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  Working Paper No. 222

  Money and Taxes

  Senior Scholar L. Randall Wray traces the development of the chartalist approach to money from Adam Smith, Georg Friedrich Knapp, and John Maynard Keynes to the later theorists, including Hyman Minsky, Abba Lerner, and Kenneth Boulding, who follow the endogenous money approach.
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  Policy Notes No. 1

  Welfare Graduates

  Are the effects of college-level education on income and financial independence positive enough to make it worthwhile for states to extend support to qualified welfare recipients to enable them to pursue such education? Welfare reform around the country has tended to focus on immediate work experience as a means to achieve financial independence. While many […]
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  Summary No. 4

  Summary Fall 1998

  In this issue, a new Working Paper by Research Associates William J. Baumol and Edward N. Wolff finds a relationship between accelerating technological change and increased duration of unemployment. Contents: Speed of Technical Progress and Length of the Average Interjob Period · “Inability to Be Self-reliant” as an Indicator of Poverty · Symposium: Is There […]
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  Summary No. 3

  Summary Summer 1998

  The fragility of the international financial system continues as a topic of discussion in worldwide policy circles. Alice Rivlin, Martin Mayer, Jan Kregel, and others discuss the causes of and recovery from the Asian crisis in remarks at a Levy Institute conference and in working papers. Contents: New Working Papers: The Political Economy of Corporate […]
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  Summary No. 2

  Summary Spring 1998

  Of special interest in this issue is a summation of a congressional policy briefing by Wynne Godley and Jan Kregel. Also of note are summaries of working papers on an assessment of the contributions of Hyman Minsky to economic theory, the relevance of Kaleckian analysis to today’s capitalist economies, and policy formulation as a discovery […]
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  Summary No. 1

  Summary Winter 1997–1998

  Scholars take different approaches to the questions of the possibility and desirability of attaining full employment. Barry Bluestone and Stephen Rose explore the effects of labor market slack on the inflation-unemployment trade-off, Malcom Sawyer and Philip Arestis advocate a return to Keynesian policies to secure full employment, and Beth Almeida looks to corporate strategies to […]
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  Public Policy Brief No. 38

  Who Pays for Disinflation?

  Using theoretical predictions, econometric results, and the example of the Volcker disinflation, Willem Thorbecke establishes that through disinflation’s burden on the durable goods and construction industries, small firms, and low-wage workers and its benefits to bond market investors, it effects a redistribution of wealth from the poor to the rich. Because of this distributional consequence, […]
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  Public Policy Brief No. 37

  Investment in Innovation

  Since the 1970s corporate America has become obsessed with shedding employees to cut costs and with distributing revenue to stockholders. However, the way for it to regain its competitive edge and thus to restore the promise of secure and remunerative employment for its workers is to reform its system of governance. It must reject organizational […]
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  Public Policy Brief Highlight No. 38

  Who Pays for Disinflation?

  Using theoretical predictions, econometric results, and the example of the Volcker disinflation, Willem Thorbecke establishes that through disinflation’s burden on the durable goods and construction industries, small firms, and low-wage workers and its benefits to bond market investors, it effects a redistribution of wealth from the poor to the rich. Because of this distributional consequence, […]
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  Public Policy Brief Highlight No. 37

  Investment in Innovation

  Since the 1970s corporate America has become obsessed with shedding employees to cut costs and with distributing revenue to stockholders. However, the way for it to regain its competitive edge and thus to restore the promise of secure and remunerative employment for its workers is to reform its system of governance. It must reject organizational […]
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  Working Paper No. 221

  Policy Innovation As a Discovery Procedure

  Economist Adolph Lowe’s instrumental analysis examines the process of policy formulation as a regressive procedure of discovery. Taking as given a predetermined desired end state, the task of an innovator is to discover the technical and social path from the present position to the end state. The role for the economist in policy formulation, therefore, […]
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  Working Paper No. 220

  Employment Policy, Community Development, and the Underclass

  There has been widespread recognition of the existence of an “underclass” in American society, but no consensus on how to address the problem or even how to define it. The term was first coined in 1982 by New Yorker writer Ken Auletta, who used it broadly to include individuals with “behavioral and income deficiencies”; other […]