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BlogCan the Eurozone Be Saved without Treaty Changes or New Institutions?
Yanis Varoufakis and Stuart Holland have updated their “Modest Proposal” for overcoming the eurozone crisis (they call it version 3.0). They took on the challenge of coming up with proposals for addressing the eurozone’s tripartite crisis (sovereign debt, banking, and underinvestment) in a way that avoids any treaty changes or the creation of new EU [...] -
Blog
“A New Frontier of Economic Nonsense”
In an interview with Helen Artopoulou that was posted on Capital.gr, Levy Institute president Dimitri Papadimitriou discusses the failure of the austerity policies imposed on Greece and the uncertain future of the euro project. Q. The political impasse in Greece, largely the outcome of the recent elections, had led to some reconsideration of the austerity policy [...] -
Greece May Remain in the Euro Zone with a New Rescue Plan
Capital.gr, May 18, 2012. © All Rights Reserved. In an interview with Helen Artopoulou (DailyFX.gr/FXCM) that was posted on Capital.gr, Dimitri B. Papadimitriou, president of the Levy Economics Institute, discusses the failed policy of austerity that the European Union opted to enforce on Greece, and what it may take for Greece to overcome its current […] -
Η Ελλάδα μπορεί να παραμείνει στο ευρώ με ένα νέο σχέδιο διάσωσης
Capital.gr, May 18, 2012. © All Rights Reserved. Για την αποτυχημένη «συνταγή» λιτότητας που επέλεξε η ΕΕ και τη δυνατότητα της Ελλάδας να βγει από το πολιτικό και οικονομικό αδιέξοδο μιλά στο DailyFX ο Δημήτρης Β. Παπαδημητρίου, πρόεδρος του Levy Economics Institute. Συνέντευξη στην Ελένη Αρτοπούλου (DailyFX.gr/FXCM) – Το πολιτικό αδιέξοδο στην Ελλάδα, συνέπεια του […] -
Working Paper No. 725Problems with Regional Production Functions and Estimates of Agglomeration Economies
Over the last 20 years or so, mainstream economists have become more interested in spatial economics and have introduced largely neoclassical economic concepts and tools to explain phenomena that were previously the preserve of economic geographers. One of these concepts is the aggregate production function, which is also central to much of regional growth theory. […] -
Working Paper No. 724
Post-Keynesian Institutionalism after the Great Recession
This paper surveys the context and contours of contemporary Post-Keynesian Institutionalism (PKI). It begins by reviewing recent criticism of conventional economics by prominent economists as well as examining, within the current context, important research that paved the way for PKI. It then sketches essential elements of PKI—drawing heavily on the contributions of Hyman Minsky—and identifies […] -
Working Paper No. 724
Ο Θεσμικός μετα-Κεϋνσιανισμός μετά τη Μεγάλη Κάμψη
Η εργασία αυτή ερευνά το πλαίσιο και το περίγραμμα του σύγχρονου Θεσμικού μετα-Κεϋνσιανισμού (ΘΜΚ). Ξεκινά με την ανασκόπηση της πρόσφατης κριτικής διακεκριμένων οικονομολόγων στα παραδοσιακά οικονομικά και εξετάζει, εντός του ισχύοντος πλαισίου, τις σημαντικότερες πτυχές της έρευνας που άνοιξαν το δρόμο για το ΘΜΚ. Στη συνέχεια, σκιαγραφεί τα βασικά στοιχεία του ΘΜΚ, αντλώντας σε μεγάλο […] -
Blog
Did Tax Reform Contribute to Soaring CEO Pay?
Mark Thoma has posted the English transcripts of a three–part interview of James Galbraith by the German website NachDenkSeiten. In the first interview there is a brief exchange with Roger Strassburg in which Galbraith discusses the idea that the 1986 tax reforms, which followed the “lower the rates, broaden the base” mantra that we’re still [...] -
Greece and the Euro: What’s Next?
CNNMoney, May 14, 2012. © 2012 Cable News Network. A Time Warner Company. All Rights Reserved. Investors are getting increasingly worried about whether Greece will remain in the eurozone. And they should. There are a series of upcoming events that could spell the end of a deal, put in place nearly three months ago, to […] -
Working Paper No. 723
Fiscal Policy, Unemployment Insurance, and Financial Crises in a Model of Growth and Distribution
Recently, some have wondered whether a fiscal stimulus plan could reduce the government’s budget deficit. Many also worry that fiscal austerity plans will only bring higher deficits. Issues of this kind involve endogenous changes in tax revenues that occur when output, real wages, and other variables are affected by changes in policy. Few would disagree […] -
Will the Eurozone Unravel before the Elections?
With Greece teetering and increasing doubts about the solvency of Spanish banks, Masters and Papadimitriou discuss the growing likelihood of a cascading crisis in the eurozone and its potential impact on US elections in November. Full audio of the interview is available here. -
Working Paper No. 722
Guaranteed Green Jobs
In most economies, the potential of saving energy via insulation and more efficient uses of electricity is important. In order to reach the Kyoto Protocol objectives, it is urgent to develop policies that reduce the production of carbon dioxide in all sectors of the economy. This paper proposes an analysis of a green-jobs employer-of-last-resort (ELR) […]