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Chaired by Nobel laureates Joseph Stiglitz and Michael Spence, INET has assembled a global team of leaders and scholars calling for new thinking & new rules for the world economy

First ECB, then EFSF

Historians like labels. X history. History of y. The labels carve out subjects, set boundaries in time and space, at times even suggest methodological commitments.

A new method developed by INET grantees to estimate country-level citation clubs and self-citations is making waves, with implications far beyond the paper’s initial focus.

As the Nobel laureate economist Robert Solow noted in 1987, computers are “everywhere but in the productivity statistics.” Since then, the so-called productivity paradox has become ever more striking. Automation has eliminated many jobs. Robots and artificial intelligence now seem to promise (or threaten) yet more radical change. Yet productivity growth has slowed across the advanced economies; in Britain, labor is no more productive today than it was in 2007.

“To get into the mood for their [Charles Goodhart and Manoj Pradhan] ideas, you can listen to the authors talk about them to my colleague Stephanie Flanders on the Stephanomics podcast, or this podcast from the Institute for New Economic Thinking, or this episode of The Sound of Economics podcast from the Bruegel Institute.” — John Authers, Bloomberg

INET presents you a paper that deals with the relationship between economics and the world we live in. John Kay spells out methodological critiques of economic theory in general, and of DSGE models and rational expectations in particular. The paper builds on two articles that Kay, Fellow at St. John’s College of Oxford University and Visiting Professor at the London School of Economics, recently published in the Financial Times (scroll down to find the links). It is concerned with the relation of quantitative models to the world in which we live, and with evergreens such as the implications of unrealistic assumptions in economic theory. Highly recommended reading. INET forwarded Kay’s paper to a handful economists and invited them to respond. In the following days, we are going to publish direct responses to the paper by a handful of prominent economists. Follow the INET Blog and stay tuned to what is going to be a healthy discussion.

Oxfam’s Economic Justice Director, Nabil Ahmed, and Oxfam International’s Inequality Policy & Advocacy Lead, Max Lawson, discuss their latest Global Inequality Report, which highlights the accelerating pace at which the world’s billionaires have increased their wealth exponentially in recent years. They also discuss the ways in which governments can reverse this trend through taxation.

INET talks to Alicia Bárcena Ibarra, Claudia Goldin, and Maria Cristina Marcuzzo

Research by Thomas Piketty, partly funded by the Institute, shows that wealth and income gaps in China are now larger than Europe’s, and approaching those of the US

Contrary to rhetoric from Democrats and Republicans, the U.S. has an economic interest in trade and peace with China

Given the choice, would you accept to live in a society where happiness and prosperity is guaranteed for all on the condition that one single person be kept permanently unhappy? Is the well-being of thousands of people “worth” the sacrifice and suffering of a single innocent child? Such is the dilemma to which the inhabitants of the utopian city of Omelas are confronted in Ursula Le Guin’s philosophical short-story “The Ones Who Walk Away from Omelas”. In her parable, most people are ultimately able to come to terms with the atrocity. The few citizens who cannot end up walking away from the city — nobody knows where they go and they are never heard from again.

And the nominees for Best Documentary are…

Summers discusses inequality, the GOP tax plan, and our economic future

A look behind the scenes of the Greek referendum and what could happen next.

“You never want a serious crisis to go to waste. …This crisis provides the opportunity for us to do things that you could not before.” This YSI Webinar and Reading Group aims to contribute to the historicization of the Global Financial Crisis of 2008 and its repercussions.

The presentation explains that Indian Economy is basically a market-oriented economy with constant rebalancing between state andmarket.

Our interviews in the halls of the Mount Washington Hotel, covered the range of opinion about the severity of conflicts of interest in economics: we are alright; economics is no more corrupted than other sciences; corruption is substantial; it is rotten to the core.

The anthropologist David Graeber has argued that as much as 30% of all work is performed in “bullshit jobs,” which are unnecessary to produce truly valuable goods and services but arise from competition for income and status. But the deeper problem is that more and more economic activity performs a merely distributive function.

Last Thursday, the Fed announced its anticipated third round of balance-sheet expansion, at a fixed rate of about $40B per month “until [substantial] improvement [in unemployment] is achieved in a context of price stability”.

Why is the IMF getting involved in the Eurocrisis, and why is its involvement taking the form of lending to individual member states of the Eurozone?

We are coming up to the fifth anniversary of the Lehman crash in September 2008. How bad was it? Have we fixed the problems?

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

A Money View

The removal of term limits for Xi Jinping may be a better indicator of economic health—or crisis—than official statistics

Since the 1980s, the enemy of equal employment opportunity through upward socioeconomic mobility has been the pervasive and entrenched corporate-governance ideology and practice of maximizing shareholder value.

Extract from the keynote speech by the Rev. Dr. William Barber III at the Institute for New Economic Thinking conference on race and economics in Detroit on November 11

Mott walks us through answers many careful readers of Kalecki, Keynes, Steindl, and Minsky knew all along.

On July 22nd, Richard Koo, the chief economist from Nomura Research Institute, testified before Congress’ Committee on Financial Services. The subject: what the U.S. can do to avoid sinking into a depression.

A discussion on China’s economic management at the beginning of the Trump era featuring Leland R. Miller, Co-founder and CEO of the China Beige Book.

The current debate on new Global Financial Architecture is, in a way, the continuation of the debate that was intensified consequent upon the Asian crisis.

What kind of “Minsky Moment”?

I interviewed Victor Shih, political scientist at Northwestern, at INET’s Bretton Woods conference earlier this year.

In the 40th anniversary year of John Kenneth Galbraith’s Age of Uncertainty, the 1970s look remarkably stable in comparison with today’s turbulent world 

I cannot resist but to start quoting Mary Morgan’s second entry to the second edition of the New Palgrave: “Modeling became the dominant methodology of economics during the 20th century.”

The “War on Poverty,” and the impact of public policy

While many countries throughout the world have faced severe financial crises over the last decades, and while the Japanese stagnation and the 1997 Asian financial crisis did induce some additional interest for the introduction of banking and finance in macroeconomic theory, it is only with the advent of the US subprime financial crisis that macroeconomic and monetary theories put forward by mainstream economists have started to be questioned.

It is all about promises to pay in the future.

Lord Adair Turner visited the Oxford Martin Lecture Theatre on Tuesday 24 November for a well-attended INET Oxford event launching his latest book ‘Between Debt and the Devil: Money, Credit, and Fixing Global Finance’ (Princeton University Press).

When people recognize just how dangerous covid is, they worry more about the economy

The Eurocrisis has many dimensions—bank solvency crisis, sovereign debt crisis, political unity crisis, and economic/unemployment crisis—but time after time it has been the liquidity crisis dimension driving events, and ECB response to the liquidity crisis driving institutional evolution. The reason is simple. Liquidity kills you quick.

The illusion of black swan-proofing

Venezuela is caught between economic collapse, foreign intervention, and the invisible machinery of the global economy.

We continue to learn about what the Fed did during the crisis.

Today’s Financial Times article: Report to highlight alleged conflicts of interest in Goldman’s dealings (Jan 12, 2011), Goldman’s pieties insult our intelligence (Jan 13, 2011)

Before the dollar there was the pound, and after the dollar there will be something else.

Further Thoughts

A Bank for International Settlements study says 60+ trillion dollars of off-the-books currency swaps could be a profound, systematic risk. Robert Johnson joins Paul Jay on theAnalysis.news.

Wage suppression—not monopoly power—is fueling corporate profits and the growing gap between rich and poor

Contrary to its image as a cash-strapped, transparent public service, Wikipedia is a wealthy NGO with close ties to big tech companies that it tries to obscure

What we’re reading: A weekly scan of published items relevant to the Institute’s work

The fact of the matter is that European bank funding markets are collapsing onto the ECB balance sheet.

Bernanke and Blanchard have made another failed attempt to salvage establishment macroeconomics after the massive onslaught of adverse inflationary circumstances with which it could evidently not contend.

In the spring of 1940, as the war in Europe escalated and the likelihood of American involvement grew greater and greater, scientists understood that they would soon be drafted to help national defense planning.

At the heart of the Eurocrisis lies a vicious circle where once there was a virtuous one.

Brexit uncertainty has already taken an economic toll

Stock buybacks come at the cost of technological innovation

Recent austerity policies have been guided by ideology rather than research. This column discusses research that reconciles disparate estimates of fiscal multipliers in the literature. It finds that common identification assumptions are problematic. Matching methods based on propensity scores show how contractionary austerity really is, especially in economies operating below potential.

This one is different. Tiago, Benjamin and Floris have asked a dozen economists in the Bretton Woods hotel hall to reflect on the way their teaching has been affected by the current economic crisis and their answers, taken collectively, are quite puzzling.

This morning, when I woke up a few hours before the Nobel announcement, I felt seriously dissatisfied. I had meant to write a post on Thomson Reuters’s prediction that Card, Angrist and Krueger may win the Nobel for their work on empirical microeconomics.

A reference guide to all Institute for New Economic Thinking (INET) community presentations at the Eastern Economic Association’s (EEA) 2017 annual meeting

Grand Bargain at last?

EEO-1 employment data document the vast over-representation of Asian Americans and vast under-representation of African Americans at tech companies in recent years. How did this happen?

INET has chosen the label “openness” to describe New Economic Thinking - “open” for other disciplines, for other methods, for other questions, for other interpretations, etc. It’s easy to hurrah.

Who’s afraid of finance?

Saving the (International) Dollar

And heading where?

FT Alphaville has picked up on my friend James Sweeney’s latest, and since James cites the latest writings by other friends Zoltan Pozsar, Manmohan Singh, as well as my own most recent, the piece reads like a discussant’s comments on a shadow banking symposium.

Apple should be returning profits to workers who have invested their time and effort into generating its products and to taxpayers who have funded the investments in the physical infrastructure and human knowledge so critical to Apple’s success.

Capital Flows, Cross-border Banking, Shadow Banking, and the Dollar

When the survival constraint bites

Smith did not advocate a single-minded pursuit of profit

In the 19th Century, “hypothecations” provided investors with valuable information on sovereign fiscal resources

The central goal of any serious climate policy is to keep fossil fuels in the ground. The central question is how.

Economists who dismiss inequality as a problem secondary to poverty miss the point: Inequality is part of what drives poverty

Journalist Andrea Gabor’s new book heralds a “quiet revolution” in education you didn’t know was happening

Despite disparate policy beliefs, MMT and orthodox macro rely on many of the same theoretical foundations

Asset markets are indispensable in harnessing society’s diverse views and insights about future business performance. But those views are shaped as much by emotion and crowd mentality as by rational expectations.

Sense about Social Security

In this interview, Dr. Vera Songwe, economist and Executive Secretary of the United Nations Economic Commission for Africa reflects on the ways that African governments have handled COVID-19, the role of the Continental Free Trade Agreement in turbo-charging future growth, the vital role of infrastructural investment and mobilising domestic resources for building forward better and greener.

New book reveals how and why hedge-fund activists have been able to suck the life from big-name companies like J.C. Penney and Samsung with their short-sighted profit-grabs. Can their harmful activities be stopped?

A money view of the commodity bubble

Contrary to the neoclassical model’s assumptions, shifts in aggregate demand have persistent effects on GDP

In the aftermath of the global financial crisis, few would dispute the risks of excessive borrowing. But which debts should one worry about – public or private? This column presents new research on the interplay of public and private debts since 1870 in 17 advanced economies. History demonstrates that excessive private-sector borrowing plays a greater role than fiscal profligacy in generating financial instability. However, when the credit boom collapses, the government’s capacity to alleviate the downturn is limited by the prevailing level of public debt.

Economic sanctions against Russia are adding to a major redistribution of income from workers and middle-class consumers to profits in international trade.

The impenetrability of this continuously expanding Ptolemaic New Keynesian paradigm is maddening

War Reparations, or Prosperity

Speculation, stabilizing or destabilizing?

In the global super election year of 2024, populists are threatening to experience a new upswing almost everywhere – whether in the USA, the EU or in East Germany. What makes so many citizens so dissatisfied? What could help win people back and restore their trust in liberal democracy?

No one person or perspective holds the key to solving economic problems, says Jay Pocklington of the Institute for New Economic Thinking

The University of Chicago is well-known for as the place where a famous group of economists, including Milton Friedman, Georges Stigler, Gary Becker, among others, developed a method for analyzing economic facts based on Marshallian price theory, a vision of the evolution of macroeconomic aggregates called monetarism, and an approach to individual liberties and the role of the state known as (neo)liberalism.

How Investor-owned Physician Practices Are Driving up Healthcare Costs

Greater efficiency, lower costs, and universal coverage make it the sustainable option, say some top economists

US regulators can step in to ensure drug pricing both supports patient access and drug development

In a political system whose primary currency is not the vote but the dollar, McConnell’s role as leader has plainly been well-earned.

Conventional wisdom asserts that American politics is becoming more and more tribal. But the chiefs of the tribes share a lot in common: dependence on big money.

New economic thinking has the potential to make political debates far more productive

The text below is the comment I offered on Mr. Soros’ opening speech at INET’s Berlin Conference April 12, 2012. The text of Mr. Soros’ own speech is here. Video of the entire session is below—my bit starts at 55:00.