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Did problems with SSDI cause the Output-Jobs Disconnect?
In a New York Times blog, Nancy Folbre recently discussed the alarming disconnect between economic growth and job creation in the United States. While the economy has been growing since the Great Recession’s end in 2009, the employment rate remains stuck at its December 2009 level of 58 percent. This percentage had reached 65 percent [...]
Press Release
Levy Economics Institute of Bard College to Host Wynne Godley Memorial Conference, May 25–26
China Will Not Demand Its Money Back: Why the Doomsday Predictions on the Debt Ceiling Are Wrong
The American Prospect, May 5, 2011. © 2011 by The American Prospect, Inc. A deal is taking shape between Congress and the administration on the debt-ceiling vote, and it will likely include some spending cuts in exchange for increasing the amount the government can borrow. As these negotiations play out, we’re constantly warned that the […]
Policy Notes No. 2
Is the Federal Debt Unsustainable?
By general agreement, the federal budget is on an “unsustainable path.” Try typing the phrase into Google News: 19 of the first 20 hits refer to the federal debt. But what does this actually mean? One suspects that some who use the phrase are guided by vague fears, or even that they don’t quite know […]
Working Paper No. 668
The Freedom Budget at 45
Forty-five years ago, the A. Philip Randolph Institute issued “The Freedom Budget,” in which a program for economic transformation was proposed that included a job guarantee for everyone ready and willing to work, a guaranteed income for those unable to work or those who should not be working, and a living wage to lift the […]
Conversations with Great Minds: Economist James K. Galbraith
The Big Picture with Thom Hartmann, May 2, 2011 In a two-part interview, Senior Scholar Galbraith discusses the “vast raid” on the home equity of the middle class by financial predators, “green” investment as a basis for economic growth, the importance of government regulation in establishing and maintaining markets, and how the substance of domestic […]
Blog
Is Stockman right about deficits, after all?
Many Americans interested in economics will recall David Stockman as the controversial White House budget director who swam against a tide of increasing deficits during Ronald Reagan’s administration in the first half of the 1980s. Ultimately, while Reagan supported many high-profile cuts to social benefits and regulatory budgets, he vastly increased military spending and cut [...]
Blog
Who has the lowest labor costs?
(Clicking on picture will make it larger.) Floyd Norris has an interesting column in this morning’s New York Times. Earlier this week, I was getting ready with some observations similar to his, though I am sure I could not have done as good a job as he has in getting across the gist of the [...]
Working Paper No. 667
The Levy Institute Measure of Economic Well-Being, Great Britain, 1995 and 2005
We construct estimates of the Levy Institute Measure of Economic Well-Being for Great Britain for the years 1995 and 2005. We also produce estimates of the official British measures HBAI (from the Department for Work and Pensions annual report titled “Households below Average Income”) and ROI (from the Office of National Statistics Redistribution of Income […]
Working Paper No. 666
Hegemonic Currencies during the Crisis
This paper suggests that the dollar is not threatened as the hegemonic international currency, and that most analysts are incapable of understanding the resilience of the dollar, not only because they ignore the theories of monetary hegemonic stability or what, more recently, has been termed the geography of money; but also as a result of […]
Audio
20th 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 20th Annual Minsky Conference addressed the ongoing effects of the global financial crisis on the real economy, and examined proposed and recently enacted policy responses: Should ending too-big-to-fail be the cornerstone of reform? Do the markets’ pursuit […]
Blog
20th Annual Hyman P. Minsky Conference about to begin!
Many Levy Institute scholars and staff members are in New York City for this year’s conference on the late Institute scholar and author. Breakfast should be ending now, with the conference about to begin. The conference’s theme is “financial reform and the real economy.” More information about the conference, including the program, are available at [...]