Thomas Palley: Economics for Democratic and Open Societies

'''Thomas Palley''' ( born March 17, 1956 ) is an American economist who has served as the chief economist for the US–China Economic and Security Review Commission. He is currently Schwartz Economic Growth Fellow at the New America Foundation. All text, either derivative works from Wikipedia Articles or original content shared here, is licensed under: Creative Commons Attribution-ShareAlike 3.0 Unported License A full list of the authors of the original content can be found...

'''Thomas Palley''' ( born March 17, 1956 ) is an American economist who has served as the chief economist for the US–China Economic and Security Review Commission. He is currently Schwartz Economic Growth Fellow at the New America Foundation. All text, either derivative works from Wikipedia Articles or original content shared here, is licensed under: Creative Commons Attribution-ShareAlike 3.0 Unported License A full list of the authors of the original content can be found in...

This paper reflects on the history and enduring relevance of Keynes’ economics. Keynes unleashed a devastating critique of classical macroeconomics and introduced a new replacement schema that defines macroeconomics. The success of the Keynesian revolution triggered a counter-revolution that restored the classical tradition and now enforces a renewed classical monopoly. That monopoly has provided the [...]

Candidate Donald Trump ran on a campaign that not only questioned many foreign policy orthodoxies, but also lashed out against the neoconservative view of the world. Today the president is surrounded by men in uniform. Some are calling this a soft coup. CrossTalking with Michael O'Hanlon, Thomas Palley, and Patrick Henningsen. FACEBOOK: Like CrossTalk on Facebook https://www.facebook.com/crosstalkrules/ SOUNDCLOUD: Listen to CrossTalk+ here https://soundcloud.com/rttv/sets/crosstalk_plus...

This paper uses hysteresis to develop the concept of policy lock-in and lock-out. Policy changes may near-irrevocably change the economy’s structure, thereby changing the distribution of wealth, income and power. That may lock-in policy by changing the political equilibrium. Exit costs that block policy reversals also cause lock-in. Conventional thinking treats policy as a dial [...]

The neocon factor dramatically changes the interpretation of the Trump administration’s unilateralist international economic policy chatter. Donald Trump’s first one hundred days have revealed his inclination for unilateralism in international relations. That inclination reflects his opportunistic and bullying disposition, and it also fits well with his anti-globalization pose. Trump’s unilateralism has also spawned a dangerous waltz with [...]

Trumponomics: How Trump skillfully used anti-globalization as bait to cover up his extremely neoliberal switch. A key element of Trump’s political success has been his masquerade of being pro-worker, which includes posturing as being anti-globalization. However, his true economic interests are the exact opposite. That creates conflict between Trump’s political and economic interests. For political leaders [...]

Federal Reserve Chairman William McChesney Martin famously declared that the Federal Reserve “is in the position of the chaperone who has ordered the punch bowl removed just when the party was really warming up.” This paper uses the punch bowl metaphor to analyze how the Federal Reserve can improve monetary policy so as to deliver [...]

A key element of Trump’s political success has been his masquerade of being pro-worker, which includes posturing as anti-globalization. However, his true economic interest is the exact opposite. That creates conflict between Trump’s political and economic interests. Understanding the calculus of that conflict is critical for understanding and predicting Trump’s economic policy, especially his international [...]

The euro zone (EZ) was created in January 1999. Its weak economic performance is significantly due to the euro’s neoliberal monetary architecture and the design of monetary policy. Those features undermine national political sovereignty and consign the EZ to severe economic under-performance, which in turn fosters political demands for exit from the euro. Escaping this [...]