John King has made challenging contributions to our thinking in many areas. This paper focuses on two of these: the case for pluralism and the case against requiring macroeconomic theory to be expressed in terms of its microfoundations. The purpose of this paper is to explore further the...

The way in which financial markets are framed depends on who is doing the framing, although there are reflexive interdependencies between these framings. Mainstream economics frames financial markets as archetypical competitive markets, focusing on prices as the key information on which to base...

There has been a significant degree of financial restructuring over the last few decades, which has prompted a rethinking of the first principles of monetary economics. The focus here is on how four specifications of these principles address such issues as the need for central banks and the...

J. M. Keynes discussed the ideas of The General Theory at length with R. G. Hawtrey and D. H. Robertson. In their correspon dence, the notion of idle (or inactive) balances figures prominently. Each had a different understanding of what idle balances were and wh at their significance was. This...