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Working Paper No. 729Veblen’s Institutionalist Elaboration of Rent Theory
As the heirs to classical political economy and the German historical school, the American institutionalists retained rent theory and its corollary idea of unearned income. More than any other institutionalist, Thorstein Veblen emphasized the dynamics of banks financing real estate speculation and Wall Street maneuvering to organize monopolies and trusts. Yet despite the popularity of […] -
Working Paper No. 729
Η θεσμική προσέγγιση του Veblen προς τη θεωρία της γαιοπροσόδου
Ως κληρονόμοι της κλασικής πολιτικής οικονομίας και της γερμανικής ιστορικής σχολής, οι αμερικανοί θεσμιστές διατήρησαν τη θεωρία της γαιοπροσόδου και την ιδέα του μη δεδουλευμένου εισοδήματος. Ο Thorstain Veblen, περισσότερο από οποιονδήποτε άλλο εκπρόσωπο της θεσμικής προσέγγισης, έδωσε έμφαση στη δυναμική των τραπεζών σχετικά με τη χρηματοδότηση των κερδοσκοπικών δραστηριοτήτων στην αγορά ακινήτων και στους […] -
BlogWhich LIBOR Scandal?
In his recent commentary on the LIBOR scandal, Jan Kregel elaborates on a distinction that is crucial to understanding this story. The scandal centers around revelations that financial institutions had been manipulating their LIBOR rate submissions to the British Bankers’ Association (BBA). Questions have subsequently been raised as to whether regulators were aware of and [...] -
Policy Notes No. 9The LIBOR Scandal
As the results of the various official investigations spread, it becomes more and more apparent that a large majority of financial institutions engaged in fraudulent manipulation of the benchmark London Interbank Offered Rate (LIBOR) to their own advantage, and that bank management and regulators were unable to effectively monitor the activity of institutions because they […] -
Policy Notes No. 9
Το σκάνδαλο LIBOR
Με τη διάδοση των πορισμάτων των διαφόρων επίσημων εκθέσεων, έγινε όλο και περισσότερο προφανές ότι στη δόλια χειραγώγηση του LIBOR συμμετείχαν τα περισσότερα χρηματοπιστωτικά ιδρύματα κα πως οι διοικήσεις των τραπεζών και οι ρυθμιστικές αρχές δεν ήταν σε θέση να μπορούν να παρακολουθούν αποτελεσματικά τις δραστηριότητες των χρηματοπιστωτικών ιδρυμάτων επειδή αυτά τα ιδρύματα είναι πλέον […] -
Blog
Some New GDP Numbers–And 3 Trendlines
We end the week with news of only modest economic growth, but also with a set of revised data that does not seriously worsen the economic outlook. Today the Bureau of Economic Analysis announced the release of an advanced estimate of 2nd quarter GDP, as well as revised data for 2009Q1 through 2012Q1. Their press [...] -
Blog
Beyond “Fixing” the “Fiscal Cliff”
The cliff approaches, and politicians and pundits in Washington are pondering how to deal with it. For those who have forgotten, recent nontechnical summaries of the legislative issues and amounts of money at stake can be found here , here, and in this old post. But essentially, the term “fiscal cliff” refers to a massive [...] -
Blog
What Matters Is What We Do Next
Martin Essex of the Wall Street Journal flags Dimitri Papadimitriou and Randall Wray’s recent Policy Note on the eurozone, “Euroland’s Original Sin.” The Note traces the root cause of the eurozone’s struggles, including the solvency issues and bank runs in the periphery, to a fundamental design flaw in its setup: national governments gave up currency [...] -
Who Warned About the Euro First?
The Wall Street Journal, July 23, 2012. Copyright © 2012 Dow Jones & Company, Inc. All Rights Reserved. As the world’s financial markets begin to price in a total collapse of the euro project, there’s no shortage of economists and other experts saying they always knew it was doomed to failure. So who warned first? […] -
Dodd-Frank: Fossil of the Future?
Huffington Post Business, July 22, 2012. © 2012 TheHuffingtonPost.com, Inc. "The Huffington Post” is a registered trademark of TheHuffingtonPost.com, Inc. All rights reserved. There’s a sad truth about the fate of financial regulation: It’s almost certain to be outmoded by the time it’s introduced. This was as true of Glass-Steagall in 1933 as it is […] -
Blog
Dodd-Frank: Fossil of the Future?
There’s a sad truth about the fate of financial regulation: It’s almost certain to be outmoded by the time it’s introduced. This was as true of Glass-Steagall in 1933 as it is of Dodd-Frank today. This month we begin the third year since the Dodd-Frank Wall Street reform act passed, with the struggle over its [...] -
Blog
Can We Afford the Usual?
With yesterday’s quarterly BLS data release on “usual weekly earnings” out, I have once again constructed some “alternative” measures of real wages, based on price indexes for food commodities at the wholesale level. The commodity-based indexes are depicted in the figure above with lines in various colors. Compared to the more typical measure of real, [...]