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The Workers’ Think Tank
The Nation, February 2, 2015. All Rights Reserved. By many measures, the American economy has recovered from the 2008 implosion. The stock market is soaring, housing values in many markets have rebounded and GDP is growing at a healthy rate of more than 4 percent. Compared to Spain and Greece, where debt, mass unemployment and […]
Working Paper No. 831
Beyond Market Failures
Recent decades witnessed a trend whereby private markets retreated from financing the real economy, while, simultaneously, the real economy itself became increasingly financialized. This trend resulted in public finance becoming more important for investments in capital development, technical change, and innovation. Within this context, this paper focuses on the roles played by a particular source […]
Blog
“The Top 10 Percent Get It All”
Yesterday on the floor of the US Senate, Sen. Bernie Sanders delivered a speech featuring Pavlina Tcherneva’s widely-discussed chart, which illustrates how the bottom 90 percent’s share of income gains during economic expansions has shrunk to (literally) less than nothing. Watch (beginning at 26min50s): [iframe width=”461″ height=”351″ src=”//www.c-span.org/video/standalone/?c4525785″ frameborder=”0″ allowfullscreen></iframe]
Blog
Needed Macro Policies: Targeted, Broad, and Universal
The recent 40 percent jump in the value of the Swiss Franc will have some effects similar to those of deflation where it seems to be taking hold, including Japan and much of Europe. When a currency increases in value, foreign debts in those currencies become more of a burden. The New York Times brings [...]
Blog
ECB: The Ultimate Enforcer of the European Neoliberal Project?
If one were asked to describe the formal economic and political processes that have shaped the condition of the eurozone since the eruption of the euro crisis in late 2009 in a terse and peremptory way, he or she might boldly and truly say this: “German Chancellor Angela Merkel’s policies spearhead the unraveling of the [...]
Syriza Is Offering a New Deal for the People of Greece
The New York Times, January 28, 2015. All Rights Reserved. The reason for the meteoric rise of Syriza is clear. The Greek electorate has had enough of the imposition of the harsh austerity measures that are behind the bailout loan agreements that have been in effect since May 2010 when Greece was on the brink […]
Blog
Jobs for Greeks
With Syriza in the driver’s seat, Greece now has some hope for the end to austerity imposed by Germany and the troika. Here’s a good short piece in the New York Times by C. J. Polychroniou, a research associate and policy fellow at the Levy Economics Institute. As he explains, what Syriza wants is no [...]
Greek Voters Set Stage for Tense Austerity Negotiation
Al Jazeera America, January 26, 2015. All Rights Reserved. Greece’s socialist left has won power. Now it needs to wield it. For Syriza, the left-wing, anti-austerity party that seized control of the government in Sunday’s snap parliamentary elections, that means following through on its number one campaign promise: to renegotiate the terms of Greece’s economic bailout with […]
Thank You Greece!
Social Europe, January 26, 2015. All Rights Reserved. In a time when in Paris Marine Le Pen is “Ante Portas”, when xenophobic populists are marching through the streets of Dresden, when in London the UKIP sets the tone for an ever more anti-European hysteria, and when in Helsinki the Finnish government becomes the most ardent […]
Blog
What an Interest Payment Moratorium Could Do for Greece
After a record-setting 23 straight quarters of shrinking GDP, the Greek economy was less awful in 2014, and an economic recovery of sorts might finally be under way. However, the Levy Institute’s latest projections (which are generated using a stock-flow consistent macroeconomic model tailored to Greece) indicate that Greece still faces years of anemic growth if [...]
Blog
Now that the QE Dream Has Come True, What Next?
The ECB is to be congratulated on finally defying its German masters, who have long kept the euro’s guardian of stability in captivity. For a number of years, Germany’s unholy triangle of power over the land of the euro – Berlin, Frankfurt, Karlsruhe – has enforced a diktat that undermined both the euro economy and [...]
Summary No. 1
Summary Winter 2015
The Winter 2015 Summary opens with the latest strategic analysis of the Greek economy using the Levy Institute Model for Greece. The authors find that despite some modest improvements in the Greek economy, continued reliance on market forces and the troika’s policy of austerity will not adequately increase output or employment in the medium term. […]