1
Thomas R. Michl
CURRICULUM VITAE
Thomas R. Michl
OFFICE:Department of Economics HOME:68 Adams Place
ColgateUniversityDelmar, NY12054
Hamilton, NY 13346(518)-475-1418
(315)
TEACHING FIELDS:
Macroeconomics
Growth and Distribution
Political Economy
Labor Economics
CURRENT RESEARCH INTERESTS:
Income Distribution and Economic Growth
Fiscal Policy and Accumulation
Financialization and Neoliberalism
Productivity and Technical Change
DEGREES:
Ph.D., New School for Social Research, Economics, 1984
M.A., New School for Social Research, Economics, 1981
B.A., OberlinCollege, Economics, 1973
TEACHING EXPERIENCE:
Professor, Colgate University, 2001-present
Associate Professor, Colgate University, 1990-2000
Assistant Professor, Colgate University, 1984-89
Instructor, ColgateUniversity, Fall 1983
AWARDS:
2001 Otto Eckstein Prize from the Eastern Economic Association (for the best paper to appear in the Eastern Economic Journal from 1998-2000)
BOOKS:
Editor (with R. Cherry , C. D'Onofrio, C. Kurdas, F. Moseley, and M. Naples), The Imperiled Economy: Books I & II, (New York: Union for Radical Political Economics, 1987 & 1988).
(with Duncan K. Foley), Growth and Distribution, Cambridge: HarvardUniversity Press, 1999. Japanese language edition Tokyo: Nihon Keizai Hyoron-Sha, 2003. South Asian edition All India Publishers and Distributors, 2007. Turkish language edition 2015.
Macroeconomic Theory: A Short Course, Armonk: M.E. Sharpe, Inc., 2002. Japanese language edition Tokyo, 2005.
Capitalists, Workers, and Fiscal Policy: A Classical Model of Growth and Distribution, Cambridge: Harvard University Press, 2009.
Editor (with Lance Taylor and ArmonRezai), Analytical Insight and Social Fairness: Economic Essays in the Spirit of Duncan Foley, Abingdon: Routledge, 2012.
REFEREED JOURNAL ARTICLES:
"International Comparisons of Productivity Growth: Verdoorn's Law Revisited" Journal of Post Keynesian Economics, Vol. 7, No. 4, (Summer 1985), pp. 474-92.
"The Productivity Slowdown and the Elasticity of Demand for Labor" The Review of Economics and Statistics, Vol. 68, No. 3, (August 1986), pp. 532-36.
(with Jeffrey P. Baldani) "A Balanced Budget Multiplier for Interest Payments" Journal of Post Keynesian Economics, Vol. 9, No. 3, (Spring 1987), pp. 424-39.
"Is There Evidence for a Marginalist Demand for Labor?" Cambridge Journal of Economics, Vol. 11, No. 4, (December 1987), pp. 361-74.
"The Wage-Profit Frontier and Declining Profitability in U.S. Manufacturing" Review of Radical Political Economics, Vol. 20, No. 2&3, (Summer/Fall 1988), pp. 80-86.
"The Two-Stage Decline in U.S. Nonfinancial Corporate Profitability, 1948-1986" Review of Radical Political Economics, Vol. 20, No. 4, (Winter, 1988), pp. 1-22.
"Debt, Deficits, and the Distribution of Income" Journal of Post Keynesian Economics, Vol 13, No. 3, (Spring 1991), pp. 351-365.
"Wage-profit Curves in U.S. Manufacturing" Cambridge Journal of Economics, Vol. 15, No. 3, (September 1991), pp. 271-286.
"Capital and Labor Productivity" Review of Radical Political Economics, Vol. 24, No.2, (Summer 1992), pp. 45-50.
"Three Models of the Falling Rate of Profit" Review of Radical Political Economics, Vol.26, No.4, (December 1994), pp. 57-77.
(with Christophre Georges) "Debt and Taxes in a Marxian Growth Model" Review of Radical Political Economics, Vol. 28, No. 3, (September 1996), pp. 50-56.
"Biased Technical Change and the Aggregate Production Function" International Review of Applied Economics, Vol. 13, No. 2, (May 1999), pp. 193-206.
(with Jeffrey Baldani) "Technical Change and Profits: The Prisoner's Dilemma" Review of Radical Political Economics, Vol. 32, No. 1, (March 2000), pp.104-118.
"Notes on the New Endogenous Growth Theory: A Review of Endogenous Growth Theory by Phillipe Aghion and Peter Howitt" Metroeconomica, Vol. 51, No. 2, (May 2000), pp. 182-190.
"Can Rescheduling Explain the New Jersey Minimum Wage Studies?" Eastern Economic Journal, Vol. 26, No. 3, (Summer 2000), pp. 265-277.
(with Duncan K. Foley) "Comments: The Production Function and Productivity," Journal of Economic Perspectives, Vol. 15, No. 3 (Summer 2001), p. 257.
"The Fossil Production Function in a Vintage Model," Australian Economics Papers, Vol. 41, No. 1, (March 2002), pp. 53-68.
(with Duncan K. Foley) "Social Security in a Classical Growth Model," Cambridge Journal of Economics, Vol. 28, No. 1, (January 2004) pp. 1-20.
"Capitalists, Workers, and the Burden of Debt," Review of Political Economy, Vol. 18, No. 4, (October, 2006), pp. 449-467.
"Comment on 'Transition to Fully Funded Pension Schemes: A Non-Orthodox Criticism,' by Sergio Cesaratto," Cambridge Journal of Economics, Vol. 30, No. 6, (November 2006), pp. 981-984.
“Capitalists, Workers, and Social Security," Metroeconomica, Vol. 58, No. 2 (2007) pp. 244-268.
JOURNAL ARTICLES (Continued):
(with Duncan K. Foley) "Crossing Hubbert's Peak: Portfolio Effects in a Growth Model with Exhaustible Resources," Structural Change and Economic Dynamics, Vol. 18, No. 2, (June 2007), pp. 212-230.
"Tinbergen Rules the Taylor Rule," Eastern Economic Journal, Vol. 34, No. 3, (May 2008), pp. 293-309.
“Discounting Nordhaus,” Review of Political Economy, Vol. 22, No. 4, (October 2010), pp. 535-549.
“Finance as a Class?” Review Essay on The Crisis of Neoliberalism by Gérard Duménil and Dominique Lévy in New Left Review, No. 70 (July-August 2011), pp. 117-125.
“Public Debt, Growth and Distribution,” Review of Keynesian Economics, Vol. 1, No. 1, (Spring 2013), pp. 272-296.
“A Fiscal Paradox and Post-Keynesian Economics: A Comment on Palley,” Review of Keynesian Economics, Vol. 2, No. 1 (Spring 2014), pp. 108-115.
Review essay on The Elgar Companion to Marxist Economics, by Ben Fine, Alfredo Saad-Filho, editors, with Marco Boffo in Journal of the History of Economic Thought, Vol. 36, No. 3 (Summer 2014).
“Capitalists, Workers, and Thomas Piketty’s Capital in the Twenty-First Century,” Review of Political Economy, Vol 28, No.2 (April 2016), pp 205-219.
“Rentier Consumption and Neoliberal Capitalism, International Journal of Political Economy, Vol. 45 (Fall 2016) pp. 1-18.
“Profit-led Growth and the Stock Market,” Review of Keynesian Economics, Vol. 5, No. 1, (January 2017) pp. 61-77
“Hysteresis in a Three-Equation Model,” Eastern Economic Journal, Forthcoming.
CHAPTERS IN BOOKS:
"An Anatomy of the Reagan Recovery" in R. Cherry, C. D'Onofrio, C. Kurdas, T. Michl, F. Moseley, M. Naples, eds., The Imperiled Economy: Book I,, (New York: Union for Radical Political Economics, 1987).
"Why is the Rate of Profit Still So Low?" in D. Papadimitriou, ed., Profits, Deficits, and Instability, (New York: Macmillan & Co., 1992).
"Adam Smith and the New Economics of Effort" in R. Blackwell, J. Chatha and E. J. Nell, eds., Economics as Worldly Philosophy: Essays in Honor of Robert L. Heilbroner, (New York: Macmillan & Co., 1993).
"Assessing the Costs of Inflation and Unemployment" in P. Arestis and M.G. Marshall, eds. The Political Economy of Full Employment: Conservatism, Corporatism, and Institutional Change, (Aldershot: Edward Elgar, 1995).
(with Duncan K. Foley) "A Classical Alternative to the Neoclassical Growth Model," in G. Argyrous, M. Forstater, and G. Mongiovi, eds. Growth, Distribution, and Effective Demand: Essays in Honor of Edward J. Nell, (Armonk: M.E. Sharpe, 2003).
(with Duncan K. Foley) “The Classical Theory of Growth and Distribution,” in M. Setterfield, ed. Handbook of Alternative Theories of Economic Growth, (Edward Elgar, 2010).
“A Model of Fiscal and Monetary Policy,” in L. Taylor, A. Rezai, and T. Michl, eds. Analytical Insight and Social Fairness: Economic Essays in the Spirit of Duncan Foley, Abingdon: Routledge, 2012.
BOOK REVIEWS AND ARTICLES:
Book Review of Capital Accumulation and Income Distribution by Donald Harris, Review of Radical Political Economics, Vol. XIV, No. 2, (Summer 1982).
"The Crisis of U.S. Trade Unions" (Book Review Essay), Monthly Review, Vol. 36, No. 10, (March 1985).
"Drawing Interest on the National Debt" Dollars & Sense, (May 1986).
"The Dark Side of the Budget Deficit" (Book Review Essay), Monthly Review, Vol. 38, No. 10, (April 1987).
"The Profit's Prophesy: Falling Profit Rate Haunts Investors" Dollars & Sense, (June 1990).
Book Review of Conflict and Effective Demand in Economic Growth by Peter Skott, Eastern Economic Journal, Vol. XVII, (1991).
Book Review of Quantitative Marxism by Paul Dunne, International Review of Applied Economics, Vol. 7, No. 2, (1993).
Book Review of The Falling Rate of Profit in the Postwar United States Economy by Fred Moseley, in Review of Radical Political Economics, Vol. 25, No. 3, (September 1993).
Book Review of The Economics of the Profit Rate by Gérard Duménil and Dominique Lévy, in Science & Society, Vol. 59, No. 2, (Summer 1994).
Book Review of Unemployment in Europe, ed by Jonathon Michie and John Grieve Smith in International Review of Applied Economics, Vol. 9, No. 1, (1995).
Book Review of Myth and Measurement: the New Economics of the Minimum Wage, by David Card and Alan B. Krueger, in Eastern Economic Journal, Vol. 22, Issue 2, (1996).
"The Case for Raising New York's Minimum Wage Strengthens," Fiscal Policy Notes, Fiscal Policy Institute, Albany, New York, 1996.
“New York Needs a Raise,” Albany Times Union, May 1, 1996.
“Raise the Minimum Wage: Increase Would Help Narrow Income Gap,” Albany Times Union, February 1, 1998.
"Low-wage Workers Deserve Pay Raise," Albany Times Union, May 21, 1999.
"Will FedLawmakersPass the Buck?" North Jersey Herald News, May 21, 1999.
"New York's Minimum Wage Opportunity," Fiscal Policy Institute Issue Brief, June 30, 2000.
(with Trudi Renwick) "New York Needs to Raise Minimum Wage," Capital District Business Review, May 28, 2001.
"Why We Should Fund Social Security Permanently," Challenge, Vol. 44, No. 6 (November-December 2001), pp. 78-92.
"Prefunding is Still the Answer: A Response to Palley," Challenge, Vol. 45, No. 3 (May-June 2002), pp. 112-116.
(with Trudi Renwick) "Raising the Minimum Wage Makes Sense," Albany Times Union, January 21, 2004.
"No Need for Bush to Rush Fix of Social Security," Albany Times Union, January 9, 2005.
"Bush Social Security Plan Threatens to Divide Americans," The Saratogian, June 6, 2005.
Book Review of Pension reform and Economic Theory: A Non-Orthodox Analysis by Sergio Cesaratto, in Review of Political Economy, Vol. 19, No. 2 (April 2007).
"Pasinetti Paradox," inEd. Darity, William A., Jr. International Encyclopedia of the Social Sciences, Volume 6, 2nd edition. (Detroit: Macmillan Reference USA, 2008), pp. 164-65.
“Rethinking Fiscal Policy,” Challenge, Vo. 51, No. 6, (November-December, 2008), pp. 91-104.
“Our Problem is Jobs,” (Albany) Times Union, July 31, 2011.
“No End to Inequality, Thanks to the Elites,” (Albany) Times Union, October 20, 2011.
Testimony on the Tip Credit Minimum Wage, 2014 New York State Wage Board, November, 2014.
(with Christopher Gunn) “Higher Wages Serve up Better Economics for Workers and New York,” Oneida Daily Dispatch, August 18, 2015.
“Cuomo’s Proposal for $15 Minimum Wage Deserves Support,” Syracuse Post-Standard, Syracuse.com Commentary, March 15, 2016.
UNPUBLISHED WORK:
“Falling into the Liquidity Trap: Notes on the Global Economic Crisis,” Political Economy Research Institute Working Paper Series No. 215, January 2010.
"Profitability in a Vintage Model of Unbalanced Growth," in H. Azari and J. Moudud eds. The Dynamics of Accumulation: Essays in the Classical and Harrodian Traditions, (Armonk: M.E. Sharpe, Forthcoming).
“Demand Shocks and Level Effects in a Heterodox Three-Equation Model,” Xerox, Colgate University.
“Asset Pricing in Workhorse Macroeconomic Models,” Paper presented at the 2013 Analytical Political Economy Workshop at UMass Amherst.
“Profit-led Growth and the Stock Market,” Political Economy Research Institute Working Paper Series No. 419, April 2016.
“Hysteresis in a Three-Equation Model,” Colgate University Economics Department Working Paper No. 1, 2016.
“Combating Hysteresis in a Three-Equation Model,” (with Kayla Oliver ’17), Colgate University Economics Department.
PROFESSIONAL ACTIVITY:
Co-organizer, Sixth (Bi)-Annual Canada/Eastern Border Post-Keynesian Workshop, 2016.
Editorial Board, Metroeconomica.
Editorial Board, Review of Political Economy
Reviewer, Institute for New Economic Thinking Core Project, Spring 2015.
Outside reviewer for Perry Mehrling’s MOOC, Institute for New Economic Thinking, Spring 2014
EPOG Scholar, Kingston University, Spring 2014.
Research Associate, Political Economy Research Institute, University of Massachusetts—Amherst.
Program Organizer, Third (Bi)-Annual Canada/US Eastern Border Post-Keynesian Workshop
Organizing Committee, Fifth (Bi)-Annual Canada/US Eastern Border Post-Keynesian Workshop
Chairman, Promotion and Tenure Committee, Colgate University, 2007-2009.
Director, London Economics Study Program of Colgate University, 1991, 2011, and 2014
Special Research Fellow and Consultant, The Jerome Levy Economics Institute,1986-87
Reviewer (past or present) for: The Review of Economics and Statistics, Cambridge Journal of Economics, Harper & Row, Review of Radical Political Economics, Journal of Post Keynesian Economics, Harvard University Press, Columbia University Press, International Review of Applied Economics, Journal of Economic Behavior and Organization, Routledge, Review of Income and Wealth, Australian Economics Papers, Eastern Economic Review, Review of Political Economy, Metroeconomica, Structural Change and Economic Dynamics, Journal of Economic Surveys.
Editorial Board, Review of Radical Political Economics, 1982-84 and 2000- 2004; Member of Editorial Collective for Special Issues on Value Theory, Empirical Work on Marxian Crisis Theory, and David M. Gordon Memorial Issue.