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One-Pager No. 24Τα σημερινά μέτρα απλά καθυστερούν την επόμενη παγκόσμια κατάρρευση
Είναι λανθασμένη η ερμηνεία της εξελισσόμενης καταστροφής στην Ευρώπη ως μια κρίση κρατικού χρέους. Το βασικό πρόβλημα δεν είναι η ασωτία των περιφερειακών λαών, αλλά η ίδια η αρχιτεκτονική της ευρωπαϊκής νομισματικής ένωσης — μια αρχιτεκτονική κατασκευή που ακόμη και τώρα αποτελεί εμπόδιο σε μια ικανοποιητική επίλυση αυτής της κρίσης. Η κεντρική αδυναμία της ευρωπαϊκής […] -
BlogState Taxes Are Wildly Regressive
Some indigestible food for thought: there is not a single state in the Union—not one—in which the top 1% of income earners pay a higher rate of state taxes than the bottom 20%. For the majority of states, it’s not even close: the poorest 20% pay somewhere between double and six times the tax rate [...] -
Working Paper No. 705What Do Poor Women Want? Public Employment or Cash Transfers?
The literature on public employment policies such as the job guarantee (JG) and the employer of last resort (ELR) often emphasizes their macroeconomic stabilization effects. But carefully designed and implemented policies like these can also have profound social transformative effects. In particular, they can help address enduring economic problems such as poverty and gender disparity. […] -
Blog
Auerback on the Latest Eurodrama
Marshall Auerback appeared on the Business News Network to give his take on the latest developments in the eurozone crisis; specifically with respect to the ongoing negotiations over the proposed (now 70 percent) haircut on Greek debt. Auerback also addressed the LTRO (noting the rather dramatic increase in the ECB’s balance sheet) and the credit [...] -
Blog
Hudson: The Neo-Rentier Economy
Michael Hudson is giving a talk titled “The Road to Debt Deflation, Debt Peonage, and Neofeudalism” at the Levy Institute on Friday, February 10 at 2:00 p.m. Hudson is a research associate at the Levy Institute and a financial analyst and president of the Institute for the Study of Long Term Economic Trends. He is [...] -
Working Paper No. 704
Imbalances? What Imbalances?
It is commonplace to link neoclassical economics to 18th- or 19th-century physics and its notion of equilibrium, of a pendulum once disturbed eventually coming to rest. Likewise, an economy subjected to an exogenous shock seeks equilibrium through the stabilizing market forces unleashed by the invisible hand. The metaphor can be applied to virtually every sphere […] -
Working Paper No. 704
Ανισορροπίες; Ποιές ανισορροπίες;
Είναι κοινός τόπος να συνδέει κανείς τα νεοκλασικά οικονομικά με τη φυσική του 18ου ή του 19ου και την έννοια της ισορροπίας, με την ιδέα της συμπεριφοράς του εκκρεμούς, που αν το μετακινήσουμε από το σημείο ηρεμίας, αυτό τελικά θα επιστρέψει πάλι σε αυτό. Ομοίως, ο στόχος μιας οικονομίας που υποβάλλεται σε εξωγενή σοκ είναι […] -
Blog
The Fetish for Liquidity (and Reform of the Financial System)
In his General Theory, J.M. Keynes argued that substandard growth, financial instability, and unemployment are caused by the fetish for liquidity. The desire for a liquid position is anti-social because there is no such thing as liquidity in the aggregate. The stock market makes ownership liquid for the individual “investor” but since all the equities [...] -
Blog
Is the labor market still stuck at its “new normal”?
The Bureau of Labor Statistics (BLS) noted on its website yesterday that in 2011, “annual totals for [layoff] events and initial claims were at their lowest levels since 2007.” Nonetheless, today’s report that the Fed open-market committee plans to keep short-term interest rates low until late 2014 reminds us of the obvious but unfortunate fact [...] -
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Breaking Up Bank of America?
Speaking of too big to fail, a petition organized by Public Citizen has been sent to the Federal Reserve and Financial Stability Oversight Council (FSOC) calling for the break up of Bank of America. The petition identifies BofA, given its size and fragility, as a threat to the US financial system. It cites a recent [...] -
Blog
Minsky in the News
The Financial Times has been running a series for some time on “Capitalism in Crisis.” In yesterday’s paper Martin Wolf provided a summary of the discussion and proposed “Seven ways to fix the system’s flaws.” The first and most important task, he notes, is to manage macro instability. In this regard, he pays homage to [...] -
Blog
Another view on “policy pragmatism” in mainstream economics
Paul Krugman—orthodox economist? Heterodox economist? Pragmatic economist? New Keynesian economist? Michael Stephens recently commented on an article in the Economist that discussed MMT, as well as two other non-mainstream schools of macroeconomic thought. The article contrasted the three relatively unfamiliar and unorthodox approaches with “[m]ainstream figures such as Paul Krugman and Greg Mankiw[, who] have [...]