Archive
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Article
Joseph Stiglitz and Alexandria Ocasio-Cortez Talk Social and Economic Justice
Sep 25, 2018
A Nobel Prize-winning economist and the second-most-famous democratic socialist in America sit down together
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YSI Working Group News
The 2008 Global Financial Crisis as History - YSI Webinar series
YSI
Sep 25, 2018
“You never want a serious crisis to go to waste. …This crisis provides the opportunity for us to do things that you could not before.” This YSI Webinar and Reading Group aims to contribute to the historicization of the Global Financial Crisis of 2008 and its repercussions.
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Article
The Rise of the Radical Right in Scandinavia
Sep 21, 2018
After Sweden’s elections, a look at how immigration and economics explain a political puzzle
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Article
A Better Bailout Was Possible
Sep 20, 2018
Back in 2008, a critical opportunity was missed when the burden of post-crisis adjustment was tilted heavily in favor of creditors relative to debtors. The result was not only prolonged stagnation, but also the Republican Party’s embrace of demagogic populism and the election of Donald Trump.
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YSI Event
Hello, Can You Hear Me? Added Value and Inequalities in a Global Market
YSI
ConferenceSep 20–21, 2018
The Young Scholars Initiative (YSI) is supporting the conference “Hello, Can You Hear Me? Added Value and Inequalities in a Global Market,” that will be held at La Sapienza University of Rome (Italy), on September 20th and 21st. The event is promoted by CEST and funded by the Young Scholars Initiative – INET and by the “Luigi Einaudi” Research Centre.
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Video
How Despair Fueled Trump
Sep 19, 2018
Trump’s surprise win areas looked like a drug overdose map
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Research Program News
Danny Quah on the Future of Global Trade
Sep 17, 2018
What would global trade without the U.S. at the helm look like? INET Global Commissioner Danny Quah investigates.
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Article
Double Whammy: Implicit Subsidies and the Great Financial Crisis
Sep 15, 2018
A financial industry safety net enriches bankers and their shareholders — at our expense
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Video
George Soros: 10 Years After the Crash
Sep 15, 2018
George Soros and Rob Johnson Discuss the Causes and Consequences of the 2008 Financial Crisis
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Article
Under Trump, the Next Financial Catastrophe is Cooking
Sep 13, 2018
Ten years after Lehman Brothers’ collapse, the Wall Street casino is running amok
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News
New Book: Inequality and Inclusive Growth in Rich Countries
Sep 12, 2018
INET Oxford’s Brian Nolan writes on his new book for VoxEU
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Video
The Economy’s Cuban Missile Crisis
Sep 12, 2018
In 2008 a global financial meltdown was just barely contained. But Adam Tooze says that the crisis of confidence has had long aftershocks
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Article
Macroeconomics Predicted the Wrong Crisis
Sep 10, 2018
Distracted by the perceived threat of a Chinese savings glut, mainstream macroeconomists missed the writing on the wall of the 2008 crisis
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News
Adair Turner on Bloomberg TV
Sep 10, 2018
INET Chairman Adair Turner reflects on the 2008 financial crisis on Bloomberg TV
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Collection
Summers vs. Stiglitz
Been following Larry Summers and Joe Stiglitz’s debate over secular stagnation? Check out their INET work on the topic here and decide for yourself who makes the better case.
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Article
Mortgage Fraud Fueled the Financial Crisis—and Could Again
Sep 7, 2018
Both before 2008 and today, there’s a disturbing tendency in Washington to not take mortgage fraud seriously
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Collection
2008: A Retrospective on the Financial Crisis
Before 2008, mainstream economics thought a global economic crisis on the scale of the Great Depression was impossible. Then Lehman Brothers declared bankruptcy. A decade later, INET looks back at the causes of the global financial crisis, and what policymakers—and economists—must change to prevent another one.
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Article
Mainstream Macroeconomics and Modern Monetary Theory: What Really Divides Them?
Sep 6, 2018
Despite disparate policy beliefs, MMT and orthodox macro rely on many of the same theoretical foundations
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YSI Event
Call for Papers: Inclusive or Exclusive Global Development? Scrutinizing ‘Financial Inclusion’
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Video
Why Economists Failed to Predict the Financial Crisis
Sep 5, 2018
10 years later, Nobel laureate George Akerlof says the walls within economics need to come down
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Article
The Problem with Paying Executives in Stock
Sep 4, 2018
In Europe and the United States, stock-based compensation discourages long-term corporate sustainability
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Article
When the Levee Broke
Sep 4, 2018
Ten years ago, the financial crisis washed away faith and trust in economics as a guide to social prosperity. Filling a void is difficult. We are still hard at work.
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Working Paper
Working Paper SeriesExecutive compensation in Europe: Realized gains from stock-based pay
Sep 2018
This paper adds to the empirical evidence on the extent to which stock-based pay incentivizes and rewards European corporate executives. It shows that the actual realized gains (that is, take-home compensation) from stock-based pay of CEOs in European publicly-listed firms may be underestimated by the use of “estimated fair value” measures. The paper also documents the heterogeneity among countries in terms of the levels and components of CEO take-home pay. We base our work on a sample of 301 large, publicly-traded companies listed in the S&P Europe 350 index from 11 EU countries: Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Spain, Sweden and United Kingdom for the fiscal year 2015. Through analyzing companies’ annual reports, we have hand-collected data on various elements of compensation of the company’s CEO in 2015, including the gains that executives realize from stock-based pay. We document that on average half of the total compensation of the European CEOs in our sample is stock-based, measured by actual realized gains, with large differences among countries. Although in some European countries the majority of total compensation is stock-based, the proportions are still well below those that prevail in the
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Article
Why We Should Worry About Monopsony
Sep 2, 2018
When a small group of companies can dominate a labor market, wages—and workers—suffer
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Video
Global Inequality is a Threat to Democracy
Aug 29, 2018
Winnie Byanyima shows how we all suffer when corporations evade taxes
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Article
America’s Broken Retirement System is a Recipe for Political Chaos
Aug 27, 2018
Expanding, rather than cutting, Social Security is the solution
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News
American Prospect Features INET Pharma Research
Aug 27, 2018
The American Prospect highlights William Lazonick’s INET paper on US Pharma’s Financialized Business Model.
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YSI Event
Political Economy of Capitalism
YSI
WorkshopAug 27–29, 2018
The Economics of Innovation Working group and the Economic History Working Group together with the Département d’histoire, économie et société at the University of Geneva, are launching the event Political Economy of Capitalism to be held in Geneva, Switzerland, on 27-28-29 August 2018.
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Article
Unstable Capital Flows Threaten Emerging Economies
Aug 24, 2018
It’s not just Turkey—from India to Indonesia, external financial liabilities are a looming threat
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Article
Market Power, Low Productivity, and Lagging Wages: The Real Drivers
Aug 23, 2018
To understand labor productivity—and growing inequality—you have to look at the “dual economy”
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Working Paper
Working Paper SeriesRace to the Bottom: Low Productivity, Market Power, and Lagging Wages
Aug 2018
“Dualism” in the structure of production across sectors of the US economy, employment by sector, productivity levels and growth, real wages, and intersectoral terms-of trade increased markedly between 1990 and 2016.
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Article
Social Stability and Resource Allocation within Business Groups
Aug 22, 2018
In China, the government uses the purses strings of state-owned enterprises to control social unrest
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Video
What Economists Can Learn from Hippies
Aug 22, 2018
Behind sex, drugs and rock ‘n’ roll were moral values, says music industry veteran Danny Goldberg
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Working Paper
Working Paper SeriesSocial Stability and Resource Allocation within Business Groups
Aug 2018
Using datasets on transactions within business groups and social sentiment in China, I show that state-owned enterprises (SOEs) use internal funds to address social unrest, complying with the government’s political goals.
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Article
The Zero-Sum Economy
Aug 20, 2018
The anthropologist David Graeber has argued that as much as 30% of all work is performed in “bullshit jobs,” which are unnecessary to produce truly valuable goods and services but arise from competition for income and status. But the deeper problem is that more and more economic activity performs a merely distributive function.
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News
WNYC Interviews Michael Greenberger
Aug 16, 2018
WNYC interviews Michael Greenberger about his INET paper on the unregulated derivatives market, and the threat it poses to the global financial system
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News
Washington Post Features Bill Lazonick's Research
Aug 16, 2018
The Washington Post cites William Lazonick’s INET paper on shareholder value
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YSI Event
YSI Africa Convening
YSI
Regional ConveningAug 16–18, 2018
Young Scholars based in Africa are invited to convene in Harare, Zimbabwe. The event serves to strengthen the African network of new economic thinkers pursuing a new economic paradigm. Attendees will be able to attend the annual conference of the Zimbabwe Historical Association in the same trip.
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YSI Event
YSI Africa Convening
YSI
Regional ConveningAug 16–18, 2018
Young Scholars based in Africa are invited to convene in Harare, Zimbabwe. The event serves to strengthen the African network of new economic thinkers, in pursuit of a new economic paradigm. Attendees will be able to the annual conference of the Zimbabwe Historical Association in the same trip.
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News
Vox Cites Bill Lazonick Research
Aug 15, 2018
Vox cites William Lazonick’s INET paper on shareholder value
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Article
The Mechanics of Cryptocurrency
Aug 15, 2018
INET Global Commissioner Peter Bofinger breaks down cryptocurrencies, and why they’re actually far from “anonymous”
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Video
How Artists Can Make Social Change
Aug 15, 2018
Watch music industry veteran Shep Gordon and INET President Rob Johnson talk about how reality TV, celebrity chefs, and surfing explain American politics and economy today.
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Article
Rethinking Social Progress in the 21st Century
Aug 14, 2018
A new report examines the path to global social progress. Unfortunately, there are no easy answers
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Collection
Cryptocurrency in Context
Cryptocurrency is one of the hottest topics in finance, yet it is often misunderstood, both by the general public and self-proclaimed “experts.” In this collection, members of the INET community offer a broader look at the economics of cryptocurrency, and money itself.
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Article
Why Digital Currency Won’t Save Us
Aug 13, 2018
State-issued digital money may avoid some pitfalls of cryptocurrency, but it’s no financial panacea
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News
INET Welcomes Two Academic Council Members
Aug 13, 2018
Sheila Dow and Antonella Stirati bring their scholarly expertise to INET’s research advisory group
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News
INET Swaps Research in Albany Times-Union
Aug 11, 2018
Zephyr Teachout and Morris Pearl cite Michael Greenberger’s INET paper in an op-ed in the Albany Times Union
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Video
Wall Street Is Better at Gambling Than Finance
Aug 8, 2018
Dennis Kelleher of Better Markets explains how we can stop the financial industry from gaming Washington
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News
INET Welcomes Two Governing Board Members
Aug 7, 2018
Arminio Fraga and Richard Vague bring their economic expertise to INET
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Article
Macroeconomics and the Italian Vote
Aug 6, 2018
To understand the rise of the League and 5 Star Movement, look at economic indicators
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YSI Event
YSI Workshop: Innovation, Economic Complexity and Economic Geography
In collaboration with the Collective Learning Group at the MIT Media Lab in Cambridge, Massachusetts.
YSI
WorkshopAug 5–7, 2018
The workshop aims to bring together experienced researchers with young scholars in the fields of Innovation, Economic Complexity and Economic Geography to understand knowledge accumulation and spillovers through products, people and places. Those interested in interdisciplinary research, especially bridging a gap between these topics are strongly encouraged to apply.
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Article
The Rise of Hedge Fund Activism
Aug 3, 2018
How corporate raiders coopted “shareholder democracy” for their own ends
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Working Paper
Working Paper SeriesThe Subversion of Shareholder Democracy and the Rise of Hedge-Fund Activism
Aug 2018
This paper explains how hedge-fund activists are exerting power over corporate resourceallocation far in excess of the actual voting power of their shareholdings.
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Article
Austerity Caused Brexit
Aug 2, 2018
Places hit hardest by austerity cuts were more likely to vote for UKIP and Leave
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Video
The Gay Wage Penalty—and Premium
Aug 1, 2018
Gay men earn 20% less than straight men, but gay women earn up to 20% more than straight women. Why?
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YSI Event
YSI Economic History Workshop @ World Economic History Congress
YSI
WorkshopJul 29, 2018
The YSI Economic History Working Group invites scholars to submit their research on alternative perspectives and different approaches to the study of economic history. The workshop will take place on 29 July, 2018, in Boston, Massachusetts, preceding the World Economic History Congress (29 July - 3 August).
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Article
Boycott the Journal Rankings
Jul 27, 2018
Journal rankings are a rigged game. The blacklist of history of economic thought journals isn’t a fluke nor a conspiracy—it exposes how citation rankings really work
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Video
Glasnost and Perestroika in Economics
Jul 25, 2018
James Galbraith says academic economics is in need of radical reform
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Article
America’s White Collar Middle Class Takes a Terrifying Slide Down the Mobility Ladder
Jul 24, 2018
Alissa Quart’s new book chronicles the pain of a disgruntled class that could change the country’s political landscape.
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Article
Ending the Wild West of Sovereign Debt Restructuring
Jul 23, 2018
Clear rules and sound principles for debt restructuring would level the playing field between developing countries and creditors
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YSI Event
Technology, Globalization and the Environment: Latin American Development in the XXI Century
ECLAC Summer School on the Latin American Economies
YSI
WorkshopJul 23–24, 2018
The Latin America Working Group and the Keynesian Economic Working Group of the Young Scholars Initiative (YSI) of the Institute of New Economic Thinking (INET) are hosting the workshop “Technology, Globalization and the Environment: Latin American Development in the XXI Century” to be held at the headquarters of the United Nations Economic Commission for Latin America and the Caribbean (UN-ECLAC) in Santiago de Chile on the 23-24 July 2018.
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News
New York Times Features INET Derivatives Research
Jul 22, 2018
The New York Times features Michael Greenberger’s INET paper on how banks evade derivatives regulation
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YSI Event
YSI Latin America Convening
YSI
Regional ConveningJul 19–21, 2018
Young Scholars based in Latin America are invited to convene in Buenos Aires. The event serves to strengthen the Latin American network of new economic thinkers pursuing a new economic paradigm. Attendees will be able to enjoy several partner events during the same week.
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Video
When Meritocracy Breeds Greed
Jul 18, 2018
Journalist Steven Brill discusses how the U.S. lost sight of the common good
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Video
Why We Need a Federal Jobs Guarantee
Jul 11, 2018
13 million people looking for living wage work is not a “full employment” economy
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Article
Reproducibility Crisis Reaches All Randomised Controlled Trials
Jul 9, 2018
The social and medical sciences depend on randomised control trials – though they face more assumptions and biases than commonly thought.
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YSI Event
Advanced Graduate Workshop on Poverty, Development and Globalization
YSI
WorkshopJul 8–21, 2018
This small interdisciplinary workshop, is organized by the Azim Premji University, Institute for Policy Dialogue and the Institute for New Economic Thinking. The goal of the workshop is to bring together graduate students studying development studies at a sufficiently advanced stage of their dissertation work to be able to discuss and receive feedback on their research.
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Article
Was Martin Luther King a socialist?
Jul 5, 2018
Was Martin Luther King a socialist? New book may surprise you.
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YSI Event
YSI @ Association for Heterodox Economics Conference
YSI
WorkshopJul 5–7, 2018
The YSI Economic Development Working Group will host a series of panels at the annual conference of the Association for Heterodox Economics, with the goal of developing an innovative research program on productive structures, institutions, distribution, and economic development.
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YSI Event
YSI Summer Academy: Finance, Law, and Economics
Challenges of Global Legal Diversity
YSI
WorkshopJul 5–7, 2018
This three-day summer academy and annual meeting of the Finance, Law, and Economics Working Group aims to bring together graduate students and young professionals pursuing careers in international economic law. By learning from prominent academics and practitioners in the field, participants will develop the fundamental skills to handle multi-jurisdictional and interdisciplinary issues, while broadening their networks. After successful attendance, YSI FLE will issue the corresponding certificates.
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Video
Don’t Let a Crisis Go to Waste
Jul 3, 2018
Matias Vernengo explains how economic crises reveal the nakedness of neoliberal policies
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News
Fast Company on INET Swaps Research
Jul 2, 2018
Fast Company covers Michael Greenberger’s paper for INET on how banks evade regulation of credit default swaps
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YSI Event
YSI @ STOREP Conference 2018
YSI
ConferenceJun 28–30, 2018
YSI is hosting sessions at the 2018 STOREP conference.
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Video
We Can—And Must—Reform Capitalism
Jun 27, 2018
Fred Block says capitalism is not an unchanging monolith—which means we can make it better
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YSI Event
Whatever happened to Economics?
Joint workshop of Rethinking Economics and the YSI Philosophy of Economics Working Group @ STOREP
YSI
WorkshopJun 27–30, 2018
From 28-30 June the Italian Association for the History of Political Economy will be gathering in Genova to ask the question “Whatever has happened to political economy?”. Before the start of the conference, Rethinking Economics and the YSI Philosophy of Economics Working Group will host a workshop to discuss a related question: “Whatever happened to economics?”. Professor Geoffrey Hodgson will participate in our discussion.
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Article
Money and the Unflappable Economist
Jun 25, 2018
The Koch brothers scandal at George Mason University
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News
Forbes on INET's Jim Chanos Interview
Jun 22, 2018
Forbes cites our interview with Jim Chanos on Bitcoin
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Article
Italy’s Crisis Is the Left’s Crisis
Jun 22, 2018
When politics is defined in terms of “populism” vs. “the mainstream,” the possibility for real economic reform is diminished.
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Article
A Poetic Challenge to Global Capitalism That Will Rend Your Heart
Jun 21, 2018
Edoardo Nesi’s new book tracks the destructive march of globalization and neoliberal capitalism through his own life and the places, like Italy, that lie broken in its wake.
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Article
The Dismal Science and the Beautiful Game
Jun 20, 2018
A light-hearted economic analysis of the World Cup
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Article
The American Behind the Deutsche Mark
Jun 20, 2018
70 years ago today, Edward A. Tenenbaum helped pull off an astounding feat—successfully reforming Germany’s currency after World War II
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Video
Another Financial Crisis Could Be Coming
Jun 20, 2018
Michael Greenberger says unregulated credit default swaps could take down the economy—and taxpayers—again
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Article
How the Largest Banks Are Leading Us to a New Financial Crisis
Jun 19, 2018
By evading regulation of credit default swaps, the major U.S. banks put taxpayers—and the entire economy—at risk
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News
NPR: INET Report Says Banks Taking Risks with Swaps
Jun 19, 2018
NPR’s All Things Considered features Michael Greenberger’s INET Working Paper on how banks evade credit default swaps regulation
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News
Bloomberg Features INET Swaps Research
Jun 19, 2018
Bloomberg covers Michael Greenberger’s paper for INET on how banks evade regulation of credit default swaps
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Working Paper
Working Paper SeriesToo Big to Fail Banks' Regulatory Alchemy
Jun 2018
Converting an Obscure Agency Footnote into an “At Will” Nullification of Dodd-Frank’s Regulation of the Multi-Trillion Dollar Financial Swaps Market
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YSI Event
YSI Workshop @ IAFFE
YSI
WorkshopJun 18–21, 2018
The YSI Gender and Economics Working Group will host a workshop during the pre-conference of the 27th IAFFE Annual Conference. Members of the Gender and Economics WG will also be welcomed to take part in the workshop and mentoring activities organized by IAFFE in the pre-conference.
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Article
Italy Holds A Mirror to a Broken Europe
Jun 14, 2018
The election of Italy’s right-wing, populist government exposes the economic and democratic shortcomings of the European project and its nationalist rivals
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YSI Event
Paradigms of Economic Policy: Examples and Lessons from the Nordics
YSI
WorkshopJun 14–15, 2018
The symposium focuses on the various paradigms of economic and social policy at work in the Scandinavian countries, in light of the most recent macroeconomic developments given by increased inequality, population ageing and automation.
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Video
Making Sense of Globalization in the 21st Century
Jun 13, 2018
In a complex world, we’ll experience more “black swans”, and the things that standard economic models assumed away will matter much more.
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Article
The Roots of Argentina’s Surprise Crisis
Jun 12, 2018
A change in macroeconomic policies will not be sufficient to set Argentina on a path of inclusive and sustained economic development. But, as last month’s currency scare showed, abandoning the approach adopted by President Mauricio Macri’s administration at the end of 2015 is a necessary step.
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Article
Who Says Labor Laws Are “Luxuries”?
Jun 11, 2018
The World Bank and IMF say developing economies can’t afford to have strong labor laws. Actually, they can’t afford not to.
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Article
To Understand China’s Economy, Look to Its Politics
Jun 7, 2018
The removal of term limits for Xi Jinping may be a better indicator of economic health—or crisis—than official statistics
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Article
Worrying About the Deficit is So 17th Century
Jun 6, 2018
In “celebration” of the late Pete Peterson’s 92nd birthday (see guest list), an excerpt from 19th Century historian Lord Macaulay’s History of England, on hundreds of years of unwarranted panic about government debt.
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Video
Teaching Economics the Adam Smith Way
Jun 6, 2018
The economist had to learn moral philosophy before anything else—an underpinning that’s still helpful for today’s students
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Working Paper
Working Paper SeriesLabor Institutions and Development Under Globalization
Jun 2018
Labor market regulation is a controversial area of public policy in both developed and developing countries.
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YSI Event
Institutions and Communities in the History of Economic Thought
YSI Workshop @ ESHET 2018
YSI
WorkshopJun 6, 2018
The Institute of New Economic Thinking Young Scholars Initiative (INET YSI) Working Group on the History of Economic Thought is organizing a YSI Workshop on Institutions and Communities in the History of Economic Thought on 6 June in Madrid, Spain, ahead of the Annual ESHET Conference
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News
Business Insider on INET's Jim Chanos Interview
Jun 5, 2018
Business Insider cites our interview with Jim Chanos on Bitcoin
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News
Marketwatch on INET's Jim Chanos Interview
Jun 5, 2018
Marketwatch cites our interview with Jim Chanos on Bitcoin
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News
CNBC on INET's Jim Chanos Interview
Jun 5, 2018
CNBC cites our interview with Jim Chanos on Bitcoin