Dr. Gerald Epstein is Professor of Economics and founding Co-Director of the Political Economy Research Institute (PERI) at the University of Massachusetts Amherst. Among his many excellent works he and Juan Antonio Montecino calculated the costs to the United States economy of its financial sector across three categories: rents and excess profits; misallocation; and the crisis costs of 2008. Gerald believes that the number he arrives at, an excess cost of $22.3 trillion between 1990 and 2023, is likely to be a modest underestimation because the costs of the financial crisis may be much greater and the numbers do not involve lost tax revenues from various financial innovations.
The current state of global economic disorder, as presented in UNCTAD’s Trade and Development Report, and possibilities and limits of effective regional responses. Richard Kozul-Wright is Director of the Division on Globalization and Development Strategies […]
A topic that most do not understand although so fundamental to our economy (Richard uses the term “Gilts”, which is what government bonds are called in the UK)