Archive
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Article
Opioid Crisis Shows How Economic Inequality Kills
Feb 20, 2019
Pharmaceutical pushers like Purdue “couldn’t have done their dirty work” without America’s increasingly unbalanced economy
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Video
Financial Regulation Shouldn’t Be Hard—Here’s What We Need to Make It Work
Feb 20, 2019
We can land planes safely at crowded airports, yet we can’t manage to make our financial system safe. Why?
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Article
Science and Subterfuge in Economics
Feb 17, 2019
John Kenneth Galbraith noted in 1973 that establishment economics had become the “invaluable ally of those whose exercise of power depends on an acquiescent public.” If anything, economists’ embrace of that role has grown stronger since then.
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Article
How Imperfect Knowledge Shapes Financial Markets
Feb 15, 2019
Asset markets are indispensable in harnessing society’s diverse views and insights about future business performance. But those views are shaped as much by emotion and crowd mentality as by rational expectations.
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Working Paper
Working Paper SeriesNew Evidence on the Portfolio Balance Approach to Currency Returns
Feb 2019
Asset markets are indispensable in harnessing society’s diverse views and insights about future business performance. But those views are shaped as much by emotion and crowd mentality as by rational expectations.
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Research Program News
Global Commission Discusses Tech + the Future of Work in San Francisco
Feb 14, 2019
The latest meeting of INET’s Commission on Global Economic Transformation addressed the impact of technological change on jobs and society—and how best to harness the power of tech
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Article
Is the Opioid Overdose Crisis a Story of Supply or Demand? Depends Where You Look
Feb 14, 2019
Economic distress in rural areas and opioid exposure in cities are key indicators of overdose deaths
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Working Paper
Working Paper SeriesThe Contributions of Socioeconomic and Opioid Supply Factors to Geographic Variation in U.S. Drug Mortality Rates
Feb 2019
Economic distress in rural areas and opioid exposure in cities are key indicators of overdose deaths
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News
CityLab Features INET Research on Opioid Crisis
Feb 14, 2019
Atlantic CityLab features Shannon Monnat’s research on the opioid crisis
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Collection
Economics' Race Problem: A Video Playlist
In this series, scholars and activists challenge economic orthodoxy by showing how race functions as an arbiter of access to power, privilege, and wealth.
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News
Global Commission Discusses Tech + the Future of Work in San Francisco
Feb 13, 2019
The latest meeting of INET’s Commission on Global Economic Transformation addressed the impact of technological change on jobs and society—and how best to harness the power of tech
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Article
The Bogus Paper that Gutted Workers’ Rights
Feb 6, 2019
For years, governments in India and much of the developing world have followed the advice of a paper arguing that labor regulations actually hurt workers. The problem? The research was wrong.
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Working Paper
Working Paper SeriesLabor Laws and Manufacturing Performance in India: How Priors Trump Evidence and Progress Gets Stalled
Feb 2019
For years, governments in India and much of the developing world have followed the advice of a paper arguing that labor regulations actually hurt workers. The problem? The research was wrong.
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Video
Is Free Money the Future of the Safety Net?
Feb 6, 2019
Universal Basic Income is gaining in popularity, among socialists and libertarians alike. But when it comes to implementation, the devil is in the details.
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News
Adair Turner in the New York Times
Feb 4, 2019
The New York Times quotes INET Senior Fellow Adair Turner on the bifurcated workforce
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Article
Millionaire-Driven Education Reform Has Failed. Here’s What Works.
Jan 31, 2019
Journalist Andrea Gabor’s new book heralds a “quiet revolution” in education you didn’t know was happening
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Video
The Best Way to Measure Inequality
Jan 30, 2019
Thomas Piketty and his colleagues have insisted that tax records are better for measuring inequality than income surveys. They’re wrong.
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Article
The Natural Rate of Interest Is Anything But
Jan 28, 2019
Central bankers pursue a “neutral” rate that doesn’t exist
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Working Paper
Working Paper SeriesEstimates of the Natural Rate of Interest and the Stance of Monetary Policies: A Critical Assessment
Jan 2019
Starting with the literature on the estimates of the natural rate of interest, this paper critically analyzes the modern practice of identifying the benchmark rate of monetary policy with an equilibrium or neutral interest rate reflecting “fundamental forces” unaffected by monetary factors.
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Video
A Growth Slowdown is Coming
Jan 23, 2019
U.S. GDP accounting underestimates intangible capital, overstates financial capital, and is all but oblivious to the erosion of human and social capital.
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News
Adair Turner on Bloomberg TV
Jan 22, 2019
INET’s Adair Turner talks about the slowdown in the Chinese economy on Bloomberg TV
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Research Program
Commission on Global Economic Transformation
Chaired by Nobel laureates Joseph Stiglitz and Michael Spence, INET has assembled a global team of leaders and scholars calling for new thinking & new rules for the world economy
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Video
John Bogle: How Wall Street Lost Sight of Ordinary Americans
Jan 17, 2019
From tax loopholes to high-risk speculation, Vanguard’s founder reflects on the state of Wall Street and the change needed to make finance work for ordinary people.
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Video
Does Inflation Targeting Make the Poor Poorer?
Jan 16, 2019
When central banks set inflation targets, they effectively redistribute income from wage earners to bondholders
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Video
The New Feudalism
Jan 9, 2019
Under the guise of “philanthropy,” business elites have an increasing grip on society
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News
New Economic Thinking at AEA 2019
Jan 7, 2019
This year’s American Economics Association conference featured INET researchers, a cocktail reception, and a new interactive poll
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Research Program
Private Debt
The Private Debt initiative is an opportunity to articulate how private debt impacts the economy and to specify the pathways for its effects. The initiative will also lead to better knowledge for the use of regulators, policymakers, journalists, and the public. Finally, the Private Debt initiative will open a better-informed dialogue towards tangible solutions to the problems posed by excessive private debt.
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Article
The Hidden Decline in Human Capital—and the Danger Ahead
Jan 2, 2019
U.S. GDP accounting underestimates intangible capital, overstates financial capital, and is all but oblivious to the the erosion of human and social capital. A serious growth slowdown is coming.
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Article
Piketty's World Inequality Review: A Critical Analysis
Jan 2, 2019
Thomas Piketty and his colleagues have insisted that tax records are better for measuring inequality than income surveys. They’re wrong.
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Working Paper
Working Paper SeriesFinance in Economic Growth: Eating the Family Cow
Jan 2019
The American economy changed rapidly in the last half-century. The National Income and Product Accounts (NIPA) were designed before these changes started. They have stretched to accommodate new and growing service activities, but they are still organized for an industrial economy.
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News
Vox Features INET Climate Research
Dec 31, 2018
Vox features INET’s package of climate research
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Video
The New Economic Giants
Dec 26, 2018
Eisuke Sakakibara: China and India will become titans on the world stage
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Video
Can Markets Corrupt Social Values?
Dec 14, 2018
Judge Richard Posner and Michael Sandel debate the moral limits of markets
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News
The Atlantic Features INET
Dec 14, 2018
The Atlantic features INET’s curriculum committee
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YSI Event
YSI Info Session & Panel Discussion:
Political Economy and New Economic Thinking
YSI
DiscussionDec 13, 2018
Learn about the Young Scholars Initiative (YSI) at the Institute for New Economic Thinking, and join a panel discussion on Political Economy and New Economic Thinking with Thomas Ferguson, Perry Mehrling, and Katharina Pistor.
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Article
Toxic Philanthropy? The Spirit of Giving While Taking
Dec 10, 2018
America’s new “philanthrocapitalists” are enabling social problems rather than solving them
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Webinars and Events
Artha Vivaad: Innovation Economy and the State
DiscussionDec 10, 2018
A panel discussion on the importance of the role of the state alongside private enterprise to encourage innovative entrepreneurship, productivity and economic growth in an “Innovation Economy.”
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News
INET Welcomes Clive Cowdery to Its Governing Board
Dec 7, 2018
Cowdery brings his expertise in business, foundations, and publishing to INET
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Video
Why Economics Needs a Moral Dimension
Dec 7, 2018
Rob Johnson and Michael Sandel discuss the limits of rational choice
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News
The Intercept Features INET Climate Research
Dec 5, 2018
The Intercept highlights INET research from Enno Schröder and Servaas Storm and Gregor Semieniuk, Lance Taylor, and Armon Rezai
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Article
Why “Green Growth” Is an Illusion
Dec 5, 2018
Wishful thinking and tinkering won’t cut it. Nothing short of a mass mobilization for deep de-carbonization across the global economy can avert the looming climate catastrophe.
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Collection
Is Green Growth Possible?
Economists debate whether catastrophic global warming can be stopped while maintaining current levels of economic growth. Enno Schröder, Servaas Storm, Gregor Semieniuk, Lance Taylor, and Armon Rezai find there is a tradeoff between growth and decarbonization, while Michael Grubb responds with more optimism.
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Article
A Reply to Michael Grubb’s Growth-Decarbonization Optimism from Semieniuk et al
Dec 5, 2018
Hope for mitigating climate catastrophe may not be lost, but the scale of political change needed is no cause for optimism
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Article
Conditional Optimism: Economic Perspectives on Deep Decarbonization
Dec 5, 2018
A response to economists who doubt our capacity to decarbonize while maintaining robust growth
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Article
A Reply to Michael Grubb’s Growth-Decarbonization Optimism from Schröder and Storm
Dec 5, 2018
Market tweaks and incentives won’t save us from climate catastrophe. Only radical policy change will.
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Article
The Inconvenient Truth about Climate Change and the Economy
Dec 5, 2018
The new IPCC Report is overly optimistic about global productivity growth and fossil fuel energy use. More dramatic, immediate action is needed
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Working Paper
Working Paper SeriesEconomic Growth and Carbon Emissions: The Road to ‘Hothouse Earth’ is Paved with Good Intentions
Dec 2018
Wishful thinking and tinkering won’t cut it. Nothing short of a mass mobilization for deep de-carbonization across the global economy can avert the looming climate catastrophe.
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YSI Event
Economic Questions (Blog): Special Call for Articles
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YSI Event
Summer School on Computational Methods and Agent Based Modelling in Economics
YSI
WorkshopDec 3–7, 2018
The YSI Complexity Economics Working Group is delighted to invite all Young Scholars interested in Agent Based Modeling to apply for the Summer School on Computational Methods and Agent Based Modeling (Curitiba Summer School)
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Video
The Limits of the “Rational Economic Man”
Nov 30, 2018
Greg Mankiw says there should be a market for kidneys, but not for paying drug addicts to get sterilized.
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YSI Event
YSI @ Energy Innovation Academy
YSI
ConferenceNov 28–30, 2018
The FSR Energy Innovation Area and the Complexity Economics Working Group of the Young Scholars Initiative (YSI) have the pleasure to invite you to participate in the 1st Energy Innovation Academy.
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Working Paper
CommentaryWhy We Need a Second Bretton Woods Gathering
Nov 2018
We need a new system of rules for the digital 21st century that enhances global digital cooperation and welfare. Nothing less than a historic gathering of the world’s key decision makers will get us there.
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News
INET Chair Adair Turner in The Independent
Nov 26, 2018
The Independent profiles INET Chairman Adair Turner
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Webinars and Events
3rd Law Economics Policy Conference, 2018
ConferenceNov 26–28, 2018
Organized by the National Institute of Public Finance and Policy (NIPFP), New Delhi in collaboration with the Institute of New Economic Thinking, New York, the aim of the Law Economics Policy Conference series is to bring together legal, economic, and public policy thinkers to consider a variety of real world issues in India in a holistic manner.
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Video
To Be a Good Citizen, You Need Not Be Rich
Nov 23, 2018
LSE Director Minouche Shafik says that for democracy to work, we must keep the market out of certain domains
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Article
How We Can Avoid Climate Catastrophe
Nov 21, 2018
A new report shows an economically viable path to net-zero CO2 emissions in key industries by 2060
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YSI Event
Inclusive or Exclusive Global Development?
Scrutinizing Financial Inclusion
YSI
WorkshopNov 21, 2018
Microfinance and then financial inclusion have become buzzwords in international development. Such initiatives have mobilised and generated large amounts of development funding, despite substantial amount of critique. Such critiques call for a more impartial assessment of the effectiveness of financial inclusion on the grounds that funds for microfinance, they argue, displaced development spendings on healthcare, education or infrastructure. In addition, the focus on expansion of financial markets to ‘bank’ and financially ‘include’ the poor may divert attention from more comprehensive and effective poverty reduction strategies. Critiques of this ‘way of doing development’ are often sidelined and labelled as ‘extreme’, ‘sloppy’ or ideology-driven rather than evidence-based. We believe that there is a need for contemporary development scholars from all disciplines to engage in those debates. This half-day workshop would bring in such scholars to discuss what we have learned from a decade of research on the microfinance, and how financial inclusion and the emergence of fintech may offer new opportunities - as well as risks - in for inclusive global development.
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Article
The Top Journals Club in Economics
Nov 20, 2018
Prejudice and collusion, not simply research quality, drive journal citations
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Working Paper
Working Paper SeriesCitation Patterns in Economics and Beyond
Nov 2018
Assessing the Peculiarities of Economics from Two Scientometric Perspectives
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Working Paper
Working Paper SeriesCitation Patterns in Economics and Beyond
Nov 2018
In this paper we comparatively explore three claims concerning the disciplinary character of economics by means of citation analysis.
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News
Bill Lazonick Research in New York Times
Nov 19, 2018
William Lazonick’s INET research is featured in his New York Times op-ed
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Video
A Market for Votes?
Nov 16, 2018
Michael Sandel and Joe Stiglitz discuss why selling votes is bad for democracy, and how individual self-interest doesn’t always serve the public good
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Article
When the Middle Class Lost Its Wealth
Nov 15, 2018
Until 2008, rising home values gave the middle class a cushion amid growing income inequality. But following the financial crisis, that wealth has failed to return.
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Article
Apple’s “Capital Return Program”: Where Are the Patient Capitalists?
Nov 13, 2018
Instead of rewarding the taxpayers and employees who actually create value for the tech giant, Apple is doling out massive stock buybacks
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Article
U.N. Secretary-General Meets with INET Global Commissioners
Nov 12, 2018
António Guterres and CGET Commissioners discuss cooperating on inequality, climate change, multilateralism, and more
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Video
Money Matters
Nov 7, 2018
Neoclassical economics dismisses the role of money and the state in the economy. Keynes scholar Robert Skidlesky says it’s time for a re-evaluation.
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News
Jacobin Q&A with Tom Ferguson
Nov 6, 2018
Jacobin Magazine’s Q&A with Tom Ferguson about his new INET paper.
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News
Real News Network Features INET Paper on 2016 Election
Nov 6, 2018
Real News Network interviews INET Research Director Tom Ferguson about his new paper on money and the 2016 U.S. presidential election.
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News
Thomas Ferguson on Background Briefing
Nov 4, 2018
INET Research Director Tom Ferugson talks about Donald Trump and racial resentment with Ian Masters’s Background Briefing
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YSI Event
LALICS-YSI INET Academy 2018
YSI
WorkshopNov 3–9, 2018
Our focus is on teaching and discussing theoretical and empirical methods related to the innovation processes in Latin America and the Caribbean and how these are linked to the economic development of the region. The Academy offers the opportunity to connect students to a research community integrated by high profile researchers.
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Article
Cheap Talk on Race and Xenophobia Keeps Americans from Confronting Economic and Political Peril
Nov 2, 2018
Adolph Reed, who researches race and politics, warns that “identitarian” politics can conceal the structural inequities of capitalism
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Video
The Rise of Fake News
Nov 2, 2018
Right-wing news sources have stopped playing by the rules of journalism
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Article
Big Money—Not Political Tribalism—Drives US Elections
Oct 31, 2018
Conventional wisdom asserts that American politics is becoming more and more tribal. But the chiefs of the tribes share a lot in common: dependence on big money.
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News
The Intercept: Donald Trump Exploited Long-Term Economic Distress to Fuel His Election Victory, Study Finds
Oct 31, 2018
The Intercept covers a new INET paper from our Research Director Tom Ferguson and his co-authors.
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Article
Economic Distress Did Drive Trump’s Win
Oct 31, 2018
Contrary to the dominant media narrative, social issues like racism and sexism on their own can’t explain Trump’s success.
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Working Paper
Working Paper SeriesThe Economic and Social Roots of Populist Rebellion: Support for Donald Trump in 2016
Oct 2018
This paper critically analyzes voting patterns in the 2016 U.S. presidential election.
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Video
The Rise of China and the Future of Work
Oct 29, 2018
The Rise of China and the Future of WorkArtificial intelligence could replace routine jobs but allow us to “pursue dreams”
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YSI Event
YSI @ FMM Conference: 10 Years after the Crash
YSI
ConferenceOct 25–27, 2018
What did societies and politicians learn from the crash? What have been theoretical achievements in orthodox and heterodox economic thinking since then? Where do we go from here?
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Article
Beyond the Dollar
Oct 24, 2018
The current international monetary system is costly, unfair, and risky. “Economic nationalism” and deregulation in the U.S. will make it worse. A multilateral alternative is needed.
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Video
Can America Survive the Rule of a “Stupified Plutocracy”?
Oct 24, 2018
Donald Trump, democracy, and how the wealthy crush the American Dream
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YSI Event
1st GLOBELICS pre-Conference for Young Scholars
Workshop Series on Financing of Innovation and Infrastructure for Development
YSI
WorkshopOct 23, 2018
The YSI Economics of Innovation, Economic Development and Africa Working Groups, in partnership with Global Network for Economics of Learning, Innovation and Competence Building Systems (GLOBELICS), Globelics Alumni, are organizing the 1st GLOBELICS Pre-Conference for Young Scholars entitled ‘Financing of Innovation and Infrastructure for Development’.
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Article
Partisan Frenzy Rules Washington, but Does it Have to Rule Americans?
Oct 22, 2018
To connect across difference is the only thing that will save us from rule by the privileged few.
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Article
Why Wages Are Stagnating in Latin America
Oct 19, 2018
William Lazonick has shown how the doctrine of “shareholder value” has hurt wages in the United States. But in Latin America, where family corporations dominate, the story is more complicated.
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News
Jacobin Features INET Paper on 2016 Election
Oct 19, 2018
Jacobin Magazine features research from INET Research Director Tom Ferguson and co-authors on big business support for Donald Trump in the 2016 campaign.
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Video
New Economic Thinking Needs Old Ideas
Oct 17, 2018
Investigating the history of economic thought fuels innovative thinking
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YSI Event
Economics and the Development of Africa
YSI Workshop @ 13th Annual Meeting of the African Economic History Network
YSI
WorkshopOct 13, 2018
The YSI Africa Working Group is convening in Bologna, Italy in conjunction with the 13th Annual Meeting of the African Economic History Network. Our meeting in Bologna follows what promises to be a successful convention in August 2018 at the YSI Africa Convening in Harare, Zimbabwe. The YSI Africa Working Group is committed to continuing important conversations about how economic history can contribute to the study of development of Africa. We are particularly interested in thinking about the types of new approaches to the study of economics and economic history.
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Article
Why Hysteria Over the Italian Budget Is Wrong-Headed
Oct 10, 2018
Reactions to the size of the proposed plan rely on discredited assumptions and betray a fundamental misunderstanding of economic growth—and austerity
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Video
Can AI Free Humans from ‘Routine’ Work?
Oct 10, 2018
Artificial intelligence (AI) is poised to replace routine jobs, says Dr. Kai-Fu Lee. But done right, that process could allow us to “pursue dreams, spend time with our loved ones and find out why we exist as humans”
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News
James Heckman in The Economist
Oct 6, 2018
Nobel laureate James Heckman, Sidharth Moktan and their INET-funded research on economics journals is featured in The Economist.
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YSI Event
Endogenous Preferences and the Consequences of Economic Incentives
Workshop by the YSI Behavior and Society Group
YSI
WorkshopOct 5–7, 2018
Young scholars in the fields of behavioral and experimental economics, philosophy, and related disciplines will be given the opportunity to present their work at a workshop in New York. Samuel Bowles (Santa Fe Institute), Shaun Hargreaves Heap (King’s College London) and Mario Rizzo (New York University) will also present their work and give feedback to the young scholars.
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Article
Inequality Represents a Wasted Opportunity for Poverty Reduction
Oct 4, 2018
Economists who dismiss inequality as a problem secondary to poverty miss the point: Inequality is part of what drives poverty
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Video
The End of American Exceptionalism
Oct 3, 2018
“We don’t look after each other at all,” says Jeffrey Sachs on America today
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Working Paper
Working Paper SeriesPublishing and Promotion in Economics: The Tyranny of the Top Five
Oct 2018
This paper examines the relationship between placement of publications in Top Five (T5) journals and receipt of tenure in academic economics departments.
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Article
The Tyranny of the Top Five Journals
Oct 2, 2018
Getting published in a top five economics journal is a near-requirement for tenure. But it’s a poor measure of research quality within a system that punishes creativity.
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News
Noam Chomsky Cites Thomas Ferguson's Paper
Oct 2, 2018
In a piece for The Intercept, Noam Chomsky cites Tom Ferguson’s paper on the influence of money in US congressional elections.
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News
James Heckman in The Chronicle of Higher Education
Oct 1, 2018
Nobel laureate James Heckman, Sidharth Moktan and their INET-funded research on economics journals is featured in The Chronicle of Higher Education.
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News
Rob Johnson on Background Briefing
Oct 1, 2018
INET President Rob Johnson appears on Background Briefing with Ian Masters to discuss the tenth anniversary of the bailout
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Article
Why Dodd-Frank Is a Shell Game for Banks
Sep 27, 2018
Ten years after the crisis, financial regulation leaves taxpayers holding the bag for banks’ safety net.
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Working Paper
Working Paper SeriesDouble Whammy: Implicit Subsidies and the Great Financial Crisis
Sep 2018
This paper concerns itself with the joint effect of implicit subsidies that are built into the US housing-finance system and financial safety net.
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Video
How Economics Became a Cult
Sep 26, 2018
Steve Keen: “What an education in economics does is make you into a zealot