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

What’s really going on with Europe’s bailout of the Irish Economy

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 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?

All things can be coded as capital, with the right legal coding.

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 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.

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.

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

Vice President warns that corporate stock buybacks restrict America’s long-term prosperity, citing the research of Institute grantee William Lazonick who has long argued the same

These days, one hears worries of impending inflation.

Sense about Social Security

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

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”?

I don’t seem to be able to fully grasp Mark Blaug’s distinction between a relativist and an absolutist approach to the history of economics – first introduced in Economic Theory in Retrospect (1962) – and that is a source of much frustration.

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.

These videos cover not only Dr. de Cecco’s seminal research on the international gold standard, but his views on the international monetary system between the wars, the formation of the Bretton Woods system, and its breakdown – all topics on which Dr. de Cecco has written copiously.

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.

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.

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

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.