2023
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Thursday, January 19, 2023 |
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Thursday, January 5, 2023 |
The Bard Economics and Finance Program, established in the fall of 2007, is a five-year BS/BA dual-degree program.
Students receive both a BS degree in economics and finance and a BA degree in an academic program other than economics. The program is designed to meet the needs of students who wish to achieve a broad education in the liberal arts and sciences even as they prepare themselves for careers in the financial world.Requirements
Student Work
Faculty
Program Director: Dimitri B. Papadimitriou
Phone: 845-758-7710
E-mail: [email protected]
Phone: 845-758-7710
E-mail: [email protected]
| Sanjaya DeSilva Kris Feder Liudmila Malyshava Michael Martell | Aniruddha Mitra Pavlina Tcherneva Taun Toay L. Randall Wray |
News and Events
Professor Pavlina Tcherneva Helps Chart a Path for Job Guarantee Program in Colombia
Pavlina Tcherneva, associate professor of economics at Bard College, research associate at Bard’s Levy Economics Institute, and director of the Open Society University Network's Economic Democracy Initiative, recently met with government officials in Bogotá, Colombia, to present her proposal for a national job guarantee program. At the invitation of Vice Minister of Finance Diego Guevara, Professor Tcherneva met with five government divisions: the ministries of energy, development, finance, and culture, and the SAE (Sociedad de Activos Especiales, or Special Assets Society), which administers seized assets of narcotics traffickers in the country.
Professor Pavlina Tcherneva Helps Chart a Path for Job Guarantee Program in Colombia
“The job guarantee is an economic policy that provides public employment opportunities on demand to anyone seeking decent, living-wage work,” Tcherneva says. “It is a structural stabilization policy that alleviates the economic, social, and political costs of unemployment and precarious employment. It is equity-driven and draws on a long tradition of human rights and social justice.” Governments all over the world have implemented policies that provide some level of job guarantee, though none have a truly universal job guarantee program. One example in U.S. history is the Works Progress Administration. Part of President Franklin Roosevelt’s New Deal, the agency employed millions of Americans on a wide range of public works projects during the Great Depression.
Bard College Professor Pavlina Tcherneva
During Tcherneva’s meetings in Bogotá, Colombian officials proposed to draft pilot public employment projects to further the work of each ministry. SAE, for example, discussed various ways in which the assets of the agency could support the creation of local employment and strengthen the work of grassroots and community organizations. These pilots would also support the public employment component of the national development plan, which President Gustavo Petro will present before the Colombian Congress in May.
“I was inspired by SAE's employment-centered, social inclusion approach to the management of seized assets,” Tcherneva notes. “In much of my policy work, I am asked to explain the innovative aspects of the job guarantee proposal. In Colombia, I had to do very little of that. Instead, I met with policy makers who were not only receptive but were already thinking about how to make it happen.”
During her stay in Colombia, Professor Tcherneva also delivered one of the two opening keynotes at the Third Annual Conference on Heterodox Economics at the National University of Colombia. Her talk was titled “The Role of Women in Heterodox Economics.”
Pavlina Tcherneva is a macroeconomist specializing in modern money theory and public policy, with a focus on fiscal and monetary policy coordination, full employment policies, and their impact on macroeconomic stability, unemployment, income distribution, and gender. Her book The Case for a Job Guarantee (Polity, 2020) was named one of the Financial Times best economics books of 2020 and has been published in eight languages. Her first book, Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey (coedited with M. Forstater), is a rare collection of the lesser-known works by Nobel Prize–winning economist William Vickrey and reinterprets his proposals for the modern day. Tcherneva holds a BA in mathematics and economics (Phi Beta Kappa) from Gettysburg College and an MA and PhD in economics from the University of Missouri–Kansas City. She is an expert at the Institute for New Economic Thinking and, formerly, a visiting research fellow at the University of Cambridge Centre for Economic and Public Policy in the United Kingdom.
Bard College Professor Pavlina Tcherneva meets with and SAE Director Daniel Rojas Medellin. Photo courtesy Sociedad de Activos Especiales, Colombia.
Post Date: 12-13-2022
Bard Economist L. Randall Wray Wins 2022 Veblen-Commons Award in Recognition of Significant Contributions to Evolutionary Institutional Economics
L. Randall Wray, professor of economics and senior scholar at the Levy Economics Institute of Bard College, has won the 2022 Veblen-Commons Award. This award is the highest honor given annually by the Association for Evolutionary Economics (AFEE) in recognition of significant contributions to evolutionary institutional economics. Wray is one of the original developers of Modern Money Theory.Bard Economist L. Randall Wray Wins 2022 Veblen-Commons Award in Recognition of Significant Contributions to Evolutionary Institutional Economics
Recipients of the Veblen-Commons Award have made outstanding contributions to institutional economics in the tradition of Veblen and Commons. Award recipients have focused their work on some of the most important topics confronting human society. Such topics include exploring the underlying power relations within society, the origins and implications of inequality, feminist economics, the origins of discrimination, the enabling myths of the dominant groups, the continuing conflict between rights and duties, the possibilities offered by modern technologies and the use of those possibilities for good or ill, the causes of financial crises, among others. Previous recipients include Levy scholars James Galbraith (2020), John F. Henry (2017), Jan Kregel (2011), and Hyman P. Minsky (1996).
L. Randall Wray is a senior scholar at the Levy Economics Institute and professor of economics at Bard College. He is one of the original developers of Modern Money Theory. Wray’s most recent books are Why Minsky Matters (Princeton University Press, 2016), and A Great Leap Forward (Academic Press, 2020), and Handbook of Economic Stagnation(with Flavia Dantas; Elsevier, 2022). Four new books will be published in 2022/2023: Making Money Work for Us (Polity Press, Fall 2022), Money For Beginners (with Heske Van Doornen; Polity Press, 2023), Modern Monetary Theory: Key Thinkers, Leading Insights (editor; Edward Elgar Publishing, 2022), and The Elgar Companion to Modern Money Theory (with Yeva Nersisyan; Edward Elgar Publishing, 2023).
Wray is the author of Money and Credit in Capitalist Economies (Edward Elgar Publishing, 1990), Understanding Modern Money (Edward Elgar Publishing, 1998), The Rise and Fall of Money Manager Capitalism (with É. Tymoigne; Routledge, 2013), Modern Money Theory (Palgrave Macmillan, 2012; 2nd rev. ed., 2015), and Macroeconomics (with William Mitchell and Martin Watts; Red Globe Press, 2019).
Wray previously taught at the University of Missouri–Kansas City and at the University of Denver, and has been a visiting professor at the Universities of Paris, Bologna, Bergamo and Rome, as well as UNAM in Mexico City. He holds a BA from the University of the Pacific and an MA and a Ph.D. from Washington University, where he was a student of Minsky. He has held a number of Fulbright Grants, including most recently at the Tallinn University of Technology in Estonia. He is the 2022 Veblen-Commons Award winner for contributions to Institutionalist Thought and will be the 2022-2023 Teppola Distinguished Visiting Professor at Willamette University, Salem Oregon.
Learn more about the Veblen-Commons Award here.
Post Date: 08-02-2022
Bard Economist L. Randall Wray on the Impacts of the Federal Reserve Raising Interest Rates to Fight Inflation
L. Randall Wray, professor of economics and senior scholar at the Levy Economics Institute of Bard College, and Yeva Nersisyan argue on the Hill that a Fed rate hike seems certain, yet raising rates is more likely to raise unemployment and slow growth than have any impact on our current inflation problem. “We must find a better way to think about, and deal with, inflation. There is no one-size-fits-all approach to inflation control, but what is clear is that interest rates are a very imprecise tool for influencing prices. In the current circumstance, the more appropriate solution would be to work to alleviate supply-side constraints. That, however, requires much more work and intentionality than a stroke of a pen to change interest rates, which camouflages as action rather than the cop-out it has proven to be,” write Wray and Nersisyan.Bard Economist L. Randall Wray on the Impacts of the Federal Reserve Raising Interest Rates to Fight Inflation
Post Date: 03-15-2022
More Economics News
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Bard Economist L. Randall Wray on How Modern Monetary Theory Isn’t the Future. It’s Here Now.
Bard Economist L. Randall Wray on How Modern Monetary Theory Isn’t the Future. It’s Here Now.
In the Wall Street Journal, Bard economist and leading scholar of Modern Monetary Theory L. Randall Wray comments on how important elements of MMT, including the claim that a government need never default on debt issued in its own currency, are now accepted by much of the economic and financial establishment. “We got five or six trillion dollars of spending and tax cuts without anyone worrying about payfors, so that was a good thing,” says Wray. “In January [2020], MMT was a crazy idea, and then in March, it was, OK, we’re going to adopt MMT.” L. Randall Wray is Professor of Economics and Senior Scholar at the Levy Economics Institute of Bard College.
Post Date: 11-23-2021
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How Should We Measure Well-Being? Dimitri B. Papadimitriou Talks with Financial Times about Bard Levy Institute’s New Federal Contract to Broaden Measures of Economic Well-Being
How Should We Measure Well-Being? Dimitri B. Papadimitriou Talks with Financial Times about Bard Levy Institute’s New Federal Contract to Broaden Measures of Economic Well-Being
Many of the metrics we commonly use to understand economic growth and well-being were developed nearly a century ago, and may no longer paint an accurate picture of the economy. The Levy Economics Institute of Bard College last week won a $300,000 federal contract to aid the US Department of Labor in its efforts to broaden how it measures the economic well-being of US households. Levy Institute President Dimitri Papadimitriou talked with Rana Foroohar of the Financial Times about how new metrics, such as measuring women’s unpaid labor, could create more clarity for policymakers.
Post Date: 11-09-2021
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Professor Pavlina R. Tcherneva: A Just Transition Needs a Job Guarantee
Professor Pavlina R. Tcherneva: A Just Transition Needs a Job Guarantee
Associate Professor of Economics Pavlina R. Tcherneva says a job guarantee is necessary both for managing the disruptions wrought by global warming and for achieving a smooth, just transition to a low-carbon economy. And since the policy is also wildly popular, it should be a no-brainer for any politician who claims to be serious about tackling the climate crisis. “If ‘decent work for all’ is to become an actionable policy benchmark, access to a living-wage job must be guaranteed to everyone, not merely implied in the text of stimulus packages and other policies,” she writes.
Post Date: 09-21-2021
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Funny Money: Bard Economist Pavlina Tcherneva Talks with the BBC
Funny Money: Bard Economist Pavlina Tcherneva Talks with the BBC
Where does money's value come from in an increasingly online world? Pavlina Tcherneva, associate professor of economics, talks with BBC Sound’s Ben Chu about the historical origins of money and its lack of intrinsic value.
Post Date: 06-07-2021
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Alex T. Williams MS ’20 on the Global Tug of War Over Semiconductors
Alex T. Williams MS ’20 on the Global Tug of War Over Semiconductors
Your car, toaster, even washing machine can’t work without them. And there’s a global shortage. So writes Alex T. Williams MS ’20—an alum of the Levy Institute MS in Economic Theory and Policy Program—who traces the precarity of supply chains that deliver the microchips at the heart of countless products in our modern economy.
Post Date: 05-18-2021
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Federal Reserve Bank of Chicago President Charles Evans Plays Down the Risk of Higher Inflation at the Levy Institute’s 29th Annual Hyman P. Minsky Conference
Federal Reserve Bank of Chicago President Charles Evans Plays Down the Risk of Higher Inflation at the Levy Institute’s 29th Annual Hyman P. Minsky Conference
“‘I think the risk of this scenario is remote,’ Evans said Wednesday during a virtual conference hosted by the Levy Economics Institute of Bard College,” reports Bloomberg. “The Chicago Fed chief, who has long been one of the central bank’s biggest worriers about inflation being too low, was responding to critics of the Biden administration’s fiscal programs, which include not only Republicans but also some economists associated with the Democratic party.”
Post Date: 05-05-2021
Events
- 2/02Thursday2:00 pm – 3:00 pm EST/GMT-5 Online Event
Thursday, February 2, 2023
The Levy Institute's Graduate Programs in Economics Information Session
Learn about our MA and MS programs and how to apply.
Online Event 2:00 pm – 3:00 pm EST/GMT-5
Greetings, future Levy scholars. I am Carlton Rounds, admissions officer and assistant to the director of the Levy Economics Institute Graduate Programs in Economic Theory and Policy. During this information session, I will provide an overview of the Levy academic programs, admission requirements, enrollment steps, and financial aid procedures. For international students, I can clarify immigration requirements and planning. As a former Bard student and lifelong area resident, I will speak about life in the Hudson Valley and Bard College. Please Note: Applicants that attend virtual information sessions will have their application fees waived. - 2/02Thursday5:00 pm – 6:30 pm EST/GMT-5 Olin 202
- 2/06Monday5:00 pm – 6:30 pm EST/GMT-5 Olin 102
- 2/16Thursday2:00 pm – 3:00 pm EST/GMT-5 Online Event
Thursday, February 16, 2023
The Levy Institute's Graduate Programs in Economics Information Session
Learn about our MA and MS programs and how to apply.
Online Event 2:00 pm – 3:00 pm EST/GMT-5
Greetings, future Levy scholars. I am Carlton Rounds, admissions officer and assistant to the director of the Levy Economics Institute Graduate Programs in Economic Theory and Policy. During this information session, I will provide an overview of the Levy academic programs, admission requirements, enrollment steps, and financial aid procedures. For international students, I can clarify immigration requirements and planning. As a former Bard student and lifelong area resident, I will speak about life in the Hudson Valley and Bard College. Please Note: Applicants that attend virtual information sessions will have their application fees waived. - 3/02Thursday2:00 pm – 3:00 pm EST/GMT-5 Online Event
Thursday, March 2, 2023
The Levy Institute's Graduate Programs in Economics Information Session
Learn about our MA and MS programs and how to apply.
Online Event 2:00 pm – 3:00 pm EST/GMT-5
Greetings, future Levy scholars. I am Carlton Rounds, admissions officer and assistant to the director of the Levy Economics Institute Graduate Programs in Economic Theory and Policy. During this information session, I will provide an overview of the Levy academic programs, admission requirements, enrollment steps, and financial aid procedures. For international students, I can clarify immigration requirements and planning. As a former Bard student and lifelong area resident, I will speak about life in the Hudson Valley and Bard College. Please Note: Applicants that attend virtual information sessions will have their application fees waived.