Inequality and the future of capitalism

Veranstalter: IMK in der Hans-Böckler-Stiftung
Ort: Berlin, Best Western Premier Hotel Steglitz International
vom: 30.10.2014
bis: 01.11.2014

The Research Network Macroeconomics and Macroeconomic Policies (FMM) organised its 18th annual conference on Inequality and the Future of Capitalism with introductory lectures on heterodox economics for graduate students.

As the outbreak of the financial crisis approaches its seventh anniversary, large parts of the world economy are still in stagnation. The financial system remains highly fragile, and high levels of unemployment and income inequality are posing a serious threat to social peace and political stability in many countries. Some commentators even see the world economy doomed to secular stagnation with high levels of unemployment being the new normal. Others point to the "return of capital", with wealth and inheritances becoming once again the dominant source of economic inequality in a context of low income growth. Is rising inequality an outcome, or rather one of the root causes of economic fragility and stagnation? Can capitalist production be sustained in the presence of increasing inequality, particularly in the top income and wealth percentiles? What can macroeconomic policy, macroprudential regulation and labour market institutions do to counter these trends? How could international cooperation and organisations promote equality and stability? And what are the implications for the teaching of economics? How can the economics curriculum be changed to account for the developments we see?

Programme (pdf)

Inequality, the crisis and stagnation
Till van Treeck, University of Duisburg-Essen,Germany

Rising Inequality and stagnant demand
Steven Fazzari, Washington University in St. Louis,USA

Inequality and the Fragility of growth: A Role for redistribution
Jonathan D. Ostry, International Monetary Fund (IMF), Washington,USA

Discussion Plenary Session I
Chair: Miriam Rehm

Teaching monetary theory and monetary policy implementation after the crisis
Marc Lavoie, University of Ottawa,Canada

Why economic textbooks should, but don´t, and won´t change
David Colander, Middlebury College, Vermont,USA

New Macroeconomics teaching for a new era: Instability, Inequality and Environment
Jonathan M. Harris, Tufts University, Massachusetts,USA

Discussion Plenary Session II
Chair: Özlem Onaran

The household distribution of jobs: Opening up a new perspective on work and poverty in Europe
Wiemer Salverda, Amsterdam Centre for Inequality Studies,Netherlands

Rising Inequality: The Role of Taxation
Stefan Bach, DIW Berlin,Germany

Bringing Inequality Back in: Thinking through the mechanisms through which inequality affects economic growth and stability
Heather Boushey, Washington Center for Equitable Growth, Washington,USA

Discussion Plenary Session III
Chair: Andrew Watt

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