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BlogThe End of Hegemony and the Ends of Economics
June 16, 2026 Remarks delivered at the University of Athens, June 8, 2026, on occasion of the award of a PhD honoris causa. James K. Galbraith holds the Lloyd M. Bentsen, Jr. Chair in Government/Business Relations at the Lyndon B. Johnson School of Public Affairs, and a Professorship in Government, at The University of Texas at Austin. His [...] Blog -
Policy Note No. 2026/3The Real Cost of War
April 22, 2026 The press is full of stories on the cost of President Trump’s war of choice against Iran—said to be running at $2 billion a day. With an on-again, off-again ceasefire,...more Publication -
Working Paper No. 1103Legal Tender, Debt, and the Institutional Settlement of Monetary Obligations in English Law
January 08, 2026 This paper challenges the widespread public and institutional misconception that legal tender laws in English law compel creditors to accept payment in a specific form. We argue that legal tender...more Publication -
This Giving Tuesday, Support a New Economics
December 02, 2025 This Giving Tuesday, we invite you to partner with the Levy Economics Institute. Your support fuels the research and intellectual frameworks that define our economic future. For four decades, the...more News -
Working Paper No. 1101
Currencies Come and Go, but Employment Always Takes Root
November 18, 2025 This paper explores a development strategy for peripheral economies by advocating for a paradigm shift from traditional economic models that rely on accumulating foreign reserves. It proposes the job guarantee...more Publication -
Newest Class of Levy Graduate Students Welcomed to Blithewood
September 19, 2025 The beginning of September marked the arrival of our latest group of new Levy Graduate students. As these bright individuals embark on their intellectual journeys at the Levy Institute, learning...more News -
BlogClimate Catastrophe and the Second Coming
August 21, 2025 Back in the early 2000s, financial market participants would wisecrack that unlikely events that should happen once in 10,000 years were occurring every month. We know where that led—to the Global Financial Crisis. Everything crashed. The Fed had to spend and lend $29 trillion to bail out the world’s financial system. It took economies a [...] Blog -
BlogSeminar on Modern Monetary Theory and Launch of New Macroeconomics
August 08, 2025 On July 19, 2025, the Seminar on Modern Monetary Theory and the Launch of New Macroeconomics was held in the main hall of the Mingde Building (明德楼) at Renmin University （人民大学）of China. The event was jointly hosted by the School of Economics at Renmin University, the Central Compilation and Translation Press, and the Ministry of [...] Blog -
Working Paper No. 1088
The Job Guarantee: Lessons from Argentina’s Jefes Plan and Its Reform
August 01, 2025 According to current macroeconomic models, there is a need to maintain a natural rate of unemployment to contain inflation. Put simply, unemployment is considered an (inevitable) cost of price stability....more Publication -
Video Now Available from the 32nd Annual Levy Institute Conference
July 16, 2025 Now Available: Full Video from the 32nd Annual Levy Economics Institute Conference We’re pleased to share the full video recordings from our conference on June 16, 2025: “Money, Finance, and...more News -
BlogConfronting Financial Fragility, Worker Crisis, and Global Turmoil
June 06, 2025 On June 16, 2025, I will welcome colleagues and friends to the 32nd Annual Conference of the Levy Economics Institute—our first in-person gathering since the pandemic, convening at a moment of extraordinary economic upheaval. The challenges before us are among the most consequential in a century: a global trade order in disarray, deepening economic insecurity [...] Blog -
Understanding Modern Money Theory by L. Randall Wray Out Now
May 23, 2025 In this illuminating book, Senior Scholar L. Randall Wray emphasizes the critical role played by both credit and state money in capitalism and explores the origins and evolution of the...more News -
Policy Note No. 2025/4Ratings Agencies Downgrade the Dollar’s Exorbitant Privilege
May 22, 2025 They are at it again. Moody’s has finally joined the other two ratings agencies in downgrading US government debt. Standard & Poor’s downgrade was first in 2011[1], while Fitch waited...more Publication -
Research Project ReportInvesting in Early Childhood Education and Care Services in Jordan
May 20, 2025 Written in October 2022, through a collaboration between Istanbul Technical University (ITU) and the Levy Economics Institute in New York by Ipek Ilkkaracan (ITU), Ayse Aylin Bayar (ITU), Luiza Nassif...more Publication -
Policy Note No. 2025/3What Do We Save When We DOGE the Government?
May 20, 2025 The second Trump administration has seemingly added a new term to the English vocabulary – getting DOGE-ed. Almost every week we hear about another government agency getting the DOGE treatment,...more Publication -
BlogTribute to Edwin Le Héron
May 12, 2025 Our eminent French economist colleague, Edwin Le Héron, passed away on 23 April 2025 in Bordeaux. A professor at Sciences Po Bordeaux since 1987, he was the founder and long-standing president of the Association pour le Développement des Études Keynésiennes (ADEK), established in 2000. ADEK has brought together French-speaking post-keynesian economists and organized major international [...] Blog -
BlogThe Levy Institute and the Future of Economics
April 04, 2025 According to my vita, my first paper for the Levy Economics Institute, “Unemployment, Inflation, and the Job Structure,” was first published almost exactly thirty years ago, in May 1995.[1] It was a categorical dissent from the micro-market framework, dominant then and still, of mainstream economics. The abstract reads: In this working paper, James K. Galbraith [...] Blog -
Public Policy Brief No. 158That “Vision Thing”: Formulating a Winning Policy Agenda
March 04, 2025 For a PDF version of this Public Policy Brief, please click here. There are many ways to lose a presidential election, and pundits have come up with a long list:...more Publication -
Senior Scholar L. Randall Wray gives lecture on MMT at the Instituto de Investigaciones Económicas de la UNAM
February 11, 2025 UNAM and the Fiscal and Financial Economics Seminar hosted Senior Scholar L. Randall Wray for a short course titled “Modern Money Theory: An Alternative Macroeconomic Theory.” You can now view the...more News -
Working Paper No. 1076The Rise of the Modern Monetary System
February 07, 2025 This working paper integrates the credit money approach (associated with Post Keynesian endogenous money theory) with the state money approach (associated with Modern Money Theory) by drawing on Wray’s 1990...more Publication -
Working Paper No. 1067
Revisiting the Foreign Debt Problem and the “External Constraint” in the Periphery
December 06, 2024 Originally issued as EDI Working Paper No. 16, March 2024 Most debates and policy proposals about Global South countries’ external debt problem take for granted the view that it is...more Publication -
Working Paper No. 1064
Seismic Shifts in Economic Theory and Policy from the Bernanke Doctrine to Modern Money Theory
December 06, 2024 Originally issued as EDI Working Paper No. 08, 2022 This paper evaluates the relationship between monetary and fiscal policy and the relative effectiveness of macroeconomic stabilization through the lens of...more Publication -
Working Paper No. 1063
Fiscal and Monetary Policy in an SFC Model of the Italian Economy
December 03, 2024 Following the Great Financial Crisis of 2008–9, there has been a shift in mainstream economic policy modeling toward “realism,” with dynamic stochastic general equilibrium (DSGE) models partly diverging from the...more Publication -
Working Paper No. 1062
The Value of Money
December 03, 2024 This paper examines heterodox theories of the determinants of the value of money. Orthodox approaches that tie money’s value to relative scarcity of money or to the price level are...more Publication