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  Working Paper No. 627

  The Transition from Industrial Capitalism to a Financialized Bubble Economy

  For the past decade, the US economy has been driven not by industrial investment but by a real estate bubble. Although the United States may seem to be the leading example of industrial capitalism, its economy is no longer based mainly on investing in capital goods to employ labor to produce output to sell at […]
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  Working Paper No. 626

  Technical Change in India’s Organized Manufacturing Sector

  We use the real wage–profit rate schedule to examine the direction of technical change in India’s organized manufacturing sector during 1980–2007. We find that technical change was Marx biased (i.e., declining capital productivity with increasing labor productivity) through the 1980s and 1990s; and Hicks neutral (increasing both capital and labor productivity) post-2000. The historical experience […]
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  Working Paper No. 625

  A Post Keynesian Perspective on the Rise of Central Bank Independence

  This paper critically assesses the rise of central bank independence (CBI) as an apparent success story in modern monetary economics. As to the observed rise in CBI since the late 1980s, we single out the role of peculiar German traditions in spreading CBI across continental Europe, while its global spread may be largely attributable to […]
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  Report No. 3

  Report October 2010

  This issue highlights the 2010 Minsky Conference on the State of the US and World Economies, as well as a series of policy briefs and notes that examine the efficacy of sustained budget deficits, the role of the economics profession in the current crisis, proposals to restructure the eurozone, and the financial balances approach to […]
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  Working Paper No. 624

  A Reassessment of the Use of Unit Labor Costs as a Tool for Competitiveness and Policy Analyses in India

  We reinterpret unit labor costs (ULC) as the product of the labor share in value added, times a price adjustment factor. This allows us to discuss the functional distribution of income. We use data from India’s organized manufacturing sector and show that while India’s ULC displays a clear upward trend since 1980 (with a decline […]
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  Summary No. 3

  Summary Fall 2010

  The Fall Summary provides an overview of the annual Minsky Conference, which was held in April in New York City with support from the Ford Foundation. Titled “After the Crisis: Planning a New Financial Structure,” the conference focused on many Minskyan themes, including the reconstitution of the financial structure, the reregulation and supervision of financial […]
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  Working Paper No. 623

  The Meltdown of the Global Economy

  The enormity and pervasiveness of the global economic crisis that began in 2008 makes it relevant to analyze the circumstances that can explain this catastrophe. This will also provide clues to the appropriate remedial measures needed to prevent future occurrences of similar developments. The paper begins with some theoretical concerns relating to factors that could […]
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  Working Paper No. 622

  Innocent Frauds Meet Goodhart’s Law in Monetary Policy

  This paper discusses recent UK monetary policies as instances of John Kenneth Galbraith’s “innocent fraud,” including the idea that money is a thing rather than a relationship, the fallacy of composition (i.e., that what is possible for one bank is possible for all banks), and the belief that the money supply can be controlled by […]
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  Working Paper No. 621

  Gendered Aspects of Globalization

  We need to go beyond the accepted notions relating to the role of women in the economy and society, especially in terms of what is recognized in mainstream theory and policy as “work” done by women. Thus, the traditional gender roles, with the man as the breadwinner and the woman in the role of housekeeper, […]
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  Book Series

  The Elgar Companion to Hyman Minsky

  Hyman Minsky’s analysis, in the early 1990s, of the capitalist economy’s transformation in the postwar period accurately predicted the global financial meltdown that began in late 2007. With the republication in 2008 of his seminal books John Maynard Keynes (1975) and Stabilizing an Unstable Economy (1986), his ideas have seen an unprecedented resurgence, and the […]
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  Blog

  A moment to remember Hyman Minsky

  Hyman P. Minsky, the renowned financial economist, macroeconomist, and Levy Institute distinguished scholar, was born 91 years ago today. A short bio of Minsky, along with links to many of his publications, can be found here. Minsky’s papers are collected at the Minsky Archive, which is housed at the institute. In April, we will be [...]
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  Working Paper No. 620

  Measuring Poverty Using Both Income and Wealth

  This paper presents a comparative analysis of the approaches to poverty based on income and wealth that have been proposed in the literature. Two types of approaches are considered: those that look at income and wealth separately when defining the poverty frontier, and those in which these two dimensions are integrated into a single index […]