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BlogWhy Minsky Matters (Part One)
My friend Steve Keen recently presented a “primer” on Hyman Minsky; you can read it here. In his piece, Steve criticized the methodology used by Paul Krugman and argued that Krugman could learn a lot from Minsky. In particular, Krugman’s equilibrium approach and primitive dynamics were contrasted to Minsky’s rich analysis. Finally, Krugman’s model of debt deflation [...] -
Greece: “Trapped in a Dark Endless Tunnel”
The Globe and Mail, March 26, 2012. © Copyright 2012 The Globe and Mail Inc. All Rights Reserved. Remember Greece? The financial crisis there might be dimming in the minds of many investors ever since the euro zone found the necessary money to bail out the country and creditors agreed to a debt restructuring. However, […] -
Blog
The Levy Institute Measure of Time and Income Poverty
I’d like to take a moment to give a brief report on some research that my colleagues Ajit Zacharias, Rania Antonopoulous, and I have been working on as a result of collaboration between the Levy Economics Institute and United Nations Development Programme (UNDP) Regional Service Centre for Latin America and the Caribbean (RSCLAC), particularly the [...] -
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Redistribution of Wealth, Foreclosure Style
Matthew Goldstein and Jennifer Ablan report on the latest US investment craze: buying up large bundles of foreclosed homes from Fannie Mae and renting them out to take advantage of the hot rental market. Randall Wray is among the critics quoted in the article who contend that, as Goldstein and Ablan put it, “the federal [...] -
Blog
To Help Address Inequality, Reinvent Fiscal Stimulus
In 2010, the first year of the economic recovery, 93 percent of all income growth in the US was captured by the top 1 percent, according to Emmanuel Saez. There are a whole host of reasons for the stubborn persistence of corrosive levels of inequality, but one of the surprising contributing factors may be found [...] -
Blog
What a Real Fiscal Crisis Looks Like
It says something about how badly the battle for public opinion on budget matters has been lost when a headline about a “fiscal cliff” the US is about to fall over in 2013 leaves you grimly expecting a pile of words dedicated to the poorly articulated threat of near-term public debt and deficits. But in [...] -
Policy Notes No. 2Full Employment through Social Entrepreneurship
The conventional approach of fiscal policy is to create jobs by boosting private investment and growth. This approach is backward, says Research Associate Pavlina R. Tcherneva. Policy must begin by fixing the unemployment situation because growth is a byproduct of strong employment—not the other way around. Tcherneva proposes a bottom-up approach based on community programs […] -
MME, March 18, 2012
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Τα αδιέξοδα της ανεργίας
Kathimerini, March 18, 2012. © 2012 H KAΘHMEPINH All rights reserved. Οι διαπραγματεύσεις για το δεύτερο πακέτο διάσωσης και την αναδιάρθρωση του ελληνικού χρέους επιτέλους ολοκληρώθηκαν. Η καθυστέρηση είχε ως αποτέλεσμα να γίνουν ακόμη πιο οδυνηρές οι περικοπές μισθών, δαπανών και συντάξεων. Στο μεταξύ, οι ηγεσίες του ΔΝΤ, της ΕΚΤ και της Ε. Ε. έχουν […] -
Blog
Opinions on Modern Monetary Systems Not Sharply at Odds
The Nation notes that austerity policies in Europe have proved to be very damaging to economic growth in the region, and points out that after adhering to IMF and EU austerity programs since last May, Portugal is “even deeper in the hole. The austerity has only increased its debt, as it has spread more suffering.” [...] -
Blog
Greece’s Pyrrhic Victories
C J Polychroniou explains how the latest pair of efforts aimed at addressing the Greek crisis, the newest bailout package and the bond swap, create tremendous complications down the road even if they may offer a temporary respite. As you know, the bailout money was shackled to a series of grim austerity measures that will [...] -
One-Pager No. 28
Greece’s Pyrrhic Victories Over the Bond Swap and New Bailout
Nearly two years after becoming the first eurozone member-state to be bailed out by the European Union (EU) and International Monetary Fund (IMF), Greece is officially bankrupt. True, there was never any doubt about the outcome, but Greece’s restructuring of nearly 200 billion euros in private debt and the agreement for a new bailout package […]