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Economics Nobel laureate Sir Angus Deaton discusses his latest book, Economics in America, which takes an autobiographical approach to how the field of economics addresses the most pressing issues of our time—from poverty, retirement, and the minimum wage to the ravages of the nation’s uniquely disastrous health care system.

The reaction to repressive political conditions that prevailed in Brazil during the 1970s helped to produce a commitment to diversity and tolerance among Brazilian economists.

EEO-1 employment data document the vast over-representation of Asian Americans and vast under-representation of African Americans at tech companies in recent years. How did this happen?

A Comment on Summers and Stansbury

Today’s richest Americans may soon blow past the tycoons of the Roaring Twenties. Lance Taylor explains why, and what to do about it.

The Utah Project on Antitrust and Consumer Protection hosted a conference on the future of consumer financial services law on October 11, 2024, which was supported by an INET grant.

Cybersecurity expert Muayyad Al-Chalabi assesses CrowdStrike’s update failure and its broader implications for cybersecurity in a discussion with Lynn Parramore.

An interview with Professor Felwine Sarr, Professor of Economics at the Université Gaston Berger of Saint-Louis in Senegal, for INET’s series on COVID-19 and Africa

Does general equilibrium theory sufficiently enhance our understanding of the economic process to make the entire exercise worthwhile, if we consider that other forms of thinking may have been ‘crowded out’ as a result of its being the ‘dominant discourse’? What, in the end, have we really learned from it?

How can we reconnect economic success to socioeconomic outcomes?

Policies based on faith in the “market” as a principle of social organization have wrought havoc with a founding principle of American democracy

The pandemic and electrification are shaking the foundations of the auto industry

The election of Italy’s right-wing, populist government exposes the economic and democratic shortcomings of the European project and its nationalist rivals

Servaas Storm’s commentary for an INET symposium on the Inflation Reduction Act

Two Nobel laureates, an election, and a shaky economy. The message? We can do a whole lot better.

A gap between theory and reality has haunted economists.

Phillip Alvelda, a scientist and entrepreneur with past roles at NASA and DARPA, sounds the alarm on cuts that threaten the innovative capacities that have made America a global powerhouse.

Despite assembling a formidable data set and leveling a bold argument, Thomas Piketty’s Capital in the Twenty-First Century has theoretical and accounting flaws that distort its central findings

This time is different. But is it?

Where are the US and Europe now and where could they be going?

How electric and self-driving cars could change the industry

Two FT pieces by Tracy Alloway caught my eye this week: this article from Tuesday’s print edition, and this post on Alphaville today.

Trump’s approach largely failed because the problem can’t be solved by tariffs. Here’s the answer.

Economists who dismiss inequality as a problem secondary to poverty miss the point: Inequality is part of what drives poverty

States can be sorted into two groups with statistically significantly different productivity regimes. In this sense, the US economy shows signs of dualism—which is the idea that the economy consists of heterogeneous units that exhibit different behaviors and levels of performance.

Reactions to the size of the proposed plan rely on discredited assumptions and betray a fundamental misunderstanding of economic growth—and austerity 

‘Helicopter money’ may in some circumstances be the only certain way to stimulate nominal demand

Researchers worry the pandemic may have severe after-effects, with deaths of despair impacting more distressed and newly-vulnerable populations

In The Measure of Our Age, elder justice expert M.T. Connolly, who served as coordinator of the Department of Justice’s Elder Justice Initiative, offers both a warning and challenge: the systems we rely on to protect us as we age haven’t caught up to our longevity. Good news: we have the tools to build better ones.

We examine the World Bank’s protracted and conflicted attempts at shareholding reform from 2008 to the present, situating them within the broader context of multipolarity and intensifying geopolitical rivalries.

Two economists who have studied Intel warn that Trump’s move to take a stake in the company amounts to flashy optics, incoherent strategy, and a creeping politicization of economic policy.

Can education stop the country’s backward slide?

Economics is very theoretically comfortable with what may be termed `Keynesian’ waste.

Two years after the 2015 Paris Agreement, where we stand today is better than you may think 

This research project examines how the spatial pattern of inequality in US cities shapes the provision of public transit and more broadly the prospects for a more equitable and sustainable transportation policy.

An interview with John Nkengasong, Director of Africa CDC, about how a coordinated response to COVID-19 in Africa has proven to be effective

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.

Umass Lowell Economics professor William Lazonick, outlines the history of how government and economic conditions favored the rise of a Black blue-collar middle class from the 1960”s to the 1970’s, and how shifts in policy and in the economy caused its unmaking from the 1980’s onwards.

MIT economic historian Peter Temin discusses parts of his forthcoming book, focusing on the history of mass incarceration of uneducated Blacks and how it has created a permanent class of poor Black Americans

Struggles over shadow money today echo 19th century struggles over bank deposits.

Stuck in a fog of misleading narratives, most of us don’t see the true extent of COVID’s persisting—and intensifying—threats. INET’s Lynn Parramore talks to Dr. Phillip Alvelda about the dangers we’re missing and the failures of public health agencies to inform and protect us. *This is Part 1 of a two-part interview.

Cuba’s entirely state-owned biopharmaceutical industry has been remarkably successful, and can serve as a model for other nations

The company’s focus on stock buybacks to increase shareholder value is a reminder of why so much of the value created daily by millions of workers ends up in the hands of the billionaires

All of a sudden, tiny Cyprus is making headlines. How could such a small country, with an economy approximately the size of the State of Maranhao, create such big problems?

New research reveals that rising insurance costs, reckless building, regulatory inaction, and big banks’ fossil fuel investments are driving a dangerous cycle that jeopardizes homeowners — and financial stability for everyone.

On deregulation and Covid masks, libertarians are loud. On female liberty, deafening silence.

Panic over the impact on  German savers of low interest rates and looming inflation neglects to mention that very few Germans are saving much

Industry lobbyists vehemently oppose Medicare drug price negotiations. However, physician-scientist Fred Ledley and economist William Lazonick debunk their arguments.

New Thinking about Modigliani-Miller

William Lazonick has shown how the doctrine of “shareholder value” has hurt wages in the United States. But in Latin America, where family corporations dominate, the story is more complicated.

If the European Central Bank does not jump to the aid of peripheral countries weakened by the pandemic, the Eurozone could collapse.

The $48 Billion Stock-Option Package and its Implications for the EV Transition

The vision of Dr. Martin Luther King Jr. 50 years later, and the relevance of his economic ideas today

Umass Lowell Economics professor William Lazonick, outlines the history of how government policy and economic conditions contributed to the rise and fall of a Black blue-collar middle class. Part 2 takes a closer look at the role of finance and stock buybacks and what can be done to reverse the trend towards growing inequality.

ProMarket’s new “Addendum to Retraction,” written it appears in response to our recent INET post, doubles down on its critique of our piece which showed that it is feasible for increased output to lead to reduced welfare. The ProMarket addendum is notable for its economic errors.*

Cisco’s turn from innovation to financialization and what it means for the competitive position of the US information-and-communication-technology industry

The depth of the U.S. securities market helps ensure dollar hegemony

To illustrate the previous post on the difficulties in putting together a chronology, here is tentative chronology of economics at Carnegie. It’s still in process, and links, sources and entries will be updated as I read.

An interview with Gilles Yabi, executive director of the West African Think Tank WATHI, on food security in Africa

A major factor in the decline of inflation is the simple fact that America’s workers were, in general, unable to raise their nominal wages in line with the rise in the cost of living

University of Bonn and Sciences Po economics professor Moritz Schularick talks to Rob about the soon-to-be-released book, Leveraged, which he edited based on papers from an INET-sponsored conference. The book takes a close look at what we have learned about the costs and causes of financial fragility since 2008.

The IMF and World Bank can no longer function as instruments that discipline some member countries while deferring to others. Their challenge is to transform the exercise of power among member countries into a framework of mutual respect and cooperation.

There is a “tendency to neglect applied economics in writing the history of economic thought,” Roger Backhouse and Jeff Biddle remarked in 2000. They then followed the “applied” trail back into the XIXth and early XXth centuries, at a time the scope and nature of economics were debatted by continental and especially British political economists

The field of economics is aggressively sexist and biased against new and unconventional ideas. Revelations about gender and ethnic discrimination show the need to reorient the whole system toward more freedom, respect, openness, and pluralism. But how?

The Straight Truth

Cryptocurrency was supposed to change the economic outlook for Black America. For many, it made things worse.

In this interview, Dr. Folashadé Soulé and Dr. Camilla Toulmin speak with Pr. Mzukisi Qobo. Pr Qobo is the Head of the Wits School of Governance, University of Witwatersrand, South Africa.

Economists like to say they’re immune from ideological influence. Our research shows the opposite.

The Term Securities Lending Facility (TSLF) was one of the bigger (in dollar terms) emergency programs implemented by the Fed during the crisis of 2008.

AI was sold as a tool to broaden the marketplace of ideas. Instead, a handful of platforms now control how truth travels, shaping what we see, starving journalism, and locking new AI rivals out of the data democracy needs to survive.

To understand the rise of the League and 5 Star Movement, look at economic indicators

In this conversation with Folashadé Soulé and Camilla Toulmin, Pr Takyiwaa Manuh analyses how the pandemic has disproportionately affected women at different levels especially in Ghana, and describes why governments need to focus more strongly on the gendered impacts of COVID-19 in both their sanitary and economic response.

Patrick Gelsinger stepped down as INTEL’s CEO on December 1. We published an analysis last August that provides context for why this is significant for the company and the US economy.

These days, one hears worries of impending inflation.

As young scholars, we have formulated a new plan for fostering diversity in both identity and scholarly thinking in economics—preconditions for academic rigor.

Goodhart brings back on the table the 2% minimalist federal fiscal counterpart to monetary union: “As has been exemplified in the recent crisis, it is problematical to try to issue money without the power to support that via taxation. Equally without access to money (notably via taxes), the power to undertake counter-cyclical, or cross-country, stabilisation is limited. So, the second proposal is to revisit the exercise that was done, some twenty years ago, to assess what fiscal changes might be needed to accompany a single currency.”

From the Archives: In the wake of the Bear Stearns bailout in 2008, INET Research Director Tom Ferguson and President Rob Johnson say taxpayers rescuing banks are owed their due: “If the public is going to pay for [bailouts]… it should also get paid back for them.”

American Prospect editor Robert Kuttner talks about how the faith in Democracy and in the state have suffered tremendously over the past two decades, how it can be restored, and what impact this loss of faith will have on the Biden presidency

In a trend that has surprised social scientists, fathers are seeking better work/life balance and rejecting their pre-pandemic status as secondary parents – a movement that’s good for moms, too.

School re-opening push based on outdated science is poorly timed in face of coronavirus resurgence

Inspired by the Coasean “market vs firm” dichotomy, we offer a new definition of efficiency by applying the notions of network cost and network efficiency as developed in complex network theory.

Everyone is waking up to the fact that estimates of what is possible in the economy are way off: this paper explains why

For the BRICS countries to not just grow their economies but also raise the standard of living of their people, inclusive growth that prioritizes poverty reduction is a must

This research project documents long-run trends in personal bankruptcy, with special emphasis on the use of the bankruptcy law at the local level and among women.

This paper argues that (i) we have reached “peak GenAI” in terms of current Large Language Models (LLMs); scaling (building more data centers and using more chips) will not take us further to the goal of “Artificial General Intelligence” (AGI); returns are diminishing rapidly; (ii) the AI-LLM industry and the larger U.S. economy are experiencing a speculative bubble, which is about to burst.

The proliferation of China’s opaque, loosely regulated (or unregulated) shadow-banking system has been raising fears of possible financial instability. But just how extensive – and how risky – is shadow banking in China?

Central banks can encourage climate-friendly investments by offering financial institutions favorable haircuts on green collateral

The “War on Poverty,” and the impact of public policy

Climate change is already here, and we are on a path towards catastrophic global warming. Governments have failed to curb carbon emissions, and fossil fuel production continues to increase. This is not merely a political failure; it is also a failure of economic analysis.

Salaries in the U.S. aren’t keeping up with inflation, despite pandemic-related increases in some sectors. That’s a major threat to the future for all working Americans – especially the youngest.

Remarks at a memorial service for pioneering financial analyst Jack Treynor Memorial, MIT Chapel, June 19, 2016

Lord Adair Turner visited the Oxford Martin Lecture Theatre on Tuesday 24 November for a well-attended INET Oxford event launching his latest book ‘Between Debt and the Devil: Money, Credit, and Fixing Global Finance’ (Princeton University Press).

Warnings of “corruption and incompetence coming together,” as economists William Lazonick and Öner Tulum study the race to end the pandemic.

This research project seeks to develop a theory of how bubbles and crashes can arise even when all agents are rational, informed, and trading in perfect markets.

In our two papers, we analyze how changes in personal and functional (wages versus profits) income distribution interact to produce different macroeconomic outcomes in different countries. On the basis of a stock-flow consistent model calibrated for the United States, Germany, and China, simulations suggest that a substantial part of the increase in household debt and the decrease in the current account in the United States since the early 1980s can be explained by the interplay of rising (top-end) household income inequality and certain institutions (e.g. easy access to credit, privately financed education and health care systems).

Do the benefits of new technologies accrue primarily to inventors, early investors, and highly skilled users, or to society more widely as their adoption generates employment growth?

Past failures, present uncertainty, and a challenging political environment have vastly complicated the central bank’s task, says Institute President Rob Johnson

What are the long-term problems that need to be addressed and what solutions are out there?