Post Keynesian Views Of The Crisis And Its Remedies
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Post-Keynesian Views of the Crisis and its Remedies by Óscar Dejuán,Eladio Febrero Paños,Jorge Uxo Gonzalez Pdf
At the end of the 20th century, mainstream economics was based on theories which viewed capitalism as a self-regulating system, whereby crises come about due to external shocks and would be automatically corrected by the price mechanism if it was flexible enough. Post-Keynesian economists, however, consider that the business cycle and the crises are endogenously generated. They recommend active policies as a response, though the remedies may be worse than the illness if they are not applied at the right moment and in the right proportions. The first great recession of the 21st century offers post-Keynesian economists an opportunity to prove the realism of their models. It is also a chance to make theoretical improvements, to abandon some hypotheses and to introduce new ones. This book, from a top group of international economists, analyzes the causes, consequences and evolution of the crisis from a variety of post-Keynesian perspectives. It then presents a case for realistic and essential remedies. The book is both theoretical and applied, with a global reach and a particular focus on the European debt crisis.
Advanced Introduction to Post Keynesian Economics by John Edward King Pdf
Post Keynesianism offers an appealing alternative to the mainstream approach to economics, which makes this volume particularly welcome. John King draws on his expertise to provide a clear, accessible and cohesive overview. He explains how Post Keynesian economics is different from other schools of thought, including other 'Keynesianisms', emphasizing its distinctive methodology. King explores the nature and evolution of Post Keynesian ideas and spells out their relevance for current economic analysis and policy-making, using the crisis as a case study.' - Sheila Dow, University of Stirling, UK and University of Victoria, Canada 'John E. King's Advanced Introduction to Post Keynesian Economics provides a superb overview of this school of thought. It covers the main areas of contribution and distinguishes Post Keynesian economics both from orthodox economics and from other heterodox schools, in a clear and accessible way. In a time of increasing demand for relevance and pluralism in economics, this book will be extremely useful for students and young researchers interested in alternatives to current mainstream economics.' - Eckhard Hein, Berlin School of Economics and Law, Germany Elgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences and law, expertly written by the world's leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. This brief but comprehensive account of the Post Keynesian approach to economic theory and policy is ideal for advanced undergraduate and postgraduate students in economics, public policy and other social sciences. Clear, non-technical and with a strong policy focus, it will also appeal to all of those who are dissatisfied with mainstream economics and wish to explore the alternatives. John King sets out the distinctive features of Post Keynesian economics and their implications for the assessment of alternative proposals for domestic and international macroeconomic policy. He begins by outlining the core elements of Post Keynesian theory and explains how it differs from other schools, including the so-called 'Old Keynesian' and 'New Keynesian' theories. Subsequent chapters deal with the important methodological issues that distinguish the Post Keynesians from mainstream economists, in addition to their treatment of firms, workers and households, the analysis of economic growth and development, as well as international economics. The Post Keynesian approach to monetary and fiscal policy, incomes and the environment is also summarized, with particular attention being paid to controversies over austerity and the reform of the financial sector and international monetary system. The Global Financial Crisis of 2007-2008 is used as a case study to illustrate many of the significant theoretical and policy questions raised in previous chapters. The relationship between Post Keynesian and other branches of heterodox economics are explored, and the book concludes with a brief discussion of the future prospects for the Post Keynesian school.
A Modern Guide to Post-Keynesian Institutional Economics by Whalen, Charles J. Pdf
This Modern Guide advances Post-Keynesian Institutional economics, an integrative tradition—inspired by keen economic observers such as John Kenneth Galbraith, Joan Robinson, and Hyman Minsky—that bridges Institutional and Post Keynesian economics. The tradition proved its worth by addressing the global financial crisis of 2007–2009, as well as by analyzing long-term trends accompanying the evolution of investor-driven (“money manager”) capitalism, including financialization, spreading worker insecurity, and rising inequality. The book begins with the history and contours of Post-Keynesian Institutionalism, and then breaks new ground, extending recent analyses of contemporary economic problems, sharpening concepts and methods, sketching new theories, and synthesizing ideas across research traditions.
The General Theory of Employment, Interest, and Money by John Maynard Keynes Pdf
This book was originally published by Macmillan in 1936. It was voted the top Academic Book that Shaped Modern Britain by Academic Book Week (UK) in 2017, and in 2011 was placed on Time Magazine's top 100 non-fiction books written in English since 1923. Reissued with a fresh Introduction by the Nobel-prize winner Paul Krugman and a new Afterword by Keynes’ biographer Robert Skidelsky, this important work is made available to a new generation. The General Theory of Employment, Interest and Money transformed economics and changed the face of modern macroeconomics. Keynes’ argument is based on the idea that the level of employment is not determined by the price of labour, but by the spending of money. It gave way to an entirely new approach where employment, inflation and the market economy are concerned. Highly provocative at its time of publication, this book and Keynes’ theories continue to remain the subject of much support and praise, criticism and debate. Economists at any stage in their career will enjoy revisiting this treatise and observing the relevance of Keynes’ work in today’s contemporary climate.
There have been many noticeable incidents of 'lost decades' in economic growth, occurring in countries across the world. It has been found that in many economies, the lost decade phenomenon persists, even after the conventional set of contributing factors such as per capita income, fertility rate, life expectancy, rule of law, educational attainment, ratio of investment to national income, and openness have been taken into account. This book explains where and how these lost decades in economic growth occur in the world. The authors identify that dominant macroeconomic factors contributing to their occurrence are an abnormal supply of credits relative to national income, and poor demand management. The study pays special attention to the cases of Japan, South Korea and Taiwan, exploring their specific cases and analyzing contributing factors. While Japan suffered from excessive credit prior to the bubble bursting, and from insufficient domestic demand subsequently, Korea's growth has been stunted through structural imbalances between and within industries, as well as through changes in the orientation of public policies from growth to equality. Adversely, reduced economic growth in Taiwan has led from its populism-ridden democracy and mass media, as well as from internal disputes over national identity. Lost Decades in Growth Performance provides a revealing insight into the factors affecting economic growth across the world, and will be an invaluable resource for anyone with an interest in global and Asian economics. It also offers a fundamental source of reference for students and academics in general equilibrium models, economic development and East Asian economies.
Distribution and Growth after Keynes by Eckhard Hein Pdf
In the first part of the book, Eckhard Hein presents a comprehensive overview of the main approaches towards distribution and growth including the contributions of Harrod and Domar, old and new neoclassical theories including the fundamental capital co
Finance & Development, September 2014 by International Monetary Fund. External Relations Dept. Pdf
This chapter discusses various past and future aspects of the global economy. There has been a huge transformation of the global economy in the last several years. Articles on the future of energy in the global economy by Jeffrey Ball and on measuring inequality by Jonathan Ostry and Andrew Berg are also illustrated. Since the 2008 global crisis, global economists must change the way they look at the world.
The European Periphery and the Eurozone Crisis by Neil Dooley Pdf
This book provides a new understanding of the eurozone crisis across three of the worst hit cases: Greece, Portugal, and Ireland. In contrast to accounts which stress the ‘immaturity’ of the European ‘periphery’, as well as more critical narratives that understand these countries as victims of German and core ‘economic domination’, this book recognises that individual peripheral countries have followed dramatically different paths to crisis, making it difficult to speak of the eurozone crisis as a single phenomenon. Bringing literature from Comparative Political Economy into dialogue with scholarship on Europeanisation, this book contributes the concept of ‘divergence via Europeanisation’. It explores the much-overlooked ways in which the negotiation of a ‘one size fits all’ project of European financial integration has been generative of precarious patterns of economic growth across Greece, Portugal, and Ireland. The book shows that far from their failure or inability to do so, it has been the European periphery’s attempt to ‘follow the rules’ of European integration that explains their current difficulties. This novel understanding of the eurozone crisis should appeal to students and scholars in International Political Economy, European and European Union Studies, Comparative Political Economy, Irish Politics, Greek Politics, and Portuguese Politics.
Today's financial crisis has led to a widespread lack of confidence in the laissez faire style of economic policy. In The Keynes Solution author Paul Davidson provides insights into how we got into the crisis—but more importantly how to use Keynes economic philosophy to get out of this mess. John Maynard Keynes was committed to making the market economy work—but our current system has been a dismal failure. Keynes advocated for an interventionalist government role, in cooperation with private initiative, to mitigate the adverse effects of recessions, depressions and booms. His economic policy helped the world out of the great depression and was an important influencer in the thinking behind FDR's new deal policies. In this book Keynesian expert Davidson makes recommendations and details plans for spending, monetary policy, financial market rules and regulation, and wages—all to reverse the effects of our past policies. Keynes renewed influence can be seen everywhere: in Barack Obama's planned stimulus package, for example—and this book explains the basic tenant of Keynesian economics as well as applied solutions to today's critical situation.
Inequality and Uneven Development in the Post-Crisis World by Sebastiano Fadda,Pasquale Tridico Pdf
In the years following the financial crash, two issues have become central to the debate in economics: inequality and the uneven nature of sustainable development. These two issues are at the core of this book which aims to explain three key questions: why inequality has increased so much in the last three decades; why most advanced economies are stagnating or are experiencing moderate economic growth; and why, even where economic growth is occurring, the quality of that growth is questioned. Inequality and Uneven Development in the Post-Crisis World is divided into three parts. The first part concerns the theoretical aspects of inequality, and ethical issues regarding economics and equality. The second part explores empirical evidence and policy suggestions drawing on the uneven levels of development and unprecedented levels of inequality experienced among advanced economies in the context of global financial capitalism. The third part focuses on sustainable development issues such as full employment, social costs of global trade liberalization, environmental sustainability and ecological issues. Along with inequality these issues are central for capitalism and for economic development. This volume is of interest to those who study political economy, sustainable development and social inequality.
Finance, Accumulation and Monetary Power by Daniel Woodley Pdf
This accessible yet rigorous book examines the development of ‘financial socialism’ in advanced capitalist economies in the decade since the global financial crisis of 2007–2009. This new term refers to an attempt to resolve the accumulation crisis of capital through coordinated central bank activism, where state circuits of monetary capital assume a critical role in the reproduction of capitalist social relations. The book explains the dynamics of the crisis as it has developed and assesses the response of monetary elites to systemic financial risk in the global economy. Their failure to re-engineer growth following the technology boom of the late 1990s and the global financial crisis are driving fundamental changes in the form and function of capitalist money, which have yet to be theorized adequately. Finance, Accumulation and Monetary Power presents a revealing and radical critique of the failure of the International Political Economy to apprehend changes taking place within capitalism, employing a critical-theoretical analysis of contradictions in the capitalist reproduction scheme. The book will be of key interest to scholars, students and readers of international political economy, critical political economy, heterodox economics, globalization, international relations, international political sociology, business studies and finance.
Economic Policies since the Global Financial Crisis by Philip Arestis,Malcolm Sawyer Pdf
This book investigates the changing nature of economic policies following the Global Financial Crisis of 2007–9. Well-respected, international scholars come together to discuss the level of economic growth following the crisis, concerns over inequality in industrialised countries, and labour market policies.
The Theory of Crisis and the Great Recession in Spain by Juan Pablo Mateo Tomé Pdf
This book has a dual purpose. First, it analyses the concept of economic crises within economic theory, showing the various theoretical foundations and controversies amongst different schools of economic thought. Second, it presents an empirical analysis of the Great Recession in Spain, addressing the growth period of 1995 to 2007-08, the subsequent depression until 2013-14 and the recovery that followed. It also shows the way in which the inner contradictions of capital manifests itself in an European peripheral economy under a real estate bubble, emphasizing the role of the Spanish economy in European capitalism. This theoretical and empirical heterodox approach will be of interest to students and scholars in political economy, and those with an interest in the Eurozone.
Macroeconomics after Kalecki and Keynes by Eckhard Hein Pdf
Presenting an in-depth overview of the foundations and developments of post-Keynesian macroeconomics since Kalecki and Keynes, this timely book develops a comprehensive post-Keynesian macroeconomic model with the respective macroeconomic policy mix for achieving non-inflationary full employment. Linking the short-run model to long-run distribution and growth theories, the theoretical approach is also applied to current research on macroeconomic regimes in finance-dominated capitalism and on the macroeconomic challenges of the socio-ecological transformation.
This timely book presents a nuanced investigation into the idiosyncrasies of the supermultiplier model, examining its application to residential investment, exports and fiscal policy. It offers an accessible introduction to this growth model, hypothesizing that it is one of the cornerstones of modern macroeconomics.