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The Realism of Assumptions Does Matter: Why Keynes-Minsky Theory Must Replace Efficient Market Theory as the Guide to Financial Regulation Policy
Crotty, James - Political Economy Research Institute (PERI), University … - 2011
the crisis so threatening had most financial economists adopted Keynes-Minsky financial market theory, which concludes … positivist methodology, which asserts that the realism of assumptions has no bearing on the validity of a theory. Keynes argued … persuasively that only realistic assumptions can generate realistic theories. Keynes-Minsky theory, which is derived from a …
Persistent link: https://www.econbiz.de/10010611567
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The Correlates of Rentier Returns in OECD Countries
Epstein, Gerald; Jayadev, Arjun - Political Economy Research Institute (PERI), University … - 2007
This paper examines the correlates of rentier returns – returns to the ownership of financial assets – in a sample of OECD countries between 1960 and 2000. The authors develop a simple bargaining model among three classes – industrial capitalists, rentiers and workers – and show that...
Persistent link: https://www.econbiz.de/10005112686
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Financialization as a Theory of Crisis in a Historical Perspective: Nothing New under the Sun
Tomé, Juan Pablo Mateo - Political Economy Research Institute (PERI), University … - 2011
This working paper carries out a conceptualization of the so-called group of “financialization” approaches for the crisis phenomena. It succinctly defines the meaning of the theories of crisis in relation to the limits of the reproduction of the capitalist system. The crisis can be...
Persistent link: https://www.econbiz.de/10011095186
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The Relative Income Theory of Consumption: A Synthetic Keynes-Duesenberry-Friedman Model
Palley, Thomas I. - Political Economy Research Institute (PERI), University … - 2008
This paper presents a theoretical model of consumption behavior that synthesizes the seminal contributions of Keynes …
Persistent link: https://www.econbiz.de/10004970448