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Researching the book Economics of Visual Art, I came across a drawing in the Tate Archives. It is a “concept sketch” for Tate Modern. It was drawn in 1991 — a full nine years before the building opened, and still a few years before Bankside Power Station was chosen as the site. The drawing was […]
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Our book, What Capitalism Needs, spells out what capitalism needs, drawing on the ideas of great but unduly neglected economists of the past including Friedrich List, Joseph Schumpeter, Maynard Keynes and Albert Hirschman—but with most attention being paid to Adam Smith and Karl Polanyi.
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Monetary policy and the Federal Reserve seem boring to most people…until they’re not. And when things get lively, serious economic damage usually follows. There’s a reason the expression “May you live in interesting times” is regarded as a curse! Truthfully, citizens should pay more attention to the Fed, even during tranquil times. Money plays a […]
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Dismay over the current state of international economic relations has some policymakers longing for return to some imaginary notion of the good old days. But this is a time to look forward, not back. The old rules failed us in many ways: they fostered domestic inequality in some countries, limited development options in many, and […]
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Joe Biden has become President of the United States at a time when the country faces acute crises on many fronts. The most pressing—in both health and economic terms—is the ongoing COVID-19 pandemic, but the country must also confront the environmental and energy implications of climate change; deep racism across American institutions; ongoing weakness in […]
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The world economy is experiencing, because of the Covid-crisis and the associated lockdowns, its worst slump in peacetime since the great depression of the 1930s. A look at the main economic dislocations of the 100 years shows the disruptive effects of World War I, the hyperinflation of the 1920s in Central Europe and Soviet Russia, […]
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The response to the COVID-19 crisis puts the spotlight on public spending and the role of the state in advanced countries: How much should governments spend – is there an “optimal” level of spending? How effective is public spending – are we making the most of it? Are our public finances sustainable given record debt […]
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Energy plays a fundamental role in our societies and in our daily lives. Lighting systems, machines in offices, household appliances and electronic devices work thanks to electricity. Transport, and therefore trade, are made possible by oil-derived products. Industry depends on energy supply for its activities, as does agriculture. In short, without energy we would not […]
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