Lance Taylor received a B.S. degree with honors in mathematics from the California Institute of Technology in 1962 and a Ph.D. in Economics from Harvard University in 1968. He has been a professor in the economics departments of Harvard and the Massachusetts Institute of Technology, among other research institutions. He is currently the Arnhold Professor of International Cooperation at the New School for Social Research. He has published widely in the areas of macroeconomics, development economics, and economic theory. His most recent book is Maynard’s Revenge: The Collapse of Free Market Economics.
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The point of this paper is that loanable funds macroeconomic models with their “natural” interest rate don’t fit the data. Before getting into the numbers, it makes sense to describe the models and how to think about macroeconomics in the first place.
The Cambridge UK vs USA capital theory debates of the 1960s showed that the workhorse mainstream growth model relies on unsustainable assumptions. Its standard interpretation is not consistent with the last four decades of data.
US household wealth concentration is not likely to decline in response to fiscal interventions alone.
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Today’s richest Americans may soon blow past the tycoons of the Roaring Twenties. Lance Taylor explains why, and what to do about it.
Lance Taylor explains how missing the big picture is too common in the field.
A little-understood rule in the tax code is making headlines. What’s all the fuss?