April 6, 2021Analysis
On market makers and risk managers post-2008.
For a long time, Bagehot’s rule, “lend freely, against good collateral, but at a high rate,” restored the Fed’s control over the money market and helped end banking panics and systemic banking crises. This control evaporated on September 15, 2008,…
November 25, 2020Interviews
An interview with Amit Bhaduri.
Amit Bhaduri was internationally selected professor at Pavia University and visiting Professor at the Council for Social Development, Delhi University. His six books and more than sixty journal articles have consistently scrutinized the foundations of neoclassical economic theory and presented…
September 28, 2020Sources
It is well known that the share of the global labor force working in services has risen precipitously over the past several decades, with nearly half of all workers around the globe now counted in the service sector. Scholarly work…
August 8, 2020Interviews
An interview with Stephen Marglin.
June 30, 2020Sources
Brazil's Bolsa Familia is widely credited with lifting more than 20 million people out of extreme poverty, making it a global model for anti-poverty initiatives. Developed as part of a broader theory of equitable development, it serves as the basis…
June 15, 2020Sources
As debate and discussion continues over reforms to US policing, attention has been drawn to the share of municipal and state budgets dedicated to police departments. While a useful proxy of governmental priorities, these budgets only tell part of the…
March 31, 2020Sources
The need to formulate a unified COVID response has placed pressure on European integration in recent days, with Germany and the Netherlands resisting Southern European calls for the issuing of "coronabonds." A 2018 paper by John Ryan and John Loughlin…
March 25, 2020Sources
This week, reports swirled regarding President Trump's invocation of the Defense Production Act—a 1950 law passed to manage production in the context of the Korean War—to meet the coming demand of crucial medical supplies to treat people with COVID-19. Much…
February 27, 2020Analysis
On the neoclassical and stratification theories of race
February 6, 2020Analysis
Exploring the limits of Expected Utility
I once wrote a post criticizing modern microeconomic models as both overly complex and unrealistic, leading their practitioners into theoretical dead ends without much corresponding increase in explanatory power. I suggested the entire enterprise of Expected Utility (EU) was a…
November 22, 2019Analysis
The effects of big development initiatives
Infrastructure lies at the heart of development. From transportation and telecommunication networks to electrical grids and water pipelines, large-scale infrastructure projects play a pivotal role in the global development landscape.
October 28, 2019Sources
Tax reform is at the forefront of contemporary policy debate. US citizens pay taxes at lower rates than their European counterparts, and a growing number of researchers agree that progressive taxes on wealth and income have the potential to rectify…
October 24, 2019Interviews
An interview with John Roemer
Throughout his career, John Roemer's work has been uniquely situated between the fields of microeconomics, game theory, philosophy, and political science. His research makes use of the tools of classical economics to analyze dynamics typically thought to be outside the…
September 23, 2019Sources
Recent years have seen a surge in scholarship that critically evaluates the origins and impact of the law and economics movement. Out of the many theoretical bedrocks of the movement, the Coase Theorem is one of the most significant. Stemming…
September 16, 2019Sources
Two weeks ago today marked the passing of the great Immanual Wallerstein. His work has had resounding influence across fields: from literature, to legal theory, education, development studies, and international relations. Among his foremost contributions is the four volume Modern…
September 12, 2019Analysis
Three competing theories of money
July 22, 2019Sources
At the Phenomenal World, we have been publishing pieces covering a wide-range of topics, many of which are common ground in this newsletter. Below, in no particular order, is a round-up of some recent work in case you missed it.
May 3, 2019Interviews
An interview with Rosella Cappella Zielinski
Academic study of war in the social sciences is as old as historiography itself, and political economists have considered the economic logic of war and peace for centuries. Yet social scientists have left several questions on the financing of conflict…
March 19, 2019Analysis
Uncovering the ideology embedded in economics
When the media talks about ideological indoctrination in education, it is usually assumed to refer to liberal arts professors pushing their liberal agenda. Less discussed is the very different strain of ideology found in economics.
November 9, 2018Analysis
How medieval financiers lent in the age of uncertainty
In 1596, Spanish troops under the leadership of the Duke of Medina-Sidonia set fire to their own ships in the waters near Cadiz. The sinking of these thirty-two vessels was a tactical necessity: a joint Anglo-Dutch navy had annihilated the…