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Top economist Mohamed El-Erian said many have lost faith in the Fed. Photo by Rob Kim/Getty Images The Fed raised interest rates by 75 basis points on Wednesday, marking its third straight rate hike. It signaled more hikes ahead to tame inflation, but the move risks tipping the economy into recession. El-Erian said higher, faster […]
Tax havens are used as an instrument to increase the profitability of US multinationals at the expense of the public, according to investigative economist and lawyer James Henry. He told RT that there’s a tiny group of the world’s elite professionals, banks, law firms, and accounting firms that make a nice living from the global […]
The iPhone would not be such a smart phone without GPS, a touch screen or the internet. And who funded the development of those technologies? U.S. taxpayers, observes Mariana Mazzucato, who believes the state can be the boldest innovator, and ignoring it in Silicon Valley mythmaking is “extremely dangerous.” She points out that even the […]
The weakening housing market is similar to the last market high, just before the subprime housing bubble burst a decade ago, says famed housing-watcher Robert Shiller. The economist, who predicted the 2007-2008 crisis, told Yahoo Finance that current data shows “a sign of weakness.” Housing pivots take more time than those in the stock market, […]
His impact on economics went far beyond optimal taxes and contract theory
A fresh face, and fresh thinking on exchange rates
Go, Gita Gopinath THE International Monetary Fund (IMF) used to be known for its unwavering advocacy of the “Washington consensus”, a set of free-market policies including free capital flows and fiscal consolidation. Nowadays it is a little more introspective—or, perhaps, open-minded. On October 1st the fund announced that Gita Gopinath, a professor at Harvard University, […]
The optimal economist WHEN James Mirrlees got the call to say he had won the Nobel prize for economics in 1996, he assumed that a friend was pulling a prank. “Jim politely suggested that it didn’t sound very likely and he’d need some proof,” his wife later recalled. Friends and colleagues say it paints a […]
Parag Pathak penned a pupil-picker paper BOSTON parents were fed up. To get their children into public schools they had to submit a list of their preferences. Spots were allocated first to those who put a school top. Only then would schools consider pupils who put them second or third. Sounds fair? Hold on. The […]
Imagine an end to Washington spending wars that leave filibustering senators blue in the face. Economist Stephanie Kelton does. She sees a world where the federal government can build a big, beautiful social safety net, strengthen the military and, for good measure, cut taxes on the rich. The government, in her eyes, can spend as […]
