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“Making matters worse, the Black unemployment rate might be much higher, according to a new analysis by the Institute for New Economic Thinking. The unemployment rate is calculated using data from the Current Population Survey. But that survey has a much lower response rate from Blacks than from white Americans, leading to more misclassifications in the official unemployment rate. For Blacks, the response rate is 72%, while the response rate is 90% for whites. Factoring that in, the unemployment rate for Black workers could be at least 2.6 percentage points higher than the monthly rate by the BLS, leaving it at 12.5% in February, the analysis found. For whites, the increase is much smaller at 0.7 percentage point. “The Current Population Survey has been missing a larger share of the population over time, particularly among Blacks,” said Baker, who is also an author of the analysis. “You have to ask what’s the situation for the people they’re not talking to.” — Denitsa Tsekova, Yahoo Money

Taking a quick break from my work in the Samuelson archives – so fascinating, believe me! – I can’t resist sharing the following, which I found in his correspondence files.

This research project investigates whether rising inequality has contributed to the macroeconomic imbalances that erupted in the present crisis, based on a Kaleckian macroeconomic model.

“A chronic trend of this sort would indicate that the yuan was now overvalued versus the dollar,”

A Rolling Stone article by Andrew Perez cited Fred Ledley’s INET working paper on the NIH seed funding of pharmaceuticals.

how economics students have begun to push back against the stale ideas that were proven wrong during the recent financial crisis.

The media coverage of the INET team’s February 2024 visit to India. Prof. Michael Spence, Chair of the Commission on Global Economic Transformation (CGET), along with INET Governing Board Chair Dr. Rohinton Medhora, and INET President Dr. Rob Johnson, took part in this visit.

Is Victorian writer Walter Bagehot, whose adage “lending freely against good collateral at a penalty rate” has been gospel for central bankers, still relevant in a post-Great Financial Crisis world?

The economists are not what they seem.

An event for INET’s Commission on Global Economic Transformation

“Polluting companies tell us every day how they’re invested in the future; we’ve heard corporations en masse say, “Profits, what? We’re all about the people now!” There’s a certain amount of people-who-make-the-problem-pretending-they’re-the-solution that we can see through, but there’s still plenty going on behind the scenes. We’ll talk with Lynn Parramore, senior research analyst at the Institute for New Economic Thinking, about how hedge funds get in the way of the big changes all kinds of companies need to make to fight climate disruption.” — CounterSpin