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“From 2010 to 2019 the FDA approved 356 drugs. Recent research from Bentley University finds that NIH funding contributed to every single new drug approved. At a cost to the tax payer of roughly $230 billion dollars. In spite of this contribution the NIH is listed on only 27 of those patents. This suggests that while tax payers provide funding for the bulk of the early stage research they do not get patent protections supposedly secured by the by dole act. In essence American tax payers are paying the highest prices in the world for drugs they already paid to help develop.” — Senator Tammy Baldwin

The New Keynesian Dynamic Stochastic General Equilibrium (DSGE) is a straightjacket for macroeconomics

The Future of Macroeconomics Institute for New Economic Thinking, via Naked Capitalism 2-2-21]

Robert Johnson, the head of the progressive Institute for New Economic Thinking, calls the Biden task force a “real good group.” But he then asked: “What power will they really have … after the power of money bends the best designs in a self-interested direction?”

Chen Long, the director of China’s Luohan Academy, talks about the ways in which information technology can jump start economic development in the developing world.

Historian Paul Street talks about how the roots of the Trump presidency lie in the continuous rightward drift in US politics since the 1970’s, to which the Democrats contributed as much as the Republicans

Thomas Sugrue, Professor of History at NYU, talks to Rob Johnson about why the multiracial protests against police brutality make 2020 different from 1968.

Rob Johnson discusses whether the recession will become a depression

Yueran Ma discusses her work with INET’s Private Debt Initiative

INET grantee Katharina Pistor is featured in Bloomberg

Dr. Anthony Fauci tells host Steve Clemons that the United States can go back to “normal” in the autumn, which starts in September 2021, if 70-85 percent of Americans get vaccinated by the summer.

UMass Amherst Economics professor Jayati Ghosh talks about the massive unjustness of the so-called pandemic economic rescue packages, which continue to favor the world’s wealthiest while ignoring the dramatic plight of the developing world.

UMass Economics Professor Jayati Ghosh points out how pharmaceutical companies not only received massive subsidies for developing a vaccine, but are now trying to hold on to patent monopolies, which will only prolong the pandemic for everyone.

“Third, U.S. taxpayers foot a huge portion of the bill for basic science leading to new drugs. The National Institutes of Health is the single largest source of biomedical research in the world. In fact, NIH funding contributed to research associated with every single new drug approved by the FDA from 2010-2019, totaling $230 billion according to a recent report.”

Jacobin Magazine Editor-at-Large David Sirota discusses how Trump is a concentrated expression of the Republican Party. If Democrats hope to beat Republicans, they cannot afford to believe that a vote for them is a vote to return to the pre-Trump era.