Andrea Terzi: Fixing The Eurozone Architecture New Economic Thinking 2014-10-09 | The European project, which was designed to bring lasting peace to the continent, is under threat. How? Through the insistence of elites that a common currency should be imposed, but under conditions that would make such a currency unviable. This may seem harsh, but consider the following questions: Hasn’t the euro experiment largely failed to meet the needs of the people who use it? Hasn’t the financial crisis torn apart any sense of common purpose in Europe, with the wealthier North pitted against the poorer South? Hasn’t the crisis proven that the common currency zone is incapable of withstanding significant negative demand shocks without imposing massive costs on the less advantaged, and without extraordinary interventions, such as bailouts, which arguably flout the original design principles?Yes, yes, and sadly yes. It is true, on one level, that the European Central Bank has been responsible for the continuation of the eurozone over the course of the crisis, with several national governments now dependent on the ECB buying their official paper in secondary bond markets at heavily discounted to par prices for their solvency. As soon as the ECB stops acting as a “fiscal agent” then the member states will go broke one after another.The European Monetary Union has failed as a monetary system and has been unable to unify Europe. Like Charlemagne’s religious unification, the “unity” that is tied up in the common currency is oppressive and will fail in the longer-term unless serious design changes are made to the system. In the current environment you have a solvency crisis, which is feeding into the banking system because a large proportion of their assets are euro-denominated government bonds. Going down the path of “voluntary” haircuts and forced recapitalizations will simply set off a massive debt deflation spiral. We will see bank’s fire-selling assets left and right – management will not issue equity at these miserably low price to book values. This, in turn, will depress economic activity even further, widen the very public deficits that are so exorcising the eurozone’s policy making elite, and bring us back to square one. Already the guns are being turned on Italy now that Greece is on the threshold of being “solved.” Clearly, a new approach is required. In this interview, Prof. Andrea Terzi of Franklin University in Switzerland readily acknowledges the flawed architecture at the heart of the eurozone and suggests that a more robust fiscal response is required. But, given the absence of a federal fiscal structure, he suggests that the ECB has been correct in responding to the EMU’s solvency mess by conducting large-scale bond purchases in the secondary market (which, unlike direct purchases of government debt, is not contrary to the Treaty of Maastricht rules) for the debt of the EMU nations. Why not go further? Terzi suggests a proposal whereby Eurozone nations agree on a 50% cut of Value Added Taxes across all 18 (soon 19) members. This creates an additional Eurozone deficit in the magnitude of 3.8% of Eurozone's GDP. Such cut would be "funded" through issuing Eurobonds, or Union bonds, guaranteed by the ECB. The lost revenue would not be counted at the national level in the national compliance of the fiscal compact. The across-the-board criteria would establish a program that is neither a targeted bailout nor a reward for bad behavior.This change in the fiscal stance of the entire Eurozone would immediately increase the quantity of euros in circulation, much more effectively than any quantitative easing initiative that the ECB may be undertaking. It would in turn ease credit fears without triggering additional national government spending. The result would be to dramatically ease credit tensions and foster aggregate demand and job creation in the Eurozone.Terzi discusses this and other innovative ideas in the interview.
The Economics of War & Peace | TEASER New Economic Thinking 2024-10-18 | Economics can either fuel conflict or pave the way to lasting peace, the choice is ours.In this seven-part series, Professor James K. Boyce challenges conventional economic thinking by exploring the complex relationship between conflict and economics. From analyzing the economic drivers of war to reimagining how we invest in peace, Boyce offers a fresh perspective on the policies and principles that can lead to a more peaceful, equitable world.Learn more at http://econofwar.orgDirected by Matthew KulvickiProduced by Nick Alpha
Why Care About Wars? | The Economics of War & Peace Episode 1 New Economic Thinking 2024-10-16 | In this episode, Professor James Boyce confronts the traditional view that war and peace are not “economic” problems. Economists often leave the study of war to political scientists or assume that efficient markets naturally reduce the risk of conflict. Boyce challenges this mindset by emphasizing the three critical costs of war: human, financial, and environmental. By recognizing the staggering impact of these costs, Boyce makes a compelling case for why economists must actively engage in the analysis of war and peace. Drawing on his experience in El Salvador after the 1992 Chapultepec Peace Accords, he illustrates how economics plays a crucial role in both conflict resolution and peacebuilding.Learn more at http://econofwar.orgDirected by Matthew KulvickiProduced by Nick Alpha
The Economics of War & Peace | TRAILER New Economic Thinking 2024-10-16 | Economics can either fuel conflict or pave the way to lasting peace, the choice is ours.In this seven-part series, Professor James K. Boyce challenges conventional economic thinking by exploring the complex relationship between conflict and economics. From analyzing the economic drivers of war to reimagining how we invest in peace, Boyce offers a fresh perspective on the policies and principles that can lead to a more peaceful, equitable world.Learn more at http://econofwar.orgDirected by Matthew KulvickiProduced by Nick Alpha
The War Machine [James K. Boyce] New Economic Thinking 2024-10-09 | If we want durable peace, we need to look for more than just economic expansion.James K. Boyce (@UMass.Amherst @PERIeconomics) explains how horizontal inequalities and economic policies can stoke or settle conflicts.Learn more about his work at jameskboyce.comDirected by Matthew Kulvicki
Inside the Loan Shark Economy New Economic Thinking 2024-09-25 | Kevin Lang, an economist at Boston University, explores the often misunderstood world of loan sharking, particularly in Singapore. Contrary to the violent stereotypes portrayed in media, Lang's research reveals a system built on trust and relational contracts, where borrowers seek to maintain long-term borrowing relationships, and loan sharks avoid physical violence to keep customers returning. He also highlights the challenges borrowers face, including the effects of rising interest rates and the impact of relying on friends and family for repayment.Learn more about his work at https://sites.bu.edu/kevinlang/
Closing the Racial Wealth Gap New Economic Thinking 2024-09-18 | Bringing together 150 years of data, Ellora Derenoncourt is shedding new light on our understanding of the historical roots and persistent challenges of the U.S. racial wealth gap. This new picture highlights the scale of policies needed to achieve economic equality.Learn more about her work at elloraderenoncourt.comDerenoncourt's research shows that while there was initial progress in wealth convergence, by the mid-20th century, the gap had stagnated and has since diverged further. Derenoncourt explores how differences in savings, income, and investment opportunities explain the gap's persistence, highlighting that conventional policy approaches are insufficient. Instead, she discusses more ambitious proposals, such as reparations, to address systemic inequality.Ellora Derenoncourt is Assistant Professor of Economics at Princeton University and a member of the Industrial Relations Section of Princeton Economics. She is also the founder and faculty director for the Program for Research on Inequality at Princeton Economics.
The Power of Free Public Transit New Economic Thinking 2024-09-11 | Eliminating transit fares can transform lives, connect people to jobs, healthcare, and essential services in more equitable ways.David Phillips (@NotreDame) discusses the impact of free public transportation on mobility, particularly for low-income individuals. Focusing on a study conducted in King County, Washington, Phillips examines how eliminating bus fares doubled transit use, expanding both access and opportunity. However, he also highlights the trade-offs transit agencies face, balancing fare policies with service quality and budget constraints.Published paper on transit use:sciencedirect.com/science/article/pii/S0166046222000436Working paper on employment and other outcomes: github.com/dphill12/Papers-by-David-C-Phillips/blob/main/BroughFreedmanPhillips_Manuscript.pdfResults for American case study on the project: catalog.results4america.org/case-studies/subsidized-transit-king-county-waLearn more about his work: sites.google.com/site/davidcphillipseconomics
Slaverys Legacy & the Human Cost of Efficiency New Economic Thinking 2024-09-04 | Trevon Logan, a professor of economics at @theohiostateuniversity, critically examines the notion of efficiency in the context of slavery, highlighting the human cost and inefficiency of forced labor in the Antebellum South. He argues that traditional economic models fail to account for the true human cost of slavery, focusing solely on output and profit while ignoring the lives and agency of the enslaved. Logan emphasizes the need to reevaluate historical narratives to fully understand the dehumanizing effects of slavery and its enduring impact on racial inequality today.Watch the first part of this interview: youtube.com/watch?v=Pt2DCd59-2U&t=35sLearn more about his work at https://economics.osu.edu/people/logan.155
The Productivity Puzzle New Economic Thinking 2024-08-28 | There's more to the census than demographics.Lucia Foster, Chief Economist at the U.S. Census Bureau, examines the relationship between management practices and productivity in businesses. Through a comprehensive study involving data from 14 countries, Foster highlights how structured management practices—focusing on monitoring, targeting, and incentives—correlate with higher productivity and larger business scale. She discusses the persistent variations in management practices and their impact on business outcomes, emphasizing the importance of understanding these dynamics to drive economic growth and improve living standards.Explore her work at scholar.google.com/citations?hl=en&user=0UTBhgkAAAAJ
The Joy of Teaching: Unlocking the Power of Pluralism in Economics New Economic Thinking 2024-08-21 | How can we supercharge intellectual curiosity and improve student engagement?Geoff Schneider, a professor of economics at Bucknell University and executive director of ICAPE, discusses his journey in embracing pluralism in economics education. He highlights the importance of exposing students to a wide range of economic perspectives, fostering critical thinking, and creating an engaging learning environment. Schneider's passion for teaching stems from his own experiences with inspiring educators and his commitment to helping students discover their latent intellectual passions. He emphasizes the need for ethical, inclusive, and transformative teaching practices that go beyond conventional methods.Learn more about his work: https://www.bucknell.edu/fac-staff/geoff-schneider
Chinas Competitive Edge New Economic Thinking 2024-08-14 | How do political systems drive trade growth?Justin Yifu Lin, a professor at Peking University, discusses how China's political system has played a crucial role in its economic development. He explains the hierarchical structure of government and the mobility of local officials, which allows them to accumulate and transfer valuable experience in organizing production and exports. This system has enabled China to capitalize on competitive advantages, particularly in manufacturing, leading to its position as the world's largest exporter. Lin emphasizes the importance of understanding institutional impacts on economic growth and productivity.Learn more about his work: https://www.nse.pku.edu.cn/en/people/professor/245722.htm
The Illusion of Migration as Development New Economic Thinking 2024-08-07 | Immanuel Ness critiques the belief that migration drives economic development, revealing how it often merely aids survival and perpetuates exploitation.For more on this topic, read his book, "Migration as Economic Imperialism" politybooks.com/bookdetail?book_slug=migration-as-economic-imperialism-how-international-labour-mobility-undermines-economic-development-in-poor-countries--9781509553983Learn more about his work at immanuelness.comImmanuel Ness, a professor of political science at Brooklyn College, examines the limited benefits and significant drawbacks of migration as a development strategy. He argues that migration, often framed as a solution for economic growth, primarily helps individuals survive rather than fostering genuine development. Ness highlights the exploitative nature of current migration regimes, emphasizing the disparity between wealthy and poorer nations. He calls for a rethinking of migration policies, advocating for greater mobility rights and a development approach originating from the Global South.
America’s Burning: David Smick on the American Dream New Economic Thinking 2024-07-31 | Rob talks with David Smick about his new film "America’s Burning" and the inspiration for the project.Find a screening and learn more at:americasburningfilm.comFrom Executive Producers Michael Douglas and Barry Levinson, America’s Burning draws on an amazing collection of thinkers and strategists, from James Carville and Amy Chua to Ian Bremmer and Leon Panetta, as New York Times best-selling author David Smick guides the viewer on a journey to discover the reasons for today’s hate and division — and rising risk of civil war. For 40 years, the US economy has been a paradox. It’s been an extraordinary wealth-creating machine, but only for the half of the country that owns stocks. Capitalism has, as James Carville put it, become “a racket” — the ultimate corporate insider’s club, a system centrally controlled by the well-connected few. As a result, the middle class is shrinking and the American Dream’s promise of social mobility for all who work hard is dying. A new Velvet Rope Society of brains and money has cut itself off from the rest of America. Working families feel forgotten and angry, but it doesn’t have to be this way. America has an impressive history of resilience. Narrated by Michael Douglas, the film shows why our best days could still lie ahead.
Solidarity: A World-Changing Idea New Economic Thinking 2024-07-17 | We need collective action and social movements to bring about change, but where is our sense of community and shared identity?Leah Hunt-Hendrix and Astra Taylor talk to Rob about their recently released book, "Solidarity: The Past, Present, and Future of a World-Changing Idea." The wide-ranging conversation covers the importance of solidarity in addressing the current crises of economic inequality, climate change, and democracy.Learn more: penguinrandomhouse.com/books/740355/solidarity-by-leah-hunt-hendrix-and-astra-taylor
Learning & Mislearning from China | The Economics of China Episode 7 New Economic Thinking 2024-07-10 | In Episode 7, Ang warns against the two extremes of blindly copying China when it prospers and abandoning the value of its experience when it stumbles. This pattern has been repeated in attempts to learn from the rise of Europe, America, East Asia, and now China. In taking lessons, we must be aware of what to learn and what not to learn. Learn more at http://economicsofchina.orgProduced by Matthew Kulvicki, Nick Alpha & Kurt Semm
Clash of Two Gilded Ages | The Economics of China Episode 6 New Economic Thinking 2024-07-03 | Despite their great power rivalry, America and China are more similar than most people think. Both are living through a Gilded Age and struggling to end the excesses of capitalism.In Episode 6, Professor Ang shows us that while the U.S. and China are similar, this does not mean they are identical. America is a democracy, whereas one party rules China. Thus, the two countries are pursuing progressive reforms very differently. Learn more at http://economicsofchina.orgProduced by Matthew Kulvicki, Nick Alpha & Kurt Semm
China’s Gilded Age | The Economics of China Episode 5 New Economic Thinking 2024-06-26 | Why didn’t corruption impede economic growth in China? In episode 5, Professor Ang explains the paradox of Chinese development paired with a crisis of corruption. Learn more at http://economicsofchina.orgProduced by Matthew Kulvicki, Nick Alpha & Kurt Semm
Using What You Have | The Economics of China Episode 4 New Economic Thinking 2024-06-19 | In Episode 4, Professor Ang explains why conventional linear theories of “growth first,” “good institutions first,” or “fortunate histories first” have all failed to explain how development actually happened, not only in China, but also elsewhere. Development is a three-step coevolutionary process, and the first step, she shows, is “using what you have”--local actors using indigenous resources and local knowledge to kick-start entrepreneurial activities.Learn more at http://economicsofchina.orgProduced by Matthew Kulvicki, Nick Alpha & Kurt Semm
Let Many China Models Bloom | The Economics of China Episode 3 New Economic Thinking 2024-06-12 | Modeling China is tricky, depending on where (and when) you look within the country, particularly given its large size and rapid changes. So, what is the constant?Professor Ang introduces how “directed improvisation” works in China—a blend of top-down direction and bottom-up improvisation, producing diverse local solutions. Learn more at http://economicsofchina.orgProduced by Matthew Kulvicki, Nick Alpha & Kurt Semm
Deng’s Hidden Political Revolution | The Economics of China Episode 2 New Economic Thinking 2024-06-05 | What is the real political foundation for Chinese growth?In Episode 2, Professor Ang rejects the popular impression that China undertook economic reforms without political reforms. In reality, she reveals, Deng launched a hidden political revolution in the manner of bureaucratic reforms rather than Western-style democracy.Learn more at http://economicsofchina.orgHow can we understand the bright and dark sides of China’s gilded rise? Through the lens of American history.In this seven-episode series, Yuen Yuen Ang explains how China escaped poverty and became the second largest economy in the world. Rejecting popular assumptions of Chinese exceptionalism, she shows that China’s path to a mixture of wealth and capitalist excesses is more like the American experience than most people think.Produced by Matthew Kulvicki, Nick Alpha & Kurt Semm
Three Chinas | The Economics of China Episode 1 New Economic Thinking 2024-05-29 | How much do you really know about the history of modern China?In Episode 1, Professor Ang introduces the differences in Chinese development under Mao, Deng, and Xi.Learn more at http://economicsofchina.orgHow can we understand the bright and dark sides of China’s gilded rise? Through the lens of American history.In this seven-episode series, Yuen Yuen Ang explains how China escaped poverty and became the second largest economy in the world. Rejecting popular assumptions of Chinese exceptionalism, she shows that China’s path to a mixture of wealth and capitalist excesses is more like the American experience than most people think.Produced by Matthew Kulvicki, Nick Alpha & Kurt Semm
The Economics of China | Trailer New Economic Thinking 2024-05-29 | How can we understand the bright and dark sides of China’s gilded rise? Through the lens of American history.In this seven-episode series, Yuen Yuen Ang explains how China escaped poverty and became the second largest economy in the world. Rejecting popular assumptions of Chinese exceptionalism, she shows that China’s path to a mixture of wealth and capitalist excesses is more like the American experience than most people think.Learn more at http://economicsofchina.orgProduced by Matthew Kulvicki, Nick Alpha & Kurt Semm
The China Miracle? [Yuen Yuen Ang] New Economic Thinking 2024-05-22 | If we are to work toward a better future, we must look beyond the surface, and understand the multifaceted reality of China's ascent in the global arena.Drawing parallels to America's Gilded Age, Yuen Yuen Ang emphasizes that modernization comes with both progress and disruption. Ang (Alfred Chandler Chair Professor of Political Economy at @JohnsHopkins) provides a small window into her research, juxtaposing China's impressive economic achievements with the accompanying challenges of corruption, inequality, and environmental degradation. Learn more about her work at sites.google.com/view/yuenyuenang
Bumpy Roads & Better Government New Economic Thinking 2024-05-15 | Ed Glaeser, a @harvard economist specializing in cities and infrastructure, emphasizes the importance of everyday infrastructure, such as road quality, in improving the daily lives of millions. Using vertical acceleration data from Uber rides, he quantifies the costs of bumpy roads, revealing significant disparities in infrastructure quality across different neighborhoods. Glaeser argues that enhancing basic services and focusing on better governance can lead to substantial improvements in public welfare, moving beyond the debate of bigger versus smaller government to more effective governance.Learn more about his work: https://scholar.harvard.edu/glaeser/home
The Evolving Dynamics of Global Dollar Funding New Economic Thinking 2024-05-07 | Elham Saeidinezhad (@barnardcollege) discusses the complex world of global dollar funding, revealing how non-banks and synthetic instruments are reshaping financial landscapes.Learn more at: elhamsaeidinezhad.com
Re-Animating Economics New Economic Thinking 2024-05-01 | Economics can do better, and the change starts with you.Explore the series... before it's too late!youtube.com/playlist?list=PLmtuEaMvhDZZWpG0TlWwklST0OhZfBPqkINET Animates is our award-winning series in which top thinkers share their insights and opinions on issues they believe all people should understand.Created by Nick AlphaProduced by Matthew Kulvicki
Rekindling the Spirit of Innovation New Economic Thinking 2024-04-24 | What happened to the excitement of creativity and innovation?Edmund Phelps, Nobel Prize winner and esteemed economist, reflects on the diminishing sense of creativity and discovery that once thrived from the late 19th century to the 1970s. He discusses how contemporary American society, preoccupied with financial comparisons and material success, has strayed from the exhilarating pursuit of innovative and creative endeavors. Phelps expresses cautious optimism for a revival of this spirited era, emphasizing the intrinsic joy and personal fulfillment that creative work can bring, and critiques the idea of universal basic income, advocating instead for work that empowers personal development and societal engagement.Learn more about his work https://www.columbia.edu/~esp2/
Unequal Cities: Overcoming Anti-Urban Bias to Reduce Inequality in the United States New Economic Thinking 2024-04-17 | Are cities being held back?Rick McGahey (@thenewschool) explores the deep-rooted inequalities in American cities and the systemic challenges that perpetuate them, from racial disparities to economic divisions.More about the book: https://cup.columbia.edu/book/unequal-cities/9780231173346Cities are central to prosperity: they are hubs of innovation and growth. However, the economic vitality of wealthy cities is marred by persistent and pervasive inequality—and deeply entrenched anti-urban policies and politics limit the options to address it. Structural racism, suburban subsidies, regional government fragmentation, the hostility of state legislatures, and federal policy all contribute to an unequal status quo that underfunds cities while preventing them from pursuing fairer outcomes.Economist Richard McGahey explores how cities can foster equitable economic growth despite the obstacles in their way. Drawing on economic and historical analysis as well as his extensive experience in government and philanthropy, he examines the failures of public policy and conventional economic wisdom that have led to the neglect of American cities and highlights opportunities for reform. Unequal Cities features detailed case studies of New York, Detroit, and Los Angeles, tracing how their attempts to achieve greater equity foundered because of the fiscal and political constraints imposed on them. McGahey identifies key lessons about the political coalitions that can overcome anti-urban biases, arguing that alliances among unions, environmentalists, and communities of color can help cities thrive. But he warns that cities cannot solve inequality on their own: political action at state and federal levels is necessary to achieve systemic change.Shedding light on the forces that produced today’s dysfunction and disparities, Unequal Cities provides timely policy prescriptions to promote both growth and equity.
Can You Trust the Experts? New Economic Thinking 2024-04-10 | Sandra Peart (@UniversityofRichmond) examines the complex relationship between experts and policy-making, advocating for transparency, competition, and ethical guidelines to ensure informed and unbiased decisions.Learn more about her work at https://jepson.richmond.edu/faculty/bios/speart/
The Medicare Maze [Eileen Appelbaum] New Economic Thinking 2024-04-03 | Your health shouldn't be someone else's wealth.Eileen Appelbaum takes a critical look at Medicare Advantage, exposing how it falls short of its cost-saving and quality-enhancing promises, burdening taxpayers and compromising patient care.Learn more about her work at cepr.net/staff-member/eileen-appelbaum
Hysteresis and the Economy New Economic Thinking 2024-03-27 | Mark Setterfield delves into the concept of hysteresis to explore whether temporary economic shocks like the COVID-19 recession have lasting effects on the economy.Setterfield, Professor of Economics at the New School for Social Research, explores how such temporary events can have enduring effects on economic outcomes, distinguishing between temporary and extreme effects and their potential to cause permanent changes. He discusses both the demand and supply sides of the economy, questioning the long-term impact of the pandemic on household behavior, labor market dynamics, and aggregate demand and supply conditions. Setterfield's insights provide a nuanced understanding of the economy's path-dependent nature and the role of policy interventions in mitigating adverse effects.Learn more at https://www.newschool.edu/nssr/faculty/Mark-Setterfield/ “Will hysteresis effects afflict the US economy during the post-COVID recovery?” Review of Keynesian Economics, 11, 4, 507-528 (2023). “Inflation and distribution during the post-COVID recovery: a Kaleckian approach,” Journal of Post Keynesian Economics, 46, 4, 587-611 (2023). “Political aspects of ‘buffer stock’ employment: a reconsideration,” Cambridge Journal of Economics, 47, 6, 1171-86 (2023) (with Peter Kriesler and Joseph Halevi).Capitalism, Inclusive Growth, and Social Protection: Inherent Contradiction or Achievable Vision? http://www.e-elgar.com/shop/usd/capitalism-inclusive-growth-and-social-protection-9781786433060.html Cheltenham, UK: Edward Elgar (2023) (with Hagen Krämer and Christian Proaño).
The Hidden Traps in Auto Loans New Economic Thinking 2024-03-13 | Many auto loans are designed to fail. Thomas Herndon investigates the dark side of consumer finance, that prioritizes profit over people.
Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy New Economic Thinking 2024-03-06 | Teresa Ghilarducci (@thenewschool) critically examines the trend of extending work life and its impact on retirement security. In her new book "Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy" she challenges the notion that working longer is a universal solution to pension shortfalls, highlighting its negative consequences on older workers, particularly in physically demanding jobs. Ghilarducci introduces the Gray New Deal, aiming to overhaul the retirement system by increasing Social Security benefits and providing universal pensions, independent of employers. This comprehensive plan seeks to address the inequalities exacerbated by the current system and ensure a dignified retirement for all.Find the book:https://press.uchicago.edu/ucp/books/book/chicago/W/bo212888995.html
Sanctions: To Russia with Love New Economic Thinking 2024-02-28 | James Galbraith challenges common perceptions about western sanctions and their impact on Russia, revealing unexpected outcomes for its economy and development.Contrary to the goals of defunding the war and degrading Russia's military capacity, sanctions have led to economic adjustments that have fostered Russia's independent development. Galbraith points out that despite initial disruptions, Russia adapted by focusing on domestic production and diversifying its economic partnerships. This analysis provides a nuanced view of economic sanctions' real-world impacts, suggesting that their effectiveness and consequences are more complex than commonly understood.
Navigating Economic Crises New Economic Thinking 2024-02-21 | Claudia Sahm delves into the lessons from past recessions and the critical role of automatic stabilizers in economic recovery. Discover her insights on striking the right fiscal balance, and ensuring swift, politics-free economic relief.Learn more:https://www.brookings.edu/wp-content/uploads/2019/05/ES_THP_Sahm_web_20190506.pdfAbout Claudia Sahm:claudiasahm.com
Empowering Communities New Economic Thinking 2024-02-14 | Jo-Anne Rolle, Dean of the School of Business at Medgar Evers College, emphasizes the critical role of entrepreneurship and technology in revitalizing local economies and addressing societal issues. With a rich background in economics and a passion for equity, Rolle advocates for creating economic engines within communities to generate jobs and wealth. Highlighting the importance of listening and understanding diverse perspectives, she underscores the necessity of innovative solutions and personal involvement in fostering change. Rolle's work, deeply influenced by her experiences and insights, calls for collaborative efforts in leveraging technology and entrepreneurship to bridge economic gaps and empower underserved populations.
The Baby Formula [Darrick Hamilton] New Economic Thinking 2024-02-07 | A fair start for every child? Let's make it reality.Darrick Hamilton explains how #BabyBonds are more than policy, they're an investment in human potential. By challenging traditional views on governmental support, we can create a society rooted in equal economic rights and opportunities.Learn more at racepowerpolicy.org/baby-bondsProduced by Matthew Kulvicki & Nick Alpha
A Paradigm Shift Towards Ecological Restoration New Economic Thinking 2024-01-31 | "We need to figure out new ways to relate to the earth."Ann Davis (@Marist) shares her approach to economics, in which ecological principles take center stage to reshape our relationship with the planet.Davis challenges traditional economic frameworks, advocating for a paradigm shift that acknowledges the ecological impacts of economic activities. She critiques mainstream economics for its shortcomings in addressing climate change, such as the disregard for disposal costs and time-dependency of CO2 accumulation. Davis emphasizes the systemic nature of climate change, arguing that current economic models fail to consider the holistic relationship between humans and the Earth. She proposes a shift from individual property rights to collective property models, with examples like co-ops and co-housing, to foster a more sustainable interaction with the environment. Davis also discusses the potential of local communities to prioritize ecological restoration and collectively manage resources like watersheds. Her vision extends to redefining global finance, suggesting that investments and credit should focus on restoring both people and the planet. This approach envisions a collaborative and ecologically aware global community, rethinking traditional concepts of property and resource utilization in favor of a more sustainable and equitable future. Davis's ideas represent a significant shift in economic thought, prioritizing ecological integrity and collective well-being over individual profit and property rights.
Can Crypto Be Socially Valuable? New Economic Thinking 2024-01-24 | Agostino Capponi emphasizes the need for cryptocurrencies to generate value through useful services provided by their underlying blockchains, rather than from speculative activities. Capponi is a professor of Industrial Engineering and Operations Research at @columbia, where he is also the director of the Center for Digital Finance and Technologies, and a member of the Data Science Institute.Learn more at https://www.columbia.edu/~ac3827/
Busting the Bankers Club: Finance for the Rest of Us New Economic Thinking 2024-01-17 | Gerald Epstein discusses his latest book, and takes us beyond the "Bankers' Club," exploring how public institutions can challenge the dominance of private banks.About the Bookhttps://www.ucpress.edu/book/9780520385641/busting-the-bankers-clubAn eye-opening account of the failures of our financial system, the sources of its staying power, and the path to meaningful economic reform.Bankers brought the global economic system to its knees in 2007 and nearly did the same in 2020. Both times, the US government bailed out the banks and left them in control. How can we end this cycle of trillion-dollar bailouts and make finance work for the rest of us? Busting the Bankers' Club confronts the powerful people and institutions that benefit from our broken financial system—and the struggle to create an alternative.Drawing from decades of research on the history, economics, and politics of banking, economist Gerald Epstein shows that any meaningful reform will require breaking up this club of politicians, economists, lawyers, and CEOs who sustain the status quo. Thankfully, there are thousands of activists, experts, and public officials who are working to do just that. Clear-eyed and hopeful, Busting the Bankers' Club centers the individuals and groups fighting for a financial system that will better serve the needs of the marginalized and support important transitions to a greener, fairer economy.
How Stock Buybacks Fuel the Racial Wealth Gap New Economic Thinking 2024-01-10 | Lenore Palladino (@UMass.Amherst) explains how stock buybacks drive inequality, and why we desperately need a policy shift.Palladino highlights how these unregulated practices, booming since the 1980s, not only manipulate market prices but also significantly influence the racial wealth gap in the United States. She explains that shareholder primacy, a doctrine deeply embedded in corporate law, prioritizes increasing share prices over other aspects of corporate responsibility. This focus disproportionately benefits wealthy, predominantly white households, who own most corporate equity, exacerbating the racial wealth gap. Moreover, she criticizes the extensive funds spent on stock buybacks, around $6.3 trillion in the 2010s, which could otherwise enhance corporate productivity and worker wages. Palladino advocates for regulatory changes and new legislation to address these issues, emphasizing the importance of industrial policy-making and investment in public welfare over shareholder gains. Her insights offer a critical perspective on the intersection of corporate practices, market manipulation, and social inequality.Learn more at lenorepalladino.com
Barbara Bergman: Pioneering Feminist Economist & Advocate for Economic Diversity New Economic Thinking 2024-01-03 | Professor Sarah Small (@EconomicsUofUtah) pays tribute to the remarkable feminist economist, Barbara Bergman. Bergman's groundbreaking work in the field of feminist economics challenged conventional economic theories and emphasized the significance of power, patriarchy, and social provisioning. Small explores Bergman's influential Occupational Crowding Hypothesis, which shed light on labor market discrimination, and the personal experiences that fueled her commitment to economic equality.
The Ghost Budget: Paying for Americas Post 9/11 Wars New Economic Thinking 2023-12-20 | Linda Bilmes (@HarvardKennedySchool) explains the unprecedented shift in how the wars in Iraq and Afghanistan were financed, contrasting sharply with historical norms. From reliance on debt to the minimal oversight of emergency spending, discover how these critical decisions shaped the nation's economic landscape and potentially prolonged conflicts.Professor Linda Bilmes is an expert on budgeting and public finance. She is a full-time faculty member at the Harvard Kennedy School and a former Assistant Secretary and Chief Financial Officer of the US Department of Commerce. She has co-authored multiple books and book chapters, including the international bestseller The Three Trillion Dollar War and has written extensively on the cost of war, veterans’ issues, national parks, municipal budgeting and financial topics. She has featured in several films, including Charles’ Ferguson’s award-winning documentary No End In Sight. She serves as the sole US member of the United Nations Committee of Experts on Public Administration. Her research has been published in the New York Times, Financial Times, Washington Post, Los Angeles Times, Boston Globe, Foreign Policy, The Atlantic, Barron’s, and other media. She is a member of the Council on Foreign Relations, a Fellow of the National Academy of Public Administration and holds a BA and MBA from Harvard University and a D.Phil. from the University of Oxford.Learn more at https://scholar.harvard.edu/lbilmes/home
The Economics of Abundance New Economic Thinking 2023-12-13 | In part 2 of our conversation with Professor Jessica Gordon Nembhard (@JohnJayCollegeCUNY) she goes deeper into the power of cooperatives and their positive impacts on society and democracy.Watch Part 1 youtu.be/zTSMDGZB3nMLearn more about her work https://www.jjay.cuny.edu/faculty/jessica-gordon-nembhard
An Immigrant Economist Explores the Land of Inequality New Economic Thinking 2023-12-06 | Economics Nobel laureate Sir Angus Deaton discusses his latest book, Economics in America, which takes an autobiographical approach to how the field of economics addresses the most pressing issues of our time—from poverty, retirement, and the minimum wage to the ravages of the nation’s uniquely disastrous health care system.
Quantifying Sexual Harassment New Economic Thinking 2023-11-29 | Giulia Zacchia (@SapienzaRoma) focuses on the dynamics of power and gender in the labor market, revealing how sexual harassment not only impacts individual women but also perpetuates broader societal inequalities. From exploring the challenges in defining and quantifying sexual harassment to examining its multifaceted impact on wages and career trajectories, Zacchia offers a nuanced understanding of this pervasive issue.Learn more about Zacchia's work atineteconomics.org/research/experts/gzacchia
Sympathy for Homo Economicus New Economic Thinking 2023-11-22 | Is self-interest the best way to organize society? If monetarism has taught us anything, the models aren't at fault, it's our application of them that's flawed. Perhaps we just need to do a better job of letting markets guide us?Homo Economicus explains why greed is good.http://learnecon.orgCreated by Matthew KulvickiProduced by Nick Alpha
Visions of Inequality New Economic Thinking 2023-11-15 | Branko Milanovic takes us on a historical journey through the evolution of economic inequality in his latest book. Milanovic connects these foundational ideas to contemporary issues, revealing the intricate tapestry of economic, social, and political forces that drive inequality today. Visions of Inequality: From the French Revolution to the End of the Cold War:https://www.hup.harvard.edu/catalog.php?isbn=9780674264144“How do you see income distribution in your time, and how and why do you expect it to change?” That is the question Branko Milanovic imagines posing to six of history’s most influential economists: François Quesnay, Adam Smith, David Ricardo, Karl Marx, Vilfredo Pareto, and Simon Kuznets. Probing their works in the context of their lives, he charts the evolution of thinking about inequality, showing just how much views have varied among ages and societies. Indeed, Milanovic argues, we cannot speak of “inequality” as a general concept: any analysis of it is inextricably linked to a particular time and place.Visions of Inequality takes us from Quesnay and the physiocrats, for whom social classes were prescribed by law, through the classic nineteenth-century treatises of Smith, Ricardo, and Marx, who saw class as a purely economic category driven by means of production. It shows how Pareto reconceived class as a matter of elites versus the rest of the population, while Kuznets saw inequality arising from the urban–rural divide. And it explains why inequality studies were eclipsed during the Cold War, before their remarkable resurgence as a central preoccupation in economics today.Meticulously extracting each author’s view of income distribution from their often voluminous writings, Milanovic offers an invaluable genealogy of the discourse surrounding inequality. These intellectual portraits are infused not only with a deep understanding of economic theory but also with psychological nuance, reconstructing each thinker’s outlook given what was unknowable to them within their historical contexts and methodologies.https://www.hup.harvard.edu/catalog.php?isbn=9780674264144Branko Milanovic is Senior Scholar at the Stone Center on Socio-Economic Inequality at the City University of New York and Visiting Professor at the International Inequalities Institute at the London School of Economics and Political Science. Formerly Lead Economist in the World Bank’s research department, he is the author of Capitalism, Alone; and The Haves and the Have-Nots.
Intersectional Political Economy New Economic Thinking 2023-11-08 | Nancy Folbre (Professor Emerita @UMass.Amherst) unpacks the complex layers of social and economic inequality, advocating for a deeper understanding of intersectionality in economics. She examines how different forms of inequality—such as class, gender, and race—intersect and overlap, creating a multifaceted picture of disadvantage and privilege. Folbre's work challenges traditional economic models by highlighting the need for a more holistic and inclusive approach to understanding disparities, ultimately calling for political and economic systems that address these complexities head-on.Learn more about her work at https://blogs.umass.edu/folbre/
One Earth, One Family, One Future New Economic Thinking 2023-11-01 | Rohinton Medhora (INET's Board Chair, member of our Commission on Global Economic Transformation, and Distinguished Fellow at CIGI) discusses global social healing, India and the G20 with INET President Rob Johnson.Learn more at ineteconomics.org/research/experts/rmedhora
