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This paper applies Schein’s model of organizational culture to financial firms and their prudential regulators.

This paper analyzes what assumptions on formation of expectations are consistent with Minsky’s Financial Instability Hypothesis (FIH) and its corollaries.

We provide an explanation for the large spatial wage disparities and low male migration in India based on the trade-off between consumption-smoothing, provided by caste-based rural insurance networks, and the income-gains from migration.

Transparency and ethics are critical.

Darrick Hamilton calls for spreading the benefits of asset-ownership to all Americans.

Europe’s leaders must recognize that the EU is on the verge of collapse. Instead of blaming one another, they should pull together and adopt exceptional measures.

The U.S. economy is widely diagnosed with two ‘diseases’: a secular stagnation of potential U.S. growth, and rising income and job polarization. The two diseases have a common root inthe demand shortfall, originating from the ‘unbalanced’ growth between technologically ‘dynamic’ and ‘stagnant’ sectors.

Since the dawn of this millennium, and long before the current financial turmoil and the subsequent bitter pill of austerity therapy hit the Untied States and the European Union, the Chinese Communist Government has publicly recognized the monumental challenge of polarity.

My remarks today will be focused primarily on features of the developed world’s financial system which led to the crisis of 2008 and to the Great Recession that followed, from which we are only slowly and painfully emerging.

Price Inflation, Marginal Cost Pricing, and Principles for Electricity Market Redesign in an Era of Low-Carbon Transition

Last week Goldman Sachs published a note in favor of the Fed’s adopting a formal nominal GDP target, while Fed-watchers caught a whiff of a possible change in policy in the works.

“Ransomware demands have increased exponentially in the last six months, according to Melissa Hathaway, president of Hathaway Global Strategies and a former cybersecurity adviser to Presidents George W. Bush and Barack Obama. The average ransom demand is now between $50 million and $70 million, Hathaway said. While those demands are often negotiated down, she said companies are frequently paying ransoms in the tens of millions of dollars, in part because cyber insurance policies cover some or all of the cost. She estimated that the average payment is between $10 million and $15 million.” — Kartikay Mehrotra and William Turton, Bloomberg

Rob talks to activist and author Naomi Klein and to documentarian Avi Lewis about how the pandemic has spurred the “shock doctrine”: the sudden imposition of neoliberalism and austerity in response to a crisis. They also discuss the possibilities of a new international solidarity around a global Green New Deal.

William Spriggs, the AFL-CIO’s chief economist, talks about the inadequacies of the pandemic economic rescue package and how mainstream economic theory continues to fail everyone, but especially Blacks

Alan Light, veteran music journalist and host of “In The Light” on SiriusXM, talks to Rob Johnson about the social and political role of music and its relationship to youth culture over time. Light and Rob discuss how the silo-ization of music subcultures has faded in the streaming era, and how social media influencers are challenging musicians for the central place in youth culture.

This research project improves the mathematical capabilities of non-Neoclassical economics and uses modern techniques from nonlinear dynamical systems to model the expansion and contraction of credit and its effect on real economic output and asset prices.

This research project builds a new generation of models fit to analyze and manage the challenges of governing globalized and interconnected economies.

This research project constructs new measures of slavery as a state-sanctioned property rights institution and documents how slavery impacted economic development in US history.

Out of Ammunition? A discussion on central banking and secular stagnation with Larry Summers and Adair Turner

Andrew Smithers responds to Lance Taylor’s rebuttal.

Slight increases in national-average earnings for older workers mask long-run stagnation and decline in Michigan, Ohio, Pennsylvania and Wisconsin – states that unexpectedly voted for Donal Trump

How Penrosian Learning Confronts the Neoclassical Fallacy

This year’s American Economics Association conference featured INET researchers, a cocktail reception, and a new interactive poll 

Gisele Huff, education policy specialist and president of the Gerald Huff Fund for Humanity, along with john a. powell, director of UC Berkeley’s Othering & Belonging Institute, talk about the motivations and process behind the soon-to-be-released report, “Convening on Automation, Opportunity, and Belonging: Vision and Foundations for a Better Society.”

The global financial crisis—and the Great Recession that followed—have inflicted tremendous economic and social damage across the world. Thankfully, we now appear to be on the path to recovery—though it remains sluggish and uneven, and in need of continued policy support in many advanced economies.

We need a dual approach to AI: steer technology in the short term while building new systems for the long term.

What is the purpose of markets?

Leijonhufvud has questioned the flawed fundamentals of economics. And he has explored the spread of contagion in undermining the web of contracts that are the basis for capitalism.

The organizers of Duke’s Summer Institute on the history of economics were so worried that students might be embarrassed to ask their supervisors for a letter of recommendation, or that the supervisors would say it’s a waste of time to study history, so they took a last minute decision to cancel the need for a letter of recommendation.

Individual EU member states ought to issue perpetual bonds

New findings show that hourly wage-rates in China are higher than in middle-income countries and are approaching the levels of Greece and Portugal

It is a shame that Greece was unable to manage its finances and is now slipping into chaos. But this outcome was inevitable and could not be permanently averted with loans from the international community.

The twin threats of right-wing populism and unencumbered financial capitalism pose a crisis for democracy across the world, argues Robert Kuttner in his new book, Can Democracy Survive Global Capitalism?

This project brings new mathematical tools and ideas from high-dimensional statistics to bear on the problem of creating reliable macroeconomic forecasting models.

This article proposes a new “Concentric Circle framework” which would improve workers’ access to civil, labor, and employment rights.

We assess the Carbon-Kuznets-Curve hypothesis using internationally consistent and comparable production-based versus consumption-based CO2 emissions data for 40 countries (and 35 industries) during 1995-2007 from the World Input Output Database (WIOD).

Inspired by the Coasean “market vs firm” dichotomy, we offer a new definition of efficiency by applying the notions of network cost and network efficiency as developed in complex network theory.

This paper proposes a theoretically based and easy-to-implement way to measure the systemicrisk of financial institutions using publicly available accounting and stock market data.

“Pressley’s resolution builds upon the academic intellectual framework developed by advocates like Dantas and Wray, as well as the ongoing civil rights demand for federally guaranteed jobs, which can be seen in the 1963 March on Washington for Jobs and Freedom (where the Rev. Dr. Martin Luther King, Jr. gave his “I have a dream” speech) and indeed long before that. It also draws on the work of Sadie Alexander, recognized as the nation’s first Black woman economist. Speaking at Florida Agricultural and Mechanical College in 1945 (as noted by Professor Nina Banks, blogging at the Institute for New Economic Thinking), Alexander described full employment as a way to address the nation’s economic and racial imperatives.” — Marin Levine, Nonprofit Quarterly

Nina Banks assesses the legacy of the first African-American economist in the United States

Xavier Gabaix argues that public policies should prioritize alleviating deprivation at the bottom over narrowing the rich-poor gap 

This paper provides a careful and synthetic overview of his contributions as well as a reconstruction of Pasinetti’s philosophical approach to economics as a science meant to serve humanity.

The Nobel Memorial Prize defines high achievement in economics, and it validates the discipline’s claim for scientific authority. And yet, historically, it can be understood as a reflection of domestic policy conflicts in Sweden.

This research project establishes a long-run global picture of economic inequality as revealed by fiscal records and analyzes the long-run drivers of inequality as well as the distributional impact of banking crises.

This research project aims to change the conventional wisdom about how global banks take and manage risks and generate ideas that are both innovative and useful to realistic thinking about policy.

This research project captures systemic risk of the credit market by combining information about the level of fragility of individual economic entities with the network structure of their mutual credit exposures.

This research project investigates the influence of economic doctrines on policy norms in recent decades through analysis of the history of the Nobel Prize in Economics.

This research project recounts the intellectual history of the dollar as an international reserve currency, starting with World War I, which brought the international gold standard to an end, and continuing all the way up to the present global financial crisis.

Featuring sessions on Oil Shock and the Global Economy, Sovereign Wealth Funds, and the Political Economy of Oil.

As young scholars we are confronted with many challenges: publishing, teaching, the job market, work-life balance and institutional barriers, often we face these demands alone and without much institutional or even moral support.

Recent rulings are rolling back federal regulatory authority, echoing past constitutional battles over administrative governance.

Why are life-saving drugs so expensive—especially when taxpayers already fund much of the science behind them?

A Global History

New approaches are being developed, but efforts are fragmented and need to be brought together if we hope to piece together a paradigm. 

In an Al Jazeera documentary “In Search of the Great American Job”, Institute scholar William Lazonick offers some arch insights into the relationship between financialization — particularly the “shareholder value” ideology in corporations, which drives the transfer of profits to shareholders through stock buybacks — and job creation and inequality.

An Interview with the Author of “The New Lombard Street: How the Fed Became the Dealer of Last Resort”

Good incentives are no substitute for good citizens.

The Institute for New Economic Thinking (INET) today announced a significant infusion of funding that over the coming years will make the organization self-sustaining and enable INET to dramatically expand its global reach, scale, and scope.

Conspicuous Consumption in the US & Germany

“Dualism” in the structure of production across sectors of the US economy, employment by sector, productivity levels and growth, real wages, and intersectoral terms-of trade increased markedly between 1990 and 2016.

Nicola Sturgeon covers a range of topics including how economists’ work relates to policymaking, the financial crisis and the dangers of groupthink, how dissatisfaction with stagnating wages and rising inequality played into political shocks like Brexit, the legacy of Adam Smith, why new economic thinking is so important, and what her government is doing to foster and apply it. 

What Donald Trump does well, Professor john a. powell explains, is link economic concerns with ontological and racial concerns among his voters. Many economists and social justice activists, by contrast, try to reduce racial concerns to economic and class concerns. His presentation demonstrates the centrality, conscious or unconscious, of belonging and ‘otherness’ in comprehending the structures of society.

The SSGAC is a research infrastructure designed to stimulate dialogue and cooperation between medical researchers and social scientists. The SSGAC facilitates collaborative research that seeks to identify associations between specific genetic markers (segments of DNA) and behavioral traits, such as preferences, personality and social-science outcomes.

Central banks strongly favored rentier incomes in their reaction functions

Has the euro experiment largely failed to meet the needs of the people who use it? If so, what can be done? Andrea Terzi suggests innovative ways to repair the Eurozone’s flawed fiscal architecture.

Greece: reculer pour mieux sauter

This time is different. But is it?

Economists offer widely different explanations for the decline in trade between nations, in a debate that remains unresolved but is increasingly urgent

Trevon Logan discusses the impact of structural racism in health and economics

Nicola Sturgeon covers a range of topics including how economists’ work relates to policymaking, the financial crisis and the dangers of groupthink, how dissatisfaction with stagnating wages and rising inequality played into political shocks like Brexit, the legacy of Adam Smith, why new economic thinking is so important, and what her government is doing to foster and apply it. 

This paper proposes a new method to empirically validate simulation models that generate artificial time series data comparable with real-world data.

In directing panelists to distinguish between what governments “can” and “will” do, this session’s title frames economic policymaking as a balancing act. Principled efforts to define and pursue the public interest are contested and repeatedly knocked off course by conflictingpersonal, bureaucratic, and political concerns that impinge on government decisionmakers.

The term human capital describes a set of skills, strengths and know-how that are valuable—both in the narrow sense of being “commercially valuable” (Lindsey, 2013), and the wider one of contributing to a flourishing, deliberate, purposeful life.As Heckman (2014) puts it: “Skills are capacities to act [emphasis added]…They shapeexpectations, constraints, and information” (p. 6).

How America’s chip leader lost its edge.

At dinner yesterday Niall Ferguson made the argument that China (or the East) were perhaps no longer looking to how Western countries had built their social institutions and formed their empires, and were instead now doing their own thing as the Western approach was shown to be flawed

INET co-founder George Soros is calling on Germany to lead Europe out of its economic doldrums or get out of monetary union altogether.

Who owns knowledge?

In a Bloomberg Markets Most Influential Summit Debate, Institute board chairman Adair Turner explains why extraordinary monetary policy isn’t working

This research project studies the macroeconomic effects of rising inequality by focusing not on top incomes but instead on the economics of the “bottom 99%” which has been squeezed out by rising inequality and falling labor shares.

The Huffington Post spotlights the INET financial instability video, produced by Four Corners Media, accompanied by an extensive written introduction fromINET Executive Director Robert Johnson.

As the collapse of global supply chains highlights the fragility that comes with economic interdependence, the pandemic is fueling the rise of ethnonationalism. Policy decisions in response to the crisis will play an important role in determining the fate of the world economy.

Thirty Years of Indian Economic Reforms: Assessing the Growth and Development of Kerala

If a tree falls outside of the market sector, does it make a sound?

This episode features Pier Carlo Padoan, Chief Economist and Deputy Secretary-General of the OECD, talking about the euro zone crisis, Europe’s structural problems, and how uncertainty has damaged economic growth in Europe.

Lance Taylor’s New INET Paper

Hot on the heels of the BIS, now comes the IMF Global Financial Stability report, “Corporate Leverage in Emerging Markets–A Concern?”. Yes, a concern, and just in time for the annual meeting in Peru next week.

Does it matter if the Rational Expectations Hypothesis is unrealistic?

China released quarterly GDP figures this week. Wen Jiabao emphasized the parts of the release that pointed toward stabilization, and one can certainly find some logic to that view.

A money view of SDRs

When I started this blog, almost exactly one year ago today, my thought was to provide commentary on the financial events of the day, using the Financial Times as my primary source of information about those events.

As the U.S. Congress works to undo financial regulation, INET reflects on the lessons of the Bear Stearns bailout

Focus on quantities

“What is the motivation for tax avoidance? To maximize profits and juice the stock price, of course. A research team led by William Lazonick at the University of Massachusetts reports in Harvard Business Review that from 2009 to 2019, S&P 500 companies spent over 90% of net income on buybacks and dividends, with the highest levels achieved after the 2017 tax cuts, in 2018 and 2019. Taking on corporate debt to finance share repurchases has become commonplace. Never mind that share buybacks deplete corporate treasuries of cash to weather setbacks and to fund productive investment in labor and R&D.”