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In a previous post we queried whether the theory of the consumer as developed in the first three chapters of Mas-Colell, Whinston and Green (and indeed other comparable texts) provides anything by way of content beyond what is implied by the abstract description of consumers as agents who are maximizing something. [We did not discuss chapter four, on aggregation of demand, to which we may return later]. As we noted then, a comparable point can be made about the theory of the firm.

Losing jobs isn’t the only thing workers have to worry about. AI may make many jobs worse.

China is drowning in it. The whole world has too much of it. History suggests: This won’t end well.

In 1898, upwardly mobile Blacks in Wilmington, NC were terrorized and slaughtered in a violent insurrection that set the stage for Jim Crow – and the next 123 years. Hardly anyone really knows about it.

The renowned economist reflects on the rise of neoclassical economics, the post-2008 surge of interest in non-mainstream, heterodox thought, and how young economists can remain independent in the face of biased evaluation systems

Along the entire “innovation chain” — from research and development, to production and commercialization — government and private sectors have very different roles to play.

This work studies the interactions between income distribution and monetary and fiscal policies in terms of ensuing dynamics of macro variables (GDP growth, unemployment, etc.) on the grounds of an agent-based Keynesian model.

Were the sharp increases in prices during 2020-2022 due to fundamental shifts in supply and demand or are they attributable to excessive market speculation?

An alternative to Dynamic Stochastic General Equilibrium (DSGE) models

The plight of white blue-collar workers is well-known, but Blacks in that category were feeling the squeeze long before their white counterparts.

How might a reimagined American foreign policy both bolster the domestic economy and help build a 21st-century global economy that works for everyone?

A webinar panel discussion moderated by INET Fellow Moritz Schularick, with Laura Carvalho, Associate Professor of Economics at the University of São Paulo, Matthew C. Klein, Economics Commentator at Barron’s, and Amir Sufi, Bruce Lindsay Professor of Economics and Public Policy at the University of Chicago Booth School of Business.

Finance for the Rest of Us

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

In a new book from Cambridge University Press, Lance Taylor reveals that wage repression — far more than monopoly power, offshoring or technological change — is driving rising inequality.