Among those contributions, recent works highlight the deep, radical revision of axioms considered cystic: that hysteresis, the permanence of high unemployment rates over time, is a basic condition to keep inflation under control. Professors Walter Paternesi, Davide Roamniello and Antonella Stirati have empirically demonstrated that this thesis is not permanent and that long-term unemployment can be reversed without a significant spike in inflation (https://www.ineteconomics.org/research/research- papers / on-the-non-inflationary-effects-of-long-term-unemployment-reductions). Another flagship of themainstream that can fall apart.” — Carles Manera, The Worker

“Just now read this fascinating interview by Janine Jackson of fair.org (Fairness & Accuracy In Reporting) with Lynn Parramore of the Institute for New Economic Thinking on how hedge fund managers are damaging American companies by pushing company managements to do stock buybacks. Basically, stock buybacks force up the price of a stock, allowing shareholders to make megabucks when they sell. Such buybacks were difficult until the Reagan administration loosened the regulations in 1982. Why are stock buybacks bad ? Because they divert money from research, from new investments and innovation, and from raising wages. The interview with Lynn Parramore goes into the details.” — Daily Kos

“Texas’ leaders knew as of 2011 … when the state went through a short severe freeze, that the system was radically unstable in extreme weather,” wrote James K. Galbraith, of the University of Texas at Austin, in the Institute for New Economic Thinking. “But they did nothing,” he wrote. “To do something, they would have had to regulate the system. And they didn’t want to regulate the system, because the providers, a rich source of campaign funding, didn’t want to be regulated and to have to spend on weatherization that was not needed – most of the time.” That’s what happens when the private sector calls the shots. Money first.” — Richard Gross, Counterpunch

“Actual experience, as opposed to cost-benefit analyses of theoretical alternatives, further strengthens the case for suppressing the disease fully, where feasible. A recent paper from the Institute for New Economic Thinking, To Save the Economy, Save the People First, suggests why. A chart (reproduced here) shows that countries have followed two strategies: suppression, or trading off deaths against the economy. By and large, the former group has done better in both respects. Meanwhile, countries that have sacrificed lives have tended to end up with high mortality and economic costs.” — Martin Wolf, The Financial Times

INET’s Young Scholar’s Initiative (YSI) is holding its third plenary conference this November, this time all online. However, unlike most online conferences, the 2020 YSI Plenary is a true workshop for young scholars to get to know each other and to identify the most important economic questions for the near future. Rob Johnson discusses the project with YSI’s coordinators Jay Pocklington, Heske van Doornen, and Thomas Vass.

“Obviously, there’s serious work to be done in changing cultural norms. Dealing with this disrespectful activity requires a versatile toolkit. … Fortunately, cultural norms can change. Challenges to traditional patriarchy and outdated workplace behavior, like the #MeToo movement, are already shifting notions of what is acceptable. Lesley Stahl has been a respected journalist for 50 years. Which means she likely knows better than anyone else that gaining a seat at the table doesn’t mean much if you can’t be heard over the din.” — INET Senior Research Analyst Lynn Parramore

Economist Olugbenga Ajilore shows the high cost of the American government’s arming of local police with military weapons, which has exacerbated lethal use of force against black communities