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It is impossible to tell the history of American antitrust law and economics during the so-called formative era (1890- 1915) without a preliminary understanding of the economic rationale underlying that major phase of American constitutional law commonly called laissez faire constitutionalism, or Lochner era.

George Soros, Axel Leijonhufvud and Perry Mehrling in Berlin, Germany (2012).

When the very fabric of society is threatened by prolonged austerity or a financial sector collapse, a deliberate re-structuring of debt may be necessary to restore the hopes of renewed prosperity.

In this paper we provide a summary and a guide to the literature for a new line of research which goes under the name of Economic Complexity and is partly performed incollaboration with INET.

“Look! Up there in the sky! What is it? Is it a plane? Is it a bird?” No, it’s a distraction from the robbery that is taking place in broad daylight on the ground.

The present-value model of stock prices is a workhorse in financial economics. The model relates today’s price of a stock (or a basket of stocks) to the market’s forecasts of next-period’s price and dividend, appropriately discounted.

This article studies the reasons for the under-investment in research vs. development in the decentralized equilibrium and argues that this bias provides a micro-foundation for the government direct involvement in conducting applied research rather than just financing it.

As Greece descended into a financial maelstrom in the spring of 2010, a small group of staffers at the International Monetary Fund (IMF) held top-secret talks with officials from the German and French finance ministries to discuss the idea of restructuring Greece’s debt.

Historians Naomi Oreskes (Harvard University) and Erik Conway (Caltech) talk to Rob about their just released book, The Big Myth: How American Business Taught Us to Loathe Government and Love the Free Market.

The Institute for New Economic Thinking (INET) and the Cambridge Central Asia Forum, University of Cambridge, in partnership with the University of Sussex, UK, are organizing the Research in Action Workshop 2026: The Science of Critical Minerals and the Realigning Global Order, on 27–28 April 2026 at the University of Cambridge.

Anwar Shaikh talks about the shortcomings of neoclassical economics and alternative frameworks

Stigmatizing and relegating an activity to the shadows doesn’t improve anyone’s welfare

INET Chairman Adair Turner and Grantee Mariana Mazzucato comment on the Friends of the Earth Scotland event and a green economic transition.

Since the outbreak of the Asian financial crisis more than a decade ago, world leaders have been searching for ways to make the global financial system more resilient, less crisis-prone, and better able to play its essential role in supporting broadly-shared growth.

The purpose of the paper is to argue for attention to be paid, not only to choice of theory, but also to choice of theoretical approach, in order to address issues posed by the crisis.

As Carmen Reinhart and Kenneth Rogoff remind us in the title of their book, This Time is Different: Eight Centuries of Financial Folly, financial crises are nothing new (Reinhart and Rogoff (2009)). However, they often come as a surprise to many people because in most countries they appear only periodically.

This is not intended to be a purely historical paper. I am interested in the light the Keynesian and Hayekian interpretations of the Great Depression throw on the causes of the Great Recession of 2007-9 and in the policy relevance of the two positions to the management of today’s globalizing economy.

John Muth proposed the Rational Expectations Hypothesis (REH) to represent how the market (an aggregate of its participants) understands and forecasts outcomes. REH imposes internal consistency between the market’s forecasts and “the relevant economic theory” (Muth 1961, p. 316).

Over the past decades African economies have exhibited two stunning paradoxes: growth acceleration coexisting with stubbornly high poverty rates; increasing capital flight along with widening development financing gaps. There has been no attempt to link the two in the literature.

This paper is based on a social accounting matrix (SAM) which incorporates the size distribution of income based on data from the BEA national accounts, the widely discussed 2012 CBO distribution study, and BLS consumer surveys.

The path to better understanding the economy requires treating the economy as the complex system that it really is. We need more realistic behavioral models, but even more important, we need to capture the most important components of the economy and their most important interactions, and make realistic models of institutions.

The chief obstacle to transformative change in the contemporary Middle East is the region-wide configuration of social power which was consolidated in the Arab provinces of the Ottoman Empire and which survived the transition from empire to post-Ottoman independent states largely intact.

A genome-wide association study (GWAS) of educational attainment was conducted in a discovery sample of 101,069 individuals and a replication sample of 25,490. Three independent single-nucleotide polymorphisms (SNPs) are genome-wide significant (rs9320913, rs11584700, rs4851266), and all three replicate.

If time is money, then why is it often ignored in relation to inequality and gender?

Your health shouldn’t be someone else’s wealth.

In this paper we analyze the Gilens dataset using the complementary tools of Random Forest classifiers (RFs), from Machine Learning.

“Good intentions and bad ideas are setting up a generation for failure.”

Rob Johnson is not your average economist, and this is not your average economics podcast.

Judge Richard Posner and Michael Sandel debate the moral limits of markets

The current crisis is the culmination of a process of integration that has profoundly changed the structure of each member state, their inter-relations and their power relations. One of its side effects was the rediscovery of the terms ‘centre’ and ‘periphery’ to analyse the economic situations of the European countries.

Scottish First Minister Nicola Sturgeon quoted by Bloomberg at INET’s Reawakening conference in Edinburgh

An autobiographical paper by William J. Baumol, in which he recounts his academic life and career.  The paper is a contribution to a series of recollections and reflections on the professional experiences of distinguished economists which the Banca Nazionale del Lavoro Quarterly Review (now PSL Quarterly Review) started in 1979.

How does economic theory match up with reality?

Motivated by the long-standing debate on the pros and cons of competitive devaluation, we propose a new perspective on how monetary and exchange rate policies can contribute to a country’s international competitiveness. We refocus the analysis on the implications of monetary stabilization for a country’s comparative advantage.

Budget cuts can be dangerous. Inspired by the wrenching experience in Greece, increasing attention is now being paid to the fact that austerity may fail to reduce the government deficit if the economy declines in response, as is likely in a liquidity trap (Delong and Summers 2012).

Increased hospital system consolidation in small Metropolitan Statistical Areas is adversely related to nurse wage growth.

The conventional measures of economic well-being are dangerously limited, and we are seeing the resulting policy consequences play out daily.

Lynn Parramore discusses her INET article on neoliberalism and mental health with The Healthcare Policy Podcast

How do we make economic development work for everyone?

“If you want to make the world a more equal place, you need to understand the tools.”

The debt-growth relationship is complex, varying across countries and being affected by global factors. While there is no simple universal threshold above which debt-to-GDP becomes a significant brake on growth, based on data from the last four decades we show that high and rising public debt burdens slow down growth in the long term.

“Economist Steve Keen specializes in researching how private and public debt mountains arise and generate financial crises. In an interview with DW, he explains how the ECB could solve the problem — but probably won’t.”

Matheus Grasselli discusses how the use of advanced mathematics in economics enables innovative new thinking.

Will Abenomics succeed in getting Japan’s economy back on the path to sustainable growth? Or is it doomed to fail?

Political meritocracy is the idea that a political system is designed with the aim of selecting political leaders with above average ability to make morally informed political judgments. That is, political meritocracy has two key components: (1) the political leaders have above average ability and virtue and (2) the selection mechanism is designed to choose such leaders.

Inequality has emerged as a major economic issue: sharp increases in the share of income going to those at the very top of the income distribution, a rising share of income going to profits, stagnant real wages, and a fall in median family income have raised concern over the sustainability of our economies and societies.

The Consumer Welfare Standard is severely limited or defective, preventing it from being an appropriate standard for modern antitrust.

Why do economists avoid ethics, and over-simplify harm?

Economics can do better, and the change starts with you.

Greg Mankiw says there should be a market for kidneys, but not for paying drug addicts to get sterilized.

Real News Network interviews INET Research Director Tom Ferguson about his new paper on money and the 2016 U.S. presidential election.

If the government/CB together finance an increased fiscal deficit with permanent non-interest-bearing fiat money, then some private sector agents have to hold non-interest-bearing monetary base, and must continue to do so even when policy and market interest rates have moved away from the ZLB. How is this possible in an environment where most bank deposit money is potentially interest-bearing?

We investigate the effects of government spending on U.S. economic activity using a threshold version of a structural vector autoregressive model.

Professor Casarico explains why her focus on gender and the “glass ceiling” can help us push forward economic thinking.

A country that produces goods of high quality at a competitive price is likely to be rewarded for its ingenuity with a trade surplus. Small countries often achieve great development success through export-led growth. At the same time, the entire economic system must be balanced.

Italy was one of the worst hit during the 2007–2009 global financial crisis (GFC) among the major advanced economies. By year-end 2009, Italy’s economy had contracted by 6.6 percent; significantly larger than the recessions in the euro zone and the United States, for example, which saw their GDPs shrink by 4.4 and 3.1 percent, respectively.

How inflationary inertia, driven by distributional conflict, disrupts the economy’s path to an effective demand equilibrium.

Distinguished Public Lecture on “Making India a Prosperous and Happy Nation @100”, by Dr. Ajay Chhibber, Distinguished Visiting Scholar, Institute for International Economic Policy, Elliott School of International Affairs, George Washington University on Tuesday, 22 March 2022.

Paul Samuelson was notorious for many things, but also, like Marshall, for spending most of his academic life in the same institution.

Ambitious climate policy needs a broad-based organizing effort to combat the fossil fuel industry. As the climate movement moves towards embracing racial and economic justice as part of climate advocacy, what strategies and policies are needed to build a multi-racial, multi-class coalition? How can movements build the power needed to ensure the low-carbon transition is just?

The implications of rising inequality are massive. Economists need to tackle it together.

When workers are classified as independent contractors instead of employees, they fall into a hole not covered by many labor protections

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

Servaas Storm’s commentary on the papers presented at the secular stagnation conference.

Professor Ghilarducci describes the roadblocks to securing retirement and retirement plans beyond the 401k.

Five years into the Great Recession, discussion and political fights continue about the right approach to international banking supervision. How to avert the next financial crisis or at the very least lessen its damage?

What was the political dynamic driving post-crisis economic policy?

Recent years have witnessed the flourishing of a body of economic literature concerned with the search for empirical evidence of a positive relation between political connections, economic rent and the value of firms. The present paper contributes to the strand of this literature that deals with the quantitative measurement of the value of the political connections of firms.

“The former ambassadors were speaking on a panel discussion at the law economics policy conference titled “Strategic Patience and flexible policies: How India can rise to the China challenge” and organized by INET.” — BQ Desk, Bloomberg Quint

Treating education like a market is all the rage. But it hurts students, and our society.

U.S. GDP accounting underestimates intangible capital, overstates financial capital, and is all but oblivious to the erosion of human and social capital.

Neoclassical economics dismisses the role of money and the state in the economy. Keynes scholar Robert Skidlesky says it’s time for a re-evaluation.

Price gouging in the US pharmaceutical drug industry goes back more than three decades.

The fall of 2008 was scary. For most people, the aftermath of Lehman Brothers’ bankruptcy resembled a major earthquake with strong aftershocks. Official narratives have promoted the image of the crisis as a rare, unpreventable and unforeseen natural disaster, the “100-year flood.” Policymakers emphasize the extraordinary measures they have taken to prevent the system from collapsing and to support recovery since.

Professor Heckman was invited to speak at the HDCA 2015 Conference as the keynote speaker for the Amartya Sen Lecture. The presentation offered recent research on the economics of creating flourishing lives, discussing the importance of cognitive skills, character skills and health.

The argument that free trade is always the correct policy is based on a flawed welfare analysis. Free trade results in winners and losers and economists are not competent to analyze the impact on well-being as a whole or the spillover social consequences of the discontent of the losers.

The New York Times is having a “Room For Debate” discussion on its Opinion Page about how corporations should handle profits based on the Harvard Business Review article “Profits Without Prosperity” by William Lazonick of the University of Massachusetts Lowell, who is a grantee of the Institute for New Economic Thinking. The discussion features contributions by Bruce Greenwald, Peter Thiel, and Lazonick, among others. Lazonick argues that the capital being used for stock buybacks would be better spent on investment. Lazonick’s “Room For Debate” piece is below. To read the full discussion on The New York Times, click here.

Tito Boeri, professor of economics at Bocconi University, Milan, and Scientific Director of the Trento Economics Festival (June 3-6), talks about the meaning behind this year’s festival topic, The Return of the State. INET is organizing several panels at the festival this year featuring Mark Carney, Joe Stiglitz, Mike Spence, and Jayati Ghosh.

The Washington Consensus is dead.

Graciela Chichilnisky has a plan to do exactly that.

Economist Marie Mora discusses the deep economic crisis that has afflicted Puerto Rico for years

Under the guise of “philanthropy,” business elites have an increasing grip on society

The Intercept covers a new INET paper from our Research Director Tom Ferguson and his co-authors.

In 2008 a global financial meltdown was just barely contained. But Adam Tooze says that the crisis of confidence has had long aftershocks

Ten years ago, the investment bank Bear Stearns collapsed. Its controversial rescue by the Federal Reserve and JP Morgan Chase marked a prelude to the global financial crisis, which would begin in earnest in September 2008. As part of INET’s look back at the financial crisis, we offer this series of reflections on the Bear Stearns bailout, the financialization of debt, and the moral hazard of government bailouts of banks. 

The prevailing wisdom that aggregate demand ‘shocks’ determine short-run cyclical fluctuations around a supply-determined equilibrium growth rate and an associated equilibrium unemployment rate (or NAIRU) has been called into question by various streams of literature in the last decades. Specifically, a recently revived literature on hysteresis finds significant persistence in the effects of recessions and negative aggregate demand shocks (Blanchard et al. 2015; Martin et al. 2015).

Widespread criticism of elites and their ‘experts ’ raises questions about how economists should perceive their role, and what role societies should give them. We invited four scholars to start an online conversation by sharing their perspectives. The symposium is also downloadable in booklet form.

Piero Sraffa’s classic work Production of Commodities by Means of Commodities has been variously interpreted as a special case of modern neoclassical general equilibrium or a foundation stone for the revival of the classical tradition of Smith and Ricardo.

How to become a historian of economic thought? Members of the profession gather just once a year at the annual conference of the History of Economic Society but otherwise are dispersed in universities and archives all around the world.

In preparing this paper I have decided not to embark upon the decades-old issue of optimal-currency areas and governance as such. I assume that one of my colleagues on the panel will do that. Instead I will present an historical case of over-indebtedness of parts of a common-currency area somewhat similar to the present challenge of Europe, or rather of the Euro area with its common currency.

I am supposed to speak about Complexity Economics and the issues this theoretical approach is able to illuminate. Defined as such, it appears as if I should discuss methodology and I am reminded of Paul Krugman’s quote: “It is said that those who can, do, while those who cannot, discuss methodology”. So, having a discussion centered on methodology may give the impression that the panelists in this session are unable to make scientific progress.