252 Results for “stiglitz”

What Money Can’t Buy is a six part series exploring the role of money and morals in today’s world.

The latest meeting of INET’s Commission on Global Economic Transformation addressed the flaws in existing macroeconomic and financial models—and explored solutions to foster shared prosperity

INET gathered hundreds of new economic thinkers in Edinburgh to discuss the past, present, and future of the economics profession.

Carbon pricing still has the potential to be a powerful tool contributing to emissions reductions, but it is clearly no panacea.

Back-room deals on corporate tax reform won’t increase growth

Clear rules and sound principles for debt restructuring would level the playing field between developing countries and creditors

New economic thinking is no passing fad. The movement for new economic thinking is here to stay - with broad-based, worldwide support from undergraduate and graduate students as well as both young and established professors and Nobel laureates.

Join us for a reception at the ASSA conference in San Francisco

Mott walks us through answers many careful readers of Kalecki, Keynes, Steindl, and Minsky knew all along.

Why Nature Physics has released an issue focusing on physicists and economists considering the state-of-the-art in the application of network science to finance?

Medhora has served on INET’s Board since 2012 and is a distinguished fellow and former president of the Centre for International Governance Innovation (CIGI).

What we’re reading: As the shock of the UK referendum vote to leave the European Union continues to roil, a number of analysts see it as revealing dynamics of which all Western policymakers ought to be aware

Evidence thus far questions the assumption that robotics are eliminating jobs. INET Senior Vice President for Programs Rick McGahey says the UBI debate should focus on the long-term weakening of labor’s bargaining power

The financial crisis of 2007-2009 should have been sufficient empirical evidence to indicate that the axiomatic basis of the mainstream theory needs to be replaced.

The Institute joined DIME and Central European University in hosting a conference addressing a key question of economics today: How can we create a new macroeconomic theory that takes into account the true relationship of finance to the real economy and can more accurately anticipate crises?

A survey on behalf of the Sueddeutsche Zeitung indicates that German economists are much more American in their thinking than is presumed – with a rising trend.

The Eurozone is (quietly) disintegrating as ‘core’ and ‘periphery’ countries continue on paths of economic divergence. That disintegration is reinforced by self-defeating policies shaped by a macroeconomic model that mimics and reinforces the divisions between ‘winners’ and ‘losers’

The limitations of the benchmark E-DSGE framework and how these limitations restrict the ability of this framework to meaningfully capture the macroeconomics of the climate crisis.

Luohan Academy will share content while working with INET to plan future co-sponsored events, seminars & more

Does it matter if the Rational Expectations Hypothesis is unrealistic?

In the wake of the 2008 financial crisis, many of our policy makers and top economists are still stumbling in the dark.

Can economics be morally centered? And perhaps more importantly, should it be?

So why am I hopeful about the future?

When they told me I was expected to teach “Introduction à l’économie” this year, I thought, OK, this is straight. Every economist knows how to do that.

I was not in Bretton Woods this week. I followed the event through the videos posted on the INET website and the exhilarating and exhausting experience of Benjamin, Floris and Tiago.

What are the 100 most pertinent economic questions facing our global societ?

For the BRICS countries to not just grow their economies but also raise the standard of living of their people, inclusive growth that prioritizes poverty reduction is a must

This year’s American Economics Association conference featured INET researchers, a cocktail reception, and a new interactive poll 

The failure of Lehman Brothers on 15 September 2008 marked the beginning of the end of the world’s love affair with financialization.

Economists and historians of economics have constructed different (and sometimes conflicting) narratives about the past of their field. In fact what is history for economists may not be what is history for historians. To celebrate its 125th anniversary, the Economic Journal invited renowned economists to discuss important contributions published in the past by the journal and the works on similar topics by historians of economics are absent from these accounts. History of economics here seems to have the weight of a JEL descriptor attached to an invited contribution, which we ought to agree that it is not much.

INET at the Trento Economics Festival 2: A dialogue between Jayati Ghosh, Rohinton Medhora, Joseph E. Stiglitz, coordinated by Robert Johnson The world won’t emerge from the pandemic until the pandemic is controlled everywhere, and this is a special concern because of the new mutations that are likely to arise where the disease is running its course. So too, the world won’t have a robust economic recovery until at least most of the world is on the course to prosperity. Global growth is far more muted now than then, and inward-looking policies in some of the nations where growth has been restored have resulted in an increase in their trade surplus, attenuating the global impact of their recovery.

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.

Brazil’s current economic scenario does not resemble the emerging economy that until recently fueled the optimism of analysts and investors.

The Bretton Woods conference has a protean character.Talk in the corridors asks “what is it?” Some in the press (lots of press here) believe that deals are being made, the attendance of heavy hitters leads some to believe that consultations and strategies are being outlined for world government (Summers, Stiglitz, Brown, and yesterday Volcker arrived to close the event).

Economists had to distort economic theory to fashion their merger “efficiency” arguments

Notes from the Institute’s Director of Research on some significant papers and contributions produced in 2016 under the INET rubric 

Seven dangers of chronically low interest rates amid austerity and fiscal-policy phobia

Servaas Storm’s commentary for an INET symposium on the Inflation Reduction Act

Banks have long had undue influence in society. But with the rapid expansion of a financial sector that transforms all debts and assets into tradable commodities, we are faced with something far worse: financial markets with an only abstract, inflated, and destabilizing relationship with the real economy. To prevent another crisis, finance must be domesticated and turned into a useful servant of society. 

It was too good to be true: Another effort to vindicate austerity falls victim to flawed methodology.

For all the talk of Modern Monetary Theory representing a brave new frontier, it is easy to forget that the United States has gone down this road before, when the US Federal Reserve financed the war effort in the 1940s. Then, as now, the question is not about government debt, but about the debt’s purpose and justification.

Lord Adair Turner visited the Oxford Martin Lecture Theatre on Tuesday 24 November for a well-attended INET Oxford event launching his latest book ‘Between Debt and the Devil: Money, Credit, and Fixing Global Finance’ (Princeton University Press).

To illustrate the previous post on the difficulties in putting together a chronology, here is tentative chronology of economics at Carnegie. It’s still in process, and links, sources and entries will be updated as I read.

We are pleased to announce the program of INET’s annual plenary conference in Berlin.

And electric vehicles don’t do a lot better

Summers and Stansbury mark a dramatic shift from New Keynesian orthodoxy, but only make it halfway to understanding the demand-driven nature of stagnant growth

From MIT to IMF

ProMarket and the Consumer Welfare Standard An output increase is not sufficient to increase welfare. Allocation—how goods are distributed—matters.

Author Rana Foroohar explains why the economic policies being touted by both presidential frontrunners offer none of the new thinking necessary to drive a policy response to revitalize the economy

“I was considering what I was going to do, [and] what I decided I could not do, was stay within the confines of mainstream academic economics.” Rob Johnson talks with INET Co-Founder Bill Janeway about his exciting new project at Cambridge University.

While many countries throughout the world have faced severe financial crises over the last decades, and while the Japanese stagnation and the 1997 Asian financial crisis did induce some additional interest for the introduction of banking and finance in macroeconomic theory, it is only with the advent of the US subprime financial crisis that macroeconomic and monetary theories put forward by mainstream economists have started to be questioned.

Wage suppression—not monopoly power—is fueling corporate profits and the growing gap between rich and poor

Globalization has fallen into disrepute; the myth of the prosperity and happiness-generating  free market has been dispelled. A visionary concept that provides guidance and direction is required now.

William Darity, Jr. has a new key to unlocking the mystery of inequality: stratification economics.

Globalisation was once considered a doctrine of salvation - but it has produced too many losers and created a breeding ground for heralds of simplistic truths. It is high time for a new doctrine.

Inflation and corporate profits, a further discussion

The New Keynesian Dynamic Stochastic General Equilibrium (DSGE) is a straightjacket for macroeconomics

The Risk Society

In his new book, Let Them Eat Crypto, Peter Howson cautions that the technologies are not just fraudulent but causing indefensible harm to both humanity and the planet.

Gilead’s shareholders want exorbitant profits from Remdesivir, even though it was the public that enabled its development.

Greater efficiency, lower costs, and universal coverage make it the sustainable option, say some top economists

Given the choice, would you accept to live in a society where happiness and prosperity is guaranteed for all on the condition that one single person be kept permanently unhappy? Is the well-being of thousands of people “worth” the sacrifice and suffering of a single innocent child? Such is the dilemma to which the inhabitants of the utopian city of Omelas are confronted in Ursula Le Guin’s philosophical short-story “The Ones Who Walk Away from Omelas”. In her parable, most people are ultimately able to come to terms with the atrocity. The few citizens who cannot end up walking away from the city — nobody knows where they go and they are never heard from again.

Writing the history of economic journals is not merely a way to reconstruct the development of new fields and new approaches to economics. It also recasts current debates on peer-review, retractions, open-access, replicability, and bias in scientific publishing in a wider perspective. It answers important questions on the influence of editors, publishers and referees on the development or marginalization of various economic approaches. But such endeavour requires the preservation of journals’ archives, the recognition of historical expertise, and economists’ adoption of a more relaxed and humble approach to their history.

Getting the whole spectrum of governments, academia and civil society to track “natural capital” would help create shared efforts toward solving shared problems like the climate crisis.

Labor-saving advances in AI may undo the gains from globalization and pose new challenges for economic development

The renowned economist reflects on the rise of neoclassical economics, the post-2008 surge of interest in non-mainstream, heterodox thought, and how young economists can remain independent in the face of biased evaluation systems

The path of austerity could spread economic pain and social woes far beyond the Caribbean island, says public debt expert Martin Guzman 

INET presents you a paper that deals with the relationship between economics and the world we live in. John Kay spells out methodological critiques of economic theory in general, and of DSGE models and rational expectations in particular. The paper builds on two articles that Kay, Fellow at St. John’s College of Oxford University and Visiting Professor at the London School of Economics, recently published in the Financial Times (scroll down to find the links). It is concerned with the relation of quantitative models to the world in which we live, and with evergreens such as the implications of unrealistic assumptions in economic theory. Highly recommended reading. INET forwarded Kay’s paper to a handful economists and invited them to respond. In the following days, we are going to publish direct responses to the paper by a handful of prominent economists. Follow the INET Blog and stay tuned to what is going to be a healthy discussion.

The reputation of economics and economists, never high, has been a victim of the crash of 2008.

An alternative to Dynamic Stochastic General Equilibrium (DSGE) models

The AEA and the Crisis of Expertise

How economists turned to the study of collective decision-making after World War II, faced many impossibilities, and lost interest after solving them

The optimism embedded in the efficient market hypothesis has been one of the main sources of the recent turmoil

Does general equilibrium theory sufficiently enhance our understanding of the economic process to make the entire exercise worthwhile, if we consider that other forms of thinking may have been ‘crowded out’ as a result of its being the ‘dominant discourse’? What, in the end, have we really learned from it?

Germany’s debt brake and EU fiscal rules will make it well neigh impossible for EU countries to fund the investments needed to decarbonize their economies.

INET published a paper, written by John Kay, that deals with the relationship between economics and the world we live in. The Map Is Not the Territory: An Essay on the State of Economics spells out methodological critiques of economic theory in general, and of DSGE models and rational expectations in particular.

What we’re reading: A weekly scan of published items relevant to the Institute’s work

Real existing neoliberalism as a set of social facts distinct from a purist ideology has proven remarkably adaptable and politically resilient 

Tiger Gao, brilliant young host of the Princeton University podcast, Policy Punchline, interviews Rob Johnson about INET’s aims, the function of economics in academia, and the relationship between Silicon Valley culture and the latest technologies, among other things.

A global carbon tax alone will not be enough to significantly reduce CO2 emissions

In the face of  laissez-faire capitalism at home and resurgent nationalism across the globe, INET offers an innovative look at the causes of—and solutions for—the problems that ail a fissuring world economy.

How much does the standard theory of externalities and public goods really say?

Besides the crucial COVID-19 vaccine patent waiver, far more is at stake at this ministerial than is generally known.

An interview with Pr Benno Ndulu, the former Governor of the Bank of Tanzania, for INET’s series on COVID-19 and Africa

Whether it is called “Build Back Better” or a “Green Industrial Policy” or, indeed, a Green New Deal, it is imperative to reject the false dichotomy of “jobs against climate.”

Dean Baker, senior economist with the Center for Economic and Policy Research, talks about how geopolitical and economic tensions between the US and China benefit powerful elite sectors in the US, but are bad for working people.

Martín Guzmán, ex ministro de Economía de Argentina, explica cómo el rol del poder debe ser central en la investigación económica, especialmente cuando se trata de deuda soberana.

Patrick Bond, sociology professor at the University of Johannesburg, South Africa, discusses the urgent need for climate reparations for Africa, in light of the COP26 climate summit, and why market solutions will not work to address the problems Africa is currently facing. Part 1 of 2.

From LBJ to the present, the federal government has knowingly continued to expand the US fossil economy, not passively but as a major active player, endangering the future of young people.

INET at the Trento Economics Festival 3: A dialogue between Michael Spence and Robert Johnson The governance of technology is a new challenge. The Recovery Plans is encouraging the digital transformation of our economies. An acceleration of technological change is bound to deeply affect labor markets and income distribution. While labor-market adaptation is likely to stave off permanent high unemployment, it cannot be counted on to prevent a sharp rise in inequality.

Single-family home-ownership—elusive for many today—is an aspiration we ought to abandon

On the Modern Economic Theory of Incentives, Markets, and Socialism

Peter Goodman, New York Times correspondent and author of the just-published book, Davos Man: How the Billionaires Devoured the World, talks to Rob about how inequality is not inevitable, but has been engineered through the political process by selling us a false idea of what is possible.