During the past five years, crises in the US savings and loan industry, commercial banks, and other financial institutions have borne out the ideas that Rousseas expressed in the first edition. His main theme stresses the role of innovation in the financial sector of the economy and its implications for control of the money supply and credit, as well as the larger issue of macroeconomic policy. He holds a Post-Keynesian view of an elastic and endogenous money supply that is largely founded on the "general liquidity thesis" of the Radcliffe Committee. Indeed, the elasticity of the credit structure is even greater than the Radcliffe Committee originally claimed. Tables and charts are revised through 1990, and the text has been revised accordingly. An expanded preface to the revised edition makes this book very relevant to contemporary problems and policy.
Post-Keynesian Monetary Theory recaps the views of Marc Lavoie on monetary theory, seen from a post-Keynesian perspective over a 35-year period. The book contains a collection of twenty previously published papers, as well as an introduction which explains how these papers came about and how they were received. All of the selected articles avoid mathematical formalism.
This book shows how the realistic foundations and stylized facts of Post-Keynesian economics give rise to macroeconomic implications that are different from those of received wisdom with regards to employment, output growth, inflation and monetary theory, and offers an alternative to neoclassical economics and its free-market economic policies.
This visionary Research Handbook presents the state of the art in research on policy design. By conceiving policy design both as a theoretical and a methodological framework, it provides scholars and practitioners with guidance on understanding policy problems and devising accurate solutions.
Elgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences and law, expertly written by the worldÕs leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of
These two volumes cover the principal areas to which Post-Keynesian economists have made distinctive contributions. The contents include the significant criticism by Post-Keynesians of mainstream economics, but the emphasis is on positive Post-Keynesian analysis of the economic problems of the modern world and of policies with which to tackle them.
This book provides an important and original statement of Post Keynesian macroeconomic theory, focusing on the significance of privately created inside debts and income distribution for the determination of economic activity. The material is presented in a clear and accessible format
John Maynard Keynes is the great British economist of the twentieth century whose hugely influential work The General Theory of Employment, Interest and * is undoubtedly the century's most important book on economics--strongly influencing economic theory and practice, particularly with regard to the role of government in stimulating and regulating a nation's economic life. Keynes's work has undergone significant revaluation in recent years, and "Keynesian" views which have been widely defended for so long are now perceived as at odds with Keynes's own thinking. Recent scholarship and research has demonstrated considerable rivalry and controversy concerning the proper interpretation of Keynes's works, such that recourse to the original text is all the more important. Although considered by a few critics that the sentence structures of the book are quite incomprehensible and almost unbearable to read, the book is an essential reading for all those who desire a basic education in economics. The key to understanding Keynes is the notion that at particular times in the business cycle, an economy can become over-productive (or under-consumptive) and thus, a vicious spiral is begun that results in massive layoffs and cuts in production as businesses attempt to equilibrate aggregate supply and demand. Thus, full employment is only one of many or multiple macro equilibria. If an economy reaches an underemployment equilibrium, something is necessary to boost or stimulate demand to produce full employment. This something could be business investment but because of the logic and individualist nature of investment decisions, it is unlikely to rapidly restore full employment. Keynes logically seizes upon the public budget and government expenditures as the quickest way to restore full employment. Borrowing the * to finance the deficit from private households and businesses is a quick, direct way to restore full employment while at the same time, redirecting or siphoning
Post-Keynesian Growth Theory is a collection of 18 articles by Marc Lavoie, published between 1995 and 2020, with an extended foreword by Eckhard Hein. Marc Lavoie’s introduction recalls how he became attracted to the post-Keynesian theory of growth more than 45 years ago and explains how and why this book came about.
This important text develops Keynes's analytical framework for both closed and open economies and provides policy guidance for the global economy of the 21st century. In particular, it deals with problems such as inflation,financial contagion, global unemployment, outsourcing, trade patterns, and developing an international financial system that encourages expansionary growth among all trading partners while avoiding sovereign debt problems. Using this textbook in macroeconomics courses will provide students with apragmatic insight that will be both useful and productive.
