How rationalization, marketization, and globalization characterize the U.S. economy during the past 50 years, and how the behavior of companies and fate of American workers have changed during this process.
In his 2017 presidential address to the National Economic Association, Professor Darrick Hamilton warned that treating economics as a morally neutral ‘science’, and the discipline’s limited attention to structural barriers and overemphasis individual agency, has resulted in bad economics, and bad policy particularly as it relates to racial disparity.
The YSI Political Economy of Europe Working Group invites young scholars to partake in a Research Seminar aiming to investigate the interplay between fiscal policy in the European Union and domestic social policies of its member states.
The States and Markets Working group reconsiders the relationship between states and markets, the idea that State ‘intervenes’ in the economy, considering both ‘the state’ and ‘the economy’ as two separate spheres, and rethinks categories such as ‘public’ and ‘private’.
The Institute for New Economic Thinking, a global network of distinguished economists, is deeply concerned by the news of proposed legislation in Hungary’s National Assembly that would prevent the free functioning of the Central European University.
In this comment, we explain our objections to the SEC’s current formulation of the Pay Ratio Disclosure Rule on each of three grounds: the erroneous estimation of CEO pay; the unclear specification of the “median” worker; and the risk of normalizing a pay ratio that is far too high. Then we present the latest data on the remuneration of the 500 highest-paid CEOs in the United States, demonstrating the way in which the SEC’s measure of CEO pay that enters into the CEO-to-median-worker pay ratio tends to systematically underestimate actual executive pay.