Trump vs. the Fed

Or how history is forcing the question of a democratic politics of central banking

Donald Trump’s move to fire Fed Governor Lisa Cook “for cause,” escalates his long-running battle with America’s central bank. The news has triggered outrage. In the pages of the FT, David Wessel, director of the Hutchins Center for Fiscal and Monetary Policy at the Brookings Institution, warned: “President Trump seems determined to ...
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Trump vs. the Fed

Trump Returns

Anyone who knows what will happen in 2028 probably doesn’t know much

The following remarks were first presented on November 13, 2024, in a public lecture at the New School for Social Research. Donald Trump’s substantial victory was a big deal, but not yet a full-scale political shift. Trump made a successful move in the trench warfare that now defines American politics, ...
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Trump Returns

Immigration and the US Presidential Election

A conversation on the US-Mexico border, inflammatory rhetoric, and policies that can serve migrants and citizens alike

Both Donald Trump and Kamala Harris have emphasized US-Mexico border security as one of the top concerns of their 2024 presidential campaigns. Why? In a conversation hosted by the New School for Social Research, Eugene Lang College, and the Zolberg Institute on Migration and Mobility, politics and global studies professor ...
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Immigration and the US Presidential Election

Behind the Balancing Act of Kamala Harris’s Industrial Policy

What should Kamala Harris learn from the complicated history of post-1970s New Liberals

Breaking with the strategic ambiguity of her presidential campaign’s early months, Vice President Kamala Harris served up a clearer distillation of her economic agenda in a speech to the Economic Club of Pittsburgh on September 25. The speech was fêted as Harris’s “pragmatic,” “moderate-friendly” pitch. Harris also, however, pointed to ...
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Behind the Balancing Act of Kamala Harris’s Industrial Policy

Biden’s Green Protectionism

Behind rhetoric about jobs and green energy is a bid for a $650 billion industry

Domestic economic commentators tend to describe Biden’s Inflation Reduction Act (IRA) and the rise of American green industrial policy along three lines. Lawrence Summers, former United States secretary of the treasury under Clinton, has criticized Biden’s protectionist policies as a “manufacturing-centered economic nationalism.” Nobel laureate Paul Krugman has supported Biden’s ...
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Biden’s Green Protectionism

Market Failures

How do we protect consumers from their own mistakes?

Most motor vehicles emit pollution, including greenhouse gases, and use gasoline that increases national dependence on foreign oil. On standard economic grounds, the result is a market failure in the form of excessive pollution, for which some kind of cap-and-trade system or corrective tax is the best response, designed to ...
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Market Failures

Reflections on the War between Israel and Hamas 

Voices of sanity are in danger of being drowned out by the rhetoricians of all-out war

For a long time many civilians, Israeli and Palestinian, have suffered, as their leaders have failed to bring about a civil, peaceful, and at least modestly just end to a long and violent conflict. I feel for them all, and particularly for the children who have grown up knowing nothing ...
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Reflections on the War between Israel and Hamas