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Why real reform in American politics won’t come from slogans, scandals, or new parties — but from breaking the grip of investor politics and rebuilding power from the ground up.

A comment on the Securities and Exchange Commission’s proposed rule “Share Repurchase Disclosure Modernization”

Expert warns that without more robust abatement measures and testing, the virus could rage until mid-2022.

Honorary Vice President at IMANI Center for policy and education, Bright Simons, on the challenges Ghana is facing

In his new book, Mindless, acclaimed economic historian Robert Skidelsky urges readers to pause and reflect on the delicate balance between advancing technology and our human essence.

This year, I’m sharing an office with an econometrician on Mondays and with a geographer on Fridays (you don’t want to go into the subtleties of the French educational system).

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

Conventional wisdom asserts that American politics is becoming more and more tribal. But the chiefs of the tribes share a lot in common: dependence on big money.

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

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.

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.

Ransomware gangs have been causing extensive damage. It’s time that the government takes them more seriously.

Like master illusionists, bank accountants conceal losses from federal regulators, putting the whole economy at risk

The rise of the economist as engineer is, economists and historians say, an essential characteristic of the development of economics in the postwar period.

Amid mass unemployment and economic turmoil, instructors who lecture on the superiority of free markets without acknowledging the dysfunction in the wider economy are at risk of appearing out of touch and exacerbating antipathy towards economics.

New technologies are not the problem. It’s a system distorted by a flawed ideology.

The INET roundtable on “new conversations and the academy” took place a week ago. Most panelists were bloggers, including Mike Konczal from RortyBomb and Noah Smith from Noahopinion.

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

The view from BIS

Below is a revised version of a talk I gave at the New School University, at a conference to launch Lance Taylor’s latest book. The date of the event was April 28, 2011, more than a year ago, and the delay in revision was entirely my fault—overcommitment and pressing deadlines on many fronts. Sorry about that.

How Women Are Forced to Conform to the Research Habits and Interests of Men

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.

How can we contain institutional failure?

By suddenly eliminating two widely used bank notes, India’s government risks undermining public confidence in the basic means of exchange

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.

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.

An interview with African development specialist Bara Guèye

A comment on Goher-Ur-Rehman Mir and Servaas Storm’s Carbon Emissions and Economic Growth: Production Based vs Consumption-Based Evidence on Decoupling

Ten years ago when Bear Stearns crashed, the Fed decided to bail out first, ask questions later. It was a mistake that set a bad precedent.

With unemployment reaching very low levels in major economies, despite low – and slowly rising – inflation, it’s time for central banks to rethink their reliance on the so-called natural rate. No numerical target for this rate can serve as an anchor for monetary policy.

The “keys under the streetlight story” is well known among economists, but in case you haven’t heard it, it goes like this.

The Toxic Textbooks movement devotes energy to curriculum reform as well. Its purpose is to galvanize student protests and “encourage schools and universities to use economics textbooks that engage honestly with the real world.”

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

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

The optimism embedded in the efficient market hypothesis has been one of the main sources of the recent turmoil

So, my new students’ training is essentially about understanding urban “territories” and “societies” through fieldwork. And my contribution is, supposedly, to highlight the economic dimension of all this.

The Political Economy of Debt

Can the renminbi displace the dollar as the world’s international money?

Why a British vote to leave the European Union would have consequences far larger than the UK’s proportional share of the global economy might suggest

On November 2nd, I was sitting in the Hayden Library Special Collection reading room at MIT, browsing archives on the undergraduate and graduate students’ discontent during the early 70s and the response of the economics department faculty.

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

(Way) Beyond Diamond-Dybvig

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.

The perverted dreams of western modernity and capitalism may be exhausting themselves, says author Eugene McCarraher. And that’s something to be thankful for.

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

Journal rankings are a rigged game. The blacklist of history of economic thought journals isn’t a fluke nor a conspiracy—it exposes how citation rankings really work

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.

The Collapse of Free Market Macroeconomics

To connect across difference is the only thing that will save us from rule by the privileged few.

Over the next year, the Bitcoin price could double, soar tenfold, or collapse by 95% or more, and no economic analysis can help predict where in that range it will lie. Like other cryptocurrencies, Bitcoin serves no useful economic purpose, though in macroeconomic terms, such currencies probably also do little harm.

In introducing game theory (in chapters 7-9), MWG build upon the theory of rational choice by individual agents, developed previously in the book to attempt to analyze (describe, explain, and even predict?) the interactions of such agents as well as the outcomes to which they give rise. In previous chapters, MWG discuss interactions only in the form of the arms-length interactions of numerous firms and consumers in specific markets (e.g. under ‘perfect competition’, in chapters 3 and 5).

Learning How to Swap

In a harrowing new book, scholar Laura Katz Olson pulls back the curtain on a shadowy Wall Street threat that is taking over health care companies – and preying on human lives.

How much does the standard theory of externalities and public goods really say?

Five lessons from the last crisis — for managing the next one

Remarks from Finance & Society May 6, 2015

To fulfill MLK’s vision of jobs and freedom for Black Americans, Washington must rein in corporate greed

The BIS offers a comprehensive picture of the state of the world economy, and of dysfunctional policies holding it back

Eurocentric modernism has unhinged us from our human nature, argues Rajani Kanth in his new book

In Treasury markets, there are no libertarians, only grateful recipients of single-payer insurance for ailing financial markets.

Inflation and corporate profits, a further discussion

New research shows how citation metrics create perverse incentives for corruption in economics

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”

Dennis Kelleher, co-founder of Washington DC-based financial watchdog Better Markets, explains how Main Street gets hurt by the ongoing banking turmoil and why crypto is the last place anybody should be running to for safety.

What ails the EU Green Deal is exactly what troubles the Union in general — an absence of social democracy at work

What is GM CEO Mary Barra’s take-home pay? (It’s more than you are being told)

The most crucial issue in European policy, and one on which no big party campaigned and no important public discussion took place, was the fiscal policy stance for the next few years.

A special note from INET board member john a. powell

In conversation recently, I was called upon to defend the claim that banks are in the business of creating and destroying private money.

Was Martin Luther King a socialist? New book may surprise you.

A review of Perry Mehrling’s book, Money and Empire: Charles P. Kindleberger and the Dollar System, and an exploration Mehrling’s discussion of the 1982 correspondence between Charles Kindleberger and Ben Bernanke examining their theories concerning financial crises.

Going Down the Rabbit Hole at Jackson Hole

Fed to the Rescue?

A look at America’s strange and dangerous approach to medicine, and how to fix it

A financial industry safety net enriches bankers and their shareholders — at our expense

The (very) recent rise of quantitative analysis in history of economics working papers calls for a closer examination of the prospects and limitations of this approach, and of the impediment to its large-scale development.

That’s the amount of buybacks U.S. corporations funneled to shareholders during the past decade—rather than invest in technologies for the common good. This article is being published jointly by INET and The American Prospect

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

RSS PUBLISHED TO eState4Column5©2013 Political Economy Group DK PEG Anti-Capitalist Chat TAGS Culture Economy Employment Media MMT PoliticalEconomy publicpolicy stagflation WhiteHouse Share this article Let real wages (of $15+/hour) grow faster than labor productivity for some years, undoing the wage repression of the last decades. We have been misled by neoliberal economics for now many decades, it’s time to turn many things around in what is becoming a second-rated US economy, recently crippled by the malevolent and narcissistic “king of debt”. In economics, stagflation or recession-inflation is a situation in which the inflation rate is high, the economic growth rate slows, and unemployment remains steadily high. It presents a dilemma for economic policy, since actions intended to lower inflation may exacerbate unemployment. The biggest risk for the stock market in 2021 is inflation, according to Morgan Stanley. Unprecedented radical spending by the federal government and the Federal Reserve, to stave off a panic-induced market crash, helped artificially drive stocks to temporary new highs last year. www.laloftblog.com/… For some, the math bore out the possibility that exuberance was rational even if the economy is always more irrational than its math. “The Lucas fantasy of costless disinflation from credible commitments in an ergodic world of rational agents was decisively falsified long ago.” The underlying problems of supply shocks related to Trumpian idiocy atop bailing out the banksters may have made the economy much worse. The pandemic has only made a bad situation worse, or made more of us myopic in our isolation. Paul Krugman has now taken the time to question the orthodoxy of stagflation. Darn economic orthodoxy being wrong since the 1970s. Let me start with the inflation story the way most economists, myself included, have been telling. In the beginning was the Phillips curve: the apparent tradeoff, fairly visible in the data, between unemployment and inflation. In the 1960s many people looked at that tradeoff, considered the mild costs of inflation versus the benefits of lower unemployment, and argued for monetary and fiscal policies aimed at running the economy hot. But in a hugely influential speech Milton Friedman made an argument also independently made by Columbia’s Edmund Phelps: the unemployment-inflation tradeoff wasn’t real, because any sustained effort to keep unemployment low would lead not just to high inflation but to ever-accelerating inflation. They claimed, specifically, that people setting wages and prices would begin marking them up to anticipate future inflation, so that the inflation rate associated with any given unemployment rate would keep rising. They predicted, in particular, that the course of the economy over time would look something like this: https___bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com_public_images_81db75c8-59f2-4b95-a60a-fe404a50c119_914x5331.png First, a government would push unemployment down; but this would lead to ever-rising inflation, which would stay high even as the economy cooled. So it would take a sustained period of high unemployment to get inflation down again, until finally unemployment could be brought back to a sustainable level. So their analysis predicted “clockwise spirals” in unemployment and inflation. Then came the 1970s: https___bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com_public_images_1d91277a-44fe-422b-b0c3-f1dfa8fb7428_933x5501.png This sure looked like a dramatically successful out-of-sample prediction — sort of an economics version of “Light bends!” Almost everyone in the economics profession took the Friedman-Phelps analysis as confirmed. This in turn had big practical and intellectual consequences. First, governments and central banks stopped pursuing low unemployment, believing that excessively ambitious stimulus caused the stagflation of the 1970s. They began aiming for stable unemployment around the NAIRU —non-accelerating-inflation rate of unemployment — instead. Second, since the Friedman/Phelps prediction was based on trying to assess what rational price-setters would do, their apparent success gave a big boost to the notion that all economics should be based on maximizing behavior. Friedman always had too strong a reality sense to personally go down the rational-expectations rabbit hole that swallowed much of macroeconomics, but given the law of diminishing disciples it was bound to happen. Third, the whole affair gave a boost to conservative ideology. We had seemingly seem a demonstration of the limits to government action; also, the Chicago boys had seemingly been proved right about something big. (I remember classmates in grad school saying “They were right about this. Why don’t you think they’re right about the rest?”) Finally, the Volcker disinflation of the 1980s — using high unemployment to end high inflation — became, in many minds, the model of what responsible policymakers should do: make tough choices for the sake of the future. BUT WHAT IF WE’VE BEEN TELLING THE WRONG STORY ALL ALONG? […] But suppose something like this is true. In that case, the narrative that saw stagflation both as the cost of excessively ambitious macroeconomic policy and as a vindication of conservative economic ideas was mostly wrong. And that matters not just for history but for policy right now, which is still to some extent constrained by the fear of a 70s repeat. How do you ask someone to be the last worker to be unemployed for a mistake? paulkrugman.substack.com/… The reality in a response by Lance Taylor and Nelson Henrique Barbosa Filho is that “For practical purposes, the results mean that, for the Fed to meet its inflation target, it would be necessary to let real wages grow faster than labor productivity for some years, undoing the wage repression of the last decades. Biden’s $15 minimum-wage proposal is a correct step in that direction.” This is despite so many economists taking an opposite, more cautious position. — Daily Kos

Martin Luther King, Jr. and other civil rights leaders relied on black entrepreneurs to make their work possible

The distinguished economist talks about the power of entropy in shaping a new economic reality and viewing current events. His new book, Entropy Economics: The Living Basis of Value and Production, challenges flawed mainstream models that lead to distortions and bad policy.

The country’s flawed insurance model, driven by greed, leads to inefficiency, inequality, and denied care - a colossal scam that has sparked fury across the nation.

David Mussington, a leading expert on cybersecurity, reveals what’s worrying him, from Facebook to foreign interference.

Repeat after me: How much pipe should Fed plumbers lay if Fed plumbers like to lay pipe?

Inflation and corporate profits, a further discussion, responding to Servaas Storm

And electric vehicles don’t do a lot better

“Facebook is undermining our country, our democracy.”

Is it good for your wallet? A climate bill in disguise? Landmark action or nothingburger? Economic experts assess the Democrats’ legislative victory for the Institute for New Economic Thinking.

A response to Phillip Magness in The Wall Street Journal

Average U.S. household loses over $100,000 to destructive activities of bankers and financiers

The GENIUS Act is a disastrous law that poses grave and unacceptable threats to our financial and economic future. Congress must remove those threats by (1) repealing the GENIUS Act and passing legislation that requires all stablecoin providers to be FDIC-insured banks, and (2) adopting legislation that requires all crypto derivatives to comply with the rules governing non-digital derivatives under Title VII of the Dodd-Frank Act.

What Japan, the US, and Europe have in common is growing popular anger over the economy despite high stock prices and low unemployment.

The most popular political philosopher of his generation on liberal responsibility worldwide for the rise of the hard right

Stagnating real wages may have contributed to the slowdown of US productivity

To understand politics in America, follow the money. When we do, we find good cause to expect McConnell’s shadow to live long beyond his tenure.