The Return Of Public Investment
The idea that public investment in infrastructure – roads, dams, power plants, and so forth – is an indispensable driver of economic growth has always
Dani Rodrik
Understanding The Evolution Of Work
In mid-December, the United Nations will launch the latest of its annual landmark Human Development Reports. This year’s report focuses on the nature of work: how the
When Financial Markets Misread Politics
When Turkey’s Justice and Development Party (AKP) defied pundits and pollsters by regaining a parliamentary majority in the country’s general election on November 1, financial
The Mirage Of Structural Reform
Every economic program imposed on Greece by its creditors since the financial crisis struck in 2009 has been held together by a central conceit: that
Economists Vs. Economics
Ever since the late nineteenth century, when economics, increasingly embracing mathematics and statistics, developed scientific pretensions, its practitioners have been accused of a variety of
The Muddled Case For Trade Agreements
With global trade negotiations deadlocked for years, regional agreements – long a dormant route to trade liberalization – are back with a vengeance. The United
TTIP And The War Of Trade Models
There is an interesting debate going on in Europe about the likely consequences of the TTIP (Transatlantic Trade and Investment Partnership). Much of the real
Reforming Greek Reform
Greece’s new government, led by the anti-austerity Syriza party, presents the eurozone with a challenge that it has not yet had to face: dealing with
From Welfare State To Innovation State
A specter is haunting the world economy – the specter of job-killing technology. How this challenge is met will determine the fate of the world’s
Greek Elections, Democracy, Political Trilemma, and all that
Two-and-a-half years ago I wrote a short piece titled “The End of the World as We Know It” which began like this: Consider the following scenario. After
Good And Bad Inequality
In the pantheon of economic theories, the tradeoff between equality and efficiency used to occupy an exalted position. The American economist Arthur Okun, whose classic
How The Rich Rule US Democracy
It is hardly news that the rich have more political power than the poor, even in democratic countries where everyone gets a single vote in
The Perils Of Economic Consensus
The Initiative on Global Markets, based at the University of Chicago, periodically surveys a group of leading academic economists, of varying political persuasions, on the issues
Why The Super-Rich Need Governments
The very rich, F. Scott Fitzgerald famously wrote, “are different from you and me.” Their wealth makes them “cynical where we are trustful,” and makes them
The West Has Failed To See The Abuses Of The Turkish Regime
Around 300 officers in the Turkish military were jailed in 2010-2011 over an alleged coup to overthrow the Turkish government. The controversy over the arrests
Rethinking Democracy
By many measures, the world has never been more democratic. Virtually every government at least pays lip service to democracy and human rights. Though elections
Piketty And The Zeitgeist
I get the same question these days wherever I go and from whomever I meet: What do you think of Thomas Piketty? It’s really two