The world is economically integrated, but socially fragmented. Thus economic progress can become decoupled from social progress. As long as social progress is closely linked to and flows from economic progress, it is appropriate for government to focus attention on economic policy to promote...

The G20 is at a crossroads. It can retreat to a reaffirmation of nationalisms or commit to a new form of multilateralism, guided by the primacy of social prosperity and the principle of subsidiarity. The G20 has traditionally focused on economic policy issues - economic growth and financial...

This article is the first of a series that offers a new paradigm for economics, the "multilevel paradigm," using generalized Darwinism as its theoretical framework. Generalized Darwinism refers to all processes that combine the ingredients of variation, selection, and replication - not just...

We incorporate inequality aversion into an otherwise standard New Keynesian dynamic stochastic equilibrium model with Calvo wage contracts and positive inflation. Workers with relatively low incomes experience envy, whereas those with relatively high incomes experience guilt. The former seek to...

Using a standard dynamic general equilibrium model, we show that the interaction of staggered nominal contracts with hyperbolic discounting leads to inflation having significant long-run effects on real variables.