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New Economic Paradigms

Page history last edited by Brian G. Dowling 3 years, 1 month ago

 

 

 

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    • This blog is part of the economics project of the London Mathematical Laboratory. We’re re-deriving formal economics without making the ergodicity assumption. That means questioning 350 years of scientific history, and of course much it is quite technical. But beyond the technical side, we’ve found that this generates a broad perspective, a culture maybe, that seems worth sharing.

 

Tagseconomicsergodicitynew economyecosystemscomplexitycomplex adaptive systems

 

 

 

    • Mainstream economics has demonstrated blind spots that have impaired its effectiveness and credibility—and failed society at large Founded in the wake of the financial crisis in 2009, the Institute for New Economic Thinking (INET) is a nonpartisan, nonprofit organization devoted to developing and sharing the ideas that can repair our broken economy and create a more equal, prosperous, and just society.

 

 

 

    • We established an international online dialogue on the requirements for pluralist economics teaching Phase I developed the broad approach on criteria, evidence and governance. Phase II to develop a detailed approach to accreditation of programmes.

       

 

 

 

 

    • Pathways to a People’s Economy was developed by a team of New Economy Coalition member organizations to amplify the new economy policy wins happening on the ground and provide real examples of how to shift our economic conditions from the bottom up. It provides tools for communities and organizations to make concrete policy demands to advance a new economy – an economy for, by, and with the people.

 

 

 

    • About EPI. The Economic Policy Institute (EPI) is a nonprofit, nonpartisan think tank created in 1986 to include the needs of low- and middle-income workers in economic policy discussions. EPI believes every working person deserves a good job with fair pay, affordable health care, and retirement security. To achieve this goal, EPI conducts research and analysis on the economic status of working America. EPI proposes public policies that protect and improve the economic conditions of low- and middle-income workers and assesses policies with respect to how they affect those workers.

 

 

 

    • GANE brings together 1000s of experts, decision-makers, and citizens across the world to synthesize new economics knowledge from science and practice, to drive policy, business, and social action.

 

 

Links

 

 

    • CORE Economics Education is a charity registered in England and Wales (number 1175143) for the public benefit, the advancement of education in economics and related fields and to raise public awareness, through the provision of teaching and learning materials and associated activitie

    • The Economy Core online textbook

 

 

 

    • The Center for Economic and Policy Research (CEPR) was established in 1999 to promote democratic debate on the most important economic and social issues that affect people's lives. In order for citizens to effectively exercise their voices in a democracy, they should be informed about the problems and choices that they face. CEPR is committed to presenting issues in an accurate and understandable manner, so that the public is better prepared to choose among the various policy options.

 

 

 

    • The Council of Economic Advisers, an agency within the Executive Office of the President, is charged with providing the President objective economic advice on the formulation of both domestic and international economic policy. The Council bases its recommendations and analysis on economic research and empirical evidence, using the best data available to support the President in setting our nation's economic policy

 

 

 

    • NEF (the new economics foundation) is an independent think-and-do tank that inspires and demonstrates real economic well-being. We aim to improve quality of life by promoting innovative solutions that challenge mainstream thinking on economic, environment and social issues. We work in partnership and put people and the planet first. NEF was founded in 1986 by the leaders of The Other Economic Summit (TOES) which forced issues such as international debt onto the agenda of the G7 and G8 summits. We are unique in combining rigorous analysis and policy debate with practical solutions on the ground, often run and designed with the help of local people. We also create new ways of measuring progress towards increased well-being and environmental sustainability.

 

 

Issues

 

 

    • Poverty is about a lack of money, but it’s not only about that. As a lived experience, poverty is also characterized by ill health, insecurity, discomfort, isolation, and more. To put it another way: Poverty is multidimensional, and its dimensions often cluster together to intensify the negative effects of being poor.

 

 

 

    • This Hamilton Project policy paper provides a dozen facts on struggling lower-middle-class families focusing on two key challenges: food insecurity, and the low return to work for struggling lower-middle-class families who lose tax and transfer benefits as their earnings increase. These facts highlight the critical role of federal tax and transfer programs in providing income support to families struggling to remain out of poverty.

 

 

 

    • The highest rates of multidimensional poverty are found in Southern and Western metro areas like Memphis, Birmingham, and Miami, where more than 1 in 5 low-income adults live with multiple disadvantages. The McAllen region exhibits the highest rate of multidimensional poverty overall (41 percent), followed by metropolitan Fresno, where one-third of adults are at least doubly disadvantaged. In each of the regions mentioned, living in a poor area is the most likely additional disadvantage experienced by low-income residents. But in other metro areas with above-average multidimensional poverty rates, different disadvantages come to the fore, like limited education in Stockton, lack of health insurance in Deltona, and lack of employment in Lakeland (see the interactive bar charts below, or the full appendix tables).

 

 

 

    • What this report finds: Income inequality has risen in every state since the 1970s and in many states is up in the post–Great Recession era. In 24 states, the top 1 percent captured at least half of all income growth between 2009 and 2013, and in 15 of those states, the top 1 percent captured all income growth. In another 10 states, top 1 percent incomes grew in the double digits, while bottom 99 percent incomes fell. For the United States overall, the top 1 percent captured 85.1 percent of total income growth between 2009 and 2013. In 2013 the top 1 percent of families nationally made 25.3 times as much as the bottom 99 percent.

 

 

 

    • Income trends have varied from state to state, and within states. But a pattern is apparent: the growth of top 1% incomes. Explore inequality in this interactive feature.

 

 

 

    • The American middle class is losing ground in metropolitan areas across the country, affecting communities from Boston to Seattle and from Dallas to Milwaukee. From 2000 to 2014 the share of adults living in middle-income households fell in 203 of the 229 U.S. metropolitan areas examined in a new Pew Research Center analysis of government data. The decrease in the middle-class share was often substantial, measuring 6 percentage points or more in 53 metropolitan areas, compared with a 4-point drop nationally.

 

 

 

    • Anyone looking for upstream solutions to the biggest problems facing America should look to Nobel Prize winning University of Chicago Economics Professor James Heckman's work to understand the great gains to be had by investing in the early and equal development of human potential.

 

 

Articles 

 

 

    • Over the past 40 years, economic inequality in the United States has returned to levels last seen in the 1920s. Today, the United States is in the top quarter of the world’s most unequal countries. Economic mobility—a child’s likelihood of occupying a different position on the income ladder than his or her parents did—has fallen well behind Canada, Great Britain, and other advanced economies. And inequality has worsened over the course of the current economic recovery.

 

 

 

    • This report uses absolute income thresholds adjusted for inflation and family size to show that the size of the upper middle class grew from 12.9 percent of the population in 1979 to 29.4 percent in 2014. In terms of shares of total income, the middle class controlled a bit more than 46 percent of all incomes in 1979, while the upper middle class and rich controlled 30 percent. By 2014, the rich and upper middle class controlled 63 percent of all incomes, while the middle class share had shrunk to 26 percent.

 

 

 
    • The solution lies not in a freer marketplace with less government intervention, but in a marketplace that expresses the wishes and best interests of the majority, in one that fairly protects the rights of minorities with what we might call a "democratic marketplace," driven by a commitment to justice, equity, interdependence, ecological regeneration, and the well-being of all life. 

 

 

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