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An OSUN-EDI and Levy Economics Institute Workshop
On November 3–4, OSUN’s Economic Democracy Initiative (EDI) and the Levy Economics Institute brought leading thinkers in economics and law together for a two-day workshop, which took place at Blithewood, Bard College. The aim of the workshop was to push the boundaries of our current understanding of money and finance, in order to reconsider various public policies for intersecting crises. Led by Pavlina R. Tcherneva, Director of EDI and Levy Research Scholar, the workshop featured panels on monetary sovereignty in the global south, post-neoliberalism, the political economy of Modern Money Theory (MMT), macroeconomic management around the world, and more. The keynotes were delivered by Levy Senior Scholars L. Randall Wray, who spoke about the value of money and its implications for MMT, and James K. Galbraith, who presented his new paper, “Will Austerity and Precarity Finish Off the Human Species?” Galbraith’s paper is also part of the new OSUN-EDI symposium “Post-Neoliberalism: Pathways for Transformative Economics and Politics."
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Congratulations, Nitin Nair!
Recent Levy Economics Graduate in Economic Theory and Policy, Nitin Nair ('23), was awarded the 2023 Herbert Simon Prize from the European Association for Evolutionary Political Economy for his work at the Institute.
The Herbert Simon Prize is awarded annually by the European Association for Evolutionary Political Economy for the best conference paper by a young economics scholar.
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Working Paper No. 1033 | November 2023
The Impact of Climate Change on the Palestinian Sectoral Reallocation of Labor
Sameh Hallaq, Yousuf Daas
In this paper, Research Associate Sameh Hallaq and Yousuf Daas leverage yearly variations in climate variables, such as rainfall and temperature, across the West Bank from 1999 to 2018 to assess their influence on individuals' decisions to stay in the agricultural sector. The main findings suggest that an increase in rainfall in the previous year is associated with a higher proportion of workers in the agricultural sector, especially in regions where agriculture is the primary economic activity.
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Working Paper No. 1032 | October 2023
Applying OECD Policy Evaluation Criteria to Child Protection Schemes in India
Lekha S. Chakraborty, Balamuraly B, Jitesh Yadav, and Amandeep Kaur
Using OECD evaluation criteria, Research Associate Lekha S. Chakraborty, Balamuraly B, Jitesh Yadav, and Amandeep Kaur analyze the child protection schemes of Odisha to understand whether legal commitments on child protection are translated into fiscal commitments. Their analysis reveals that, in the post-pandemic fiscal strategy of Odisha, various programs have been designed by the government to tackle the capability deprivation, hardships, and vulnerabilities faced by children within the budgetary frameworks, and that these programs are made fiscally sustainable through public expenditure convergence within the classification of budgetary transactions.
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Working Paper No. 1031 | October 2023
A Stock-Flow Ecological Model from a Latin American Perspective
Lorenzo Nalin, Giuliano Toshiro Yajima, Leonardo Rojas Rodriguez, Esteban Pérez Caldentey, José Eduardo Alatorre
In this study, Lorenzo Nalin, Research Scholar Giuliano Toshiro Yajima, Leonardo Rojas Rodriguez, Esteban Pérez Caldentey, and José Eduardo Alatorre aim to develop an ecological stock-flow consistent (SFC) model based on the Latin American–stylized facts regarding economic, financial, and environmental features—by discussing two scenarios that test exogenous climate-related shocks. Both scenarios show that the financial external constraint that determines the growth path of Latin American economies may be further exacerbated due to environmental-related issues.
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Working Paper No. 1030 | October 2023
Economic Transformation and Growth in the Philippines
Jesus Felipe, Edgar Desher Empeño, Brendan Miranda
Research Associate Jesus Felipe, Edgar Desher Empeño, and Brendan Miranda use the Pritchett-Sen-Werker political-economy framework to analyze the roles of different types of firms and the deals environment from successive Philippine administrations until the current one. They determine that the main gateway for the Philippines to develop and become an upper-middle-income economy—and eventually, a high-income economy—is to expedite the shift of workers out of agriculture and to produce and export more complex products with a higher income elasticity of demand.
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Working Paper No. 1029 | September 2023
Is Anything Left of the Debate about the Sources of Growth in East Asia Thirty Years Later?
Jesus Felipe and John McCombie
Research Associate Jesus Felipe and John McCombie review what has been learned during the last 30 years about East Asia’s growth. They conclude that the analysis of growth within the framework of the neoclassical model should be seriously questioned. Instead, they propose that researchers look at other approaches, for example, the balance-of-payments–constrained growth rate approach of Thirlwall (1979) or the product space of Hidalgo et al. (2007), together with the notion of complexity of Hidalgo and Hausmann (2009).
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Levy Graduate Programs in Economic Theory and Policy | |
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Backed by over 30 years of proven policy impact, the Levy Institute Graduate Programs in Economic Theory and Policy provide innovative approaches to topics such as time use, poverty, gender, student debt, and employment that other programs neglect, encouraging students to evaluate policies, examine behavior, and dig deeper into the social phenomena that underlie economic outcomes.
Along with a challenging academic environment, the Levy programs also offer a supporting and caring community where students benefit from sharing their research with faculty and their peers to promote academic exchanges and intellectual collaboration.
To find out more, visit bard.edu/levygrad or follow the program’s Facebook page.
Interested students should contact the Institute at [email protected] for more information. Scholarships are available.
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Research Scholar Pavlina Tcherneva and Senior Scholar L. Randall Wray are featured in a new documentary Finding the Money, following Research Associate Stephanie Kelton to tell the story of Modern Monetary Theory, a burgeoning economic movement that will revolutionize our ability to tackle the climate crisis. The documentary, made by Maren Poitras, has been shown at the 24th Woodstock Film Festival, The Boston Globe's Globe Docs Film Festival, Bend Film Festival 2023, and others. It has also been screened at the OSUN-EDI Workshop "New Directions in Money, Finance, and Public Policy."
Senior Scholar L. Randall Wray was also featured by FalcultiNet where he discussed inflation, the first principles, and the criticisms of Modern Monetary Theory.
Research Scholar Aashima Sinha has published her paper "Well-being costs of unpaid care: Gendered evidence from a contextualized time-use survey in India," in World Development.
On September 29, Research Associate Lekha Chakraborty gave a guest lecture at LSE International Development on Public Policies for Gender Equality.
Research Associate Éric Tymoigne was featured on the podcast Macro and Cheese episode Monetary Operations: Coordinated vs. Consolidated.
Senior Scholar William Waller, Mary Wrenn, Senior Lecturer at University of the West of England, and Matthew Watson, Professor of Political Economy at Warwick University discussed Thorstein Veblen’s book, The Theory of the Leisure Class on In Our Times with Melvyn Bragg on BBC4 on Thursday, November 9th.
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