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Keynes' denial of conflict: Why The General Theory is a misleading guide to capitalism and stagnation
Palley, Thomas I. - 2023
Keynes' General Theory was a massive step forward relative to classical economics, but it was also a step backward in … its denial of the conflictual nature of capitalism. There is need to understand Keynes' technical contributions regarding …. Keynes made a fundamental contribution elucidating the mechanism of effective demand, and he also has claim to be the …
Persistent link: https://www.econbiz.de/10014329437
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Keynes' denial of conflict : why The General Theory is a misleading guide to capitalism and stagnation
Palley, Thomas I. - 2023
Keynes' General Theory was a massive step forward relative to classical economics, but it was also a step backward in … its denial of the conflictual nature of capitalism. There is need to understand Keynes' technical contributions regarding …. Keynes made a fundamental contribution elucidating the mechanism of effective demand, and he also has claim to be the …
Persistent link: https://www.econbiz.de/10014327477
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What's wrong with modern money theory (MMT) : a critical primer
Palley, Thomas I. - 2019
Recently, there has been a burst of interest in modern money theory (MMT). The essential claim of MMT is sovereign currency issuing governments do not need taxes or bonds to finance government spending and are financially unconstrained. MMT rests on a triad of arguments concerning: (i) the...
Persistent link: https://www.econbiz.de/10012006662
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Macroeconomics without the LM : a post-Keynesian perspective
Palley, Thomas I. - 2008
Romer (2000) provides an alternative model to the AS/AD and IS/LM models that abandons the LM schedule by having the short-term interest rate set by the central bank. His framework acknowledges the critical role of the central bank in determining short-term interest rates, which moves mainstream...
Persistent link: https://www.econbiz.de/10003772306
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Money, fiscal policy, and interest rates : a critique of modern monetary theory
Palley, Thomas I. - 2013
This paper excavates the set of ideas known as modern monetary theory (MMT). The principal conclusion is that the macroeconomics of MMT is a restatement of elementary well-understood Keynesian macroeconomics. There is nothing new in MMT's construction of monetary macroeconomics that warrants the...
Persistent link: https://www.econbiz.de/10009746988
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The critics of modern money theory (MMT) are right
Palley, Thomas I. - 2014
Eric Tymoigne and Randall Wray's (T&W, 2013) defense of MMT leaves the MMT emperor even more naked than before (excuse the Yogi Berra-ism). The criticism of MMT is not that it has produced nothing new. The criticism is that MMT is a mix of old and new, the old is correct and well understood,...
Persistent link: https://www.econbiz.de/10010349920
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The theory of monetary disorder : debt finance, existing assets, and the consequences of prolonged monetized budget deficits and ultra-easy monetary policy
Palley, Thomas I. - 2023
This paper introduces the notion of monetary disorder. The underlying theory rests on a twin circuits view of the macro economy. The idea of monetary disorder has relevance for understanding the experience and consequences of the recent decade-long period of monetized large budget deficits and...
Persistent link: https://www.econbiz.de/10014529497
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The theory of monetary disorder : debt finance, existing assets, and the consequences of prolonged ultra-easy policy
Palley, Thomas I. - In: PSL quarterly review 76 (2023) 307, pp. 315-335
This paper introduces the notion of monetary disorder. The underlying theory rests on a twin circuits view of the macro economy. The idea of monetary disorder has relevance for understanding the experience and consequences of the recent decade-long period of monetized large budget deficits and...
Persistent link: https://www.econbiz.de/10014550868
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Horizontalists, verticalists, and structuralists : the theory of endogenous money reassessed
Palley, Thomas I. - 2013
This paper uses the occasion of the twenty-fifth anniversary of Basil Moore's book, Horizontalists and Verticalists, to reassess the theory of endogenous money. The paper distinguishes between horizontalists, verticalists, and structuralists. It argues Moore's horizontalist representation of...
Persistent link: https://www.econbiz.de/10010201643
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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