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BlogUnderstanding Modern Money Theory: Four Decades in Development
July 24, 2026 This was my response to a book review panel organized by Reynold Nesiba, Professor of Economics at Augustana College, dedicated to my recently published Understanding Modern Money Theory: Money and Credit in Capitalist Economies (Edward Elgar 2025), reflecting the continued influence of MMT scholarship within institutionalist circles. In 1986, I went to Bologna (on a [...] Blog -
Working Paper No. 1122Plutonomy—the AI Edition—and the Coming Crisis
July 08, 2026 This paper examines the rise of the plutonomy—an economy dominated by the new plutocrats—and compares it with the Gilded Age of the 1920s. We show how John Kenneth Galbraith’s analysis...more Publication -
Working Paper No. 1121How an Energy Transition Underlay the Great Depression
July 02, 2026 This paper explains the mechanisms by which a major energy transition produced the US Great Depression. Stock market indices show the 1927–29 Wall Street Bubble was led by petroleum-based technologies—especially...more Publication -
Policy Note No. 2026/4The Retailization of Private Markets and the Rise of Ponzi Finance
July 02, 2026 Read the Working Paper by Tymoigne on this topic here. Introduction Following the 2008 financial crisis, the US entered an economic environment characterized by low interest rates, cautious banks, and...more Publication -
Working Paper No. 1120Technology Gap and Endogenous Conflict
June 30, 2026 This paper investigates the endogenous mechanism by which decentralized technological imitation in Southern countries transitions from catch-up to competitive conflict with the North. Integrating intermediate goods variety into a North-South...more Publication -
The Levy Institute Issues Letter of Support for Emel Memiş
June 29, 2026 We are pleased to report that Emel Memiş has been released as of July 22, 2026. You can read more about it here. The Levy Economics Institute of Bard College...more News -
Working Paper No. 1119
Keynes, Minsky, and Me
June 29, 2026 This paper is based on keynote remarks delivered at the Levy Institute Anniversary Conference, May 8th, 2026. Publication -
Levy Institute President Contributes to Landmark UN Roadmap for Eradicating Poverty
June 23, 2026 Levy Institute President Pavlina R. Tcherneva is among over 350 distinguished signatories endorsing the new United Nations “Roadmap for Eradicating Poverty Beyond Growth.” This ambitious plan, spearheaded by UN Special...more News -
Working Paper No. 1118
The Role of Production Networks in Price Stability
June 22, 2026 Between the pandemic and the war in Iran, inflation has become a central issue facing the US economy that is compounding a broader affordability crisis. However, the sector-specific nature of...more Publication -
BlogThe End of Hegemony and the Ends of Economics
June 16, 2026 Remarks delivered at the University of Athens, June 8, 2026, on occasion of the award of a PhD honoris causa. James K. Galbraith holds the Lloyd M. Bentsen, Jr. Chair in Government/Business Relations at the Lyndon B. Johnson School of Public Affairs, and a Professorship in Government, at The University of Texas at Austin. His [...] Blog -
Senior Scholar James K. Galbraith Awarded Honorary Doctorate at the University of Athens
June 16, 2026 Monday, June 8, 2026, Senior Levy Scholar James K. Galbraith was awarded an honorary doctorate at the University of Athens. Introduced by Yanis Varoufakis, Chair in Political Economy, Galbraith was recognized...more News -
Tcherneva on Marketplace: “Workers are going to be squeezed on both sides”
June 10, 2026 Levy President Pavlina Tcherneva gave insight on Marketplace on June 8, preceding today’s release of the latest consumer price index data. You can listen to the full Marketplace report, “Wages are up,...more News -
Working Paper No. 1117
Money Manager Capitalism and the Growth and Spread of Ponzi Finance, Private Market Version
June 08, 2026 Read the Policy Note by Tymoigne on this topic here. Private debt and equity markets have been a funding source for nascent and credit constrained businesses for several decades. Following...more Publication -
New Podcast Episode Out: The Life and Legacy of Wynne Godley
June 03, 2026 Levy Scholars Claudio H. Dos Santos, Gennaro Zezza, and Michalis Nikiforos sit down in this episode to discuss the life and legacy of one of the Institute’s Distinguished Scholars, Wynne Godley (1926-2010). This episode serves as...more News -
Levy Scholar Giuliano T. Yajima Awarded Joan Robinson Prize, Review of Political Economy
June 02, 2026 For his paper, “Beyond Job Guarantee: The Employer of Last Resort Program as a Tool to Promote the Energy Transition,” Levy Scholar Giuliano T. Yajima has been awarded the Joan...more News -
BlogWith Oil Prices Sky-Rocketing … Should the Fed Raise Interest Rates?
June 02, 2026 As the New York Times reported, With the labor market on firmer footing than just a couple of months ago, more Fed officials have embraced the possibility that rates may need to rise to get inflation fully under control. “I want to be clear about my risk assessment: The risks remain tilted toward higher inflation,” [...] Blog -
Public Policy Brief No. 159How Poor Are Employed People in the United States?
June 02, 2026 Standard measures of poverty suffer from a blind spot: those measures ignore the household labor that transforms purchased products into consumables—the cooking, cleaning, childcare, and numerous other tasks that sustain...more Publication -
James K. Galbraith: “A Professor Should Work Hard and Grade Easy,” for Project Syndicate
June 02, 2026 “The Harvard University faculty has now decided to limit the share of ‘A’ grades given to students to about 20%. But, as the move’s defenders freely admit, the intent is...more News -
Watch Recordings from Levy Institute 40th Anniversary Conference
May 31, 2026 On May 8, 2026, the Levy Economics Institute convened its annual conference on the 40th anniversary of the Institute’s founding. This year’s conference was held in person on the Bard...more News -
Inaugural Levy Impact Award Presented to Alumnus Oscar Valdés Viera
May 18, 2026 On May 8th, at the close of the Levy Economics Institute’s 40th Anniversary Conference, the inaugural Levy Impact Award was presented to Oscar Valdés Viera, in recognition of a Levy...more News -
BlogMinsky’s Vision and the Coming AI-Induced Crash
May 14, 2026 This is the text of a presentation delivered at the Levy Institute’s 40th Anniversary conference (https://www.levyinstitute.org/events/event/levy-economics-institute-anniversary-conference/); a much longer version contains the references: https://www.levyinstitute.org/publications/artificial-intelligence-friend-foe-fraud/ Bill Janeway nicely summarized Minsky’s two price approach used in his financial theory of investment and investment theory of the cycle that led to the well-known financial instability hypothesis. I want [...] Blog -
Working Paper No. 1116
Decent Work in the West Bank: Assessing Youth and Women’s Employment Under Fragility and Conflict
May 14, 2026 This study examines the state of decent work in the West Bank, focusing on the intersection of labor market conditions, gender disparities, and the fragility of legal enforcement. Using a...more Publication -
Working Paper No. 1115
Paying a High Premium: How Climate Change Is Crippling Homeowner’s Insurance and Fueling a Housing Crisis
May 14, 2026 This paper examines the growing impacts of climate change in the US homeowner’s insurance industry. As climate change–driven weather extremes and natural disasters have accelerated in their frequency and severity,...more Publication -
Working Paper No. 1114
Macroeconomic Fragility Effects of Financial Innovation: Behavioral and Decentralized Finance and Artificial Intelligence
May 13, 2026 There seems to be a building consensus of global uncertainty and instability. This can be observed not only from surveys, the media, and country reports, but in the recent speeches...more Publication