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“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 Challenges to traditional patriarchy and outdated workplace behavior, like the #MeToo movement, are already shifting notions of what is acceptable.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

Mallaby’s research shows that Greenspan knew more about the looming perils than people realize.

Black Lives Matter movement co-founder Alicia Garza, addressing the Institute’s Detroit conference on the economics of race, placed the turmoil created by the 2016 election in the context of a backlash against the gains made by social movements challenging racial and social injustice. She argued that those movements now need, more than ever, “to show up for one another” at a local level to protect those gains

Frank Dikötter explores previously classified Chinese leadership documents, and attempts to set the record straight.

Lance Taylor explains how missing the big picture is too common in the field.

Over the past two hundred years, poor countries have become faster at adopting the technologies of rich countries. So why is it, the economist asks, that poor countries have remained poor, by and large?

Did you know that, around 1920, Cleveland, Ohio, had a technological cutting edge not unlike Silicon Valley today? You probably didn’t. Margaret Levenstein tells the story.

Excellence and Conformity in Economics: how to set the incentives straight

Entretien avec Gilles Yabi, directeur exécutif du Think Tank ouest-africain WATHI, sur la sécurité alimentaire en Afrique

“Conveniently for present purposes, Naked Capitalism posted a piece by political scientist Thomas Ferguson on the determinants of political decision making— that is, on the ‘product’ that elected representatives produce. The punchline: ‘money,’ as defined by the interests of corporate executives and oligarchs, is the overwhelming determinant of ‘political’ outcomes. Advancing the public will— the liberal explanation; or the public interest, the explanation offered for representative democracy, have no bearing. The longstanding practice of fitting political outcomes into these theoretical frames to ‘explain’ public policies is scientific malpractice given Mr. Ferguson’s findings.” —- Rob Urie