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For Overspending Governments, an Alternative View on Borrowing Versus Raising Taxes

Bloomberg Quick Take with the Washington Post, March 13, 2019. All rights reserved. Outlining the basics of Modern Monetary Theory, Bloomberg's Katia Dmitrieva cites the work of Levy Research Associate Pavlina Tcherneva as a leading voice in the field. Read more: https://www.washingtonpost.com/business/for-overspending-governments-an-alternative-view-on-borrowing-versus-raising-taxes/2019/03/12/13945b5a-44dc-11e9-94ab-d2dda3c0df52_story.html?noredirect=on&utm_term=.ee3a91c52dc5

Public Policy Brief No. 147

Globalization, Nationalism, and Clearing Systems

As global market integration collides with growing demands for national political sovereignty, Senior Scholar Jan Kregel contrasts two diametrically opposed approaches to managing the tensions between international financial coordination and national autonomy. The first, a road not taken, is John Maynard Keynes’s proposal to reform the postwar international financial system. The second is the approach taken […]

Remembering Levy Institute Visiting Scholar and post-Keynesian economist, Nina Shapiro

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Remembering Nina Shapiro

We are grieved to announce that Nina Shapiro, Professor of Economics Emeritus at St. Peter’s College, passed away on March 6. Nina was one of the first Levy Institute Visiting Scholars and a major contributor to the field of post-Keynesian economics. She passed away last week at the age of 71 from complications due to [...]

Press Release

Leading Economists and Policymakers to Discuss Increasing Financial Instability and Risk of Recession at the Levy Economics Institute’s 28th Annual Hyman P. Minsky Conference, April 17 at Bard College

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Big Guns Shooting Holes in the Sky

The New Keynesian monetary mainstream has brought out the big guns. Paul Krugman, Kenneth Rogoff, and Larry Summers have come out to shoot down the rising star known as “MMT,” which stands for Modern Monetary Theory. For a while, it was academically convenient to withhold paying any public attention that could foster competition in the [...]

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Join Us for the 28th Annual Hyman P. Minsky Conference

This year’s Minsky conference will be a one-day affair, featuring keynote speakers that include St. Louis Fed President James Bullard, former PIMCO chief economist Paul McCulley (now Senior Fellow at Cornell Law), and First Vice President of the Minneapolis Fed, Ron Feldman. The Levy Institute’s Jan Kregel will be discussing reform of the eurozone system; [...]

Working Paper No. 924

Induced Shifting Involvements and Cycles of Growth and Distribution

The paper builds on the concept of (shifting) involvements, originally proposed by AlbertHirschman (2002 [1982]). However, unlike Hirschman, the concept is framed in class terms. A model is presented where income distribution is determined by the involvement of the two classes, capitalists and workers. Higher involvement by capitalists and lower involvement by workers tends to […]

Working Paper No. 923

Economic Planning under Capitalism

By the beginning of the 20th century, the possibility and efficacy of economic planning was believed to have been proven by totalitarian experiments in Germany, the Soviet Union, and, to a lesser degree, Fascist Italy; however, the possibilities and limitations of planning in capitalist democracies was unclear. The challenge in the United States in the […]

Working Paper No. 922

It Pays to Study for the Right Job

With the rapid increase in educational attainment, technological change, and greater job specialization, decisions regarding human capital investment are no longer exclusively about the quantity of education, but rather the type of education to obtain. The skills and knowledge acquired in specific fields of study are more valuable for some jobs compared to others, which […]

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This Time Is Different: Wray on Modern Monetary Theory

Public interest in Modern Monetary Theory (MMT) is undergoing a new growth spurt, and progressive politicians are playing a key role in the current phase. Rep. Ocasio-Cortez recently referenced the heterodox framework to push back against the assumption that her ambitious policy proposals must, as a matter of financial necessity, be made budget-neutral (an assumption, as [...]

Book Series

Macroeconomics

This groundbreaking new core textbook encourages students to take a more critical approach to the prevalent assumptions around the subject of macroeconomics, by comparing and contrasting heterodox and orthodox approaches to theory and policy. The first such textbook to develop a heterodox model from the ground up, it is based on the principles of Modern […]