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"The Road to Debt Deflation, Debt Peonage, and Neofeudalism"

Hudson, Michael - Levy Economics Institute - 2012

What is called "capitalism" is best understood as a series of stages. Industrial capitalism has given way to finance capitalism, which has passed through pension fund capitalism since the 1950s and a US-centered monetary imperialism since 1971, when the fiat dollar (created mainly to finance US...

Persistent link: https://www.econbiz.de/10009645845

"ECB Worries/European Woes: The Economic Consequences of Parochial Policy"

Barbera, Robert J.; Holtham, Gerald - Levy Economics Institute - 2012

why misguided policies drove initial European responses. Economic theory has frowned on Keynes. Economic successes …

Persistent link: https://www.econbiz.de/10011141203

"Global Financial Crisis: A Minskyan Interpretation of the Causes, the Fed's Bailout, and the Future"

Wray, L. Randall - Levy Economics Institute - 2012

This paper provides a quick review of the causes of the Global Financial Crisis that began in 2007. There were many contributing factors, but among the most important were rising inequality and stagnant incomes for most American workers, growing private sector debt in the United States and many...

Persistent link: https://www.econbiz.de/10010539728

"Is There Room for Bulls, Bears, and States in the Circuit?"

Wray, L. Randall - Levy Economics Institute - 2011

John Maynard Keynes's liquidity preference theory, Kregel argued that such rejection leaves the relation between money and … capital asset prices, and thus investment theory, hanging. This paper extends Kregel's analysis to an examination of the role … requires an extension of the circuit theory of money, along the lines of the credit and state money approaches of modern …

Persistent link: https://www.econbiz.de/10009395384

"Financial Markets"

Bibow, Jorg - Levy Economics Institute - 2011

This paper provides a brief exposition of financial markets in Post Keynesian economics. Inspired by John Maynard Keynes's path-breaking insights into the role of liquidity and finance in "monetary production economies," Post Keynesian economics offers a refreshing alternative to mainstream...

Persistent link: https://www.econbiz.de/10008868037

"A Post Keynesian Perspective on the Rise of Central Bank Independence: A Dubious Success Story in Monetary Economics"

Bibow, Jorg - Levy Economics Institute - 2010

This paper critically assesses the rise of central bank independence (CBI) as an apparent success story in modern monetary economics. As to the observed rise in CBI since the late 1980s, we single out the role of peculiar German traditions in spreading CBI across continental Europe, while its...

Persistent link: https://www.econbiz.de/10008679841

"The Rise of Money and Class Society: The Contributions of John F. Henry"

Semenova, Alla; Wray, L. Randall - Levy Economics Institute - 2015

of money via the use of money for public purpose, following the principles of Modern Money Theory (MMT). When used …

Persistent link: https://www.econbiz.de/10011189242

"The Rational Expectations Hypothesis: An Assessment from Popper's Philosophy"

Ayala, Ivan H.; Palacio-Vera, Alfonso - Levy Economics Institute - 2014

discuss its compatibility with two strands of Karl Popper's philosophy: his theory of knowledge and learning, and his …

Persistent link: https://www.econbiz.de/10010735156

"Introduction to an Alternative History of Money"

Wray, L. Randall - Levy Economics Institute - 2012

This paper integrates the various strands of an alternative, heterodox view on the origins of money and the development of the modern financial system in a manner that is consistent with the findings of historians and anthropologists. As is well known, the orthodox story of money's origins and...

Persistent link: https://www.econbiz.de/10010546931

"The Common Error of Common Sense: An Essential Rectification of the Accounting Approach"

Kakarot-Handtke, Egmont - Levy Economics Institute - 2012

is, rather, the numerical reflex of the underlying theory. It is this theory that will be scrutinized, rectified, and …

Persistent link: https://www.econbiz.de/10010570905