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  Working Paper No. 256

  The Minimum Wage in Historical Perspective

  During the Progressive period of American history the debate over the minimum wage was often between those who clung to traditional economic theory as a reason for not having a minimum wage and those who saw the efficiency-wage benefits of adopting one. Although the latter argument proved quite effective in swaying many state legislatures, it […]
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  Report No. 4

  Report November 1998

  In this issue’s editorial, James K. Galbraith and George Purcell trace the chain of worldwide events that followed from the Federal Reserve’s failure to pursue interest rate cuts. Contents: Symposium: Employment Policies to Reduce Poverty * Wall Street Blues: An Interview with Leon Levy by Jeffrey Madrick * Editorial: The Butterfly Effect (James K. Galbraith […]
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  Press Release

  Federal Reserve Eases Too Little, Perhaps Too Late

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  Public Policy Brief No. 45

  Did the Clinton Rising Tide Raise All Boats?

  During the recent robust expansion only 700,000 of the almost 12 million jobs created went to the half of the population that does not have at least some college education. Even though the number of officially unemployed fell to less than 4 million in the 25-and-over age group, there remain in that group over 26 […]
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  Public Policy Brief Highlight No. 45

  Did the Clinton Rising Tide Raise All Boats?

  During the recent robust expansion only 700,000 of the almost 12 million jobs created went to the half of the population that does not have at least some college education. Even though the number of officially unemployed fell to less than 4 million in the 25-and-over age group, there remain in that group over 26 […]
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  Working Paper No. 255

  Economic Time

  This paper argues that economists require a particular concept of time to develop theory with greater explanatory power in describing and analyzing the sort of economy in which we are primarily interested–the monetary economy usually termed capitalism. Economists of various persuasions have recognized the importance of a concept of time, but we argue that a […]
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  Working Paper No. 254

  Toward a New Instrumental Macroeconomics

  This paper argues that the ideas of Abba Lerner and Adolph Lowe contain overlapping and complementary insights and themes that may contribute to the development of a new approach to macroeconomics. They also have rather specific practical policy implications. Lerner’s notions of functional finance and money as a creature of the state are combined with […]
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  Working Paper No. 253

  Finance and the Macroeconomic Process in a Classical Growth and Cycle Model

  The aim of this paper is to derive an endogenous growth and cycles model that integrates sectoral incomes, expenditures, and finance requirements into an ex ante social accounting matrix (SAM) in the spirit of the Cambridge Economic Policy Group. The SAM includes households, businesses, a banking sector with non-zero net worth, and the government. Investment […]
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  Conference Proceedings

  Symposium: Employment Policies to Reduce Poverty

  The purpose of this symposium, held September 24, 1998, at the Levy Institute’s research and conference center on the campus of Bard College in Annandale-on-Hudson, New York, was to explore the causes and consequences of the persistence of poverty, and to examine policies that might rectify the inequitable distribution of the gains of economic success.
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  Press Release

  Levy Institute Scholar Proposes New Process for Adjusting the Minimum Wage

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  Public Policy Brief No. 44

  The Asian Disease: Plausible Diagnoses, Possible Remedies

  Asia presents a cumulation of apparently rational decisions that produced disastrous results—a textbook illustration of “financial instability” developing from the economics of euphoria. A combination of factors produced the crisis as enormous capital inflows were drawn to the “Asian miracle“-pegged exchange rates with fluctuating interest rates, integrated economies, moral hazard created by central banks, and […]
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  Public Policy Brief No. 43

  How Big Should the Public Capital Stock Be?

  Investment in infrastructure is necessary for a strong, flexible, and growing economy. However, the relationship between public capital and economic growth is not linear. At a certain level, the tax burden associated with financing and maintaining public capital reduces the returns to private industry, which in turn reduces growth; also, different types of spending have […]