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Umass Lowell Economics professor William Lazonick, outlines the history of how government and economic conditions favored the rise of a Black blue-collar middle class from the 1960”s to the 1970’s, and how shifts in policy and in the economy caused its unmaking from the 1980’s onwards.

Today’s Financial Times article: ECB: trick or Trichet (Dec 2)

What we’re reading: A weekly scan of published items relevant to the Institute’s work

The best-known China bear says the emperor is not yet naked, but getting there.

Paul Samuelson was notorious for many things, but also, like Marshall, for spending most of his academic life in the same institution.

A financial industry safety net enriches bankers and their shareholders — at our expense

More on substance, coherence, and relevance in the Eurozone debate.

It was too good to be true: Another effort to vindicate austerity falls victim to flawed methodology.

Our interviews in the halls of the Mount Washington Hotel, covered the range of opinion about the severity of conflicts of interest in economics: we are alright; economics is no more corrupted than other sciences; corruption is substantial; it is rotten to the core.

What kind of “Minsky Moment”?

INET has chosen the label “openness” to describe New Economic Thinking - “open” for other disciplines, for other methods, for other questions, for other interpretations, etc. It’s easy to hurrah.

Last Thursday, the Fed announced its anticipated third round of balance-sheet expansion, at a fixed rate of about $40B per month “until [substantial] improvement [in unemployment] is achieved in a context of price stability”.

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.