Post-Keynesian economics

Debunking Economics - Revised, Expanded and Integrated Edition: The Naked Emperor Dethroned?
by Steve Keen
Published 21 Sep 2011

J. (1979) ‘The endogenous money stock,’ Journal of Post Keynesian Economics, 2(1): 49–70. Moore, B. J. (1983) ‘Unpacking the Post Keynesian black box: bank lending and the money supply,’ Journal of Post Keynesian Economics, 5(4): 537–56. Moore, B. J. (1988a) ‘The endogenous money supply,’ Journal of Post Keynesian Economics, 10(3): 372–85. Moore, B. J. (1988b) Horizontalists and Verticalists: The Macroeconomics of Credit Money, Cambridge: Cambridge University Press. Moore, B. J. (1997) ‘Reconciliation of the supply and demand for endogenous money,’ Journal of Post Keynesian Economics, 19(3): 423–8. Moore, B. J. (2001) ‘Some reflections on endogenous money,’ in L.

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But this leads to the dilemma that such models almost always display ‘far from equilibrium’ behavior, which undermines the validity of beliefs about capitalism and welfare that depend on the economy not straying too far from equilibrium. Post-Keynesian economics This school of thought developed in reaction to the ‘bastardization’ of Keynes’s economics in the so-called Keynesian–neoclassical synthesis. Regarding themselves as the true carriers of Keynes’s message, they emphasized the importance of uncertainty in economic analysis, and the profound difference between the monetary economy in which we live, and the barter economy which neoclassical economics regards as an adequate proxy for the real world. As Arestis et al. (1999) put it, the main unifying themes in post-Keynesian economics are ‘a concern for history, uncertainty, distributional issues, and the importance of political and economic institutions in determining the level of activity in an economy.’

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Z. (1994) ‘Bohm’s alternative to quantum mechanics,’ Scientific American, 270(5): 32–9. American Review of Political Economy (2011), www.arpejournal.com, forthcoming. Anderson, P. W. (1972) ‘More is different,’ Science, 177(4047): 393–6. Arestis, P., S. P. Dunn and M. Sawyer (1999) ‘Post Keynesian economics and its critics,’ Journal of Post Keynesian Economics, 21: 527–49. Arrow, K. J., M. D. Intriligator et al. (1982) Handbook of Mathematical Economics, Amsterdam: Elsevier. Baird, W. C. (1981) Elements of Macroeconomics, New York: West St Paul. Ballard, D. H. (2000) An Introduction to Natural Computation, Cambridge, MA: MIT Press.

Where Does Money Come From?: A Guide to the UK Monetary & Banking System
by Josh Ryan-Collins , Tony Greenham , Richard Werner and Andrew Jackson
Published 14 Apr 2012

Retrievable from http://en.wikipedia.org/wiki/Wergeld 45 Greirson (1977). op. cit. p. 43 46 Innes (1913). op. cit. 47 Wray (1998). op. cit. Chapter 3 48 Innes (1913). op. cit. p. 398 49 Mosler, W., (2010). Seven Deadly Innocent Frauds of Economic Policy. Valance Co. Inc., p. 18 50 Knapp, G. F., (1905). The State Theory of Money. London: Macmillan 51 Eladio, F. (2009). Three difficulties with neo-chartalism, Journal of Post Keynesian Economics 31 (3): 523-541. Retrievable from http://www.ucm.es/info/ec/ecocri/cas/Febrero.pdf 52 Innes (1913). op. cit. 53 Davies (2002). op. cit., pp. 203-8 quoted in Ingham (2004) op. cit. p. 123 54 Wray (1998) op. cit. pp. 57-61 55 Tolstoy, L., (1904). What Shall We Do Then? On the Moscow Census Collected Articles.

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Retrievable from http://www.bankofengland.co.uk/publications/Documents/workingpapers/wp442.pdf [accessed 5 September 2012] 35 Lyonnet, V. and Werner, R. A., (2012). op. cit. 36 Binswanger, M., (2009) Is There a Growth Imperative in Capitalist Economies? a circular flow perspective, Journal of Post-Keynesian Economics, Volume 31, No. 4 707, p. 713 37 See also the explanation by campaigning group Positive Money. Retrievable from http://www.positivemoney.org.uk/how-banks-create-money/balance-sheets/#destroying 38 Binswanger, M., (2009) op. cit. 39 Goodhart, C.A.E., (1989). op. cit. 40 Werner, R.A., (2005). op. cit. 5 REGULATING MONEY CREATION AND ALLOCATION There can be no doubt that besides the regular types of the circulating medium, such as coin, notes and bank deposits, which are generally recognised to be money or currency, and the quantity of which is regulated by some central authority or can at least be imagined to be so regulated, there exist still other forms of media of exchange which occasionally or permanently do the service of money...

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Remarks at the Economic Club of New York, New York 20 Gorton, G. and Metrick, A., (2009). Regulating the shadow banking system NBER working paper 15223 21 BBC, (2012). Libor scandal: Paul Tucker denies ‘leaning on’ Barclays. Retrievable from http://www.bbc.co.uk/news/business-18773498 22 Goodhart, C.A.E., (1989). Has Moore become too horizontal? Journal of Post-Keynesian Economics 14: 134-136 23 For an account of endogenous money: Parguez, A., Seccareccia, M., (2000). The credit theory of money: the monetary circuit approach. pp. 101-24, in Smithin (2000) op. cit. 24 Friedman, M., (1963). Inflation: Causes and Consequences. New York: Asia Publishing House 25 Werner, R.A., (2003).

Wall Street: How It Works And for Whom
by Doug Henwood
Published 30 Aug 1998

"Owner-Manager Conflict and Financial Theories of Investment Instability: A Critical Assessment of Keynes, Tobin, and Minsky," fournal of Post Keynesian Economics 12 (Summer), pp. 519-543- — (1994). "Are Keynesian Uncertainty and Macrotheory Compatible? Conventional Decision Making, Institutional Structures, and Conditional Stability in Keynesian Macromodels," in Dymski and Pollin 1994, pp. 105-139- — (1992). "Neoclassical and Keynesian Approaches to the Theory of Investment," yowr- nal of Post Keynesian Economics 14, pp. 483^96. Cutler, David M., and James M. Poterba (1991). "Speculative Dynamics," Review of Economic Studies 58, pp. 529-546.

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When the Machine Stopped: A Cautionary Tale from Industrial America BIBLIOGRAPHY (Cambridge: Harvard Business School Press). Holmes, Alan R. (1969). "Operational Constraints on the Stabilization of Money Supply Grov^lh," in Controlling Monetary Aggregates (Boston. Federal Reserve Bank of Boston), pp. 65-77. Holt, Ric (1996). "What is Post Keynesian Economics." (Internet: gopher:// csf.Colorado.EDU:70/00/econ/authors/Holt.Ric/What_is_Post_Keynesian_Economics). Hudson, Michael (1996). Merchants 0/Misery: How Corporate America Profits from Poverty {Monroe., Maine: Common Courage Press). Hulbert, Mark (1994). "Long-Term Performance Rankings," The Hulbert Financial Digest, ]\Ay. Hviding, Ketil(1995).

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The role of the state, then, is to stabilize expectations— to guarantee there won't be depressions, and to guarantee (insofar as anything can be guaranteed) the position of private wealth-owners in the system. In these senses, bastard Keynesianism did the trick — of, to paraphrase Claus Offe, regulating the system politically without materially politicizing it. The establishment took what it needed from Keynes and left the rest. posties Though I've mentioned post-Keynesian economics several times in this chapter, I've barely fleshed out the mentions. But two matters deserve closer attention — theories of monetary endogeneity, and the work of Hyman Minsky. Both are barely acknowledged, much less known, in the mainstream. money emerges from within In conventional economics, of both the monetarist and the eclectically mainstream varieties, the money supply (not always precisely defined) is determined from "outside" the system of private exchange by the central bank; these are exogenous theories of money.

Prosperity Without Growth: Foundations for the Economy of Tomorrow
by Tim Jackson
Published 8 Dec 2016

‘Understanding financial crisis through accounting models’. Accounting, Organizations and Society 35(7): 676–688. Binswanger, Mathias 2015. ‘The growth imperative revisited. A rejoinder to Gilanyi and Johnson’. Journal of Post Keynesian Economics 37(4): 648–660. Binswanger, Mathias 2009. ‘Is there a growth imperative in capitalist economies? A circular flow perspective’. Journal of Post Keynesian Economics, 31: 707–727. Birch, Ray 2012. ‘US credit unions reach new record: $1 trillion in assets’. Credit Union Journal 16(15): 1, 26. BIS 2015. Secular Stagnation, Debt Overhang and Other Rationales for Sluggish Growth, Six Years on.

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Environment, Energy, and Economy: Strategies for Sustainability. Tokyo: United Nations University Press. Keen, Steve 2011. Debunking Economics, revised and expanded edition. London and New York: Zed Books. Keen, Steve 1995. ‘Finance and economic breakdown: modelling Minsky’s “financial instability hypothesis”’. Journal of Post Keynesian Economics 17(4): 607–635. Keynes, John Maynard 1978. Collected Writings of John Maynard Keynes, vol. 17. Cambridge: Cambridge University Press. Keynes, John Maynard 1937. The Collected Writings of John Maynard Keynes, vol. 21, World Crises and Policies in Britain and America, reprinted 2012. Cambridge: Cambridge University Press.

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utm_source=Project+Syndicate+Newsletter&utm_campaign=c9ff3f432f-Rogoff_Oil_Prices_and_Global_Growth_12_20_2015&utm_medium=email&utm_term=0_73bad5b7d8-c9ff3f432f-104293997 (accessed 18 December 2015). Rose, Hilary and Stephen Rose 2000. Alas, Poor Darwin – Arguments Against Evolutionary Psychology. London: Jonathan Cape. Rosenbaum, E. 2015. ‘Zero growth and structural change in a post-Keynesian growth model’. Journal of Post Keynesian Economics 37(4): 623–647. Rothman, Dale 1998. ‘Environmental kuznets curves – real progress or passing the buck? A case for consumption-based approaches’. Ecological Economics 25(2): 177–194. Rousseau, Jean-Jacques 1754. A Discourse upon the Origin and the Foundation of the Inequality of Mankind, reprinted 2004.

Automation and the Future of Work
by Aaron Benanav
Published 3 Nov 2020

Gordon, Rise and Fall of American Growth, Princeton University Press, 2016; and the essays collected around Lawrence Summers’s hypothesis in Coen Teulings and Richard Baldwin, eds., Secular Stagnation: Facts, Causes, and Cures, Vox, 2014. 7 For the original account of this phenomenon, see Nicholas Kaldor, Causes of the Slow Rate of Economic Growth in the United Kingdom, Cambridge University Press, 1966. For an extended discussion, see also Mary Hallward-Driemeier and Gaurav Nayyar, Trouble in the Making? The Future of Manufacturing-Led Development, World Bank, 2018, pp. 9–37. 8 See A.P. Thirlwall, “A Plain Man’s Guide to Kaldor’s Growth Laws,” Journal of Post-Keynesian Economics, vol. 5, no. 3, 1983, pp. 345–6. For the technological exhaustion thesis, see Gordon, Rise and Fall of American Growth. 9 See Adam Szirmai, “Industrialization as an Engine of Growth in Developing Countries, 1950–2005,” in Structural Change and Economic Dynamics, vol. 23, no. 4, 2012, pp. 406–20.

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Kalecki was wrong to think that capitalists would oppose full employment as such. They were fine with it, as long as it was achieved via private investment in the course of rapid, export-driven growth. See also Jonathan Levy, “Capital as Process and the History of Capital,” Business History Review, vol. 91, special issue 3, 2017. 20 See James Crotty, “Post-Keynesian Economic Theory: An Overview and Evaluation,” American Economic Review, vol. 70, no. 2, 1980, p. 25; Adam Przeworski, “Social Democracy as Historical Phenomenon,” New Left Review, no. 122, S1, July– August 1980, pp. 56–8. 21 Oskar Lange and Fred M. Taylor, On the Economic Theory of Socialism, University of Minnesota Press, 1938, pp. 119–120.

The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy
by Stephanie Kelton
Published 8 Jun 2020

If, for example, the job came with especially generous paid leave, more flexible work arrangements, better access to public transportation, or simply better options for career advancement, some people might be willing to work for lower pay. It is expected that this would be the exception to the rule, however. 29. Arjun Jayadev and J. W. Mason, “Loose Money, High Rates: Interest Rate Spreads in Historical Perspective,” Journal of Post Keynesian Economics 38, no. 1 (Fall 2015): 93–130. 30. Despite protections against it, employers also discriminate on the basis of race, gender, sexual orientation, and physical disabilities and are prejudiced against the formerly incarcerated and the homeless. The federal job guarantee establishes a right to employment for all. 31.

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Fullwiler, “Setting Interest Rates in the Modern Money Era,” Working Paper No. 34, Wartburg College and the Center for Full Employment and Price Stability, July 1, 2004, papers.ssrn.com/sol3/papers.cfm?abstract_id=1723591. 30. L. Randall Wray, “Deficits, Inflation, and Monetary Policy,” Journal of Post Keynesian Economics 19, no. 4 (Summer 1997), 543. 31. The yield curve is a curve (or graph) that shows the interest rates on different debt instruments across a range of maturities. 32. Recall from the Introduction that we have defined monetary sovereignty to include countries that tax, borrow, and spend in a nontethered, that is, floating exchange rate currency that can only be issued by the government or its fiscal agents. 33.

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Alan Greenspan, “There is nothing to prevent government from creating as much money as it wants,” Committee on the Budget, House of Representatives, March 2, 2005, posted by wonkmonk, YouTube, March 24, 2014, 1:35, www.youtube.com/watch?v=DNCZHAQnfGU. 63. C-SPAN, 2005 greenspan ryan, 02:42, March 2, 2005, www.c-span.org/video/?c3886511/user-clip-2005-greenspan-ryan-024200. 64. Ibid. 65. Robert Eisner, “Save Social Security from Its Saviors,” Journal of Post Keynesian Economics 21, no. 1 (1998): 77–92. 66. Ibid., 80. 67. Eisner was not opposed to any of these particular changes, but he supported them on equity grounds, rather than viewing them as changes that were needed to help keep the system solvent. 68. “Policy Basics: Where Do Our Federal Tax Dollars Go?”

Sabotage: The Financial System's Nasty Business
by Anastasia Nesvetailova and Ronen Palan
Published 28 Jan 2020

Pauletto, ‘The History of Derivatives: A Few Milestones’, EFTA Seminar on Regulation of Derivatives Markets, Zurich, 3 May 2012, SECO and Federal Department of Economic Affairs FDEA, www.seco.admin.ch/…/History_of_Derivatives…/10%20The%20History%20of… Larsen, P., ‘Lever again’, Reuters, 27 December 2017, www.breakingviews.com/features/regulators-will-drive-next-wave-of-eu-bank-mergers. Lavoie, M., 2009, Introduction to Post-Keynesian Economics, Palgrave Macmillan. Levine, M., ‘Abacus CDO bites Goldman back’, Bloomberg, 26 September 2018, www.bloomberg.com/opinion/articles/2018-09-26/abacus-cdo-bites-goldman-back. Levine, M., ‘Wells Fargo opened a couple million fake accounts’, Bloomberg, 9 September 2016, www.bloomberg.com/opinion/articles/2016-09-09/wells-fargo-opened-a-couple-million-fake-accounts.

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Hosters, ‘Joseph Schumpeter and His Legacy in Innovation Studies’, Knowledge, Technology, & Policy, vol. 18:3, 2005, pp. 20–37. J. A. Schumpeter, ‘The Influence of Protective Tariffs on the Industrial Development of the United States’, in Proceedings of the Academy of Political Science, May 1940, pp. 2–7. 30. M. Lavoie, Introduction to Post-Keynesian Economics, Palgrave Macmillan, 2009. 31. It would take years for lawyers to disentangle the CDS exposure of Lehman Brothers and many other firms that failed in 2007–9. 32. D. Newman, ‘Exploring 5 Trends Driving the Fintech Revolution’, Forbes, 3 July 2018. PART TWO. ‘NO CONFLICT, NO INTEREST’ Chapter 4.

Value of Everything: An Antidote to Chaos The
by Mariana Mazzucato
Published 25 Apr 2018

See also Foley, Adam's Fallacy, for a concise and illustrative discussion of Ricardo's rent and population theory. 38. Ricardo, Principles of Political Economy, p. 71. 39. Another piece of Ricardian theory that has informed economics to the present day is his theory of comparative advantage to explain trade patterns. 40. M. Lavoie, Introduction to Post-Keynesian Economics (Basingstoke: Palgrave Macmillan, 2009), pp. 1-24. 41. J. M. Keynes, The General Theory of Employment, Interest and Money (London: Macmillan, 1936), ch. 24. 42. Ricardo, Principles of Political Economy, p. 150. 43. Ibid., p. 151 fn. 44. Ibid. 45. Ibid., p. 151. 46. This is the principle of primitive accumulation, the historical discussion of which is full of details of chilling violence and cruelty in Marx, Capital: A Critique of Political Economy, vol. 1 (London: Penguin Classics, 2004), Part VIII: Primitive Accumulation. 47.

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Hill, ‘The Services of Financial Intermediaries, or FISIM Revisited', paper presented to the Joint UNECE/Eurostat/ OECD Meeting on National Accounts, Geneva, 30 April-3 May 1996: http://www.oecd.org/dataoecd/13/62/27900661.pdf 35. https://www.federalreserve.gov/boarddocs/speeches/2004/20040220/ 36. Bank of England, Financial Stability Report, 30 (December 2011), p. 16; available at https:www.bankofengland.co.uk/media/boe/files/financial-stability- report/2011/december-2011 37. Ibid. 38. Lavoie, Introduction to Post-Keynesian Economics. 39. http://www.bbc.co.uk/news/uk-37873825 40. Using OECD data we can see that the budget surplus in the UK was 0.72 in 1990; 1.11 in 2000; and 0.39 in 2001. In the US it was 0 in 1999, 0.8 in 2000. 41. C. Borio, M. Drehmann and K. Tsatsaronis, ‘Anchoring countercyclical capital buffers: The role of credit aggregates', BIS Working Paper no. 355 (November 2011). 42.

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Lessons from Soliris and Sovaldi', Forbes, 4 August 2014: https://www.forbes.com/sites/johnlamattina/2014/08/04/politicians- shouldnt-question-drug-costs-but-rather-their-value-lessons-from- soliris-and-sovaldi/#5d9664502675 La Roche, J. and Crowe, P., ‘The richest hedge fund managers in the world', Business Insider, 2 March 2016. Lavoie, M., Introduction to Post-Keynesian Economics (Basingstoke: Palgrave Macmillan, 2009). Lazonick, W., Sustainable Prosperity in the New Economy? Business Organization and High-Tech Employment in the United States (Kalamazoo, MI: W. E. Upjohn Institute for Employment Research, 2009): https://doi.org/10.17848/9781441639851 Lazonick, W., ‘Profits without prosperity', Harvard Business Review, September 2014.

Stolen: How to Save the World From Financialisation
by Grace Blakeley
Published 9 Sep 2019

Tyson, J., Toporowski, J. and McKinley, T. (2012) “Studies in Financial Systems No 14: The Financial System in the UK”, FESSUD. http://fessud.eu/wp-content/uploads/2012/08/UK-Country-Report-revised-August-2014-final-study-14.pdf. 5 Friedman, M. (1962) Capitalism and Freedom, Chicago: University of Chicago Press 6 See, e.g., Jensen, M.C. and Meckling, W.H. (1976) “Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure”, Journal of Financial Economics; Jensen, M. and Rubak, R. (1993) “The Market for Corporate Control: The Scientific Evidence”, Journal of Financial Economics, vol. 11. 7. This account draws on: Kohler, K., Guschanski, A. and Stockhammer, E. (2018) “The Impact of Financialisation on the Wage Share: A Theoretical Clarification And Empirical Test”, Post-Keynesian Economics Society Working Paper 1802.; Lazonick, W. and O’Sullivan, M. (2000) “Maximizing Shareholder Value: A New Ideology for Corporate Governance”, Economy and Society, vol. 29; Aglietta, M. and Breton, R. (2010) “Financial Systems, Corporate Control and Capital Accumulation”, Economy and Society, vol. 30; Stockhammer (2004); Orhangazi, O. (2007) “Financialisation and Capital Accumulation in the Nonfinancial Corporate Sector”, Cambridge Journal of Economics, vol. 32; Crotty, J. (2005) “The Neoliberal Paradox: The Impact of Destructive Product Market Competition and ‘Modern’ Financial Markets on Nonfinancial Corporation Performance in the Neoliberal Era”, in Epstein, G.

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‘Financialisation’ and the Monetary Circuit”, University of the West of England Economics Working Paper 1602 http://eprints.uwe.ac.uk/28552/1/1602. pdf; Moosa, I. (2010) “Basel II as a Casualty of the Global Financial Crisis”, Journal of Banking Regulation, vol. 11; Tobias, A. and Hyun Song, S. (2009) “The Shadow Banking System: Implications for Financial Regulation”, Federal Reserve Bank of New York Staff Paper 382; Adrias, T. and Ashcraft, A. (2012) “Shadow Banking Regulation”, Federal Reserve Bank of New York Staff Report 559 12 This account draws on: Tooze (2018); Wray (2015); McCabe, P. (2010) “The Cross Section of Money Market Fund Risks and Financial Crises”, Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board, Washington, D.C. 13 This account draws on: Tooze (2018); Michell (2016); Lysandrou and Shabani (2018) “The Explosive Growth of the ABCP Market Between 2004 And 2007: A ‘Search for Yield’ Story”, Journal of Post-Keynesian Economics, vol. 41; Adrian, T. (2013) “Repo and Securities Lending’, Federal Reserve Bank Of New York Staff Reports 529; Acharya, V. and Schnabl, P. (2010) “Do Global Banks Spread Global Imbalances? The Case of Asset-Backed Commercial Paper During the Financial Crisis of 2007-09”, NBER Working Paper 16079; Covitz, D., Liang, N., Suarez, G. (2009) “The Evolution of a Financial Crisis: Panic in the Asset-Backed Commercial Paper Market”, Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board, Washington, D.C.; Gorton, G. and Metrick, A. (2012) “Securitized Banking and the Run On Repo”, Journal of Financial Economics, vol. 104 14 Scanlon, K. and Whitehead, C. (2011) “The UK Mortgage Market: Responding to Volatility”, Journal of Housing and the Built Environment, vol. 26; Milne, A. and Wood, J.A. (2013) “An Old Fashioned Banking Crisis: Credit Growth and Loan Losses in the UK 1997-2012”, Paper prepared for conference: The Causes and Consequences of the Long UK Expansion: 1992 to 2007, 19-20 September 2013, Clare College Cambridge 15 Financial Conduct Authority (2019) “Statistics on Mortgage Lending: March 2019 Edition: MLAR Detailed Tables”, FCA https://www.fca.org.uk/data/mortgage-lending-statistics; Office for National Statistics (2019) “Gross Domestic Product: Chained Volume Measures: Seasonally Adjusted £m” https://www.ons.gov.uk/economy/grossdomesticproductgdp/timeseries/abmi/pn2. 16 Bank of England (2017; 2018) 17 This account draws on: Bank of England (2018; 2017); Scanlon and Whitehead (2011); Milne and Wood (2013); Boyer (2013). 18 Ellis, L. (2008) “The Housing Meltdown: Why Did It Happen in the United States?”

Profiting Without Producing: How Finance Exploits Us All
by Costas Lapavitsas
Published 14 Aug 2013

Sharpe, 1982; Stabilizing an Unstable Economy, New Haven, CT: Yale University Press, 1986. 50 Hyman Minsky, ‘Uncertainty and the Institutional Structure of Capitalist Economies’, Working Paper No. 155, Levy Economics Institute of Bard College, April 1996; Hyman Minsky and Charles Whalen, ‘Economic Insecurity and the Institutional Prerequisites for Successful Capitalism’, Working Paper No. 165, Levy Economics Institute of Bard College, 1996. 51 See, for instance, James Crotty, ‘Owner–Manager Conflict and Financial Theory of Investment Stability’, Journal of Post Keynesian Economics 12:4, 1990; Robert Pollin, ‘The Resurrection of the Rentier’, New Left Review 46, 2007; and Gerald Epstein (ed.), Financialization and the World Economy. Cheltenham: Edward Elgar, 2005. 52 John Maynard Keynes, The General Theory of Employment, Interest and Money, London: Macmillan, 1973, ch. 24. 53 Note that another and quite different approach to finance can also be found in Marx’s work, as is shown in chapters 5 and 6.

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Financialization from this perspective is the channelling of middle class and rentier saving to the stock market inducing asset price inflation and fostering the growth of institutional investors. Jan Toporowski, ‘The Economics and Culture of Financial Inflation’, Competition and Change 13:2, 2009. 55 For instance, James Crotty, ‘Owner–Manager Conflict and Financial Theory of Investment Stability’, Journal of Post Keynesian Economics 12:4, 1990; Engelbert Stockhammer, ‘Financialization and the Slowdown of Accumulation’, Cambridge Journal of Economics, 28, 2004; Engelbert Stockhammer, ‘Some Stylized Facts on the Finance-dominated Accumulation Regime’, Competition and Change 12:2, 2008; Gerald Epstein and Arjun Jayadev, ‘The Rise of Rentier Incomes in OECD Countries: Financialization, Central Bank Policy and Labor Solidarity’, in Financialization and the World Economy, ed.

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Richard Cox and Timothy Sinclair, New York: Cambridge University Press, 1996, pp. 524–36. Crompton, Rosemary, and Fiona Harris, ‘Explaining Women’s Employment Patterns’, British Journal of Sociology 49:1, 1998, pp. 118–36. Crotty, James, ‘Owner-Manager Conflict and Financial Theory of Investment Stability: A Critical Asessment of Keynes, Tobin, and Minsky’, Journal of Post Keynesian Economics 12:4, 1990, pp. 519–42. Crotty, James, ‘Profound Structural Flaws in the US Financial System That Helped Cause the Financial Crisis’, Economic and Political Weekly 44:13, 2009, pp. 127–35. Crotty, James, ‘Structural Causes of the Global Financial Crisis: A Critical Assessment of the “New Financial Architecture” ’, Working Paper 180, Political Economy Research Institute, 2008.

Rethinking the Economics of Land and Housing
by Josh Ryan-Collins , Toby Lloyd and Laurie Macfarlane
Published 28 Feb 2017

Washington, DC: Brookings Institution. Kay, John Anderson. 2009. Narrow Banking: The Reform of Banking Regulation. Tonbridge: Centre for the Study of Financial Innovation. Keen, Steve. 1995. ‘Finance and Economic Breakdown: Modeling Minsky’s “Financial Instability Hypothesis”’. Journal of Post Keynesian Economics 17 (4): 607–35. Keen, Steve. 2011. Debunking Economics: The Naked Emperor Dethroned? 2nd ed. London: Zed Books. Keen, Steve. 2013. ‘A Monetary Minsky Model of the Great Moderation and the Great Recession’. Journal of Economic Behavior and Organization 86: 221–35. Kemp, P. 2002. Private Renting in Transition.

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The Jerome Levy Economics Institute Working Paper no. 74, May. Mirrlees, James, and Stuart Adam. 2011. Tax by Design: The Mirrlees Review. Vol. 2. Oxford: Oxford University Press. Modigliani, Franco, and Richard Brumberg. 1954. ‘Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data’. In Post-Keynesian Economics, ed. Kenneth Kurihara. New Brunswick, NJ: Rutgers University Press. Monk, Sarah, Christine Whitehead, Gemma Burgess, and Connie Tang. 2013. ‘International Review of Land Supply and Planning Systems’. York: Joseph Rowntree Foundation. Morley, Katie. 2016. ‘“Generation Rent” Dominates London Property Market for the First Time’.

Modernising Money: Why Our Monetary System Is Broken and How It Can Be Fixed
by Andrew Jackson (economist) and Ben Dyson (economist)
Published 15 Nov 2012

Tackling Over-Indebtedness, Annual Report 2007. Berry, S., Harrison, R., Thomas, R., & de Weymarn, I. (2007). Interpreting Movements in Broad Money. Bank of England Quarterly Bulletin, 47 Q3, p. 377. Binswanger, M. (2009). Is There a Growth Imperative in Capitalist Economies? A Circular Flow Perspective. Journal of Post Keynesian Economics. Bisschop, W.R. (2001 [1896]). The Rise of the London Money Market 1640-1826. Kitchenor: Batoche Books. Black, O. (2011). Wealth in Great Britain. Main Results from the Wealth and Assets Survey: 2008/10. The Office for National Statistics. Blanchard, O. (2006). Macroeconomics, 4th Edition.

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Woodford. (1999). Handbook of Macroeconomics. Elsevier. (pp. 1305-1340). Smith, A. (2005 [1776]). An Inquiry into the Nature and Causes of the Wealth of Nations. Electronic Classics Series, Pennsylvania State University. Smithin, J. (2003). Inflation. In J. E. King. (2003). The Elgar Companion to Post Keynesian Economics. Bodmin, Cornwall: Edward Elgar. (pp. 186-190). Spufford, P. (2002). Power and Profit: The Merchant in Medieval Europe. London: Thames and Hudson. Stiglitz, J., & Weiss, A. (1981). Credit Rationing in Markets with Imperfect Information. American Economic Review, (pp. 393-410). Stiglitz, J., & Weiss, A. (1988).

Against the Gods: The Remarkable Story of Risk
by Peter L. Bernstein
Published 23 Aug 1996

Games, Gods, and Gambling. New York: Hafner Publishing Company.* Davidson, Paul, 1991. "Is Probability Theory Relevant for Uncertainty? A Post Keynesian Perspective." Journal of Economic Perspectives, Vol. 5, No. 1 (Winter), pp. 129-143. Davidson, Paul, 1996. "Reality and Economic Theory." Journal of Post Keynesian Economics, Summer. Forthcoming. DeBondt, Werner, and Richard H. Thaler, 1986. "Does the Stock Market Overreact?" Journal of Finance, Vol. XL, No. 3, pp. 793-807. Dewey, Donald, 1987. "The Uncertain Place of Frank Knight in Chicago Economics." A paper prepared for the American Economic Association, Chicago, December 30, 1987.

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In Research in the History of Economic Thought and Methodology, Vol. 8, pp. 1-38. New York: JAI Press. Dewey, Donald, 1997. "Frank Hynernan Knight." Dictionary of American National Biography. Forthcoming. New York: Oxford University Press. Dixon, Robert, 1986. "Uncertainty, Unobstructedness, and Power." Journal of Post Keynesian Economics, Vol. 8, No. 4 (Summer), pp. 585-590. Durand, David, 1959. "Growth Stocks and the Petersburg Paradox." Journal of Finance, Vol. XII, No. 3 (September), pp. 348-363. Eadington, W. R., 1976. Gambling and Society: Interdisciplinary Studies on the Subject of Gambling. London: Charles C Thomas.

Bullshit Jobs: A Theory
by David Graeber
Published 14 May 2018

Galbraith, John Kenneth. American Capitalism: The Concept of Countervailing Power. Harmondsworth, UK: Penguin, 1963. ________. The New Industrial State. Harmondsworth, UK: Penguin, 1967. ________. The Affluent Society. Harmondsworth, UK: Penguin, 1969. ________. “On Post-Keynesian Economics.” Journal of Post-Keynesian Economics 1, no. 1 (1978): 8–11. Gini, Al. “Work, Identity and Self: How We Are Formed by the Work We Do.” Journal of Business Ethics 17 (1998): 707–14. ________. My Job, My Self: Work and the Creation of the Modern Individual. London: Routledge, 2012. Gini, Al, and Terry Sullivan.

The Populist Explosion: How the Great Recession Transformed American and European Politics
by John B. Judis
Published 11 Sep 2016

Hall, “Varieties of Capitalism and the Eurocrisis,” West European Politics, August 2014; Heiner Flassback and Kostas Lapavitsas, Against the Troika: Crisis and Austerity in the Eurozone, Verso, 2015; Engelbert Stockhammer, “The Euro Crisis and the Contradictions of Neoliberalism in Europe,” Post Keynesian Economics Study Group, Working Paper 1401; Mark Copelovtich, Jeffry Frieden, and Stefanie Walter, “The Political Economy of the Euro Crisis,” Comparative Political Studies, 2016; Servaas Storm and C. W. Naastepad, “Myths, Mixups, and Mishandlings: Understanding the Eurozone Crisis,” International Journal of Political Economy 45, 2016; and Pettis, op. cit., Appendix.

The Production of Money: How to Break the Power of Banks
by Ann Pettifor
Published 27 Mar 2017

And with his policies, went his theory and, once more, the understanding of money. Classical economics and its flawed theory of money was revived. The understanding of bank money and credit shared by those in the ‘underworld’ lived on only through Keynes’s closest colleagues in Cambridge, who were subsequently cast out of the profession. His theory was revived as post-Keynesian economics in the US under Sidney Weintraub, Hyman Minsky and Paul Davidson, and in the UK by Victoria Chick, among others. Geoffrey Ingham in the UK has revived the tradition within sociology. This revival has been echoed by the accessible and popular account in the New Economics Foundation book Where Does Money Come From?

The Great Economists Ten Economists whose thinking changed the way we live-FT Publishing International (2014)
by Phil Thornton
Published 7 May 2014

Science plays a role in the final two elements: a universal development of society’s productive forces on the basis of science, technology and automation; and a cultivation of needs on the basis of science and education. The vision can be summed up as one of communal production where the value of the work is measured by its quality rather than the hours worked, money is a tool for 2. J.E. Elliott, ‘Marx’s Grundrisse: Vision of Capitalism’s Creative Destruction’, Journal of Post Keynesian Economics, Vol. 1(2) (Winter 1978–79), pp. 148–69. Chapter 3 • Karl Marx61 exchange value, and the resulting increase in free time allows each individual to develop in their own way. This is hardly an operational model for running a socialist economy but shows how, in Marx’s view, communism would supersede capitalism in a dynamic process similar to the one that saw feudalism give way to capitalism by building on trends established beforehand.

Big Three in Economics: Adam Smith, Karl Marx, and John Maynard Keynes
by Mark Skousen
Published 22 Dec 2006

In the words of G.K. Shaw, modern Keynesian theory "not only resisted the challenge but also underwent a fundamental metamorphosis, emerging ever more convincing and ever more resilient" (Shaw 1988, 5). The remaining Keynesian precepts achieved a certain kind of "permanent revolution." Post-Keynesian Economics Today What's left of modern Keynesian theory? Was Keynesianism a "permanent" revolution, as G.K. Shaw says, or an unfortunate interlude, as Leland Yeager calls it, a temporary "diversion" from the neoclassical model? Keynes and his disciples still hold fast to a central belief that the system of Adam Smith is inherently precarious, especially under a laissez-faire global financial system, and requires government intervention (expansionary fiscal and monetary policy) to maintain a high level of "aggregate effective demand" and full employment.

Hubris: Why Economists Failed to Predict the Crisis and How to Avoid the Next One
by Meghnad Desai
Published 15 Feb 2015

It was only later that some “fundamentalist” Keynesians began to protest that the original book had been ignored and the novelty of Keynes’s argument obliterated in Hicks’s version. Disagreements about Hicks’s simplification of Keynes’s model became rampant during the 1960s and 1970s, with large swathes of economists arguing that the IS-LM approach distorted the original message of Keynes’s General Theory. Post-Keynesian economics was born in the 1960s, hoping to restore the true message of Keynes, but it remains a minority cult. The Policy Legacy of Keynes Yet, at the outset, there was much less disagreement about the effectiveness of Keynes’s policy nostrums, or rather nostrums derived from his message by civil servants and Treasuries.

Global Governance and Financial Crises
by Meghnad Desai and Yahia Said
Published 12 Nov 2003

He specialises on the economic development of Latin America and East Asia and their integration within the World Economy. In particular, the study of these economies from the point of view of their economic history, macroeconomics, international trade and international finance. Recent publications include: Capital Controversy, Post Keynesian Economics and the History of Economic Thought (Routledge 1996) and Financial Liberalisation and the East Asian Crisis (Palgrave 2001). Contributors xiii Yahia Said is a Research Officer at the Centre for the Study of Global Governance at the LSE. His experience combines academic research with private sector work and activism.

Less Is More: How Degrowth Will Save the World
by Jason Hickel
Published 12 Aug 2020

In this respect it had a kind of state capitalist character (being organised around surplus and reinvestment for the sake of expansion), which is one of the reasons that it does not offer a meaningful alternative to our present crisis. 30 Mathias Binswanger, ‘The growth imperative revisited: a rejoinder to Gilányi and Johnson,’ Journal of Post Keynesian Economics 37(4), 2015, pp. 648–660. 31 Johan Rockström et al., ‘Planetary boundaries: exploring the safe operating space for humanity,’ Ecology and Society 14(2), 2009; Will Steffen et al., ‘Planetary boundaries: Guiding human development on a changing planet,’ Science 347(6223), 2015. 32 To see which countries are overshooting planetary boundaries, see goodlife.leeds.ac.uk/countries 33 See www.calculator.climateequityreference.org. 34 To have a 66% chance of staying under 1.5°C, global emissions must fall by 10% per year beginning in 2020.

After the Gig: How the Sharing Economy Got Hijacked and How to Win It Back
by Juliet Schor , William Attwood-Charles and Mehmet Cansoy
Published 15 Mar 2020

Governing the Commons: The Evolution of Institutions for Collective Action. Cambridge: Cambridge University Press. O’Sullivan, Feargus. 2018. “Barcelona Finds a Way to Control Its Airbnb Market.” CityLab, June 6, 2018. Pacitti, Aaron. 2011. “The Cost of Job Loss and the Great Recession.” Journal of Post Keynesian Economics 33 (4): 597–620. Pager, Devah. 2007. Marked: Race, Crime, and Finding Work in an Era of Mass Incarceration. Chicago: University of Chicago Press. Paharia, Neeru, Anat Keinan, Jill Avery, and Juliet B. Schor. 2011. “The Underdog Effect: The Marketing of Disadvantage and Determination through Brand Biography.”

The Entrepreneurial State: Debunking Public vs. Private Sector Myths
by Mariana Mazzucato
Published 1 Jan 2011

The Other Canon – also described as ‘reality economics’ – studies the economy as a real object rather than as the behaviour of a model economy based on core axioms, assumptions and techniques. The series includes both classical and contemporary works in this tradition, spanning evolutionary, institutional and Post-Keynesian economics, the history of economic thought and economic policy, economic sociology and technology governance, and works on the theory of uneven development and in the tradition of the German historical school. Editorial Board Erik S. Reinert (series editor) – The Other Canon Foundation, Norway and Tallinn University of Technology, Estonia Rainer Kattel (series editor) – Tallinn University of Technology, Estonia Jan Kregel (series editor) – University of Missouri, USA and Tallinn University of Technology, Estonia Wolfgang Drechsler (series editor) – Tallinn University of Technology, Estonia Ha-Joon Chang – University of Cambridge, UK Mario Cimoli – UN-ECLAC, Chile Jayati Ghosh – Jawaharlal Nehru University, India Steven Kaplan – Cornell University, USA and University of Versailles, Paris Bengt-Åke Lundvall – Aalborg University, Denmark Richard Nelson – Columbia University, USA Keith Nurse – University of the West Indies Patrick O’Brien – London School of Economics and Political Science (LSE), UK Carlota Perez – Judge Institute, University of Cambridge, UK Alessandro Roncaglia – Sapienza University of Rome, Italy Jomo Kwame Sundaram – Food and Agriculture Organization of the United Nations The Entrepreneurial State Debunking Public vs.

Peers Inc: How People and Platforms Are Inventing the Collaborative Economy and Reinventing Capitalism
by Robin Chase
Published 14 May 2015

In economist Thomas Piketty’s 2014 bestselling Capital in the 21st Century, his analysis found that the top 10 percent of Americans in 2010 owned 70 percent of the capital, trending toward the extreme capital inequality last observed in 1910 monarchical Europe. Today, in the countries experiencing the most economic equality (like Norway, Denmark, and Hungary as measured by the Gini coefficient), the top 10 percent control about 50 percent of the capital, an amount considered “medium inequality.” In the fall 2014 issue of the Journal of Post Keynesian Economics, Pavlina R. Tcherneva, an economist at Bard College, updated Piketty’s data through 2012 and looked at which groups got the benefits of economic expansion. In the postwar expansion of 1949–1953, the top 10 percent of Americans received 20 percent of the economic gains. In the most recent expansionary period, 2009–2012, the top 10 percent took in 116 percent of the gains, meaning that the bottom 90 percent saw a decline of 16 percent.

Barometer of Fear: An Insider's Account of Rogue Trading and the Greatest Banking Scandal in History
by Alexis Stenfors
Published 14 May 2017

Campbell, A. (2015) ‘Libor trial hears of “bribe” wash trades as Lehman failed: bank’s collapse hampered ¥400 billion wash trade’. Risk.net, 12 June. Available from: http://www.risk.net/operational-risk-and-regulation/news/2412989/lIBOR-trial-hears-of-bribe-wash-trades-as-lehman-failed [accessed 21 December 2016]. Carvalho, F. J. C. (1983–84) ‘On the concept of time in Shacklean and Sraffian economics’. Journal of Post Keynesian Economics, 6 (2), 265–80. Central Bank of Ireland (2009) ‘Settlement agreement between the Financial Regulator and Merrill Lynch International Bank Limited’. Press release, 23 October. Dublin: Central Bank of Ireland. Available from: http://www.centralbank.ie/press-area/press-releases/Pages/SettlementAgreementbetweenFinancialRegulatorandMerrillLynchInternationalBankLimited.aspx [accessed 21 December 2016].

The Classical School
by Callum Williams
Published 19 May 2020

The Historical Journal 39, no. 3 (1996): 677–701. Rothschild, Emma. “‘Axiom, Theorem, Corollary &c’.: Condorcet and Mathematical economics”. Social Choice and Welfare 25, no. 2–3 (2005): 287–302. Rousseas, Stephen. “Rosa Luxemburg and the Origins of Capitalist Catastrophe Theory”. Journal of Post Keynesian Economics 1, no. 4 (1979): 3–23. Roy, Rama Dev. “Some Aspects of the Economic Drain from India during the British Rule”. Social Scientist 15, no. 3 (1987): 39–47. Ryan, Alan. “Mill, John Stuart (1806–73)” (2015). https://onlinelibrary.wiley.com/doi/full/10.1002/9781118474396.wbept0673 Ryan, Alan. 2016.

Rethinking Capitalism: Economics and Policy for Sustainable and Inclusive Growth
by Michael Jacobs and Mariana Mazzucato
Published 31 Jul 2016

They have been analysed in theory and documented in practice for more than a hundred years of economic scholarship. They underlie the work of some of the greatest economists of the past century—such as Karl Polanyi, Joseph Schumpeter and John Maynard Keynes—and of the more recent schools of evolutionary, institutional and post-Keynesian economics. As the separate chapters in this book show, analysis based on these foundations can generate searching critiques of current policy, and powerful alternative perspectives. Three key insights underpin a rethinking of capitalism in these ways. First, we need a richer characterisation of markets and the businesses within them.

Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism
by George A. Akerlof and Robert J. Shiller
Published 1 Jan 2009

Scott, and J. N. Wolfe, eds., Induction, Growth and Trade: Essays in Honor of Sir Roy Harrod. London: Clarendon Press. Modigliani, Franco, and Richard Brumberg. 1954. “Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data.” In Kenneth K. Kurihara, ed., Post-Keynesian Economics. New Brunswick, N.J.: Rutgers University Press, pp. 388–436. Modigliani, Franco, and Richard A. Cohn. 1979. “Inflation, Rational Valuation and the Market.” Financial Analysts Journal 35(2):24–44. Moffitt, Donald A. 1963. “Industrial Paradox: Latin America Attracts Auto Making Facilities Despite Lag in Sales.”

Austerity: The History of a Dangerous Idea
by Mark Blyth
Published 24 Apr 2013

Berman and McNamara, “Bank on Democracy.” 72. Paul Krugman, “The Structural Obsession,” The Conscience of a Liberal, blog, June 8, 2012, http://krugman.blogs.nytimes.com/2012/06/08/the-structural-obsession/. 73. Steven Schulman, “The Natural Rate of Unemployment: Concept and Critique,” Journal of Post-Keynesian Economics 11, 4 (Summer 1989): 509–521. 74. Daniel C. Dennett, Darwin’s Dangerous Idea: Evolution and the Meanings of Life (New York: Simon and Schuster 1996) 75. Blyth, Great Transformations, 147–151; Posen, “Central Bank Independence.” 76. John Williamson, “A Short History of the Washington Consensus,” paper commissioned by Fundación CIDOB for the conference “From the Washington Consensus towards a New Global Governance,” Barcelona, September 24–25, 2004, quote from p. 1. 77.

Making the Modern World: Materials and Dematerialization
by Vaclav Smil
Published 16 Dec 2013

Billington, D.P. (1989) Robert Maillart's Bridges: The Art of Engineering, Princeton University Press, Princeton, NJ. Binczewski, G.J. (1995) The point of a monument: a history of the aluminum cap of the Washington Monument. JOM, 47(11): 20–25. Binswanger, M. (2009) Is there a growth imperative in capitalist economies? A circular flow perspective. Journal of Post Keynesian Economics, 31: 707–727. BIR (Bureau of International Recycling) (2011) Annual Report 2011, BIR, Brussels, http://www.bir.org/assets/Documents/publications/brochures/2011-ARfinalE.pdf (accessed 22 May 2013). BIR (2012) World Steel Recycling in Figures 2007–2011, BIR, Brussels, http://www.bir.org/assets/Documents/publications/brochures/WorldSteelinFiguresIIIFINLoRes.pdf (accessed 22 May 2013).

Luxury Fever: Why Money Fails to Satisfy in an Era of Excess
by Robert H. Frank
Published 15 Jan 1999

“Grand Totals: Year-end Results for 1996 Show that Wine Auctions Are Still Booming and Prices Continue to Rise,” Wine Spectator, February 28, 1997: 32-35. Modigliani, Franco, and R. Brumberg. “Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data,” in Post-Keynesian Economics, ed. K. Kurihara, London: Allen and Unwin, 1955. Moin, David. “Europe-Bound Buyers Eager to Open Wallets for More Daring Styles,” Capital Cities Media, March 2, 1998: 1. Molpus, David. “Voluntary Simplicity,” Morning Edition, National Public Radio, February 25, 1997. Moonan, Wendy. “Palm Beach High Rollers Get a Fair,” New York Times, January 23, 1998: E37.

Digital Disconnect: How Capitalism Is Turning the Internet Against Democracy
by Robert W. McChesney
Published 5 Mar 2013

Today’s giant corporations pursue two interrelated goals—maximum sales revenue and maximum profitability, which converge over the long run because larger market share provides the basis for higher monopoly profits, and higher profits are used to expand market share. See Peter Kenyon, “Pricing,” in Alfred S. Eichner, ed., A Guide to Post–Keynesian Economics (White Plains, NY: M.E. Sharpe, 1979), 37–38. 49. Milton Friedman, Capitalism and Freedom (Chicago: University of Chicago Press, 2002). 50. “Surf’s Up,” The Economist, May 19, 2012, 83. 51. Luigi Zingales makes this point well. See Zingales, Capitalism for the People, 8–39. 52. David Brooks, “The Creative Monopoly,” New York Times, Apr. 24, 2012, A23. 53.

Misbehaving: The Making of Behavioral Economics
by Richard H. Thaler
Published 10 May 2015

Mitchell, Gregory. 2005. “Libertarian Paternalism Is an Oxymoron.” Northwestern University Law Review 99, no. 3: 1245–77. Modigliani, Franco, and Richard Brumberg. 1954. “Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data.” In Kenneth K. Kurihara, ed., Post-Keynesian Economics, 383–436. New Brunswick, NJ: Rutgers University Press. Modigliani, Franco, and Merton Miller. 1958. “The Cost of Capital, Corporation Finance and the Theory of Investment.” American Economic Review 48, no. 3: 261–97. Mongin, Philippe. 1997. “The Marginalist Controversy.” In John Bryan Davis, D.

Investment: A History
by Norton Reamer and Jesse Downing
Published 19 Feb 2016

Nobel Media AB, “Prize in Economics 1985—Press Release;” Angus Deaton, “Franco Modigliani and the Life Cycle Theory of Consumption” (speech, Convegno Internazionale Franco Modgliani, Accademia Nazionale dei Lincei, Rome, February 17–18, 2005), https://www .princeton.edu/~deaton/downloads/romelecture.pdf, 1–2 and 6. For the original works, see Franco Modigliani and Richard H. Brumberg, “Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data,” in Post-Keynesian Economics, ed. Kenneth K. Kurihara (New Brunswick, NJ: Rutgers University Press, 1954), 388–436; Franco Modigliani and Richard H. Brumberg, “Utility Analysis and Aggregate Consumption Functions: An Attempt at Integration,” in The Collected Papers of Franco Modigliani, ed. Andrew Abel, vol. 2, The Life Cycle Hypothesis of Saving (Cambridge, MA: MIT Press, 1990), 128–197. 3.

The Euro and the Battle of Ideas
by Markus K. Brunnermeier , Harold James and Jean-Pierre Landau
Published 3 Aug 2016

Last accessed January 4, 2016, from http://www.wsj.com/articles/SB10001424127887324695104578418813865393942. 22. George Georgiopooulos, “Greece Readies Reform Promises,” Reuters, February 22, 2015. Last accessed January 4, 2016, from http://www.reuters.com/article/2015/02/20/us-euro area-greece-idU.S.KBN0LO0O620150220. CHAPTER 12 1. J. E. King, A History of Post Keynesian Economics Since 1930 (Northampton, MA: Edward Elgar, 2002), 156. 2. Pier Luigi Porta, “Italian Economics through the Postwar Years,” in The Post-1945 Internationalization of Economics, edited by Alfred William Coats (Durham, NC: Duke University Press, 1997), 165–83; Ivo Maes, “The Spread of Keynesian Economics: A Comparison of the Belgian and Italian Experiences,” National Bank of Belgium Working Paper No. 113, 2007. 3.

Antifragile: Things That Gain From Disorder
by Nassim Nicholas Taleb
Published 27 Nov 2012

University of Pennsylvania Press. Daston, Lorraine, 1988, Classical Probability in the Enlightenment. Princeton, N.J.: Princeton University Press. Davidson, P., 2010, “Black Swans and Knight’s Epistemological Uncertainty: Are These Concepts Also Underlying Behavioral and Post-Walrasian Theory?” Journal of Post Keynesian Economics 32(4): 567–570. Davis, Devra, 2007, The Secret History of the War on Cancer. Basic Books. Dawes, Robyn M., 2001, Everyday Irrationality: How Pseudo-Scientists, Lunatics, and the Rest of Us Systematically Fail to Think Rationally. Westview. De Finetti, B., 1937, La prévision: ses lois logiques, ses sources subjectives.

Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown
by Philip Mirowski
Published 24 Jun 2013

The Making of an Economist Redux (Princeton: Princeton University Press, 2007). Colander, David, Rick Holt, and Barkley Rosser. “The Changing Face of Economics,” The Long Term View 7 (1) (2008): 31–42. Colander, David, Rick Holt, and Barkley Rosser. “Live and Dead Issues in the Methodology of Economics,” Journal of Post Keynesian Economics 30 (2007): 303–12. Colander, David, et al. “Beyond DSGE Models,” American Economic Review, Papers and Proceedings 98 (2) (2008): 236–40. Colander, David, et al. The Financial Crisis and the Systemic Failure of Academic Economists [“Dahlem Report”] (2009), at www.debtdeflation.com/blogs/wp-content/uploads/papers/Dahlem_Report_EconCrisis021809.pdf.

Basic Income: A Radical Proposal for a Free Society and a Sane Economy
by Philippe van Parijs and Yannick Vanderborght
Published 20 Mar 2017

“What Do Â�People Think about Basic Income in Japan?” In Yannick Vanderborght and Toru Yamamori, eds., Basic Income in Japan: Prospects of a Radical Idea in a Transforming Welfare State, 171–195. New York: Palgrave Macmillan. Jackson, William A. 1999. “Basic Income and the Right to Work: A Keynesian Approach.” Journal of Post Keynesian Economics 21(2): 639–662. Jacobi, Dirk, and Wolfgang Strengmann-Â�Kuhn, eds. 2012. Wege zum Grundeinkommen. Berlin: Heinrich Böll Stiftung. Jauer, J., Thomas Liebig, John P. Martin, and Patrick Puhani. 2014. “Migration as an Adjustment Mechanism in the Crisis? A Comparison of EuÂ�rope and the United States.”

The Social Life of Money
by Nigel Dodd
Published 14 May 2014

Conservatives Versus Wildcats: A Sociology of Financial Conflict, Stanford, CA, Stanford University Press. Poling, C. (2008). André Masson and the Surrealist Self, New Haven, CT, Yale University Press. Ponsot, J.-F. and S. Rossi, Eds. (2009). The Political Economy of Monetary Circuits: Tradition and Change in Post-Keynesian Economics, Basingstoke, U.K., Palgrave-Macmillan. Poovey, M. (2001). “The Twenty-First-Century University and the Market: What Price Economic Viability?” Differences 12: 1–16. Pozsar, Z., T. Adrian, et al. (2012). “Shadow Banking.” Federal Reserve Bank of New York Staff Report No. 458. Prattis, I.

Debt: The First 5,000 Years
by David Graeber
Published 1 Jan 2010

Money and Credit in Capitalist Economies. Aldershot: Edward Elgar. _____. 1998. Understanding Modern Money: the key to full employment and price stability. Edward Elgar: Cheltenham. _____. 1999. “An Irreverent Overview of the History of Money from the Beginning of the Beginning to the Present.” Journal of Post Keynesian Economics. 21 (4): 679-687 _____. 2000. Credit and State Theories of Money. Cheltenham: Edward Elgar. Wright, David P. 2009. Inventing God’s Law: How the Covenant Code of the Bible Used and Revised the Laws of Hammurabi. Oxford: Oxford University Press. Wrightson, Keith. 1980. “Two concepts of order: justices, constables and jurymen in seventeenth-century England,” in An Ungovernable People: The English and their Law in the Seventeenth and Eighteenth Centuries (John Brewer and John Styles, editors), pp. 21-46.

The Rise of the Network Society
by Manuel Castells
Published 31 Aug 1996

It was, rather, realism about new economic and technological developments, and a sense of the quickest way to take economies out of their relative stagnation. Once the option for the liberalization/globalization of the economy was taken, political leaders were compelled to find the appropriate personnel to manage these post-Keynesian economic policies, often far removed from the traditional orientations of pro-government, leftwing policies. Thus, Felipe Gonzalez, coming to power in October 1982, in the midst of a grave economic and social crisis, appointed as Super-Minister of Economy one of the few socialists with personal entry into the conservative circles of Spanish high finance.

The Oil Kings: How the U.S., Iran, and Saudi Arabia Changed the Balance of Power in the Middle East
by Andrew Scott Cooper
Published 8 Aug 2011

“New Work in French Economic History.” French Historical Studies 23, no. 3 (Summer 2000). Hudson, Michael C. “To Play the Hegemon: Fifty Years of U.S. Policy Toward the Middle East.” The Middle East Journal 50, no. 3, Summer, 1996. Issawi, Charles. “The 1973 Oil Crisis and After.” Journal of Post Keynesian Economics 1, no. 2 (Winter 1978–79). Joyner, Christopher C. “The Petrodollar Phenomenon and Changing International Economic Relations.” World Affairs 138, no. 2 (Fall 1975). Kazemi, Farhad. “Urban Migrants and the Revolution.” Iranian Studies 13, no. 1/4, (1980). Keddie, Nikki. “Iranian Revolutions in Comparative Perspective.”

The True and Only Heaven: Progress and Its Critics
by Christopher Lasch
Published 16 Sep 1991

The same historical development that turned the citizen into a client transformed the worker from a producer into a consumer. Thus the medical and psychiatric assault on the family as a technologically backward sector of society went hand in hand with the advertising industry's drive to convince people that store-bought goods are superior to homemade goods. Neoclassical or post-Keynesian economics—the right's dubious contribution to economic theory—takes no account of the importance of advertising. It extols the "sovereign consumer" and insists that advertising cannot force consumers to buy anything they do not want already. The importance of advertising, however, does not lie in its manipulation of -518- the consumer or its direct influence on consumer choices.

Basic Economics
by Thomas Sowell
Published 1 Jan 2000

Later, after Keynes’ death in 1946, empirical research emerged suggesting that policy-makers could in effect choose from a menu of trade-offs between rates of unemployment and rates of inflation, in what was called the “Phillips Curve,” in honor of economist A.W. Phillips of the London School of Economics, who had developed this analysis. Post-Keynesian Economics The Phillips Curve was perhaps the high-water mark of Keynesian economics. However, the Chicago School began chipping away at the Keynesian theories in general and the Phillips Curve in particular, both analytically and with empirical studies. In general, Chicago School economists found the market more rational and more responsive than the Keynesians had assumed—and the government less so, at least in the sense of promoting the national interest, as distinguished from promoting the careers of politicians.

Crashed: How a Decade of Financial Crises Changed the World
by Adam Tooze
Published 31 Jul 2018

Economic and Social Populism in the 2016 Presidential Election, a Preliminary Exploration,” prepared for delivery at the INET Conference, Edinburgh, UK, October 20–23, 2017, https://www.ineteconomics.org/uploads/papers/Ferguson-and-Page-Scotland-Paper-revised-for-Conference.pdf. 18. C. Laderman and B. Simms, Donald Trump: The Making of a Worldview (London: Endeavour Pess, 2017). 19. K. W. Capehart, “Hyman Minsky’s Interpretation of Donald Trump,” Journal of Post Keynesian Economics 38.3 (2015): 477–492 20. F. Norris, “Trump Sees Act of God in Recession,” New York Times, December 4, 2008. 21. Soopermexican, “Trump on TARP and Stimulus Sounds More Like a Crony Capitalist Than a Conservative,” The Right Scoop (blog), August 15, 2015, http://therightscoop.com/trump-on-tarp-and-stimulus-sounds-more-like-a-crony-capitalist-than-a-conservative/. 22.

Empire of Things: How We Became a World of Consumers, From the Fifteenth Century to the Twenty-First
by Frank Trentmann
Published 1 Dec 2015

Mean housing wealth was £204,500 in 2008, see ‘Wealth in Great Britain: Main results, 2006/08’; http://www.bris.ac.uk/geography/research/pfrc/themes/psa/pfrc0914.pdf. 53. Franco Modigliani & Richard H. Brumberg, ‘Utility Analysis and the Consumption Function: An Interpretation of Cross-section Data’, in: Post-Keynesian Economics, ed. Kenneth K. Kurihara (New Brunswick, NJ, 1954), 388–436; Andrew B. Abel, ed., The Collected Papers of Franco Modigliani (Cambridge, MA, 1980), Vol. II; and Milton Friedman, A Theory of the Consumption Function (Princeton, NJ, 1957). 54. As Modigliani himself acknowledged in Franco Modigliani, ‘Life Cycle, Individual Thrift and the Wealth of Nations’, in: American Economic Review 76, no. 3, 1986: 297–313. 55.