- On Capitol Hill
- On Wall Street
- In the Press
- Policy Reform Work
Our projects are designed to empower policy makers to create positive change. With a focus on collaboration and outreach, we provide original, standards-based research on key policy issues.
SCEPA joined with the Economic Policy Institute on Capitol Hill to brief congressional staff and policy experts on tax expenditures, or incentives given through the tax code without scrutiny by Congress.
SCEPA economists are working on the prospects for a more progressive economic order to emerge from the shock of the recession. They have published papers and documents that place current events in a longer-term context as well as policy proposals to deal with short-term concerns. They are also documenting the emerging discussion of how the discipline of economics is reacting to the Great Recession and the questioning of conventional economic analysis.
Lance Taylor, a SCEPA Faculty Fellow, presents an overview of his new book, Maynard’s Revenge, in a Google Tech Talk.
The book, published this November by Harvard University Press, is a timely analysis of mainstream macroeconomics, posing the need for a more useful and realistic economic analysis that can provide a better understanding of the ongoing global financial and economic crisis.
The government spends $143 billion through tax breaks in an effort to expand pension coverage and security. Yet, over half of the American workforce does not have a pension. Retirement insecurity hurts business plans, workers’ lives and retiree well-being. Reform is needed.
SCEPA’s Guaranteeing Retirement Income Project, sponsored by the Rockefeller Foundation and in collaboration with Demos and the Economic Policy Institute, has a plan to guarantee safe and secure retirement income for all Americans.
This week's Worldly Philosopher, Anthony Bonen, discusses the need for and possibilities of opening the field of economics to a diversity of approaches.
Last month, the University of Massachusetts Amherst hosted an eclectic group of New Schoolers at the 11th Annual Economics Graduate Student Workshop. As in past years, the discussions were engaging and, dare I say, inspiring. Representing as we do, marginal groups in the economics discipline, the engagement of UMass-Amherst and The New School's economics departments strengthens our ability to commit to economic pluralism. Although pluralistic and interdisciplinary approaches are desperately needed, their pursuit is not (*ahem*) optimal for the academic-career-minded graduate student. It is therefore essential that we be exposed to regular reminders that we – both our department and university – are not alone.
This year, the topics ranged from field studies of collective action in community-driven development in Brazil to critiques of Marxian models of technical change and an empirical analysis of how capital controls affect the real exchange rate.
Jessica Carrick-Hagenbarth's field study in Brazil evaluated eight cases of participatory development projects that supported income and infrastructure, such as fence building, irrigation and bee raising. Through a survey and interviews with project participants, she showed that strong links to extant social movements and community institutions helped avoid elite capture and free riding. Jangho Yang's Marxian critique argued that capital and labor are qualitatively different entities. Taking this incompatibility seriously shows that structural changes in the economy are not predetermined. Such changes are, instead, evolutionary. Finally, Juan Montecino's econometric analysis of exchange rate regimes posited that capital controls could be used to maintain under- or over-valuated currencies. He demonstrated that, by controlling (to some extent) the flow of capital into and out of an economy, policymakers could effect soft – if blunt – industrial policy.
The diversity of approaches represented in this sample is, unfortunately, rare in economics. When the conference comes back to New York City next year, we hope to bring together an even broader array of students from different departments in NSSR and from divisions across The New School. In so doing we would bring the university and the economics discipline closer to the ideals espoused by one of its founders.
On November 19, 2014, Director Teresa Ghilarducci presented SCEPA's latest research on the Declining Access to Retirement Plans in Connecticut at the Connecticut Retirement Security Board meeting. Earlier this year, the Connecticut General Assembly created the Connecticut Retirement Security Board through the Public Act 14-217 to conduct a feasibility study on a state-level public IRA. If approved, the state-level IRA would create an automatic IRA administered through an appointed trust fund board, as in California. Employers with five or more workers would be required to participate unless they offer a different retirement savings plan to their employees. Unlike most IRAs bought in the private market, the money would be paid out as a lifetime annuity with an option for workers to select a lump-sum, helping to ensure that people will not outlive their assets while preserving worker's ability to choose the option best suited to their financial needs. Finally, a modest guarantee and low fees would protect the money saved by hard-working employees.
The latest SCEPA research shows that Connecticut is in need of a solution to their pending retirement crisis. As of 2010, only 59% of employed Connecticut residents aged 25-64 worked for an employer who offered access to a retirement savings plan, down from 66% in 2000. Four out of ten workers residing in Connecticut do not have access to a retirement plan at work. What could be considered the most detrimental is that workers closest to retirement (55-64) had the largest drop in sponsorship, 15 percent, among all age groups surveyed.
On November 12, 2014, the Wall Street Journal published "Pension Access for All is Priority for New York City's Public Advocate." The article covers Public Advocate Letitia James' announcement that she plans to introduce legislation in the New York City Council to study how to create pooled retirement savings accounts for city residents without access to employer-sponsored pension plans.
James stated, "Quite simply, too many New Yorkers are not prepared for retirement." She cited research from SCEPA's Retirement Equity Lab, which analyzed city residents' preparation and ability to retire. SCEPA found that 60% of workers in the city did not have access to a retirement savings plan at work, a 17% decrease over the last 10 years.
Her announcement adds to the reform effort of City Comptroller Scott Stringer, who announced creation of an advisory board to study potential reforms at SCEPA's Confronting New York City's Retirement Crisis conference in July, 2014. Public Advocate James gave the keynote address at the event.