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Working Paper No. 1080Protecting Social Security: The Case Against Extending the Full Retirement Age
The Social Security “full retirement age” (FRA) is the age at which retirement income benefits are available without reduction for early commencement. Presently, that age is 67 for those born in 1960 or later. This paper is about the unfair and unnecessary threat to reduce Social Security retirement income benefits (Romig 2023) by extending the […] -
Working Paper No. 1079
Job Allocation in the Levy Institute Microsimulation Model
The Levy Institute Microsimulation Model (LIMM) is a tool used for policy simulations to estimate ex-ante the employment and income effects of sectoral investments. In Istenes (2023), a simple implementation of the LIMM for New York State initially had difficulty producing realistic conditional distributions of allocated jobs. This paper identifies the sources of that problem, […] -
EventThe Impact of Climate Change on the Palestinian Sectoral Reallocation of Labor
Featuring ABQ Professor and Levy Research Associate Sameh Hallaq Join the Levy Institute Graduate Program for a lecture and discussion with AQB Professor and Levy Research Associate Sameh Hallaq. He will present his research on weather patterns which finds that an increase in rainfall in the previous year is associated with a higher proportion of workers in the […] -
Galbraith for The Nation: “Trump’s Economics—and America’s Economy”
You can’t make America great again by wrecking the government. “What to make of the blur of news, revolutionary rhetoric, panicky fundraising texts, economic indicators, the plunging stock market, and, of course, President Trump’s address to a joint session of Congress on March 4, 2025? Are we on the brink of a socioeconomic Armageddon? Or […] -
BlogThe Levy Institute and the Future of Economics
According to my vita, my first paper for the Levy Economics Institute, “Unemployment, Inflation, and the Job Structure,” was first published almost exactly thirty years ago, in May 1995.[1] It was a categorical dissent from the micro-market framework, dominant then and still, of mainstream economics. The abstract reads: In this working paper, James K. Galbraith [...] -
BlogUnmasking Hidden Poverty in America: The Role of Time Deficits
What if Household Production is recognized as a necessity? Imagine if unpaid work done at home—cooking, cleaning, childcare, eldercare[1]—were recognized as part of basic needs as, for example, a minimal quantity of food and clothing? Would it change how much poverty we find? An upcoming study by the Levy Economics Institute suggests it absolutely would. [...] -
BlogTcherneva on Musk’s “Magic Money Computers”
There has been a lot of discussion about the birthright citizenship clause of the 14th Amendment recently. But there is another little-known clause that says that “the validity of the public debt of the United States, authorized by law … shall not be questioned.” In this Roundtable discussion, Institute President Pavlina R. Tcherneva discussed how [...] -
EFSyn features the latest Strategic Analysis from the Levy Institute’s Macro-Modeling Team, “Greece: Growing on an Unsustainable Path”
The Greek journal, EFSyn featured the predictions of the Levy Institute’s Macro-Modeling Team in a report over the weekend: The authors of the report (D. Papadimitriou, N. Rodousakis, G.T. Yajima, G. Zezza) clash with the over-optimism of the government, the EU, the IMF and the OECD and predict a 1.3% decrease in Greek GDP in 2026, a […] -
“Small businesses are a bellwether for overall trends in the economy”: Tcherneva on Marketplace
On April 1, Institute President Pavlina R. Tcherneva spoke on the Marketplace Morning Report episode, “Keep an eye on rising layoffs at the smallest businesses.” Tcherneva asserted that the behavior of small businesses can serve as a bellwether for overall trends in the economy. Listen to the full episode for further insights. -
Working Paper No. 1078
“A Concentration of Private Power without Equal in History”
This manuscript presents a detailed summary and reassessment of the 1941 final report of the Temporary National Economic Committee (TNEC). We portion the manuscript into four major parts: background, major themes, assessment of the report, and additional analysis and reflection. In the first section, we cover what compelled the government’s investigation and we identify the […] -
Applications for the Levy Institute Graduate Programs are Due April 15
Don’t miss your chance to apply! The Levy Economics Institute Graduate Programs in Economic Theory and Policy were created to offer students an alternative to mainstream programs in economics and finance. These innovative programs combine a rigorous course of study with the exceptional opportunity to participate in advanced economics research. Our MA and MS programs provide […] -
“The Trump tax cuts don’t have to be paid for,” Yeva Nersisyan for The Hill
Cutting government spending to “pay for” tax cuts makes a bad economic policy much worse. If Republicans want to cut taxes, the best option for Democrats is to insist that they not be “paid for.” Levy Scholar Yeva Nersisyan discusses the efforts of President Trump and the Republicans to cut taxes by reducing government spending. Our […]