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

The European Commission, the European Central Bank, and the IMF are the continent’s austerity police

Vox features INET’s package of climate research

The Independent profiles INET Chairman Adair Turner

INET Research Director Tom Ferugson talks about Donald Trump and racial resentment with Ian Masters’s Background Briefing

Over the last four decades, Americans have consistently told pollsters that they favor higher taxes on business and the wealthy, even as tax policy has moved sharply in the other direction.

The US federal lobbying industry, based in Washington DC, is major focal point for political money and the exercise of influence, with expenditures peaking at approximately $2.5 billion per annum during the first Obama administration. 

Background paper for a presentation to the Seattle University School of Law Berle IV Symposiun, “The Future of Financial/Securities Markets,” London June 14-15, 2012.

The purpose of this Chartbook is to present a summary of evidence about changes in economic inequality – primarily income, earnings, and wealth – for 25 countries covering a 100 year period from 1911 to 2010.

Recent claims, particularly in Paul Krugman’s column and blog, on the superiority of the Hicks-Modigliani version of Keynesian economics calls for a re-thinking of the issues raised in the early controversies over what Joan Robinson called “bastard Keynesianism”.

The world economy in 2008-2009 has passed through the most severe economic downturn since World War II. This global recession was preceded by the collapse of some of the largest financial institutions in the world.

At a time when China is the favored investment destination in the global market, it seems unlikely that it would ever face capital flight.

Innovation. The word is evocative of ideas, products and processes which have somehow made the world a better place. Prior to the global financial crisis, many viewed financial innovation as unequivocally falling into this category.

A striking feature of the neoclassical economic theory which has been dominant in Western universities in recent years is that it has had so little to say about innovation and innovation policy which is useful for policy-makers.

What does the future hold for finance?

Despite the shock and the costs, the sanctions imposed on the Russian economy were in the nature of a gift.

“Patriotic people pay taxes.”

A debate between Lance Taylor and Andrew Smithers on the alleged “global savings glut.” Smithers responds to Taylor’s INET working paper, to which Taylor then offers a rebuttal. A second round of the debate is now included as well.

The Nobel laureate economist discusses how an activist government is needed to tackle problems like climate change

In his keynote address to our #EconOfRace conference in Detroit, Rev. Dr. William Barber III issued a blistering critique of structural inequality in the United States, and urged economists to recognize their responsibility to the poor.

This paper considers the estimation problem in linear regression when endogeneity is present, that is, when explanatory variables are correlated with the random error, and also addresses the question of a priori testing for potential endogeneity.

The theme of this session is very timely and controversial, on the ability of sovereign governments to supervise Large Complex Financial Institutions (LCFIs), now officially described as G-SIFIs, global systemically important financial institutions.

These are extraordinary times for central banks. Near zero interest rates and massive liquidity injections are still failing to bring life back to so many economies in the developed world.

Caring Economics is about a new way of thinking about human prosperity. In mainstream economics, prosperity is a matter of consumption, income and wealth. By contrast, Caring Economics conceives of prosperity in terms of deeper sources of durable human wellbeing.

Only a few years ago, comparisons of American politics to opéra bouffe were not outrageously farfetched at least if you were not poor or sick.

Prof. Oliver Hart and Justice A. K. Jayasankaran Nambiar in conversation

The future of work is already here—but our social policies are stuck in the past.

Reconstituting capitalism and revitalizing the liberal international order will require revisiting first principles of Western political economy, rebalancing the emphasis it places on broad living standards as opposed to national income. The 2020 US presidential campaign has begun to do just that.

When the stock market grows faster than the housing market, the gains of the top 1% outpace those of the middle class

Assessing the Peculiarities of Economics from Two Scientometric Perspectives

A presentation from the panel “Research Evaluation in Economic Theory and Policy Making” at the 2018 G20 Global Solutions Summit in Berlin

We examine the hypothesis that the slowdown in productivity following the Great Recession was in significant part an endogenous response to the contraction in demand that induced the downturn.

Economics is not, nor can it be, value-free.

Many people regard the recent financial crisis as a painful addition to an already massive body of evidence that demonstrates the inadequacy of today’s economic models of “rational” markets.

Some questions can only be answered by educated guess. The question at the centre of this round table pertains to this category. We should not be ashamed of this kind of limitation of our capacity to predict the future.

With my remarks today on financial markets and the financial crisis, I do not make any claims to originality. Rather, they are intended as a reminder of certain circumstances that are already familiar to us, in one form or another.

Adair Turner at the Institute’s #HumanAfterAll conference in Toronto, CA (2014).

Rethink global economics with Ingrid Harvold Kvangraven as she delves into the Eurocentric nature of the field and the role dependency theory could play in decolonizing it.

Cambridge-INET has just launched a new website, featuring research, insights and news from Cambridge Economists about the economic implications of COVID-19

This first book in the new INET and Cambridge University Press book series, Studies in New Economic Thinking, shows that wage repression—far more than monopoly power, offshoring, or technological change—has driven rising inequality.

Artificial intelligence promises to make our lives easier. But is the cost losing some of our humanity?

Boing Boing covers Dina Srinivasan’s research on Facebook, privacy, and monopoly power

One of Wall Street’s favorite tools could be deepening the growing chasm between America’s rich and poor, according to INET grantee William Lazonick.

In the growing debate about the pros and cons of a monetary financed fiscal stimulus (a.k.a. helicopter money) it is argued by some participants that a money-financed stimulus will have no more effect than a debt financed stimulus since:

Healthy innovation economies are the main driver of prosperity in the 21st century. But the three players that have traditionally sponsored basic research and invention in those economies are no longer willing or able to perform that role.

This paper studies the glass ceiling by analyzing the presence of women at the top of the income distribution using tax record data reported for a sample of countries with individual taxation.

Taking a long‐run view from economic history, I make three points about instability in financial markets. First, I argue that economic historians have a relatively good understanding of the proximate causes of financial crises.

These are truly testing times. The world economic order – capitalism – is being called into question following the Lehman crisis. The world’s best form of societal organization – democracy – is being challenged by the economic success of autocratic countries such as China and Singapore.

Joseph Stiglitz at the Institute’s debut conference in Cambridge, UK (2010).

Prof. Oliver Hart delivers the opening lecture of INET and ITT Bombay’s Samvaad lecture.

The Impact of Public Blockchains and Private Pools

If we want durable peace, we need to look for more than just economic expansion.

Revival of failed austerity policies of the past is simply not an option

The Crime Report features Shannon Monnat’s research on opioids

Vox cites William Lazonick’s INET paper on shareholder value

A large literature has detailed the seminal roles played in the Civil Rights Movement by activists, new political organizations, churches, and philanthropies. But black-owned businesses also provided a behind-the-scenes foundation for the movement’s success.

Julia Cage warns that a media ravaged by market forces cannot serve democracy’s need for an informed citizenry.

Many feel that due to its size and scale the financial system has become a burden on society rather than a servant to it. What are the key elements of a productive financial sector?

“Because many interests come into play in the financing of an election campaign and then they ask you to pay back. So the election campaign should be independent from anyone who may finance it.” - Pope Francis

Owing to its strong dependence on exports, Germany was among the economies hit hardest by the financial crisis.

INET papers and articles related to our co-sponsored event at the University of Utah featuring conversations between Utah judges, law professors, attorneys & economists. Watch the sessions

William Lazonick’s INET research is featured in his New York Times op-ed

WNYC interviews Michael Greenberger about his INET paper on the unregulated derivatives market, and the threat it poses to the global financial system

Do large firm dynamics drive the business cycle? We answer this question by developing a quantitative theory of aggregate fluctuations caused by firm-level disturbances alone. We show that a standard heterogeneous firm dynamics setup already contains in it a theory of the business cycle, without appealing to aggregate shocks.

Using data on industrial air pollution exposure in the United States, we compute three measures of environmental inequality: the Gini coefficient of exposure, the ratio of median exposure of minorities to that of non-Hispanic whites, and the ratio of median exposure of poor households to that of nonpoor households.

This paper examines the evolution of intra-financial sector lending in the United States, 1950- 2012, presenting estimates constructed from the Federal Reserve’s Flow of Funds Accounts.

We develop a novel stress-test framework to monitor systemic risk in financial systems. The modular structure of the framework allows to accommodate for a variety of shock scenarios, methods to estimate interbank exposures and mechanisms of distress propagation.

It is instructive to view the study of networks in economics as a shift in paradigm, in the sense of Kuhn (1962). This perspective helps us locate the innovation that networks bring to economics, appreciate different strands of the research, assess the current state of the subject and identify the challenges.

Do we care about children, or do we just care about our own children?

Economist Emmanuel Saez explains how inequality is destroying society.

Michael Greenberg’s INET working paper on derivatives regulation is featured in Salon

Lynn Parramore appeared on Ian Masters to discuss Biden’s stimulus package and the “New Koch Brothers” wrecking America’s green new deal.

Jacobin Magazine’s Q&A with Tom Ferguson about his new INET paper.

Steve Keen: “What an education in economics does is make you into a zealot

The discipline is divorced from real-world relevance and has lost credibility, writes INET Global Commissioner Mohamed A. El-Erian 

Individuals derive benefits from their connections, but these may, at the same time, transmit external threats. Individuals therefore invest in security to protect themselves. However, the incentives to invest in security depend on their network exposures. We study the problem of designing a network that provides the right individual incentives.

As part of the tremendous promotion campaign for the 8th edition of his textbook Economics, Samuelson was devoted a feature in the New York Times (February 5, 1970, p. 41).

An alternative look at the “global savings glut”

Richard Vague and Rob Johnson discuss the role of excessive lending in causing financial crises throughout history

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

INET grantee William Lazonick explains how the Trump tax cut is resulting in buybacks on Wall Street and bonuses for CEOs

The past 30 years has witnessed a worldwide decrease in real interest rates. We demonstrate that a large part of the fall in interest rates can be explained by changes in demography, which are as the result of a sudden fall in fertility rates across all of the advanced economies in the early 1970s.

Fred Block discusses his book, “The Power of Market Fundamentalism”.

Recent work has highlighted the need for innovation investments to be understood through a mission oriented approach rather than a market failure one (Foray et al. 2012). However, this work has only focused on state agencies, such as DARPA, overlooking the role of public financial institutions such as state investment banks.

Initiatives to improve sovereign debt restructuring (“SDR”) began long before recent Argentine bond decisions but were redoubled in the aftermath of these rulings. At first glance, these cases identify problematic contract language that could be rectified by re-drafting critical boilerplate provisions such as the pari passu and collective action clauses (“CAC”).

This paper finds its origins in two important developments within mainstream economics since the financial crisis, both of which analyze the economy from the viewpoint of what Schumpeter (1954) referred to as the domain of “real” analysis of a modern market economy in contrast to “monetary” analysis.

The Eurozone crisis has been wrongly interpreted as either a crisis of fiscal profligacy or of deteriorating unit-labour cost competitiveness (caused by rigid labour markets), or a combination of both.

Robert Skidelsky and Perry Mehrling report on the project at the Institute’s 2011 Bretton Woods conference.

A fair start for every child? Let’s make it reality.

How innovation ought to be guided if it is to be successful in addressing our most pressing problems.

Joseph Bosco former China country director in the U.S. Office of the Secretary of Defense, and Jack Gao, Program Economist at INET appeared on Arirang News to discuss whether the U.S.-China rivalry will improve under a Biden administration.

Why are we creating an education shortage?

Dr. Chen Long, Director of the Luohan Academy, explains why the digital revolution is so different from the industrial revolution

William Greider, a pioneering economic journalist, passed away last month. We at INET are saddened by his loss, and in tribute to his legacy are sharing his essay from The Nation, “What Would Happen if Women Were In Charge of the Global Economy?”

China is the staging ground for an economic experiment: Can innovation succeed when it’s directed by an authoritarian stat

Jacobin Magazine features research from INET Research Director Tom Ferguson and co-authors on big business support for Donald Trump in the 2016 campaign.

Zephyr Teachout and Morris Pearl cite Michael Greenberger’s INET paper in an op-ed in the Albany Times Union