INET in the News
-
Makronom cites Servass Storm鈥檚 INET working paper, Lost in Deflation
Feb 16, 2021
鈥淭hat Italy is 鈥渓azy to reform鈥 is probably one of the most widespread myths - and has little to do with reality. In 2015, for example, the OECD rated Italy’s reform efforts as significantly higher than those of Germany and France. The Dutch economist Servaas Storm takes the same line. In an in-depth study, he found that Italian politics as a whole adhered much more closely to the (market-liberal) economic policy guidelines of the EU than Germany and France.鈥 — Phillip Heimberger & Nikolaus Kowall, Makronom
-
Project Syndicate features Joseph Stiglitz INET funded research
Feb 15, 2021
鈥淭he Biden administration must put a high enough price on carbon pollution to encourage the scale and urgency of action needed to meet the commitments it has made to Americans and the rest of the world. The future of our planet depends on it鈥 — Nicholas Stern & Joseph Stiglitz, Project Syndicate
-
William Janeway joined the European Straits podcast to discuss YSI and his work on venture capital.
Feb 12, 2021
— European
-
Brad Delong recommends William Janeway鈥檚 INET Video Series: Venture Capital in the 21st Century
Feb 12, 2021
William Janeway: Venture Capital in the 21st Century: 鈥業n this eight-part lecture series, Bill Janeway investigates the relationship between venture capital and technological innovation, and the interdependent roles of entrepreneurial firms, the mission-driven State and financial speculation in the overall innovation system… LINK: /perspectives/videos/venture-capital>
-
Daily Kos lists Sheila Dow's INET article on the Future of Macroeconomics as suggested reading
Feb 9, 2021
The Future of Macroeconomics 八卦爆料, via Naked Capitalism 2-2-21]
-
Taylor and Barbosa鈥檚 response to Krugman's inflation argument is summarized in Daily Kos
Feb 9, 2021
RSS PUBLISHED TO eState4Column5©2013 Political Economy Group DK PEG Anti-Capitalist Chat TAGS Culture Economy Employment Media MMT PoliticalEconomy publicpolicy stagflation WhiteHouse Share this article Let real wages (of $15+/hour) grow faster than labor productivity for some years, undoing the wage repression of the last decades. We have been misled by neoliberal economics for now many decades, it鈥檚 time to turn many things around in what is becoming a second-rated US economy, recently crippled by the malevolent and narcissistic 鈥渒ing of debt鈥. In economics, stagflation or recession-inflation is a situation in which the inflation rate is high, the economic growth rate slows, and unemployment remains steadily high. It presents a dilemma for economic policy, since actions intended to lower inflation may exacerbate unemployment. The biggest risk for the stock market in 2021 is inflation, according to Morgan Stanley. Unprecedented radical spending by the federal government and the Federal Reserve, to stave off a panic-induced market crash, helped artificially drive stocks to temporary new highs last year. www.laloftblog.com/… For some, the math bore out the possibility that exuberance was rational even if the economy is always more irrational than its math. 鈥淭he Lucas fantasy of costless disinflation from credible commitments in an ergodic world of rational agents was decisively falsified long ago.鈥 The underlying problems of supply shocks related to Trumpian idiocy atop bailing out the banksters may have made the economy much worse. The pandemic has only made a bad situation worse, or made more of us myopic in our isolation. Paul Krugman has now taken the time to question the orthodoxy of stagflation. Darn economic orthodoxy being wrong since the 1970s. Let me start with the inflation story the way most economists, myself included, have been telling. In the beginning was the Phillips curve: the apparent tradeoff, fairly visible in the data, between unemployment and inflation. In the 1960s many people looked at that tradeoff, considered the mild costs of inflation versus the benefits of lower unemployment, and argued for monetary and fiscal policies aimed at running the economy hot. But in a hugely influential speech Milton Friedman made an argument also independently made by Columbia鈥檚 Edmund Phelps: the unemployment-inflation tradeoff wasn鈥檛 real, because any sustained effort to keep unemployment low would lead not just to high inflation but to ever-accelerating inflation. They claimed, specifically, that people setting wages and prices would begin marking them up to anticipate future inflation, so that the inflation rate associated with any given unemployment rate would keep rising. They predicted, in particular, that the course of the economy over time would look something like this: https___bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com_public_images_81db75c8-59f2-4b95-a60a-fe404a50c119_914x5331.png First, a government would push unemployment down; but this would lead to ever-rising inflation, which would stay high even as the economy cooled. So it would take a sustained period of high unemployment to get inflation down again, until finally unemployment could be brought back to a sustainable level. So their analysis predicted 鈥渃lockwise spirals鈥 in unemployment and inflation. Then came the 1970s: https___bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com_public_images_1d91277a-44fe-422b-b0c3-f1dfa8fb7428_933x5501.png This sure looked like a dramatically successful out-of-sample prediction — sort of an economics version of 鈥淟ight bends!鈥 Almost everyone in the economics profession took the Friedman-Phelps analysis as confirmed. This in turn had big practical and intellectual consequences. First, governments and central banks stopped pursuing low unemployment, believing that excessively ambitious stimulus caused the stagflation of the 1970s. They began aiming for stable unemployment around the NAIRU —non-accelerating-inflation rate of unemployment — instead. Second, since the Friedman/Phelps prediction was based on trying to assess what rational price-setters would do, their apparent success gave a big boost to the notion that all economics should be based on maximizing behavior. Friedman always had too strong a reality sense to personally go down the rational-expectations rabbit hole that swallowed much of macroeconomics, but given the law of diminishing disciples it was bound to happen. Third, the whole affair gave a boost to conservative ideology. We had seemingly seem a demonstration of the limits to government action; also, the Chicago boys had seemingly been proved right about something big. (I remember classmates in grad school saying 鈥淭hey were right about this. Why don鈥檛 you think they鈥檙e right about the rest?鈥) Finally, the Volcker disinflation of the 1980s — using high unemployment to end high inflation — became, in many minds, the model of what responsible policymakers should do: make tough choices for the sake of the future. BUT WHAT IF WE鈥橵E BEEN TELLING THE WRONG STORY ALL ALONG? […] But suppose something like this is true. In that case, the narrative that saw stagflation both as the cost of excessively ambitious macroeconomic policy and as a vindication of conservative economic ideas was mostly wrong. And that matters not just for history but for policy right now, which is still to some extent constrained by the fear of a 70s repeat. How do you ask someone to be the last worker to be unemployed for a mistake? paulkrugman.substack.com/… The reality in a response by Lance Taylor and Nelson Henrique Barbosa Filho is that 鈥淔or practical purposes, the results mean that, for the Fed to meet its inflation target, it would be necessary to let real wages grow faster than labor productivity for some years, undoing the wage repression of the last decades. Biden鈥檚 $15 minimum-wage proposal is a correct step in that direction.鈥 This is despite so many economists taking an opposite, more cautious position. — Daily Kos
-
Lynn Parramore joined the This is Hell! podcast to discuss her recent article on the surge in deaths of despair amid the pandemic
Feb 9, 2021
“Cultural theorist Lynn Parramore on the deep social effects of economic precarity, and her article “Epidemic of Despair Could Haunt America Long After COVID” at the 八卦爆料. /perspectives/blog/epidemic-of-despair-could-haunt-america-long-after-covid” — Chuck Mertz,This is Hell!
-
Osservatorio cites INET Working Paper on Carbon Pricing
Feb 8, 2021
鈥淎 recent study by the 八卦爆料, painting a wider picture, shows that the effective reduction in emissions due to carbon pricing policy comes to between just 1 and 2.5 percent of the total.鈥 — Ornaldo Gjergji, Osservatorio
-
MIT News features Baron and Verner鈥檚 INET funded research into banking crises
Feb 8, 2021
鈥淧anics are not needed for banking crises to have severe economic consequences,鈥 says Emil Verner, the MIT professor who helped lead the study. 鈥淏ut when panics do occur, those tend to be the most severe episodes. Panics are an important amplification mechanism for banking crises, but not a necessary condition.鈥 Indeed, in an ambitious piece of research, spanning 46 countries and going back to 1870, the study surveys banking crises that occurred with and without panics. When there is a panic and bank run, the research finds, a 30 percent decline in banking-sector equity predicts a 3.4 percent drop in real GDP (gross domestic product adjusted for inflation) after three years. But even without any creditor panic, a 30 percent decline in bank equity predicts a 2.7 percent drop in real GDP after three years.” — Peter Dizikes, MIT News
-
Rob Johnson s quoted in Jacobin on why cable networks are hostile toward Medicare for All
Feb 8, 2021
鈥淐onsider the following point made by 八卦爆料 executive director Rob Johnson during a recent interview when asked about Medicare for All: 鈥淧ublic opinion polls show more than 70 percent of the population is in favor of Medicare for All. It鈥檚 not the population that doesn鈥檛 want it, and they鈥檙e the ultimate voters. It鈥檚 vested interests and the struggle that has to do with the relationship between money-raising campaign war chests and the probability of re-election and what you might call the refractory influence of the mainstream media, where pharmaceutical companies in particular and insurance companies as well are very big advertisers.鈥 — Luke Savage, Jacobin
-
Lazonick and Shin's INET funded research is cited in Naked Capitalism
Jan 26, 2021
“In taking over industrial companies, financial managers focus on the short run, because their salary and bonuses are based on current year鈥檚 performance. The 鈥減erformance鈥 in question is stock market performance. Stock prices have largely become independent from sales volume and profits, now that they are enhanced by corporations typically paying out some 92 percent of their revenue in dividends and stock buybacks.[6]” — Michael Hudson, Naked Capitalism [6]William Lazonick, 鈥淧rofits Without Prosperity:Stock Buybacks Manipulate the Market and Leave Most Americans Worse Off,鈥滺arvard Business Review, September 2014. And more recently, Lazonick and Jang-Sup Shin, Predatory Value Extraction: How the Looting of the Business Corporation Became the U.S. Norm and How Sustainable Prosperity Can Be Restored(Oxford: 2020).
-
Antonella Stirati鈥檚 INET funded book in Sinistrainrete
Jan 25, 2021
鈥渋n addition to the author’s interpretations, there will also be a considerable list of texts and contributions that can be useful for approaching and deepening the economic debate and the developments of the alternative and post-Keynesian theoretical approach, even in its various currents. . The not obvious presence in the public debate of these topics makes the book an important reading in order to interpret the recent economic history of our country starting from the questions that the crisis triggered by the outbreak of the pandemic and the recipes prepared by the European and national institutions pose us. , of which however no shadow is seen in political decisions, having an interpretative key that escapes the mainstream logic is, even more so in this context, of crucial importance.鈥 — Davide Romaniello, Sinistrainrete
-
Noam Chomsky discusses INET research into money and politics on Jacobin
Jan 25, 2021
鈥淥ne place to look always is where’s the money? Who funds congress? Actually, there’s a very fine careful study of this by the leading scholar who deals with funding issues in politics, Thomas Ferguson. He and his colleagues did a study about a year ago a careful study in which they investigated a simple question, 鈥渨hat’s the correlation over the years many years between campaign funding and electability to congress?鈥 It’s almost a straight line, it’s the kind of close correlation that you barely get in the social sciences. The greater the funding, the higher the electability. You can find a few cases here and there that aren’t right on the line, but from the standpoint of social science it’s a remarkable correlation.鈥 — Noam Chomsky, Jacobin
-
Arjun Jayadev appeared on Bloomberg to discuss the 2021 budget and widening inequality in India
Jan 25, 2021
鈥淲hat I’d really like to see going forward is some sort of vision which is inclusive and forward-looking in the medium and long term about all these kinds of aspects welfare; health, education, environment. In the past, we’ve had a situation when we’ve looked at other countries which have made this transition to more advanced economies. They have always had some element of industrial policy thinking through how they actually going to shift their populations from low-productivity to high-productivity. Currently, I think we’re doing things with a hope and a prayer. Our growth models have fizzled out so far. What we’re looking for is something in the next three to five years which will be aimed at re-opening new markets, more inclusion, and really ensuring the wealth of a much much larger fraction of the population than we are currently doing.鈥 — Arjun Jayadev, Bloomberg “Jayadev, a professor of economics at Azim Premji University, said India has returned home this year after decades of failure in providing access to quality health care for a large part of the population. If there is a silver lining, then the crisis will give the country a chance to 鈥渂uild better,鈥 in the words of Jaydev. This includes at least three elements 鈥 an environment that is closely linked to health outcomes, with a medium-term plan to keep health and education spending at a consistently high level. 鈥 aimed at improving the quality of the environment and, finally, committed to support. one-third of these elements are something similar to a city employment program. The budget could also help immediately by universalizing the PDS and supporting revenues through direct remittances, Jayadev said. 鈥淥verall, short-term relief and long-term structural focus will help transition to a more inclusive and vital growth strategy that is missing in the current vision.” — Pallavi Nahata, Bloomberg
-
Storm鈥檚 INET funded research is discussed in Naked Capitalism
Jan 25, 2021
“One of the main reasons Italy鈥檚 economy is in such dire straits is its strict adherence to the EMU鈥檚 macroeconomic rule book — in particular the rules on fiscal austerity and structural reforms — as Dutch economist Servaas Storm painstakingly details in his article ‘Italy: How to Ruin a Country in Three Decades’” — Nick Corbishley, Naked Capitalism
-
Comin's INET funded research into the drivers of technology adoption and its consequences is discussed in the Conversation
Jan 25, 2021
鈥淭he gap between the 鈥渢echnology haves and have nots鈥 in the corporate world is widening. A recent study also found that this gap is widening between rich countries and poor countries. When few companies have access to 3D printers, robots, or cutting-edge AI, there are fewer actors to leverage such technologies to the point at which productivity will increase across the board.鈥 — Wim Naud茅, The Conversation
-
Anatole Kaletsky discusses INET research in an interview with Project Syndicate
Jan 25, 2021
鈥淚NET has supported a lot of brilliant academic work in areas such as Imperfect Knowledge Economics, financial regulation, human development, and environmental economics. Such research has helped to discredit the ideas 鈥 such as 鈥減erfect鈥 competition, 鈥渆fficient鈥 markets, and 鈥渞ational鈥 expectations 鈥 that formed the ideological foundations for laissez-faire microeconomics, monetarist central banking, and irrational pre-Keynesian fiscal policy, especially in Europe. As such, it has done as much as INET鈥檚 other work 鈥 including policy research, academic community-building, and deepening collaboration with the International Monetary Fund, the OECD, and other official institutions 鈥 to end market fundamentalism鈥檚 intellectual monopoly.鈥 — Anatole Kaletsky, Project Syndicate
-
Bofinger's INET article is listed on Daily Kos鈥檚 Week-end recommended reading list.
Jan 25, 2021
“Best of Mankiw: Errors and Tangles in the World鈥檚 Best-Selling Economics Textbooks Peter Bofinger, former member of the German Council of Economic Experts [Naked Capitalism January 4, 2021] Mankiw has been lambasted a number of times by Adbusters, the Canadian group which originated the call for mass protests that became Occupy Wall Street. Also see Toxic Textbooks: 鈥淢ankiw鈥檚 textbook seems an ideal place to look for clues as to how both the economics profession and the public which it educates became so ignorant, misinformed and unobservant of how economies work in the real world.鈥 The problem with the leadership of the Democratic Party at the state and national levels is not the caricature of maliciousness that the Trumpists believe, and which the Republicans have used to 鈥渇eed red meat to their base,鈥 but merely that the leadership has been taught, and believes and swills, the snake oil Mankiw peddles. Below, just a small sample of Bofinger鈥檚 detailed take-down of Mankiw.” — NB Books Community, Daily Kos
-
Economics & Beyond episode is cited as suggested listening in Bloomberg
Jan 25, 2021
“To get into the mood for their [Charles Goodhart and Manoj Pradhan] ideas, you can listen to the authors talk about them to my colleague Stephanie Flanders on the Stephanomics podcast, or this podcast from the 八卦爆料, or this episode of The Sound of Economics podcast from the Bruegel 八卦爆料.” — John Authers, Bloomberg
-
Appelbaum and Batt鈥檚 research into Private Equity buyouts is cited in Emergency Medical News
Jan 5, 2021
鈥淭he landscape of EM has consolidated into a few corporate conglomerates, which are oligarchies with iron grips on contracts through noncompetitive or illegal collusions with large hospital systems in the form of kickbacks. (八卦爆料. March 15, 2020; https://bit.ly/34fLeMD.) This has effectively castrated any hope for independent practices to thrive and injected many wrongful consequences into EM.鈥 — Rizvi, Saba MD, Emergency Medical News
-
The Gainesville Sun featured Peter Temin's INET-funded book
Jan 5, 2021
“But to my surprise, The Atlantic article explained that MIT economist Peter Temin, in his book 鈥淭he Vanishing Middle Class: Prejudice and Power in a Dual Economy,鈥 not only delved into the contributing factors to poverty and economic inequality, he offered systemic solutions. This approach made the piece a must-read for me because at Gainesville for All, we鈥檙e all about finding systemic solutions to problems linked to race and poverty. Temin offered five proposals he believes can help tip the scales favorably for those stuck in the lower class.”— James F. Lawrence, Gainsville Sun
-
Dina Srinivasan's INET funded research into Google's advertising monopoly is featured in the NY Times
Jan 5, 2021
鈥淲hen Texas and nine other states filed an antitrust lawsuit against Google last week, the complaint identified many of the same conflicts of interest as Ms. Srinivasan鈥檚 paper, Why Google Dominates Advertising Markets鈥 in the Stanford Technology Law Review. The lawsuit said Google controlled every part of the digital advertising pipeline and used it to give priority to its own services, acting as 鈥減itcher, batter and umpire, all at the same time.鈥 … 鈥淢arshall Steinbaum, an assistant professor at the University of Utah鈥檚 economics department, wrote on Twitter that Ms. Srinivasan鈥檚 articles on Google and Facebook had a greater influence on the recently filed antitrust cases than all the other research about those companies or tech in general by traditional economists focused on competition policy.鈥 — Daisuke Wakabayashi, New York Times
-
INET research into big tech's monopoly power is cited in the FT
Dec 15, 2020
“That starts to take tech regulation to a place that鈥檚 more similar to financial regulation, which is where it should be. On that note, check out this very interesting INET paper by Dina Srinivasan, which looks at how Google monopolises advertising markets in ways that would be prohibited in other electronic trading markets.” — Rana Foroohar, Financial Times
-
Jack Gao appeared on Arirang News to discuss American Chinese relations
Dec 15, 2020
Joseph Bosco former China country director in the U.S. Office of the Secretary of Defense, and Jack Gao, Program Economist at INET appeared on Arirang News to discuss whether the U.S.-China rivalry will improve under a Biden administration.
-
INET research showing countries that prioritized health policies fared better economically is cross posted in Le Monde
Dec 15, 2020
Three American researchers, crossing the figures for growth and mortality due to the Covid-19 pandemic from many countries, conclude that containment is effective, provided it is accompanied by strong public subsidies.
-
Rob Johnson is quoted on Biden's transition team in Foreign Policy
Dec 15, 2020
“But some progressives are worried that 鈥淏iden is working backwards from identity,鈥 as one longtime political observer put it, designing a cabinet stocked with diversity but less focused on making the changes that many progressives see as long overdue, both in terms of domestic and foreign policy. 鈥淚 applaud the formidable progress in the diversity of cabinet and key administration appointments. It is long overdue for America,鈥 said Robert Johnson, the president of the Soros-backed 八卦爆料. 鈥淏ut it is not a substitute for taking on monied power interests to produce reform leading to broad-based prosperity. If identity politics is used as a mask to avoid that enormous challenge, it will be very dangerous for the already polarized politics of the USA.鈥 — Michael Hirsh, Foreign Policy
-
INET research into the influence of election spending is featured in Truthout
Dec 15, 2020
鈥淧olitical scientist Thomas Ferguson, an authoritative scholar on money and electoral politics, has a valuable and established political science theory called 鈥渢he investment theory of politics.鈥 He demonstrates that the U.S. is essentially controlled by coalitions of investors who come together around some mutual interest. Thus, 鈥渢o participate in the political arena, you must have enough resources and private power to become part of such a coalition…. McGuire and Delahunt advance the thesis by showing it is actually worse than what others have found. Their study reveals and confirms that the top wealthiest 10 percent ultimately always win on policy — effectively showing that anyone else鈥檚 opinion outside of the top 10 percent rarely matters.鈥 — Rajko Kolundzic, Truthout
-
INET research by Appelbaum and Batt on private equity and healthcare was cited in ACP Hospitalist
Dec 15, 2020
Private equity’s stake in health care increased rapidly in recent years, reaching a record of 855 deals valued at $100 billion in 2018, according to a March 2020 study published by the 八卦爆料, a nonprofit think tank based in New York City. — Janet Colwell, ACP Hospitalist
-
Lynn Parramore appeared on the Zero Hour
Dec 8, 2020
鈥溾檋uman beings must be driven by x鈥…. well this is a myth about human beings and it’s not really the way we work, but the religion of capitalism insists that it is true. This is a sacred idea that competition is ultimately for the best of society, that the market will decide what is best, not governments or we the people. I think one of the things that Eugene McCarraher who wrote this book, 鈥淭he Enchantments of Mammon鈥 susses out in a very nuanced way, is how our country is built on these sort of opposing ideas. On the one hand we have this idea of competition and then we have another religious idea about brotherhood which is also baked into the sacred text of our nation. These two things are kind of ill-fitting and trying to make them work together is something we’re still struggling with right now.鈥 — Lynn Parramore
-
Arjun Jayadev has an article in the NY Times on the crisis of access to affordable medicines and the need to suspend intellectual property rights
Dec 7, 2020
鈥渢he vaccines developed by these companies were developed thanks wholly or partly to taxpayer money. Those vaccines essentially belong to the people — and yet the people are about to pay for them again, and with little prospect of getting as many as they need fast enough. … mounting pressure from poor countries at the W.T.O. should give the governments of rich countries leverage to negotiate with their pharmaceutical companies for cheaper drugs and vaccines worldwide. Leaning on those companies is the right thing to do in the face of a global pandemic; it is also the best way for the governments of rich countries to take care of their own populations, which in some cases experience more severe drug shortages than do people in far less affluent places.鈥 — Achal Prabhala, Arjun Jayadev and Dean Baker
-
Thomas Fricke has an article in Der Spiegel citing an INET study showing that prioritizing health in the pandemic has led to better economic outcomes
Dec 7, 2020
鈥淐alculations by Phillip Alvelda, Thomas Ferguson and John Mallery, which have just been published by the 八卦爆料, suggest how scary the choice between life and business is in the corona crisis . A comparison of all possible countries and strategies over the past year then gave a fairly clear picture: Those who consistently aimed to stop the epidemic through hard lockdowns have significantly fewer deaths - even if they initially suffered greater economic damage; while it is with countries like the UK it was exactly the opposite, which initially hesitated with the lockdown and raised all the more money to avoid economic damage. With the fatal result that precisely because of this, the second wave became all the more violent - and economic output collapsed in the end. Conclusion of the study: The more negligent governments allow the pandemic to work in order not to harm the economy, the more the economic costs will pile up over time and ever new waves. Almost no matter how hard these rulers and central bankers try to counter it with economic stimulus programs. The damn virus finds activity between people (also economic) pretty good.” — Thomas Fricke
-
Thomas Ferguson is quoted in Alternet on Georgia's senate election
Dec 7, 2020
鈥淔erguson, whose research has shown that candidates who raise more money stand a much greater chance of winning election, added that “when you get that much money pouring into the election, it means that you have all these investors who decide which election is ‘worth it’ and that tends to pull even liberal democrats to the right. It is a somewhat subtle effect but a very real one and clearly an anti-democratic consequence of the system.” — Andrew Kennis
-
INET funded research by William Lazonick is cited in the Wall Street Journal
Dec 7, 2020
鈥淐ritics led by William Lazonick, economics professor emeritus at the University of Massachusetts Lowell, say buybacks starve companies of cash for innovation and worker pay, and favor executives aiming to jack up the stock prices because their compensation is increasingly stock-based. The buyback trend has become controversial since a 2014 article by Prof. Lazonick in the Harvard Business Review, 鈥淧rofits Without Prosperity.鈥 The S&P 500 companies that had been publicly listed from 2003 through 2012, he found, had spent amounts equal to 54% of their earnings for buybacks and 37% for dividends, leaving 鈥渧ery little for investments in productive capabilities or higher incomes for employees.鈥 — Randall Smith
-
INET working paper on how maximizing shareholder value led to minimizing national interests is cited in The American Prospect
Dec 7, 2020
“If companies continue to prioritize maximizing shareholder wealth at the expense of other key stakeholders, and at the expense of investing in innovation, then the Green New Deal could reinforce long-standing income and wealth inequities and the decline in innovation in the U.S. economy (for an important example, Bill Lazonick and Matt Hopkins document how maximizing shareholder value minimized the strategic national stockpile for ventilators and personal protective equipment).” —Lenore M Palladino
-
William Janeway reviews INET鈥檚 book, 鈥淢acroeconomic Inequality from Reagan to Trump鈥 in Project Syndicate
Dec 7, 2020
鈥淣ow, in a powerful work of synthesis, economist Lance Taylor, assisted by 脰zlem 脰mer of Nevsehir Haci Bektas Veli University in Turkey, has brought a new perspective to the discussion. Taylor is a rare figure among economists nowadays. Previously a professor at two of the established citadels of mainstream economics, Harvard University and MIT, he has spent the past generation at the New School for Social Research in New York City, and is deeply engaged with the 八卦爆料. … The overriding message from Taylor鈥檚 work is the exact opposite of 鈥渢rickle-down economics.鈥 Reducing inequality will increase economic growth and productivity. But, at the end of the day, there is no magic bullet to reverse the impact of the structural transformation of the past 50 years. That, too, was driven by policy initiatives, the full implications of which many policymakers are only just now beginning to comprehend.鈥 — William Janeway
-
INET study is cited in the Socialist Worker
Dec 7, 2020
“Rich economies have more resources to spare to prioritise saving lives. And Wolf reproduces the 八卦爆料鈥檚 now famous chart that refutes the idea there is a 鈥渢rade-off鈥 between saving the economy and saving lives. On the whole, those states that prioritised saving lives also lost less economic output. China is the standout case. But it isn鈥檛 just about how rich an economy is. The same chart shows that the states that suffered the biggest losses of lives and output include Italy, Britain, Spain, and France. The US and Belgium aren鈥檛 far behind.” —Alex Callinicos
-
INET article cited in NTV on how to handle the pandemic this winter
Dec 7, 2020
“A look around the world shows that so far no country has managed to effectively protect its risk groups when the number of infections is high - Sweden at the beginning of the pandemic or Switzerland in the second wave also had to pay for their special routes with many deaths. And if such a strategy fails, you have wasted valuable time and may find yourself confronted with an infection that is completely out of control. This would mean a collapse of the health system with all the ensuing consequences. This also includes immense damage to the economy. This is also confirmed by a study by the 八卦爆料. Those who reacted belatedly or wavered between strategies not only had very high casualties, but were also the most damaging to their economies, it said. The authors cite Great Britain as a negative example.” — Klaus Wedekind
-
INET study featured in Queensland
Dec 7, 2020
“The 鈥済o-hard/go-early and no regrets鈥 approach of the Australian states has been vindicated by the 八卦爆料 (INET), a nonpartisan, nonprofit organisation established in the wake of the 2009 global financial crash.” …. “We must be ready to accept renewed restrictions, targeted shutdowns and border closures. As the INET report clearly demonstrates, the failure to act is much more costly than any temporary measures, such as those used in South Australia last month.” — Dennis Atkins
-
The FT cites INET article on what can be learned from the pandemic
Nov 25, 2020
鈥淎ctual experience, as opposed to cost-benefit analyses of theoretical alternatives, further strengthens the case for suppressing the disease fully, where feasible. A recent paper from the 八卦爆料, To Save the Economy, Save the People First, suggests why. A chart (reproduced here) shows that countries have followed two strategies: suppression, or trading off deaths against the economy. By and large, the former group has done better in both respects. Meanwhile, countries that have sacrificed lives have tended to end up with high mortality and economic costs.鈥 — Martin Wolf, The Financial Times
-
El Economista cites INET research on the cost of the pandemic
Nov 25, 2020
鈥淭o save the economy, you have to save people first, is the title of a paper by Alvelda, Ferguson and Mallery of the 八卦爆料. This work groups countries into three categories, according to the response to the covid: those that gave priority to maintaining economic life; those who focused on taking care of health first and those who wanted to be placed in the middle, but did not do either one well. The best economic results correspond to those who prioritized health. They are countries that are in Asia and Oceania, mainly. The worst are in the other two groups. Those who did not define one or the other, got the worst of both worlds: many deaths and great economic damage. What can be done? Alvelda, Ferguson, and Mallery recommend targeted subsidies by regions and sectors hardest hit; guarantee income for workers in non-essential activities and subsidize health safety measures for all those who cannot stop. This means, among other things, public money to make public transport and some massive workplaces more sanitary. Subsidize supervision / surveillance measures in spaces where many people go: shopping centers and places of religious worship, for example.鈥 — Luis Miguel Gonzalez, El Economista (translated from Spanish)
-
Economics & Beyond鈥檚 episode cited in the Financial Post
Nov 24, 2020
“Structural analysis to uncover global trends is what Goodhart and Pradhan鈥檚 book does. I鈥檓 not sure I completely recommend it, as it gets a little technical in spots, but I certainly recommend learning more about their analysis. (You can hear them interviewed in the podcast, 鈥淓conomics & Beyond with Rob Johnson.鈥)” — William Watson
-
The FT cites INET working paper showing elites are thwarting democracy
Nov 23, 2020
“Anyone with a pulse knows that in the US today the system is rigged in favour of the wealthy and powerful. One particularly illuminating paper published this month by the 八卦爆料 quantifies the problem. Building on a persuasive 2014 data set, it shows that when opinion shifts among the wealthiest top 10 per cent of the US population, changes in policy become far more likely. Using AI and machine learning, INET academics Shawn McGuire and Charles Delahunt delved deep into the data. They found that considering the opinions of anyone outside that top 10 per cent was a far less accurate predictor of what happened to government policy. The numbers showed that: 鈥渘ot only do ordinary citizens not have uniquely substantial power over policy decisions; they have little or no independent influence on policy at all鈥.” — Rana Foroohar, The Financial Times
-
Truthout cites INET research showing that to save the economy controlling the pandemic comes first
Nov 23, 2020
“A new international analysis by the 八卦爆料 found countries such as South Korea and New Zealand that focused on lockdowns early on in the pandemic, rather than preserving their economies, have gained control over the virus and are now seeing their economies grow, in contrast with the dire economic circumstances currently in the U.S.” — Mike Lugwig, Truthout
-
David Michaels and Gregory Wagner鈥檚 INET article was mentioned in Payday Report
Nov 17, 2020
“Former Obama-era OSHA Director Dr. David Michaels and Harvard Medical School professor Gregory Wagner also released a white paper outlining immediate steps that OSHA could take to stop the spread of COVID in the workplace. The steps range from issuing an emergency workplace standard to increasing fines to involving community groups in helping target non-compliant employers to use the power of OSHA鈥檚 public affairs to publicly shame corporations that won鈥檛 comply with COVID regulations. Go to the 八卦爆料 to check out their 11-part proposal to fight COVID in the workplace under a Biden Administration” — Mike Elk
-
INET working paper is cited in a corrective letter to the editor of the Washington Post
Nov 17, 2020
“Her omission understates drug spending by almost one-third, or about $145 billion. She claimed most drugs are developed in pharmaceutical firms, but funding from the National 八卦爆料s of Health contributed to all 356 new drugs approved by the Food and Drug Administration from 2010 to 2019. Drug corporations take a handoff after the most risky research is done and a drug shows promise.” — David Mitchell
-
Rob Johnson is quoted in Foreign Policy on Biden鈥檚 transition task force
Nov 16, 2020
Robert Johnson, the head of the progressive 八卦爆料, calls the Biden task force a 鈥渞eal good group.鈥 But he then asked: 鈥淲hat power will they really have … after the power of money bends the best designs in a self-interested direction?鈥
-
Dina Srinivasan鈥檚 INET funded research is discussed in Adweek
Nov 12, 2020
鈥淒ina Srinivasan, a fellow with the Thurman Project at Yale University, noted how Google鈥檚 dominance in both search and display advertising are interrelated. Google鈥檚 power in the search market is not irrelevant to the advertising business, she noted in a recent academic paper.鈥 — Ronan Shields
-
Thomas Ferguson's article affluent authoritarianism is referenced in The Financial Times
Nov 11, 2020
“The role of money in US politics is fundamental. A recent updating of earlier research, released by the 八卦爆料, confirms that the views of the top decile of the population largely determine policy. The inevitable frustrations of the rest give the parties their passionate voting blocs.” — Martin Wolf
-
INET working paper along with Thomas Ferguson's article are the focus of this Inequality article.
Nov 9, 2020
鈥淭heir new working paper, just published by the 八卦爆料 in New York, gives a rigorously technical analysis of what these tools reveal, and the 八卦爆料鈥檚 research director, Thomas Ferguson, has helpfully fashioned an introduction to — and a historical context for — the McGuire-Delahunt analysis that lay readers will find easily accessible. Ferguson, himself a pioneer in social science research on political decision making, points out that 鈥渢he idea that public opinion powers at least the broad direction of public policy in formally democratic countries like the United States has been an article of faith in both political science and public economics for generations.鈥 —Sam Pizzigati
-
Thomas Ferguson's INET article affluent authoritarianism is discussed in Counterpunch
Nov 6, 2020
“Conveniently for present purposes, Naked Capitalism posted a piece by political scientist Thomas Ferguson on the determinants of political decision making— that is, on the 鈥榩roduct鈥 that elected representatives produce. The punchline: 鈥榤oney,鈥 as defined by the interests of corporate executives and oligarchs, is the overwhelming determinant of 鈥榩olitical鈥 outcomes. Advancing the public will— the liberal explanation; or the public interest, the explanation offered for representative democracy, have no bearing. The longstanding practice of fitting political outcomes into these theoretical frames to 鈥榚xplain鈥 public policies is scientific malpractice given Mr. Ferguson鈥檚 findings.” —- Rob Urie
-
Rob Johnson joined Terrence McNally's podcast
Nov 6, 2020
鈥淚t looks as if Joe Biden will win a very tight electoral college victory against arguably the worst president in history in the midst of a deadly pandemic and crippled economy the incumbent has bungled disastrously. How could this election even be close? ROB JOHNSON, Executive Director of the 八卦爆料 (INET), and I talk about how we got here and what it鈥檚 going to take to move forward. As long as both parties depend on Wall Street and the 1% for funding, our real challenges - climate change, restoring the middle class, healthcare, systemic racism, etc.- will never truly be dealt with.鈥 —- Terrence McNally
-
William Lazonick's research on stock buybacks is featured in Retail Dive
Nov 3, 2020
William Lazonick, president of the Academic-Industry Research Network and a professor emeritus of economics at the University of Massachusetts, who has devoted much of his research to the topic of buybacks, has written that the rule change “in effect gave corporations license to use open-market repurchases to manipulate the market.” … In an interview, Lazonick told Retail Dive, “These distributions to shareholders, particularly buybacks on top of dividends, are at the expense of keeping people employed, rewarding them for the work they’ve done, and investing in new products and processes.”
-
INET working paper on NIH's funding of new pharmaceuticals is cited
Nov 2, 2020
鈥淭hird, U.S. taxpayers foot a huge portion of the bill for basic science leading to new drugs. The National 八卦爆料s of Health is the single largest source of biomedical research in the world. In fact, NIH funding contributed to research associated with every single new drug approved by the FDA from 2010-2019, totaling $230 billion according to a recent report.鈥
-
William Lazonick is quoted in on the stock market practices of Big Pharma
Oct 29, 2020
鈥淓xecutives have an interest in getting the stock price up and price gouging customers is one way they can do this,鈥 said William Lazonick, professor emeritus of economics at University of Massachusetts and co-founder of the Academic-Industry Research Network. While many drug companies argue that they use their vast profits to fund ongoing pharmaceutical innovation, Lazonick said, 鈥渨e鈥檝e shown that most of these companies don鈥檛 do that.鈥 Instead, the soaring prices fuel soaring stock prices and executive pay, which is often based largely on that price.鈥 — INET Grantee William Lazonick
-
Alberto Baccini鈥檚 INET funded research on the impact of publishing incentives
Oct 29, 2020
鈥淎lberto Baccini, an economist at the University of Siena in Italy, says that people assessing research should be aware that the process can have an influence on academics鈥 behavior. 鈥楩or each research assessment, you can find some behavior that changes in a way that is not desirable for society,鈥 he says. A 2019 study conducted by Baccini and colleagues found that researchers in Italy have been citing their own work or that authored by other researchers based at Italian institutions more frequently in response to a 2010 policy that is used to make decisions on promotions based on the number of citations researchers accumulate.” — INET Grantee Alberto Baccini
-
Lynn Parramore on Trump and America's ongoing manterrupter problem
Oct 28, 2020
鈥淥bviously, there’s serious work to be done in changing cultural norms. Dealing with this disrespectful activity requires a versatile toolkit. … Fortunately, cultural norms can change. Challenges to traditional patriarchy and outdated workplace behavior, like the #MeToo movement, are already shifting notions of what is acceptable. Lesley Stahl has been a respected journalist for 50 years. Which means she likely knows better than anyone else that gaining a seat at the table doesn’t mean much if you can’t be heard over the din.鈥 — INET Senior Research Analyst Lynn Parramore
-
Andrew Sheng on Xi Jinping鈥檚 plan for Shenzhen
Oct 28, 2020
鈥淚n his speech, Xi pledged to uphold support for the Greater Bay Area initiative, and the Shenzhen plan includes specific measures to create employment and housing opportunities for Hong Kong鈥檚 young people. Driving forward the development of an economy as large and complex as China鈥檚 is a monumental feat in the best of times 鈥 not least because there are no models to emulate. Amid hostile external conditions, the challenge is even greater. But with the Shenzhen plan 鈥 and the broader adaptation and implementation of the city鈥檚 successful reforms 鈥 China may well be able to meet it.鈥 - INET Expert Andrew Sheng, member of Commission on Global Economic Transformation
-
INET & Luohan Academy Announce Partnership to Bring INET Video to China
Jul 8, 2020
Luohan Academy will share content while working with INET to plan future co-sponsored events, seminars & more
-
COVID-19 Economic Research
COVID-19Apr 6, 2020
Cambridge-INET has just launched a new website, featuring research, insights and news from Cambridge Economists about the economic implications of COVID-19
-
INET Board Member Richard Vague on Rescuing the Coronavirus Economy
Apr 1, 2020
INET Board Member Richard Vague writes in The Hill on how to rescue the coronavirus economy
-
Rob Johnson on Background Briefing with Ian Masters
Mar 20, 2020
Rob Johnson discusses whether the recession will become a depression
-
INET Plenary Rescheduled
Feb 28, 2020
In light of the growing concerns over the coronavirus, we have decided to postpone the INET Plenary to October 13-15, 2020 (originally slated for April 13-15, 2020)
-
William Greider: In Memoriam
Jan 12, 2020
William Greider, a pioneering economic journalist, passed away last month. We at INET are saddened by his loss, and in tribute to his legacy are sharing his essay from The Nation, “What Would Happen if Women Were In Charge of the Global Economy?”
-
Katharina Pistor on Facebook's Libra
Oct 24, 2019
INET grantee Katharina Pistor is featured in Bloomberg
-
Exposing Citation Gaming and its Institutional Causes
Sep 16, 2019
A new method developed by INET grantees to estimate country-level citation clubs and self-citations is making waves, with implications far beyond the paper鈥檚 initial focus.
-
William Lazonick in The New Yorker
Jun 20, 2019
INET grantee William Lazonick is profiled in The New Yorker
-
Pope Francis Joins Joe Stiglitz and Rob Johnson in Creating New Economic Thinking
May 13, 2019
INET Global Commission to collaborate with Pope Francis and Scholas Occurrentes on bringing the voices of young people into the economics profession
-
INET Welcomes Gaurav Dalmia to Its Governing Board
Apr 25, 2019
Dalmia brings his expertise in business, finance and economic trends in South Asia to INET
-
HuffPo Cites INET Stock Buyback Research
Apr 19, 2019
The Huffington Post features INET research on stock buybacks
-
Boing Boing on Facebook Privacy Research
Apr 18, 2019
Boing Boing covers Dina Srinivasan’s research on Facebook, privacy, and monopoly power
-
INET Leadership Meets with Portugal鈥檚 Finance Minister and Eurogroup President
Apr 12, 2019
Group discussed pressing issues in the eurozone and the need for new economic thinking
-
INET Event in Kerala Featured in Times of India
Mar 25, 2019
The Times of India features INET’s event, “Rebuilding Kerala Economy: Time for a Paradigm Shift?”
-
INET Event in Kerala Featured in The Hindu
Mar 25, 2019
The Hindu features INET’s event, “Rebuilding Kerala Economy: Time for a Paradigm Shift?”
-
INET Announces Program on Knightian Uncertainity Economics
Mar 4, 2019
Rethinking the role of markets and government policy in light of our inherently limited ability to foresee economic and social outcomes
-
Servaas Storm Featured in Frontline
Mar 4, 2019
Servaas Storm’s INET research is featured in the Indian news magazine Frontline
-
INET鈥檚 Center for Innovation, Growth and Society Discusses Antitrust Policy and Big Tech
Feb 28, 2019
Inaugural conference addresses pressing issues around emerging technologies鈥 impact on economies and communities
-
Crime Report Features Shannon Monnat on Opioids
Feb 28, 2019
The Crime Report features Shannon Monnat’s research on opioids
-
William Lazonick in the New York Times on Pharma CEO Pay
Feb 26, 2019
INET grantee William Lazonick’s research on drug pricing is featured in a New York Times op-ed
-
CityLab Features INET Research on Opioid Crisis
Feb 14, 2019
Atlantic CityLab features Shannon Monnat’s research on the opioid crisis
-
Global Commission Discusses Tech + the Future of Work in San Francisco
Feb 13, 2019
The latest meeting of INET鈥檚 Commission on Global Economic Transformation addressed the impact of technological change on jobs and society—and how best to harness the power of tech
-
Adair Turner in the New York Times
Feb 4, 2019
The New York Times quotes INET Senior Fellow Adair Turner on the bifurcated workforce
-
Adair Turner on Bloomberg TV
Jan 22, 2019
INET’s Adair Turner talks about the slowdown in the Chinese economy on Bloomberg TV
-
New Economic Thinking at AEA 2019
Jan 7, 2019
This year’s American Economics Association conference featured INET researchers, a cocktail reception, and a new interactive poll
-
Vox Features INET Climate Research
Dec 31, 2018
Vox features INET’s package of climate research
-
The Atlantic Features INET
Dec 14, 2018
The Atlantic features INET’s curriculum committee
-
INET Welcomes Clive Cowdery to Its Governing Board
Dec 7, 2018
Cowdery brings his expertise in business, foundations, and publishing to INET
-
The Intercept Features INET Climate Research
Dec 5, 2018
The Intercept highlights INET research from Enno Schr枚der and Servaas Storm and Gregor Semieniuk, Lance Taylor, and Armon Rezai
-
INET Chair Adair Turner in The Independent
Nov 26, 2018
The Independent profiles INET Chairman Adair Turner
-
Bill Lazonick Research in New York Times
Nov 19, 2018
William Lazonick’s INET research is featured in his New York Times op-ed
-
Jacobin Q&A with Tom Ferguson
Nov 6, 2018
Jacobin Magazine’s Q&A with Tom Ferguson about his new INET paper.
-
Real News Network Features INET Paper on 2016 Election
Nov 6, 2018
Real News Network interviews INET Research Director Tom Ferguson about his new paper on money and the 2016 U.S. presidential election.
-
Thomas Ferguson on Background Briefing
Nov 4, 2018
INET Research Director Tom Ferugson talks about Donald Trump and racial resentment with Ian Masters’s Background Briefing
-
The Intercept: Donald Trump Exploited Long-Term Economic Distress to Fuel His Election Victory, Study Finds
Oct 31, 2018
The Intercept covers a new INET paper from our Research Director Tom Ferguson and his co-authors.
-
Jacobin Features INET Paper on 2016 Election
Oct 19, 2018
Jacobin Magazine features research from INET Research Director Tom Ferguson and co-authors on big business support for Donald Trump in the 2016 campaign.
-
James Heckman in The Economist
Oct 6, 2018
Nobel laureate James Heckman, Sidharth Moktan and their INET-funded research on economics journals is featured in The Economist.
-
Noam Chomsky Cites Thomas Ferguson's Paper
Oct 2, 2018
In a piece for The Intercept, Noam Chomsky cites Tom Ferguson’s paper on the influence of money in US congressional elections.
-
James Heckman in The Chronicle of Higher Education
Oct 1, 2018
Nobel laureate James Heckman, Sidharth Moktan and their INET-funded research on economics journals is featured in The Chronicle of Higher Education.
-
Rob Johnson on Background Briefing
Oct 1, 2018
INET President Rob Johnson appears on Background Briefing with Ian Masters to discuss the tenth anniversary of the bailout
-
New Book: Inequality and Inclusive Growth in Rich Countries
Sep 12, 2018
INET Oxford’s Brian Nolan writes on his new book for VoxEU
-
Adair Turner on Bloomberg TV
Sep 10, 2018
INET Chairman Adair Turner reflects on the 2008 financial crisis on Bloomberg TV