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An interview with Dr Fatima Denton, Director of the United Nations University – Institute for Natural Resources in Africa, for INET’s series on COVID-19 and Africa

On George Akerlof’s “The Market for Lemons”

What is “capital”? To Karl Marx, it was a social, political, and legal category—the means of control of the means of production by the dominant class. Capital could be money, it could be machines; it could be fixed and it could be variable. But the essence of capital was neither physical nor financial. It was the power that capital gave to capitalists, namely the authority to make decisions and to extract surplus from the worker.

How the U.S. New Economy Business Model Has Devalued Science and Engineering PhDs

The COVID-19 pandemic has thrust us into a new reality, and any course we set now will have huge and lasting repercussions on public health and the economy.

Every country has had a different policy response to the crisis; and within countries different political parties have championed various approaches. How has COVID-19 affected politics and social life in developed western countries?

The Institute have organized a Workshop on “Interlinkages and Systemic Risk” in Ancona, Italy that will take place on July 4th and 5th.

The interaction between social structure and markets remains a central theme in the social sciences. In some instances, markets can build on and enhance social networks’ economic role; in other contexts, markets appear to be in direct competition with social networks. The impact of markets on inequality and welfare is also varying: while markets can sometimes offer valuable outside options to marginalised individuals, in other situations only well connected and better off individuals can benefit from them.

Are Falling Interest Rates and Slower Growth the “New Normal”?

A new report examines the path to global social progress. Unfortunately, there are no easy answers

Widespread criticism of elites and their ‘experts ’ raises questions about how economists should perceive their role, and what role societies should give them. We invited four scholars to start an online conversation by sharing their perspectives 

Widespread criticism of elites and their ‘experts ’ raises questions about how economists should perceive their role, and what role societies should give them. We invited four scholars to start an online conversation by sharing their perspectives 

How economics underperforms in diversity, and some potential remedies

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).