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Working Paper No. 707The Euro Crisis and the Job Guarantee
Euroland is in a crisis that is slowly but surely spreading from one periphery country to another; it will eventually reach the center. The blame is mostly heaped upon supposedly profligate consumption by Mediterraneans. But that surely cannot apply to Ireland and Iceland. In both cases, these nations adopted the neoliberal attitude toward banks that […] -
Working Paper No. 707
H ευρω-κρίση και η εγγυημένη απασχόληση
H Ευρωχώρα βρίσκεται σε κρίση, που αργά αλλά σταθερά εξαπλώνεται από τη μία χώρα της περιφέρειας στην άλλη. Στο τέλος, θα φτάσει και στο κέντρο. Για την κατάσταση αυτή κατηγορούνται οι υποτιθέμενες σπάταλες χώρες της Μεσογείου. Αλλά η εξήγηση αυτή σίγουρα δεν μπορεί να ισχύει για την Ιρλανδία και την Ισλανδία. Και στις δύο περιπτώσεις, […] -
Blog21st Annual Minsky Conference: Debt, Deficits, and Financial Instability
April 11–12, 2012 Ford Foundation, New York City A conference organized by the Levy Economics Institute of Bard College with support from the Ford Foundation This Spring, leading policymakers, economists, and analysts will gather at the New York headquarters of the Ford Foundation to take part in the Levy Institute’s 21st Annual Hyman P. Minsky [...] -
Blog
Greece Forced to Cut Private Sector Salaries?
C. J. Polychroniou refers here to the fact that private sector salary cuts are part of the “rescue package” recently approved by the Greek Parliament. Asked to comment at the Foreign Policy blog, Dimitri Papadimitriou explains why this attempt at internal devaluation won’t work. In an interview for Bloomberg Radio Papadimitriou also stresses that these [...] -
Press ReleaseGreece Faces Inevitable Default and Should Refuse Further Austerity Measures, Levy Scholar Says
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Blog
Farce Turns Into Tragedy
C. J. Polychroniou has a new one-pager that starts off by noting the asymmetries in the approaches taken by governments in the US and Europe to the 2007-08 crash and its aftermath: featuring bold public interventions to save the banking and financial systems but relatively limited measures for the millions of unemployed. He then turns [...] -
Why Is Greece Cutting Private-sector Wages?
Foreign Policy, February 13, 2012. © 2012 The Foreign Policy Group, LLC. All Rights Reserved. There’s something puzzling about the austerity bill embraced by the Greek parliament overnight. The package includes measures such as government layoffs that seem logical for a country flirting with default. But news reports are also discussing private-sector wage cuts. How […] -
Blog
Employment in Greece
From a peak of 4.5 million workers in 2008, Greece has already lost 500,000 jobs. Our first chart shows that the country is already in its worst condition since the beginning of the century in terms of the share of the working age population who have a job (our projections are based on the last [...] -
Greece’s Grim Choice: Deep Budget Cuts or Default
AP, February 12, 2012. Copyright © 2012 The Associated Press. All Rights Reserved. WASHINGTON (AP) — Why would Greece accept more pain when unemployment is at 21 percent, the economy is enduring its fifth year of recession and rioters are hurling gasoline bombs in the streets of Athens? Because the alternative might be worse. Greek […] -
Papadimitriou Discusses the Latest on Greece
Bloomberg Radio, February 10, 2012. © 2012 Bloomberg L.P. All Rights Reserved. Dimitri Papadimitriou, president of the Levy Economics Institute of Bard College, discusses whether or not Greece will hold together. Papadimitriou talks with Kathleen Hays and Vonnie Quinn on Bloomberg Radio’s “The Hays Advantage.” Full audio of the interview is available here. -
Blog
A Job Creation Strategy for Greece
No matter what happens on Sunday, when the Greek parliament is scheduled to vote on the latest bailout package, on Monday Greece will wake up in the grip of an employment crisis (20 percent unemployment, with a near 40 percent youth unemployment rate). In the Huffington Post Dimitri Papadimitriou tells us what we can (and [...] -
Greece’s Groundhog Day
Marketplace, February 10, 2012. © Marketplace from American Public Media As riots in Athens grew violent today, Greek Prime Minister Lucas Papademos took a “take it or leave it” stance with his cabinet ministers. Either get behind the new austerity measures or quit. Six of them chose to leave. On Sunday the Greek parliament […]