The concept of a labor market, responding to familiar underpinnings of supply and demand, completely colors thought on the relationship between employment, wages, and inflation, according to James K. Galbraith. However, he asserts, wages are determined not by such market forces, but by what he...

The "American Model" serves as a point of reference in discussions of economic policy around the world especially in Europe; many claim that the American version of the free market represents an ideal type-it is the highest form of capitalism. The author argues, however, that the United States...

A group of experts associated with the Economists for Peace and Security and the Initiative for Rethinking the Economy met recently in Paris to discuss financial and monetary issues; their viewpoints, summarized here by Senior Scholar James K. Galbraith, are largely at odds with the global...

The global abatement of the inflationary climate of the past three decades, combined with continuing financial instability, helped to promote the worldwide holding of U.S. dollar reserves as a cushion against financial instability outside the United States, with the result that, for the United...

This paper deepens and extends the conclusion by Conceição and Galbraith [2000] that, under some very general conditions, the dynamics of overall inequality can be captured using only the between sector component of the Theil index. This paper explores the fractal properties of the Theil...

This paper proposes the application of the between-group component of the Theil index to data on wages, earnings, and employment by industrial classification, in order to measure the evolution of wage or earnings inequality through time. We provide formal criteria under which such a...

From this paper's Preface, by Dr. Dimitri B. Papadimitriou, President: For some time, Levy Institute scholars have been engaged with issues related to the current account, government, and private sector balances. We have argued that the existing imbalances in these accounts are unsustainable and...

The Federal Accounting Standards Advisory Board (FASAB) has proposed subjecting the entire federal budget to "intergenerational accounting"--which purports to calculate the debt burden our generation will leave for future generations--and is soliciting comments on the recommendations of its two...

Unemployment in the European Union (EU) is a serious problem that threatens to disrupt the integration of accession countries, the character of individual countries, and the continued existence of the EU. According to Senior Scholar James K. Galbraith, European integration poses a huge conundrum...