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  Public Policy Brief No. 50

  Public Employment and Economic Flexibility

  Central banks, national governments, and international organizations have resisted policies that would promote full employment because high employment and high capacity utilization are associated with structural rigidities that result in sluggish growth, inflationary pressures, and other undesirable consequences. What has been almost entirely overlooked is the way in which public sector activity can enhance flexibility […]
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  Policy Notes No. 2

  The Emperor Has No Clothes

  If you were to write yourself IOUs to provide for your retirement and put them in a safety deposit box, would you rest comfortably, assured that you would be able to purchase all the necessities of life in 2020? Well, President Clinton’s proposal is even worse.
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  Report No. 1

  Report February 1999

  Jeffrey G. Madrick talks with Levy Institute Vice Chairman Leon Levy about hedge funds’ influence over financial markets, and what went wrong with Long-Term Capital. Contents: Hedge Fund Mysteries: An Interview with Leon Levy by Jeffrey Madrick * New Working Paper topics include: Modern Money * Government Spending and Growth Cycles * The Minimum Wage […]
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  Working Paper No. 262

  The 1966 Financial Crisis

  The so-called credit crunch of 1966 has long been recognized as the first significant postwar financial crisis and one that required the first important intervention by the Federal Reserve Bank. In the midst of the robust postwar expansion, the Fed began to fear inflation and tightened monetary policy to the point at which profitability of […]
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  Working Paper No. 261

  Theories of Value and the Monetary Theory of Production

  This paper extends earlier work that argued that liquidity preference theory should be interpreted as a theory of value. Here I will argue that two theories of value are needed for analysis of a monetary production economy: the labor theory of value and the liquidity preference theory of value. Both Keynes and Marx were trying […]
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  Policy Notes No. 1

  How Negative Can US Saving Get?

  In 1998 the volume of private spending in the United States rose by almost twice the increase in disposable income. The impact of this excess private spending financed by increased net borrowing has been profound; without it, the economy would have stagnated. Can this pattern of demand growth continue? The answer is a resounding no.
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  Strategic Analysis

  Seven Unsustainable Processes

  The purpose of this Strategic Analysis is not to make short-term predictions about the life expectancy of the current economic expansion in the United States, but to determine if the present stance of fiscal and trade policy is appropriate in the medium term. The expansion has been generated by economic processes that are unsustainable—processes in […]
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  Summary No. 3

  Summary Summer–Fall 1999

  This double issue of the Summary features the Ninth Annual Hyman P. Minsky Conference on Financial Structure, which underscored the renewed general interest in Minsky’s work as it applies to the global financial system.   Contents: Risk Reduction in the New Financial Architecture · Can Goldilocks Survive? · Workshop: Earnings Inequality, Technology, and Institutions · […]
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  Summary No. 2

  Summary Spring 1999

  In a new Policy Note summarized in this issue, Senior Scholar L. Randall Wray describes three threats to the current “Goldilocks” economy: global financial crisis, global deflation and excess demand, and a domestic surplus coupled with record private deficits. Contents: The Minimum Wage in Historical Perspective · Constructing Long and Dense Times-Series of Inequality Using […]
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  Summary No. 1

  Summary Winter 1998–1999

  New Working Papers summarized in this issue cover a broad range of topics, including the effects of the Clinton expansion on employment opportunities, the development of modern money from a Chartalist perspective, the federal budget surplus in the context of the coming economic slowdown, concepts of time in economic theory, and the effect of the […]
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  Public Policy Brief Highlight

  Regulating HMOs

  HMO medicine sets up an inevitable conflict between the physicians’ traditional fiduciary role and the financial interests of the health plan and its physicians. Regulatory interventions, such as the formulation of rules regarding clinical practice, put government in a micromanagement role it cannot hope to perform well. Government instead should focus on building a regulatory […]
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  Press Release

  Regulating HMOs