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Once again, an out-of-control industry is threatening public health on a mammoth scale

The prevailing stock market ideology enriches value extractors, not value creators

The 2008 financial crisis was a shock to faith in entirely free financial markets. But the neoliberal assumptions underlying the previously dominant “Washington Consensus” continue to inform much Western commentary on China’s economy.

The current energy market structures, including the short-run-marginal-price-on-all nature of the current wholesale market, are not fit for a transition to a renewables-dominated system.

What happens when professionals lose touch with the people they’re supposed to serve?

DeepSeek’s appearance is changing the AI landscape in more ways than we might think.

Estimated space requirements for solar energy sufficient to power the entire world are reassuringly trivial, at 0.5-1% of global land area. For individual countries however, the challenges vary greatly, reflecting dramatic differences in population density.

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

Price inflation, marginal cost pricing, and principles for electricity market redesign in an era of low-carbon transition

What That Means For Biden’s Inflation Policy Trilemma

Economists had to distort economic theory to fashion their merger “efficiency” arguments

Overcoming Anti-Urban Bias to Reduce Inequality in the United States

Summers and Stansbury Get It Half Right

As the Nobel laureate economist Robert Solow noted in 1987, computers are “everywhere but in the productivity statistics.” Since then, the so-called productivity paradox has become ever more striking. Automation has eliminated many jobs. Robots and artificial intelligence now seem to promise (or threaten) yet more radical change. Yet productivity growth has slowed across the advanced economies; in Britain, labor is no more productive today than it was in 2007.

There is not one opioid crisis in America—there are many. And supply-focused measures won’t stop them.

Ever since 2016, INET researchers confirmed the significance of economic issues in Trump’s ascendency.

Ratner and Sim’s “Who Killed the Phillips Curve – A Murder Mystery”

We have certainly been testing the resilience of democracy, but are we paying attention to the lessons?

By Stefano Sannino Secretary-General, European External Action Service (EEAS), Jutta Urpilainen EU Commissioner for International Partnerships, European Commission, Rohinton P. Medhora President, The Centre for International Governance Innovation (CIGI), Andrew Michael Spence Nobel Laureate of Economics, Co-Chair, Commission on Global Economic Transformation, Jayati Ghosh Professor of Economics, University of Massachusetts, Amherst, Andrea Renda (moderator) Senior Research Fellow, Head of GRID Unit, CEPS

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.

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.

By pushing workers into precarious, part-time work, “Third Way” governments of the past 20 years helped to create the disturbing economic trend that’s vexing orthodox economists

James K. Galbraith slams “unreliable” report claiming that raising the minimum wage would reduce jobs

Expanding, rather than cutting, Social Security is the solution

Campaign promises aside, the policies favored by President-elect Donal Trump are likely to bring more pain than gain to  working-class Americans 

What does Biden’s economic policy mean for the future?

The turmoil of Brexit and the populist challenge across Europe are consequences of austerity policies that have brought misery to millions of ordinary voters. In this interview first published last January, Servaas Storm warned of the dangers of economic decision making divorced from democracy and from the social consequences of its prescriptions

Programs for expedited review may be preferentially reducing the development costs for conditions with lesser disease burden, potentially making investments in addressing the most significant disease burdens even less appealing and exacerbating the market failure further.

Here’s the breakdown on what’s really driving America’s runaway drug prices — and whether any of the current plans stand a chance to lower your pharmacy bill.

Without transparent accounting practices and proper risk management, the Federal Reserve’s current financial losses—unprecedented in scale—and the questionable accounting practices it uses to downplay their impact threaten public trust, economic stability, and the integrity of fiscal policy.

As part of our “Experts on Trial Series”, Antonella Palumbo argues for stripping away ‘scientific’ shibboleths that mask social and political choices

Faced with rapid cost reductions for clean electricity generation, some commentators suggest that we no longer need the Paris agreement or other policy interventions, because technology alone can solve all problems.

Amid the ongoing research interest in questions of inequality, it is important to examine the question of access to housing — and how that has changed over the decades. The specific question I have sought to answer, here, is whether the real cost (measured against income) of buying the average home has risen.

How the dream of a middle class existence collapsed, first for Blacks, then for more and more white American workers and what the Biden administration could do to retrieve the situation.

Hope for mitigating climate catastrophe may not be lost, but the scale of political change needed is no cause for optimism

The biggest factor in accounting for the strength in the economy is the continuing importance of the wealth effect in sustaining consumption by the affluent.

INET’s Commission on Global Economic Transformation - Interim Report on the Global Response to the Pandemic

“Natural rate theory” has dominated interpretations of economic trends and policy prescriptions over many decades. European-type welfare state institution were claimed to cause a compressed wage distribution that distorts otherwise well functioning labor markets.

Places hit hardest by austerity cuts were more likely to vote for UKIP and Leave

Comment on Paul Krugman’s recent observations on US inflation

Predetermined profit margins and prices hidden in the back end of a transaction are really just market failures.

It is high time to ditch this myth for at least the following five reasons.

Effective and quick federal policy response is critical to create conditions for a quick recovery.

Any effort to replace the Affordable Care Act will be confronted by the same structural imbalances in the health care economy that the legislation’s authors faced

What we’re reading: A weekly scan of published items relevant to the Institute’s work

Why to Be Wary of Another Volcker-Type Monetary Tightening

The Eurozone is (quietly) disintegrating as ‘core’ and ‘periphery’ countries continue on paths of economic divergence. That disintegration is reinforced by self-defeating policies shaped by a macroeconomic model that mimics and reinforces the divisions between ‘winners’ and ‘losers’

To get justice, targets must show measurable harm: economists can help.

Reindustrialization vs Financialization

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

More on substance, coherence, and relevance in the Eurozone debate.

A “global saving glut” was invented by Ben Bernanke in 2005 as a label for positive net lending (imports exceeding exports) to the American economy by the rest of the world. However, there is a more plausible explanation for the persistent trade imbalance between the US and its major trading partners.

Andrea Gabor, author of “After the Education Wars,” discusses how California is pushing back on millionaire-driven charter schools. Will the rest of the America follow?

There needs to be a safe place for businesses to place their reserves and working capital

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.

How models treat innovation may be just as important as their assumptions about climate damages

Market tweaks and incentives won’t save us from climate catastrophe. Only radical policy change will.

A new book by economist Peter Temin finds that the U.S. is no longer one country, but dividing into two separate economic and political worlds

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 

Lance Taylor responds to Andrew Smithers’s comment on his INET working paper, “Germany and China Have Savings Gluts, the USA Is a Sump: So What?”

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 

A new INET Working Paper by Yaroslav Melekh, James Dixon, Katrina Salmon, and Michael Grubb, interrogates the contradictions between fossil lock-in through LNG import capacity and overcontracting, and policy-driven demand reduction. Here is a summary of the paper’s main findings.

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

Growing income inequality is threatening the American middle class, and the middle class is vanishing before our eyes. We are still one country, but the stretch of incomes is fraying the unity of our nation.

Mott walks us through answers many careful readers of Kalecki, Keynes, Steindl, and Minsky knew all along.

The soaring costs of city life appear to be sending urban voters toward progressive leaders who promise relief, both in the U.S. and globally.

Evidence-based answers to the main (policy) questions concerning the return of high inflation

Hoping to learn from other countries’ experiences in organizing finance for agriculture, more than 150 Americans were sent abroad in the summer of 1913 to investigate the minutiae of farm-credit systems in and around Europe.

Misaligned incentives account for many of the most troubling features of the pharmaceutical industry’s present practices and performance.

Lance Taylor’s New INET Paper

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.

This research project studies the macroeconomic effects of rising inequality by focusing not on top incomes but instead on the economics of the “bottom 99%” which has been squeezed out by rising inequality and falling labor shares.

Why Pushing on a String Has Never Worked

Gilead’s shareholders want exorbitant profits from Remdesivir, even though it was the public that enabled its development.

In this interview, Camilla Toulmin and Folashadé Soulé speak with Carlos Lopes, Professor at the Nelson Mandela School of Public Governance, University of Cape Town, Visiting Professor at Sciences Po, Paris and an Associate Fellow at Chatham House, London

A global carbon tax alone will not be enough to significantly reduce CO2 emissions

The Chicago School has long used bankrupt assumptions to strangle antitrust policy

To what extent is profit-led inflation compatible with what we know about the price-setting behavior of firms and income distribution?

When a small group of companies can dominate a labor market, wages—and workers—suffer

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

How free electricity could fight climate change and inequality

China’s successful technological development path stands in contrast to the corporate financialization model in the United States

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

The Federal Reserve is experiencing something new in its history: sustained and sizable operating losses. These losses—currently running at more than $100 billion a year on an annualized basis—stem largely from the sharp rise in short-term interest rates, which has increased the interest the Fed pays on bank reserves while the income from its long-term securities portfolio remains comparatively low.

Vera Songwe, Chair of the Liquidity and Sustainability Facility, and former Executive Secretary of the UN Economic Commission for Africa, on the multiple crises facing African countries.

New findings show that hourly wage-rates in China are higher than in middle-income countries and are approaching the levels of Greece and Portugal

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.

By all accounts infection rates have ebbed. But were we good or were we lucky?

A low agreement between bibliometrics and peer review at the level of individual article indicates that metrics should not replace peer review at the level of individual article.

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

The EU is preparing to take a tough line with Britain, in order to deter other member states from following it out of the Union. But it is the neoliberal agenda that has prevailed for last four decades, benefiting only the top 1%, that is fueled voter anger on both sides of the Atlantic.

The first thing to say about QE2 is that it is a very different operation from QE1.

As artificial intelligence reshapes our economy, policymakers must act swiftly to prevent a winner-take-all scenario in the rapidly evolving market for AI foundation models.

Modern monetary theorists ignore how their policies could hurt developing countries

Tony Atkinson’s new book points the way forward.

Thomas Ferguson’s commentary for an INET symposium on the Inflation Reduction Act

The practical question in Washington today is not whether regulations will go, but whether anything will replace them

And electric vehicles don’t do a lot better

The Bank of England took the first step in putting the brakes on the surging property market as it scrapped the United Kingdom’s flagship initiative that encourages mortgage lending, introduced earlier this year by Treasury minster George Osborne.

Why did so many Dutch voters vote for the far-right Geert Wilders?