Macroeconomics

Summers and Stansbury Get It Half Right

A Comment on Summers and Stansbury

Inadequate demand and climate change require a global green new deal

It was too good to be true: Another effort to vindicate austerity falls victim to flawed methodology.

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.

Returns on wealth exceed growth for more countries, more years, and more dramatically than Piketty has found

A report of the Commission on Global Economic Transformation’s subcommittee on Macroeconomics & Finance

Everyone is waking up to the fact that estimates of what is possible in the economy are way off: this paper explains why

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.

A collection of our research on populism, globalization and nationalism

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

The implications of rising inequality are massive. Economists need to tackle it together.

Lance Taylor, Emeritus Professor of Economics at The New School for Social Research, delivers the annual Heilbroner Memorial Lecture on the Future of Capitalism.