466 Videos
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Bringing History to Economics
Oct 17, 2013
This episode features grantee D’Maris Coffman of the Centre for Financial History talking about her organization’s commitment to a New Financial History and what the fruits of their approach can tell us about modern debt crises and sustainable debt levels.
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Solving the Euro Zone Crisis
Oct 15, 2013
This episode features Pier Carlo Padoan, Chief Economist and Deputy Secretary-General of the OECD, talking about the euro zone crisis, Europe’s structural problems, and how uncertainty has damaged economic growth in Europe.
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The Failure of the Euro
Oct 7, 2013
This episode features David Vines of Oxford University talking about the euro crisis. Can the monetary union survive the crisis?
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Where Do Preferences Come From?
Oct 1, 2013
How does economic theory match up with reality?
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The Failure of Financial Regulation
Sep 24, 2013
Anat Admati, author of The Bankers’ New Clothes: Whats Wrong with Banking and What to Do about It, talks about how to fix our broken banking sector.
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Too Big to Fail and the State of Finance Today
Sep 21, 2013
What do we need to do to get the financial sector back on track?
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Economics and Political Power during the Crisis
Sep 11, 2013
What was the political dynamic driving post-crisis economic policy?
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The Euro Crisis - The German Perspective
Sep 4, 2013
Kiel Institute President Dennis Snower talks about the euro zone crisis
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The Euro Crisis - The Spanish Perspective
Aug 27, 2013
Institute for New Economic Thinking grantee Hans-Joachim Voth talks about the crisis in Europe.
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Are Central Bankers Trying To Do Too Much?
Aug 19, 2013
William White, chairman of the Economic Development and Review Committee (EDRC) at the OECD in Paris
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Making Finance Work for Innovation
Aug 12, 2013
How can we get the financial sector back to serving its intended function?
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The State of the Global Economy - A Central Banker's Perspective
Aug 5, 2013
Why didn’t central banks see the financial crisis coming?
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The Future of China and the RMB - A Historical Perspective
Jul 29, 2013
Should China internationalize the RMB? Will it take the lead on sustainable development? Can it maintain growth and productivity?
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What Japan and the UK Demonstrate about Macroeconomic Stimulus
Jul 27, 2013
Adam Posen, President of the Peterson Institute for International Economics, discussing the lessons of macroeconomic stimulus provided by the recent histories of Japan and Great Britain.
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What Modern Monetary Theory Tells Us About Economic Policy
Jul 22, 2013
Warren Mosler, president of the financial services firm Valance Company and one of the founders of Modern Monetary Theory (MMT), speaks about what MMT tells us about economic policy. How can MMT help get the economy back on track?
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Wealth and Power - China's Long March to the Twenty-first Century
Jul 15, 2013
Orville Schell, Director of the Asia Society’s Center on U.S.-China Relations, discussing his new book, “Wealth and Power: China’s Long March to the Twenty First Century.”
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The Future of Japan and Abenomics
Jul 8, 2013
Will Abenomics succeed in getting Japan’s economy back on the path to sustainable growth? Or is it doomed to fail?
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How Advanced Mathematics Can Support New Economic Thinking
Jul 2, 2013
Matheus Grasselli discusses how the use of advanced mathematics in economics enables innovative new thinking.
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Why We Need To Rethink Economics
Jun 25, 2013
In this short interview, Institute co-founder George Soros tackles the question at the heart of the Institute’s mission: What’s wrong with economics and what can we do to change it?
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Playing with the History of Economics
Jun 10, 2013
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.
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Piero Sraffa's Price Theory Without Equilibrium
Jan 28, 2013
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.
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The Next Economic Frontier and the Wild World of Non-Rational Expectations
Jan 14, 2013
One of the fundamental ideas of modern economics — that people have rational expectations, an unbiased, statistically correct view of the future — is, in reality, a simple hypothesis.
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Behind the Scenes of International Banking Regulation
Jan 7, 2013
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?
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The Survival of the Riskiest
Jan 2, 2013
Financial fragility does not fall from the sky. That’s why treating risk as if it comes from exogenous shocks can’t capture the reality of financial markets.
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Human Capital in the Industrial Revolution
Nov 13, 2012
Did the industrial revolution increase the relative demand for skilled labor, or decrease it?
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How Expectations Interact to Create Bubbles
Nov 5, 2012
How do economists make their models work? By assuming that investors have rational expectations and that every market participant is alike. However, things quickly get messy once economists start to acknowledge that people are different, interact with each other, and change heuristic forecasting strategies based on recent performance.
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A Conversation on the Economy
Oct 24, 2012
What do you get when you put two of the most well known and most widely cited economists in the world, both Nobel laureates, on stage together? A healthy dose of economic reality.
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The Corn Laws: Seeing through the Eyes of Ricardo and Malthus
Oct 15, 2012
The British Corn Returns data provided the empirical basis for the fierce debate around the introduction and repeal of the 19th century British Corn Laws. Contemporary readers, like David Ricardo and Thomas Malthus, followed them as closely as stock market prices of today. Much of 19th century political economy rested on contemporaries’ interpretations of this data.
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Breaking the Climate Change Stalemate
Oct 2, 2012
Climate change policy is caught in a stalemate between those who fear the environmental consequences of not doing enough and those who fear the economic consequences of overreacting. But controversy over the extent and sources of climate change need not stand in the way of a positive economic policy response.
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Financial Instability Mini-Documentary
Apr 14, 2012
Financial stability, or the lack thereof.
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The Future of Europe
Apr 12, 2012
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The Future of Europe
Apr 12, 2012
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Challenging the Foundation
Apr 11, 2012
George Soros, Axel Leijonhufvud and Perry Mehrling in Berlin, Germany (2012).
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Growth and Crisis: The Two Faces of Credit
Feb 20, 2012
At least since Joseph Schumpeter we know that credit is good for economic growth. At least since 2007 we know that too much credit foreshadows financial turmoil.
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Inequality in Asia: The Local Effects of Global Capitalism
Feb 16, 2012
Inequality did not increase during the early stages of economic development in Japan and the East Asian Tigers. But in India and China it did. Why is that?
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Why New Technologies Do Not Make Poor Countries Rich
Feb 7, 2012
Over the past two hundred years, poor countries have become faster at adopting the technologies of rich countries. So why is it, the economist asks, that poor countries have remained poor, by and large?
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Property Rights and Growth: Lessons from Slavery
Jan 31, 2012
Strong enforcement of property rights is good for economic growth, says the conventional wisdom. The link may not be as clear cut, says Suresh Naidu
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Credit Booms Gone Bust
Jan 24, 2012
Carmen Reinhart and Kenneth Rogoff tell the history of financial crisis as a tale of excessive public debt. But what more commonly drives financial instability, says Moritz Schularick, is excessive private debt.
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Facts and Values Are Entangled: Deal with It
Jan 9, 2012
Are there more poor people on our planet today than there were last year? Many economists would approach this question as mainly a technical problem, a matter of counting.
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Bottom Up Fiscal Policy: Direct Employment of the Unemployed
Dec 11, 2011
To cure unemployment, mostly we prime the pump: we devise fiscal strategies on the presumption that jobs follow economic growth. But the strategies have not worked, unemployment remains high.
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The Next Convergence
Dec 1, 2011
The Future of Economic Growth in a Multispeed World
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Irish Crisis Demands New Economic Thinking
Nov 28, 2011
Most “state of the art” macro models trivialize financial flows and largely neglect the interaction between finance and industry. That is why they failed at predicting and illuminating the collapse of the Irish economy.
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Why Economics Needs Data Mining
Nov 17, 2011
Cosma Shalizi urges economists to stop doing what they are doing: Fitting large complex models to a small set of highly correlated time series data.
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Macroeconomics From the Bottom Up
Aug 30, 2011
In 2006, the Fed asked its macroeconometric model what would happen if house prices dropped by 20%. The model projected the past into the future and said: “Not much.” Well, the financial crisis proved it wrong.
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Measuring Systemic Risk To Empower the Taxpayer
Aug 22, 2011
Banks take on excessive risk since they know, in case of failure, the taxpayer will step in to rescue them. That is a form of free insurance, and Ed Kane wants to end it.
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How Government Helps, and Wall Street Hurts, the Innovative Enterprise
Aug 21, 2011
Innovation drives economic growth and welfare, and the industrial corporation drives innovation, says William Lazonick. But just how do corporations innovate?
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The Coase Theorem As Fiction
Aug 17, 2011
When externalities are present and transaction costs are absent, private parties will strike welfare-enhancing deals regardless of who owns what. In a frictionless world, bargaining leads to efficiency. That is the essence of the Coase Theorem, and it is fiction, according to Steven Medema.
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Financial Fragility in a Network of Trade Credit
Aug 16, 2011
The physicist Sorin Solomon begins to feel dizzy when the economist Leanne Ussher talks econ lingo. Yet he listens, because the two of them have found a productive area of collaboration: some economic phenomena, they find, can be explained without recourse to the quirks that feed into human decision making.
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Why Is There a Nobel Memorial Prize in Economics?
Aug 16, 2011
The Nobel Memorial Prize defines high achievement in economics, and it validates the discipline’s claim for scientific authority. And yet, historically, it can be understood as a reflection of domestic policy conflicts in Sweden.
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Banks: How Big Is too Big?
Aug 15, 2011
We all know it: The financial sector is bloated and banks are too big to fail. But just how bloated is it, and how much should it be shrunk?
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How to Avoid Herding in Research
Aug 15, 2011
An individual fish reduces the danger to itself by swimming as close as possible to the center of the school. That is how schools hold together.
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What Finance (and Economics) Can Learn from Law
Aug 14, 2011
Without law and legal institutions, financial markets won’t work. That’s what economists discovered about 15 years ago, when former socialist countries turned towards capitalism.
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Paul Samuelson and the Neoclassical Synthesis
Jul 24, 2011
Paul Samuelson was both a mathematical micro-economist, working from theorem to proof in the neoclassical tradition, and a committed Keynesian macroeconomist, convinced of the necessity of policy intervention to improve the performance of market economies. How did he square these two sides of himself? Wade Hands goes into the archives to find out.
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When Banks Fail, the Case of Japan
Jul 24, 2011
What happens to Main Street when Wall Street fails? Japan expert David Weinstein squeezes a unique data set to answer this question.
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Modeling Asset Markets when Knowledge is Ambiguous
Jul 19, 2011
When you flip a coin, you expect heads and tails to show up with a 50% chance each. But what if all you knew was that heads and tails each have a chance of at least 25%? That’s how Scott Condie captures Knightian uncertainty in asset markets.
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Financing Innovation or Speculation, the Case of Cleveland
Jul 18, 2011
Did you know that, around 1920, Cleveland, Ohio, had a technological cutting edge not unlike Silicon Valley today? You probably didn’t. Margaret Levenstein tells the story.
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How Economists Used to Be Made
Jul 17, 2011
Economists aren’t born, they’re made. Irwin Collier digs into archives to find out how Paul Samuelson and his generation were made.
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Why Economics Needs History
Jul 10, 2011
What challenges will China have to surmount in order to make its currency a true international currency?
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How Investors Use Stories to Tame Uncertainty
Jul 4, 2011
If you want to understand how fund managers choose a portfolio, why not ask them?
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Why Economics Needs the History of Thought
Jun 29, 2011
Who is going to teach fields like economic methodology and the history of economic thought if these fields aren’t taught to current graduate students?
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Microfoundations for the Vision of Minsky
Jun 12, 2011
Delli Gatti starts where his dissertation advisor, Hyman Minsky, left off.
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Perry Mehrling: The New Lombard Street
Apr 26, 2011
An Interview with the Author of “The New Lombard Street: How the Fed Became the Dealer of Last Resort”
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The Challenge of Large, Complex Financial Institutions
Apr 8, 2011
Simon Johnson at the Institute’s 2011 Annual Conference.
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Curriculum Committee Report
Apr 6, 2011
Robert Skidelsky and Perry Mehrling report on the project at the Institute’s 2011 Bretton Woods conference.
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How the West is Repeating Japan's Mistakes
Feb 24, 2011
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Reforming Economic Theory
Apr 22, 2010
Joseph Stiglitz at the Institute’s debut conference in Cambridge, UK (2010).