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what is economically correct must always be balanced with what is morally right.

Contrary to conventional wisdom, government stimulus can improve the health of the economy for years after, without inflationary side effects 

Where will today’s innovation come from?

How can the state manage its central role in the innovation economy if the state itself has become an instrument for facilitating corporate predation?

Being the smartest guys in the room doesn’t prevent you from making bad decisions.

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

“It’s interesting he [Josephus Daniels] may not have been the most die-hard racist, but he just saw that racism is how you win elections. I think we see echoes of that today. I think it’s also notable to recall that this is the only successful insurrection on U.S soil in U.S history. People started finding out a little bit about it when the capital siege occurred because people started asking, “has an insurrection ever happened?” Actually the answer is yes, and it would be Wilmington. It’s the only time this has ever happened to a municipal government and it was the state that allowed this to happen, allowed these militias to run amok. It was the state that was really responsible at the end of the day for this violence. And there have never been any reparations of any kind even though there are people living in Wilmington today who can who can say, “my ancestor owned this plot of land that was taken.” They’ve never had any reparations. If it was a white person that could prove that, I think we would be talking about justice. But it mirrors the Tulsa situation, it was the success of black people that was the problem. Not this idea of inferiority which had been the racial mythology. it was actually the fact that black people had persevered and were very successful even in the face of all of this oppression.” ….It’s just happened time and time again in Wilmington, Tulsa, Detroit, elsewhere, that the American dream has just been incredibly elusive for black Americans through absolutely no fault of their own. What I think is pretty clearly structural racism.”— Lynn Parramore

Have economists fallen in love with an idealized vision of an economy in which rational individuals interact in perfect markets? To what extent is standard microeconomics responsible for this state of affairs?

Nobel laureate Joseph Stiglitz, Mayor of Newark Ras Baraka, CEO of the Campaign for Black Male Achievement Shawn Dove, Pulitzer-prize winning author Heather Ann Thompson and more discuss race and inequality in Trump’s America Friday, April 20th 5-7pm.

Canadian investment manager and Levy Institute fellow Marshall Auerback surveys the current political and economic landscape, from the pandemic bailouts to climate change and the changing role of politicians

“Anyone with a pulse knows that in the US today the system is rigged in favour of the wealthy and powerful. One particularly illuminating paper published this month by the Institute for New Economic Thinking quantifies the problem. Building on a persuasive 2014 data set, it shows that when opinion shifts among the wealthiest top 10 per cent of the US population, changes in policy become far more likely. Using AI and machine learning, INET academics Shawn McGuire and Charles Delahunt delved deep into the data. They found that considering the opinions of anyone outside that top 10 per cent was a far less accurate predictor of what happened to government policy. The numbers showed that: “not only do ordinary citizens not have uniquely substantial power over policy decisions; they have little or no independent influence on policy at all”.” — Rana Foroohar, The Financial Times

On behalf of the Host Committee, we are writing to offer some further information about the “Gala Dinner”, which will take place on the evening of 19 July, following the final session of the 2017 ECINEQ Conference. The dinner will be held at a restaurant near the conference venue. 

Should policymakers rely on domestic macroprudential regulation in their quest for greater financial stability?

This research project constructs a broad set of software tools designed to better facilitate the understanding and comparative features of various types of agent-based finical markets.

From feudal land rights to intellectual property in the modern era, lawyers have been battling over capital for centuries. Typically leveraging social resources to generate and protect private wealth.

Black women are forfeiting $50 billion/year in the US due to the combined gender and racial wage gap.

Philosopher, author, and activist Dr. Cornel West talks to Rob Johnson about what the Christian concept of love can offer during a pandemic. They also discuss financialization, militarization, and the commodification of religion.

From tax loopholes to high-risk speculation, Vanguard’s founder reflects on the state of Wall Street and the change needed to make finance work for ordinary people.

Inequality did not increase during the early stages of economic development in Japan and the East Asian Tigers. But in India and China it did. Why is that?

Cosma Shalizi urges economists to stop doing what they are doing: Fitting large complex models to a small set of highly correlated time series data.

Who is going to teach fields like economic methodology and the history of economic thought if these fields aren’t taught to current graduate students?

The paper presents a newly compiled and improved database of national household surveys between 1988 and 2008. In 2008, the global Gini index is around 70.5 percent having declined by approximately 2 Gini points over this twenty year period. When it is adjusted for the likely under-reporting of top incomes in surveys by using the gap between national accounts consumption and survey means in combination with a Pareto-type imputation of the upper tail, the estimate is a much higher global Gini of almost 76 percent.

This research project employs ideas from statistical physics to deal with income and wealth inequality, financial instability, and the distribution of energy consumption around the world.

This research project examines the political and ideological implications of different ways of framing the relationship between humanity, nature, and the world of goods.

While yesterday presented a number of frontrunning scientists discussing current economics and state of the economy in general, academic terms, today starts with ECB executive board member Asmussen.

The best ideas may never make it to the patent office.

Bill discusses symbolism of the cross and lynching tree with theologian James Cone.

A workshop hosted by the YSI Inequality Working Group (IWG) will take place from 12-13 June at the London School of Economics in collaboration with the International Inequalities Institute (III).

How to Get Relief to Those Who Need It. Gosia Glinska in Conversation with Anton Korinek

“But COVID vaccines are by no means unique — most medicines developed and approved in the United States involve taxpayer investment. Between 2010 and 2019, every single new medicine approved by the Food and Drug Administration included taxpayer-funded research through NIH. Drug companies patent the drugs we pay to develop and then charge us exorbitant prices for them that increase every year — sometimes twice a year.” — Terry Minow, Missoulian

“Economic opportunity was further restricted by individual and institutionalized racism and political disenfranchisement. Discrimination in hiring by employers and intimidation of black workers through violence placed black workers at a direct disadvantage in the labor market,” Trevon Logan Peter Temin wrote in “Inclusive American Economic History: Containing Slaves, Freedmen, Jim Crow Laws, and the Great Migration,” a working paper written for the Institute for New Economic Thinking.” — Coastal Review

Fred Ledley, professor at Bentley University and co-author of an INET-funded research paper on pharma research funding, discusses the research and how US taxpayers might get more social benefit out of the initial investment they put into all new pharmaceuticals released over the past decade

Jeremy Lent, founder of founder of the Liology Institute and author of The Patterning Instinct, talks to Rob about how values shape our economics and our reaction to the pandemic, and how the pandemic could, in turn, provoke a shift in values in favor of community and against neoliberalism.

Matt Stoller, Research Director at the American Economic Liberties Project and author of the book, Goliath: The Hundred Year War Between Monopoly Power and Democracy, talks with Rob about how the pandemic is affecting the power of monopolies in our politics and economics, and the paths forward as supply chain issues are laid bare.

Behind sex, drugs and rock ‘n’ roll were moral values, says music industry veteran Danny Goldberg

A conflict which revolves around key economic policy differences on questions such as rules vs. discretion, solidarity vs. liability, liquidity vs. solvency and austerity vs. stimulus.

This paper provides critical comments on the Peter Temin - David Vines promotion of the basic Swan Diagram as (1) a policy tool to encourage any individual debtor nation experiencing balance of payment deficits to reduce its exchange rate in order to expand exports and reduce imports and (2) the Swan Diagram as a simple model for understanding Keynes’s General Theory for an Open Economy.

Carmen Reinhart and Kenneth Rogoff tell the history of financial crisis as a tale of excessive public debt. But what more commonly drives financial instability, says Moritz Schularick, is excessive private debt.

Lunch was just interrupted Bill Janeway standing up to announce that this morning he decided to give $25m to INET and the board will fund-raise this up to $100m over ten years, but then George Soros added $50m in unconditional funding for INET.

This research project explores how the output of firms outside of the financial sector is affected by the health of the banks and other financial institutions.

A collection of INET’s research and articles on race and the US economy, reposted in connection with recent protests against police brutality in Black communities.

This blog post looks at the aggregate picture and collates some micro evidence in a more robust estimating framework to shed light on this question.

How can we better protect Main Street from the externalities of Wall Street?

Behind towering figures like Rosa Parks and Martin Luther King, Jr. were the taxi dispatchers, pharmacists, grocers, and other small business owners who were instrumental in making civil rights a reality.

This new series will explore different takes on and claims about the challenges of women and minorities in economics, opening up a debate on a range of questions.

Mercantilism, Accumulation of Foreign Exchange Reserves, and RMB Internationalization

Two separate INET funded research articles are cited; first from Schularick, Jordà, & Taylor on leveraged bubbles followed by Bao, Hommes, & Makarewicz on bubble formation. “Since their inception, financial markets, and to a lesser extent some real markets, have been subject to bubbles. … More recently, stock prices, but also credit, real estate, commodities, bond markets, and famously, bitcoin, are all assets that have experienced bubble episodes. Regarding cryptocurrencies, many economists also defend a permanent bubble, their fundamental value being theoretically non-existent.” …. In fact, the presence of bubbles in the markets (financial and real) seems to stem from the persistent behavior of economic agents. Experimental studies, controlling exactly the actual value, showed that participants tended to set up a bubble-like operation, with price surges and collapses very similar to real economy situations, and in no way related to a change in the market.

“Their new working paper, just published by the Institute for New Economic Thinking in New York, gives a rigorously technical analysis of what these tools reveal, and the Institute’s research director, Thomas Ferguson, has helpfully fashioned an introduction to — and a historical context for — the McGuire-Delahunt analysis that lay readers will find easily accessible. Ferguson, himself a pioneer in social science research on political decision making, points out that “the idea that public opinion powers at least the broad direction of public policy in formally democratic countries like the United States has been an article of faith in both political science and public economics for generations.” —Sam Pizzigati

Christopher Cramer and John Sender, authors of the book, African Economic Development: Evidence, Theory, and Policy, discuss their book (co-written with Arkebe Oqubay) and how economic policy needs to be rooted in flexibly responding to changing circumstances and consequences, instead of dogma. Link to a PDF version of the book: http://fdslive.oup.com/www.oup.com/academic/pdf/openaccess/9780198832331.pdf

Many believe that we already have a healthcare problem. But let’s get this straight: healthcare is a solution. Joon Yun posits a new way of thinking about health, illness and aging.

This research project contends that Piero Sraffa tried to develop an economic theory that could stand up as an alternative to the orthodox theory of value and provide a foundation for the Keynesian and post-Keynesian alternatives.

The New York Review

what would measures of systematic risk have indicated to Treasury Secretary Paulsen if they had been available at that time?

After the recent election brought a center-right coalition to power, what’s next in the Greek crisis? Are we finally in the clear? Not so fast, Greek economist Yanis Varoufakis says. Varoufakis explains the real outcome we can except after Greek voters’ “contradictory verdict,” where 55% voted for anti-bailout parties yet a pro-bailout government resulted due to the nature of Greece’s electoral system.

[The following guest post is by John Whittaker, from whom we have learned much of what we know about how the European payments system works. See his terrific papers here and here, both of which reward close study. He has been looking over the last couple Money View posts, and the comments to those posts, and has this to say.]

The first thing to say about QE2 is that it is a very different operation from QE1.

Adam Tooze discusses his new book with Rob Johnson

“How talented is the right? Maybe not so much. The late Yale political scientist Charles Lindblom, author of the 1977 book Politics and Markets (and onetime American Political Science Association president), would have told Giridharadas that in a capitalist economy, business elites enjoy a “privileged” position. This position does not always align with party, but it alters the field of play. Lindblom’s position is backed by others. Thomas Ferguson wrote about the investment theory of politics in 1990s. In the past decade, Ben Page of Northwestern has covered similar ground.” — Steve Dubb, Nonprofit Quarterly

“The Biden administration must put a high enough price on carbon pollution to encourage the scale and urgency of action needed to meet the commitments it has made to Americans and the rest of the world. The future of our planet depends on it” — Nicholas Stern & Joseph Stiglitz, Project Syndicate

Nobel laureate economist and Professor at Columbia University Joseph Stiglitz talks to Rob (his former graduate student in the Princeton Econ Department and member of the 2009 UN Stiglitz Commission) about what the pandemic has revealed about the U.S. economy’s shortcomings, and how a proper response to other crises—like climate change—could actually stimulate economic growth and innovation.

Roman Frydman, Professor of Economics at NYU and Chair of the Knightian Uncertainty Economics Program at INET, talks to Rob about how behavioral economists model uncertainty and his critique of the rational expectations hypothesis. Frydman also discusses the work and legacy of the late University of Chicago economist Frank Knight, whose students included Milton Friedman and James Buchanan.

Turner discusses The Economist’s Society the liquidity risks posed by Exchange Traded Funds.

This research project explores the origins of covered mortgage bonds and tests for the impact of financial development on economic growth by analyzing the Prussian Landschaften.

This research project studies contagion among financial institutions and the role of financial market regulation in weakening or strengthening the transmission of financial turmoil across institutions.

John Smithin argues that we need to rethink the “consensus” with tools old and new.

Emerging out of the COVID lockdown, inflation in the U.S. and globally has risen to the highest levels in 40 years. On December 2-3, PERI will host a conference to explore the causes of this global inflation spike. Conference participants will also provide critical perspectives on the austerity macroeconomic policies being implemented globally to control inflation and will propose alternative policies capable of managing inflation without imposing austerity and rising mass unemployment.

A collection of INET research and articles on how and why the middle class has been shrinking and how this leads to a “dual economy”

Registration is now open for YSI Commons, at INET’s Plenary Conference, Berlin April 12-15.

Mortality and economic data show how constraints to government spending and a skepticism of redistributive policies have made the pandemic far worse

We study analytically and numerically Minsky instability as a combination of top-down, bottom-up and peer-to-peer positive feedback loops.

a lack of US growth may lead to a fall in the dollar’s popularity, and the result could be a global liquidity shortage.

The Institute of New Economic Thinking Young Scholars Initiative (INET YSI) Working Group on the History of Economic Thought is organizing a YSI Workshop on Methods in the History of Economic Thought on 17 May in Antwerp, Belgium, ahead of the Annual ESHET Conference.

George Soros’ latest op-ed in the Project Syndicate reasserts his view how perpetual bonds could help the European Union overcome its deadlock on fiscal spending.

New INET Governing Board Member Announcement

Fake news, propaganda, and “expertise”: What has happened to information in the information age?

A look at the large role the trade deficit of the United States has played since the 1980s.

Abigail Disney, filmmaker, founder of Peace, So Loud, and podcast host of All Ears, discusses how changes among the country’s elite, towards the “Greed is Good” ethic and a blind faith in markets have made inequality more extreme than ever and why we need a new discourse, even among progressives, that recognizes and respects the contributions of society’s poorest.

Smick argues that distortions of capitalism have fed populist rebellion, and that reviving a capitalism that offers opportunity for average people to increase their earnings is an urgent priority if America’s political economy is to be stabilized.

When you flip a coin, you expect heads and tails to show up with a 50% chance each. But what if all you knew was that heads and tails each have a chance of at least 25%? That’s how Scott Condie captures Knightian uncertainty in asset markets.

This research project builds on theory indicating that credit flows to the real sector have systematically different effects from financial flows to asset markets.

This research project collects data that measures maternal knowledge about the impacts of investments on child development and estimates the role such knowledge plays in the determination of economic and social inequality.

We heartily congratulate her on receiving the Nobel Prize in Economics.

“Meso” level analysis of 16 producing sectors sheds light on broad forces shaping growth of employment and profits. 

Adam Smith and his contemporaries were key figures of the Scottish enlightenment. How much of his real thought survives in modern economics, and has something important been lost?

Former Treasury Secretary Paul Volcker reviews a life’s work and the pressing challenges of the moment in conversation with Institute for New Economic Thinking President Rob Johnson

Prof. Marlene Kim says her research has revealed that African-American women face triple penalties from race and gender bias, and the combination of those two

Regulation and supervision of banks and financial markets are now upgraded in the euro area. Surveillance of macroeconomic performance of all EU countries is also intensified.