Keynes's theory of investment and the economic cycle is set out. Against this theory it is argued that the current monetary policy framework is not credible. Rather, given its implicit endorsement of financial liberalisation, it is, and has proved, deeply dangerous. Keynes advocated policies...

The answer to the question “what is money?” has changed throughout history. During the gold standard era, money was seen as gold or silver (the theory known as bullionism). In the early 20th century, the alternative theory known as chartalism proposed that money was a token chosen by the...

Cryptocurrencies such as bitcoin or ethereum are gaining ground not only as alternative modes of payment, but also as platforms for financial innovation, particularly through token sales (ICOs). All of these ventures are based on decentralized, permissionless blockchain technology whose...

Apart from followers as Milton Friedman, Paul Samuelson, Ronald Coase, and Maurice Allais, most economists abandoned Irving Fisher’s economic framework after the post-1929 Great Crisis. Without citing Fisher however, in 1958 Franco Modigliani and Merton Miller reutilised his framework to found...

Financialization is a process whereby financial markets, financial institutions, and financial elites gain greater influence over economic policy and economic outcomes. Financialization transforms the functioning of economic systems at both the macro and micro levels. Its principal impacts are...

The recent revival of Hyman P. Minsky's ideas among policymakers, economists, bankers, financial institutions, and the mass media, synchronized with the increasing gravity of the subprime financial crisis, demands a reappraisal of the meaning and scope of the 'financial instability hypothesis'...

This paper aims to help bridge the gap between theory and fact regarding the so-called 'Minsky moments' by revisiting the 'financial instability hypothesis' (FIH). We limit the analysis to the core of FIH-that is, to its strictly financial part. Our contribution builds on a reexamination of...

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...

The aim of this paper is to provide a Post-Keynesian view to economic theory as an alternative to traditional theory. Keynesian economics consists of an approach to economics derived mainly from the work of Keynes. It is grounded on the fields of observations of stylized facts of the economy and...

The recent revival of Hyman P. Minsky's ideas among policymakers, economists, bankers, financial institutions, and the mass media, synchronized with the increasing gravity of the subprime financial crisis, demands a reappraisal of the meaning and scope of the "financial instability hypothesis"...