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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

Is r/wallstreetbets really leading a financial revolution?

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

Before the dollar there was the pound, and after the dollar there will be something else.

A money view of the commodity bubble

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

Last year I pointed out here (and here) that macroeconomists were making themselves comfortable in the blogosphere to discuss theoretical, methodological, and, why not, historical issues of their field (see also a nice post by our fellow kid, Beatrice).

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.”

“Today joined by Dr Arjun Jayadev, who is a Professor of Economics at the School of Arts and Sciences at Azim Premji University in Bangalore, India. He was previously Associate Professor of Economics at the University of Massachusetts Boston. He is also closely involved with the Institute for New Economic Thinking. I speak to him about the basic links between IPRs and the pandemic; the long-held orthodoxy in economic theory on the importance of IPRs, especially in areas like health; how IPRs lead to suboptimalities like hoarding of knowledge, vaccine grabs and other global inequalities; the relationship between public funding and vaccine production; whether private profits being produced from public investments; and finally, the problem of vaccine nationalism.” — Chayakkada Chats

Alan Light, veteran music journalist and host of “In The Light” on SiriusXM, discusses how the pandemic affected the world of music, what we gained and what we lost, and what we might look forward to for 2021

“Consider the following point made by Institute for New Economic Thinking executive director Rob Johnson during a recent interview when asked about Medicare for All: “Public opinion polls show more than 70 percent of the population is in favor of Medicare for All. It’s not the population that doesn’t want it, and they’re the ultimate voters. It’s vested interests and the struggle that has to do with the relationship between money-raising campaign war chests and the probability of re-election and what you might call the refractory influence of the mainstream media, where pharmaceutical companies in particular and insurance companies as well are very big advertisers.” — Luke Savage, Jacobin

Several founding CGET members announce the ambitious project and respond to questions from the press.

Why we should worry about job quality, not quantity—or robot overlords

With the power of modern computing being harnessed into increasingly small and portable devices, what do digital platforms mean for the entrenched global economy?

This research project examines the relationship between the creation of money, price formation, and income flows, assuming no restrictions to the volume of credit, while abstracting from the existence of speculative crises and the role of the public sector in the process of monetary creation.

Lenore Palladino explains how stock buybacks drive inequality, and why we desperately need a policy shift.

Times Now News features and quotes Rob Johnson’s presentation at the Global Business Summit in India.

Union membership is at its lowest level in a century. Why, despite viral organizing campaigns at Amazon and Starbucks, has union density flatlined?

How free electricity could fight climate change and inequality

The Atlantic

Rethinking Crime and Inequality with Stratification Economics

This paper records the path by which African Americans were transformed from enslaved persons in the American economy to partial participants in the progress of the economy.

Frequent civil conflicts in African countries may erode national identity, thus highlighting a reason why civil conflict is costly for growth and development

Decomposition by such an important category as gender helps us understand the economy at the macro level, and design macroeconomic policy, better. It also provides the foundation for advocating equal gender rights and outcomes. But, where gendered policy issues arise in mainstream macroeconomics (income maldistribution, labour market composition, etc.) the subject matter is narrowed by its microfoundations, by focusing on GDP growth and on suboptimal outcomes being explained by market imperfections.

This paper studies the long-run impact of public debt expansion on economic growth and investigates whether the debt-growth relation varies with the level of indebtedness.

Alchemy or Banking?

FT Alphaville has picked up on my friend James Sweeney’s latest, and since James cites the latest writings by other friends Zoltan Pozsar, Manmohan Singh, as well as my own most recent, the piece reads like a discussant’s comments on a shadow banking symposium.

McCloskey discusses her career, critiques of economics, and offers advice for young economists.

Europe is embarked on a grand experiment, managing modern financial crisis without a dealer of last resort, so refusing to follow the lead of the 2008 Fed.

Imperfect knowledge economics, or IKE to their friends, is popular with all the popular kids. George Soros, Bill Janeway and Anatole Kaletsky were in attendance as Roman Frydman and Michael Goldberg - or more properly, their students - showed the latest work in progress.

This week Bernanke spoke to the International Association for Research in Income and Wealth, and, as Bloomberg Businessweek notes, he was singing a different tune.

Institute for New Economic Thinking launches a far-reaching research effort into causes and potential remedies for the low-to-no-growth malaise afflicting many of the world’s leading economies

Using aggregate campaign finance data as well as a Transformer based text embedding model we can predict roll call votes for legislation in the US Congress with more than 90% accuracy.

Why do patriarchal systems survive? What is missing in how economics relates to the concepts of identity and power?

“As William Lazonick and other analysts have pointed out, stock buybacks artificially inflate executive pay and drain capital that could be put to productive purpose. .[xxv] — Sarah Anderson, Counter Punch [xxv] William Lazonick, “Profits Without Prosperity,” Harvard Business Review, September 2014.”

…That Five Years of Full Employment Wouldn’t Fix

As Covid-19 spreads globally in the first quarter of 2020, this paper finds that firms’ primary concerns relate to the collapse of demand, increased uncertainty, and disruption in supply chains

Author and psychologist John O’Neil talks to Rob Johnson about America’s moral and educational crisis.

The Intercept highlights INET research from Enno Schröder and Servaas Storm and Gregor Semieniuk, Lance Taylor, and Armon Rezai

This paper discusses household debt as a long term phenomenon that influences economies beyond crises.1 In other words, rather than look at how household indebtedness can lead to crises, I will focus on its surprising persistence at very high levels, and its interactions along the way with other key variables, such as public policies and spending. The first section describes some stylized facts and the final section explores the macroeconomic consequences.

We develop a three-country, stock-flow consistent macroeconomic model to study the effects of changes in both personal and functional income distribution on national current account balances.

If primary commodities and mid-to-high-tech manufacturing products are produced by industries with different wage shares, there are distributive implications of deepening trade integration with certain regions with respect to others.

How women economists expand orientations and perspectives that can transform economics into a pluralistic, critically engaged, and socially responsive discipline.

This paper examines the World Bank’s protracted and conflicted attempts at shareholding reform from 2008 to the present, situating them within the broader context of multipolarity and intensifying geopolitical rivalries.

World Bank President Robert Zoellick is growing frustrated with the lack of urgency on the part of Europe’s leaders in responding to the financial crisis in the euro zone.

Young Scholars from the YSI working groups on Innovation, Complexity Economics, Philosophy of Economics and Financial Stability will present their research at a one-day workshop following The Economics of Post-Factual Democracy conference in Copenhagen, Denmark.

“Pandemic management will also have to overcome the knotty issue of political economy. The blame game between the Union and state governments over an essential commodity such as oxygen is visible in court proceedings. We need a transparent mechanism that is perceived to be fair and trusted by all the stakeholders. Apart from dealing with the allocation of vaccines and other essential medical supplies such as oxygen, this body could suggest the financing pattern for sharing the expenditure on Covid management, including vaccine procurement. … Far too many lives have been lost to Covid. But as a challenge to India (and to humanity), it is certainly not an impossible task to manage the pandemic. But this can only happen effectively with cooperation, coordination, empathy, humility and scientific knowledge. It is not too late.” — Arjun Jayadev, Hindustan Times