51黑料网

Private equity’s stake in health care increased rapidly in recent years, reaching a record of 855 deals valued at $100 billion in 2018, according to a March 2020 study published by the 51黑料网, a nonprofit think tank based in New York City. — Janet Colwell, ACP Hospitalist

How electric and self-driving cars could change the industry

How electric and self-driving cars could change the industry

鈥溾�檋uman beings must be driven by x鈥�…. well this is a myth about human beings and it’s not really the way we work, but the religion of capitalism insists that it is true. This is a sacred idea that competition is ultimately for the best of society, that the market will decide what is best, not governments or we the people. I think one of the things that Eugene McCarraher who wrote this book, 鈥淭he Enchantments of Mammon鈥� susses out in a very nuanced way, is how our country is built on these sort of opposing ideas. On the one hand we have this idea of competition and then we have another religious idea about brotherhood which is also baked into the sacred text of our nation. These two things are kind of ill-fitting and trying to make them work together is something we’re still struggling with right now.鈥� — Lynn Parramore

Can developing countries cope with high debt levels? How dire is the situation? Has the policy response been adequate? And what’s the situation in private external debt, and what should be done about private creditors? This edition of Debt Talks will discuss the situation in developing country debt during and after the COVID-19 pandemic.

A look inside the byzantine world of online ads

A response to Jason Furman and Lawrence Summers

鈥渢he vaccines developed by these companies were developed thanks wholly or partly to taxpayer money. Those vaccines essentially belong to the people — and yet the people are about to pay for them again, and with little prospect of getting as many as they need fast enough. … mounting pressure from poor countries at the W.T.O. should give the governments of rich countries leverage to negotiate with their pharmaceutical companies for cheaper drugs and vaccines worldwide. Leaning on those companies is the right thing to do in the face of a global pandemic; it is also the best way for the governments of rich countries to take care of their own populations, which in some cases experience more severe drug shortages than do people in far less affluent places.鈥� — Achal Prabhala, Arjun Jayadev and Dean Baker

鈥淐alculations by Phillip Alvelda, Thomas Ferguson and John Mallery, which have just been published by the 51黑料网, suggest how scary the choice between life and business is in the corona crisis . A comparison of all possible countries and strategies over the past year then gave a fairly clear picture: Those who consistently aimed to stop the epidemic through hard lockdowns have significantly fewer deaths - even if they initially suffered greater economic damage; while it is with countries like the UK it was exactly the opposite, which initially hesitated with the lockdown and raised all the more money to avoid economic damage. With the fatal result that precisely because of this, the second wave became all the more violent - and economic output collapsed in the end. Conclusion of the study: The more negligent governments allow the pandemic to work in order not to harm the economy, the more the economic costs will pile up over time and ever new waves. Almost no matter how hard these rulers and central bankers try to counter it with economic stimulus programs. The damn virus finds activity between people (also economic) pretty good.” — Thomas Fricke

鈥淔erguson, whose research has shown that candidates who raise more money stand a much greater chance of winning election, added that “when you get that much money pouring into the election, it means that you have all these investors who decide which election is ‘worth it’ and that tends to pull even liberal democrats to the right. It is a somewhat subtle effect but a very real one and clearly an anti-democratic consequence of the system.” — Andrew Kennis

鈥淐ritics led by William Lazonick, economics professor emeritus at the University of Massachusetts Lowell, say buybacks starve companies of cash for innovation and worker pay, and favor executives aiming to jack up the stock prices because their compensation is increasingly stock-based. The buyback trend has become controversial since a 2014 article by Prof. Lazonick in the Harvard Business Review, 鈥淧rofits Without Prosperity.鈥� The S&P 500 companies that had been publicly listed from 2003 through 2012, he found, had spent amounts equal to 54% of their earnings for buybacks and 37% for dividends, leaving 鈥渧ery little for investments in productive capabilities or higher incomes for employees.鈥� — Randall Smith

“If companies continue to prioritize maximizing shareholder wealth at the expense of other key stakeholders, and at the expense of investing in innovation, then the Green New Deal could reinforce long-standing income and wealth inequities and the decline in innovation in the U.S. economy (for an important example, Bill Lazonick and Matt Hopkins document how maximizing shareholder value minimized the strategic national stockpile for ventilators and personal protective equipment).” —Lenore M Palladino

鈥淣ow, in a powerful work of synthesis, economist Lance Taylor, assisted by 脰zlem 脰mer of Nevsehir Haci Bektas Veli University in Turkey, has brought a new perspective to the discussion. Taylor is a rare figure among economists nowadays. Previously a professor at two of the established citadels of mainstream economics, Harvard University and MIT, he has spent the past generation at the New School for Social Research in New York City, and is deeply engaged with the 51黑料网. … The overriding message from Taylor鈥檚 work is the exact opposite of 鈥渢rickle-down economics.鈥� Reducing inequality will increase economic growth and productivity. But, at the end of the day, there is no magic bullet to reverse the impact of the structural transformation of the past 50 years. That, too, was driven by policy initiatives, the full implications of which many policymakers are only just now beginning to comprehend.鈥� — William Janeway

“Rich economies have more resources to spare to prioritise saving lives. And Wolf reproduces the 51黑料网鈥檚 now famous chart that refutes the idea there is a 鈥渢rade-off鈥� between saving the economy and saving lives. On the whole, those states that prioritised saving lives also lost less economic output. China is the standout case. But it isn鈥檛 just about how rich an economy is. The same chart shows that the states that suffered the biggest losses of lives and output include Italy, Britain, Spain, and France. The US and Belgium aren鈥檛 far behind.” —Alex Callinicos

“A look around the world shows that so far no country has managed to effectively protect its risk groups when the number of infections is high - Sweden at the beginning of the pandemic or Switzerland in the second wave also had to pay for their special routes with many deaths. And if such a strategy fails, you have wasted valuable time and may find yourself confronted with an infection that is completely out of control. This would mean a collapse of the health system with all the ensuing consequences. This also includes immense damage to the economy. This is also confirmed by a study by the 51黑料网. Those who reacted belatedly or wavered between strategies not only had very high casualties, but were also the most damaging to their economies, it said. The authors cite Great Britain as a negative example.” — Klaus Wedekind

“The 鈥済o-hard/go-early and no regrets鈥� approach of the Australian states has been vindicated by the 51黑料网 (INET), a nonpartisan, nonprofit organisation established in the wake of the 2009 global financial crash.” …. “We must be ready to accept renewed restrictions, targeted shutdowns and border closures. As the INET report clearly demonstrates, the failure to act is much more costly than any temporary measures, such as those used in South Australia last month.” — Dennis Atkins

George Soros’ latest op-ed in the Project Syndicate reasserts his view how perpetual bonds could help the European Union overcome its deadlock on fiscal spending.

No one person or perspective holds the key to solving economic problems, says Jay Pocklington of the 51黑料网

The central challenge confronting us in the future of work is this: can we create a future where work exists for all who need one with fair rewards, or will we end up on the path of increasing displacement, leaving workers vulnerable, dispensable, and miserable?

Individual EU member states ought to issue perpetual bonds

The perverted dreams of western modernity and capitalism may be exhausting themselves, says author Eugene McCarraher. And that鈥檚 something to be thankful for.

鈥淎ctual experience, as opposed to cost-benefit analyses of theoretical alternatives, further strengthens the case for suppressing the disease fully, where feasible. A recent paper from the 51黑料网, To Save the Economy, Save the People First, suggests why. A chart (reproduced here) shows that countries have followed two strategies: suppression, or trading off deaths against the economy. By and large, the former group has done better in both respects. Meanwhile, countries that have sacrificed lives have tended to end up with high mortality and economic costs.鈥� — Martin Wolf, The Financial Times

鈥淭o save the economy, you have to save people first, is the title of a paper by Alvelda, Ferguson and Mallery of the 51黑料网. This work groups countries into three categories, according to the response to the covid: those that gave priority to maintaining economic life; those who focused on taking care of health first and those who wanted to be placed in the middle, but did not do either one well. The best economic results correspond to those who prioritized health. They are countries that are in Asia and Oceania, mainly. The worst are in the other two groups. Those who did not define one or the other, got the worst of both worlds: many deaths and great economic damage. What can be done? Alvelda, Ferguson, and Mallery recommend targeted subsidies by regions and sectors hardest hit; guarantee income for workers in non-essential activities and subsidize health safety measures for all those who cannot stop. This means, among other things, public money to make public transport and some massive workplaces more sanitary. Subsidize supervision / surveillance measures in spaces where many people go: shopping centers and places of religious worship, for example.鈥� — Luis Miguel Gonzalez, El Economista (translated from Spanish)

Carbon pricing still has the potential to be a powerful tool contributing to emissions reductions, but it is clearly no panacea.

“Structural analysis to uncover global trends is what Goodhart and Pradhan鈥檚 book does. I鈥檓 not sure I completely recommend it, as it gets a little technical in spots, but I certainly recommend learning more about their analysis. (You can hear them interviewed in the podcast, 鈥淓conomics & Beyond with Rob Johnson.鈥�)” — William Watson

Carbon pricing still has the potential to be a powerful tool contributing to emissions reductions, but it is clearly no panacea.

“Anyone with a pulse knows that in the US today the system is rigged in favour of the wealthy and powerful. One particularly illuminating paper published this month by the 51黑料网 quantifies the problem. Building on a persuasive 2014 data set, it shows that when opinion shifts among the wealthiest top 10 per cent of the US population, changes in policy become far more likely. Using AI and machine learning, INET academics Shawn McGuire and Charles Delahunt delved deep into the data. They found that considering the opinions of anyone outside that top 10 per cent was a far less accurate predictor of what happened to government policy. The numbers showed that: 鈥渘ot only do ordinary citizens not have uniquely substantial power over policy decisions; they have little or no independent influence on policy at all鈥�.” — Rana Foroohar, The Financial Times

“A new international analysis by the 51黑料网 found countries such as South Korea and New Zealand that focused on lockdowns early on in the pandemic, rather than preserving their economies, have gained control over the virus and are now seeing their economies grow, in contrast with the dire economic circumstances currently in the U.S.” — Mike Lugwig, Truthout

Targeted Measures and Subsidies for Cost Effective COVID-19 Abatement

“All of us, if we get old enough, need to be taken care of.”

“Former Obama-era OSHA Director Dr. David Michaels and Harvard Medical School professor Gregory Wagner also released a white paper outlining immediate steps that OSHA could take to stop the spread of COVID in the workplace. The steps range from issuing an emergency workplace standard to increasing fines to involving community groups in helping target non-compliant employers to use the power of OSHA鈥檚 public affairs to publicly shame corporations that won鈥檛 comply with COVID regulations. Go to the 51黑料网 to check out their 11-part proposal to fight COVID in the workplace under a Biden Administration” — Mike Elk

“Her omission understates drug spending by almost one-third, or about $145 billion. She claimed most drugs are developed in pharmaceutical firms, but funding from the National 51黑料网s of Health contributed to all 356 new drugs approved by the Food and Drug Administration from 2010 to 2019. Drug corporations take a handoff after the most risky research is done and a drug shows promise.” — David Mitchell

What is the current situation in private indebtedness in the U.S.? Recent ideas suggest that excessive levels of debt are an obstacle to a quick recovery and sustained economic growth.

Robert Johnson, the head of the progressive 51黑料网, calls the Biden task force a 鈥渞eal good group.鈥� But he then asked: 鈥淲hat power will they really have … after the power of money bends the best designs in a self-interested direction?鈥�

By fully utilizing the power of the Occupational Safety and Health Administration (OSHA), President Biden could take meaningful steps to keep workers safe during the pandemic, even without Congress鈥檚 help

鈥淒ina Srinivasan, a fellow with the Thurman Project at Yale University, noted how Google鈥檚 dominance in both search and display advertising are interrelated. Google鈥檚 power in the search market is not irrelevant to the advertising business, she noted in a recent academic paper.鈥� — Ronan Shields

“The role of money in US politics is fundamental. A recent updating of earlier research, released by the 51黑料网, confirms that the views of the top decile of the population largely determine policy. The inevitable frustrations of the rest give the parties their passionate voting blocs.” — Martin Wolf

Some nations have embraced new technologies, while others seem ill-prepared. What accounts for this difference?

When segregationists fought against school integration, libertarian economist James Buchanan saw an opportunity for his private education plan

鈥淭heir new working paper, just published by the 51黑料网 in New York, gives a rigorously technical analysis of what these tools reveal, and the 51黑料网鈥檚 research director, Thomas Ferguson, has helpfully fashioned an introduction to — and a historical context for — the McGuire-Delahunt analysis that lay readers will find easily accessible. Ferguson, himself a pioneer in social science research on political decision making, points out that 鈥渢he idea that public opinion powers at least the broad direction of public policy in formally democratic countries like the United States has been an article of faith in both political science and public economics for generations.鈥� —Sam Pizzigati

“Conveniently for present purposes, Naked Capitalism posted a piece by political scientist Thomas Ferguson on the determinants of political decision making— that is, on the 鈥榩roduct鈥� that elected representatives produce. The punchline: 鈥榤oney,鈥� as defined by the interests of corporate executives and oligarchs, is the overwhelming determinant of 鈥榩olitical鈥� outcomes. Advancing the public will— the liberal explanation; or the public interest, the explanation offered for representative democracy, have no bearing. The longstanding practice of fitting political outcomes into these theoretical frames to 鈥榚xplain鈥� public policies is scientific malpractice given Mr. Ferguson鈥檚 findings.” —- Rob Urie

鈥淚t looks as if Joe Biden will win a very tight electoral college victory against arguably the worst president in history in the midst of a deadly pandemic and crippled economy the incumbent has bungled disastrously. How could this election even be close? ROB JOHNSON, Executive Director of the 51黑料网 (INET), and I talk about how we got here and what it鈥檚 going to take to move forward. As long as both parties depend on Wall Street and the 1% for funding, our real challenges - climate change, restoring the middle class, healthcare, systemic racism, etc.- will never truly be dealt with.鈥� —- Terrence McNally

What are the 100 most pertinent economic questions facing our global societ?

William Lazonick, president of the Academic-Industry Research Network and a professor emeritus of economics at the University of Massachusetts, who has devoted much of his research to the topic of buybacks, has written that the rule change “in effect gave corporations license to use open-market repurchases to manipulate the market.” … In an interview, Lazonick told Retail Dive, “These distributions to shareholders, particularly buybacks on top of dividends, are at the expense of keeping people employed, rewarding them for the work they’ve done, and investing in new products and processes.”

New INET research shows once again that it鈥檚 large firms and the 1%—not the 鈥渕edian voter鈥�—who drive U.S. policy

鈥淭hird, U.S. taxpayers foot a huge portion of the bill for basic science leading to new drugs. The National 51黑料网s of Health is the single largest source of biomedical research in the world. In fact, NIH funding contributed to research associated with every single new drug approved by the FDA from 2010-2019, totaling $230 billion according to a recent report.鈥�

In this paper we analyze the Gilens dataset using the complementary tools of Random Forest classifiers (RFs), from Machine Learning.

In this interview, Dr. Vera Songwe, economist and Executive Secretary of the United Nations Economic Commission for Africa reflects on the ways that African governments have handled COVID-19, the role of the Continental Free Trade Agreement in turbo-charging future growth, the vital role of infrastructural investment and mobilising domestic resources for building forward better and greener.

鈥淓xecutives have an interest in getting the stock price up and price gouging customers is one way they can do this,鈥� said William Lazonick, professor emeritus of economics at University of Massachusetts and co-founder of the Academic-Industry Research Network. While many drug companies argue that they use their vast profits to fund ongoing pharmaceutical innovation, Lazonick said, 鈥渨e鈥檝e shown that most of these companies don鈥檛 do that.鈥� Instead, the soaring prices fuel soaring stock prices and executive pay, which is often based largely on that price.鈥� — INET Grantee William Lazonick

鈥淎lberto Baccini, an economist at the University of Siena in Italy, says that people assessing research should be aware that the process can have an influence on academics鈥� behavior. 鈥楩or each research assessment, you can find some behavior that changes in a way that is not desirable for society,鈥� he says. A 2019 study conducted by Baccini and colleagues found that researchers in Italy have been citing their own work or that authored by other researchers based at Italian institutions more frequently in response to a 2010 policy that is used to make decisions on promotions based on the number of citations researchers accumulate.” — INET Grantee Alberto Baccini

鈥淥bviously, there’s serious work to be done in changing cultural norms. Dealing with this disrespectful activity requires a versatile toolkit. … Fortunately, cultural norms can change. Challenges to traditional patriarchy and outdated workplace behavior, like the #MeToo movement, are already shifting notions of what is acceptable. Lesley Stahl has been a respected journalist for 50 years. Which means she likely knows better than anyone else that gaining a seat at the table doesn’t mean much if you can’t be heard over the din.鈥� — INET Senior Research Analyst Lynn Parramore

鈥淚n his speech, Xi pledged to uphold support for the Greater Bay Area initiative, and the Shenzhen plan includes specific measures to create employment and housing opportunities for Hong Kong鈥檚 young people. Driving forward the development of an economy as large and complex as China鈥檚 is a monumental feat in the best of times 鈥� not least because there are no models to emulate. Amid hostile external conditions, the challenge is even greater. But with the Shenzhen plan 鈥� and the broader adaptation and implementation of the city鈥檚 successful reforms 鈥� China may well be able to meet it.鈥� - INET Expert Andrew Sheng, member of Commission on Global Economic Transformation

Unregistered lobbyists, including former members of Congress, are a key resource for lobbying firms

Unregistered lobbyists, including former members of Congress, are a key resource for lobbying firms

In the future, how will work be different, what jobs are most at risk, what jobs are likely to grow?

David Mussington, a leading expert on cybersecurity, reveals what鈥檚 worrying him, from Facebook to foreign interference.

Dr. Ming Lin spoke out about Covid safety at his hospital and was fired. He鈥檚 fighting back against a system that put profits over human life.

What is the current situation in credit markets? Will an overhang of debt on corporate balance sheets slow down the recovery from the COVID recession and be a drag on investment going forward? Does the COVID recession still have the potential to turn into a broader financial meltdown?

A summary of INET’s latest Future of Work episode

A tribute to stories and legacies of great economic thinkers like Kari Polanyi Levitt, Nancy Folbre, Dierdre McCloskey, Anwar Shaikh, Axel Leijonhufvud, James Crotty, Luigi Pasinetti & Marcello de Cecco

Dans le cadre de cet entretien, Mr. Mossadeck Bally, C.E.O, Azalai Hotels Group et membre du GRAIN (Groupe de R茅flexion, d鈥橝ctions et d鈥橧nitiatives Novatrices) revient sur les impacts 茅conomiques de la pand茅mie du COVID-19 sur son groupe h么telier, le r么le du secteur priv茅 malien dans le plan de relance 茅conomique, l鈥檈mploi des jeunes et les solutions qui doivent 锚tre apport茅es 脿 la crise politique au Mali.

In this interview, Mr. Mossadeck Bally, a Malian businessman and CEO of Azalai Hotels Group and member of GRAIN (Group of Reflection, Actions and Innovative Initiatives) discusses the economic impacts of the COVID-19 pandemic on his hotel group, the role of the Malian private sector in the economic recovery plan, youth employment and the solutions that must be provided to the political crisis in Mali.

The combination of technological disruption and economic globalization have resulted in stagnating wages, middle class job losses, and declining labor power in many developed countries. How did this happen and how could we respond?

Lance Taylor responds to William Janeway’s essay on John Maynard Keynes and Frank Ramsey. Janeway then offers his response.

We need to get smarter about how we think about climate change and its impacts.

Are there aspects of modern technology, made possible by unprecedented computing power and connectivity, that make them distinctively different from previous eras? If so, what are the implications?

Lance Taylor and 脰zlem 脰mer respond to Andrew Smithers’s final comment on their working paper

The third and final round of response from Andrew Smithers on Lance Taylor鈥檚 INET working paper on the alleged “global savings glut.鈥�

In this interview, Folashad茅 Soul茅 and Camilla Toulmin discuss with Edward K. Brown, Senior Director, Research and Advisory services at the African Center for Economic Transformation (ACET) based in Accra, Ghana, on the effects of COVID-19 on regional integration and economic transformation in Africa, and the role of ACET and African think tanks in advising African governments respond to the crisis.

Technology has coevolved with human societies and played critical roles in past social and economic transformations. From the invention of steam engines to the use of electricity, technological changes were responsible for boosting productivity gains and increasing standards of living. But what really is technology? Is it an external force outside our control, or do we have a say in its direction, development, and deployment? These questions were undoubtedly made more urgent with the rapid advancement in digital technologies of late.

New book by Sarah Chayes reveals the country鈥檚 descent into a level of corruption usually associated with places like Nigeria and Afghanistan

INET explores how technological and economic changes are affecting employment

Human societies have always coevolved with technology, but how can we think of technology? Is it an external force outside our control, or do we have a say in its direction, development and deployment?

Persistent changes in unemployment have lasting consequences for income distribution

Our findings confirm the existence of a negative relationship between labor market slack and the wage share, and we find no tendency to return to a 鈥榥ormal鈥� unemployment rate associated with a stable wage share.

An INET organized panel under the auspices of the 2020 Trento Economic Festival

An INET organized panel under the auspices of the 2020 Trento Economic Festival

Like master illusionists, bank accountants conceal losses from federal regulators, putting the whole economy at risk

The study seeks to explain why the instruments of central banking inevitably break down over time.

Access to finance was supposed to reduce inequality, and make us all better off. Why hasn’t that happened?

INET’s co-founder reviews new books about John Maynard Keynes and Frank Ramsey

Advancements in automation and artificial intelligence are quickly reaching tipping points, yet our policies, institutions and mindsets are woefully outdated. What will work look like in the future, and how do we secure a future that works for all?

A discussion with Lance Taylor and 脰zlem 脰mer, authors of INET’s new book Macroeconomics Inequality from Reagan to Trump

For thirty years after the Civil Rights Act, a sizable share of white Southerners still voted Democrat. That changed when the party embraced trade deals that hurt American workers.

How NAFTA led to GOP dominance of the American South

Racial inequalities of wealth and income are pervasive. This episode of Debt Talks will feature a conversation with four prominent experts on the persistence of racial inequalities of wealth and income and the role of financial markets in shaping them.

Why freeing American households and businesses from crippling private debt would be a boon to the economy. Article reposted from DemocracyJournal.org.

This first book in the new INET and Cambridge University Press book series, Studies in New Economic Thinking, shows that wage repression—far more than monopoly power, offshoring, or technological change—has driven rising inequality.

In a new book from Cambridge University Press, Lance Taylor reveals that wage repression — far more than monopoly power, offshoring or technological change — is driving rising inequality.

Claudia Sahm dares to call out systemic bullying and harassment that drives out talent and compromises science. Perpetrators are not happy.

The promise of globalization is built on a lie, designed to spread risk while concentrating reward.

Wage Repression, Asset Price Inflation, and Structural Change Caused Rising Macroeconomic Inequality for Fifty Years from before Reagan through Trump.This is a summary of a new book that is being published as part of a new book series with Cambridge University Press.

Amid debates over costs—and profits—from a coronavirus vaccine, a new study shows that taxpayers have been footing the bill for every new drug approved between 2010 and 2019

Amid debates over costs—and profits—from a coronavirus vaccine, a new study shows that taxpayers have been footing the bill for every new drug approved between 2010 and 2019

Why are we creating an education shortage?

During this interview, Professor Kako Nubukpo, Dean of the Faculty of Economics at the University of Lom茅, Togo and former Minister of Prospective and Evaluation of Public Policy of Togo considers the economic and social impact of the COVID-19 crisis and its repercussions on monetary policy and fiscal reforms underway in West and Central Africa today.

Dans le cadre de cet entretien, Pr Kako Nubukpo, Doyen de la Facult茅 des Sciences Economiques et de Gestion (FASEG) de l鈥橴niversit茅 de Lom茅 au Togo, et ancien Ministre de la Prospective et de l鈥橢valuation des politiques publiques du Togo, revient sur l鈥檌mpact 茅conomique et social de la crise du COVID-19 au Togo et sur ses r茅percussions sur les politiques 茅conomiques dont les r茅formes mon茅taires et fiscales en cours en Afrique de l鈥橭uest et Centrale.

Lance Taylor provides a second and final response to Andrew Smithers’ criticism of his working paper on the role of the “Global Savings Glut”

Andrew Smithers responds to Lance Taylor’s rebuttal.

“Good intentions and bad ideas are setting up a generation for failure.”