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Economic Theory

As nations engage in a race for global advantage in innovation, ITIF champions a new policy paradigm that ensures businesses and national economies can compete successfully by spurring public and private investment in foundational areas such as research, skills, and 21st century infrastructure. Our work in the realm of economic theory assesses the negative impact of conventional neo-Keynesianism and neoclassical economics on the 21st century economy and promoting “Innovation Economics” as a sounder alternative.

Economic Theory

Publications and Events

November 28, 2022|Podcasts

Podcast: Growth and the Character of Society, With Benjamin Friedman

Economics is about more than the economy. It also intersects public and private institutions, culture, religion, morality, and politics. Rob and Jackie explored these subjects with Benjamin Friedman, a professor of Political Economy at Harvard and author of The Moral Consequences of Economic Growth and Religion and the Rise of Capitalism.

November 21, 2022|Blogs

FTX’s Implosion Should Spur Policymakers to Get Serious About Regulating Crypto Exchanges… But Not Rush It

It will likely be months (at least) before a full accounting shows whether the ultimate causes of FTX’s downfall were simply abysmal corporate governance or outright fraud. But regardless of the cause, the result shows why policymakers should get serious about regulating crypto exchanges.

November 8, 2022|Op-Eds & Commentary

How to Win the U.S.-China Economic War

It is dawning on the United States that China is not just a military adversary but an economic one. The two countries are at war for primacy in both innovation and production capacity as much of Beijing’s economic gain in advanced industries comes at Washington’s loss—and vice versa. This trend is likely to continue.

October 12, 2022|Op-Eds & Commentary

The Abandonment of Growth and the Decline of the West

From the founding of the republic to the turn of the millennium, America’s core economic creed was growth. But the new prevailing wisdom forswears growth for the sake of other goals: saving the planet, redistributing income, living simply, and the like.

September 16, 2022|Blogs

Washington Post Gets It Wrong on Manufacturing Jobs

Catherine Rampell’s recent Washington Post column parrots conventional “inside the beltway” wisdom about U.S. manufacturing but demonstrates that pundits often don’t understand real economics.

July 21, 2022|Op-Eds & Commentary

Why Dollar as Reserve Currency Is America’s Achilles Heel

If a country is running a deficit, the value of its currency should fall to make imports more expensive and exports cheaper. Conversely, if a country is running a trade surplus, the currency should rise in value.

July 7, 2022|Op-Eds & Commentary

Book Review: “The New Goliaths: How Corporations Use Software to Dominate Industries, Kill Innovation, and Undermine Regulation”

James Besson’s analysis of the role of information technology in the new economy is an interesting one and worth reading.

June 27, 2022|Events

Dynamic Antitrust Discussion Series: Antitrust and Inflation

Watch the latest installment of the Dynamic Antitrust series, where Julie Carlson moderates a panel with antitrust and inflation experts to get their views on the relationship between corporate concentration and inflation.

June 22, 2022|Op-Eds & Commentary

The World After Ukraine

Putin’s attack should galvanize real foreign policy, defense policy, and industrial policy cooperation among democratic, allied nations.

June 17, 2022|Blogs

Everything Old Is New Again: The Misleading Narrative About Concentration and Inflation

Not only is more aggressive antitrust enforcement likely to be ineffective at combatting inflation, some economists have argued that it may even make inflation worse.

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