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BlogTo 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 […] -
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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.” [...] -
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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 […] -
One-Pager No. 28
Οι πύρρειες νίκες της Ελλάδας: Ανταλλαγή ομολόγων και νέο πακέτο διάσωσης
Σχεδόν δύο χρόνια αφότου η Ελλάδα έγινε το πρώτο κράτος-μέλος της ευρωζώνης που υποβλήθηκε σε σχέδιο διάσωσης από την Ευρωπαϊκή Ένωση (ΕΕ) και το Διεθνές Νομισματικό Ταμείο (ΔΝΤ), η χώρα είναι επίσημα χρεοκοπημένη. Σαφώς, δεν υπήρξε ποτέ καμία αμφιβολία για την τελική έκβαση, αλλά η αναδιάρθρωση των σχεδόν 200 δις ευρώ χρέους στον ιδιωτικό τομέα […] -
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Why Haven’t Business Groups Pushed Harder for Stimulus?
Although recent employment numbers seem to have set off a fresh round of complacency, the December Strategic Analysis from the Levy Institute makes it pretty clear that more fiscal stimulus is necessary if the economy is going to reach decent levels of growth and employment anytime soon. However, there’s very little reason to think that [...] -
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Money and Self-Justifying Economic Models
Philip Pilkington shares a discussion he had with Dean Baker about, among other things, the Post-Keynesian take on the limitations of some conventional economic models (of the “LM” part of IS-LM, in particular. And if that just looks like an arbitrary string of letters to you, Pilkington has an accessible explanation at the beginning of [...] -
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Healthcare and the Budget Forecast: Don’t Think of the Children
Medicare cost growth has been slowing down, and according to research published in the New England Journal of Medicine there may be more going on here than just a temporary reaction to the recession. This is just one analysis of course, but if it pans out, if it marks the beginning of a sustained trend, [...]