Archive
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Collection
Race and Economics From INET
A collection of INET’s research and articles on race and the US economy, reposted in connection with recent protests against police brutality in Black communities.
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Webinars and Events
COVID-19 and Surveillance Technology
Webinarwith Bruce Schneier - 12:30pm EDT / 9:30am PDT
May 29, 2020
Technology has played a central role in the response to the COVID-19 pandemic. But that has come with increased risks to privacy. How do we balance our needs for safety, convenience and privacy in the wake of this crisis?
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Article
COVID-19 Cases and Deaths Surge: The Impact of Wisconsin’s In-person Primary Vote
May 27, 2020
The world is on edge at the prospect of a resurgent wave of infections. Models and speculation are rife, but facts remain scarce, which is why the events in Wisconsin on April 7, and their eventual impact, are so important.
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Article
Corona Crisis and Eurobonds
May 26, 2020
The Calamity of Germany’s Distorted Perception of Italy
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Webinars and Events
A Global Perspective on the COVID-19 Pandemic
Webinarwith Michael Spence - 12pm EDT / 9am PDT
May 21, 2020
The economic and social costs of the global lockdown have been astronomical but as governments look to begin the process of reopening economies it will be critical to develop strategies that balance both the health and economic risks of the pandemic.
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Article
Indian Economic Policy: Stimulus, Deficits and Privatisation
May 20, 2020
Over five phased announcements last week, the Indian government set in motion an unprecedented fiscal stimulus. Gaurav Dalmia looks at India’s near-term economic challenges and offers a prescription on how privatisation can help India achieve its objectives.
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Video
Has China Won?
May 20, 2020
The geopolitical showdown between the United States and China is both inevitable, and avoidable.
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Webinars and Events
Europe’s Hamiltonian Moment...or the Beginning of the End?
Webinar11:30am EDT / 5:30pm CET
May 20, 2020
A webinar panel discussion, moderated by Gillian Tett, US Managing Editor of the Financial Times, with Laurence Boone, OECD Chief Economist, Moritz Schularick, INET Research Fellow, and Adam Tooze, Director of the European Institute at Columbia University.
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Article
America’s Chilling Experiment in Human Sacrifice
May 14, 2020
John Ruskin helps shed light on what it means to have an economy that demands we die for it
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Article
The Economics and Politics of Social Democracy: A Reconsideration
May 14, 2020
To able to deal with these consequences, our crisis response now should not lock us in into a permanent state of austerity, greater inequality and heightened vulnerability to future health calamities. New-old social democratic solutions are needed more than ever before.
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Working Paper
Working Paper SeriesThe Economics and Politics of Social Democracy: A Reconsideration
May 2020
The popular discontent and rise of ‘populist’ political parties is closely related to the failure of New Labor to navigate social democracy’s dilemma.
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Webinars and Events
Pandemic Relief Efforts
Webinarwith Joseph Stiglitz - 12pm EDT / 9am PDT
May 14, 2020
The COVID-19 pandemic has thrust us into a new reality, and any course we set now will have huge and lasting repercussions on public health and the economy.
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Video
How Populists Use Economics to Exploit Crisis
May 13, 2020
MIT Sloan Assistant Professor Emil Verner discusses his research into credit markets, and the role of economics in the rise of populism.
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Article
The Wealth Effects of Bailouts: A Quantitative Assessment
May 9, 2020
Once again, income earned by the many is used to save the wealth of the few.
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Webinars and Events
COVID-19 and the Developing World
Webinarwith Dr. Jayati Ghosh | 12:00pm ET / 9:00am PT
May 8, 2020
Developing countries, many of which appear not to have felt the health effects of COVID to the same extent as Europe and the US, are nonetheless facing severe economic effects as the pandemic pushes the global economy into a recession.
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Article
How Market Sentiment Underpins Knightian Uncertainty
May 7, 2020
We find empirical evidence that changes in market sentiment drive unforeseeable change in how stock returns unfold over time, thereby engendering Knightian uncertainty.
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Article
Modigliani Meets Minsky: Inequality and U.S. Household Debt Since 1950
May 7, 2020
A look at the American household debt boom
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Working Paper
Working Paper SeriesModigliani Meets Minsky: Inequality, Debt, and Financial Fragility in America, 1950-2016
May 2020
Increased borrowing by middle-class families with low income growth played a central role in rising indebtedness
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Working Paper
Working Paper SeriesHow Market Sentiment Drives Forecasts of Stock Returns
May 2020
We reveal a novel channel through which market participants’ sentiment influences how they forecast stock returns: their optimism (pessimism) affects the weights they assign to fundamentals.
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Article
Chile’s Outburst of Discontent
May 6, 2020
How the fear-of-the-new transformed a “miracle” into an aborted attempt at catching-up
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Collection
The COVID-19 Economic Crisis
Find all of our COVID-19 pandemic articles, webinars, and working papers here.
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Video
Gender Equality Works for Everyone.
May 6, 2020
If a tree falls outside of the market sector, does it make a sound?
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Article
Think Big Pharma Won’t Profiteer in the Race to Treat Coronavirus? Think Again.
May 5, 2020
Evidence shows pharmaceutical companies won’t stop price-gouging and risking American lives for financial gain in this time of crises – unless we force them.
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Article
The Eurozone in Crisis
May 4, 2020
A Report From the Front Line
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Article
Payroll Share, Real Wage and Labor Productivity Across US States
Apr 30, 2020
States can be sorted into two groups with statistically significantly different productivity regimes. In this sense, the US economy shows signs of dualism—which is the idea that the economy consists of heterogeneous units that exhibit different behaviors and levels of performance.
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Working Paper
Working Paper SeriesPayroll Share, Real Wage and Labor Productivity across US States
Apr 2020
This paper analyzes regional contributions to the US payroll share from 1977 to 2017 and the four major business cycles throughout this period.
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Webinars and Events
Extreme Climate Change in a Post-COVID 19 World
Webinarwith Geoff Mann | 1:00pm ET / 10:00am PT
Apr 29, 2020
Please join us for a discussion with Geoff Mann, INET Senior Fellow and author of Climate Leviathan: A Political Theory of Our Planetary Future, on how the coronavirus pandemic might (or might not) teach us to prepare for a life on an increasingly hot planet.
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Article
The Argentina Debt Reduction Proposal
Apr 28, 2020
A Template to Prevent a Global Debt Crisis?
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Article
Patents vs. the Pandemic
Apr 24, 2020
With the COVID-19 death toll rising, we should question the wisdom and morality of an IP system that silently condemns millions of human beings to suffering and death every year.
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Webinars and Events
US Digital Response to the COVID Crisis
Webinarwith Tim O’Reilly& Jennifer Pahlka | 10am PT / 1pm ET
Apr 24, 2020
As the COVID crisis threatens to overwhelm both federal and state government services, getting the digital component of government services to function effectively is mission critical.
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Article
The Political Economy of the French Pension System Reform(s)
Apr 22, 2020
Just before the crisis, European countries were designing austerity reforms that would increase inequality and reduce internal demand. Could they return?
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Video
Why We Need Solidarity Economics
Apr 22, 2020
Economists have gone to great lengths to write humans out of economics, pushing self-interest and generally providing two choices—faith in markets or the state.
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Article
Women Face Long-term Costs from Covid-19 Abortion Restrictions
Apr 20, 2020
Researchers have shown that the financial and economic impacts of denying women abortion care can last years
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Article
Who Benefits When the Price of Insulin Soars?
Apr 16, 2020
Contrary to pharmaceutical company claims, revenue from high insulin prices are going to shareholders, not R&D
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Working Paper
Working Paper SeriesProfits, Innovation and Financialization in the Insulin Industry
Apr 2020
This paper considers the relationship between profits realized from higher insulin list prices, pharmaceutical innovation, and the financial structures of the three dominant insulin manufacturing companies, which set list prices.
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Video
One Dollar. One Vote.
Apr 15, 2020
Economist Emmanuel Saez explains how inequality is destroying society.
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Article
Europe and the Need for Multilateralism
Apr 14, 2020
A call to action for a world economy in crisis
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Article
Fatal Combination: Bailouts and Bank Rescues in Money-Driven Political Systems
Apr 13, 2020
Financial industry donations to members of Congress lead to the adoption of pro-bank policies
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Working Paper
Working Paper SeriesHow Much Can the U.S. Congress Resist Political Money? A Quantitative Assessment
Apr 2020
The links between campaign contributions from the financial sector and switches to a pro-bank vote were direct and substantial
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YSI Event
Research & Policy Workshops
IMPORTANT: Due to growing concerns around the coronavirus, the INET Conference, as well as these workshops will be postponed.
YSI
WorkshopApr 13–15, 2020
IMPORTANT: Due to growing concerns around the coronavirus, the INET Conference, as well as these workshops will be postponed. Applicants will soon be provided further information.
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Article
In Italy and Elsewhere, Expansionary Public Spending is Key to Recovery from Covid-19
Apr 7, 2020
Austerity policies will slow recovery and should be rejected
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News
COVID-19 Economic Research
COVID-19Apr 6, 2020
Cambridge-INET has just launched a new website, featuring research, insights and news from Cambridge Economists about the economic implications of COVID-19
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Article
CARES Will Care for Wall Street and Big Business, for Macroeconomic Balance Maybe Not So Much
Apr 6, 2020
Much historical commentary emphasizes how pandemics restructure long-standing social and political arrangements. The observation applies to macroeconomics as well.
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Article
Online Education in the Covid-19 Crisis: “It’s Like Coke Dealers Handing Out Free Samples”
Apr 6, 2020
Economist Gordon Lafer describes a race against the education technology industry to do what’s right for America’s kids
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Article
Which Businesses Will Covid-19 Disrupt and Why? An Assessment Based on Firm-Level Data
Apr 2, 2020
The scale of firm exposure to the coronavirus is unprecedented by earlier outbreaks, spans all major economies and is pervasive across all industries
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Working Paper
Working Paper SeriesFirm-Level Exposure to Epidemic Diseases: Covid-19, SARS, and H1N1
Apr 2020
As Covid-19 spreads globally in the first quarter of 2020, this paper finds that firms’ primary concerns relate to the collapse of demand, increased uncertainty, and disruption in supply chains
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News
INET Board Member Richard Vague on Rescuing the Coronavirus Economy
Apr 1, 2020
INET Board Member Richard Vague writes in The Hill on how to rescue the coronavirus economy
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Article
The EU’s Green Deal: Bismarck’s ‘What Is Possible’ versus Thunberg’s ‘What Is Imperative’ in the Age of Covid-19
Apr 1, 2020
What ails the EU Green Deal is exactly what troubles the Union in general — an absence of social democracy at work
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Working Paper
Working Paper SeriesThe EU’s Green Deal: Bismarck’s ‘What Is Possible’ Versus Thunberg’s ‘What Is Imperative’
Apr 2020
This paper considers the ambition, scale, substance and strategy of the European Union’s Green Deal
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Video
Join Us in Working Together Online
Apr 1, 2020
Quarantine or not, it can be hard to stay connected, but INET’s Young Scholars Initiative (YSI) is here for this generation’s new economic thinkers.
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Article
World War II to Covid-19: Been Here Before and Done Better
Mar 27, 2020
During WWII FDR mobilized private manufacturers to support the war effort. To keep Americans healthy, we need to do the same now for medical equipment
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Article
The COVID-19 Recession: Unprecedented Collapse and the Need for Macro Policy
Mar 26, 2020
Effective and quick federal policy response is critical to create conditions for a quick recovery.
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Article
Covid-19 Hits the Dual Economy
Mar 26, 2020
Incomes Destroyed at the Bottom, Profits Supported at the Top
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Article
Top Economist: Instead of Basic Income, Let’s Keep People Working Productively During the Crisis
Mar 25, 2020
William Lazonick emphasizes that keeping workers productively employed is key to economic recovery from Covid-19 as well as a healthy economic future
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Article
Private Equity Buyouts in Healthcare: Who Wins, Who Loses?
Mar 25, 2020
As we face a coronavirus-induced health and economic crisis of uncertain duration, policy makers should be particularly concerned about private equity’s heightened use of debt to buy out healthcare providers and take them private, with no regulatory oversight.
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Working Paper
Working Paper SeriesPrivate Equity Buyouts in Healthcare: Who Wins, Who Loses?
Mar 2020
Private equity firms have become major players in the healthcare industry. How has this happened and what are the results?
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Article
4 Ways to Eradicate the Corporate Disease That is Worsening the Covid-19 Pandemic
Mar 23, 2020
It’s time for business executives, employees, and taxpayers to come together to help get us out of the pandemic and create conditions for a sustainable and equitable future
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Article
Rule Number 1 for Government Bailouts of Companies: Make Sure Voters and Taxpayers Share in the Upside
Mar 23, 2020
If the public is to be called upon for the second time in twelve years to bail out businesses, it should get something back for its money. Bailed out firms should be compelled to issue convertible bonds to the government.
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News
Rob Johnson on Background Briefing with Ian Masters
Mar 20, 2020
Rob Johnson discusses whether the recession will become a depression
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Article
MIT Economist on Coronavirus: Young People “Going to Get Squashed”
Mar 19, 2020
The younger generation, already saddled with student debt and uncertain jobs, will pay a high price as the crisis unfolds.
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Collection
Learn Economics at Home
Stuck at home and already bored of Netflix? Then check out our #LearnEconAtHome series of video explainers you can watch from anywhere.
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Article
Coronavirus Means Zero Hour for the European Union
Mar 16, 2020
If the European Central Bank does not jump to the aid of peripheral countries weakened by the pandemic, the Eurozone could collapse.
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Video
Why Data Is Like Fire
Mar 11, 2020
Dr. Chen Long, Director of the Luohan Academy, explains why the digital revolution is so different from the industrial revolution
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Article
Who's Responsible Here?
Mar 9, 2020
Establishing legal responsibility in the fissured workplace
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Working Paper
Working Paper SeriesWho’s Responsible Here? Establishing Legal Responsibility in the Fissured Workplace
Mar 2020
This article proposes a new “Concentric Circle framework” which would improve workers’ access to civil, labor, and employment rights.
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Article
Let’s Get Real. Economists Have a Sex Problem
Mar 6, 2020
Economist and feminist Victoria Bateman reveals some naked truths about the failings of economics.
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Video
Measuring the Danger of Segregation
Mar 4, 2020
Trevon Logan discusses the impact of structural racism in health and economics
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Working Paper
ReportTaxpayer Investment Leads New Drug Discoveries
Mar 2020
New research points to critical role of public funding in drug discoveries and development for the last decade
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Article
Dakar Dialogue Brings Politics Back into Economic Thinking
Mar 2, 2020
A report from the Commission on Global Economic Transformation’s meeting in West Africa
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News
INET Plenary Rescheduled
Feb 28, 2020
In light of the growing concerns over the coronavirus, we have decided to postpone the INET Plenary to October 13-15, 2020 (originally slated for April 13-15, 2020)
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Webinars and Events
Labor, Technology and Growth
ConferenceTowards A Gini Negative Solution
Feb 27–28, 2020
What will empower a worker to be able to make greater demands on a profitable economy or employer? The answer may be summed up in one word: leverage.
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Article
Kari Polanyi Levitt
Feb 26, 2020
Some Personal Reflections on a Half Century of Friendship and Appreciation
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Video
Polanyi on Polanyi
Feb 26, 2020
In this series Polanyi reflects on an extraordinary life, and the extraordinary legacy of her family.
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Article
Freedom from Fossil Fuels is Good for Your Health
Feb 20, 2020
Freeing ourselves from reliance on fossil fuels is not only good for the planet and future generations. It also saves lives here and now, not just in the far future.
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Video
Saving Retirement
Feb 19, 2020
Is America facing a retirement crisis?
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Article
The New Hampshire Democratic Primary in One Graph
Feb 12, 2020
Lower Income Towns in New Hampshire Voted Heavily for Sanders; Richer Towns Did the Opposite.
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Article
Psychologist Explains Why Economists—and Liberals—Get Human Nature Wrong
Feb 11, 2020
Jonathan Haidt deploys insights from moral psychology to help us see ourselves and each other more clearly
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Article
Modeling Myths of Climate Change
Feb 10, 2020
How models treat innovation may be just as important as their assumptions about climate damages
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Working Paper
Working Paper SeriesModeling Myths: On the Need for Dynamic Realism in DICE and other Equilibrium Models of Global Climate Mitigation
Feb 2020
We conclude that representing dynamic realism in such models is as important as – and far more empirically tractable than – continued debate about the monetization of climate damages and ‘social cost of carbon’.
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Article
A Money View of Keynes, Keynesians, and Post-Keynesians
Feb 4, 2020
The central bank today is not just the government’s bank, but also a bankers’ bank, a truly hybrid institution
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Working Paper
Working Paper SeriesPayment vs. Funding: The Law of Reflux for Today
Feb 2020
The central bank today is not just the government’s bank, but also a bankers’ bank, a truly hybrid institution
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Article
Is the Most Unproductive Firm the Foundation of the Most Efficient Economy?
Jan 31, 2020
How Penrosian Learning Confronts the Neoclassical Fallacy
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Working Paper
Working Paper SeriesIs the Most Unproductive Firm the Foundation of the Most Efficient Economy? Penrosian Learning Confronts the Neoclassical Fallacy
Jan 2020
To get beyond the neoclassical fallacy, economists have to stop relying on constrained-optimization methodology
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Article
Demand-Side Secular Stagnation of Productivity Growth
Jan 30, 2020
Without new economic thinking, macro policy will retain its deflationary biases and secular stagnation remains the ‘normal’.
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Working Paper
Working Paper SeriesThe Secular Stagnation of Productivity Growth
Jan 2020
This paper argues that it is a mistake to dismiss secular demand stagnation as main cause of declining potential growth in the OECD.
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Webinars and Events
Transformation économique et développement durable en Afrique
ConferenceInterroger les modèles de développement
Hosted by Commission on Global Economic Transformation
Jan 30, 2020
An event for INET’s Commission on Global Economic Transformation
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Video
Venture Capital in the 21st Century
Jan 29, 2020
Explore economic growth and development through technological innovation with the renowned investor and scholar
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Video
Inequality 101
Jan 29, 2020
Inequality, in many ways, may be the biggest question of our times. And yet it is a topic that is still underexplored in conventional economics curricula.
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Working Paper
CommentaryLevel-Up Economics: Beyond the Wealth of Nations
Jan 2020
Reconstituting capitalism and revitalizing the liberal international order will require revisiting first principles of Western political economy, rebalancing the emphasis it places on broad living standards as opposed to national income. The 2020 US presidential campaign has begun to do just that.
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Webinars and Events
ON SRAFFA’S CHALLENGE TO CAUSALITY IN ECONOMICS
DiscussionJan 27, 2020
A Seminar of the Institute for New Economic Thinking, by Maria Cristina Marcuzo
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Webinars and Events
Hikmat – Lectures in Economics
DiscussionJan 23, 2020
Prof. Oliver Hart will deliver the inaugural talk on Corporate Purpose
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Video
How The Troika Runs Europe
Jan 22, 2020
The European Commission, the European Central Bank, and the IMF are the continent’s austerity police
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Article
Inclusive American Economic History
Jan 17, 2020
Containing Slaves, Freedmen, Jim Crow laws and the Great Migration
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Working Paper
Working Paper SeriesInclusive American Economic History: Containing Slaves, Freedmen, Jim Crow Laws, and the Great Migration
Jan 2020
This paper records the path by which African Americans were transformed from enslaved persons in the American economy to partial participants in the progress of the economy.
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Article
Sunshine and Gloom in San Diego
Jan 16, 2020
The AEA and the Crisis of Expertise
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Webinars and Events
The Vikasarth Conversations
DiscussionJan 16, 2020
Prof. Oliver Hart and Justice A. K. Jayasankaran Nambiar in conversation
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Video
What Happens When Economics Doesn’t Reflect the Real World?
Jan 15, 2020
Anwar Shaikh talks about the shortcomings of neoclassical economics and alternative frameworks
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Article
Free Market or Socialism: Have Economists Really Anything to Say?
Jan 14, 2020
On the Modern Economic Theory of Incentives, Markets, and Socialism
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Webinars and Events
Samvaad Lecture: A New Approach to Contracts
DiscussionJan 14, 2020
Prof. Oliver Hart delivers the opening lecture of INET and ITT Bombay’s Samvaad lecture.
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Article
Conservative Win in Britain Means More Than Economic Trouble Ahead
Jan 13, 2020
In an economic context that remains uncertain, the biggest loser of the UK elections may well be our health and that of the environment.