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  Working Paper No. 300

  Recent Trends in Wealth Ownership, 1983–1998

  Using data from the Survey of Consumer Finances, I find that wealth inequality continued to rise in the United States after 1989, though at a reduced rate. The share of the wealthiest 1 percent of households rose by 3.6 percentage points from 1983 to 1989 and by another 0.7 percentage points from 1989 to 1998. […]
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  Policy Notes No. 5

  Can the Expansion Be Sustained?

  Hyman P. Minsky’s insights into the relationship between profits, economic growth, and the public and private financial balances are particularly relevant to today’s conditions. How can a Minskyan view be applied to explain the processes that brought the economy to its current state and to recommend a policy stance for the future?
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  Conference Proceedings

  10th Annual Hyman P. Minsky Conference on Financial Structure

  Minsky’s research, writing, and speeches focused on the causes and consequences of the financial vulnerabilities inherent in advanced and complex capitalist economies and on the policy implications emanating from this systemic fragility. This conference—the Institute’s 10th such gathering—commemorated Minsky by addressing issues related to the need to continuously assess the fragility and structure of the […]
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  Policy Notes No. 4

  Health Care Finance in Need of Rethinking

  Hospitals have been squeezed by the Balanced Budget Act; the uninsured population is still on the rise; and long-term care is paid for largely by welfare grants. The nation’s flawed structure of health care finance ultimately will adversely affect the quality of care for all.
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  Working Paper No. 299

  The Public Commodities Problem

  The decision about how much to spend on a public program depends on the answers to two questions: Should the government pursue the goal of this program? Given that the program’s goal should be adopted, what is the optimal level of spending to achieve it? If the answer to the first question is yes, it […]
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  Working Paper No. 298

  Krugman on the Liquidity Trap

  Paul Krugman has argued that Japan is in a liquidity trap and that it can recover only if the central bank there follows a policy of “credible inflation.” This paper argues that Krugman’s proposal, which is similar to what Fisher proposed during the Depression, is based on a different interpretation of the liquidity trap from […]
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  Working Paper No. 297

  What’s Behind the Recent Rise in Profitability?

  Profitability in the United States has been rising since the early 1980s and by 1997 was at its highest level since its postwar peak in the mid 1960s, and the profit share, by one definition, was at its highest point. In this paper I examine the role of the change in the profit share and […]
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  Working Paper No. 296

  An Alternative Stability Pact for the European Union

  This paper proposes an alternative stability and growth pact among European Union (EU) governments that would underpin the introduction of a single currency and a “single market” within the EU. The alternative pact embraces a number of new aspects of integration within the EU that are based on a different monetary analysis (different from that […]
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  Policy Notes No. 3

  Welfare College Students

  The rules and regulations that were developed to reduce welfare rolls through immediate employment discourage the achievement of economic independence through the pursuit of higher education.
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  Report No. 1

  Report March 2000

  Senior Scholar James K. Galbraith discusses what is perhaps the most important economic question facing the United States today: Are President Clinton’s fiscal policies sustainable, or are changes needed to keep the current expansion going? A new Strategic Analysis by Distinguished Scholar Wynne Godley examines recent trends and prospects for the trade deficit, debt, and […]
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  Policy Notes No. 2

  Is the New Economy Rewriting the Rules?

  Full employment without inflation can continue—with the right leadership, prudent policy changes to manage the dangers, and cooperation from all branches of the government.
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  Public Policy Brief Highlight No. 59

  Financing Long-Term

  The nation is not prepared to deal with the jump in expenditures for long-term care that will come with the aging of the baby-boom generation. Only a small part of that care is paid for privately (out-of-pocket or through private insurance). Most is financed through Medicaid, the program that is intended to ensure medical care […]