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BlogHow Profligate Was the Greek Government?
October 24, 2012 Breezily blaming the eurozone crisis on government profligacy is a widely-used journalistic shortcut, but by now it should be clear that it’s a shortcut that doesn’t help us understand what went wrong with the euro project. It has been repeated often, though evidently not often enough, that Spain, one of the hardest hit countries, had [...] Blog -
Working Paper No. 734Η κρίση του χρηματιστικού καπιταλισμού στην ευρωπεριοχή, ελλείψεις στην αρχιτεκτονική της οικονομικής πολιτικής, και πολιτικές αποπληθωριστικής στασιμότητας
October 19, 2012 Στην εργασία αυτή, η ευρωκρίση ερμηνεύεται ως το τελευταίο επεισόδιο της κρίσης του χρηματιστικού καπιταλισμού. Αναλύονται τα κύρια χαρακτηριστικά του χρηματιστικού καπιταλισμού για τις 11 αρχικές χώρες της ευρωπεριοχής και,...more Publication -
Working Paper No. 734
The Crisis of Finance-dominated Capitalism in the Euro Area, Deficiencies in the Economic Policy Architecture, and Deflationary Stagnation Policies
October 19, 2012 In this paper the euro crisis is interpreted as the latest episode in the crisis of finance-dominated capitalism. For 11 initial Euro area countries, the major features of finance-dominated capitalism...more Publication -
One-Pager No. 35Ένα σύντομος οδηγός στις συζητήσεις γύρω από την τόνωση της οικονομίας και τη λιτότητα
October 19, 2012 Θα πρέπει να επιτρέψουμε να τεθεί σε ισχύ ο δημοσιονομικός γκρεμός, μια πολιτική που περιλαμβάνει αυτόματες περικοπές των δαπανών σε όλους τους τομείς και μεγάλες αυξήσεις στους φόρους που θα...more Publication -
One-Pager No. 35
A Brief Guide to the US Stimulus and Austerity Debates
October 19, 2012 Should we allow the fiscal cliff, with its across-the-board spending cuts and big tax increases that will affect almost every American, to take effect? Economists have been weighing in on...more Publication -
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The Debt Burden, Continued
October 18, 2012 This old post on the question of how to make sense of the claim that government debt places a net “burden” on future generations—the question of whether there’s an economic case to be made that supports the common claim that today’s public debt levels are an immoral burden on our children and grandchildren—generated a fair [...] Blog -
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The Missing Wall Street Debate
October 16, 2012 In a 90-minute debate, I’m not sure it’s possible to cover every single issue of pressing national importance and to do so in coherent detail. So the following is a complaint one could make about a number of issues that were missing from last Thursday’s VP debate, but it was a little eyebrow-raising that financial [...] Blog -
Working Paper No. 733
Innovation and Finance
October 15, 2012 Schumpeter, a century ago, argued that boom-and-bust cycles are intrinsically related to the functioning of a capitalistic economy. These cycles, inherent to the rise of innovation, are an unavoidable consequence...more Publication -
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Unemployment Figures and the Uncertain Future
October 12, 2012 We expect the unexpected at the Levy Institute. As followers of Keynes, most economists here, including this author, believe that one cannot assign exact probabilities to most important economic outcomes even, say, six months into the future. On the other hand, thinking about the economic debate on job creation, and the recent release of new [...] Blog -
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MMT, Argentina, and Views on Inflation
October 09, 2012 On the surface, the data from Argentina look awfully good—among the top performers in the world over the past decade. And she’s apparently done it without a run-up of either private sector or government sector debt. In other words, Argentineans have bucked the trend among developed countries, that saw (mostly) tepid growth fueled almost entirely [...] Blog -
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2012 Money and Banking Conference
October 08, 2012 Levy Institute scholars James Galbraith and Randall Wray presented at the annual conference held by the Central Bank of Argentina last week. Galbraith’s presentation began with the issue of the flexibility of central bank mandates and then turned to an account of the long-term evolution in the economy that prepared the groundwork for the recent [...] Blog -
One-Pager No. 34
Uncovering the Hidden Poor
October 04, 2012 Standard poverty measurements assume that all households and individuals have enough time to engage in the unpaid cooking, cleaning, and caregiving that are essential to attaining a bare-bones standard of...more Publication -
One-Pager No. 34
Αποκαλύπτοντας τους αόρατους φτωχούς
October 04, 2012 Τα τυπικά πρότυπα για τη μέτρηση της φτώχειας υποθέτουν ότι όλα τα νοικοκυριά και τα άτομα διαθέτουν αρκετό χρόνο για να ασχοληθούν επαρκώς με τις ανάγκες των μελών του νοικοκυριού...more Publication -
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What Are the Post Keynesians Up To?
October 02, 2012 I returned to the Levy Institute yesterday after the International Post Keynesian Conference in beautiful Kansas City. I will mention some of the news from the conference, for readers who are interested in the kinds of events that Levy Institute scholars attend. At such conferences, ideas are taken very seriously, and many interesting debates were [...] Blog -
Working Paper No. 732
Beyond Full Employment
September 26, 2012 Over the past decade and a half the ability of the employer-of-last-resort (ELR) proposal to deliver full employment and price stability has been discussed at length in the literature. A...more Publication -
Working Paper No. 732
Πέρα από την πλήρη απασχόληση
September 26, 2012 Τα τελευταία δεκαπέντε χρόνια, η δυνατότητα της πρότασης του εργοδότη της έσχατης προσφυγής να επιτύχει πλήρη απασχόληση και σταθερότητα τιμών έχει συζητηθεί εκτενώς στη βιβλιογραφία. Η ανησυχία, ωστόσο, για το...more Publication -
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“It’s Just Made Up Money”
September 20, 2012 Kevin Drum has excised another section of the now-famous leaked fundraiser video, and this time the GOP challenger is holding forth on quantitative easing and other subjects. Drum picks on Romney’s specific claim that the government is buying three-quarters of US treasury debt, but there’s something in this quotation that’s more fundamentally off: We’re living [...] Blog -
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The Collapse of a Nation
September 19, 2012 We’re seeing a lot of “is the euro crisis over?” stories pop up in the press lately (or rather, again). The sensible responses are “no” and “which euro crisis?” Presumably, this burst of enthusiasm derives in part from Mario Draghi’s announcement to (sort of) commit to (sort of) unlimited bond purchases. But even if you [...] Blog -
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A Flock of Panics and Crises
September 18, 2012 For those who haven’t seen it already, US News and World Report did a brief piece a short while ago on Minsky’s approach to financial instability. After running through a list of recent financial panics and crises, Chris Gay notes that from a certain theoretical perspective, this wasn’t supposed to happen. “This sort of blood-curdling [...] Blog -
Working Paper No. 731
The Common Error of Common Sense
September 18, 2012 This paper takes the explanatory superiority of the integrated monetary approach for granted. It will be demonstrated that the accounting approach could do even better, provided it frees itself from...more Publication -
Working Paper No. 731
Το κοινό λάθος της κοινής λογικής
September 18, 2012 Η εργασία αυτή θεωρεί δεδομένη την επεξηγηματική ανωτερότητα της ενοποιημένης νομισματικής προσέγγισης. Θα αποδείξει ότι η λογιστική προσέγγιση θα μπορούσε να προσφέρει ακόμα περισσότερα, με την προϋπόθεση ότι απελευθερώνεται από...more Publication -
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Do the Personal Characteristics of the Prime Minister Affect Economic Growth?
September 17, 2012 by Lekha Chakraborty India has recently turned to a debate over the effect of the Prime Minister’s personal characteristics on the country’s growth and development outcomes. Do political leaders’ personal characteristics affect economic growth? It is an elusive empirical question. One of the most robust findings of a recent treatment of this topic is that [...] Blog -
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Eccles on How to End the Crisis
September 14, 2012 Marriner Eccles was Chairman of the Federal Reserve under President Franklin D. Roosevelt. This note consists of excerpts from an address he gave to the US Senate Committee on Finance in 1933, before he was called to Washington for public service by FDR. The original address contained in the Congressional Records has been reduced from [...] Blog -
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Again, Unconventional Wins Out
September 13, 2012 Who would have expected extreme thinking from central bankers? That is the theme of some coverage in the financial press over the past few weeks. For example, the Financial Times takes note that “a growing chorus of economists is saying central banks should take more radical steps, including buying assets other than government bonds.” Some, [...] Blog