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One-Pager No. 34Αποκαλύπτοντας τους αόρατους φτωχούς
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 (μαγείρεμα, καθάρισμα, φροντίδα των παιδιών, κοκ), καθήκοντα που είναι απολύτως αναγκαία για την επίτευξη ενός ελάχιστου βιοτικού επιπέδου. Αλλά αυτή η υπόθεση είναι ψευδής. Με […] -
BlogWhat Are the Post Keynesians Up To?
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 [...] -
Working Paper No. 732Beyond Full Employment
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 different issue has received relatively little attention—namely, the concern that even when the ELR produces these macroeconomic benefits, it does so by offering “low-paying” “dead-end” […] -
Working Paper No. 732
Πέρα από την πλήρη απασχόληση
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 εάν ο εργοδότης της έσχατης προσφυγής παράγει μακροοικονομικά οφέλη αλλά με την προσφορά χαμηλόμισθων θέσεων εργασίας που δεν οδηγούν πουθενά και οι οποίες αποτελούν περαιτέρω […] -
Conference Proceedings
21st Annual Hyman P. Minsky Conference on the State of the US and World Economies
A conference organized by the Levy Economics Institute of Bard College with support from the Ford Foundation The 2012 Minsky conference addressed the ongoing and far-reaching effects of the global financial crisis, including the challenge to global growth represented by the eurozone debt crisis, the impact of the credit crunch on the economic and financial […] -
Public Employee Ranks Drop, Ending Decade of Growth
Press of Atlantic City, September 24, 2012. All Rights Reserved. The number of public workers and the amount of their wages in southern New Jersey fell in 2011, ending nearly a decade of steady increases as federal, state and local governments shed employees, recently released U.S. Bureau of Labor Statistics data show. Government jobs in […] -
Don’t Put Faith in the Fed: Quantitative Easing Isn’t Magic. We Need a Dose of Realism about What Central Banks Can Achieve
The Guardian (London), September 21, 2012. All Rights Reserved. What should we make of the latest moves to kickstart the US economy, and to save the euro? As the late, great Harvard chaplain Peter Gomes said to my graduating class many years ago, about our degrees: "There is less there than meets the eye." Quantitative […] -
Blog
“It’s Just Made Up Money”
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
The Collapse of a Nation
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
A Flock of Panics and Crises
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 [...] -
Working Paper No. 731
The Common Error of Common Sense
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 theoretically ill-founded notions like GDP and other artifacts of the equilibrium approach. National accounting as such does not provide a model of the economy but […] -
Working Paper No. 731
Το κοινό λάθος της κοινής λογικής
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 θεωρητικά αβάσιμες έννοιες όπως αυτήν του ΑΕΠ και άλλων τεχνημάτων της προσέγγισης της ισορροπίας. Η εθνική λογιστική, ως εκ τούτου, δεν παρέχει ένα μοντέλο της […]