1st Annual International Workshop on Demand-led Growth, Conflict Inflation, and Macro Policy

Institute of Economics, Federal University of Rio de Janeiro (IE-UFRJ) Keynote Speakers: TBA Schedule: TBA CALL FOR PAPERS May 15: submission deadline June 1: notification of selected papers The Research Group in Political Economy at the Institute of Economics of the Federal University of Rio de Janeiro follows the Sraffian project proposed by Garegnani to make the … More 1st Annual International Workshop on Demand-led Growth, Conflict Inflation, and Macro Policy

The New Normal: Demand, Secular Stagnation and the Vanishing Middle-Class

By Servaas Storm, The Great Financial Crisis of 2008 deeply scarred the U.S. economy, bringing nine dire years of economic stagnation, high and rising inequalities in income and wealth, steep levels of indebtedness, and mounting uncertainty about jobs and incomes. Big parts of the U.S. were hit by elevated rates of depression, drug addiction and ‘deaths … More The New Normal: Demand, Secular Stagnation and the Vanishing Middle-Class

The French Economy, European Authorities, and the IMF: “Structural Reform” or Increasing Employment?

By Mark Weisbrot, Lara Merling, Alexander Main, and David Rosnick: This paper looks at two competing views among economists and other observers, of how the French economy can overcome mass unemployment and have a more robust recovery. One view sees the unemployment and economic stagnation of the past decade as overwhelmingly structural. An alternative narrative, … More The French Economy, European Authorities, and the IMF: “Structural Reform” or Increasing Employment?

Student Debt Bubble Diminishes Demand and Ruins Lives, Yet Officials Keep Inflating It

By Yves Smith, The Financial Times has a generally good update on the state of the student debt bubble in the US. The article interesting not just for what it says but also for what goes unsaid. I’ll recap its main points with additional commentary. Note that many of the underlying issues will be familiar … More Student Debt Bubble Diminishes Demand and Ruins Lives, Yet Officials Keep Inflating It

New Book by Ron Baiman: The Global Free Trade Error – The Infeasibility of Ricardo’s Comparative Advantage Theory

From Routledge: The doctrine of “free trade” is second only to that of “free markets” in undergirding ideological support for our current global economic structures and rules. From David Ricardo’s “comparative advantage principle” to James Meade’s Neoclassical or mainstream economics proof of self-adjusting free trade equilibrium, the free trade doctrine has had a lasting and … More New Book by Ron Baiman: The Global Free Trade Error – The Infeasibility of Ricardo’s Comparative Advantage Theory

Institutions, Monetary Operations and a Demand-Led Global Economy

Macroeconomic controversies usually center on causation. Two questions of significance for policymaking concern output and growth: Is output demand or supply determined? Is economic growth demand or supply led? If demand is the driver of output and growth, there will be considerable scope for government spending to influence the economy’s trajectory. If, instead, supply-side factors … More Institutions, Monetary Operations and a Demand-Led Global Economy

New book by Piero Ferri: Aggregate Demand, Inequality and Instability

From Edward Elgar: This book studies the relationships between aggregate demand, inequality and instability. It extends the traditional approach by introducing wealth and inequality into a dynamic macroeconomic model. Furthermore, it examines the role that debt and financial instability can play in turbulent times such as the Great Recession and its aftermath. Unlike Piketty, the … More New book by Piero Ferri: Aggregate Demand, Inequality and Instability