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Working Paper No. 730Diversity and Uniformity in Economic Theory as an Explanation of the Recent Economic Crisis
Market economies and command economies have long been differentiated by the presence of alternative choice in the form of diversity. Yet most mainstream economic theory is premised on the existence of uniformity. This paper develops the implications of this contradiction for the theory of prices, income creation, and the analysis of the recent financial crisis, […] -
Working Paper No. 730
Διαφορετικότητα και ομοιομορφία στην οικονομική θεωρία ως ερμηνευτικοί παράγοντες της πρόσφατης οικονομικής κρίσης
Οι οικονομίες της αγοράς και οι κεντρικά κατευθυνόμενες οικονομίες έχουν διαφοροποιηθεί εδώ και πολύ καιρό από την παρουσία της εναλλακτικής επιλογής μέσα σε ένα πλαίσιο πολυμορφίας. Ωστόσο, το μεγαλύτερο μέρος της επικρατούσας οικονομικής θεωρίας βασίζεται στην ύπαρξη της ομοιομορφίας. Το κείμενο αυτό παρουσιάζει τις επιπτώσεις αυτής της αντίφασης για τη θεωρία των τιμών, τη δημιουργία […] -
Banks Are Too Big to Be Effectively Regulated
Money Radio, August 27, 2012. © 2012 CRC Broadcasting Company. All Rights Reserved. Senior Scholar Jan Kregel talks about the LIBOR scandal and the impracticality of regulating banks that are “too big to fail” in this radio interview. Full audio is available here. -
That Rumbling in Your Portfolio? It’s Real
U.S. News and World Report, August 27, 2012. Copyright © 2012 U.S. News & World Report LP. All rights reserved. Until about 25 years ago, when elders spoke in solemn tones about “the Great Crash,” there was never any doubt about which crash they meant. For nearly six decades, there was only one Great Crash […] -
BlogMinsky and Narrow Banking
The idea of breaking up the big banks, while seemingly growing in popularity, leaves a lot of unanswered questions. And one of the biggest questions is probably this: what will be the structure of the smaller institutions that remain after such a break up? If these smaller institutions are allowed to entangle themselves in the [...] -
A Run on the Euro as Europe Runs Out of Time
Background Briefing, August 23, 2012. Copyright © 2012 KPFK. All Rights Reserved. Dimitri B. Papadimitriou joins Ian Masters to discuss the accelerating run on the euro, as poorer nations move their money to Germany. Full audio of the interview is available here. -
Public Policy Brief No. 125Minsky and the Narrow Banking Proposal
Before the law has even been fully implemented, the inadequacies of the regulatory approach underlying the Dodd-Frank Act are becoming more and more apparent. Financial scandal by financial scandal, the realization is hardening that there is a pressing need to search for more robust regulatory alternatives. The real challenge for financial reform is to develop […] -
Public Policy Brief No. 125
Ο Minsky και η πρόταση για το «στενό τραπεζικό» σύστημα
Πριν ακόμη εφαρμοστεί πλήρως ο νόμος, οι ατέλειες της ρυθμιστικής προσέγγισης που εμπεριέχονται στο Νόμο Dobb-Frank γίνονται όλο και πιο φανερές. Το ένα χρηματοοικονομικό σκάνδαλο ξεσπάει μετά το άλλο, και παγιώνεται πλέον η αντίληψη ότι υπάρχει πιεστική ανάγκη να εντοπίσουμε πιο ισχυρές εναλλακτικές ρυθμιστικές λύσεις. Η πραγματική πρόκληση για τη χρηματοοικονομική μεταρρύθμιση είναι να αναπτυχθεί […] -
Blog
Endgame for the Eurozone Bank Runs
Over at The Nation, Dimitri Papadimitriou writes about the accelerating eurozone bank runs, in which euros have been flowing out of Spanish and Greek banks and into Germany at an eye-popping rate, and lays out scenarios for how this whole things ends: The migration of money into Germany is quickening. And under TARGET 2, the [...] -
The Takeaway from LIBOR: Break Up the Big Banks, Study Finds
Bank Systems Technology, August 23, 2012. Copyright © 2012 UBM TechWeb. All Rights Reserved. The LIBOR scandal clearly indicates that banks have grown too large to effectively regulate, a new study by Bard College’s Levy Economics Institute claims. The report emphasizes the need for structural changes to the banks and rejects the idea that a […] -
Europe’s Highway to Hell
The Nation, August 21, 2012. Copyright © 2012 The Nation. All Rights Reserved. U.S. News and World Report, August 27, 2012. Copyright © U.S. News & World Report LP. All Rights Reserved. European policymakers are still enjoying their famously long, languorous summer holiday. The vacations will end in the coming days, with Germany’s Chancellor Angela […] -
Blog
The Paradox of Euro Survival and Other Lessons from the Crisis
Since eurozone governments don’t issue the currency in which their debts are denominated and can’t borrow euros directly from the European Central Bank, member-states essentially have to run budget surpluses—generating euros by taxing the private sector—if they’re going to reliably meet their debt servicing costs, according to Jan Kregel, and they have to run even [...]