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  Working Paper No. 488

  Demand Constraints and Big Government

  In a series of articles and books, Harold Vatter and John Walker attempted to make the case that the American economy suffers from chronically insufficient demand that leads to growth below capacity. Of particular interest are a 1989 Journal of Post Keynesian Economics article that extends Domar’s work on the supply side effects of investment […]
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  Working Paper No. 487

  Class Structure and Economic Inequality

  Existing empirical schemas of class structure do not specify the capitalist class in an adequate manner. We propose a schema in which the specification of capitalist households is based on wealth thresholds. Individuals in noncapitalist households are assigned class locations based on their position in the labor process. The schema is designed to address the […]
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  Policy Notes No. 1

  The April AMT Shock

  Anyone who reads a newspaper knows that most Americans have accumulated excessive levels of debt, and realizes that as interest rates climb, it becomes more difficult to service financial liabilities. To add insult to injury, wage growth has been slow, while prices—especially for energy—have risen sharply. What is not clear, however, is the fact that […]
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  Public Policy Brief Highlight No. 89

  The Economics of Outsourcing

  According to Research Associate Thomas I. Palley, global outsourcing represents a new economic challenge that calls for a new set of institutions. Palley expands upon the problems of offshore outsourcing as outlined in Public Policy Brief No. 86 and focuses on the microeconomic foundations. He argues that outsourcing is a central element of globalization that […]
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  Book Series

  International Perspectives on Household Wealth

  The contributors to this comprehensive book compile and analyze the latest data available on household wealth using, as case studies, the United States, Canada, Germany, Italy, Sweden, and Finland during the 1990s and into the 21st century. The authors show that in the United States, trends are highlighted in terms of wealth holdings among the […]
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  Working Paper No. 486

  Global Imbalances, Bretton Woods II, and Euroland’s Role in All This

  Approaching the issue of mounting global imbalances from the perspective of the "Bretton Woods II hypothesis," this paper argues that the popular preoccupation with China’s supposed export-led development strategy is misplaced. It also suggests, similar to Japan’s depression, subdued growth in Euroland for most of the time since the Maastricht Treaty has been of first-order […]
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  Summary No. 1

  Summary Winter 2007

  The Winter Summary provides an overview of the Institute’s October conference on employment guarantee policies, which focused on government policy initiatives that can create a safety net through public service employment for individuals who are ready, willing, and able to work. Also in this issue: a new Strategic Analysis and Public Policy Brief address the […]
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  Working Paper No. 485

  The Balance Sheet Approach to Financial Crises in Emerging Markets

  This paper contrasts the conventional balance sheet approach to the analysis of economic disturbances in emerging markets with the alternative balance sheet approach that applies and extends Minsky’s Financial Instability Hypothesis to (open) emerging market economies. Earlier balance sheet studies are found to be flawed because of a failure to disaggregate firms’ balance sheets. Examination […]
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  Working Paper No. 484

  Expensive Living

  Apart from its widely accepted direct advantages, the introduction of the euro has been accompanied by a surge of inflation in most of the EU member states. At the same time, wages–in part, wages of the unskilled–are relatively losing ground, while the purchasing power of the average European seems also to have weakened since the […]
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  Research Project Report

  Wealth and Economic Inequality

  This report argues that wealth is an integral aspect of economic well-being. The authors combine income and net worth to demonstrate the importance of wealth inequalities in shaping overall economic inequality and defining the disparities among population subgroups. Conventional measures of household economic well-being do not adequately reflect the advantages of asset ownership or the […]
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  Press Release

  Rapidly Cooling US Housing Market Could Trigger Growth Recession, New Levy Economics Institute Study Says

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  Public Policy Brief No. 88

  US Household Deficit Spending

  Over the past decade, deficit spending by consumers has supported the United States economy. Research Associate Robert Parenteau analyzes the financial balance of American households and finds that the pace of deficit spending is likely to stall and, possibly, reverse course. This reversion will jeopardize US profit and economic growth, as well as the growth […]