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One-Pager No. 15Dawn of a New Day for Europe?
Failure on the part of EU leaders to address the eurozone crisis is in large part due to the fact that Germany and France are at opposite poles—politically, economically, and culturally. In this context, the announcement by Germany’s Angela Merkel and French President Nicolas Sarkozy that they’ve agreed to a comprehensive package of proposals to […] -
One-Pager No. 15
H αυγή μιας νέας ημέρας για την Ευρώπη
Η αποτυχία εκ μέρους των ηγετών της ΕΕ να αντιμετωπίσουν αποτελεσματικά την κρίση της ευρωζώνης έχει να κάνει σε μεγάλο βαθμό με το γεγονός ότι η Γερμανία και η Γαλλία βρίσκονται σε αντίθετους πόλους—πολιτικά, οικονομικά και πολιτιστικά. Στο πλαίσιο αυτό, η ανακοίνωση που έγινε από την Μέρκελ και τον Σαρκοζί πως έχουν συμφωνήσει σε ένα […] -
BlogInequality and Crisis
Nouriel Roubini argues at Project Syndicate that widening inequality lends itself to both economic and political instability. In his latest policy brief, “Waiting for the Next Crash,” Randall Wray connects some of these same dots, tying the rise of “financialization” and soaring household debt levels to stagnating median incomes in the US: …as finance metastasized, [...] -
Blog
Uncle Sam Is Not Broke
The bowling alley cannot run out of points, and the US government cannot run out of keystrokes. Research Associate Stephanie Kelton slaps down the folk wisdom that there is nothing the government can do about unemployment because it’s “broke.” “We don’t understand our own monetary system.” (hat tip to NEP) -
Public Policy Brief No. 120Waiting for the Next Crash
Senior Scholar L. Randall Wray lays out the numerous and critical ways in which we have failed to learn from the latest global financial crisis, and identifies the underlying trends and structural vulnerabilities that make it likely a new crisis is right around the corner. Wray also suggests some policy changes that would shore up […] -
Blog
Neoliberalism in a Time of Crisis
“Crises are an inherent feature of capitalism. Marx knew this only too well; so did Keynes and Minsky. Neoliberals, on the other hand, tend to believe that it is government action that causes market turbulence and economic instability.” This is the opening salvo from a new one-pager by C. J. Polychroniou that takes on neoliberal [...] -
Blog
The European Troika’s Rescue Plan Will Fail
(cross posted from EconoMonitor) Yet another rescue plan for the EMU is making its way through central Europe—raising the total funding available to the equivalent of $600 billion. Germany agreed to raise its contribution to the fund by more than $100 billion equivalent. However, Slovakia has vetoed the rescue and all eyes are now turned [...] -
Working Paper No. 692Quality of Match for Statistical Matches Used in the Development of the Levy Institute Measure of Time and Income Poverty (LIMTIP) for Argentina, Chile, and Mexico
The quality of match of three statistical matches used in the LIMTIP estimates for Argentina, Chile, and Mexico is described. The first match combines the 2005 Uso del Tiempo (UT 2005) with the 2006 Encuesto Annual de Hogares (EAH) for Argentina. The second match combines the 2007 Encuesta Experimental sobre Uso del Tiempo en el […] -
Working Paper No. 691
Unpaid and Paid Care
Transforming care for children and the elderly from a private to a public domain engenders a series of benefits to the economy that improve our standard of living. We assess the positive impacts of social care from both receivers’ and providers’ points of view. The benefits to care receivers are various, ranging from private, higher […] -
Looking Overseas for Job-creation Inspiration
National Journal, October 11, 2011. Copyright © 2011 by National Journal Group Inc. The U.S. job market has shown lackluster growth recently, to put it mildly. The September employment report, released on Friday, revealed that nonfarm payrolls added just 103,000 jobs last month—not horrific, but still under the threshold economists say they need to cross […] -
One-Pager No. 14
Neoliberalism and the State of the Advanced World Economy
Whoever said that economic science is free of ideological bias and political prejudice? Three hundred years of financial and economic crises have meant nothing to die-hard neoliberals, who believe in (among other things) self-regulating markets and trickle-down theory. With so many incorrect assumptions guiding market liberalism, it’s no wonder neoliberals have failed to draw the […] -
One-Pager No. 14
Νεοφιλελευθερισμός και η κατάσταση της προηγμένης παγκόσμιας οικονομίας
Ποιος είπε ότι η οικονομική επιστήμη δεν είναι ιδεολογικά προκατειλημμένη και δεν πάσχει από πολιτική μεροληψία; Τριακόσια χρόνια χρηματοπιστωτικων και οικονομικών κρίσεων δε λένε απολύτως τίποτα στους αδιάλλακτους νεοφιλελεύθερους, που πιστεύουν (ανάμεσα σε άλλα πράγματα) στην ιδέα της ύπαρξης μιας αυτορρυθμιζόμενης αγοράς και στη θεωρία της προς τα κάτω διαρροής του πλούτου. Mε τόσες πολλές […]