Search results for "post-keynesian economics"

The New Consensus and Post-Keynesian Interest Rate Policy.

2007

Abstract This paper outlines the fundamental arguments of the New Consensus, critiques it from a Post-Keynesian perspective, and offers a Post-Keynesian alternative to the Taylor Rule. While Post-Keynesian economics provides a theory of endogenous money with exogenous interest rates, it has no clear description of a central bank reaction function. We attempt to remedy this oversight by identifying some of the difficulties attached to developing a Post-Keynesian reaction function, and suggesting an approach to the setting of interest rates that is more consistent than the Taylor Rule with Keynes's General Theory.

Joan Robinson and Keynes: finance, relative prices and the monetary circuit.

2003

Joan Robinson's views on credit and money are discussed only rarely. Of late, however, some Post-Keynesians have sought to revive these views, claiming that Robinson was one of the original contributors to the theory of endogenous money, post Keynes. This paper has two objectives. First, it seeks to develop Robinson's views on credit, money and finance and to show that not only did she have a clear understanding of the theory of endogenous money, but that she also held views akin to the theory of the monetary circuit. Second, the paper addresses Robinson's dismissal of the problem of relative prices and the conventional theory of value. Once again, it shows that Robinson's position is conne…

Inflation and the Circuit of Income

2012

This timely book uses cutting-edge research to analyse the fundamental causes of economic and financial crises, and illustrates the macroeconomic foundations required for future economic policymaking in order to avoid these crises.

The Keynesian Multiplier

2008

Introduction, Section One: Some Views of the Multiplier, 1. Three Views on the Multiplier, 2. John Maurice Clark's Contribution to the Genesis of the Multiplier Analysis: A note with some related unpublished correspondence, 3. The Material and Methodological Significance of the Supermultiplier, Section Two: Critical Insights on the Multiplier, 4. The Investment Multiplier and Income Savings, 5. The Multiplier and the Principle of Reflux, 6. The Demise of the Keynesian Multiplier Revisited, 7. Consumption, Investment and Investment Multiplier, Section Three: Towards a Re-interpretation of the Muliplier, 8. Kalecki and the Multiplier, 9. The Keynesian Multiplier: The Monetary Pre-Conditions a…

The Unemployment Issue

2012

This timely book uses cutting-edge research to analyse the fundamental causes of economic and financial crises, and illustrates the macroeconomic foundations required for future economic policymaking in order to avoid these crises.

Rethinking exchange and prices

2017

Our monetary economies of production are not based upon relative exchanges described by the standard theory. Money is neither a commodity nor a positive asset; it cannot be exchanged against physical goods and services. It follows that payments do not consist of mutual transfers of commodities. In fact, each producer working for the needs for the community produces wealth for himself. Further, transactions on any markets are absolute exchanges. One of the consequences of this is that market prices do not measure wealth; rather, they are coefficients of redistribution of products.

The Multiplier, the Principle of Effective Demand and the Finance Motive: a coherent framework..

2008

economics in the mirror of the financial crisis

2011

The structure of the Chapter is as follows. In Section 2 I discuss some of the factors that may have played a role in causing the crisis and emphasise that supporters of different economic theories will assign different weights to each factor in their analyses. As a consequence, suggested economic policies are highly sensitive to the economic theory employed in evaluating the set of causes. In Section 3 I seek to defend economists from the common charge that their inability to foresee the crisis is a clear sign of the lack of scientific status of their discipline. In my view, the main liability of mainstream economics lies elsewhere, in its excessive trust on the self-equilibrating mechanis…