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1714 publications found
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Working Paper No. 627October 19, 2010
The Transition from Industrial Capitalism to a Financialized Bubble Economy
AbstractFor the past decade, the US economy has been driven not by industrial investment but by a real estate bubble. Although the United States may seem to be the leading…more
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Working Paper No. 626October 11, 2010
Technical Change in India’s Organized Manufacturing Sector
AbstractWe use the real wage–profit rate schedule to examine the direction of technical change in India’s organized manufacturing sector during 1980–2007. We find that technical change was Marx biased (i.e.,…more
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Working Paper No. 625October 10, 2010
A Post Keynesian Perspective on the Rise of Central Bank Independence
AbstractThis paper critically assesses the rise of central bank independence (CBI) as an apparent success story in modern monetary economics. As to the observed rise in CBI since the late…more
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Working Paper No. 624September 30, 2010
A Reassessment of the Use of Unit Labor Costs as a Tool for Competitiveness and Policy Analyses in India
AbstractWe reinterpret unit labor costs (ULC) as the product of the labor share in value added, times a price adjustment factor. This allows us to discuss the functional distribution of…more
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Working Paper No. 623September 28, 2010
The Meltdown of the Global Economy
AbstractThe enormity and pervasiveness of the global economic crisis that began in 2008 makes it relevant to analyze the circumstances that can explain this catastrophe. This will also provide clues…more
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Working Paper No. 622September 27, 2010
Innocent Frauds Meet Goodhart’s Law in Monetary Policy
AbstractThis paper discusses recent UK monetary policies as instances of John Kenneth Galbraith’s “innocent fraud,” including the idea that money is a thing rather than a relationship, the fallacy of…more
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Working Paper No. 621September 25, 2010
Gendered Aspects of Globalization
AbstractWe need to go beyond the accepted notions relating to the role of women in the economy and society, especially in terms of what is recognized in mainstream theory and…more
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Book SeriesSeptember 23, 2010
The Elgar Companion to Hyman Minsky
AbstractHyman Minsky’s analysis, in the early 1990s, of the capitalist economy’s transformation in the postwar period accurately predicted the global financial meltdown that began in late 2007. With the republication…more
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Working Paper No. 620September 20, 2010
Measuring Poverty Using Both Income and Wealth
AbstractThis paper presents a comparative analysis of the approaches to poverty based on income and wealth that have been proposed in the literature. Two types of approaches are considered: those…more
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Working Paper No. 619September 19, 2010
Asia and the Global Crisis
AbstractThe global crisis of 2007–09 affected developing Asia largely through a decline in exports to the developed countries and a slowdown in remittances. This happened very quickly, and by 2009…more
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Working Paper No. 618September 16, 2010
Quality of Match for Statistical Matches Used in the 1992 and 2007 LIMEW Estimates for the United States
AbstractThe quality of match of four statistical matches used in the LIMEW estimates for the United States for 1992 and 2007 is described. The first match combines the 1992 Survey…more
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Working Paper No. 617September 15, 2010
How to Sustain the Chinese Economic Miracle?
AbstractThis paper investigates China’s role in creating global imbalances, and the related call for a massive renminbi revaluation as a (supposed) panacea to forestall their reemergence as the world economy…more
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Public Policy Brief No. 115September 13, 2010
What Should Banks Do?
AbstractIn this new brief, Senior Scholar L. Randall Wray examines the later works of Hyman P. Minsky, with a focus on Minsky’s general approach to financial institutions and policy. The…more
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Working Paper No. 616September 09, 2010
Product Complexity and Economic Development
AbstractWe rank 5,107 products and 124 countries according to the Hidalgo and Hausmann (2009) measures of complexity. We find that: (1) the most complex products are in machinery, chemicals, and…more
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Working Paper No. 615September 01, 2010
Quality of Match for Statistical Matches Used in the 1999 and 2005 LIMEW Estimates for Canada
AbstractThe quality of match of four statistical matches used in the LIMEW estimates for Canada for 1999 and 2005 is described. The first match combines the 1999 Survey of Financial…more
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Working Paper No. 614August 25, 2010
The “Keynesian Moment” in Policymaking, the Perils Ahead, and a Flow-of-funds Interpretation of Fiscal Policy
AbstractWith the global crisis, the policy stance around the world has been shaken by massive government and central bank efforts to prevent the meltdown of markets, banks, and the economy….more
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Working Paper No. 613August 23, 2010
As You Sow So Shall You Reap
AbstractWe develop an Index of Opportunities for 130 countries based on their capabilities to undergo structural transformation. The Index of Opportunities has four dimensions, all of them characteristic of a…more
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Working Paper No. 612August 20, 2010
What Do Banks Do? What Should Banks Do?
AbstractBefore we can reform the financial system, we need to understand what banks do; or, better, what banks should do. This paper will examine the later work of Hyman Minsky…more
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Working Paper No. 611August 17, 2010
Why China Has Succeeded—and Why It Will Continue to Do So
AbstractThe key factor underlying China’s fast development during the last 50 years is its ability to master and accumulate new and more complex capabilities, reflected in the increase in diversification…more
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Working Paper No. 610August 13, 2010
Investing in Care
AbstractMassive job losses in the United States, over eight million since the onset of the “Great Recession,” call for job creation measures through fiscal expansion. In this paper we analyze…more
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Working Paper No. 609August 11, 2010
Using Capabilities to Project Growth, 2010–30
AbstractWe forecast average annual GDP growth for 147 countries for 2010–30. We use a cross-country regression model where the long-run fundamentals are determined by countries’ accumulated capabilities and the capacity…more
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Working Paper No. 608August 09, 2010
Assessing the Returns to Education in Georgia
AbstractThe economic returns to education in transition countries have been extensively evaluated in the literature. The present study contributes to this literature by estimating the returns to education in Georgia…more
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Public Policy Brief No. 114August 06, 2010
Debts, Deficits, Economic Recovery, and the US Government
AbstractIn this new brief, President Dimitri B. Papadimitriou and Research Scholar Greg Hannsgen evaluate the current path of fiscal deficits in the United States in the context of government debt…more
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Working Paper No. 607August 03, 2010
Extrinsic Rewards and Intrinsic Motives
AbstractEmployers structure pay and employment relationships to mitigate agency problems. A large literature in economics documents how the resolution of these problems shapes personnel policies and labor markets. For the…more
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