New Economic Perspectives

Segregation and housing discrimination are affecting Black homeownership today as much as in the days before the 1964 Civil Rights Act. What happened and how can this be reversed? NEP’s Bill Black appears on The Real News Network and discusses this. You can view here with transcript. [embedded content]

NEP’s Bill Black appears on The Real News Network and discusses Feacebook’s new proposed crypto-currency, called “Libra.” Facebook could use this technology to standardize identity and create a world of ultimate surveillance, and then profit from it. You can view here with a transcript. [embedded content]

NEP’s Bill Black appears on The Real News Network and analyzes the new study, “The Plunder of Black Wealth in Chicago,” opening the way for a fruitful conversation about reparations and our future. You can view here with a transcript. [embedded content]

By J.D. ALT With great interest, I’ve been reading about the “Terraton Initiative”—a program designed to enlist farmers to sequester one trillion tons of carbon in their soil using innovative and “regenerative” planting techniques. The initiative was recently rolled out by Indigo AG—a young and rising Boston company recently named by CNBC as “the world’s most innovative company.” Indigo AG’s mark has been the establishment of a sophisticated platform enabling grain-farmers across the...

Trump opposes the merger of these two arms manufacturers, which would create the world’s largest such corporation, but why? NEP’s Bill Black appears on the Real News Network and gives us the interesting answer as well as explores why these mergers are dangerous and on the rise. You can view here with a transcript. [embedded content]

By J.D. ALT According to the “invisible hand” theory—long celebrated (in America) as the most effective mode of human economics—private commerce should now be busy directing our efforts and resources toward those things we truly need to prosper as a collective society. Instead, the “invisible hand” seems to be willfully guiding us in the opposite direction. How can that be? Has something fundamental shifted, causing the mechanism of the Great American Enterprise to steer not just...

L. Randall Wray In recent days the international policy-making elite has tried to distance itself from MMT, often going to hysterical extremes to dismiss the approach as crazy. No one does this better than the Japanese. As MMT began to gather momentum, its developers began to receive a flood of calls from reporters around the world enquiring whether Japan serves as the premier example of a country that follows MMT policy recommendations. My answer is always the same: No. Japan is the...

L. Randall Wray How to Pay for the Green New DealWORKING PAPER NO. 931 | May 2019 This paper follows the methodology developed by J. M. Keynes in his How to Pay for the War pamphlet to estimate the “costs” of the Green New Deal (GND) in terms of resource requirements. Instead of simply adding up estimates of the government spending that would be required, we assess resource availability that can be devoted to implementing GND projects. This includes mobilizing unutilized and...

By J.D. ALT I’ve spent the last month or so tinkering with and observing a diagram-machine representing the workings of the U.S. monetary system. In the process, I can see that I’ve bored a lot of people beyond their capacity with the tedium of the tinkering. I apologize for that, and I’ll hereby discontinue the torture. Nevertheless, I’d like to share a few insights the tinkering revealed—at least to me—that made the exercise worthwhile. 1. Money-creation is a response to what the...

Remarks by L. Randall Wray at “The Treaty of Versailles at 100: The Consequences of the Peace”, a conference at the Levy Economics Institute, Bard College, May 3, 2019. I’m going to talk about war, not peace, in relation to our work on the Green New Deal—which I argue is the big MEOW—moral equivalent of war—and how we are going to pay for it. So I’m going to focus on Keynes’s 1940 book— How To Pay for the War—the war that followed the Economic Consequences of the Peace. Our analysis...