Dean Baker in 2007
|Born||July 13, 1958|
|Institution||Center for Economic and Policy Research
|Field||Economics, macroeconomics, urban and real estate economics|
|Alma mater||Swarthmore College (B.A., 1981)
University of Denver (M.A., 1983)
University of Michigan (Ph.D.)
|Information at IDEAS / RePEc|
Dean Baker (born July 13, 1958) is an American macroeconomist and co-founder of the Center for Economic and Policy Research, with Mark Weisbrot. He has been a senior economist at the Economic Policy Institute and an assistant professor of economics at Bucknell University. He has a Ph.D. in economics from the University of Michigan.
Since 1996 Baker has been the author of a weekly online commentary on economic reporting. The Economic Reporting Review was published from 1996 to 2006; subsequently he has continued this commentary on his weblog Beat The Press, which was formerly published at The American Prospect, but is now located at the CEPR website.
Baker graduated from Swarthmore College (B.A., 1981), the University of Denver (M.A., 1983), and the University of Michigan (Ph.D., 1988). Baker wrote his thesis on consumption theory. He argues that analyzing consumption requires categorizing objects, which cannot be done using only physical characteristics. The words for objects must be used, such as chair. These words imply socially understood uses, which define the object: a chair is used to sit on. Individuals have preferences over these uses of objects. That is at odds with consumption theory, which makes no assumptions about how individuals derive utility from objects. Baker also argues that objects' use values change with their social context, rejecting consumption theory's claim that consumption is private, and not influenced by society.
As a graduate student at the University of Michigan, Baker participated in and was arrested at two sit-ins protesting Representative Carl Pursell's votes for military aid to the Contras. In 1986, Baker defeated Donald Grimes in the Democratic primary and ran unsuccessfully against Pursell to represent Michigan's second Congressional district; his candidacy opposed aid to the Contras.
After graduate school, Baker was a senior economist at the Economic Policy Institute and an assistant professor of economics at Bucknell University. He published a paper with Mark Weisbrot in a journal of evolutionary economics. He and Weisbrot founded the Center for Economic and Policy Research in 1999, He has consulted with officials from the World Bank; he has provided testimony to the Joint Economic Committee of the U.S. Congress and to the OECD's Trade Union Advisory Council.
From 1996 to 2006, Baker was the author of a weekly online commentary the economic reporting of the New York Times and Washington Post. From 2006, he continued his commentary on the blog Beat The Press in which he critiques economic reporting in the leading US broadsheets, NPR, and other mainstream news sources.
Dean Baker predicted the crash of the United States housing bubble, which occurred in 2007–08. He warned about the coming crisis and the related government policies in several media interviews from 2002 to 2005. Basing his outlook on house-price data-sets produced by the US government, Baker asserted that there was a bubble in the US housing market in August 2002, well before its peak, and predicted that the collapse of this bubble would lead to recession. His prediction for when this recession would hit was out by only one quarter.
He has been critical of the regulatory framework of the real estate and financial industries, the use of financial instruments like collateralized debt obligation, and the performance and conflict of interest of US politicians and regulators.
Baker opposed the US government bailout of Wall Street banks on the basis that the only people who stood to lose from their collapse were their shareholders and high-income CEOs. Regarding any hypothetical, negative effects of not extending the bailout, he explained, "We know how to keep the financial system operating even as banks go into bankruptcy and receivership," citing US government action taken during the S&L crisis of the 1980s. He has ridiculed the US elite for favoring it, asking, "How do you make a DC intellectual look less articulate than Sarah Palin being interviewed by Katie Couric? That's easy. You ask them how failure to pass the bailout will give us a Great Depression."
He is identified as a Democrat in his profile on Wall Street Economists.
- Getting Back to Full Employment: A Better Bargain for Working People (PDF). Washington, DC: Center for Economic and Policy Research. 2013. ISBN 978-0-615-91835-8. (Co-author with Jared Bernstein). Note: This book is free.
- The End of Loser Liberalism: Making Markets Progressive. Washington, DC: Center for Economic and Policy Research. 2011. ISBN 978-0-615-53363-6. Note: This book is free.
- Taking Economics Seriously. MIT Press. 2010. ISBN 978-0-262-01418-2.
- False Profits: Recovering from the Bubble Economy. PoliPoint Press. 2010. ISBN 978-0-982-41712-6.
- Plunder and Blunder: The Rise and Fall of the Bubble Economy. PoliPoint Press. 2009. ISBN 978-0-981-57699-2.
- The United States Since 1980. Cambridge University Press. 2007. ISBN 978-0-521-67755-4.
- The Conservative Nanny State: How the Wealthy Use the Government to Stay Rich and Get Richer. Washington, DC: Center for Economic and Policy Research. 2006. ISBN 1-4116-9395-7. OCLC 71423207. Note: This book is free.
- The Benefits of Full Employment: When Markets Work for People. Economic Policy Institute. 2003. ISBN 978-1-932-06604-3. (Co-author with Jared Bernstein).
- Social Security: The Phony Crisis. Chicago, IL: University of Chicago. 1999. ISBN 978-0-226-03544-4. (Co-author with Jared Bernstein).
- Getting Prices Right: The Battle Over the Consumer Price Index. New York: M.E. Sharpe. 1997. ISBN 978-0-7656-0221-3. (Selected as a 1998 Choice "Outstanding Academic Book")
- Dean Baker at IDEAS
- Dean Baker at Economic Policy Institute
- The logic of neo-classical consumption theory, 1988.
- Alexander Cockburn, "Dean Baker for Congress," The Nation, Oct 25 1986
- Jonathan Scott, "Dean Baker's war of position," Race & Class, July 2009
- Baker, Dean; Weisbrot, Mark (1994). "The logic of contested exchange". Journal of Economic Issues (Association for Evolutionary Economics) 28 (4): 1091–1114. JSTOR 4226888.
- CEPR, Dean Baker
- Dean Baker, CEPR, 9 June 2003, Reflections on Economic Reporting: Seven Years of the Economic Reporting Review
- Wall Street Economists: A Research Project on Economic Predictions
- Baker, Dean (August 2002). "The Run-Up in Home Prices: Is it Real or Is it Another Bubble?". Center for Economic and Policy Research. Retrieved 2012-06-18.
- Reinhart, Carmen M.; Rogoff, Kenneth S. (2009). This Time is Different: Eight Centuries of Financial Folly. Princeton, NJ: Princeton University Press. p. 160 (see table 10.8). ISBN 978-0-691-14216-6.
- Robert Manne (May 2009). "The Rudd Essay & the Global Financial Crisis". The Monthly (45).
- Dirk J. Bezemer (2009-06-16). "'No One Saw This Coming': Understanding Financial Crisis Through Accounting Models" (PDF). MPRA Paper No. 15892. Ludwig Maximilian University of Munich. Retrieved June 16, 2012.
- David Smiley (October 8, 2009). "The Economy in Palliative Care". Progress Magazine.
- Baker, Dean (2006). Recession Looms for the U.S. Economy in 2007 (PDF). CEPR. Retrieved 14 June 2012.
- Isidore, Chris (1 December 2008). "It's official: Recession since Dec. '07". CNNMoney.com. Retrieved 14 June 2012.
- Dean Baker (28 October 2013). "Alan Greenspan owes America an apology". theguardian.com. Retrieved 1 November 2013.
- Gwiazda, Nick (31 October 2013). "Financial Crisis: The Guardian's Dean Baker Is Wrong – Alan Greenspan Owes Nobody An Apology". ibtimes.com. Retrieved 1 November 2013.
- Baker, Dean (31 October 2013). "Yes, Alan Greenspan Owes Us a Really Big Apology". Beat the Press. Retrieved 1 November 2013.
- Dean Baker, The Housing Bubble and the Financial Crisis, Real-World Economic Review, Issue no. 46, 20 March 2008
- Beat The Press, March 9, 2008
- William Seidman, Who Led Cleanup of S&L Crisis, Dies, Bloomberg, May 13, 2009
- Huffington Post, September 30, 2008
- Roberts, Russ (January 9, 2012). "Dean Baker on the Crisis". EconTalk. Library of Economics and Liberty.
- Dean Baker presentation on 2008–2009 economic trouble at Bucknell University
- Marketplace Public Radio (Audio): We Demand to See More Transparency, March 9, 2009
- C-SPAN's Book TV (Video): "Plunder and Blunder: The Rise and Fall of the Bubble Economy", January 27, 2009
- News Hour with Jim Lehrer (Video): "Massive Job Cuts Renew Calls for Quick Action on Stimulus", January 26, 2009
- NPR's Fresh Air (Audio): "The Key to Economic Stimulus?", January 13, 2009
- Bill Moyers Journal (Video), August 8, 2008
- Dean Baker argues that the debate over the economy should not be over whether to regulate, but how in the Boston Review
- Video (and audio) of debates & discussions involving Baker on Bloggingheads.tv
- Dean Baker: Banks Could Be Big Winners of President Obama’s Foreclosure Prevention Program – video by Democracy Now!