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Conservative legal theory is based on a shoddy definition of what constitutes “efficiency”

The INET conference in Hong Kong is serious business.

I think I am on the track of what ‘New Economics’ is, and one could roughly sum up two days of presentations in two diagrams:

The title of the conference, “Paradigm Lost,” is an obvious combination of two references.

Yesterday, Harvard students of Ec 10 staged a walkout to draw attention to the bias they detect in the course.

Anton Jäger discusses his new book “Welfare for Markets: A Global History of Basic Income” co-authored with Daniel Zamora Vargas.

Daniel Zamora Vargas discusses his new book “Welfare for Markets: A Global History of Basic Income” co-authored with Anton Jäger.

We develop a neo-Kaleckian growth model that emphasizes the importance of consumption behavior.

Any effort to replace the Affordable Care Act will be confronted by the same structural imbalances in the health care economy that the legislation’s authors faced

These days, one hears worries of impending inflation.

Nicholas Mangee, associate professor of finance in the Parker College of Business at Georgia Southern University, begins How Novelty and Narratives Drive the Stock Market with a statement that encompasses the problem he tackles and the compelling reason for investor interest in the new-style thinking that addresses it. This detailed stock market study attempts to extend Nobel Prize-winner Robert Shiller’s development of narrative economics, albeit Mangee’s focus is on novelty information embedded in textual news narratives. Using a set of text-based indices to capture the uncertainty and ambiguity in unscheduled news, Mangee measures the impact of news narratives on equity behavior.

“It looks as if Joe Biden will win a very tight electoral college victory against arguably the worst president in history in the midst of a deadly pandemic and crippled economy the incumbent has bungled disastrously. How could this election even be close? ROB JOHNSON, Executive Director of the Institute for New Economic Thinking (INET), and I talk about how we got here and what it’s going to take to move forward. As long as both parties depend on Wall Street and the 1% for funding, our real challenges - climate change, restoring the middle class, healthcare, systemic racism, etc.- will never truly be dealt with.” —- Terrence McNally

“One place to look always is where’s the money? Who funds congress? Actually, there’s a very fine careful study of this by the leading scholar who deals with funding issues in politics, Thomas Ferguson. He and his colleagues did a study about a year ago a careful study in which they investigated a simple question, “what’s the correlation over the years many years between campaign funding and electability to congress?” It’s almost a straight line, it’s the kind of close correlation that you barely get in the social sciences. The greater the funding, the higher the electability. You can find a few cases here and there that aren’t right on the line, but from the standpoint of social science it’s a remarkable correlation.” — Noam Chomsky, Jacobin

Andrew Michael Spence—Nobel laureate, Professor of Economics at the NYU Stern School of Business, and Co-Chair of INET’s Commission on Global Economic Transformation—talks to Rob about how the U.S. government typically errs on the side of doing too little, too late, in response to major crises like the coronavirus pandemic. Spence and Rob compare and contrast how governments in the U.S., Europe, and Asia have responded to COVID-19.

James Galbraith says academic economics is in need of radical reform

Mainstream economists have ignored private debt to our peril

This research project establishes the conditions under which international capital flows are a force for stability, thereby improving the capacity for macroeconomic policy to avoid large boom-bust cycles.

Robert Solow, “Notes on Coping.” In Szenberg ed. Eminent Economists: their Life Philosophy, 1992, p270

A discussion with Kaushik Basu, Professor of Economics and the C. Marks Professor of International Studies at Cornell University and former Senior Vice President and Chief Economist of the World Bank. 

This paper asks, how empirical evidence does or does not influence economic thinking and theory. In particular, which role do calibration, statistical inference, and structural change play?

Been following Larry Summers and Joe Stiglitz’s debate over secular stagnation? Check out their INET work on the topic here and decide for yourself who makes the better case.

I have read the various conference papers and am struck by the fact that many use the (omnipresent New-Keynesian) model of an aggregate loanable funds market to diagnose secular stagnation and investigate possible remedies.

Income and wealth inequality have been rising in the past three decades. Surprisingly, inequality has been largely ignored in the literature and practice of monetary policy. However, due to the crisis, this question has been gaining more attention.

Is Market Capitalism simply an accident of certain factors that came together in the 19th and 20th centuries? Does the innovation of economics require a new economics of innovation? Is the study of economics deeply affected by the incentive structures faced by economists themselves, necessitating a study of the “economics of economics”?

Join us for a reception at the ASSA conference in San Francisco

Open-ended polling responses reveal considerably more complexity – and more ambivalence and negativity – in Americans’ views of international trade than has been inferred from widely cited closed questions

People adopt diverse measures to protect from contagion. I propose a taxonomy of protection technologies, and present a model to study the implications of the technology on the prevalence of infections and on welfare at different levels of exposure.

Eight years after the 2008 crisis the global economy is still stuck with low growth, too low inflation, and rising debt burdens. Massive monetary stimulus has failed to generate adequate demand, and some commentators suggest that we are “out of ammunition” with which to counter deflationary pressures.

Dans le cadre de cet entretien, Mr. Mossadeck Bally, C.E.O, Azalai Hotels Group et membre du GRAIN (Groupe de Réflexion, d’Actions et d’Initiatives Novatrices) revient sur les impacts économiques de la pandémie du COVID-19 sur son groupe hôtelier, le rôle du secteur privé malien dans le plan de relance économique, l’emploi des jeunes et les solutions qui doivent être apportées à la crise politique au Mali.

Faced with increasing media polarization on different areas of technological, military and trade conflicts, can China and US manage the relationship and/or media relationship so that they avoid falling into the Thucydides’s Trap?

Melissa Hathaway joined NPR to discuss cybersecurity and the growing threat of ransomware attacks.

Trust is an essential part of a functioning economy, yet it is often one of the least understood variables in economics. While trust is difficult to understand and measure in the context of economics, this type of innovative work enables new and important conversations about trust and how it affects the economy.

The global economy is in turmoil. Societies are unstable and not anchored by faith in the system or social order.

Anyone who has spent time in a developing country knows the importance of social connections. Among their many roles, these connections help individuals land jobs, and provide them with credit and other forms of support.

Geoff Mann, professor of geography at Simon Fraser University and co-author of the book, Climate Leviathan, discusses the authoritarian dangers ahead, as the world tried to cope with climate change, and how all institutions, including central banking, need to evolve so they address the problem adequately.

This paper presents an historical analysis of the antitrust laws.

The U.S. presidential election of 2016 featured frontal challenges to the political establishments of both parties and perhaps the most shocking election upset in American history.

This chapter discusses different approaches pursued to explore three broad questions related to technology diffusion: what general patterns characterize the diffusion of technologies, and how have they changed over time; what are the key drivers of technology, and what are the macroeconomic consequences of technology.

This paper sketches the outlines of the new international monetary system that has emerged in the aftermath of the global financial crisis.

This paper examines the effects of intra-financial lending – claims between financial institutions – on aggregate investment and credit to the non-financial sector in the United States.

It would be nonsensical to blame economists for not foreseeing the crisis; even less for causing it. It was obvious there would be a crisis. It was impossible to foresee how it would start and evolve, and at what moment these events would occur.

The reality of human homeostasis expands the views on preferences and rational choice that are part of traditionally conceived Homo economicus and casts doubts on economic models that depend only on an “invisible hand” mechanism.

By permitting business definitions of “efficiency” to leak over into the antitrust lexicon, antitrust scholars have done a great disservice

But the five countries must still support greater investment in other emerging and developing economies

In Friday’s FT, former Morgan Stanley trader Douglas Keenan traces banks’ LIBOR manipulations back to 1991, when he observed, from the futures desk, LIBOR fixings come in at levels different from where he new the market to be.

The concept of bank capital

Fed to the Rescue?

“The “go-hard/go-early and no regrets” approach of the Australian states has been vindicated by the Institute for New Economic Thinking (INET), a nonpartisan, nonprofit organisation established in the wake of the 2009 global financial crash.” …. “We must be ready to accept renewed restrictions, targeted shutdowns and border closures. As the INET report clearly demonstrates, the failure to act is much more costly than any temporary measures, such as those used in South Australia last month.” — Dennis Atkins

The physicist Sorin Solomon begins to feel dizzy when the economist Leanne Ussher talks econ lingo. Yet he listens, because the two of them have found a productive area of collaboration: some economic phenomena, they find, can be explained without recourse to the quirks that feed into human decision making.

In 2006, the Fed asked its macroeconometric model what would happen if house prices dropped by 20%. The model projected the past into the future and said: “Not much.” Well, the financial crisis proved it wrong.

The Marshall Lectures often provide thought provoking talks and one talk in particular spoke to me looking at the relationship between history and economics:

To celebrate the release of our new series “What Money Can’t Buy” join Harvard University Professor Michael Sandel and INET for a live conversation exploring the role of money and morals in today’s world.

Immanuel Ness critiques the belief that migration drives economic development, revealing how it often merely aids survival and perpetuates exploitation.

Efforts to erase race-conscious policies threaten broader equality initiatives.

In a society where asset ownership is incredibly unequal, social mobility become severely diminished

Andre Perry, senior fellow at the Brookings Institution and author of the book, Know Your Price: Valuing Black Lives and Properties in America’s Black Cities, discusses the ongoing problem of how real estate dynamics continue to maintain racial injustice in cities across United States, and how we need a “reparative culture” to address the problem.

Rob Johnson and Michael Sandel discuss the limits of rational choice

After re-iterating five well-known theorems about the properties of conditional expectations in stationary settings—such as providing unbiased minimum mean square error predictions despite in- complete information, and the law of iterated expectations—we clarify unpredictability and illustrate its prevalence empirically.

Tania Singer on the key importance of understanding preferences and behavioral change.

And how do they relate to our democratic institutions and institutional social relations?

Most of us probably think of management consultancy as a technocratic function, helping companies fix internal problems in order to become more productive. But Institute for New Economic Thinking grantee Kimberley Chong thinks about it in a different way, by viewing management consultancy through the lens of cultural anthropology.

Paul Samuelson is well-known to have been a compulsive citer and for having a particular Whig program for the history of economics

Comments on “German Wage Moderation and the Eurozone Crisis: A Critical Analysis” by Servaas Storm

Yuen Yuen Ang, political science professor at the University of Michigan and author of the book, China’s Gilded Age, argues that the US and China have more in common than we usually think and that it makes more sense to see the conflict as a clash of gilded ages instead of a clash of civilizations.

What’s the Future and Why It’s Up to Us

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

George Soros and Rob Johnson Discuss the Causes and Consequences of the 2008 Financial Crisis

Watch music industry veteran Shep Gordon and INET President Rob Johnson talk about how reality TV, celebrity chefs, and surfing explain American politics and economy today.

This paper explains how hedge-fund activists are exerting power over corporate resourceallocation far in excess of the actual voting power of their shareholdings.

Academia—and economics in particular—has increasingly placed emphasis on measures of research “quality” that do more to narrow intellectual exploration than they do to produce good scholarship. With a mandate of reforming the economics profession, INET has produced a series of research on the issues of evaluation and citations, academic conformity, and exactly what makes “good” economics.

Adam Posen, President of the Peterson Institute for International Economics, discussing the lessons of macroeconomic stimulus provided by the recent histories of Japan and Great Britain.

In a classic book and subsequent articles, Obstfeld and Taylor (2004) have shown how the broad contours of international financial history over the past century and a half can be well understood by appealing to the famous economictrilemma which emerges from the standard Mundell-Fleming model many of us still teach our undergraduates.

The developed economies of Europe, North America, and Japan are facing tremendous challenges related to indebtedness and stagnation. How will the developing economies of Asia respond to this challenge as they reorient their growth strategies to meet the rising aspirations oftheir people?

The modern individual is the point of intersection of the processes of consumption and production. The subjective representation of these processes has been determined by two branches of the modern middle class, the bourgeoisie, which has privileged consumption, and the bureaucracy, which has privileged production.

Three major crises are confronting the world. The first is the increasing and uneven burden of humans on the biosphere, and the observation that we have already surpassed the ‘safe operating space’ for humanity with respect to three planetary boundaries: climate change, the nitrogen cycle and biodiversity loss.

Brendan Ballou discusses the growing harmful role of private equity in the US, and his forthcoming book. Ballou is a federal prosecutor and served as Special Counsel for Private Equity in the Justice Department’s Antitrust Division.

Giulia Zacchia focuses on the dynamics of power and gender in the labor market, revealing how sexual harassment not only impacts individual women but also perpetuates broader societal inequalities.

Bergman’s groundbreaking work in the field of feminist economics challenged conventional economic theories and emphasized the significance of power, patriarchy, and social provisioning.

Sensitivity of investment and valuation to drug price indices and market conditions

Many thought the financial crash was a final blow to capitalsim. Why does it still reign supreme? Anatole Kaletsky outlines the shape of things to come.

Have you ever heard the old adage about the danger of allowing foxes to guard the henhouse? Apparently the New York Fed hasn’t.

Perry and I extend our apologies for the unplanned hiatus. By way of breaking radio silence, it seems appropriate to check in on our two favorite banks.

Before reforming economics, we need to reform the discourse.

Rob Johnson appeared on the Background Briefing with Ian Masters to discuss working with Trumpsters, the source of their anguish, and important pathways to healing

Private equity firms have become major players in the healthcare industry. How has this happened and what are the results?

This paper argues that it is a mistake to dismiss secular demand stagnation as main cause of declining potential growth in the OECD.

This paper provides novel insights on the changing functional distribution of income in the post–war US economy.

Michael Sandel takes What Money Can’t Buy’s themes of markets and morals and applies them to an analysis of the rise of populism in the West.

Professor Tchen explores the many layers of “otherness” at work in America’s political economy

Past failures, present uncertainty, and a challenging political environment have vastly complicated the central bank’s task, says Institute President Rob Johnson

It is time for Greece to make a daring leap and adopt its own currency, says Ifo President Hans-Werner Sinn. “The drachma should be introduced immediately as a virtual currency,” Sinn said in Munich.

Chicago School founder Frank H. Knight had some prescient observations in the early 20th century.

What does America need?