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Why the conventional tools of the Phillips Curve, NAIRU, potential output, and money-supply growth are useless

Inequality isn’t driven by taxes—it’s driven by the power of capital in relation to workers

A growth model incorporating dynamics of capital per capita, atmospheric CO2 concentration, and labor and energy productivity is described.

When Paul Krugman paints John Maynard Keynes as a pioneering critic of dominant free-market economics, he exaggerates wildly, both about the rigidity of orthodoxy and about the pioneering character of Keynes’ critique.

The last straw in the enduring blog debate over microfoundations has taken a decisive historical turn.

Coming out of the Great Depression, America built a middle class, but systematic discrimination kept most African-American families from being part of it

Stock-Price Volatility During the Pandemic

A light-hearted economic analysis of the World Cup

Five years after the collapse of the U.S. investment bank Lehman Brothers, the world has still not addressed the fundamental cause of the subsequent financial crisis – an excess of debt. And that is why economic recovery has progressed much more slowly than anyone expected (in some countries, it has not come at all).

When they told me I was expected to teach “Introduction à l’économie” this year, I thought, OK, this is straight. Every economist knows how to do that.

Charles Ferguson’s Inside Job forces us to fundamentally rethink the connections between economics and policy making.

Understanding India’s Northeast from Emerging Perspectives

Davis looks at the financialization of non-financial corporations—i.e., firms that traditionally produce goods and services and invest in machinery, buildings and technology rather than trade in financial assets—and asks what it means that they’re taking on large financial investments.

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?

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.