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INET’s new data archive of historical political finance records at the National Archives assembles all campaign finance reports filed by political parties and presidential candidates up to 1974, the year before the Federal Election Commission was established.

There is much for U.S. authorities to learn from the European example of forcing corporations to pay their fair share of taxes, but more far-reaching oversight of executives’ allocation of resources is also required

Faced with a shrinking list of options to trim the budget, Republicans are now eyeing Medicaid - but will that fly among Trump supporters?

Do we need to rethink the teaching of economics?

Here we are, some 7 years after the Great Financial Crisis, and not one senior banking executive has gone to jail.

The Bank of England took the first step in putting the brakes on the surging property market as it scrapped the United Kingdom’s flagship initiative that encourages mortgage lending, introduced earlier this year by Treasury minster George Osborne.

“…the prohibition on negotiating price was kind of a poison pill in the original Medicare Act.”

Recent empirical findings suggest that macroeconomic variables are seldom normally distributed.

Research funded by the Institute for New Economic Thinking has revealed that the SEC reports executive compensation using a formula that routinely undercounts it

The Economist pays tribute to Hyman Minsky, whose ideas on financial instability have not been given the attention and prominence they deserve

New research shows that access to elite colleges varies by parents’ income—reinforcing inequality across generations 

Institute President Rob Johnson interviewed by the New Yorker on hedge-fund managers and the market for air strips in New Zealand

The condition of the Chinese economy is increasingly becoming a significant factor exorcising the minds of global policy makers.

The Future of Economic Growth in a Multispeed World

The 5th edition of the Law Economics Policy Conference (LEPC) is jointly organized by the Institute for New Economic Thinking, INET and FLAME University.

Actors, activists, and co-founders of the WeAre Foundation, Ashley Monet and Brandon Dixon, talk to Rob Johnson about how Detroit can once again become an engine of American culture, ingenuity, and progress.

John Ralston Saul, writer and political philosopher, talks to Rob about citizenry and society in light of COVID-19. They discuss models for civic engagement that could better tackle the pandemic, as well as other social problems, such as poverty and inequality.

At least since Joseph Schumpeter we know that credit is good for economic growth. At least since 2007 we know that too much credit foreshadows financial turmoil.

Anat Admati, author of The Bankers’ New Clothes: Whats Wrong with Banking and What to Do about It, talks about how to fix our broken banking sector.

By integrating the history of industrial development in Britain and the United States with the ideas of leading economic thinkers, this essay demonstrates the absurdity of perfect competition as the ideal of economic efficiency.

When the adoption of a new labor‐saving technology increases labor productivity, it is an open question whether the economy adjusts in the medium‐term by decreasing employment or increasing output. This paper studies the effects of cheaper electricity on the labor market during the Great Depression.

This research project elaborates an original model of Keynesian demand-led growth and communicates Keynesian macroeconomic insights to a broad and diverse audience.

This research project aims to better understand the impact of various forms of central bank communication by blending techniques from psychology and political science.

It’s time to rethink the narrative and recognize the real legacy of forced labor.

Workers, innovation, and productivity all suffer when corporations spend their new U.S. tax breaks on stock buybacks.

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

Like Republicans with political polls, unemployed Black workers are underrepresented in federal employment data because of non-response.

Updating Hawtrey for the Shadow Banking System

As a matter of accounting, if the U.S. as a whole buys from the rest of the world more than it sells to the rest of the world, then it must, on net, also be borrowing from the rest of the world. Perry has previously put this into a money-view context.

Asset markets are indispensable in harnessing society’s diverse views and insights about future business performance. But those views are shaped as much by emotion and crowd mentality as by rational expectations.

This research project investigates how economists sought to make their science more relevant to real-world issues and policy design from the mid-1960s on, by becoming “applied economists.”

This research project seeks to understand the linkages between the changes in the financial economy and the behavior of households in the real economy.

This research project organizes a systematic database of policies implemented in response to crises, focusing on fiscal and monetary measures, in order to identify policy action rather than simply looking at endogenous outcome variables.

This research project argues that economics currently lacks the capability to assess when mathematical modeling, on its own, is a sufficient means for understanding a given set of social phenomena.

This research project addresses in depth the questions of the nature of economic uncertainty, with the aim of revisiting from a new perspective many of the questions that have been raised by the recent crisis both in finance and macroeconomics.

Where are the US and Europe now and where could they be going?

An analysis of gun lobby contributions to Republicans and Democrats

“Calculations by Phillip Alvelda, Thomas Ferguson and John Mallery, which have just been published by the Institute for New Economic Thinking, suggest how scary the choice between life and business is in the corona crisis . A comparison of all possible countries and strategies over the past year then gave a fairly clear picture: Those who consistently aimed to stop the epidemic through hard lockdowns have significantly fewer deaths - even if they initially suffered greater economic damage; while it is with countries like the UK it was exactly the opposite, which initially hesitated with the lockdown and raised all the more money to avoid economic damage. With the fatal result that precisely because of this, the second wave became all the more violent - and economic output collapsed in the end. Conclusion of the study: The more negligent governments allow the pandemic to work in order not to harm the economy, the more the economic costs will pile up over time and ever new waves. Almost no matter how hard these rulers and central bankers try to counter it with economic stimulus programs. The damn virus finds activity between people (also economic) pretty good.” — Thomas Fricke

The relatively new field of inequality studies is gaining increasing momentum as economic disparity grows throughout the world, in advanced countries as well as less developed ones—especially in the United States.

The YSI Working Group on Economic Development, the Greenwich Political Economy Research Centre (GPERC) of the University of Greenwich, and the Foundation for European Progressive Studies (FEPS) would like to invite you to a talk by Professor Tim Jackson. 

RSS PUBLISHED TO eState4Column5©2013 Political Economy Group DK PEG Anti-Capitalist Chat TAGS Culture Economy Employment Media MMT PoliticalEconomy publicpolicy stagflation WhiteHouse Share this article Let real wages (of $15+/hour) grow faster than labor productivity for some years, undoing the wage repression of the last decades. We have been misled by neoliberal economics for now many decades, it’s time to turn many things around in what is becoming a second-rated US economy, recently crippled by the malevolent and narcissistic “king of debt”. In economics, stagflation or recession-inflation is a situation in which the inflation rate is high, the economic growth rate slows, and unemployment remains steadily high. It presents a dilemma for economic policy, since actions intended to lower inflation may exacerbate unemployment. The biggest risk for the stock market in 2021 is inflation, according to Morgan Stanley. Unprecedented radical spending by the federal government and the Federal Reserve, to stave off a panic-induced market crash, helped artificially drive stocks to temporary new highs last year. www.laloftblog.com/… For some, the math bore out the possibility that exuberance was rational even if the economy is always more irrational than its math. “The Lucas fantasy of costless disinflation from credible commitments in an ergodic world of rational agents was decisively falsified long ago.” The underlying problems of supply shocks related to Trumpian idiocy atop bailing out the banksters may have made the economy much worse. The pandemic has only made a bad situation worse, or made more of us myopic in our isolation. Paul Krugman has now taken the time to question the orthodoxy of stagflation. Darn economic orthodoxy being wrong since the 1970s. Let me start with the inflation story the way most economists, myself included, have been telling. In the beginning was the Phillips curve: the apparent tradeoff, fairly visible in the data, between unemployment and inflation. In the 1960s many people looked at that tradeoff, considered the mild costs of inflation versus the benefits of lower unemployment, and argued for monetary and fiscal policies aimed at running the economy hot. But in a hugely influential speech Milton Friedman made an argument also independently made by Columbia’s Edmund Phelps: the unemployment-inflation tradeoff wasn’t real, because any sustained effort to keep unemployment low would lead not just to high inflation but to ever-accelerating inflation. They claimed, specifically, that people setting wages and prices would begin marking them up to anticipate future inflation, so that the inflation rate associated with any given unemployment rate would keep rising. They predicted, in particular, that the course of the economy over time would look something like this: https___bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com_public_images_81db75c8-59f2-4b95-a60a-fe404a50c119_914x5331.png First, a government would push unemployment down; but this would lead to ever-rising inflation, which would stay high even as the economy cooled. So it would take a sustained period of high unemployment to get inflation down again, until finally unemployment could be brought back to a sustainable level. So their analysis predicted “clockwise spirals” in unemployment and inflation. Then came the 1970s: https___bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com_public_images_1d91277a-44fe-422b-b0c3-f1dfa8fb7428_933x5501.png This sure looked like a dramatically successful out-of-sample prediction — sort of an economics version of “Light bends!” Almost everyone in the economics profession took the Friedman-Phelps analysis as confirmed. This in turn had big practical and intellectual consequences. First, governments and central banks stopped pursuing low unemployment, believing that excessively ambitious stimulus caused the stagflation of the 1970s. They began aiming for stable unemployment around the NAIRU —non-accelerating-inflation rate of unemployment — instead. Second, since the Friedman/Phelps prediction was based on trying to assess what rational price-setters would do, their apparent success gave a big boost to the notion that all economics should be based on maximizing behavior. Friedman always had too strong a reality sense to personally go down the rational-expectations rabbit hole that swallowed much of macroeconomics, but given the law of diminishing disciples it was bound to happen. Third, the whole affair gave a boost to conservative ideology. We had seemingly seem a demonstration of the limits to government action; also, the Chicago boys had seemingly been proved right about something big. (I remember classmates in grad school saying “They were right about this. Why don’t you think they’re right about the rest?”) Finally, the Volcker disinflation of the 1980s — using high unemployment to end high inflation — became, in many minds, the model of what responsible policymakers should do: make tough choices for the sake of the future. BUT WHAT IF WE’VE BEEN TELLING THE WRONG STORY ALL ALONG? […] But suppose something like this is true. In that case, the narrative that saw stagflation both as the cost of excessively ambitious macroeconomic policy and as a vindication of conservative economic ideas was mostly wrong. And that matters not just for history but for policy right now, which is still to some extent constrained by the fear of a 70s repeat. How do you ask someone to be the last worker to be unemployed for a mistake? paulkrugman.substack.com/… The reality in a response by Lance Taylor and Nelson Henrique Barbosa Filho is that “For practical purposes, the results mean that, for the Fed to meet its inflation target, it would be necessary to let real wages grow faster than labor productivity for some years, undoing the wage repression of the last decades. Biden’s $15 minimum-wage proposal is a correct step in that direction.” This is despite so many economists taking an opposite, more cautious position. — Daily Kos

“The aim would not be to unravel a hidden coherent structure of the philosophical, theoretical, political dimensions of his work, but to give a sense of the contingencies that his work was subject to – both in terms of its origins and its receptions. Don’t make up an Arrow that he himself was not aware of.” -Till to me, email conversation on Kenneth Arrow, summer 2012

Jamie Galbraith and I rarely agree. But we agree here.

How does the law interact with finance? Katharina Pistor on the paradoxical relationship between law and finance.

A student of microeconomics learns that any desirable efficient market allocation can be sustained by a competitive equilibrium (the Second Theorem of Welfare Economics), given appropriate lump-sum wealth redistributions. This is typically understood as a means to correct unfair market outcomes. What are the real world implications of the second theorem? How well does it address distributional concerns?

INET co-founder William H. Janeway has been granted the honorary award of Commander of the Order of the British Empire (CBE) for services in education and for his support of the University of Cambridge.

Eileen Appelbaum, co-director of the Center for Economic and Policy Research, and Rosemary Batt of Cornell University, talk about an INET-supported study on the dramatic impact that private equity funds are having on everyone’s medical bills and on the healthcare industry as a whole

In the second of a two-part interview, Rob Johnson talks to author, activist, and former Black Panther Party chairwoman Elaine Brown about her music, her housing work and entrepreneurship in Oakland, CA, and the political moment.

INET experts discuss how financialization has driven up costs of healthcare—and how we can stop it.

Everyone is waking up to the fact that estimates of what is possible in the economy are way off: this paper explains why

The Rise of China and the Future of WorkArtificial intelligence could replace routine jobs but allow us to “pursue dreams”

Economists aren’t born, they’re made. Irwin Collier digs into archives to find out how Paul Samuelson and his generation were made.

This research project discovers how real people, not just the abstractions of traditional economic theory, respond to various possible policy interventions aimed to bring climate change under control and thus which policies will have the biggest impact.

Behind all the technical language and the common theme of bashing bankers, there remains the Great Divide between Germans and the rest.

The Boston University Global Development Policy Center is a policy-oriented research center working to advance financial stability, human well-being and environmental sustainability across the globe.

Storm argues the AI data-centre investment boom is creating a bubble that will be socially and financially expensive when it pops.

Can Economists Be Adequate Without Studying History?

Yesterday the Chancellor of the Exchequer (or UK ‘finance minister’) gave his annual budget speech where UK fiscal policy is set for the coming years.

The YSI Political Economy of Europe Working Group invites young scholars to partake in a Research Seminar aiming to investigate the interplay between fiscal policy in the European Union and domestic social policies of its member states. 

This year the YSI participation at the Trento Festival of Economics will be different. There will be no panels with talks that are too long, actually, there will be no talks at all… Welcome to The Trento Experiment!

What can we learn from the Vietnamese, Cuban, Rwandan, and Syrian refugees crisis?

Bailout, Default, or Plan C

The Consumer Welfare Standard of antitrust is outdated and defective

The path to sustainable and just climate transition globally cannot happen without meaningful actions and cooperation between the US and China – the world’s largest economies and carbon emitters. What can we expect from US-China climate relations?

This paper describes the broad evolution of inequality in the world economy over the past four decades, and provides a summary account of the relationship between inequality, economic development, political regimes and the functional distribution of income.

The current economic and financial crisis, and it is both, has already imposed great costs on the global economy. Nor is there any guarantee that we have seen the worst and that recovery is now assured.

But not by him

Financial Globalization and the Nation State

The International Human Dimensions Programme on Global Environmental Change (IHDP) recently published the Inclusive Wealth Report 2012, in which the authors propose a measure of wealth based on the stock of capital present in a country, as opposed to the flow measure of GDP.

This study group aims to reflect on international economic growth, sustainable development and the evolution of economic thinking around capitalism and enterprise through the analysis of a selected multidisciplinary bibliography.

Subcommittee hearing: When Health Care Becomes Wealth Care: How Corporate Greed Puts Patient Care and Health Workers at Risk

Will the “Celtic Tiger” re-emerge or is Ireland’s recovery stunted by austerity programs?

We can change who we are. We can improve ourselves in various ways, and we can give ourselves possibilities to grow intellectually.

In a recent column in the Huffington Post, INET advisory board member Jeffrey Sachs made the case that the economic debate in Washington has become “stale” and politicized - and needs to be reframed. This is poignantly relevant to INET, as we begin to make headway on helping to create a new economic paradigm.

Influential music and film producer Shep Gordon (named among the 100 most influential people by Rolling Stone) discusses how he helped bring the art of cooking to public awareness, what makes for true happiness, becoming a father to Benjamin at over 70, and the importance of power and innocence. Subscribe and Listen on: Apple Podcasts | Spotify | Stitcher | Google Podcasts | YouTube

Technology will ruin America if we don’t compensate for its impact, warns Andy Stern.

As the European Union Commission readies itself for a new round of budgetary recommendations, INET senior economist Orsola Costantini warns that that the debate over how those harsh fiscal constraints are to be determined is based on a formula that masks political choices as technocratic imperatives.

The British Corn Returns data provided the empirical basis for the fierce debate around the introduction and repeal of the 19th century British Corn Laws. Contemporary readers, like David Ricardo and Thomas Malthus, followed them as closely as stock market prices of today. Much of 19th century political economy rested on contemporaries’ interpretations of this data.

A new interdisciplinary research center to explore and challenge conventional economic thinking has been created by the Oxford Martin School in collaboration with the Institute for New Economic Thinking (INET).

In March the US government authorized the largest domestic bailout in history. Who were the real winners and losers of this bailout? Pulitzer Prize winning reporter Jesse Eisinger has been following the money.

While policymakers around the world are in fire-fighting mode, trying to keep the economies in their charge running and the mysterious pandemic under control, the global terrain beneath our feet is shifting. Which countries will emerge as winners and losers in the new global landscape?

Peter Coy, in an OpEd for the New York Times, cited Servaas Storm’s INET working paper criticizing Bernanke and Blanchard’s inflation explanation.

“The much-touted “new thinking” on fiscal policy and debt is actually very thin and little of it is new. In the 1990s, economist Luigi Pasinetti clarified the folly of the proposed Maastricht criteria for public finances and forecast the coming disaster with those. Subsequently, many economists, including more than a few working with the Institute for New Economic Thinking, showed in detail how austerity reduces potential output over time and how absurd theories about Phillips Curve trade-offs lead to big underestimates of real rates of unemployment. Running below full employment for long periods blows big holes in public finances and thus piles on debt.” – Thomas Ferguson

“If companies continue to prioritize maximizing shareholder wealth at the expense of other key stakeholders, and at the expense of investing in innovation, then the Green New Deal could reinforce long-standing income and wealth inequities and the decline in innovation in the U.S. economy (for an important example, Bill Lazonick and Matt Hopkins document how maximizing shareholder value minimized the strategic national stockpile for ventilators and personal protective equipment).” —Lenore M Palladino

Rob talks to Benjamin Grant, the founder of Overview, a company that utilizes satellite and aerial photography to study the impact of humanity on the planet and how the planet affects humanity. They discuss the ways that the pandemic is affecting Earth as a whole—from CO2 emissions to water quality—and how humanity can work together as a global commons.

“INET has supported a lot of brilliant academic work in areas such as Imperfect Knowledge Economics, financial regulation, human development, and environmental economics. Such research has helped to discredit the ideas – such as “perfect” competition, “efficient” markets, and “rational” expectations – that formed the ideological foundations for laissez-faire microeconomics, monetarist central banking, and irrational pre-Keynesian fiscal policy, especially in Europe. As such, it has done as much as INET’s other work – including policy research, academic community-building, and deepening collaboration with the International Monetary Fund, the OECD, and other official institutions – to end market fundamentalism’s intellectual monopoly.” — Anatole Kaletsky, Project Syndicate

This is a response to a critique by Paul Davidson of our 2013 book Keynes: Useful Economics for the World Economy and related work, where we describe, amongst other things, how the Swan diagram can be used to show how economies can use policy tools to achieve internal and external balance.

Are there more poor people on our planet today than there were last year? Many economists would approach this question as mainly a technical problem, a matter of counting.

This research project develops a rigorous new theoretical way to study controls of international capital flows and determine their optimal magnitude using a promising new empirical methodology.

This project studies a broad array of financial institutions to discover the impacts of financial regulations on functionally efficient finance, productivity growth, and income distribution.

This research project develops a software program for economic simulation that makes it easy to develop dynamic, monetary models of the macro-economy.

This research project develops an operational measure of systemic risk, as an input into the policy process by capturing the interaction of private and governmental sources of systemic risk during and in advance of the crisis.

What does economic inequality look like when we account for gender identity, sexual orientation, and lived experience?