The COVID-19 Economic Crisis


Find all of our COVID-19 pandemic articles, webinars, and working papers here.

Europe’s Fateful Choices for Recovery – An Italian Perspective

Article By Antonella Stirati

To fight COVID-19, the EU must recognize that spending restraints have to go

Elites Have Made the American Dream a Nightmare for Black People. Who’s Next?

Article By Lynn Parramore

Researchers reveal the enemies to stability and prosperity that threaten us all.

Race and Economics From INET


A collection of INET’s research and articles on race and the US economy, reposted in connection with recent protests against police brutality in Black communities.

The Good, the Bad, and the Ugly About the Fed’s New Credit Allocation Policy

Article By Edward J. Kane

The Fed is taking an aggressive approach to put out the economic fires of the pandemic. But it needs to allow for flexibility as some business models irreparably change.

The COVID-19 Bailout and its Financing Dilemmas

Article By Jan Toporowski and Robert Calvert Jump

The speed and duration of COVID-19 economic recovery will depend on how the government will finance emergency programs.

OSHA in the 21st Century: Real Protection for America’s Workers

Article By David Michaels and Jordan Barab

The Occupational Safety Health Administration was created 50 years ago. Today, it’s in dire straits, say OSHA’s leaders during the Obama administration

Takyiwaa Manuh: Governments need to focus more on the gendered impacts of COVID-19

Article By Folashadé Soulé and Camilla Toulmin

In this conversation with Folashadé Soulé and Camilla Toulmin, Pr Takyiwaa Manuh analyses how the pandemic has disproportionately affected women at different levels especially in Ghana, and describes why governments need to focus more strongly on the gendered impacts of COVID-19 in both their sanitary and economic response.

Elaine Brown, Who Led Black Panthers, Sizes Up America’s Racial Reckoning

Article By Lynn Parramore

The activist and author shares a free-ranging conversation with INET president Rob Johnson.

Profits from Job Losses Will Finance Government Borrowing for COVID-19 Bailouts

Article By Lance Taylor

COVID has meant unemployment for the many and a corporate profit-fueled windfall for the few.

How the Disappearance of Unionized Jobs Obliterated an Emergent Black Middle Class

Article By William Lazonick, Philip Moss, and Joshua Weitz

Since the 1980s, the enemy of equal employment opportunity through upward socioeconomic mobility has been the pervasive and entrenched corporate-governance ideology and practice of maximizing shareholder value.

Why a V-Shaped Recession Is a Pipe Dream

Article By Edward J. Kane

Regardless of what Trump says, the economic pain of the pandemic isn’t going anywhere

If You Want Justice for Black Americans, You Have to Fix This

Article By Lynn Parramore

Economist Darrick Hamilton explains why confronting the racial wealth gap is the only way to address 400 years of discrimination.

The Fleming Myth and the Public Sector Contribution to Discovery and Development of New Cancer Drugs

Article By Ekaterina Cleary and Fred Ledley

Abstract, “basic science” research is essential to drug discovery. It is also largely funded by the public sector.

More articles

INET Video

Learn Economics at Home


Stuck at home and already bored of Netflix? Then check out our #LearnEconAtHome series of video explainers you can watch from anywhere.

The Dangerous Ideological Bias of Economists

Video Featuring Mohsen Javdani

“We do not publish papers about our own profession.” – Top Five Journal

Innovation Needs Inventors

Video Featuring John Van Reenen

By not addressing inclusivity, we are losing entire generations of new minds.

What is Work?

Video Featuring Nancy Folbre

What counts as work and what doesn’t?

How America Turned Its Police Into an Army

Video Featuring Olugbenga Ajilore

Economist Olugbenga Ajilore shows the high cost of the American government’s arming of local police with military weapons, which has exacerbated lethal use of force against black communities

Has China Won?

Video Featuring Kishore Mahbubani and Rob Johnson

The geopolitical showdown between the United States and China is both inevitable, and avoidable.

How Populists Use Economics to Exploit Crisis

Video Featuring Emil Verner

MIT Sloan Assistant Professor Emil Verner discusses his research into credit markets, and the role of economics in the rise of populism.

Gender Equality Works for Everyone.

Video Featuring Elissa Braunstein

If a tree falls outside of the market sector, does it make a sound?

Why We Need Solidarity Economics

Video Featuring Manuel Pastor

Economists have gone to great lengths to write humans out of economics, pushing self-interest and generally providing two choices—faith in markets or the state.

One Dollar. One Vote.

Video Featuring Emmanuel Saez

Economist Emmanuel Saez explains how inequality is destroying society.

Measuring the Danger of Segregation

Video Featuring Trevon Logan

Trevon Logan discusses the impact of structural racism in health and economics

Why Data Is Like Fire

Video Featuring Chen Long

Dr. Chen Long, Director of the Luohan Academy, explains why the digital revolution is so different from the industrial revolution

Saving Retirement

Video Featuring Teresa Ghilarducci

Is America facing a retirement crisis?

Inequality 101

Video Featuring Branko Milanovic and Arjun Jayadev

Inequality, in many ways, may be the biggest question of our times. And yet it is a topic that is still underexplored in conventional economics curricula.

Economics for People

Video Featuring Ha-Joon Chang

Economics has long been the domain of the ivory tower, where specialized language and opaque theorems make it inaccessible to most people. That’s a problem.

Polanyi on Polanyi

Video Featuring Kari Polanyi Levitt

In this series Polanyi reflects on an extraordinary life, and the extraordinary legacy of her family.

More videos

Working Paper Series

Never Together: Black and White People in the Postwar Economic Era

Paper By Peter Temin

Over and over again, US government policies designed to transfer and create wealth and economic opportunity were restricted to whites by design.

The Geography of New Technologies

Paper By Nicholas Bloom, Tarek Alexander Hassan, Aakash Kalyani, Josh Lerner, and Ahmed Tahoun

Rising inequality has focused attention on the benefits of new technologies. Do these accrue primarily to inventors, early investors, and highly skilled users, or to society more widely as their adoption generates employment growth?

How the Disappearance of Unionized Jobs Obliterated an Emergent Black Middle Class

Paper By William Lazonick, Philip Moss, and Joshua Weitz

In this introduction to our project, “Fifty Years After: Black Employment in the United States Under the Equal Employment Opportunity Commission,” we outline the socioeconomic forces behind the promising rise and disastrous fall of an African American blue-collar middle class.

The Economics and Politics of Social Democracy: A Reconsideration

Paper By Servaas Storm

The popular discontent and rise of ‘populist’ political parties is closely related to the failure of New Labor to navigate social democracy’s dilemma.

Three Comments on Storm “The Economics and Politics of Social Democracy: A Reconsideration"

Paper By Joseph Halevi, Peter Kriesler, Duncan Foley, and Thomas Ferguson

This Working Paper presents three separate comments on Servaas Storm’s “The Economics and Politics of Social Democracy: A Reconsideration”. The first is by Joseph Halevi and Peter Kriesler; the second is by Duncan Foley; and the third is by Thomas Ferguson.

Modigliani Meets Minsky: Inequality, Debt, and Financial Fragility in America, 1950-2016

Paper By Alina Bartscher, Moritz Kuhn, Moritz Schularick, and Ulrike Steins

Increased borrowing by middle-class families with low income growth played a central role in rising indebtedness

How Market Sentiment Drives Forecasts of Stock Returns

Paper By Roman Frydman, Nicholas Mangee, and Josh Stillwagon

We reveal a novel channel through which market participants’ sentiment influences how they forecast stock returns: their optimism (pessimism) affects the weights they assign to fundamentals.

Payroll Share, Real Wage and Labor Productivity across US States

Paper By Ivan Mendieta-Muñoz, Codrina Rada, Ansel Schiavone, and Rudi von Arnim

This paper analyzes regional contributions to the US payroll share from 1977 to 2017 and the four major business cycles throughout this period.

Profits, Innovation and Financialization in the Insulin Industry

Paper By Rosie Collington

This paper considers the relationship between profits realized from higher insulin list prices, pharmaceutical innovation, and the financial structures of the three dominant insulin manufacturing companies, which set list prices.

How Much Can the U.S. Congress Resist Political Money? A Quantitative Assessment

Paper By Thomas Ferguson, Paul Jorgensen, and Jie Chen

The links between campaign contributions from the financial sector and switches to a pro-bank vote were direct and substantial

Firm-Level Exposure to Epidemic Diseases: Covid-19, SARS, and H1N1

Paper By Tarek Alexander Hassan, Stephan Hollander, Laurence van Lent, and Ahmed Tahoun

As Covid-19 spreads globally in the first quarter of 2020, this paper finds that firms’ primary concerns relate to the collapse of demand, increased uncertainty, and disruption in supply chains

The EU’s Green Deal: Bismarck’s ‘What Is Possible’ Versus Thunberg’s ‘What Is Imperative’

Paper By Servaas Storm

This paper considers the ambition, scale, substance and strategy of the European Union’s Green Deal

Private Equity Buyouts in Healthcare: Who Wins, Who Loses?

Paper By Eileen Appelbaum and Rosemary Batt

Private equity firms have become major players in the healthcare industry. How has this happened and what are the results?

Who’s Responsible Here? Establishing Legal Responsibility in the Fissured Workplace

Paper By Tanya Goldman and David Weil

This article proposes a new “Concentric Circle framework” which would improve workers’ access to civil, labor, and employment rights.

Taxpayer Investment Leads New Drug Discoveries

Paper By Ekaterina Cleary, Matthew Jackson, Andrew Acevedo, and Fred Ledley

New research points to critical role of public funding in drug discoveries and development for the last decade

Modeling Myths: On the Need for Dynamic Realism in DICE and other Equilibrium Models of Global Climate Mitigation

Paper By Michael Grubb and Claudia Wieners

We conclude that representing dynamic realism in such models is as important as – and far more empirically tractable than – continued debate about the monetization of climate damages and ‘social cost of carbon’.

More papers