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BlogWho Benefits from Failed Eurozone Policies?
As a counterpoint to the last post on the curious dominance of conservative macro policy ideas in Europe, here is Matías Vernengo getting into the political economy of who benefits from these failed policies and why there seems to be no sense of urgency around the fact that the real economy is broken: (This is [...] -
Blog
How Austerity Could Fail Its Way Into US Hearts and Minds
Marshall Auerback compares the job numbers in the US to those in Europe and asks why the US is doing so much better (or failing less miserably). One of the differences he highlights is the zealous dedication to fiscal austerity in Europe, compared to the relatively half-hearted, passive observance of doctrine in the US. For [...] -
Special Report
Η χρηματοπιστωτική κατάσταση του δημόσιου τομέα της Ελλάδας
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Special Report
Η χρηματοπιστωτική κατάσταση του δημόσιου τομέα της Ελλάδας
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Blog
The Orthodox Economics “Mafia”
Randall Wray passes on this piece by Chris Hayes (of The Nation and MSNBC) on the challenge mounted by heterodox economists to the neoclassical consensus. Reporting from the ASSA, Hayes gets into the ways in which the boundaries of the “mainstream” are policed in economics. It’s really worth reading the whole thing. I particularly liked [...] -
Blog
The Real Problem with the $29 Trillion Bailout of Wall Street
I previously summarized research that two of my graduate students, James Felkerson and Nicola Matthews, are conducting on the Fed’s bailout. Using data that the Fed was forced to release, they demonstrated that the cumulative total lent and spent on assets by the Fed was over $29 trillion. (See the first paper here: http://www.levyinstitute.org/publications/?docid=1462) Their [...] -
Blog
MMT as Public Policy
First The Economist, now CNBC. CNBC’s Senior Editor John Carney has put together a series of posts on Modern Monetary Theory at his blog. One of Carney’s objections to MMT is this: …my biggest point of departure with the MMTers is they display a political and economic naivete when it comes to the effects of [...] -
Report No. 1
Report January 2012
Papers highlighted in the January issue include a new Strategic Analysis that justifies fears of prolonged stagnation and flat employment, proposals to resolve problems in the eurozone, recommendations for avoiding another global financial crisis, the Levy Institute Measure of Time and Income Poverty, gender inequalities in work time, and the economic impact of legalizing undocumented […] -
Blog
Heterodoxy and the Mainstream(s)
Over the break an article appeared in The Economist spotlighting three “schools of macroeconomic thought”: Scott Sumner’s market monetarism, Austrian free banking, and neo-chartalism (MMT). In addition to noting the role of the blogosphere in refining and promoting these heterodoxies, the article elects to use Paul Krugman as a stand-in for the “mainstream” opponent. If [...] -
Op-Ed: Need Jobs? Call On Government
Los Angeles Times, January 5, 2012. Copyright © 2012 Los Angeles Times International experience shows that direct job creation by governments is one of the very few options that has succeeded at raising employment levels more than just marginally during a crisis. Is high unemployment as certain as death and taxes? Of course not. But […] -
Blog
A Third Way on Fiscal Policy
Courtesy of INET, here is Pavlina Tcherneva explaining her “bottom up” approach to fiscal policy. Notice the way she uses the term “trickle down” to apply also to conventional pump-priming fiscal policy (targeting growth and hoping for the right employment side-effects). We need to move beyond the conventional options on fiscal policy, says Tcherneva; beyond [...] -
Working Paper No. 703A Comparison of Inequality and Living Standards in Canada and the United States Using an Expanded Measure of Economic Well-Being
We use the Levy Institute Measure of Economic Well-being (LIMEW), the most comprehensive income measure available to date, to compare economic well-being in Canada and the United States in the first decade of the 21st century. This study represents the first international comparison based on LIMEW, which differs from the standard measure of gross money […]