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(Georg Friedrich Knapp and A. Mitchell Innes) through Joseph Schumpeter, John Maynard Keynes, and Abba Lerner, and on to …
Persistent link: https://www.econbiz.de/10010252186
This paper revisits Keynes's (1930) essay titled "The economic possibilities for our grandchildren." We discuss the … three broader trends identified by Keynes that he expected would come to characterize the socio-economic evolution of …
Persistent link: https://www.econbiz.de/10014464162
Recently, national newspapers all over the world have suggested that we should reread John Maynard Keynes, and that … Hyman P. Minsky provides a valuable framework for understanding the world in which we live. While rereading Keynes and … interpretation and implementation of Keynes’s ideas have been very different from what Keynes proposed, and they have been reduced to …
Persistent link: https://www.econbiz.de/10003773518
The sharp exchanges that Keynes had with some of his critics on the loanable funds theory made it harder to appreciate … which Keynes's A Treatise on Money was a part. In the aftermath of the General Theory (GT), many of Keynes's insights in the … latter work. A part of Keynes's analysis in the Treatise which emphasized the importance of financial conditions and asset …
Persistent link: https://www.econbiz.de/10003288275
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
which money is neutral, at least in the long run; and the Marx-Veblen-Keynes approach, or the monetary theory of production … view back to Keynes, arguing that extending Keynes along these lines would bring his theory up to date. -- Money ; Public … Monopoly ; Monetary Theory of Production ; Keynes ; Marx ; Veblen ; Knapp ; Chartalism …
Persistent link: https://www.econbiz.de/10008906545
This paper begins by defining, and distinguishing between, money and finance, and addresses alternative ways of financing spending. We next examine the role played by financial institutions (e.g., banks) in the provision of finance. The role of government as both regulator of private...
Persistent link: https://www.econbiz.de/10008906555
In the aftermath of the global financial collapse that began in 2007, governments around the world have responded with reform. The outlines of Basel III have been announced, although some have already dismissed its reform agenda as being too little (and too late!). Like the proposed reforms in...
Persistent link: https://www.econbiz.de/10008906563
In this paper I will follow Hyman Minsky in arguing that the postwar period has seen a slow transformation of the economy from a structure that could be characterized as "robust" to one that is "fragile". While many economists and policymakers have argued that "no one saw it coming", Minsky and...
Persistent link: https://www.econbiz.de/10008906576
postwar period - from the "Age of Keynes" through the Friedmanian era and the return of Neoclassical economics in a … earlier Keynesian tradition to see what was left out of postwar macro. For example, the synthesis version of Keynes never … incorporated true uncertainty or "unknowledge" and thus deviated substantially from Keynes's treatment of expectations in chapters …
Persistent link: https://www.econbiz.de/10008906589