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Levy Institute President Pavlina R. Tcherneva sits down with Lord Robert Skidelsky to discuss his new book, Mindless. Their conversation spans Skidelsky's roots in economics, his studies as biographer of John Maynard Keynes, and a revisit of the "Economic Possibilities for Our Grandchildren." Be sure to listen and join the conversation through your favorite podcast listening service. | |
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Next Session January 13th
@ 11:00 AM EST
These information sessions provide an overview of the Levy academic programs, student life, admission requirements, enrollment steps, financial aid procedures, and immigration requirements for international students. Applicants who attend a virtual information session will have their application fees waived.
Contact us for more information at 845-758-7776 or [email protected]
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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 Institute 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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On November 5, 2024, voters returned Donald Trump to the White House, this time winning both the electoral college and the popular vote.Economists uniformly failed to grasp what the public's “concerns with the economy” were all about, celebrating the decline in inflation and the fastest recovery in postwar history, while voters expressed their displeasure with how things were going. Despite the post-COVID splurge to salvage and repaint the old American economic engine, for many families it was the same old clunker under the hood. | |
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On the eve of the 2024 US presidential election, Senior Scholar Dimitri B. Papadimitriou, Research Associate Nikolaos Rodousakis, Research Scholar Giuliano Toshiro Yajima, and Senior Scholar Gennaro Zezza shared their latest macroeconomic projections using the Levy Institute’s tailored stock-flow consistent model and evaluate two alternative policy scenarios, depending upon the next occupant of the White House: (1) a significant increase in import tariffs and decrease in the marginal tax rate, and (2) a substantial increase in government expenditure paired with an increase in the marginal tax rate. | |
Senior Scholar L. Randall Wray examines heterodox theories of the determinants of the value of money. Orthodox approaches that tie money’s value to relative scarcity of money or to the price level are rejected as inconsistent with the monetary theory of production embraced by heterodox traditions linked to Marx, Veblen, and Keynes. As Heilbroner argued, money is central to the internal logic of the capitalist system, and is what makes capitalism truly different from other social organizations. Our theory of value informs our beliefs about how the deep structure of the economic system generates a system of prices denominated in the money of account. | |
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As we all know, Frankenstein was the scientist in Mary Shelley’s 1818 novel of the same name, who invented a human machine—intended to be a benefactor, but which turned out to be a monster. There is a critical question I wish to address this evening: Can we avoid our technology destroying us? This is the most important thread that runs through my book, Mindless, recently published in the United States. The book discusses the impact of machines on jobs, on freedom, and on our survival as a species. The question that dominates all three concerns the impact of machines on our humanness. Today we ponder whether there is still time to control the Machine before it controls us. Lord Robert Skidelsky discusses three Frankensteins who each set out to create gods and, in turn, created monsters. | |
Since the 2008–9 Financial Crisis, economic policy models have shifted toward “realism.” DSGE models now partly diverge from the representative agent framework, while New-Keynesian models better address real-financial interactions. Yet, limitations in both approaches hinder full integration of complex multi-sector financial systems in policy models. Stock-Flow Consistent (SFC) models have resolved many issues, with more country models emerging recently. In this work, Research Associate Francesco Zezza presents key features of a quarterly SFC model of the Italian economy (MITA). | |
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