Jeff Madrick
Jeff Madrick is the author of the new book Seven Bad Ideas: How Mainstream Economists Have Damaged America and the World. He is a regular contributor to The New York Review of Books and a former economics columnist for The New York Times. He is director of the Bernard L. Schwartz Rediscovering Government Initiative at the Century Foundation, where he is a Senior Fellow; editor of Challenge Magazine; and visiting professor of humanities at The Cooper Union. His previous books include The Age of Greed and The End of Affluence.

Entries by Jeff Madrick

Cómo la economía del 'laissez-faire' llevó a la desigualdad y a la recesión

(1) Comments | Posted October 23, 2014 | 1:00 AM

¿Te acuerdas de que en 2009 todo el mundo se quitaba de encima la culpa de la crisis financiera? Dependiendo de a quién preguntases, los culpables eran los banqueros, los reguladores federales, las entidades de préstamo hipotecario fraudulentas, las agencias de calificación y los propios hipotecados que adquirieron productos de...

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How Laissez-Faire Economics Led to Inequality and Recession

(81) Comments | Posted October 14, 2014 | 11:35 AM

Remember in 2009 when everyone was dodging blame for the financial crisis? Depending on who you asked, it was the bankers, the federal regulators, Fannie Mae, fraudster mortgage companies, the ratings agencies and the sub-prime borrowers themselves. The favorite claim of excuse makers was that no single group was to...

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Stanley Fischer Will Please Centrists, But He's the Wrong Choice for the Fed

(2) Comments | Posted December 12, 2013 | 12:34 PM

Oh, no, not Stan Fischer. Just when you thought President Obama had come to terms with Janet Yellen, his nominee for the Federal Reserve chairmanship, he sends a counter-message. Yellen, almost sure to be approved by Congress, will be not only the first woman to serve as Fed chair, but...

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The Truth About the GOP's Phony Shutdown Offer

(110) Comments | Posted October 14, 2013 | 5:50 PM

It's very important that President Obama and his aides make clear to the American public that the Republican Party's right wing, supported by moderates, offered no serious deal to him by proposing a postponement of their threat to let the U.S. default. They pointed a gun at his...

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Why Workers Would Do Better with Janet Yellen as Fed Chair

(50) Comments | Posted September 17, 2013 | 2:40 PM

The stock and bond markets should not be the only ones rejoicing at Larry Summers's withdrawal from consideration to run the Federal Reserve. The nation's workers should, too. Janet Yellen, the remaining frontrunner for the position, is no wimp on inflation. But she is the kind of economist America badly...

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Summers' View on Monetary Policy Not So Hidden

(115) Comments | Posted July 31, 2013 | 4:29 PM

Though some have claimed Larry Summers's views on monetary policy are unclear, his time in public service reveals a history of accommodating Wall Street over Main Street.

The reason Larry Summers has become a leading candidate for Federal Reserve chairman is because President Obama is now leaning his way. No, I...

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The U.S. Lacks Good Jobs, Not Good Ideas

(30) Comments | Posted June 17, 2013 | 12:16 PM

Originally posted on Next New Deal.

A Bold Approach to the Jobs Emergency brought together leading policymakers, thinkers, and activists to discuss how we can get the U.S. to full employment and create more good jobs, but that was only the beginning of the conversation.


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Obama's Other Message: Times Change and Government Changes With Them

(307) Comments | Posted January 23, 2013 | 1:11 PM

Almost hidden in President Obama's second inaugural address was a key idea that received little if any attention. The focus has been on the president's eloquent defense of collective government, and who couldn't be gratified by that? Time and again, he used the world "together" to describe the nation's purpose....

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Mitt Romney's 47 Percent Remarks: Wrong on the Facts, Not Just the Rhetoric

(123) Comments | Posted September 18, 2012 | 3:22 PM

Mitt Romney's "off-the-cuff" remarks that nearly half of Americans are "dependent" on government and believe they are "victims" who are "entitled to health care, to food, to housing, to-you-name-it,"  were widely publicized. This is in fact old saw for a certain kind of anti-government conservative. I have given talks...

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Central Banks Are Saving Democracy From Itself

(110) Comments | Posted September 17, 2012 | 2:29 PM

The Federal Reserve's recent announcement of aggressive new policies is more than a little welcome. It involved a new round of quantitative easing focused on mortgage-backed securities, but more importantly, a statement that the Fed would keep rates low for a long time, even if the unemployment rate begins to...

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What Does Obama Really Stand For: Community or Small Government?

(2) Comments | Posted September 10, 2012 | 10:09 AM

The president's acceptance speech in Charlotte last week emphasized his new theme of community and "being in this together." For all its mushy sentiment, this is a major victory for those like us at Rediscovering Government who have been talking about the need to revitalize the discourse about government for...

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The Republican War on the Poor

(519) Comments | Posted August 29, 2012 | 9:00 AM

Much is rightly made about the Republican War on Women. But the Republicans are fighting a more deliberate battle against the poor. It is audacious, insensitive and ugly. Republicans have clearly decided that the War on the Poor is good politics.

Today, 46 million Americans live in...

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The Left Doesn't Need a Rand, and the Right Shouldn't Want Another Reagan

(38) Comments | Posted August 17, 2012 | 11:27 AM

I am more than a little disturbed by all these pieces coming out about why the left has no Ayn Rand as a guide or how Ronald Reagan was a "socialist" compared to Paul Ryan. One has to be more than a little careful not to elevate these...

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To Paul Ryan, Faith Is Fact

(80) Comments | Posted August 13, 2012 | 12:17 PM

Mitt Romney's choice of Rep. Paul Ryan as a vice presidential candidate has raised the decibel level of the anti-government movement dramatically. We started Rediscovering Government at the Roosevelt Institute to balance such ahistorical and destructive views, and Ryan's is among the most extreme. If we are to...

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Rediscovering Government

(3) Comments | Posted March 28, 2012 | 10:18 AM

The discourse about the positive purposes and possibilities of government has been barren for a generation in America. What discussion there is has been dominated by proposals and philosophical disquisitions on how to make the most of less government, but rarely about new avenues for government action or new possibilities...

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Eurozone Follies: Confusing Callousness for Courage

(5) Comments | Posted March 27, 2012 | 1:24 PM

As Spain (momentarily?) reels again as rates rise over doubts it can roll over its debt, it is time to step back and note that the eurozone can almost surely solve its problems in the medium term if it truly wants to. Surprise? It shouldn't be. But rarely...

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On Education, Santorum Flunks History

(194) Comments | Posted February 27, 2012 | 2:39 PM

Rick Santorum has found a new populist voice in criticizing Obama's "theology." He claims he does not mean Obama is not a Christian, but apparently his belief in a number of progressive policies, including formal schooling for Americans, violates Santorum's deeply held theological views. Pandering to ignorance is...

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Obama's Budget Finally Gets the Politics Right

(200) Comments | Posted February 14, 2012 | 1:56 PM

President Obama's budget for 2013 is a sharp improvement over his 2012 budget. What a difference a year makes. Back then, the emphasis was all deficit all the time. If I exaggerate a bit, it is because the Obama administration was so wrong-headed. He wanted to reduce discretionary spending to...

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10 Questions for Economists Who Oppose Manufacturing Subsidies

(26) Comments | Posted February 13, 2012 | 10:42 AM

Why are mainstream economists, right and left, so determined to push back any attempt to subsidize manufacturing in America? The question will arise anew tonight when President Obama presents his budget, complete with tax provisions to support manufacturing. After the president addressed the issue as his first topic in...

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The 10 Worst Economic Ideas of 2011

(423) Comments | Posted December 22, 2011 | 8:27 AM

Cross-posted from New Deal 2.0.

I was at an Occupy Wall Street demonstration this weekend and many clergy addressed the group. One nun told the crowd it was Christmas season and that it was time for something new to be born in America.

It was a nice thought,...

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