Archive

One of the earliest attempts to tackle the problem of multiple equilibria in Macroeconomics was a byproduct of David Cass and Karl Shell’s engagement with Robert Lucas’s 1972 paper on ‘Expectations and the Neutrality of Money.’

There is widespread and growing concern about the availability of good jobs in the U.S. economy. Inequality has been growing for thirty years and is now at levels not seen since the 1920s. Stable and remunerative employment has become harder for U.S. workers to find.

How can we better integrate history into economic analysis?

This paper examines the evolution of intra-financial sector lending in the United States, 1950- 2012, presenting estimates constructed from the Federal Reserve’s Flow of Funds Accounts.

Bill Black knows banks.

How can the state manage its central role in the innovation economy if the state itself has become an instrument for facilitating corporate predation?

How should the government recoup the benefits from the fruits of its research? And what role should the government play going forward in important areas such as clean tech?

Household economic surveys, such as the German Socio-Economic Panel, notoriously underestimate the degree of income and wealth inequality at the upper end of the distribution.

Rising inequality reduced income growth for the bottom 95 percent of the US personal income distribution beginning about 1980.

The “keys under the streetlight story” is well known among economists, but in case you haven’t heard it, it goes like this.

In the wake of World War II, much of the western world, particularly the United States, adopted a new form of capitalism called “managerial welfare-state capitalism.”

An Open Letter to Tim Cook, CEO of Apple

I was going to call this blog post ‘Utility maximising agents in Adam Smith’s Theory of Moral Sentiments’ but realised that was much too dull - even if it accurately describes my bedtime reading at the present moment.