While conventional indicators show a significant decline in inequality, the perception among Chile’s citizens is that inequality has greatly increased. The development model Chile followed since the 1980s was successful in generating growth and reducing poverty. But it did not function properly in a middle-income country.
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For many years, Chile’s economic growth and transition to democracy have made it the poster boy for neoliberalism. The current wave of protests highlights the extreme inequality caused by 40 years of neoliberal policies.
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A new study finds a steady decline in the quality of American jobs between 1979 to 2017, even as GDP has grown. This decline has been particularly severe for young workers and catastrophic for young workers without a college degree.
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In this piece, originally published in 2011 by the American Economic Association’s Committee on the Status of Women in the Economics Profession, Esther Duflo, co-recipient of the 2019 Nobel Memorial Prize in economics, reflects on her academic career.
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Economists are still in the dark about the role of gender. For economics to be credible, we have to recognize that our knowledge is incomplete and learn from the diversity of humanity and experiences in our own profession.
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In an interview with ProMarket, CUNY Graduate Center economist Branko Milanovic discussed the differences and similarities between US-style and China-style capitalism and explained why, without major reforms, liberal capitalism could lead to plutocracy.
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A federal program seeks to help borrowers avoid defaulting on their student loans through income-based repayment plans, but many eligible borrowers do not enroll. A new study argues that an electronic pre-filled application process significantly increases the take-up rate.
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Capitalism’s global victory has been achieved through two different types of capitalist systems: the liberal meritocratic capitalism that has developed incrementally in the West, and the state-led authoritarian capitalism that is exemplified by China. Regardless of who wins, it is unlikely that one of the two will come to rule the entire globe, writes Branko Milanovic in his new book.
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Capital is not a thing, but a social relation enforced by the law and the state. With the right legal coding, any object, claim, or idea can be turned into a wealth- or capital-generating asset. In her new book, Katharina Pistor analyzes the evolution of capital over the past 400 years.
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The rise of giants like Amazon and Facebook proves the long-lasting influence of Director’s approach. His intellectual and political legacy is the transition of legitimacy from democratic institutions as the locus of governing power to private monopolies.
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An innovative new study finds substantial, increasing deadweight losses resulting from oligopolistic behavior and points to the important role that startup acquisitions—particularly by large tech firms—played in driving this trend.
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Despite the media hype about corporate CEOs having abandoned their shareholder value maximization credo, the recent statement from the Business Roundtable contains nothing new of substance. CEOs still firmly convinced that their firms’ main goal remains to maximize shareholder value could sign it without batting an eye.
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