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One-Pager No. 45Time Deficits and Hidden Poverty in Korea
January 13, 2014 Official poverty lines in Korea and other countries ignore the fact that unpaid household production contributes to the fulfillment of material needs and wants that are essential to attaining a...more Publication -
One-Pager No. 45
Έλλειμμα χρόνου και κρυφή φτώχεια στην Κορέα
January 13, 2014 Τα επίσημα ποσοστά φτώχειας στην Κορέα και σε άλλες χώρες αγνοούν το γεγονός ότι η άμισθη παραγωγή των νοικοκυριών συμβάλλει στην εκπλήρωση των υλικών αναγκών και των επιθυμιών που είναι...more Publication -
BlogMinsky on the War on Poverty
January 10, 2014 Roughly a year after President Johnson used the occasion of his first State of the Union address to declare war on poverty, Hyman Minsky presented a paper on the subject at a conference in Berkeley. Here’s what he wrote: The war against poverty is a conservative rebuttal to an ancient challenge of the radicals, that [...] Blog -
Working Paper No. 783Options for China in a Dollar Standard World
January 10, 2014 This paper examines the fiscal and monetary policy options available to China as a sovereign currency-issuing nation operating in a dollar standard world. We first summarize a number of issues...more Publication -
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The Social Enterprise Sector Model for a Job Guarantee in the U.S.
January 10, 2014 Jesse Myerson created a firestorm over mainstream media with his Rolling Stone piece “Five Economic Reforms Millennials Should Be Fighting For.” I’d like to address the very first of these reforms, the Job Guarantee (JG), as Myerson references my proposal for running the program through the non-profit sector and discussed it in several interviews on [...] Blog -
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Push for Job Guarantee Gains Momentum
January 06, 2014 I just returned from the big annual meeting of economists (this time in Philly), at which we had a panel on the Job Guarantee. One of the papers on our panel was by William (Sandy) Darity and Darrick Hamilton, which demonstrated how imperative it is to implement the JG to reduce hiring discrimination in the [...] Blog -
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How Reorienting China’s Fiscal Policy Can Reduce Financial Fragility
December 19, 2013 L. Randall Wray just published a one-pager on China’s policy options from the perspective of Modern Money Theory: Since adopting a policy of gradually opening its economy more than three decades ago, China has enjoyed rapid economic growth and rising living standards for much of its population. While some argue that China might fall into [...] Blog -
One-Pager No. 44
Επιλογές οικονομικής πολιτικής για την Κίνα
December 19, 2013 Με την εφαρμογή της πολιτικής του ανοίγματος της οικονομίας, πριν από περίπου 35 χρόνια, η Κίνα απολαμβάνει υψηλά επίπεδα οικονομικής ανάπτυξης και άνοδο του βιοτικού επιπέδου για μεγάλο μέρος του...more Publication -
One-Pager No. 44
Policy Options for China
December 19, 2013 Since adopting a policy of gradually opening its economy more than three decades ago, China has enjoyed rapid economic growth and rising living standards for much of its population. While...more Publication -
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New Book on the Gender Impacts of the Global Economic Crisis
December 17, 2013 A new volume edited by the director of the Levy Institute’s Gender Equality and the Economy program, Rania Antonopoulos: With the full effects of the Great Recession still unfolding, this collection of essays analyses the gendered economic impacts of the crisis. The volume, from an international set of contributors, argues that gender-differentiated economic roles and [...] Blog -
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Why Returning to Glass-Steagall Isn’t the Answer
December 16, 2013 Dissatisfaction with the incomplete or timid nature of the 2010 Dodd-Frank financial reforms has generated interest in some alternative regulatory proposals. One alternative that’s fairly prominent in progressive circles revolves around the idea of returning to the structure of the 1933 Glass-Steagall Act. In this video, Jan Kregel explains why we can’t go back. He [...] Blog -
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James Galbraith Makes It Simple
December 13, 2013 Q: “Now why do you believe the US government will never, ever have a problem funding its public expenditures and deficits?” A: “Because the electricity supply to the computers that send those signals will never be cut off.” Q: “It’s that simple?” A: “Simple as that.” [iframe width=”448″ height=”252″ src=”//www.youtube.com/embed/qD3XMyNmfeY?feature=player_detailpage&start=51″ frameborder=”0″ allowfullscreen></iframe] If you want [...] Blog -
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A Passing Storm or a Crisis of Capitalism?
December 12, 2013 C. J. Polychroniou: A strong case can be made that what we have been witnessing since [2007-08] is not simply a severe financial crisis centered in the developed world but the fact that today’s capitalism is simply incapable of functioning in an economic way conducive to maintaining sustainable and balanced growth. The so-called “financialization” of [...] Blog -
Working Paper No. 782
Feasible Estimation of Linear Models with N-fixed Effects
December 12, 2013 In this paper an alternative approach for the estimation of higher-order linear fixed-effects models is described. The strategy relies on the transformation of the data prior to calculating estimations of...more Publication -
Working Paper No. 781
A Stock-flow Approach to a General Theory of Pricing
December 10, 2013 The paper seeks to lay out a stock-flow-based theoretical framework that provides a foundation for a general theory of pricing. Contemporary marginalist economics is usually based on the assumption that...more Publication -
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Financial Governance for Innovation and Social Inclusion (Video)
December 10, 2013 The Levy Institute’s Jan Kregel and L. Randall Wray took part in a workshop at the UK House of Commons, November 25th, on “Financial Governance for Innovation and Social Inclusion,” organized by Mariana Mazzucato (SPRU) and Leonardo Burlamaqui (Ford Foundation) and hosted by Shadow Minister for the Cabinet Office, MP Chi Onwurah. Kregel and Wray’s [...] Blog -
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When Robots Make Drones: The Brave New World of Secular Stagnation
December 10, 2013 Amazon’s Jeff Bezos is all over the news with his statement that drones will sooner or later be delivering packages to your home. Predictably, this has generated two types of buzz: what about the inevitable mishaps, and what about the poor displaced UPS workers? For me, the first is a wee bit scary. Of course, [...] Blog -
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Is the Recession in Greece Ending?
December 09, 2013 The Hellenic Statistical Authority (ElStat) reports today that real GDP in the third quarter of 2013 has fallen by “only” 3 percent. More in detail, from their press release: Total final consumption expenditure recorded a decrease of 6.6% in comparison with the 3rd quarter of 2012 (Table 4). Gross fixed capital formation (GFCF) decreased by [...] Blog -
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Three Links on the Eurozone Crisis
December 09, 2013 1) In an interview with Roger Strassburg, James Galbraith discusses the “Modest Proposal,” a plan for resolving the eurozone’s multiple crises without creating any new institutions or amending any treaties. Galbraith is a co-author of the latest version of the proposal, joining Yanis Varoufakis and Stuart Holland (an earlier version was published as a Levy [...] Blog -
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Tax-Backed Bonds: Update and Response to Critics
December 06, 2013 Last year, Philip Pilkington and Warren Mosler argued that they had come up with a financial innovation that had the potential to help control the crippling borrowing costs faced by many member-states on the eurozone periphery. Their “tax-backed bond” proposal worked like this: if a member-state issuing these bonds defaulted on a payment, the bonds [...] Blog -
Policy Note No. 10The Continued Relevance of Tax-backed Bonds in a Post-OMT Eurozone
December 03, 2013 In a policy note published last year by the Levy Institute, Philip Pilkington and Warren Mosler argued that the eurozone sovereign debt crisis could be solved by national governments without...more Publication -
Policy Note No. 10
Η συνεχιζόμενη καταλληλότητα των κρατικών ομολόγων με την κάλυψη φόρων (tax-backed bonds) για την ευρωζώνη
December 03, 2013 Σε ένα σημείωμα πολιτικής που δημοσιεύθηκε πέρυσι από το Levy Institute, ο Philip Pilkington και ο Warren Mosler υποστήριξαν ότι η κρίση χρέους στην ευρωζώνη θα μπορούσε να λυθεί από...more Publication