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Working Paper No. 733Innovation and Finance
Schumpeter, a century ago, argued that boom-and-bust cycles are intrinsically related to the functioning of a capitalistic economy. These cycles, inherent to the rise of innovation, are an unavoidable consequence of the way in which markets evolve and assimilate successive technological revolutions. Furthermore, Schumpeter’s analysis stressed the fundamental role played by finance in fostering innovation, […] -
BlogUnemployment Figures and the Uncertain Future
We expect the unexpected at the Levy Institute. As followers of Keynes, most economists here, including this author, believe that one cannot assign exact probabilities to most important economic outcomes even, say, six months into the future. On the other hand, thinking about the economic debate on job creation, and the recent release of new [...] -
Blog
MMT, Argentina, and Views on Inflation
On the surface, the data from Argentina look awfully good—among the top performers in the world over the past decade. And she’s apparently done it without a run-up of either private sector or government sector debt. In other words, Argentineans have bucked the trend among developed countries, that saw (mostly) tepid growth fueled almost entirely [...] -
Blog
2012 Money and Banking Conference
Levy Institute scholars James Galbraith and Randall Wray presented at the annual conference held by the Central Bank of Argentina last week. Galbraith’s presentation began with the issue of the flexibility of central bank mandates and then turned to an account of the long-term evolution in the economy that prepared the groundwork for the recent [...] -
One-Pager No. 34Uncovering the Hidden Poor
Standard poverty measurements assume that all households and individuals have enough time to engage in the unpaid cooking, cleaning, and caregiving that are essential to attaining a bare-bones standard of living. But this assumption is false. With the support of the United Nations Development Programme and the International Labour Organization, Senior Scholars Rania Antonopoulos and […] -
One-Pager No. 34
Αποκαλύπτοντας τους αόρατους φτωχούς
Τα τυπικά πρότυπα για τη μέτρηση της φτώχειας υποθέτουν ότι όλα τα νοικοκυριά και τα άτομα διαθέτουν αρκετό χρόνο για να ασχοληθούν επαρκώς με τις ανάγκες των μελών του νοικοκυριού (μαγείρεμα, καθάρισμα, φροντίδα των παιδιών, κοκ), καθήκοντα που είναι απολύτως αναγκαία για την επίτευξη ενός ελάχιστου βιοτικού επιπέδου. Αλλά αυτή η υπόθεση είναι ψευδής. Με […] -
Blog
What Are the Post Keynesians Up To?
I returned to the Levy Institute yesterday after the International Post Keynesian Conference in beautiful Kansas City. I will mention some of the news from the conference, for readers who are interested in the kinds of events that Levy Institute scholars attend. At such conferences, ideas are taken very seriously, and many interesting debates were [...] -
Working Paper No. 732
Beyond Full Employment
Over the past decade and a half the ability of the employer-of-last-resort (ELR) proposal to deliver full employment and price stability has been discussed at length in the literature. A different issue has received relatively little attention—namely, the concern that even when the ELR produces these macroeconomic benefits, it does so by offering “low-paying” “dead-end” […] -
Working Paper No. 732
Πέρα από την πλήρη απασχόληση
Τα τελευταία δεκαπέντε χρόνια, η δυνατότητα της πρότασης του εργοδότη της έσχατης προσφυγής να επιτύχει πλήρη απασχόληση και σταθερότητα τιμών έχει συζητηθεί εκτενώς στη βιβλιογραφία. Η ανησυχία, ωστόσο, για το εάν ο εργοδότης της έσχατης προσφυγής παράγει μακροοικονομικά οφέλη αλλά με την προσφορά χαμηλόμισθων θέσεων εργασίας που δεν οδηγούν πουθενά και οι οποίες αποτελούν περαιτέρω […] -
Conference Proceedings
21st Annual Hyman P. Minsky Conference on the State of the US and World Economies
A conference organized by the Levy Economics Institute of Bard College with support from the Ford Foundation The 2012 Minsky conference addressed the ongoing and far-reaching effects of the global financial crisis, including the challenge to global growth represented by the eurozone debt crisis, the impact of the credit crunch on the economic and financial […] -
Public Employee Ranks Drop, Ending Decade of Growth
Press of Atlantic City, September 24, 2012. All Rights Reserved. The number of public workers and the amount of their wages in southern New Jersey fell in 2011, ending nearly a decade of steady increases as federal, state and local governments shed employees, recently released U.S. Bureau of Labor Statistics data show. Government jobs in […] -
Don’t Put Faith in the Fed: Quantitative Easing Isn’t Magic. We Need a Dose of Realism about What Central Banks Can Achieve
The Guardian (London), September 21, 2012. All Rights Reserved. What should we make of the latest moves to kickstart the US economy, and to save the euro? As the late, great Harvard chaplain Peter Gomes said to my graduating class many years ago, about our degrees: "There is less there than meets the eye." Quantitative […]