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Wray, L. Randall - 2011

Stability is destabilizing. These three words concisely capture the insight that underlies Hyman Minsky's analysis of the economy's transformation over the entire postwar period. The basic thesis is that the dynamic forces of a capitalist economy are explosive and must be contained by...

Persistent link: https://www.econbiz.de/10008906540

Minsky's approach to employment policy and poverty : employer of last resort and the war on poverty

Wray, L. Randall (contributor) - 2007

While Hyman P. Minsky is best known for his work on financial instability, he was also intimately involved in the postwar debates about fiscal policy and what would become the War on Poverty. Indeed, at the University of California, Berkeley, he was a vehement critic of the policies of the...

Persistent link: https://www.econbiz.de/10003727101

Extending Minsky's classifications of fragility to government and the open economy

Wray, L. Randall (contributor) - 2006

Minsky's classification of fragility according to hedge, speculative, and Ponzi positions is well-known. He wrote about fragile positions of individual firms and of the economy as a whole, with the economy transitioning naturally from a robust financial structure (dominated by hedge units) to a...

Persistent link: https://www.econbiz.de/10003346742

Does excessive sovereign debt really hurt growth? : A critique of This time is different, by Reinhart and Rogoff

Nersisyan, Yeva; Wray, L. Randall - 2010

The worst global downturn since the Great Depression has caused ballooning budget deficits in most nations, as tax revenues collapse and governments bail out financial institutions and attempt countercyclical fiscal policy. With notable exceptions, most economists accept the desirability of...

Persistent link: https://www.econbiz.de/10003975102

Imbalances? : what imbalances? ; a dissenting view

Wray, L. Randall - 2012

It is commonplace to link neoclassical economics to 18th- or 19th-century physics and its notion of equilibrium, of a pendulum once disturbed eventually coming to rest. Likewise, an economy subjected to an exogenous shock seeks equilibrium through the stabilizing market forces unleashed by the...

Persistent link: https://www.econbiz.de/10009425496

The euro crisis and the job guarantee : a proposal for Ireland

Wray, L. Randall - 2012

Euroland is in a crisis that is slowly but surely spreading from one periphery country to another; it will eventually reach the center. The blame is mostly heaped upon supposedly profligate consumption by Mediterraneans. But that surely cannot apply to Ireland and Iceland. In both cases, these...

Persistent link: https://www.econbiz.de/10009490197

A meme for money

Wray, L. Randall - 2012

This paper argues that the usual framing of discussions of money, monetary policy, and fiscal policy plays into the hands of conservatives.That framing is also largely consistent with the conventional view of the economy and of society more generally. To put it the way that economists usually...

Persistent link: https://www.econbiz.de/10009665525

From the state theory of money to modern money theory : an alternative to economic orthodoxy

Wray, L. Randall - 2014

This paper explores the intellectual history of the state, or chartalist, approach to money, from the early developers (Georg Friedrich Knapp and A. Mitchell Innes) through Joseph Schumpeter, John Maynard Keynes, and Abba Lerner, and on to modern exponents Hyman Minsky, Charles Goodhart, and...

Persistent link: https://www.econbiz.de/10010252186

EU regional policy : its theoretical foundations and their policy conclusions revisited

Schmidt, Peter - 2014 - Draft

This paper reconsiders the theoretical foundations of EU regional policy in economics. It begins with a discussion of the line of thought of its prevalent explanation in equilibrium economics which is focusing on market failures as its key underpinning and which is the major toolkit of...

Persistent link: https://www.econbiz.de/10011487099

The EU structural funds as a means to hamper migration

Schmidt, Peter - 2012

convergence or economic cohesion, respectively. Following this strand of theory no regional policy is needed to achieve … convergence among the regions or nations of a common market. Thus, comparing the two internal markets, the question comes up if … inhibiting internal migration, which is one of the key measures in achieving convergence among the nations in the Single European …

Persistent link: https://www.econbiz.de/10011515661