Thomas Piketty and His Discontents, Apolitical Economy: Democracy and Dynasty

Inequality and its corrosion of the body and the soul of capitalist societies has been the hottest topic among respectable liberal economists and political analysts in the United States since the crisis of September 2008. To be sure, Left economists have been tracing the twin scourges of flatlined real wages and widening inequality since the […]

Rescuing Economics from Neoliberalism

As we heap scorn on neoliberalism, we risk throwing out some of its most useful ideas. As even its harshest critics concede, neoliberalism is hard to pin down. In broad terms, it denotes a preference for markets over government, economic incentives over social or cultural norms, and private entrepreneurship over collective or community action. It […]

Federal Spending and Revenues Will Need to Grow in Coming Years, Not Shrink

Although some policymakers seek to prevent the federal government from growing, or to shrink it, federal spending and taxes will have to grow significantly as a share of the economy in the coming decades.  This is not a statement of political values; it’s a reflection of basic realities — the aging of America’s population, health […]

Neoliberalism: the idea that swallowed the world

Last summer, researchers at the International Monetary Fund settled a long and bitter debate over “neoliberalism”: they admitted it exists. Three senior economists at the IMF, an organisation not known for its incaution, published a paper questioning the benefits of neoliberalism. In so doing, they helped put to rest the idea that the word is nothing […]