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By helping abate the liquidity crisis, incidences of banks becoming insolvent are reduced, and hence moral hazard in its severest form is minimized.

If we’re going to address environmental catastrophe, we need to support each other on a global scale. Rob Johnson checks in with Adair Turner about his work, and practical solutions to address the climate crisis.

The tough policy choices ahead for confronting the climate crisis

Besides changes in institutions and social norms, other phenomena could explain a rise in the profit share.

Every banking crisis has its own overarching narratives and coincidental streams of various sub-narratives that course through the marketplace day to day.

To understand labor productivity—and growing inequality—you have to look at the “dual economy”

Economists Claudia Sahm, Servaas Storm, and Pia Malaney share their views on the problem that has everyone freaking out. Here’s what it all means for your pocketbook – and your democracy.

The American state has lost the capacity for concentrated and decisive effort at the forefront of technology and the associated science.

Texas’s electricity market “reforms” made the current crisis inevitable

America’s new “philanthrocapitalists” are enabling social problems rather than solving them

The Young Scholars Initiative is hosting its regional convening for Latin America in Mexico City from 17-21 June. 

The money to support well-paid American jobs exists—it’s just being hoarded at the top. Economist William Lazonick argues that this is not just unfair; it’s a failure of the whole economic system.

Institute for New Economic Thinking launches a far-reaching research effort into causes and potential remedies for the low-to-no-growth malaise afflicting many of the world’s leading economies

Recently, our analysis has been questioned by Servaas Storm who has claimed that it is untenable to blame neo-mercantilist Germany for driving a wedge into the Eurozone. [i] It is shown below that Storm’s critique has a certain aplomb, but lacks substance.

In this interview, Folashadé Soulé and Camilla Toulmin discuss with Edward K. Brown, Senior Director, Research and Advisory services at the African Center for Economic Transformation (ACET) based in Accra, Ghana, on the effects of COVID-19 on regional integration and economic transformation in Africa, and the role of ACET and African think tanks in advising African governments respond to the crisis.

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

Low interest rate policy can only do so much to bring the relief to American borrowers that they deserve: past monetary policies, credit market regulations and stagnant labor productivity growth all get in the way. Interest rate policy activism is part of the problem, not the solution.

In his new book, “Plunder: Private Equity’s Plan To Pillage America,” Brendan Ballou, a federal prosecutor who served as Special Counsel for Private Equity in the Justice Department’s Antitrust Division, outlines the dangers of a trillion-dollar industry that hardly anyone understands. He explains how Americans can fight their harmful practices.

An interview with Pr Benno Ndulu, the former Governor of the Bank of Tanzania, for INET’s series on COVID-19 and Africa

How Penrosian Learning Confronts the Neoclassical Fallacy

In persisting with its high rates policy, the Fed is acting like James Dean in the famous “chicken run” auto race in Rebel Without a Cause.

Seven dangers of chronically low interest rates amid austerity and fiscal-policy phobia

The International Monetary Fund and the World Bank celebrate their 70th anniversary this year, yet few countries have been eager to join the festivities.

It is high time to look more closely at the labor cost competitiveness myth.

The “economics and engineering” line of argument is part of economists’ rhetoric.

INET-funded study: Government provides early investment in pharmaceutical innovation

After Sweden’s elections, a look at how immigration and economics explain a political puzzle

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

Our welfare depends not only on our actual consumption, but also on alternate choices wedid not make.

Restoring faith in governance and public action is itself a public good that would prepare us for a whole myriad of challenges on the horizon

It’s time to rethink the narrative and recognize the real legacy of forced labor.

Inequalities in skills are fundamentally linked to economic and social inequalities.

It’s time to prioritize mental well-being to avoid far-reaching economic and social consequences.

A trade war would undoubtedly hurt both sides. But there is reason to believe that the US has more to lose. If nothing else, the Chinese seem to know precisely which weapons they have available to them. China could stop purchasing US aircraft, impose an embargo.

Distinguished Scholars Including Larry Summers and Adair Turner Present Evidence of the Trend and Policy Solutions

Martin Luther King, Jr. and other civil rights leaders relied on black entrepreneurs to make their work possible

Stagnating real wages may have contributed to the slowdown of US productivity

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

Going Down the Rabbit Hole at Jackson Hole

The $1.9 trillion stimulus should be large because the need is large

Black Americans remain second-class citizens in access to housing finance

Occasionally, financial speculation fastens onto transformational technologies that have the potential to create a genuinely new economy.

A response to economists who doubt our capacity to decarbonize while maintaining robust growth

The Challenge to Bidenomics

Economics can either fuel conflict or pave the way to lasting peace, the choice is ours.

Inflation and corporate profits, a further discussion

RSS PUBLISHED TO eState4Column5©2013 Political Economy Group DK PEG Anti-Capitalist Chat TAGS Culture Economy Employment Media MMT PoliticalEconomy publicpolicy stagflation WhiteHouse Share this article Let real wages (of $15+/hour) grow faster than labor productivity for some years, undoing the wage repression of the last decades. We have been misled by neoliberal economics for now many decades, it’s time to turn many things around in what is becoming a second-rated US economy, recently crippled by the malevolent and narcissistic “king of debt”. In economics, stagflation or recession-inflation is a situation in which the inflation rate is high, the economic growth rate slows, and unemployment remains steadily high. It presents a dilemma for economic policy, since actions intended to lower inflation may exacerbate unemployment. The biggest risk for the stock market in 2021 is inflation, according to Morgan Stanley. Unprecedented radical spending by the federal government and the Federal Reserve, to stave off a panic-induced market crash, helped artificially drive stocks to temporary new highs last year. www.laloftblog.com/… For some, the math bore out the possibility that exuberance was rational even if the economy is always more irrational than its math. “The Lucas fantasy of costless disinflation from credible commitments in an ergodic world of rational agents was decisively falsified long ago.” The underlying problems of supply shocks related to Trumpian idiocy atop bailing out the banksters may have made the economy much worse. The pandemic has only made a bad situation worse, or made more of us myopic in our isolation. Paul Krugman has now taken the time to question the orthodoxy of stagflation. Darn economic orthodoxy being wrong since the 1970s. Let me start with the inflation story the way most economists, myself included, have been telling. In the beginning was the Phillips curve: the apparent tradeoff, fairly visible in the data, between unemployment and inflation. In the 1960s many people looked at that tradeoff, considered the mild costs of inflation versus the benefits of lower unemployment, and argued for monetary and fiscal policies aimed at running the economy hot. But in a hugely influential speech Milton Friedman made an argument also independently made by Columbia’s Edmund Phelps: the unemployment-inflation tradeoff wasn’t real, because any sustained effort to keep unemployment low would lead not just to high inflation but to ever-accelerating inflation. They claimed, specifically, that people setting wages and prices would begin marking them up to anticipate future inflation, so that the inflation rate associated with any given unemployment rate would keep rising. They predicted, in particular, that the course of the economy over time would look something like this: https___bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com_public_images_81db75c8-59f2-4b95-a60a-fe404a50c119_914x5331.png First, a government would push unemployment down; but this would lead to ever-rising inflation, which would stay high even as the economy cooled. So it would take a sustained period of high unemployment to get inflation down again, until finally unemployment could be brought back to a sustainable level. So their analysis predicted “clockwise spirals” in unemployment and inflation. Then came the 1970s: https___bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com_public_images_1d91277a-44fe-422b-b0c3-f1dfa8fb7428_933x5501.png This sure looked like a dramatically successful out-of-sample prediction — sort of an economics version of “Light bends!” Almost everyone in the economics profession took the Friedman-Phelps analysis as confirmed. This in turn had big practical and intellectual consequences. First, governments and central banks stopped pursuing low unemployment, believing that excessively ambitious stimulus caused the stagflation of the 1970s. They began aiming for stable unemployment around the NAIRU —non-accelerating-inflation rate of unemployment — instead. Second, since the Friedman/Phelps prediction was based on trying to assess what rational price-setters would do, their apparent success gave a big boost to the notion that all economics should be based on maximizing behavior. Friedman always had too strong a reality sense to personally go down the rational-expectations rabbit hole that swallowed much of macroeconomics, but given the law of diminishing disciples it was bound to happen. Third, the whole affair gave a boost to conservative ideology. We had seemingly seem a demonstration of the limits to government action; also, the Chicago boys had seemingly been proved right about something big. (I remember classmates in grad school saying “They were right about this. Why don’t you think they’re right about the rest?”) Finally, the Volcker disinflation of the 1980s — using high unemployment to end high inflation — became, in many minds, the model of what responsible policymakers should do: make tough choices for the sake of the future. BUT WHAT IF WE’VE BEEN TELLING THE WRONG STORY ALL ALONG? […] But suppose something like this is true. In that case, the narrative that saw stagflation both as the cost of excessively ambitious macroeconomic policy and as a vindication of conservative economic ideas was mostly wrong. And that matters not just for history but for policy right now, which is still to some extent constrained by the fear of a 70s repeat. How do you ask someone to be the last worker to be unemployed for a mistake? paulkrugman.substack.com/… The reality in a response by Lance Taylor and Nelson Henrique Barbosa Filho is that “For practical purposes, the results mean that, for the Fed to meet its inflation target, it would be necessary to let real wages grow faster than labor productivity for some years, undoing the wage repression of the last decades. Biden’s $15 minimum-wage proposal is a correct step in that direction.” This is despite so many economists taking an opposite, more cautious position. — Daily Kos

Phillip Alvelda, a former DARPA program manager, reveals how a fracturing federal system has opened the door for bold state leadership. Will blue states rise to build a healthier, more just future?

The wage effect of hostile working conditions, mainly in terms of sexual harassment risk in the workplace, should be considered and monitored as a first critical step in making women less vulnerable at work and increasing their bargaining power.

The forthcoming Institute for New Economic Thinking conference will focus on innovation and its impact on economics and society. When we think about innovation we tend to imagine the future. But as with so many subjects in economics, it’s also useful to examine the past.

By suppressing important questions in favor of being cheerleaders for globalization, economists failed to influence the public conversation

The unprecedented intervention by China’s authorities to backstop China’s stock market reveals widening policy tensions in China’s leaderships financial reform agenda.

There is a mix of common-sense opinions, political prejudices, conventional business practice, and pragmatic rules of thumb, supported in an ad hoc, opportunistic way by bits and pieces of economic theory.

Dr. Victor Gurewich, a researcher and Harvard Medical School faculty member since 1965, discovered a breakthrough drug treatment for heart attacks and strokes with the potential to save millions, but institutional resistance and a U.S. healthcare system that puts profits over patients are keeping it out of reach.

Without new economic thinking, macro policy will retain its deflationary biases and secular stagnation remains the ‘normal’.

Researchers find that the nation had become an outlier among other rich countries in mortality rates long before the pandemic – and that Americans are dying younger than their peers abroad.

It would be a tragic mistake to read anti-E.U. sentiment across Europe as simple bigotry — racism and xenophobia are being nurtured by the economic pain produced by prevailing economic policies

Stock buybacks as a mode of predatory value extraction

Back-room deals on corporate tax reform won’t increase growth

Inflation and corporate profits, a further discussion, responding to Servaas Storm

What are the hidden risks and trade-offs in letting machines decide — and how can we protect fairness without stifling innovation?

Author Samuel Stein talks about how capitalism shapes housing and what economists have in common with city planners

Price Inflation, Marginal Cost Pricing, and Principles for Electricity Market Redesign in an Era of Low-Carbon Transition

The Brexit referendum is nothing less than an earthquake. But when an earthquake happens, seismologists try to understand how and why the tectonic plates had been shifting, and the pressures that had been building to bring about the event. The causes underlying every earthquake are specific in how they come together, even if they are seen in different places.

Returns on wealth exceed growth for more countries, more years, and more dramatically than Piketty has found

Why freeing American households and businesses from crippling private debt would be a boon to the economy. Article reposted from DemocracyJournal.org.

Walker Todd and Bill Bergman expose the untold story of banking instability, regulatory battles, and the struggle to protect the public from financial chaos

Modern Monetary Theory is problematic. Launching large scale fiscal programs that rely on it would be skating on thin ice.

Like the Great Depression and the stagflation of the ’70s, the anemic growth of the U.S. economy can’t be understood or remedied without changes in economists’ thinking

NBER: Concentrating Intelligence: Scaling and Market Structure in Artificial Intelligence

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

Alissa Quart’s new book chronicles the pain of a disgruntled class that could change the country’s political landscape.

Despite fear-mongering about the latest Consumer Price Index, unemployment remains elevated and stimulus is needed to prevent a collapse in demand

Journalist Peter Goodman delves into the persistent problems with supply chains and how to fix them his new book, “How the World Ran Out of Everything,” in conversation with the Institute for New Economic Thinking

Researchers have shown that the financial and economic impacts of denying women abortion care can last years

Financial Globalization and the Nation State

Post-Chicago Economists vs. New Brandeisians on the New Merger Guidelines

Decades before it caught on with other economists, Sadie Alexander was the first economist to recommend a government jobs guarantee in the US

The energy transition is happening. But the pace of change depends on a range of technical, business, and societal factors.

Reflections on the Radical Vision of Martin Luther King Jr.’s Last Major Speech

“To save the economy, you have to save people first, is the title of a paper by Alvelda, Ferguson and Mallery of the Institute for New Economic Thinking. This work groups countries into three categories, according to the response to the covid: those that gave priority to maintaining economic life; those who focused on taking care of health first and those who wanted to be placed in the middle, but did not do either one well. The best economic results correspond to those who prioritized health. They are countries that are in Asia and Oceania, mainly. The worst are in the other two groups. Those who did not define one or the other, got the worst of both worlds: many deaths and great economic damage. What can be done? Alvelda, Ferguson, and Mallery recommend targeted subsidies by regions and sectors hardest hit; guarantee income for workers in non-essential activities and subsidize health safety measures for all those who cannot stop. This means, among other things, public money to make public transport and some massive workplaces more sanitary. Subsidize supervision / surveillance measures in spaces where many people go: shopping centers and places of religious worship, for example.” — Luis Miguel Gonzalez, El Economista (translated from Spanish)

The U.S. economy is increasingly becoming a dual economy, where high productivity sectors—such as manufacturing—and high pay sectors—such as finance and professional services—co-exist with low pay and low productivity sectors that employ most workers.

Nobel laureate James Heckman, Sidharth Moktan and their INET-funded research on economics journals is featured in The Economist.

Wage Repression, Asset Price Inflation, and Structural Change Caused Rising Macroeconomic Inequality for Fifty Years from before Reagan through Trump.This is a summary of a new book that is being published as part of a new book series with Cambridge University Press.

Recent developments in AI have added fuel to debates that have long simmered amongst economists, which could lead to a rethinking of economics itself.

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

Why a British vote to leave the European Union would have consequences far larger than the UK’s proportional share of the global economy might suggest

A response to Jason Furman and Lawrence Summers

What Strategies can Break This Dependency?

Peter Coy, in an OpEd for the New York Times, cited Servaas Storm’s INET working paper criticizing Bernanke and Blanchard’s inflation explanation.

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

A minimum wage is a small minnow in an ocean of deficient aggregate demand

The Future of Economic Growth in a Multispeed World

What we’re reading: Recent statements from the IMF and the OECD highlight a growing call for new economic policy thinking in response to the specter of long-term stagnation

The Economic Times quotes Rob Johnson’s presentation at the Global Business Summit in India. Cross posted in Pune Media and BM Business News

As we face a coronavirus-induced health and economic crisis of uncertain duration, policy makers should be particularly concerned about private equity’s heightened use of debt to buy out healthcare providers and take them private, with no regulatory oversight.

The McKinsey report’s highlighting of an extremely high job vacancy ratio in recent years does not reflect the true state of the U.S. labor market.

Forget the myth of a savings glut causing near-zero interest rates. We have a shortage of aggregate demand, and only public spending and raising wages will change that.

Just before the crisis, European countries were designing austerity reforms that would increase inequality and reduce internal demand. Could they return?