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Sometimes a radical path is the most practical way out of a mess.

Economists should stop pretending to be scientists and go back to the core of the discipline—as a field of inquiry and way of thinking

It was too good to be true: Another effort to vindicate austerity falls victim to flawed methodology.

The current economic and financial crisis has given rise to a vigorous debate about the state of economics, and the training which graduate and undergraduates economics students are receiving. Importantly, among those arguing most strongly for a change in the way that young economists are trained are the ultimate employers of these students, in both the private and the public sector. Employers are increasingly complaining that young economists don’t understand how the financial system actually works, and are ill-prepared to think about appropriate policies at a time of crisis.

In his new book, Mindless, acclaimed economic historian Robert Skidelsky urges readers to pause and reflect on the delicate balance between advancing technology and our human essence.

This paper examines the value of connections between German industry and the Nazi movement in early 1933. Drawing on previously unused contemporary sources about management and supervisory board composition and stock returns, we find that one out of seven firms, and a large proportion of the biggest companies, had substantive links with the National Socialist German Workers’ Party. Firms supporting the Nazi movement experienced unusually high returns, outperforming unconnected ones by 5% to 8% between January and March 1933. These results are not driven by sectoral composition and are robust to alternative estimators and definitions of affiliation. 

Institute Governing Board member Anatole Kaletsky argues that the Trump Administration’s policies will boost inflation and spur interest-hikes as well as a stronger dollar more rapidly than many expect, but that the European Union’s economy is on the mend

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.

Inflation targeting insufficient: central banks and governments must manage the quantity and mix of credit created

So, my new students’ training is essentially about understanding urban “territories” and “societies” through fieldwork. And my contribution is, supposedly, to highlight the economic dimension of all this.

As artificial intelligence reshapes our economy, policymakers must act swiftly to prevent a winner-take-all scenario in the rapidly evolving market for AI foundation models.

The Romer/Romer letter to Professor Gerald Friedman marks a turning point. It concedes that there are indeed important issues at stake when evaluating the proposed economic policies of Presidential Candidate Bernie Sanders. These issues go beyond the political debate and should be discussed seriously between and among professional economists.

The Toxic Textbooks movement devotes energy to curriculum reform as well. Its purpose is to galvanize student protests and “encourage schools and universities to use economics textbooks that engage honestly with the real world.”

Modern monetary theorists ignore how their policies could hurt developing countries