Economist researching and lecturing @DEHES_UNIGE @UNIGEnews | Research Fellow @WIL_inequality
Joined October 2018
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30 Apr 2025
How should we think about the real limits to government spending for the times ahead?🏛️💸
`The General Relativity of Fiscal Space', our article with @jacob_assa attempts an answer.
Open Access @ReviewofPE: tandfonline.com/doi/full/10.…
Data & Appendix: marc-morgan.eu/fiscal-space
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Marc Morgan Milá retweeted
We are delighted to share the programme for the first workshop of our research project: "Finance, Development, and the State: Rethinking Historical Experiences with Central Banking", in Geneva, 4-5 June
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The frontier of inequality measurement and analysis continues to expand!
Some paradoxes of wealth inequality in a privatised ‘welfare’ economy 🇨🇱⬇️
🚨 New paper out!
We mainly show how policies affecting housing prices or pension liquidity can reshape wealth inequality.
sciencedirect.com/science/ar…
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On the Zucman-Waldenström debate on inequality, the utra rich and taxes:
✅Excellent format for debate
❌Framing "we need their money" for public programs. Encourages private philanthropy helps justify austerity and public underinvestment
su.se/english/divisions/depa…
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Just published. doi.org/10.1093/cje/beag011
In a response to critics, I review Keynes’s vision of inequality, and sketch an embedded Keynesian theory of distribution for a world with hard constraints.
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Post-Keynesians: redistribute downwards to increase demand and GDP!
What if secular stagnation were more about the biophysical and psychological limits of GDP as a measure? What if redistribution were more about meeting absolute needs?
Related thoughts: doi.org/10.1093/cje/beag011
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I’ll be presenting it at the World Inequality Conference 2026 in Paris on 5 June for those around.
wic2026.wid.world/
Spoiler: Keynes, a DINA pioneer! 🙃
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⚠️Hablar del “mejor dato en 18 años” confunde lo que es un medio por un fin en sí mismo. El desempleo > 10% nos indica que el déficit es probablemente demasiado pequeño para contrarrestar la falta de demanda proveniente del extranjero o del gasto privado neto de importaciones.
Mar 31
La mejor situación económica española de los últimos 20 años: crecimiento sostenido, sin desequilibrios, y reduciendo el desempleo y el déficit. Buenos fundamentos y buenas políticas económicas dan buenos resultados.
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Marc Morgan Milá retweeted
Still one week to apply!!
📢 The Université de Genève is hiring!
Teaching & Research Assistant (PhD) in Economic History. @DEHES_UNIGE
French mandatory.
Join us and pursue your PhD in a dynamic academic environment.
Details below 👇
Please share!
jobs.unige.ch/www/wd_portal.…
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Marc Morgan Milá retweeted
New chapter on Argentina’s sovereign risk history.
In the 1920s, ARG was an investment-grade borrower.A century later, it has become one of the world’s most frequent sovereign defaulters. Using new Moody’s reports and bond yield data, the chapter explores this long-term puzzle👇
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“Greece paid its dues even when it was bankrupt”
Nothing in life is sure, including the safety of German bunds...😀 But the cost of not paying your EU dues and sailing into the sunset (and losing access to all EU programs, and being treated as a pariah) is extremely high. Again: Greece paid its dues even when it was bankrupt. The UK paid its dues when it brexited...
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UPDATE: two PhD positions, the first in political economy and the second in economic history. To start on August 1. Being able to teach in French is required.
jobs.unige.ch/www/wd_portal.…
jobs.unige.ch/www/wd_portal.…
Excellent PhD opportunity in economic history at @DEHES_UNIGE. Pluralist department fusing economic history and political economy to new heights. Great conditions and working environment ⬇️
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The lesson from China is for a greater "socialisation of investment" (not a greater increase in working hours), something European states have forfeited over the last 15 years (with the EU budget not enough to compensate). China laughs at European fiscal rules.
Feb 28
Indeed, I mention that. Keynes, who was by temperament an artist, thought that the abundance was within our reach & that we would work 15h a week and that the "old Adam" will be satisfied. But he misunderstood the nature of capitalism.
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Excellent PhD opportunity in economic history at @DEHES_UNIGE. Pluralist department fusing economic history and political economy to new heights. Great conditions and working environment ⬇️
📢 The Université de Genève is hiring!
Teaching & Research Assistant (PhD) in Economic History. @DEHES_UNIGE
French mandatory.
Join us and pursue your PhD in a dynamic academic environment.
Details below 👇
Please share!
jobs.unige.ch/www/wd_portal.…
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Marc Morgan Milá retweeted
The WTO Bookshop today: how times have changed!
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Feb 27
Actually, Merz but he is right. The industrial revolution was also the "industrious revolution". Number of hours worked increased by about a third. If Europe wants to compete, it needs to work more.
Socialism disappeared b/c people preferred not to work. In words of Bela Kun, "workers will die for revolution but will not work for it."
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A warning for Switzerland🇨🇭(not incl. in sample) which is planning multi-year fiscal austerity⬇️
With inflation at 0.1% and an uncertain export market, the authorities should tell citizens to plan for lower output/income, higher unemployment and higher inequality.
We have a new paper on the effects of fiscal consolidation in EU countries. Fiscal consolidations lower real output, raise the unemployment rate, increase income inequality, and reduce inflation. Contractionary effects are stronger during recessions than in non-recession periods.
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Even when miscalculating a fiscal surplus for 2025 🇨🇭austerity is still planned: efd.admin.ch/en/newnsb/n45pQ…
@DEHES_UNIGE
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Marc Morgan Milá retweeted
Our results support the Keynesian view that periods of economic weakness are not suitable for consolidation efforts. Here is the link to the paper: wiiw.ac.at/macroeconomic-and…
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The downside of staving off recessions ft.com/content/7a021778-5b05… via @ft
Curious logic in this article 🧵
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"Recessions aren’t a necessary condition to fix these downsides [undproductive firms, lack of market dynamism]. Fiscal discipline, market corrections and prudent supply-side policy can help."
What if deficits are a symptom of private sector ill-health/liquidity preference?
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"Nor are downturns extinct. Emerging financial risks and rising government borrowing may yet sow the seeds of the next crisis."
What if deficits are a symptom of de-risking as per the above?
Yet another example of mixing up symptoms and causes targets and tools.
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