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BlogThe 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 [...] -
Blog
Why Time Poverty Matters
(Updated) by Rania Antonopoulos and Michael Stephens Poverty is often measured by the ability to gain access to some level of minimum income, based on the premise that such access ensures the fulfillment of basic material needs. But this approach neglects to take into account the necessary (unpaid) household production requirements without which basic needs [...] -
Research Project ReportWhy Time Deficits Matter
Customarily, income poverty incidence is judged by the ability of individuals and households to gain access to some level of minimum income based on the premise that such access ensures the fulfillment of basic material needs. However, this approach neglects to take into account the necessary (unpaid) household production requirements without which basic needs cannot […] -
Blog
A Cautionary Note about Stagflation in the 1970s
For those who worry that elevated federal deficits and quantitative easing (QE) by the Fed will lead to high inflation, a word about the macroeconomics of the 1970s. The topic came up in the news recently with the passing of economist and former presidential adviser Paul McCracken. In keeping with many orthodox accounts of the [...] -
Blog
Wray on Monetary Policy and Financialization
Randall Wray joined Suzi Weissman for radio KPFK’s Beneath the Surface to discuss monetary policy, financial fraud, and a number of other issues. The interview kicked off with Wray explaining his skepticism of the effectiveness of monetary policy, and in particular of quantitative easing, under current conditions, touching also on the question of why this [...] -
Policy Notes No. 10Six Lessons from the Euro Crisis
Every crisis reveals unexpected consequences of economic policies. The current euro crisis should be no exception. As European Union governments search for a solution, there are already a number of lessons to be learned. Senior Scholar Jan Kregel outlines the top six. -
Policy Notes No. 10
Έξι μαθήματα από την ευρω-κρίση
Κάθε κρίση αποκαλύπτει απροσδόκητες συνέπειες των οικονομικών πολιτικών. Η τρέχουσα κρίση του ευρώ δεν θα μπορούσε να αποτελεί εξαίρεση. Καθώς οι κυβερνήσεις της Ευρωπαϊκής Ένωσης αναζητούν μια λύση, υπάρχουν ήδη ορισμένα διδάγματα. Ο Ανώτατος Μελετητής Jan Kregel περιγράφει τα έξι πιο σημαντικά από αυτά. -
MME, August 12, 2012
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Το ευρώ πληρώνει το προπατορικό αμάρτημά του…
Κυριακή Εθνος, 12 Αυγούστου 2012. All rights reserved. Στην ελλατωματική αρχιτεκτονική του Ευρωσυστήματος αποδίδει την κρίση χρέους ο διακεκριμένος Ελληνας οικονομολόγος. Πιστεύει ότι η μόνη λύση είναι τα μέτρα ανάπτυξης, τονίζοντας χαρακτηριστικά ότι τα προγράμματα διάσωσης ήταν καταδικασμένα σε αποτυχία μιας και είχαν ως κύριο σκοπό την εξαγορά χρόνου, με την ελπίδα ότι τα προβλήματα […] -
Working Paper No. 729Veblen’s Institutionalist Elaboration of Rent Theory
As the heirs to classical political economy and the German historical school, the American institutionalists retained rent theory and its corollary idea of unearned income. More than any other institutionalist, Thorstein Veblen emphasized the dynamics of banks financing real estate speculation and Wall Street maneuvering to organize monopolies and trusts. Yet despite the popularity of […] -
Working Paper No. 729
Η θεσμική προσέγγιση του Veblen προς τη θεωρία της γαιοπροσόδου
Ως κληρονόμοι της κλασικής πολιτικής οικονομίας και της γερμανικής ιστορικής σχολής, οι αμερικανοί θεσμιστές διατήρησαν τη θεωρία της γαιοπροσόδου και την ιδέα του μη δεδουλευμένου εισοδήματος. Ο Thorstain Veblen, περισσότερο από οποιονδήποτε άλλο εκπρόσωπο της θεσμικής προσέγγισης, έδωσε έμφαση στη δυναμική των τραπεζών σχετικά με τη χρηματοδότηση των κερδοσκοπικών δραστηριοτήτων στην αγορά ακινήτων και στους […] -
Blog
Which LIBOR Scandal?
In his recent commentary on the LIBOR scandal, Jan Kregel elaborates on a distinction that is crucial to understanding this story. The scandal centers around revelations that financial institutions had been manipulating their LIBOR rate submissions to the British Bankers’ Association (BBA). Questions have subsequently been raised as to whether regulators were aware of and [...]