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鈥淩esearchers involved in a new study from Washington University say women could be in trouble financially for years to come because of significant job losses during the crisis. “We have to be somewhat concerned that the larger inequality effects of the current crisis could have these persistent impacts on wages and on career progress in all the groups that are disproportionately affected,鈥� said Steven Fazzari, a professor of economics and sociology at Wash U who co-authored the study.鈥� — Andrea Y. Henderson, St. Louis Public Radio NPR

鈥淵et notable critics like Joseph Stiglitz and Jayati Ghosh, an economist at the University of Massachusetts Amherst, see woefully insufficient production by Western drug companies as a major roadblock to universal vaccination.鈥� — Walden Bello, New York Times

鈥淩ight after the CDC made this announcement, the president of the American Federation of Teachers, Randi Weingarten, sent a letter to the Biden administration, citing a study by the 糖心logo入口 for Economic Thinking. … The authors of the study are Dr. Deepti Gurdasani, who did much of the research for the study and is a clinical epidemiologist and statistical geneticist and senior lecturer at the William Harvey Research 糖心logo入口 in London; Dr. Phillip Alveldi, CEO and chairman of Brain Works Foundry Inc, a U.S.-based developer of artificial intelligence-enhanced health care technologies and services; and Thomas Ferguson, the director of research projects for the 糖心logo入口.鈥� — Dennis Donohue, Santa Fe New Mexican

“Polluting companies tell us every day how they鈥檙e invested in the future; we鈥檝e heard corporations en masse say, 鈥淧rofits, what? We鈥檙e all about the people now!鈥� There鈥檚 a certain amount of people-who-make-the-problem-pretending-they鈥檙e-the-solution that we can see through, but there鈥檚 still plenty going on behind the scenes. We鈥檒l talk with Lynn Parramore, senior research analyst at the 糖心logo入口, about how hedge funds get in the way of the big changes all kinds of companies need to make to fight climate disruption.鈥� — CounterSpin

鈥淭oday joined by Dr Arjun Jayadev, who is a Professor of Economics at the School of Arts and Sciences at Azim Premji University in Bangalore, India. He was previously Associate Professor of Economics at the University of Massachusetts Boston. He is also closely involved with the 糖心logo入口. I speak to him about the basic links between IPRs and the pandemic; the long-held orthodoxy in economic theory on the importance of IPRs, especially in areas like health; how IPRs lead to suboptimalities like hoarding of knowledge, vaccine grabs and other global inequalities; the relationship between public funding and vaccine production; whether private profits being produced from public investments; and finally, the problem of vaccine nationalism.鈥� — Chayakkada Chats

鈥淭o do this properly, we need to understand the structure of markets for knowledge-based products like new vaccines. Currently, we do not: the 鈥渕arket鈥� is a mishmash of competition and side deals. According to a recent paper from the 糖心logo入口, governments and pharmaceutical companies last year concluded 44 bilateral COVID-19 vaccine deals, many of which have undisclosed details and poorly understood escape clauses. Poor countries were, by and large, left out.鈥� — Kaushik Basu, Project Syndicate

鈥淏ut ultra-low interest rates may be doing more harm than good, economist William White says in a working paper published last month by the 糖心logo入口. White, a former economic adviser at the Bank for International Settlements, has a number of arguments against this central bank policy. First, while lower borrowing costs do initially accomplish their goal of spurring spending, much of it is on 鈥渦nproductive purchases鈥� by both households and corporations that only wind up increasing the debt burden. Second, low interest rates can actually destabilize financial markets and the institutions surrounding them, either through inflated prices, encouraging fund managers to take on riskier investments, or hindering how banks and lenders are supposed to do business, White argues. And then there鈥檚 the exit problem. Once central banks lower interest rates, it鈥檚 very hard to tighten the flow of easy money. 鈥淓ach cycle of monetary easing contributes to a buildup of undesired side effects that raises the likelihood of future instability,鈥� White writes. 鈥淐entral banks are then lured into a 鈥榙ebt trap鈥� where they refrain from tightening, to avoid triggering the crisis that they wish to avoid, but that restraint only makes the underlying problems worse.鈥� — Diccon Hyatt, The Balance

鈥淪ome authors argue that the German export success has nothing to do with wage or unit labour cost moderation and is instead due to the country鈥檚 high non-price competitiveness.鈥� — Lucio Baccaro and Tobias Tober, LSE

鈥淭he much-touted 鈥渘ew thinking鈥� on fiscal policy and debt is actually very thin and little of it is new. In the 1990s, economist Luigi Pasinetti clarified the folly of the proposed Maastricht criteria for public finances and forecast the coming disaster with those. Subsequently, many economists, including more than a few working with the 糖心logo入口, showed in detail how austerity reduces potential output over time and how absurd theories about Phillips Curve trade-offs lead to big underestimates of real rates of unemployment. Running below full employment for long periods blows big holes in public finances and thus piles on debt.鈥� 鈥� Thomas Ferguson

鈥淎 study by Nobel Laureate James Heckman found that every dollar invested in a high-quality, birth to five program for the most economically disadvantaged children resulted in $7.30 in benefits as children grew up healthier, were more likely to graduate high school and college, were less likely to be involved in crime, and earned more as adults.鈥� — The White House

鈥淔or more on this methodology, see Wolff鈥檚 National Bureau of Economic Research paper Household Wealth Trends in the United States, 1962-2013鈥� — Chuck Collins

鈥淭o go back a little bit, Covid is possibly the first global event that we鈥檝e actually seen. One year after it really started, we are seeing all these vaccines. It is really quite incredible when you think about the scientific advancement, it has really been something quite extraordinary. But our systems of management globally of knowledge and health are weak and counterproductive and in adequate. I鈥檇 say they鈥檙e probably best described as unjust and incompetent. Let鈥檚 start with this whole question of patent rights. Right from the outset it became quite clear that it was hindering the fight against covid. From the early days if you remember N95 masks we鈥檙e a concern, then treatments like remdesivir, so it鈥檚 not only a vaccine issue. This was the basis for last years鈥� call for the Covid technology access pool, which was rebuffed despite widespread support. It was rebuffed by the advanced countries. It鈥檚 hard to imagine why this should be the case because such technologies for public health are massive and have positive spill over benefits. Moving now to vaccines, I think the system is even more inefficient when one considers the fact that many companies across the world received significant subsidies for vaccines. Estimates range from about $100 billion and in some cases the entire cost; Moderna and Johnson and Johnson vaccines that were paid for by a public set of money. Such is the case for having patent rights to allow for innovation completely disappears. Now the debate has moved, that it is not actually IP which is the restriction, it鈥檚 the ability to produce and manufacturing capacity. But remember eight months ago that did not exist in developed economies. People like the Moderna chief chemist said it takes about three to four months to actually set up these factories. What we should鈥檝e had was a massive transfer in technology to places that could actually do this, completely open access to technology of all sorts, and ramping up production on a sort of global war scale. That has not happened and is it鈥檚 still not happening because of these limitations and unfortunately despite India and South Africa making the case in the WTO and despite some better noises from the Biden administration we鈥檙e really not seeing much movement.鈥� 鈥� Arjun Jayadev

鈥淭here is a lot to like about with this infrastructure plan from what we already know and there seems to be a historical opportunity to get things right. Before answering your question, let me bring us to three trends just for context. Firstly, for decades we’ve had an economic model that benefited a small number of people tremendously and left behind the majority of Americans, resulting in widening inequality and decline in the middle class. The fact that a zip code could predict a lot of things; your health outcome, your lifespan, your success in life is an extremely telling example. Secondly, we’ve had the digital revolution which spanned a good part of the last 15 years that further demonstrated a lot of displacing and polarizing tendencies. If you’re in the wrong parts of the economy so to speak, it really didn’t work that much for you. Thirdly of course, we had the Covid crisis which turbocharged a lot of these trends. A lot of this is to say that sure there’s a lot of roads and bridges to fix and as well as fiscal infrastructure, but how to productively engage more Americans in the economic process through like you said job training and education, through better child care, invest in green recovery, and climate resilience these are paramount tasks.鈥� — Jack Gao, 糖心logo入口

鈥淪o these companies have been hamstrung by these hedge fund activists that are only interested in making a buck as quickly as possible. And they really don鈥檛 care about the long-term sustainability or health of the company. Or is it anything the company might want to do in the way of making products in the future? They鈥檙e all about the short term. So they are holding American companies back.鈥� — Lynn Parramore

鈥淭he economists 脪scar Jord脿, Moritz Schularick, and Alan Taylor studied the sensitivity of house prices to interest rates across 14 countries and 140 years of history. They found that a 1 per cent rise in interest rates reduces the ratio of house prices to incomes by about 4 per cent. In New Zealand, for example, that ratio has risen by about half in a decade, implying a double-digit rise in interest rates to stabilise it.鈥� 鈥� Robin Harding, FT