Sovereign Money is not Debt: Why Central bank Accounting Must Change

Central bank money is still accounted for as debt, a legacy of an earlier monetary order. Treating sovereign money as equity would clarify central bank balance sheets, strengthen institutional transparency, and better prepare monetary systems for future digital-era design choices.

By Biagio Bossone and Massimo Costa

Working Papers

Equality runs deeper than preference or policy fashion, rooted in human social instincts and reflected in outcomes across societies. It is time for economics and policy alike to reckon with how profoundly distribution shapes well-being and social stability.

By Mark Glick, Gabriel Lozada, and Darren Bush

Beneath the grand claims and vast capital spending, AI is delivering weak productivity, mounting losses, and growing financial strain. If the boom cannot generate profits, jobs, or durable gains, how much longer can the bubble hold?

By Servaas Storm

What should courts prioritize in determining antitrust cases: measurable welfare effects, or the protection of competitive rivalry itself? The Consumer Welfare Standard and the Protect Competition Standard offer different answers.

By Mark Glick, Gabriel Lozada, and Darren Bush

As the Supreme Court’s unitary executive theory reaches the Federal Reserve, a deeper constitutional question comes into view: who holds the power to make money?

By Christine Desan

After FTX’s collapse, crypto looked finished. Yet Washington revived it, culminating in Trump’s GENIUS Act and a surprising Democratic shift. How much did money and affluence predict pro-crypto votes, amid widening deregulation and cyber risk?

By Thomas Ferguson, Jie Chen, Matthias Lalisse, and Paul Jorgensen

The global medicine-access crisis is not simply a failure to balance innovation and affordability. It reflects a deeper system in which shareholder-driven pharmaceutical governance and fragmented donor structures undermine public health and block the shift toward more equitable value creation.

By Padmashree Gehl Sampath, Öner Tulum, and William Lazonick

Webinars and Events

Dec 08, 2025

Webinars and Events

LEPC VII: Growth Strategy in the States

LEPC VII will bring together leading thinkers, practitioners, and policymakers to analyze the drivers behind this sub national success, and to chart actionable pathways for the future. Each session outlined explores a foundational dimension of India’s growth story, with attention to both policy diagnosis and on-the-ground innovation.

Dec 02, 2025

Webinars and Events

International Conference on Digitalisation, Market and Society ​

International Conference on Digitalisation, Market and Society is a cross-disciplinary plenary on how digital transformation is altering work, gender norms, and social institutions—and how society can respond inclusively.

Jul 24, 2025

Webinars and Events

Monsoon School on Inequality 2025

The focus of this year’s monsoon school is on pluralistic approaches to research on inequality, bringing together perspectives from varied streams of economic thought. It will provide an interactive platform for advanced-level PhD students, postdoctoral researchers, and scholars affiliated with Indian research institutes to engage with diverse concepts, debates, and methodologies related to inequality.

Jul 14, 2025

Webinars and Events

The Political Economy of Ecological Change and Economic Security in the Global South

The urgency of the climate crisis cannot be overstated, particularly given its disproportionate impact on vulnerable communities in the Global South.

May 31, 2025

Webinars and Events

The End of Globalization? With Paul Krugman

Four months of the Trump presidency have already changed the world as we knew it. How did we get here? What consequences have the tariffs had and will have? How will U.S.-European trade relations evolve? What about the confrontation with China?

Apr 10, 2025

Webinars and Events

Trump, Tariffs, and the World Crisis

with THOMAS FERGUSON, RESEARCH DIRECTOR, INET

Upcoming Projects from the Young Scholars Initiative

YSI projects are collaboratively organized by members of the community to explore topics in new economic thinking. Projects may be held virtually (discussions, webinars, reading groups) or in person (workshops, pre-conferences). Learn more about YSI here

To view projects further into the future, visit the YSI website.