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Tiger Gao, brilliant young host of the Princeton University podcast, Policy Punchline, interviews Rob Johnson about INET’s aims, the function of economics in academia, and the relationship between Silicon Valley culture and the latest technologies, among other things.

In this interview, Folashadé Soulé and Camilla Toulmin discuss with Edward K. Brown, Senior Director, Research and Advisory services at the African Center for Economic Transformation (ACET) based in Accra, Ghana, on the effects of COVID-19 on regional integration and economic transformation in Africa, and the role of ACET and African think tanks in advising African governments respond to the crisis.

The shocking—but illustrative—example of how an Italian government agency concocted statistics to evaluate scholarship, hid them from the public, and masqueraded them as science. It’s a growing phenomenon

FT Alphaville has picked up on my friend James Sweeney’s latest, and since James cites the latest writings by other friends Zoltan Pozsar, Manmohan Singh, as well as my own most recent, the piece reads like a discussant’s comments on a shadow banking symposium.

Learn to read, understand, and evaluate professional discourse about the current operation of money markets at the level of the Financial Times.

“We’re building a data system, because you can’t really manage a city if you don’t know who’s there and what’s in it.”

Modern Monetary Theory is problematic. Launching large scale fiscal programs that rely on it would be skating on thin ice.

Freeing ourselves from reliance on fossil fuels is not only good for the planet and future generations. It also saves lives here and now, not just in the far future.

Adair Lord Turner, former Chairman of Great Britain’s Financial Services Authority and current Senior Fellow at the Institute for New Economic Thinking, argued in a keynote address to the Federal Reserve Bank of Chicago on Thursday that central banks must be equipped in future to address the dangers of excessive private sector leverage, using both pre-emptive interest rate policy and macro-prudential policy tools.

As in previous years, young scholars will come together in Trento during the annual Festival dell’Economia. This gathering will serve as the YSI Europe Convening for 2018. Attendees will have the opportunity to share their work with YSI members from across Europe, while also partaking in the Festival dell’Economia. 

Sociologist Michael A. McCarthy’s latest book shows how ordinary people can take back control of financial capitalism and make it work for them.

Policy hype but vintage fiscal economics from Godley, Lerner, and Keynes

In this comment, we explain our objections to the SEC’s current formulation of the Pay Ratio Disclosure Rule on each of three grounds: the erroneous estimation of CEO pay; the unclear specification of the “median” worker; and the risk of normalizing a pay ratio that is far too high. Then we present the latest data on the remuneration of the 500 highest-paid CEOs in the United States, demonstrating the way in which the SEC’s measure of CEO pay that enters into the CEO-to-median-worker pay ratio tends to systematically underestimate actual executive pay.

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

Justice requires that the media, policy makers, and the public understand why corporations engage in misconduct and fraud

Sanctions on Russia are isomorphic to a strict policy of trade protection, industrial policy, and capital controls.

Targeted Measures and Subsidies for Cost Effective COVID-19 Abatement

Possible repercussions of economic crisis on the stability of democracies that already show significant signs of fragility

This paper analyzes the link between Kamakura Risk Information Services (KRIS) data on megabank default probabilities and credit spreads.

“We need to look at the early warning systems in place and aspire to attain food security.”

A student of microeconomics learns that any competitive equilibrium leads to a Pareto efficient outcome (First Fundamental Theorem of Welfare Economics). What do we mean by the efficiency or inefficiency of markets?

In a significant new study published by the Institute for New Economic Thinking, Canadian economist Mohsen Javdani reveals that gender shapes views on power, equality, and inclusion in ways politics alone can’t explain.

Leah Hunt-Hendrix and Astra Taylor talk to Rob about their recently released book, Solidarity: The Past, Present, and Future of a World-Changing Idea. The wide-ranging conversation covers the importance of solidarity in addressing the current crises of economic inequality, climate change, and democracy, emphasizing the need for collective action and social movements to bring about change, as well as the role of education and the arts in fostering a sense of community and shared identity.

Matthew Baron challenges conventional myths about booms and busts

Everyone wants to ring-fence something, but they can’t agree on what:

The big question in Asian countries right now is what lesson to take from Donald Trump’s victory in the United States’ presidential election, and from the United Kingdom’s Brexit referendum, in which British voters opted to leave the European Union. Unfortunately, the focus is not where it should be: geopolitical change.

With the publication of Thomas Piketty’s Capital in the 21st Century, the American public has become increasingly concerned about the scale and impact of inequality in economic life.

Why does Benn Steil’s history of Bretton Woods distort the ideas of Harry Dexter White?

Leading expert says Iceland is showing the way on tackling a global peril.

Economics Nobel laureate Michael Spence discusses the many changes that await us in the wake of digital technology developments and the pandemic, which are combining in unexpected ways

Michael Pettis, Non-Resident Senior Fellow at the Carnegie-Tsinghua Center for Global Policy, talks to Rob Johnson about how trade wars really are class wars and how nationalist conflict is shaping US-China relations and fracturing Europe.

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

Evidence from Insider Trading in Banks

The financial sector can support growth but it can also cause crisis. The present crisis has exposedgaps in economists’ understanding of this dual potential.

Financial Times columnist and author Rana Foroohar talks about her new book Homecoming: The Path to Prosperity in a Post-Global World

Many indicators say the US is close to full employment: Hours of work tell a different story.

Without new economic thinking, macro policy will retain its deflationary biases and secular stagnation remains the ‘normal’.

IMPORTANT: Due to growing concerns around the coronavirus, the INET Conference, as well as these workshops will be postponed. Applicants will soon be provided further information.

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

Or Does It?

To able to deal with these consequences, our crisis response now should not lock us in into a permanent state of austerity, greater inequality and heightened vulnerability to future health calamities. New-old social democratic solutions are needed more than ever before.

Public funding behind the technology is the secret ingredient.

And heading where?

Historians Naomi Oreskes (Harvard University) and Erik Conway (Caltech) talk to Rob about their just released book, The Big Myth: How American Business Taught Us to Loathe Government and Love the Free Market.

Bank failures don’t threaten most deposits, but they do threaten jobs

Wealthy predators are playing stock market games with companies needed to develop and produce clean technology

The speed and duration of COVID-19 economic recovery will depend on how the government will finance emergency programs.

Carbon pricing still has the potential to be a powerful tool contributing to emissions reductions, but it is clearly no panacea.

Everyone wants to ring-fence something, but they can’t agree on what: Vickers, Liikanen, Volcker.

The central bank today is not just the government’s bank, but also a bankers’ bank, a truly hybrid institution

John Ruskin helps shed light on what it means to have an economy that demands we die for it

How economists turned to the study of collective decision-making after World War II, faced many impossibilities, and lost interest after solving them

On the occasion of the 70th anniversary of Kalecki’s seminal lecture in Mexico on financing economic development, Jan Toporowski’s INET Working Paper considers the relevance of structuralism and Kalecki’s view of economic development for today.

INET at the Trento Economics Festival 3: A dialogue between Michael Spence and Robert Johnson The governance of technology is a new challenge. The Recovery Plans is encouraging the digital transformation of our economies. An acceleration of technological change is bound to deeply affect labor markets and income distribution. While labor-market adaptation is likely to stave off permanent high unemployment, it cannot be counted on to prevent a sharp rise in inequality.

From 1958 onward, the back cover of Paul Samuelson’s bestselling textbook, Economics, showed a family-tree of economists. The diagram’s evolution, in particular its use of the term “mainstream economics,” reflected, and, I speculate, influenced how economists came to perceive the structure of their discipline.

In her new book, Don’t Be Evil, Rana Foroohar explores how to confront companies like Google and their under-regulated stampede over all of us.

Jan Kregel on the Continuing Risk of Derivatives

Oxfam’s Economic Justice Director, Nabil Ahmed, and Oxfam International’s Inequality Policy & Advocacy Lead, Max Lawson, discuss their latest Global Inequality Report, which highlights the accelerating pace at which the world’s billionaires have increased their wealth exponentially in recent years. They also discuss the ways in which governments can reverse this trend through taxation.

Young Scholars from the YSI working groups on Innovation, Complexity Economics, Philosophy of Economics and Financial Stability will present their research at a one-day workshop following The Economics of Post-Factual Democracy conference in Copenhagen, Denmark.

Both before 2008 and today, there’s a disturbing tendency in Washington to not take mortgage fraud seriously

“If we get our policy, politics, and institutions right, African economies and society could gain greater energy and food security, built on green competition and taking strong action on climate change.“ —Professor Chuks Okereke, Director of the Centre for Climate Change and Development at Alex Ekwueme Federal University

We know about emergency lending, but what we are missing is the macroeconomic framework to guide a new rule for stabilization policy

Times have changed. Now we have David Brooks, of The New York Times, and economics blogger Noah Smith defending neoliberal globalization from the pincer movement of anti-trade populists from both the right and the left.

The last 30 years has seen a massive rise in the importance of financial instruments in the American economy. But what has been the impact of this shift in corporate investment strategy?

Reinterpreting Bagehot’s mature work as the origin of the key currency tradition

Earlier investments make large-scale emission reductions easier to do over time because their unit costs drop

We are in the midst of another global transformation, but this time we might have the tools to get it right.

The monetary policies of major central banks in advanced economies have had negative consequences and thus need to be fixed

The third and final round of response from Andrew Smithers on Lance Taylor’s INET working paper on the alleged “global savings glut.”

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.

Author and peace activist Norman Solomon talks about the double standards in US foreign policy that have smoothed the path for Russia’s inexcusable invasion of Ukraine. The role of the military-industrial-complex in the US is one of the main reasons we lack a single standard for the use of military force and human rights, says Solomon.

As the maladies of modern capitalism have multiplied, fundamental questions about the future of the world’s dominant economic model have become impossible to ignore. But in the absence of viable alternatives, the question is how to reform a system that is increasingly at odds with democracy.

Distracted by the perceived threat of a Chinese savings glut, mainstream macroeconomists missed the writing on the wall of the 2008 crisis

Fifty years ago the actions of the Federal Reserve mattered. Today, so far as the aggregate measures of the American domestic economy go, they do not.

Focus on quantities

Lynn Parramore explores Peter Temin’s new book on the country’s two economic histories: progress for whites, slavery and segregation for Black people. He warns of a second-tier global future unless they come together.

A new global economic system has to be based on a key principle of Bretton Woods: multilateralism

The title is the same as that of Maury Obstfeld’s Ely Lecture, delivered Jan 6 at the AEA meetings in Chicago. Yours truly was at the meetings mainly to deliver a paper on “Three Principles for Market-Based Credit Regulation”, about which more in a later post. And for most of the rest of the time I was locked in a hotel room interviewing candidates for an assistant professor slot at Barnard College (which gave me a good overview of the current state of macroeconomics, again fodder for a later post).

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

Remedies have failed to produced growth and reduce indebtedness because they’re focused on protecting toxic behavior by banks in Europe’s core countries

New INET research shows once again that it’s large firms and the 1%—not the “median voter”—who drive U.S. policy

Tim O’Reilly, the founder of O’Reilly Media and author of the book, What’s the Future?, talks about how new technology can either be considered a scapegoat or a mirror and what this means for our future.

Till is right. It’s not the historian’s task to question the legitimacy of the decisions of the Nobel Committee.

Elon Musk secured shareholder approval for a new stock-based package designed to double his voting power at Tesla, potentially making him the first trillion-dollar employee. As this plan cements Musk’s control it ties vesting to audacious market-cap and production targets and diverts focus from progressive value creation. Musk’s governance, layoffs, and politicization could imperil Tesla’s EV leadership and ambitions in AI and robotics.

For all the talk of Modern Monetary Theory representing a brave new frontier, it is easy to forget that the United States has gone down this road before, when the US Federal Reserve financed the war effort in the 1940s. Then, as now, the question is not about government debt, but about the debt’s purpose and justification.

Greece: reculer pour mieux sauter

Our welfare depends not only on our actual consumption, but also on alternate choices wedid not make.

How to Get Relief to Those Who Need It. Gosia Glinska in Conversation with Anton Korinek

What exactly is an exchange rate?

Chioma Agwuegbo of TechHer Nigeria, talks to Folashadé Soulé and Herbert Mba Aki about how the pandemic is impacting young people in Nigeria, especially young women, and how African youth are tackling the crisis.

In “celebration” of the late Pete Peterson’s 92nd birthday (see guest list), an excerpt from 19th Century historian Lord Macaulay’s History of England, on hundreds of years of unwarranted panic about government debt.

The tail risks that may be generated by Mario Draghi’s monetary policy innovations in the Eurozone include even more intense versions of Andrew Haldane’s “Doom Loops”

Patrick Bond, sociology professor at the University of Johannesburg, South Africa, discusses the urgent need for climate reparations for Africa, in light of the COP26 climate summit, and why market solutions will not work to address the problems Africa is currently facing. Part 2 of 2.

A response to economists who doubt our capacity to decarbonize while maintaining robust growth