51黑料网

鈥淎s William Lazonick and other analysts have pointed out, stock buybacks artificially inflate executive pay and drain capital that could be put to productive purpose. .[xxv] 鈥� Sarah Anderson, Counter Punch [xxv] William Lazonick, 鈥淧rofits Without Prosperity,鈥� Harvard Business Review, September 2014.鈥�

School re-opening push based on outdated science is poorly timed in face of coronavirus resurgence

How to Get Relief to Those Who Need It. Gosia Glinska in Conversation with Anton Korinek

There are several reasons why unprecedentedly low interest rates will probably not stimulate demand and may even threaten financial stability

鈥淭he issue is important because it tends to conflict with a hugely influential study published in 2017, called The Rate of Return on Everything, by Oscar Jorda, Katharina Knoll, Dmitry Kuvshinov, Moritz Schularick, and Alan M. Taylor. This was a mightily ambitious piece of financial archaeology covering 17 countries, and it rendered the startling result that housing performed virtually as well as equities over time, but with much less volatility. The result held true for every country that Jorda and his colleagues examined.鈥� 鈥� John Authers, Bloomberg

What’s the Future and Why It’s Up to Us

鈥淚 believe they mostly got this right. Just before President Biden took office, I presented some thoughts on what a rescue plan should include to deal with the macroeconomic challenges of the pandemic. I emphasized four broad areas: public health spending, enhanced unemployment benefits, assistance to state and local governments, and so-called 鈥渟timulus checks鈥� to households. The legislation the president has signed does a pretty good job in all four areas.鈥� 鈥� Sara Savat, Washington University News Room

INET鈥檚 Commission on Global Economic Transformation - Interim Report on the Global Response to the Pandemic

鈥淗edge fund managers are torpedoing chances for a successful Green New Deal, according to Lynn Parramore, Senior Research Analyst for the 51黑料网. In her recent article 鈥淢eet the 鈥淣ew Koch Brothers鈥� 鈥� the Hedge Fund Activists Wrecking America鈥檚 Green New Deal鈥�, she talks about how corporate raiders are turning the direction of 鈥済reen鈥� corporate partners of battery development, software, wind turbines, and more away from long term energy conservation projects toward short-term money-making projects to increase the hedge fund shareholder returns.鈥� 鈥� WORT 89.9 FM

鈥淗edge fund managers are torpedoing chances for a successful Green New Deal, according to Lynn Parramore, Senior Research Analyst for the 51黑料网. In her recent article 鈥淢eet the 鈥淣ew Koch Brothers鈥� 鈥� the Hedge Fund Activists Wrecking America鈥檚 Green New Deal鈥�, she talks about how corporate raiders are turning the direction of 鈥済reen鈥� corporate partners of battery development, software, wind turbines, and more away from long term energy conservation projects toward short-term money-making projects to increase the hedge fund shareholder returns.鈥� 鈥� WORT 89.9 FM

It is an attitude typical of conventional economists that sees the claim to qualify as technicians who deal with “social engineering”, on the basis of a “true” economic theory. Disrespectful of the epistemological (i.e. research methods) and even ontological principles (concerning the conception of the world). 鈥� Riccardo D’Orsi, Econopoly 鈥�. Citation: Lawson, T. (2010). Really Reorienting Modern Economics . 51黑料网 (INET), April 10.

…That Five Years of Full Employment Wouldn鈥檛 Fix

鈥淎nd what if there is a stock buyback during the period the share price is inflated? Does that harm shareholders because the company is spending money to repurchase its stock, or does it actually further benefit them by potentially raising earnings per share (EPS)?鈥� 鈥� Citation: William Lazonick, The Financialization of the U.S. Corporation: What Has Been Lost and How It Can Be Regained, 36 Seattle U. L. Rev. 857, 859 (2013) (noting that trillions of dollars are spent on share buybacks and that 鈥渃orporate executives who make these decisions are themselves prime beneficiaries of this focus on rising stock prices as a the measure of corporate performance鈥�)

The New Keynesian Dynamic Stochastic General Equilibrium (DSGE) is a straightjacket for macroeconomics

The New Keynesian Dynamic Stochastic General Equilibrium (DSGE) is a straightjacket for macroeconomics

The Political Movement That Dared Not Speak its Own Name: The Neoliberal Thought Collective Under Erasure Philip Mirowski [51黑料网, August 2014] 鈥�.consider the question: how should we approach the construction of a reliable history of a group of intellectuals who have managed to turn their meditations into a political movement on a global scale? Of course this raises timeworn problems of the relationship between theory and practice; but the Neoliberal case sports a further thorny complication: while we can fairly comprehensively identify the roster of whom should be acknowledged as a part of the movement, at least from its beginnings in the 1930s until the recent past, we are confronted with the fact that, in public, they themselves roundly deny the existence of any such well-defined thought collective, and stridently denounce the label of Neoliberalism. Not only do they wash their hands of most of the documented activities of the Neoliberal Thought Collective 鈥� think of Hayek and Friedman and their denials concerning the Pinochet interlude in Chile— but their plaint is that their opponents the socialists have always gotten the better of them, and thus their political project has never enjoyed any real successes, ever, anywhere, contrary to all evidence brought to the table. They are forever the bridesmaid of conservative parties, never the bride, to hear them tell it. Given the sheer numbers of people involved, and the really astronomical sums of money, and the cultural dominance of the airwaves, this sad sack victimhood is really quite remarkable, and itself calls for serious examination. Perhaps it has something to do with the fact that a political movement that dare not speak its own name has intellectual contradictions that it dare not air openly.

鈥淲ith all of that said, The 51黑料网 (INET) recently published a study casting doubt about the methodology BLS uses to tabulate its unemployment data, especially when it comes to Black people. INET suggested that BLS鈥� data is inaccurate and downplays Black unemployment. On average, Black men鈥檚 unemployment rate is 2.8 percentage points higher than BLS data shows,鈥� according to INET鈥檚 study, entitled, 鈥淢asking Real Unemployment: The Overall and Racial Impact of Survey Non-Response on Measured Labor Market Outcomes.鈥� The same was true for BLS鈥� unemployment rate for Black women, which INET found was, on average, about 2.4 percentage points lower than its actual rate. The differences grow for younger Black males from 16 to 34 years old. INET鈥檚 findings lend some credence to a tweet from the Center for American Progress after January鈥檚 jobs report was published that said Black women, in particular, 鈥渁re still being left behind by the recovery.鈥� 鈥� Bruce C.T. Wright, News One

鈥淢aking matters worse, the Black unemployment rate might be much higher, according to a new analysis by the 51黑料网. The unemployment rate is calculated using data from the Current Population Survey. But that survey has a much lower response rate from Blacks than from white Americans, leading to more misclassifications in the official unemployment rate. For Blacks, the response rate is 72%, while the response rate is 90% for whites. Factoring that in, the unemployment rate for Black workers could be at least 2.6 percentage points higher than the monthly rate by the BLS, leaving it at 12.5% in February, the analysis found. For whites, the increase is much smaller at 0.7 percentage point. “The Current Population Survey has been missing a larger share of the population over time, particularly among Blacks,” said Baker, who is also an author of the analysis. “You have to ask what’s the situation for the people they’re not talking to.” 鈥� Denitsa Tsekova, Yahoo Money

Wealthy predators are playing stock market games with companies needed to develop and produce clean technology

鈥淭he piece gives a series of case studies. Parramore summarized the problem: 鈥淧layers on Wall Street have been torpedoing our chances of averting environmental catastrophe for years. A group of billionaire financiers has made sure the companies the government must partner with to fight climate change are focused on one thing only 鈥� making these men (they all seem to be men) even richer. Instead of leading the world in climate change technology, firms like Apple, GE, and Intel have been pressured to become the personal piggy banks of powerful moneymen 鈥� known as hedge fund activists 鈥� who can鈥檛 see beyond the next quarterly report.鈥� 鈥� 51黑料网 for Public Accuracy

Like Republicans with political polls, unemployed Black workers are underrepresented in federal employment data because of non-response.

鈥淧ressley鈥檚 resolution builds upon the academic intellectual framework developed by advocates like Dantas and Wray, as well as the ongoing civil rights demand for federally guaranteed jobs, which can be seen in the 1963 March on Washington for Jobs and Freedom (where the Rev. Dr. Martin Luther King, Jr. gave his 鈥淚 have a dream鈥� speech) and indeed long before that. It also draws on the work of Sadie Alexander, recognized as the nation鈥檚 first Black woman economist. Speaking at Florida Agricultural and Mechanical College in 1945 (as noted by Professor Nina Banks, blogging at the 51黑料网), Alexander described full employment as a way to address the nation鈥檚 economic and racial imperatives.鈥� 鈥� Marin Levine, Nonprofit Quarterly

A large and growing percentage of households are missed in the monthly Current Population Survey (CPS).

The $1.9 trillion stimulus should be large because the need is large

Rob Johnson appeared on the Background Briefing with Ian Masters to discuss working with Trumpsters, the source of their anguish, and important pathways to healing

Conservative legal theory is based on a shoddy definition of what constitutes 鈥渆fficiency鈥�

Conservative legal theory is based on a shoddy definition of what constitutes 鈥渆fficiency鈥�

Two separate INET funded research articles are cited; first from Schularick, Jord脿, & Taylor on leveraged bubbles followed by Bao, Hommes, & Makarewicz on bubble formation. 鈥淪ince their inception, financial markets, and to a lesser extent some real markets, have been subject to bubbles. … More recently, stock prices, but also credit, real estate, commodities, bond markets, and famously, bitcoin, are all assets that have experienced bubble episodes. Regarding cryptocurrencies, many economists also defend a permanent bubble, their fundamental value being theoretically non-existent.鈥� …. In fact, the presence of bubbles in the markets (financial and real) seems to stem from the persistent behavior of economic agents. Experimental studies, controlling exactly the actual value, showed that participants tended to set up a bubble-like operation, with price surges and collapses very similar to real economy situations, and in no way related to a change in the market.

鈥淭exas鈥� leaders knew as of 2011 … when the state went through a short severe freeze, that the system was radically unstable in extreme weather,鈥� wrote James K. Galbraith, of the University of Texas at Austin, in the 51黑料网. 鈥淏ut they did nothing,鈥� he wrote. 鈥淭o do something, they would have had to regulate the system. And they didn鈥檛 want to regulate the system, because the providers, a rich source of campaign funding, didn鈥檛 want to be regulated and to have to spend on weatherization that was not needed 鈥� most of the time.鈥� That鈥檚 what happens when the private sector calls the shots. Money first.鈥� — Richard Gross, Counterpunch

鈥淓conomic opportunity was further restricted by individual and institutionalized racism and political disenfranchisement. Discrimination in hiring by employers and intimidation of black workers through violence placed black workers at a direct disadvantage in the labor market,鈥� Trevon Logan Peter Temin wrote in 鈥淚nclusive American Economic History: Containing Slaves, Freedmen, Jim Crow Laws, and the Great Migration,鈥� a working paper written for the 51黑料网.鈥� — Coastal Review

Single-family home-ownership—elusive for many today—is an aspiration we ought to abandon

Does the COVID recession still have the potential to turn into a broader financial meltdown?

The IPCC was correct in emphasizing the need for early mitigation, but their analysis of possible growth trajectories appears to be faulty.

鈥淲e鈥檙e building a data system, because you can鈥檛 really manage a city if you don鈥檛 know who鈥檚 there and what鈥檚 in it.”

Legal scholar Dina Srinivasan talks to INET鈥檚 Lynn Parramore about restoring fairness to a regulatory Wild West.

Texas鈥檚 electricity market 鈥渞eforms鈥� made the current crisis inevitable

Labor-saving advances in AI may undo the gains from globalization and pose new challenges for economic development

Labor-saving advances in AI may undo the gains from globalization and pose new challenges for economic development

Revival of failed austerity policies of the past is simply not an option

鈥淭hat Italy is 鈥渓azy to reform鈥� is probably one of the most widespread myths - and has little to do with reality. In 2015, for example, the OECD rated Italy’s reform efforts as significantly higher than those of Germany and France. The Dutch economist Servaas Storm takes the same line. In an in-depth study, he found that Italian politics as a whole adhered much more closely to the (market-liberal) economic policy guidelines of the EU than Germany and France.鈥� — Phillip Heimberger & Nikolaus Kowall, Makronom

James K. Galbraith slams 鈥渦nreliable” report claiming that raising the minimum wage would reduce jobs

鈥淭he Biden administration must put a high enough price on carbon pollution to encourage the scale and urgency of action needed to meet the commitments it has made to Americans and the rest of the world. The future of our planet depends on it鈥� — Nicholas Stern & Joseph Stiglitz, Project Syndicate

— European

William Janeway: Venture Capital in the 21st Century: 鈥業n this eight-part lecture series, Bill Janeway investigates the relationship between venture capital and technological innovation, and the interdependent roles of entrepreneurial firms, the mission-driven State and financial speculation in the overall innovation system… LINK: /perspectives/videos/venture-capital>

Is r/wallstreetbets really leading a financial revolution?

The Straight Truth

鈥淓quitable COVID19 vaccine distribution is a very important issue of global solidarity鈥�

The Future of Macroeconomics 51黑料网, via Naked Capitalism 2-2-21]

RSS PUBLISHED TO eState4Column5©2013 Political Economy Group DK PEG Anti-Capitalist Chat TAGS Culture Economy Employment Media MMT PoliticalEconomy publicpolicy stagflation WhiteHouse Share this article Let real wages (of $15+/hour) grow faster than labor productivity for some years, undoing the wage repression of the last decades. We have been misled by neoliberal economics for now many decades, it鈥檚 time to turn many things around in what is becoming a second-rated US economy, recently crippled by the malevolent and narcissistic 鈥渒ing of debt鈥�. In economics, stagflation or recession-inflation is a situation in which the inflation rate is high, the economic growth rate slows, and unemployment remains steadily high. It presents a dilemma for economic policy, since actions intended to lower inflation may exacerbate unemployment. The biggest risk for the stock market in 2021 is inflation, according to Morgan Stanley. Unprecedented radical spending by the federal government and the Federal Reserve, to stave off a panic-induced market crash, helped artificially drive stocks to temporary new highs last year. www.laloftblog.com/… For some, the math bore out the possibility that exuberance was rational even if the economy is always more irrational than its math. 鈥淭he Lucas fantasy of costless disinflation from credible commitments in an ergodic world of rational agents was decisively falsified long ago.鈥� The underlying problems of supply shocks related to Trumpian idiocy atop bailing out the banksters may have made the economy much worse. The pandemic has only made a bad situation worse, or made more of us myopic in our isolation. Paul Krugman has now taken the time to question the orthodoxy of stagflation. Darn economic orthodoxy being wrong since the 1970s. Let me start with the inflation story the way most economists, myself included, have been telling. In the beginning was the Phillips curve: the apparent tradeoff, fairly visible in the data, between unemployment and inflation. In the 1960s many people looked at that tradeoff, considered the mild costs of inflation versus the benefits of lower unemployment, and argued for monetary and fiscal policies aimed at running the economy hot. But in a hugely influential speech Milton Friedman made an argument also independently made by Columbia鈥檚 Edmund Phelps: the unemployment-inflation tradeoff wasn鈥檛 real, because any sustained effort to keep unemployment low would lead not just to high inflation but to ever-accelerating inflation. They claimed, specifically, that people setting wages and prices would begin marking them up to anticipate future inflation, so that the inflation rate associated with any given unemployment rate would keep rising. They predicted, in particular, that the course of the economy over time would look something like this: https___bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com_public_images_81db75c8-59f2-4b95-a60a-fe404a50c119_914x5331.png First, a government would push unemployment down; but this would lead to ever-rising inflation, which would stay high even as the economy cooled. So it would take a sustained period of high unemployment to get inflation down again, until finally unemployment could be brought back to a sustainable level. So their analysis predicted 鈥渃lockwise spirals鈥� in unemployment and inflation. Then came the 1970s: https___bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com_public_images_1d91277a-44fe-422b-b0c3-f1dfa8fb7428_933x5501.png This sure looked like a dramatically successful out-of-sample prediction — sort of an economics version of 鈥淟ight bends!鈥� Almost everyone in the economics profession took the Friedman-Phelps analysis as confirmed. This in turn had big practical and intellectual consequences. First, governments and central banks stopped pursuing low unemployment, believing that excessively ambitious stimulus caused the stagflation of the 1970s. They began aiming for stable unemployment around the NAIRU —non-accelerating-inflation rate of unemployment — instead. Second, since the Friedman/Phelps prediction was based on trying to assess what rational price-setters would do, their apparent success gave a big boost to the notion that all economics should be based on maximizing behavior. Friedman always had too strong a reality sense to personally go down the rational-expectations rabbit hole that swallowed much of macroeconomics, but given the law of diminishing disciples it was bound to happen. Third, the whole affair gave a boost to conservative ideology. We had seemingly seem a demonstration of the limits to government action; also, the Chicago boys had seemingly been proved right about something big. (I remember classmates in grad school saying 鈥淭hey were right about this. Why don鈥檛 you think they鈥檙e right about the rest?鈥�) Finally, the Volcker disinflation of the 1980s — using high unemployment to end high inflation — became, in many minds, the model of what responsible policymakers should do: make tough choices for the sake of the future. BUT WHAT IF WE鈥橵E BEEN TELLING THE WRONG STORY ALL ALONG? […] But suppose something like this is true. In that case, the narrative that saw stagflation both as the cost of excessively ambitious macroeconomic policy and as a vindication of conservative economic ideas was mostly wrong. And that matters not just for history but for policy right now, which is still to some extent constrained by the fear of a 70s repeat. How do you ask someone to be the last worker to be unemployed for a mistake? paulkrugman.substack.com/… The reality in a response by Lance Taylor and Nelson Henrique Barbosa Filho is that 鈥淔or practical purposes, the results mean that, for the Fed to meet its inflation target, it would be necessary to let real wages grow faster than labor productivity for some years, undoing the wage repression of the last decades. Biden鈥檚 $15 minimum-wage proposal is a correct step in that direction.鈥� This is despite so many economists taking an opposite, more cautious position. — Daily Kos

Capacity, Scale, and Control

“Cultural theorist Lynn Parramore on the deep social effects of economic precarity, and her article “Epidemic of Despair Could Haunt America Long After COVID” at the 51黑料网. /perspectives/blog/epidemic-of-despair-could-haunt-america-long-after-covid” — Chuck Mertz,This is Hell!

鈥淎 recent study by the 51黑料网, painting a wider picture, shows that the effective reduction in emissions due to carbon pricing policy comes to between just 1 and 2.5 percent of the total.鈥� — Ornaldo Gjergji, Osservatorio

鈥淧anics are not needed for banking crises to have severe economic consequences,鈥� says Emil Verner, the MIT professor who helped lead the study. 鈥淏ut when panics do occur, those tend to be the most severe episodes. Panics are an important amplification mechanism for banking crises, but not a necessary condition.鈥� Indeed, in an ambitious piece of research, spanning 46 countries and going back to 1870, the study surveys banking crises that occurred with and without panics. When there is a panic and bank run, the research finds, a 30 percent decline in banking-sector equity predicts a 3.4 percent drop in real GDP (gross domestic product adjusted for inflation) after three years. But even without any creditor panic, a 30 percent decline in bank equity predicts a 2.7 percent drop in real GDP after three years.” — Peter Dizikes, MIT News

鈥淐onsider the following point made by 51黑料网 executive director Rob Johnson during a recent interview when asked about Medicare for All: 鈥淧ublic opinion polls show more than 70 percent of the population is in favor of Medicare for All. It鈥檚 not the population that doesn鈥檛 want it, and they鈥檙e the ultimate voters. It鈥檚 vested interests and the struggle that has to do with the relationship between money-raising campaign war chests and the probability of re-election and what you might call the refractory influence of the mainstream media, where pharmaceutical companies in particular and insurance companies as well are very big advertisers.鈥� — Luke Savage, Jacobin

Comment on Paul Krugman鈥檚 recent observations on US inflation

Researchers worry the pandemic may have severe after-effects, with deaths of despair impacting more distressed and newly-vulnerable populations

Black women are forfeiting $50 billion/year in the US due to the combined gender and racial wage gap.

Traditional economics, like the ethos of the 鈥淎merican Dream,鈥� tells us that our individual talents and efforts determine whether or not we succeed in life. Yet, an overwhelming body of evidence shows that people of color have been denied the same opportunities to succeed in America. Race is not only a defining feature of social identity and an arbiter of access to power and privilege; for far too many Americans, race - a social construction - is a fundamental determinant of their economic destiny.

Developments in the real economy have persistently challenged central tenets of older economic thinking, such as the supposed close connection between the money supply and inflation.

Rethinking Crime and Inequality with Stratification Economics

“In taking over industrial companies, financial managers focus on the short run, because their salary and bonuses are based on current year鈥檚 performance. The 鈥減erformance鈥� in question is stock market performance. Stock prices have largely become independent from sales volume and profits, now that they are enhanced by corporations typically paying out some 92 percent of their revenue in dividends and stock buybacks.[6]” — Michael Hudson, Naked Capitalism [6]William Lazonick, 鈥淧rofits Without Prosperity:Stock Buybacks Manipulate the Market and Leave Most Americans Worse Off,鈥滺arvard Business Review, September 2014. And more recently, Lazonick and Jang-Sup Shin, Predatory Value Extraction: How the Looting of the Business Corporation Became the U.S. Norm and How Sustainable Prosperity Can Be Restored(Oxford: 2020).

Given the mounting need to create good jobs, effect structural change, and transform the economy, what should policy priorities be in the digital era? Is there a role for industrial policy? What new policy options do we need to achieve inclusive prosperity?

The Challenge to Bidenomics

鈥渋n addition to the author’s interpretations, there will also be a considerable list of texts and contributions that can be useful for approaching and deepening the economic debate and the developments of the alternative and post-Keynesian theoretical approach, even in its various currents. . The not obvious presence in the public debate of these topics makes the book an important reading in order to interpret the recent economic history of our country starting from the questions that the crisis triggered by the outbreak of the pandemic and the recipes prepared by the European and national institutions pose us. , of which however no shadow is seen in political decisions, having an interpretative key that escapes the mainstream logic is, even more so in this context, of crucial importance.鈥� — Davide Romaniello, Sinistrainrete

鈥淥ne place to look always is where’s the money? Who funds congress? Actually, there’s a very fine careful study of this by the leading scholar who deals with funding issues in politics, Thomas Ferguson. He and his colleagues did a study about a year ago a careful study in which they investigated a simple question, 鈥渨hat’s the correlation over the years many years between campaign funding and electability to congress?鈥� It’s almost a straight line, it’s the kind of close correlation that you barely get in the social sciences. The greater the funding, the higher the electability. You can find a few cases here and there that aren’t right on the line, but from the standpoint of social science it’s a remarkable correlation.鈥� — Noam Chomsky, Jacobin

鈥淲hat I’d really like to see going forward is some sort of vision which is inclusive and forward-looking in the medium and long term about all these kinds of aspects welfare; health, education, environment. In the past, we’ve had a situation when we’ve looked at other countries which have made this transition to more advanced economies. They have always had some element of industrial policy thinking through how they actually going to shift their populations from low-productivity to high-productivity. Currently, I think we’re doing things with a hope and a prayer. Our growth models have fizzled out so far. What we’re looking for is something in the next three to five years which will be aimed at re-opening new markets, more inclusion, and really ensuring the wealth of a much much larger fraction of the population than we are currently doing.鈥� — Arjun Jayadev, Bloomberg “Jayadev, a professor of economics at Azim Premji University, said India has returned home this year after decades of failure in providing access to quality health care for a large part of the population. If there is a silver lining, then the crisis will give the country a chance to 鈥渂uild better,鈥� in the words of Jaydev. This includes at least three elements 鈥� an environment that is closely linked to health outcomes, with a medium-term plan to keep health and education spending at a consistently high level. 鈥� aimed at improving the quality of the environment and, finally, committed to support. one-third of these elements are something similar to a city employment program. The budget could also help immediately by universalizing the PDS and supporting revenues through direct remittances, Jayadev said. 鈥淥verall, short-term relief and long-term structural focus will help transition to a more inclusive and vital growth strategy that is missing in the current vision.” — Pallavi Nahata, Bloomberg

“One of the main reasons Italy鈥檚 economy is in such dire straits is its strict adherence to the EMU鈥檚 macroeconomic rule book — in particular the rules on fiscal austerity and structural reforms — as Dutch economist Servaas Storm painstakingly details in his article ‘Italy: How to Ruin a Country in Three Decades’” — Nick Corbishley, Naked Capitalism

鈥淭he gap between the 鈥渢echnology haves and have nots鈥� in the corporate world is widening. A recent study also found that this gap is widening between rich countries and poor countries. When few companies have access to 3D printers, robots, or cutting-edge AI, there are fewer actors to leverage such technologies to the point at which productivity will increase across the board.鈥� — Wim Naud茅, The Conversation

鈥淚NET has supported a lot of brilliant academic work in areas such as Imperfect Knowledge Economics, financial regulation, human development, and environmental economics. Such research has helped to discredit the ideas 鈥� such as 鈥減erfect鈥� competition, 鈥渆fficient鈥� markets, and 鈥渞ational鈥� expectations 鈥� that formed the ideological foundations for laissez-faire microeconomics, monetarist central banking, and irrational pre-Keynesian fiscal policy, especially in Europe. As such, it has done as much as INET鈥檚 other work 鈥� including policy research, academic community-building, and deepening collaboration with the International Monetary Fund, the OECD, and other official institutions 鈥� to end market fundamentalism鈥檚 intellectual monopoly.鈥� — Anatole Kaletsky, Project Syndicate

“Best of Mankiw: Errors and Tangles in the World鈥檚 Best-Selling Economics Textbooks Peter Bofinger, former member of the German Council of Economic Experts [Naked Capitalism January 4, 2021] Mankiw has been lambasted a number of times by Adbusters, the Canadian group which originated the call for mass protests that became Occupy Wall Street. Also see Toxic Textbooks: 鈥淢ankiw鈥檚 textbook seems an ideal place to look for clues as to how both the economics profession and the public which it educates became so ignorant, misinformed and unobservant of how economies work in the real world.鈥� The problem with the leadership of the Democratic Party at the state and national levels is not the caricature of maliciousness that the Trumpists believe, and which the Republicans have used to 鈥渇eed red meat to their base,鈥� but merely that the leadership has been taught, and believes and swills, the snake oil Mankiw peddles. Below, just a small sample of Bofinger鈥檚 detailed take-down of Mankiw.” — NB Books Community, Daily Kos

“To get into the mood for their [Charles Goodhart and Manoj Pradhan] ideas, you can listen to the authors talk about them to my colleague Stephanie Flanders on the Stephanomics podcast, or this podcast from the 51黑料网, or this episode of The Sound of Economics podcast from the Bruegel 51黑料网.” — John Authers, Bloomberg

Recognizing that inflation of the value of output and its costs of production must be equal, we focus on a cost-based macroeconomic structuralist approach in contrast to micro-oriented monetarist analysis.

The economy is likely to be crippled for months and fiscal rescue on a large scale, once again, is very much necessary.

What are the choices we must make to ensure technology empowers, augments, rewards, and respects the majority, not the few, given its increasing defining role in future economies and societies?

Populist parties and the decline of progressive politics in Italy

This paper analyzes the role of local spending, particularly on social welfare, and local inequality as factors in the Italian political crisis following the adoption in 2011 of more radical national austerity measures.

While Africa鈥檚 鈥減remature deindustrialization鈥� appears to be the dominant global narrative, recent analysis of the data suggests that de-industrialization is not the common experience for the majority of African countries

Expert warns that it could be a race against the clock as the fast-spreading B117 variant picks up steam in the U.S.

Traditional welfare systems have emphasized the need for redistribution post-production. Are these policies sufficient in the future?

Expert warns that without more robust abatement measures and testing, the virus could rage until mid-2022.

In this interview, Camilla Toulmin and Folashad茅 Soul茅 speak with Carlos Lopes, Professor at the Nelson Mandela School of Public Governance, University of Cape Town, Visiting Professor at Sciences Po, Paris and an Associate Fellow at Chatham House, London

How the dream of a middle class existence collapsed, first for Blacks, then for more and more white American workers and what the Biden administration could do to retrieve the situation.

鈥淭he landscape of EM has consolidated into a few corporate conglomerates, which are oligarchies with iron grips on contracts through noncompetitive or illegal collusions with large hospital systems in the form of kickbacks. (51黑料网. March 15, 2020; https://bit.ly/34fLeMD.) This has effectively castrated any hope for independent practices to thrive and injected many wrongful consequences into EM.鈥� — Rizvi, Saba MD, Emergency Medical News

“But to my surprise, The Atlantic article explained that MIT economist Peter Temin, in his book 鈥淭he Vanishing Middle Class: Prejudice and Power in a Dual Economy,鈥� not only delved into the contributing factors to poverty and economic inequality, he offered systemic solutions. This approach made the piece a must-read for me because at Gainesville for All, we鈥檙e all about finding systemic solutions to problems linked to race and poverty. Temin offered five proposals he believes can help tip the scales favorably for those stuck in the lower class.”— James F. Lawrence, Gainsville Sun

鈥淲hen Texas and nine other states filed an antitrust lawsuit against Google last week, the complaint identified many of the same conflicts of interest as Ms. Srinivasan鈥檚 paper, Why Google Dominates Advertising Markets鈥� in the Stanford Technology Law Review. The lawsuit said Google controlled every part of the digital advertising pipeline and used it to give priority to its own services, acting as 鈥減itcher, batter and umpire, all at the same time.鈥� … 鈥淢arshall Steinbaum, an assistant professor at the University of Utah鈥檚 economics department, wrote on Twitter that Ms. Srinivasan鈥檚 articles on Google and Facebook had a greater influence on the recently filed antitrust cases than all the other research about those companies or tech in general by traditional economists focused on competition policy.鈥� — Daisuke Wakabayashi, New York Times

鈥淏uild back鈥� means restoring the government and business investments in the productive capabilities of the U.S. labor force that created a growing middle class in the three decades after World War II

On the occasion of the ASSA 2021 Virtual Annual Meeting (Jan. 3-5), Peter Bofinger presents a 鈥�10 Best of鈥� Mankiw list

Dr. Anthony Fauci tells host Steve Clemons that the United States can go back to 鈥渘ormal鈥� in the autumn, which starts in September 2021, if 70-85 percent of Americans get vaccinated by the summer.

Warnings of 鈥渃orruption and incompetence coming together,鈥� as economists William Lazonick and 脰ner Tulum study the race to end the pandemic.

“If you want to make the world a more equal place, you need to understand the tools.”

After years of amassing power, the tide is turning against the tech monopolies

Even if psychological factors influence participants’ decision-making, as behavioral economists compellingly argue, incorporating such factors into economic theory would seem to require that market participants adhere to elementary logical rules.

In this interview, Folashad茅 Soul茅 and Camilla Toulmin speak with Carl Manlan, the Chief Operating Officer of the Ecobank Foundation - responsible for Ecobank鈥檚 social impact engagement with the communities in which the bank operates in Africa 鈥� on the role of African philanthropy and corporate social responsibility in the response to COVID-19 on the continent.

Trump鈥檚 approach largely failed because the problem can鈥檛 be solved by tariffs. Here鈥檚 the answer.

Riccardo Bellofiore explains how managerial capitalism of the post-war era entered into a crisis of profitability in the 1970s, and subsequently metamorphized into a new stage, where the role of banks changed, households became net borrowers and businesses net lenders.

“That starts to take tech regulation to a place that鈥檚 more similar to financial regulation, which is where it should be. On that note, check out this very interesting INET paper by Dina Srinivasan, which looks at how Google monopolises advertising markets in ways that would be prohibited in other electronic trading markets.” — Rana Foroohar, Financial Times

Joseph Bosco former China country director in the U.S. Office of the Secretary of Defense, and Jack Gao, Program Economist at INET appeared on Arirang News to discuss whether the U.S.-China rivalry will improve under a Biden administration.

Three American researchers, crossing the figures for growth and mortality due to the Covid-19 pandemic from many countries, conclude that containment is effective, provided it is accompanied by strong public subsidies.

“But some progressives are worried that 鈥淏iden is working backwards from identity,鈥� as one longtime political observer put it, designing a cabinet stocked with diversity but less focused on making the changes that many progressives see as long overdue, both in terms of domestic and foreign policy. 鈥淚 applaud the formidable progress in the diversity of cabinet and key administration appointments. It is long overdue for America,鈥� said Robert Johnson, the president of the Soros-backed 51黑料网. 鈥淏ut it is not a substitute for taking on monied power interests to produce reform leading to broad-based prosperity. If identity politics is used as a mask to avoid that enormous challenge, it will be very dangerous for the already polarized politics of the USA.鈥� — Michael Hirsh, Foreign Policy

鈥淧olitical scientist Thomas Ferguson, an authoritative scholar on money and electoral politics, has a valuable and established political science theory called 鈥渢he investment theory of politics.鈥� He demonstrates that the U.S. is essentially controlled by coalitions of investors who come together around some mutual interest. Thus, 鈥渢o participate in the political arena, you must have enough resources and private power to become part of such a coalition…. McGuire and Delahunt advance the thesis by showing it is actually worse than what others have found. Their study reveals and confirms that the top wealthiest 10 percent ultimately always win on policy — effectively showing that anyone else鈥檚 opinion outside of the top 10 percent rarely matters.鈥� — Rajko Kolundzic, Truthout