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Eliminating transit fares can transform lives, connect people to jobs, healthcare, and essential services in more equitable ways.

The “maximum fair price” for a drug must not only be equitable to those with unmet medical needs who may benefit from the use of the drug but also provide equitable returns on both public and private sector investments.

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

Edoardo Nesi’s new book tracks the destructive march of globalization and neoliberal capitalism through his own life and the places, like Italy, that lie broken in its wake.

The most likely outcome of the second Trump administration is a recession and an exacerbation of inequalities, and a further degradation of the living standards of working and middle-class Americans.

Many voters, feeling disillusioned, are searching in vain for narratives that resonate with their experiences.

To get justice, targets must show measurable harm. Economists can help

I need a history of policy evaluation.

The role of speculation in the crude oil market in the increase in the WTI crude oil price.

Mortality and economic data show how constraints to government spending and a skepticism of redistributive policies have made the pandemic far worse

Italy’s austerity-fueled crisis is a warning to the Eurozone

Elon Musk secured shareholder approval for a new stock-based package designed to double his voting power at Tesla, potentially making him the first trillion-dollar employee. As this plan cements Musk’s control it ties vesting to audacious market-cap and production targets and diverts focus from progressive value creation. Musk’s governance, layoffs, and politicization could imperil Tesla’s EV leadership and ambitions in AI and robotics.

The GENIUS Act is a disastrous law that poses grave and unacceptable threats to our financial and economic future. Congress must remove those threats by (1) repealing the GENIUS Act and passing legislation that requires all stablecoin providers to be FDIC-insured banks, and (2) adopting legislation that requires all crypto derivatives to comply with the rules governing non-digital derivatives under Title VII of the Dodd-Frank Act.

The degree to which economics is isolated from the ordinary business of life is extraordinary and unfortunate.

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

Carbon pricing still has the potential to be a powerful tool contributing to emissions reductions, but it is clearly no panacea.

A Report From the Front Line

“Some authors argue that the German export success has nothing to do with wage or unit labour cost moderation and is instead due to the country’s high non-price competitiveness.” — Lucio Baccaro and Tobias Tober, LSE

Targeted Measures and Subsidies for Cost Effective COVID-19 Abatement

The United States economy has come apart, with the rich getting richer and workers’ incomes not advancing at all.

The third and final round of response from Andrew Smithers on Lance Taylor’s INET working paper on the alleged “global savings glut.”

A four percent growth goal for first term of the next president is not only possible, but is what we should strive to achieve.

Mission-oriented public investment is vital to spur a revival of private-sector investment

What ails the EU Green Deal is exactly what troubles the Union in general — an absence of social democracy at work

In this conversation with Folashadé Soulé and Camilla Toulmin, Pr Njuguna Ndung’u, a Kenyan economist, Director of the African Economic Research Consortium (AERC), a pan-African organization devoted to the advancement of economic policy research and training in sub-Saharan Africa, and former Governor of the Central Bank of Kenya (2007-2015) analyses how the pandemic creates more fragility in African economies, but also how reforms could be implemented during this crisis; and the urgent need for investment in strong health institutional capacities

By promoting unrealisitc models, economists have become part of problem rather than the solution

Using computational linguistics to estimate firm-level cyber risk exposure based on quarterly earnings conference calls.

The younger generation, already saddled with student debt and uncertain jobs, will pay a high price as the crisis unfolds.

“Dualism” in the structure of production across sectors of the US economy, employment by sector, productivity levels and growth, real wages, and intersectoral terms-of trade increased markedly between 1990 and 2016.

Storm argues the AI data-centre investment boom is creating a bubble that will be socially and financially expensive when it pops.

Cowdery brings his expertise in business, foundations, and publishing to INET

“Ransomware demands have increased exponentially in the last six months, according to Melissa Hathaway, president of Hathaway Global Strategies and a former cybersecurity adviser to Presidents George W. Bush and Barack Obama. The average ransom demand is now between $50 million and $70 million, Hathaway said. While those demands are often negotiated down, she said companies are frequently paying ransoms in the tens of millions of dollars, in part because cyber insurance policies cover some or all of the cost. She estimated that the average payment is between $10 million and $15 million.” — Kartikay Mehrotra and William Turton, Bloomberg

Repeat after me: How much pipe should Fed plumbers lay if Fed plumbers like to lay pipe?

“Just learn to live with it” policies subject children to an experiment with a systemic disease that does serious and lasting damage, warns former NASA and DARPA technologist

“You can’t get out of debt by adding more debt.”

If libertarians wish to maintain their self-centered fixation on their own freedoms without considering others, let them do so — in indefinite quarantine from the rest of us.

“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

In the face of  laissez-faire capitalism at home and resurgent nationalism across the globe, INET offers an innovative look at the causes of—and solutions for—the problems that ail a fissuring world economy.

This year’s New Hampshire primary testifies to the disintegration of the Republican Party

“But ultra-low interest rates may be doing more harm than good, economist William White says in a working paper published last month by the Institute for New Economic Thinking. White, a former economic adviser at the Bank for International Settlements, has a number of arguments against this central bank policy. First, while lower borrowing costs do initially accomplish their goal of spurring spending, much of it is on “unproductive purchases” by both households and corporations that only wind up increasing the debt burden. Second, low interest rates can actually destabilize financial markets and the institutions surrounding them, either through inflated prices, encouraging fund managers to take on riskier investments, or hindering how banks and lenders are supposed to do business, White argues. And then there’s the exit problem. Once central banks lower interest rates, it’s very hard to tighten the flow of easy money. “Each cycle of monetary easing contributes to a buildup of undesired side effects that raises the likelihood of future instability,” White writes. “Central banks are then lured into a ‘debt trap’ where they refrain from tightening, to avoid triggering the crisis that they wish to avoid, but that restraint only makes the underlying problems worse.” — Diccon Hyatt, The Balance

Lance Taylor and Özlem Ömer respond to Andrew Smithers’s final comment on their working paper

In Treasury markets, there are no libertarians, only grateful recipients of single-payer insurance for ailing financial markets.

Trump’s withdrawal from the Paris accord sets the US economy back

China is now the world’s largest greenhouse-gas emitter, accounting for over 25% of the global total. But the country has also demonstrated a growing understanding that a truly green economy promises to improve quality of life and create enormous opportunities for technological and political leadership.

A discussion with Lance Taylor and Özlem Ömer, authors of INET’s new book Macroeconomics Inequality from Reagan to Trump

Economist Darrick Hamilton explains why confronting the racial wealth gap is the only way to address 400 years of discrimination.

Colleges and universities need to be saved, not only from financial ruin, but also, all too often, from themselves.

When working within the same employment spell, female workers, particularly those of color and those working in low-wage service and care jobs, earn significantly less when facing greater volatility than their male counterparts or those working in non-service, non-care occupations.

The new $100,000 H-1B fee tacitly acknowledges what early policy architects signaled: expanding temporary tech visas can depress domestic wages. By bringing the fully loaded cost of a new H1B hire closer to what the local market would require to recruit and retain comparable talent, it narrows the wedge between visa-enabled staffing and hiring Americans at market rates.

In my last post I argued that if we want a Fed that is ready for the next crisis, we had better understand what happened to it during the last one.

The economy is likely to be crippled for months and fiscal rescue on a large scale, once again, is very much necessary.

Dive into the complexity of inflation and its impacts from a heterodox perspective, exploring its historical journey, social implications, and potential remedies.

A recent policy brief by Blanchard (2016), based on an earlier paper (Blanchard, Cerutti, Summers 2015) raises a number of interesting points concerning the NAIRU and the Phillips Curve, which are further discussed in the comment on the paper by Ball (2015).

Venture-backed “tech capital” is reshaping U.S. politics through campaign finance, platform gatekeeping, defense/AI procurement, and policy entrepreneurship. In an interview with Nick French, INET’s Research Director Thomas Ferguson discusses these channels of influence, examining their macro-distributional consequences, and outlining guardrails to restore democratic accountability and broadly shared gains.

The country’s flawed insurance model, driven by greed, leads to inefficiency, inequality, and denied care - a colossal scam that has sparked fury across the nation.

Eight years after the crisis erupted, what the global economy is experiencing is starting to look less like a slow recovery than like a new low-growth equilibrium. With monetary policy unable to stimulate demand, or even inflation, it’s time for fiscal authorities to relieve the burden on central banks.

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

The Irresistible Force Meets the Immovable Object?

Are Falling Interest Rates and Slower Growth the “New Normal”?

Whether it is called “Build Back Better” or a “Green Industrial Policy” or, indeed, a Green New Deal, it is imperative to reject the false dichotomy of “jobs against climate.”

“Moreover, too little government spending can increase company bankruptcies and lead to less investment in research and development, hurting the supply side of our economies — potentially exacerbating inflationary pressures. The EU has gone through a decade of demand stagnation, performing well below its productive potential. Inflationary forces of the 1970s are no longer intact, not least because of declining labour bargaining power, changing demographics, high inequality and private debt overhang. Without concerted fiscal expansion to scale-up investment and protect the vulnerable, aggregate demand will remain low and standards of living will stagnate. Instead of fetishising fiscal discipline, we should prioritise more important social, economic and environmental outcomes — like creating well-paid green jobs, lifting millions out of poverty and implementing green infrastructure projects.” — From Frank van Lerven and others, Financial Times

Viewed in historical context, the weak recovery from the 2008 crisis has been slow and painful, but a sub-5% unemployment rate and healthy job and wage growth will be among the most important legacies Obama leaves to the next president

Some nations have embraced new technologies, while others seem ill-prepared. What accounts for this difference?

Slight increases in national-average earnings for older workers mask long-run stagnation and decline in Michigan, Ohio, Pennsylvania and Wisconsin – states that unexpectedly voted for Donal Trump

Austerity policies will slow recovery and should be rejected

This article originally appeared on Bloomberg

Research by INET grantees Atkinson, Casarico and Voitchovsky shows that women are starkly underrepresented in top earning brackets across a range of different countries

In June of this year, Swiss voters saw an initiative on their ballots calling for an “unconditional basic income” that would “allow the whole population to lead a decent life and participate in public life.” Put on the ballot by a petition drive after it was rejected in parliament, the initiative was rejected by 77 percent of Swiss voters, with 23 percent approving.

Beneath the heated political rhetoric over U.S.-China economic ties lies an increasingly complex reality

Why it’s time to repeal the debt ceiling and replace it with a ‘truth in borrowing’ act

Why are we paying for corporate behavior that crushes innovation, cheats taxpayers, cost jobs, and heightens inequality?

An introduction to a series of interviews conducted by Dr. Dr. Folashadé Soulé and Dr. Camilla Toulmin in support of INET’s Commission on Global Economic Transformation (CGET)

Servaas Storm has conviction, yet his analysis throws the baby out with the bathwater.

The decline in productivity growth has a longer history

Last Spring Larry Summers wounded Thomas Piketty in a friendly embrace.

Fragility and Resilience in Green Development in Africa: Intersections and Trade-offs

If the public is to be called upon for the second time in twelve years to bail out businesses, it should get something back for its money. Bailed out firms should be compelled to issue convertible bonds to the government.

What happens when there’s no leader in the global economy?

Demand, Secular Stagnation and the Vanishing Middle-Class

John Ruskin helps shed light on what it means to have an economy that demands we die for it

“Actual experience, as opposed to cost-benefit analyses of theoretical alternatives, further strengthens the case for suppressing the disease fully, where feasible. A recent paper from the Institute for New Economic Thinking, To Save the Economy, Save the People First, suggests why. A chart (reproduced here) shows that countries have followed two strategies: suppression, or trading off deaths against the economy. By and large, the former group has done better in both respects. Meanwhile, countries that have sacrificed lives have tended to end up with high mortality and economic costs.” — Martin Wolf, The Financial Times

Austerity measures have battered the region and created instability throughout the Eurozone. Here’s one way out of the mess.

When politics is defined in terms of “populism” vs. “the mainstream,” the possibility for real economic reform is diminished.

INET at the Trento Economics Festival 3: A dialogue between Michael Spence and Robert Johnson The governance of technology is a new challenge. The Recovery Plans is encouraging the digital transformation of our economies. An acceleration of technological change is bound to deeply affect labor markets and income distribution. While labor-market adaptation is likely to stave off permanent high unemployment, it cannot be counted on to prevent a sharp rise in inequality.

A dollar-denominated global economy means the Fed is at once the bankers bank and government bank, as well as both U.S. central bank and global central bank — managing that hybrid is the challenge of our time

what is economically correct must always be balanced with what is morally right.

Despite dismissive comments by the U.S. Treasury Secretary, facing the challenge posed by robotics replacing human labor raises key public policy questions 

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

Alicia Garza, co-founder of the Black Lives Matter Network, shares a vision of how to bring economic opportunity to women of color

A new report examines the path to global social progress. Unfortunately, there are no easy answers

The monetary policies of major central banks in advanced economies have had negative consequences and thus need to be fixed

The same angst that Americans and Europeans have about the future of jobs is an order of magnitude higher in Asia.

Thomas Piketty and his colleagues have insisted that tax records are better for measuring inequality than income surveys. They’re wrong.

The youth paradox is accentuated by the effects of Covid-19, while the concrete short- and medium-term prospects for young people remain unclear.

Contrary to pharmaceutical company claims, revenue from high insulin prices are going to shareholders, not R&D

Persistent changes in unemployment have lasting consequences for income distribution

The increase in populism that import competition causes has its roots in import competition’s adverse effects on local labor markets

The IPCC was correct in emphasizing the need for early mitigation, but their analysis of possible growth trajectories appears to be faulty.