Capital in the Twenty-First Century

Thomas Piketty joins two Nobel Prize winners and other scholars to discuss his book Capital in the Twenty-First Century.

The French economist Thomas Piketty (Paris School of Economics) discussed his new book, Capital in the Twenty-First Century at the Graduate Center. In this landmark work, Piketty argues that the main driver of inequality—the tendency of returns on capital to exceed the rate of economic growth—threatens to generate extreme inequalities that stir discontent and undermine democratic values. He calls for political action and policy intervention. Joseph Stiglitz (Columbia University), Paul Krugman (Princeton University), and Steven Durlauf (University of Wisconsin–Madison) participated in a panel moderated by LIS Senior Scholar Branko Milanovic. The event was introduced by LIS Director Janet Gornick, professor of political science and sociology at the Graduate Center.

Cosponsored by the Luxembourg Income Study Center and the Advanced Research Collaborative.

What the 1% Don’t Want You to Know

On the Bill Moyers show, Economist Paul Krugman explains how the United States is becoming an oligarchy – the very system our founders revolted against. The discussion is focused on the work of Thomas Piketty, and includes a mention of the recent paper on oligarchy in the US by Martin Gilens, and Benjamin I. Page.

Joseph Stiglitz and Paul Krugman on the Economy

What do you get when you put two of the most well known and most widely cited economists in the world, both Nobel laureates, on stage together? A healthy dose of economic reality. Jojn Joseph Stiglitz and Paul Krugman for a conversation on the economy.

Paul Krugman vs. Austerity and its Supporters

Nobel laureate Paul Krugman takes down a fat cat Tory donor Jon Moulton and a Tory MP Andrea Leadsom on BBC Newsnight, comprehensively demolishing their arguments for austerity and cuts.

On the ‘Keynesian Neoliberalism’ of the New York Times

by Costas Panayotakis

This article first appeared at the NYTimes eXaminer.

One of the regions of the world most severely hit by the current global capitalist crisis is Europe.  The European crisis has been rendered even more severe by a regression to a pre-Keynesian outlook that, as Paul Krugman has pointed out in his New York Times columns, is reminiscent of the outlook of Herbert Hoover and other political leaders in the early stages of the Great Depression. In today’s Europe this regression takes the form of brutal austerity measures that drastically cut government expenditures and attack ordinary workers’ and citizens’ salaries and pensions.  The ostensible purpose of these measures is to reduce government deficit and debt and to alleviate the sovereign debt crisis that is posing a threat to the future of the eurozone and the European project alike.  In fact, however, these measures are proving counterproductive, thus leading to some debate even within the still dominant neoliberal camp.  Against the ‘budget slashing’ neoliberalism favored by Angela Merkel and the European economic and political elites a more subtle ‘Keynesian neo-liberalism’ is making its appearance.

A recent New York Times editorial on the European austerity programs illustrates this alternative approach. The editorial begins by pointing out that two years “of unrelenting fiscal austerity … have brought [Europe] nothing but recession and deepening indebtedness.”  As the editorial explains, this is due to the ‘growth-killing’ effect of ‘spending cuts and tax increases’ at a time of economic crisis.  As the economy shrinks and unemployment soars, the editorial suggests, government tax revenues suffer, making the austerity programs counterproductive even from a narrowly fiscal point of view.

Continue reading “On the ‘Keynesian Neoliberalism’ of the New York Times”

Alex Salmond on Scottish Independence

David Frost speaks to Alex Salmond on Scottish Independence and Paul Krugman on the private debt crisis.

Many Scots now want to leave the UK, but will it be enough to win a referendum on independence in 2014? Sir David Frost speaks to the man who has led the movement for independence, Scotland’s first minister, Alex Salmond.