Archive
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News
Comin's INET funded research into the drivers of technology adoption and its consequences is discussed in the Conversation
Jan 25, 2021
“The gap between the “technology haves and have nots” in the corporate world is widening. A recent study also found that this gap is widening between rich countries and poor countries. When few companies have access to 3D printers, robots, or cutting-edge AI, there are fewer actors to leverage such technologies to the point at which productivity will increase across the board.” — Wim Naudé, The Conversation
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News
Anatole Kaletsky discusses INET research in an interview with Project Syndicate
Jan 25, 2021
“INET has supported a lot of brilliant academic work in areas such as Imperfect Knowledge Economics, financial regulation, human development, and environmental economics. Such research has helped to discredit the ideas – such as “perfect” competition, “efficient” markets, and “rational” expectations – that formed the ideological foundations for laissez-faire microeconomics, monetarist central banking, and irrational pre-Keynesian fiscal policy, especially in Europe. As such, it has done as much as INET’s other work – including policy research, academic community-building, and deepening collaboration with the International Monetary Fund, the OECD, and other official institutions – to end market fundamentalism’s intellectual monopoly.” — Anatole Kaletsky, Project Syndicate
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News
Bofinger's INET article is listed on Daily Kos’s Week-end recommended reading list.
Jan 25, 2021
“Best of Mankiw: Errors and Tangles in the World’s Best-Selling Economics Textbooks Peter Bofinger, former member of the German Council of Economic Experts [Naked Capitalism January 4, 2021] Mankiw has been lambasted a number of times by Adbusters, the Canadian group which originated the call for mass protests that became Occupy Wall Street. Also see Toxic Textbooks: “Mankiw’s textbook seems an ideal place to look for clues as to how both the economics profession and the public which it educates became so ignorant, misinformed and unobservant of how economies work in the real world.” The problem with the leadership of the Democratic Party at the state and national levels is not the caricature of maliciousness that the Trumpists believe, and which the Republicans have used to “feed red meat to their base,” but merely that the leadership has been taught, and believes and swills, the snake oil Mankiw peddles. Below, just a small sample of Bofinger’s detailed take-down of Mankiw.” — NB Books Community, Daily Kos
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News
Economics & Beyond episode is cited as suggested listening in Bloomberg
Jan 25, 2021
“To get into the mood for their [Charles Goodhart and Manoj Pradhan] ideas, you can listen to the authors talk about them to my colleague Stephanie Flanders on the Stephanomics podcast, or this podcast from the Institute for New Economic Thinking, or this episode of The Sound of Economics podcast from the Bruegel Institute.” — John Authers, Bloomberg
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Working Paper
Working Paper SeriesInflation? It’s Import Prices and the Labor Share!
Jan 2021
Recognizing that inflation of the value of output and its costs of production must be equal, we focus on a cost-based macroeconomic structuralist approach in contrast to micro-oriented monetarist analysis.
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Article
The American Rescue Act: Do Whatever It Takes
Jan 19, 2021
The economy is likely to be crippled for months and fiscal rescue on a large scale, once again, is very much necessary.
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Webinars and Events
The Future of Work | Making Technologies Work for All
Webinarmoderated by Katya Klinova with Antonio Andreoni, Tess Posner and Martin Reeves
Jan 19, 2021
What are the choices we must make to ensure technology empowers, augments, rewards, and respects the majority, not the few, given its increasing defining role in future economies and societies?
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Article
Local David Versus Global Goliath
Jan 15, 2021
Populist parties and the decline of progressive politics in Italy
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Working Paper
Working Paper SeriesLocal David Versus Global Goliath: Populist Parties and the Decline of Progressive Politics in Italy
Jan 2021
This paper analyzes the role of local spending, particularly on social welfare, and local inequality as factors in the Italian political crisis following the adoption in 2011 of more radical national austerity measures.
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Article
Paper: Structural Transformation, Economic Development and Industrialization in Post-Covid-19 Africa
Jan 14, 2021
While Africa’s “premature deindustrialization” appears to be the dominant global narrative, recent analysis of the data suggests that de-industrialization is not the common experience for the majority of African countries
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Article
4 Charts Explain Why You Should Worry About the New U.K. Covid Strain
Jan 13, 2021
Expert warns that it could be a race against the clock as the fast-spreading B117 variant picks up steam in the U.S.
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Webinars and Events
The Future of Work | Are Redistribution Policies Enough?
WebinarModerated by Rana Foroohar with Gordon Hanson and Laura Tyson
Jan 12, 2021
Traditional welfare systems have emphasized the need for redistribution post-production. Are these policies sufficient in the future?
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Article
New Covid “Super Strain” is a Game-Changer for Schools and More
Jan 8, 2021
Expert warns that without more robust abatement measures and testing, the virus could rage until mid-2022.
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Article
Carlos Lopes: The COVID-19 Crisis Presents Major Opportunities for Africa’s Structural Transformation
Jan 6, 2021
In this interview, Camilla Toulmin and Folashadé Soulé speak with Carlos Lopes, Professor at the Nelson Mandela School of Public Governance, University of Cape Town, Visiting Professor at Sciences Po, Paris and an Associate Fellow at Chatham House, London
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Article
"Build Back Better" Needs an Agenda for Upward Mobility
Jan 5, 2021
How the dream of a middle class existence collapsed, first for Blacks, then for more and more white American workers and what the Biden administration could do to retrieve the situation.
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News
Appelbaum and Batt’s research into Private Equity buyouts is cited in Emergency Medical News
Jan 5, 2021
“The landscape of EM has consolidated into a few corporate conglomerates, which are oligarchies with iron grips on contracts through noncompetitive or illegal collusions with large hospital systems in the form of kickbacks. (Institute for New Economic Thinking. March 15, 2020; https://bit.ly/34fLeMD.) This has effectively castrated any hope for independent practices to thrive and injected many wrongful consequences into EM.” — Rizvi, Saba MD, Emergency Medical News
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News
The Gainesville Sun featured Peter Temin's INET-funded book
Jan 5, 2021
“But to my surprise, The Atlantic article explained that MIT economist Peter Temin, in his book “The Vanishing Middle Class: Prejudice and Power in a Dual Economy,” not only delved into the contributing factors to poverty and economic inequality, he offered systemic solutions. This approach made the piece a must-read for me because at Gainesville for All, we’re all about finding systemic solutions to problems linked to race and poverty. Temin offered five proposals he believes can help tip the scales favorably for those stuck in the lower class.”— James F. Lawrence, Gainsville Sun
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News
Dina Srinivasan's INET funded research into Google's advertising monopoly is featured in the NY Times
Jan 5, 2021
“When Texas and nine other states filed an antitrust lawsuit against Google last week, the complaint identified many of the same conflicts of interest as Ms. Srinivasan’s paper, Why Google Dominates Advertising Markets” in the Stanford Technology Law Review. The lawsuit said Google controlled every part of the digital advertising pipeline and used it to give priority to its own services, acting as “pitcher, batter and umpire, all at the same time.” … “Marshall Steinbaum, an assistant professor at the University of Utah’s economics department, wrote on Twitter that Ms. Srinivasan’s articles on Google and Facebook had a greater influence on the recently filed antitrust cases than all the other research about those companies or tech in general by traditional economists focused on competition policy.” — Daisuke Wakabayashi, New York Times
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Working Paper
Working Paper SeriesEmployment Mobility and the Belated Emergence of the Black Middle Class
Jan 2021
“Build back” means restoring the government and business investments in the productive capabilities of the U.S. labor force that created a growing middle class in the three decades after World War II
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Article
Best of Mankiw: Errors and Tangles in the World's Best-Selling Economics Textbooks
Jan 3, 2021
On the occasion of the ASSA 2021 Virtual Annual Meeting (Jan. 3-5), Peter Bofinger presents a “10 Best of” Mankiw list
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Video
Dr Anthony Fauci: ‘We Will End This Outbreak' | The Bottom Line
Dec 31, 2020
Dr. Anthony Fauci tells host Steve Clemons that the United States can go back to “normal” in the autumn, which starts in September 2021, if 70-85 percent of Americans get vaccinated by the summer.
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Article
4 Burning Questions on the Global Vaccine Rollout
Dec 29, 2020
Warnings of “corruption and incompetence coming together,” as economists William Lazonick and Öner Tulum study the race to end the pandemic.
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Video
Understanding LGBTQ Employment Discrimination
Dec 23, 2020
“If you want to make the world a more equal place, you need to understand the tools.”
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Article
Antitrust Spring
Dec 18, 2020
After years of amassing power, the tide is turning against the tech monopolies
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Working Paper
Working paperRethinking the Role of the Representativeness Heuristic in Macroeconomics and Finance Theory
Dec 2020
Even if psychological factors influence participants’ decision-making, as behavioral economists compellingly argue, incorporating such factors into economic theory would seem to require that market participants adhere to elementary logical rules.
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Article
Carl Manlan: African Philanthropy Has Mobilized Effectively During COVID19
Dec 17, 2020
In this interview, Folashadé Soulé and Camilla Toulmin speak with Carl Manlan, the Chief Operating Officer of the Ecobank Foundation - responsible for Ecobank’s social impact engagement with the communities in which the bank operates in Africa – on the role of African philanthropy and corporate social responsibility in the response to COVID-19 on the continent.
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Article
How President Biden Can Fix our Trade Problem
Dec 16, 2020
Trump’s approach largely failed because the problem can’t be solved by tariffs. Here’s the answer.
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Video
Fighting Neoliberalism with Keynes & Minsky
Dec 16, 2020
Riccardo Bellofiore explains how managerial capitalism of the post-war era entered into a crisis of profitability in the 1970s, and subsequently metamorphized into a new stage, where the role of banks changed, households became net borrowers and businesses net lenders.
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News
INET research into big tech's monopoly power is cited in the FT
Dec 15, 2020
“That starts to take tech regulation to a place that’s more similar to financial regulation, which is where it should be. On that note, check out this very interesting INET paper by Dina Srinivasan, which looks at how Google monopolises advertising markets in ways that would be prohibited in other electronic trading markets.” — Rana Foroohar, Financial Times
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News
Jack Gao appeared on Arirang News to discuss American Chinese relations
Dec 15, 2020
Joseph Bosco former China country director in the U.S. Office of the Secretary of Defense, and Jack Gao, Program Economist at INET appeared on Arirang News to discuss whether the U.S.-China rivalry will improve under a Biden administration.
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News
INET research showing countries that prioritized health policies fared better economically is cross posted in Le Monde
Dec 15, 2020
Three American researchers, crossing the figures for growth and mortality due to the Covid-19 pandemic from many countries, conclude that containment is effective, provided it is accompanied by strong public subsidies.
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News
Rob Johnson is quoted on Biden's transition team in Foreign Policy
Dec 15, 2020
“But some progressives are worried that “Biden is working backwards from identity,” as one longtime political observer put it, designing a cabinet stocked with diversity but less focused on making the changes that many progressives see as long overdue, both in terms of domestic and foreign policy. “I applaud the formidable progress in the diversity of cabinet and key administration appointments. It is long overdue for America,” said Robert Johnson, the president of the Soros-backed Institute for New Economic Thinking. “But it is not a substitute for taking on monied power interests to produce reform leading to broad-based prosperity. If identity politics is used as a mask to avoid that enormous challenge, it will be very dangerous for the already polarized politics of the USA.” — Michael Hirsh, Foreign Policy
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News
INET research into the influence of election spending is featured in Truthout
Dec 15, 2020
“Political scientist Thomas Ferguson, an authoritative scholar on money and electoral politics, has a valuable and established political science theory called “the investment theory of politics.” He demonstrates that the U.S. is essentially controlled by coalitions of investors who come together around some mutual interest. Thus, “to participate in the political arena, you must have enough resources and private power to become part of such a coalition…. McGuire and Delahunt advance the thesis by showing it is actually worse than what others have found. Their study reveals and confirms that the top wealthiest 10 percent ultimately always win on policy — effectively showing that anyone else’s opinion outside of the top 10 percent rarely matters.” — Rajko Kolundzic, Truthout
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News
INET research by Appelbaum and Batt on private equity and healthcare was cited in ACP Hospitalist
Dec 15, 2020
Private equity’s stake in health care increased rapidly in recent years, reaching a record of 855 deals valued at $100 billion in 2018, according to a March 2020 study published by the Institute for New Economic Thinking, a nonprofit think tank based in New York City. — Janet Colwell, ACP Hospitalist
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Article
Heading for a Crash? The Future of the Automobile Industry
Dec 9, 2020
How electric and self-driving cars could change the industry
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Working Paper
Working Paper SeriesThe Future of the Automotive Industry: Dangerous Challenges or New Life for a Saturated Market?
Dec 2020
How electric and self-driving cars could change the industry
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News
Lynn Parramore appeared on the Zero Hour
Dec 8, 2020
“’human beings must be driven by x’…. well this is a myth about human beings and it’s not really the way we work, but the religion of capitalism insists that it is true. This is a sacred idea that competition is ultimately for the best of society, that the market will decide what is best, not governments or we the people. I think one of the things that Eugene McCarraher who wrote this book, “The Enchantments of Mammon” susses out in a very nuanced way, is how our country is built on these sort of opposing ideas. On the one hand we have this idea of competition and then we have another religious idea about brotherhood which is also baked into the sacred text of our nation. These two things are kind of ill-fitting and trying to make them work together is something we’re still struggling with right now.” — Lynn Parramore
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Webinars and Events
Debt Talks Episode 5 | Developing Country Debt: What's Next?
Webinarwith Sarah-Jayne Clifton, Mitu Gulati, and Philippa Sigl-Glöckner; moderated by Moritz Schularick
Hosted by Private Debt
Dec 8, 2020
Can developing countries cope with high debt levels? How dire is the situation? Has the policy response been adequate? And what’s the situation in private external debt, and what should be done about private creditors? This edition of Debt Talks will discuss the situation in developing country debt during and after the COVID-19 pandemic.
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Article
Google Monopolizes Ad Markets Through Conduct Lawmakers Prohibit in Other Electronic Trading Markets
Dec 7, 2020
A look inside the byzantine world of online ads
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Article
Reconsideration of Fiscal Policy: A Comment
Dec 7, 2020
A response to Jason Furman and Lawrence Summers
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News
Arjun Jayadev has an article in the NY Times on the crisis of access to affordable medicines and the need to suspend intellectual property rights
Dec 7, 2020
“the vaccines developed by these companies were developed thanks wholly or partly to taxpayer money. Those vaccines essentially belong to the people — and yet the people are about to pay for them again, and with little prospect of getting as many as they need fast enough. … mounting pressure from poor countries at the W.T.O. should give the governments of rich countries leverage to negotiate with their pharmaceutical companies for cheaper drugs and vaccines worldwide. Leaning on those companies is the right thing to do in the face of a global pandemic; it is also the best way for the governments of rich countries to take care of their own populations, which in some cases experience more severe drug shortages than do people in far less affluent places.” — Achal Prabhala, Arjun Jayadev and Dean Baker
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News
Thomas Fricke has an article in Der Spiegel citing an INET study showing that prioritizing health in the pandemic has led to better economic outcomes
Dec 7, 2020
“Calculations by Phillip Alvelda, Thomas Ferguson and John Mallery, which have just been published by the Institute for New Economic Thinking, suggest how scary the choice between life and business is in the corona crisis . A comparison of all possible countries and strategies over the past year then gave a fairly clear picture: Those who consistently aimed to stop the epidemic through hard lockdowns have significantly fewer deaths - even if they initially suffered greater economic damage; while it is with countries like the UK it was exactly the opposite, which initially hesitated with the lockdown and raised all the more money to avoid economic damage. With the fatal result that precisely because of this, the second wave became all the more violent - and economic output collapsed in the end. Conclusion of the study: The more negligent governments allow the pandemic to work in order not to harm the economy, the more the economic costs will pile up over time and ever new waves. Almost no matter how hard these rulers and central bankers try to counter it with economic stimulus programs. The damn virus finds activity between people (also economic) pretty good.” — Thomas Fricke
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News
Thomas Ferguson is quoted in Alternet on Georgia's senate election
Dec 7, 2020
“Ferguson, whose research has shown that candidates who raise more money stand a much greater chance of winning election, added that “when you get that much money pouring into the election, it means that you have all these investors who decide which election is ‘worth it’ and that tends to pull even liberal democrats to the right. It is a somewhat subtle effect but a very real one and clearly an anti-democratic consequence of the system.” — Andrew Kennis
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News
INET funded research by William Lazonick is cited in the Wall Street Journal
Dec 7, 2020
“Critics led by William Lazonick, economics professor emeritus at the University of Massachusetts Lowell, say buybacks starve companies of cash for innovation and worker pay, and favor executives aiming to jack up the stock prices because their compensation is increasingly stock-based. The buyback trend has become controversial since a 2014 article by Prof. Lazonick in the Harvard Business Review, “Profits Without Prosperity.” The S&P 500 companies that had been publicly listed from 2003 through 2012, he found, had spent amounts equal to 54% of their earnings for buybacks and 37% for dividends, leaving “very little for investments in productive capabilities or higher incomes for employees.” — Randall Smith
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News
INET working paper on how maximizing shareholder value led to minimizing national interests is cited in The American Prospect
Dec 7, 2020
“If companies continue to prioritize maximizing shareholder wealth at the expense of other key stakeholders, and at the expense of investing in innovation, then the Green New Deal could reinforce long-standing income and wealth inequities and the decline in innovation in the U.S. economy (for an important example, Bill Lazonick and Matt Hopkins document how maximizing shareholder value minimized the strategic national stockpile for ventilators and personal protective equipment).” —Lenore M Palladino
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News
William Janeway reviews INET’s book, “Macroeconomic Inequality from Reagan to Trump” in Project Syndicate
Dec 7, 2020
“Now, in a powerful work of synthesis, economist Lance Taylor, assisted by Özlem Ömer of Nevsehir Haci Bektas Veli University in Turkey, has brought a new perspective to the discussion. Taylor is a rare figure among economists nowadays. Previously a professor at two of the established citadels of mainstream economics, Harvard University and MIT, he has spent the past generation at the New School for Social Research in New York City, and is deeply engaged with the Institute for New Economic Thinking. … The overriding message from Taylor’s work is the exact opposite of “trickle-down economics.” Reducing inequality will increase economic growth and productivity. But, at the end of the day, there is no magic bullet to reverse the impact of the structural transformation of the past 50 years. That, too, was driven by policy initiatives, the full implications of which many policymakers are only just now beginning to comprehend.” — William Janeway
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News
INET study is cited in the Socialist Worker
Dec 7, 2020
“Rich economies have more resources to spare to prioritise saving lives. And Wolf reproduces the Institute for New Economic Thinking’s now famous chart that refutes the idea there is a “trade-off” between saving the economy and saving lives. On the whole, those states that prioritised saving lives also lost less economic output. China is the standout case. But it isn’t just about how rich an economy is. The same chart shows that the states that suffered the biggest losses of lives and output include Italy, Britain, Spain, and France. The US and Belgium aren’t far behind.” —Alex Callinicos
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News
INET article cited in NTV on how to handle the pandemic this winter
Dec 7, 2020
“A look around the world shows that so far no country has managed to effectively protect its risk groups when the number of infections is high - Sweden at the beginning of the pandemic or Switzerland in the second wave also had to pay for their special routes with many deaths. And if such a strategy fails, you have wasted valuable time and may find yourself confronted with an infection that is completely out of control. This would mean a collapse of the health system with all the ensuing consequences. This also includes immense damage to the economy. This is also confirmed by a study by the Institute for New Economic Thinking. Those who reacted belatedly or wavered between strategies not only had very high casualties, but were also the most damaging to their economies, it said. The authors cite Great Britain as a negative example.” — Klaus Wedekind
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News
INET study featured in Queensland
Dec 7, 2020
“The “go-hard/go-early and no regrets” approach of the Australian states has been vindicated by the Institute for New Economic Thinking (INET), a nonpartisan, nonprofit organisation established in the wake of the 2009 global financial crash.” …. “We must be ready to accept renewed restrictions, targeted shutdowns and border closures. As the INET report clearly demonstrates, the failure to act is much more costly than any temporary measures, such as those used in South Australia last month.” — Dennis Atkins
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YSI Event
Bonds or Bust!
George Soros: Proposal for Perpetual Bonds — A Discussion on the Future of European Fiscal Capacity
YSI
DiscussionDec 4, 2020
George Soros’ latest op-ed in the Project Syndicate reasserts his view how perpetual bonds could help the European Union overcome its deadlock on fiscal spending.
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Article
Young Scholars Want More Voices Heard in Economics
Dec 3, 2020
No one person or perspective holds the key to solving economic problems, says Jay Pocklington of the Institute for New Economic Thinking
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Webinars and Events
The Future of Work | Meaningful Integration or Jobless Future?
Webinarwith Daron Acemoglu and William Janeway
Dec 2, 2020
The central challenge confronting us in the future of work is this: can we create a future where work exists for all who need one with fair rewards, or will we end up on the path of increasing displacement, leaving workers vulnerable, dispensable, and miserable?
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Article
An Effective Response to Europe’s Fiscal Paralysis
Nov 30, 2020
Individual EU member states ought to issue perpetual bonds
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Article
The Gospel of Capitalism is the Biggest Turkey of All
Nov 25, 2020
The perverted dreams of western modernity and capitalism may be exhausting themselves, says author Eugene McCarraher. And that’s something to be thankful for.
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News
The FT cites INET article on what can be learned from the pandemic
Nov 25, 2020
“Actual experience, as opposed to cost-benefit analyses of theoretical alternatives, further strengthens the case for suppressing the disease fully, where feasible. A recent paper from the Institute for New Economic Thinking, To Save the Economy, Save the People First, suggests why. A chart (reproduced here) shows that countries have followed two strategies: suppression, or trading off deaths against the economy. By and large, the former group has done better in both respects. Meanwhile, countries that have sacrificed lives have tended to end up with high mortality and economic costs.” — Martin Wolf, The Financial Times
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News
El Economista cites INET research on the cost of the pandemic
Nov 25, 2020
“To save the economy, you have to save people first, is the title of a paper by Alvelda, Ferguson and Mallery of the Institute for New Economic Thinking. This work groups countries into three categories, according to the response to the covid: those that gave priority to maintaining economic life; those who focused on taking care of health first and those who wanted to be placed in the middle, but did not do either one well. The best economic results correspond to those who prioritized health. They are countries that are in Asia and Oceania, mainly. The worst are in the other two groups. Those who did not define one or the other, got the worst of both worlds: many deaths and great economic damage. What can be done? Alvelda, Ferguson, and Mallery recommend targeted subsidies by regions and sectors hardest hit; guarantee income for workers in non-essential activities and subsidize health safety measures for all those who cannot stop. This means, among other things, public money to make public transport and some massive workplaces more sanitary. Subsidize supervision / surveillance measures in spaces where many people go: shopping centers and places of religious worship, for example.” — Luis Miguel Gonzalez, El Economista (translated from Spanish)
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Article
The Promise and Limits of Carbon Pricing
Nov 24, 2020
Carbon pricing still has the potential to be a powerful tool contributing to emissions reductions, but it is clearly no panacea.
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News
Economics & Beyond’s episode cited in the Financial Post
Nov 24, 2020
“Structural analysis to uncover global trends is what Goodhart and Pradhan’s book does. I’m not sure I completely recommend it, as it gets a little technical in spots, but I certainly recommend learning more about their analysis. (You can hear them interviewed in the podcast, “Economics & Beyond with Rob Johnson.”)” — William Watson
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Working Paper
Working Paper SeriesCarbon Pricing and the Elasticity of CO2 Emissions
Nov 2020
Carbon pricing still has the potential to be a powerful tool contributing to emissions reductions, but it is clearly no panacea.
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News
The FT cites INET working paper showing elites are thwarting democracy
Nov 23, 2020
“Anyone with a pulse knows that in the US today the system is rigged in favour of the wealthy and powerful. One particularly illuminating paper published this month by the Institute for New Economic Thinking quantifies the problem. Building on a persuasive 2014 data set, it shows that when opinion shifts among the wealthiest top 10 per cent of the US population, changes in policy become far more likely. Using AI and machine learning, INET academics Shawn McGuire and Charles Delahunt delved deep into the data. They found that considering the opinions of anyone outside that top 10 per cent was a far less accurate predictor of what happened to government policy. The numbers showed that: “not only do ordinary citizens not have uniquely substantial power over policy decisions; they have little or no independent influence on policy at all”.” — Rana Foroohar, The Financial Times
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News
Truthout cites INET research showing that to save the economy controlling the pandemic comes first
Nov 23, 2020
“A new international analysis by the Institute for New Economic Thinking found countries such as South Korea and New Zealand that focused on lockdowns early on in the pandemic, rather than preserving their economies, have gained control over the virus and are now seeing their economies grow, in contrast with the dire economic circumstances currently in the U.S.” — Mike Lugwig, Truthout
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Article
To Save the Economy, Save People First
Nov 18, 2020
Targeted Measures and Subsidies for Cost Effective COVID-19 Abatement
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Video
What is Feminist Economics?
Nov 18, 2020
“All of us, if we get old enough, need to be taken care of.”
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News
David Michaels and Gregory Wagner’s INET article was mentioned in Payday Report
Nov 17, 2020
“Former Obama-era OSHA Director Dr. David Michaels and Harvard Medical School professor Gregory Wagner also released a white paper outlining immediate steps that OSHA could take to stop the spread of COVID in the workplace. The steps range from issuing an emergency workplace standard to increasing fines to involving community groups in helping target non-compliant employers to use the power of OSHA’s public affairs to publicly shame corporations that won’t comply with COVID regulations. Go to the Institute for New Economic Thinking to check out their 11-part proposal to fight COVID in the workplace under a Biden Administration” — Mike Elk
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News
INET working paper is cited in a corrective letter to the editor of the Washington Post
Nov 17, 2020
“Her omission understates drug spending by almost one-third, or about $145 billion. She claimed most drugs are developed in pharmaceutical firms, but funding from the National Institutes of Health contributed to all 356 new drugs approved by the Food and Drug Administration from 2010 to 2019. Drug corporations take a handoff after the most risky research is done and a drug shows promise.” — David Mitchell
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Webinars and Events
Debt Talks Episode 4 | Do We Need a Debt Jubilee?
Webinarmoderated by Moritz Schularick with Sebnem Kalemli-Ozcan, Astra Taylor and Richard Vague
Hosted by Private Debt
Nov 17, 2020
What is the current situation in private indebtedness in the U.S.? Recent ideas suggest that excessive levels of debt are an obstacle to a quick recovery and sustained economic growth.
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News
Rob Johnson is quoted in Foreign Policy on Biden’s transition task force
Nov 16, 2020
Robert Johnson, the head of the progressive Institute for New Economic Thinking, calls the Biden task force a “real good group.” But he then asked: “What power will they really have … after the power of money bends the best designs in a self-interested direction?”
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Article
How Biden Can Protect Workers on Day 1
Nov 13, 2020
By fully utilizing the power of the Occupational Safety and Health Administration (OSHA), President Biden could take meaningful steps to keep workers safe during the pandemic, even without Congress’s help
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News
Dina Srinivasan’s INET funded research is discussed in Adweek
Nov 12, 2020
“Dina Srinivasan, a fellow with the Thurman Project at Yale University, noted how Google’s dominance in both search and display advertising are interrelated. Google’s power in the search market is not irrelevant to the advertising business, she noted in a recent academic paper.” — Ronan Shields
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News
Thomas Ferguson's article affluent authoritarianism is referenced in The Financial Times
Nov 11, 2020
“The role of money in US politics is fundamental. A recent updating of earlier research, released by the Institute for New Economic Thinking, confirms that the views of the top decile of the population largely determine policy. The inevitable frustrations of the rest give the parties their passionate voting blocs.” — Martin Wolf
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Webinars and Events
The Future of Work | Who’s Not Afraid of Robots? A Comparison of National Models
Webinarmoderated by Gillian Tett with Richard Baldwin, Leif Pagrotsky
Nov 10, 2020
Some nations have embraced new technologies, while others seem ill-prepared. What accounts for this difference?
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Article
James M. Buchanan, Segregation, and Virginia’s Massive Resistance
Nov 9, 2020
When segregationists fought against school integration, libertarian economist James Buchanan saw an opportunity for his private education plan
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News
INET working paper along with Thomas Ferguson's article are the focus of this Inequality article.
Nov 9, 2020
“Their new working paper, just published by the Institute for New Economic Thinking in New York, gives a rigorously technical analysis of what these tools reveal, and the Institute’s research director, Thomas Ferguson, has helpfully fashioned an introduction to — and a historical context for — the McGuire-Delahunt analysis that lay readers will find easily accessible. Ferguson, himself a pioneer in social science research on political decision making, points out that “the idea that public opinion powers at least the broad direction of public policy in formally democratic countries like the United States has been an article of faith in both political science and public economics for generations.” —Sam Pizzigati
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News
Thomas Ferguson's INET article affluent authoritarianism is discussed in Counterpunch
Nov 6, 2020
“Conveniently for present purposes, Naked Capitalism posted a piece by political scientist Thomas Ferguson on the determinants of political decision making— that is, on the ‘product’ that elected representatives produce. The punchline: ‘money,’ as defined by the interests of corporate executives and oligarchs, is the overwhelming determinant of ‘political’ outcomes. Advancing the public will— the liberal explanation; or the public interest, the explanation offered for representative democracy, have no bearing. The longstanding practice of fitting political outcomes into these theoretical frames to ‘explain’ public policies is scientific malpractice given Mr. Ferguson’s findings.” —- Rob Urie
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News
Rob Johnson joined Terrence McNally's podcast
Nov 6, 2020
“It looks as if Joe Biden will win a very tight electoral college victory against arguably the worst president in history in the midst of a deadly pandemic and crippled economy the incumbent has bungled disastrously. How could this election even be close? ROB JOHNSON, Executive Director of the Institute for New Economic Thinking (INET), and I talk about how we got here and what it’s going to take to move forward. As long as both parties depend on Wall Street and the 1% for funding, our real challenges - climate change, restoring the middle class, healthcare, systemic racism, etc.- will never truly be dealt with.” —- Terrence McNally
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YSI Event
YSI 2020 Plenary: New Economic Questions
Young Scholars Initiative Virtual Plenary
YSI
PlenaryNov 6–15, 2020
What are the 100 most pertinent economic questions facing our global societ?
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News
William Lazonick's research on stock buybacks is featured in Retail Dive
Nov 3, 2020
William Lazonick, president of the Academic-Industry Research Network and a professor emeritus of economics at the University of Massachusetts, who has devoted much of his research to the topic of buybacks, has written that the rule change “in effect gave corporations license to use open-market repurchases to manipulate the market.” … In an interview, Lazonick told Retail Dive, “These distributions to shareholders, particularly buybacks on top of dividends, are at the expense of keeping people employed, rewarding them for the work they’ve done, and investing in new products and processes.”
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Article
Affluent Authoritarianism: McGuire and Delahunt’s New Evidence on Public Opinion and Policy
Nov 2, 2020
New INET research shows once again that it’s large firms and the 1%—not the “median voter”—who drive U.S. policy
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News
INET working paper on NIH's funding of new pharmaceuticals is cited
Nov 2, 2020
“Third, U.S. taxpayers foot a huge portion of the bill for basic science leading to new drugs. The National Institutes of Health is the single largest source of biomedical research in the world. In fact, NIH funding contributed to research associated with every single new drug approved by the FDA from 2010-2019, totaling $230 billion according to a recent report.”
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Working Paper
Working Paper SeriesPredicting United States Policy Outcomes with Random Forests
Nov 2020
In this paper we analyze the Gilens dataset using the complementary tools of Random Forest classifiers (RFs), from Machine Learning.
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Article
Vera Songwe: "Let’s build forward better!"
Oct 30, 2020
In this interview, Dr. Vera Songwe, economist and Executive Secretary of the United Nations Economic Commission for Africa reflects on the ways that African governments have handled COVID-19, the role of the Continental Free Trade Agreement in turbo-charging future growth, the vital role of infrastructural investment and mobilising domestic resources for building forward better and greener.
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News
William Lazonick is quoted in on the stock market practices of Big Pharma
Oct 29, 2020
“Executives have an interest in getting the stock price up and price gouging customers is one way they can do this,” said William Lazonick, professor emeritus of economics at University of Massachusetts and co-founder of the Academic-Industry Research Network. While many drug companies argue that they use their vast profits to fund ongoing pharmaceutical innovation, Lazonick said, “we’ve shown that most of these companies don’t do that.” Instead, the soaring prices fuel soaring stock prices and executive pay, which is often based largely on that price.” — INET Grantee William Lazonick
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News
Alberto Baccini’s INET funded research on the impact of publishing incentives
Oct 29, 2020
“Alberto Baccini, an economist at the University of Siena in Italy, says that people assessing research should be aware that the process can have an influence on academics’ behavior. ‘For each research assessment, you can find some behavior that changes in a way that is not desirable for society,’ he says. A 2019 study conducted by Baccini and colleagues found that researchers in Italy have been citing their own work or that authored by other researchers based at Italian institutions more frequently in response to a 2010 policy that is used to make decisions on promotions based on the number of citations researchers accumulate.” — INET Grantee Alberto Baccini
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News
Lynn Parramore on Trump and America's ongoing manterrupter problem
Oct 28, 2020
“Obviously, there’s serious work to be done in changing cultural norms. Dealing with this disrespectful activity requires a versatile toolkit. … Fortunately, cultural norms can change. Challenges to traditional patriarchy and outdated workplace behavior, like the #MeToo movement, are already shifting notions of what is acceptable. Lesley Stahl has been a respected journalist for 50 years. Which means she likely knows better than anyone else that gaining a seat at the table doesn’t mean much if you can’t be heard over the din.” — INET Senior Research Analyst Lynn Parramore
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News
Andrew Sheng on Xi Jinping’s plan for Shenzhen
Oct 28, 2020
“In his speech, Xi pledged to uphold support for the Greater Bay Area initiative, and the Shenzhen plan includes specific measures to create employment and housing opportunities for Hong Kong’s young people. Driving forward the development of an economy as large and complex as China’s is a monumental feat in the best of times – not least because there are no models to emulate. Amid hostile external conditions, the challenge is even greater. But with the Shenzhen plan – and the broader adaptation and implementation of the city’s successful reforms – China may well be able to meet it.” - INET Expert Andrew Sheng, member of Commission on Global Economic Transformation
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Video
Has Economic Theory Failed?
Oct 28, 2020
George Soros explains why there is no mathematical equation that can define humanity.
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Article
"Shadow" Lobbyists Run Rampant in the Swamp
Oct 27, 2020
Unregistered lobbyists, including former members of Congress, are a key resource for lobbying firms
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Working Paper
Working Paper SeriesShadow Lobbyists
Oct 2020
Unregistered lobbyists, including former members of Congress, are a key resource for lobbying firms
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Webinars and Events
The Future of Work | The Work of Future: How Will Work Be Different?
Webinarmoderated by Steve Clemons with Erik Brynjolfsson, Nancy Folbre and Kai-Fu Lee
Oct 27, 2020
In the future, how will work be different, what jobs are most at risk, what jobs are likely to grow?
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Article
Cybersecurity Expert: What the Media Miss on America’s Election Risks
Oct 23, 2020
David Mussington, a leading expert on cybersecurity, reveals what’s worrying him, from Facebook to foreign interference.
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Article
Profits Over Human Life? ER Doctor’s Story is Fearful Lesson for U.S. Workers During Pandemic
Oct 20, 2020
Dr. Ming Lin spoke out about Covid safety at his hospital and was fired. He’s fighting back against a system that put profits over human life.
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Webinars and Events
Debt Talks Episode 3 | How Bad Can It Still Get? Credit Risks, Debt Overhang, and the COVID-19 Recession
WebinarClick to Register | moderated by Moritz Schularick with Megan Greene, Anatole Koletsky and Yueran Ma
Hosted by Private Debt
Oct 20, 2020
What is the current situation in credit markets? Will an overhang of debt on corporate balance sheets slow down the recovery from the COVID recession and be a drag on investment going forward? Does the COVID recession still have the potential to turn into a broader financial meltdown?
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Article
Is This Time Different? Data, Artificial Intelligence, and Robots
Oct 14, 2020
A summary of INET’s latest Future of Work episode
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Collection
Masters Series
A tribute to stories and legacies of great economic thinkers like Kari Polanyi Levitt, Nancy Folbre, Dierdre McCloskey, Anwar Shaikh, Axel Leijonhufvud, James Crotty, Luigi Pasinetti & Marcello de Cecco
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Article
Mossadeck Bally, CEO Azalaï Hotels Group : « Le secteur privé africain doit faire partie intégrante des plans de relance économique »
Oct 13, 2020
Dans le cadre de cet entretien, Mr. Mossadeck Bally, C.E.O, Azalai Hotels Group et membre du GRAIN (Groupe de Réflexion, d’Actions et d’Initiatives Novatrices) revient sur les impacts économiques de la pandémie du COVID-19 sur son groupe hôtelier, le rôle du secteur privé malien dans le plan de relance économique, l’emploi des jeunes et les solutions qui doivent être apportées à la crise politique au Mali.
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Article
Mossadeck Bally, CEO Azalaï Hotels group: "Africa’s Economic Recovery Plans Must Involve the Private Sector as an Integral Part"
Oct 13, 2020
In this interview, Mr. Mossadeck Bally, a Malian businessman and CEO of Azalai Hotels Group and member of GRAIN (Group of Reflection, Actions and Innovative Initiatives) discusses the economic impacts of the COVID-19 pandemic on his hotel group, the role of the Malian private sector in the economic recovery plan, youth employment and the solutions that must be provided to the political crisis in Mali.
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Webinars and Events
The Future of Work | Bad Timing: Offshoring Meets Automation
Webinarwith Brad Delong, Rana Foroohar and Damon Silvers; moderated by David Sirota
Oct 13, 2020
The combination of technological disruption and economic globalization have resulted in stagnating wages, middle class job losses, and declining labor power in many developed countries. How did this happen and how could we respond?
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Article
Janeway on Ramsey and Keynes: A Comment
Oct 7, 2020
Lance Taylor responds to William Janeway’s essay on John Maynard Keynes and Frank Ramsey. Janeway then offers his response.
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Video
Can Economics Save the Environment?
Oct 7, 2020
We need to get smarter about how we think about climate change and its impacts.
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Webinars and Events
The Future of Work | Is This Time Different? Data, Artificial Intelligence & Robots
Webinarwith Jed Kolko, Shivani Nayyar and Siddharth Suri; moderated by Rob Johnson
Oct 6, 2020
Are there aspects of modern technology, made possible by unprecedented computing power and connectivity, that make them distinctively different from previous eras? If so, what are the implications?