Arnhold Professor of International Cooperation and Development at The New School for Social Research

Capitalism

CARES Will Care for Wall Street and Big Business

For macroeconomic balance maybe not so much

April 13, 2020 • by Lance Taylor

Support from INET and help from Thomas Ferguson and Özlem Ömer are gratefully acknowledged. To recap from a previous post (Taylor, 2020): The recently approved $2.2 trillion Coronavirus Aid, Relief, and Economic Security “stimulus” (or better, disaster relief) package amounts to ten percent of GDP. This amount is probably well less than the ...

COVID-19 Hits the Dual Economy

Incomes Destroyed at the Bottom, Profits Supported at the Top

March 30, 2020 • by Lance Taylor

This note presents broad brush illustrations from a simple accounting model of the impacts of the coronavirus epidemic on macroeconomic balance, with emphasis on fiscal interventions. The premise is that supporting effective demand is essential for sustaining economic activity. The COVID-19 epidemic created mass unemployment by shutting activity down. The ...

An Interview with Lance Taylor on Inequality

February 11, 2015 • by Lance Taylor

In a new paper for the Institute For New Economic Thinking’s Working Group on the Political Economy of Distribution, economist Lance Taylor and his colleagues examine income inequality using new tools and models that give us a more nuanced -- and frightening -- picture than ...

Read More