Channel Title: New Economic Thinking Channel Description: The world’s library for anyone interested in economics. Economics has long been the domain of the ivory tower, where specialized language and opaque theorems make it inaccessible to most people. Enough is enough. Featuring series, animations, interviews, courses, and conferences, we have created this public good for the global community. INET Video is tearing down barriers and empowering everyone to hold their world accountable. Where will your journey start? <video> Inside the Loan Shark Economy Description: Kevin Lang, an economist at Boston University, explores the often misunderstood world of loan sharking, particularly in Singapore. Contrary to the violent stereotypes portrayed in media, Lang's research reveals a system built on trust and relational contracts, where borrowers seek to maintain long-term borrowing relationships, and loan sharks avoid physical violence to keep customers returning. He also highlights the challenges borrowers face, including the effects of rising interest rates and the impact of relying on friends and family for repayment. Learn more about his work at https://sites.bu.edu/kevinlang/ </video> <video> Why Care About Wars? | The Economics of War & Peace Episode 1 Description: In this episode, Professor James Boyce confronts the traditional view that war and peace are not “economic” problems. Economists often leave the study of war to political scientists or assume that efficient markets naturally reduce the risk of conflict. Boyce challenges this mindset by emphasizing the three critical costs of war: human, financial, and environmental. By recognizing the staggering impact of these costs, Boyce makes a compelling case for why economists must actively engage in the analysis of war and peace. Drawing on his experience in El Salvador after the 1992 Chapultepec Peace Accords, he illustrates how economics plays a crucial role in both conflict resolution and peacebuilding. Learn more at http://econofwar.org/ Directed by Matthew Kulvicki Produced by Nick Alpha </video> <video> Dilemmas | The Economics of War & Peace Episode 6 Description: What are the difficult choices economists face in the pursuit of peace? Professor Boyce outlines four basic dilemmas in the economics of peacebuilding. The first is the humanitarian dilemma: how to ensure that aid meant to relieve suffering does not have the unintended effect of perpetuating conflict. The second is corruption, which is sometimes seen as a cost of getting things done, but can fatally corrode state legitimacy, especially when it takes the form of “grand corruption” of high-level government officials. The third dilemma is how to handle legacies of external debt, maintaining access to credit without diverting scarce resources from other pressing post-conflict needs. As one way to address this dilemma, Boyce advocates for selective repudiation based on the doctrine of odious debt in international law. The final dilemma involves partition between the warring sides, which although often seen as a short-term solution can be a recipe for perpetual conflict in the long term. All four dilemmas force policy makers to confront trade-offs between short-run expediency and long-run impacts, trade-offs that conventional cost-benefit analysis is ill-suited to handle. Learn more at http://econofwar.org/ Directed by Matthew Kulvicki Produced by Nick Alpha </video> <video> War-To-Peace Transitions: Peace & The Public Purse | The Economics of War & Peace Episode 5 Description: What role does public finance play in the journey from war to peace? In episode 5, Professor Boyce challenges traditional economic thinking by proposing three unconventional methods to mobilize domestic revenues in countries emerging from violent conflict. The first is by means of tariffs, which although indiscriminately disparaged by mainstream economists in the name of trade liberalization offer the most administratively feasible way to raise revenue. In particular, Boyce recommends tariffs on luxury goods such as automobiles, private airplanes, and yachts. The second is taxing the post-conflict aid boom, rather than giving across-the-board exemptions that send the message that the rich should not pay taxes. Third, he advocates treating natural resources as sovereign wealth, protecting the country from foreign and local rent-seekers and treating mineral and forest resources as belonging in equal measure to all citizens. Boyce then turns to the expenditure side of the equation, focusing on distributional impacts and on who sells goods to the government. Learn more at http://econofwar.org/ Directed by Matthew Kulvicki Produced by Nick Alpha </video> <video> Greed, Grievance & Civil Wars | The Economics of War & Peace Episode 3 Description: Does economics fuel civil wars? Professor Boyce discusses the roles of greed and grievance in the emergence and persistence of civil wars. Greed, the “quest for loot,” is a socially perverse variant of individually rational behavior. Grievance stems from injustice, exclusion, and high degrees of inequality. While distinct, the two are not mutually exclusive: both can be part of the same story. Moreover, they are mutually reinforcing, as excesses of greed (i.e., oligarchy, kleptocracy) lead to grievances, which in turn lead to opportunities for greedy leaders to capitalize on discontent. The role of greed and grievance as both drivers and consequences of war helps to expose the inadequacy of the usual “shrug and smug” reactions of economists to violent conflict. Learn more at http://econofwar.org/ Directed by Matthew Kulvicki Produced by Nick Alpha </video> <video> Closing the Racial Wealth Gap Description: Bringing together 150 years of data, Ellora Derenoncourt is shedding new light on our understanding of the historical roots and persistent challenges of the U.S. racial wealth gap. This new picture highlights the scale of policies needed to achieve economic equality. Learn more about her work at https://www.elloraderenoncourt.com/ Derenoncourt's research shows that while there was initial progress in wealth convergence, by the mid-20th century, the gap had stagnated and has since diverged further. Derenoncourt explores how differences in savings, income, and investment opportunities explain the gap's persistence, highlighting that conventional policy approaches are insufficient. Instead, she discusses more ambitious proposals, such as reparations, to address systemic inequality. Ellora Derenoncourt is Assistant Professor of Economics at Princeton University and a member of the Industrial Relations Section of Princeton Economics. She is also the founder and faculty director for the Program for Research on Inequality at Princeton Economics. </video> <video> Slavery's Legacy & the Human Cost of Efficiency Description: Trevon Logan, a professor of economics at @theohiostateuniversity, critically examines the notion of efficiency in the context of slavery, highlighting the human cost and inefficiency of forced labor in the Antebellum South. He argues that traditional economic models fail to account for the true human cost of slavery, focusing solely on output and profit while ignoring the lives and agency of the enslaved. Logan emphasizes the need to reevaluate historical narratives to fully understand the dehumanizing effects of slavery and its enduring impact on racial inequality today. Watch the first part of this interview: https://www.youtube.com/watch?v=Pt2DCd59-2U&t=35s Learn more about his work at https://economics.osu.edu/people/logan.155 </video> <video> The Economics of War & Peace | TEASER Description: Economics can either fuel conflict or pave the way to lasting peace, the choice is ours. In this seven-part series, Professor James K. Boyce challenges conventional economic thinking by exploring the complex relationship between conflict and economics. From analyzing the economic drivers of war to reimagining how we invest in peace, Boyce offers a fresh perspective on the policies and principles that can lead to a more peaceful, equitable world. Learn more at http://econofwar.org/ Directed by Matthew Kulvicki Produced by Nick Alpha </video> <video> War-To-Peace Transitions: Balances of Power | The Economics of War & Peace Episode 4 Description: Power isn’t just political—it’s economic, too. In Episode 4, Professor Boyce turns to the fragile transitions from war to peace, beginning with an examination of the impacts of economic policies on power balances. These include balances within warring parties between pro-peace and pro-war factions; distributional impacts on vertical (top-to-bottom) and horizontal (group-to-group) inequality; and the role of the “fiscal compact” between government and citizens in state building. Boyce illustrates with case studies from El Salvador’s civil war (1979-1991), the Bosnian war (1992-1995), and the war in Afghanistan (2001-2021), analyzing the lessons of these different experiences for economic policy in what are optimistically called “post-conflict” countries. Learn more at http://econofwar.org/ Directed by Matthew Kulvicki Produced by Nick Alpha </video> <video> The Economics of War & Peace | TRAILER Description: Economics can either fuel conflict or pave the way to lasting peace, the choice is ours. In this seven-part series, Professor James K. Boyce challenges conventional economic thinking by exploring the complex relationship between conflict and economics. From analyzing the economic drivers of war to reimagining how we invest in peace, Boyce offers a fresh perspective on the policies and principles that can lead to a more peaceful, equitable world. Learn more at http://econofwar.org/ Directed by Matthew Kulvicki Produced by Nick Alpha </video> <video> Investing In Peace | The Economics of War & Peace Episode 7 Description: How can we create a lasting peace? In the final episode, Professor Boyce discusses impediments to reorienting economics to the goal of building a durable peace. He identifies four major obstacles to investing in peace. The first arises from the competing objectives of decision-makers, whose commercial and geopolitical aims are not necessarily congruent with the demands of peacebuilding. The second arises from the internal incentive structures of aid agencies, where the “approval and disbursement culture” can militate against the careful calibration of incentives to advance the peace process. The third comes from ideological biases, including the misplaced preoccupation with “efficiency” manifested, for example, in antipathy to tariffs. The final obstacle comes in the form of objections in the name of “national sovereignty,” invoked for rulers in the quest for money without peace conditions attached. Confronting these obstacles requires rethinking economic theory and practice in light of the risks and enormous costs of war. Learn more at http://econofwar.org/ Directed by Matthew Kulvicki Produced by Nick Alpha </video> <video> Lessons From History | The Economics of War & Peace Episode 2 Description: What can history teach us about building lasting peace? The wars of conquest of the colonial era are prime examples of plunder, in which the occupiers benefit from resource extraction and the monopolization of trade. The settlement terms after World War I helped to set the stage for World War Two, which in turn helped to set the stage for the Cold War. The legacies of these conflicts include ongoing plunder in developing countries, the growth of a permanent arms industry, and proxy wars fought in Latin America, Africa, and Asia. Boyce reminds us that while violent conflict brings suffering to many, it also brings profits to some, and that international actors are often deeply involved in “civil wars” and, by implication, in their resolution. Learn more at http://econofwar.org/ Directed by Matthew Kulvicki Produced by Nick Alpha </video> <video> The War Machine [James K. Boyce] Description: If we want durable peace, we need to look for more than just economic expansion. James K. Boyce (@UMass.Amherst @PERIeconomics) explains how horizontal inequalities and economic policies can stoke or settle conflicts. Learn more about his work at https://www.jameskboyce.com/ Directed by Matthew Kulvicki </video> <video> Fear & Fascism: How America Reached a Political Breaking Point Description: Lincoln Mitchell (@columbia) discusses the increasingly powerful fascist movement in the US., outlining the elements of fascism present in the MAGA movement, including its dependence on a strongman leader, the scapegoating of minorities, threats of violence and curtailing of freedoms of speech and assembly. Learn more at https://lincolnmitchell.com/ This videocast episode covers a wide-ranging discussion on the rise of fascism in the United States, with a focus on the 2022 US midterm elections and the broader political and economic challenges facing American democracy. The speakers analyze the characteristics of fascism, including the reliance on a strong leader, the targeting of minority groups, and the complicated relationship with the economy. They also discuss the failures of the media and political establishment to adequately confront the threat of fascism, as well as the need to build a stronger consensus for democratic values and institutions. The discussion touches on the role of race, class, and economic inequality in shaping political outcomes, and the speakers offer potential policy solutions to address the root causes of social and political unrest. Lincoln Mitchell teaches in the School of International and Public Affairs and the Political Science Department at Columbia University. He writes the popular Substack Kibitzing with Lincoln. </video> <video> The Power of Free Public Transit Description: Eliminating transit fares can transform lives, connect people to jobs, healthcare, and essential services in more equitable ways. David Phillips (@NotreDame) discusses the impact of free public transportation on mobility, particularly for low-income individuals. Focusing on a study conducted in King County, Washington, Phillips examines how eliminating bus fares doubled transit use, expanding both access and opportunity. However, he also highlights the trade-offs transit agencies face, balancing fare policies with service quality and budget constraints. Published paper on transit use: https://www.sciencedirect.com/science/article/pii/S0166046222000436 Working paper on employment and other outcomes: https://github.com/dphill12/Papers-by-David-C-Phillips/blob/main/BroughFreedmanPhillips_Manuscript.pdf Results for American case study on the project: https://catalog.results4america.org/case-studies/subsidized-transit-king-county-wa Learn more about his work: https://sites.google.com/site/davidcphillipseconomics/ </video>

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The world’s library for anyone interested in economics.

Economics has long been the domain of the ivory tower, where specialized language and opaque theorems make it inaccessible to most people. Enough is enough.

Featuring series, animations, interviews, courses, and conferences, we have created this public good for the global community. INET Video is tearing down barriers and empowering everyone to hold their world accountable.

Where will your journey start?

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