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Η ανισότητα βάζει χειρόφρενο στην ανάπτυξη
Enet.gr, 5 Μαΐου 2014. Με επιφύλαξη παντός δικαιώματος. Η μελέτη του ινστιτούτου Levy για την ανισότητα στις ΗΠΑ θεωρεί ιδιαίτερα επικίνδυνη την ώθηση της τάσης προς τον ιδιωτικό δανεισμό για την επιτάχυνση της οικονομικής ανάπτυξης, δεδομένου ότι η κατανομή του εισοδήματος στις ΗΠΑ έχει λάβει εκρηκτικά άνισες διαστάσεις Η ανισότητα έχει εξελιχθεί σε ένα από […]
Working Paper No. 804
What Do We Know About the Labor Share and the Profit Share? Part II
In this second part of our study we survey the rapidly expanding empirical literature on the determinants of the functional distribution of income. Three major strands emerge: technological change, international trade, and financialization. All contribute to the fluctuations of the labor share, and there is a significant amount of self-reinforcement among these factors. For the […]
Working Paper No. 803
What Do We Know About the Labor Share and the Profit Share? Part I
This series of working papers explores a theme enjoying a tremendous resurgence: the functional distribution of income—the division of aggregate income by factor share. This first installment surveys some landmark theories of income distribution. Some provide a technology-based account of the relative shares while others provide a demand-driven explanation (Keynes, Kalecki, Kaldor, Goodwin). Two questions […]
Working Paper No. 802
Shadow Banking
Central banks responded with exceptional liquidity support during the financial crisis to prevent a systemic meltdown. They broadened their tool kit and extended liquidity support to nonbanks and key financial markets. Many want central banks to embrace this expanded role as “market maker of last resort” going forward. This would provide a liquidity backstop for […]
Working Paper No. 801
The Political Economy of Shadow Banking
This paper describes the political economy of shadow banking and how it relates to the dramatic institutional changes experienced by global capitalism over past 100 years. We suggest that the dynamics of shadow banking rest on the distributive tension between workers and firms. Politics wedge the operation of the shadow financial system as government policy […]
Jeff Koons’s Popeye Is the Fifth Column
Forbes, May 19, 2014. All Rights Reserved. At the Sotheby’s May evening auction, Steve Wynn was the successful bidder for Jeff Koons’s life-sized Popeye sculpture, knocked down at a disappointing $28,115,000, and destined for one of Steve’s casino properties. Within this lot is some cautionary metaphor about conspicuous consumption reigning, again. The Koons piece is […]
CDF
Excess AD as a Function of Policy Instruments, the Markup, and the K-sector Propensity to Consume
Jason Furman, chairman of the president’s Council of Economic Advisers, speaking at the 23rd Annual Minsky Conference in Washington, D.C.
Public Policy Brief No. 133
Dead Economic Dogmas Trump Recovery: The Continuing Crisis in the Eurozone Periphery
The “happy talk” emanating from eurozone officials regarding the economic crises in the periphery deserves some vigorous pushback. Focusing on the four bailed-out countries of Greece, Ireland, Portugal, and Spain, Research Associate and Policy Fellow C. J. Polychroniou argues in this policy brief that, contrary to the burgeoning optimism in official communications, these countries’ economies […]
Income Inequality Undermines Growth
MoneyNews, May 8, 2014. All Rights Reserved. Future rises in income inequality will lead to a prolonged period of anemic economic growth and high unemployment. Income for the bottom 90 percent of households has stagnated during the past 35 years. Strong economic activity in the 1990s and 2000s was largely generated by consumption that was financed by […]
Working Paper No. 800
Autonomy-enhancing Paternalism
Behavioral economics has shown that individuals sometimes make decisions that are not in their best interests. This insight has prompted calls for behaviorally informed policy interventions popularized under the notion of “libertarian paternalism.” This type of “soft” paternalism aims at helping individuals without reducing their freedom of choice. We highlight three problems of libertarian paternalism: […]
MME, May 7, 2014