Does Minsky's theory explain recent market instability? For financial fragility, Minsky argued, specific preconditions must occur. These preconditions have not occurred, therefore recent financial market instability is not a Minsky moment. Instead the recent financial market instability is due...

Computerized markets do not work the way the old securities markets once did. In the past, there were always market makers who stood between the buyer and the seller. Today, this is an antiquated system, relegated to such ancient institutions as the New York Stock Exchange. But this economist...

Is there a way to lower oil prices? Yes, says this author. First, we acknowledge that speculation has driven prices up to current levels. Then, weâthe U. S. governmentâsell oil into the market. Read on.

This paper criticizes the effectiveness of a Tobin tax in acting as a deterrent to short-run round trip speculation on exchange rate movements. It is demonstrated that, given the usual magnitude of a proposed Tobin tax, the deterrent to short-term speculation will be negligible and in all...

Proponents of New Keynesian Economics (NKE) have defined their research agenda as within the Keynesian tradition where a market (supply) failure (i.e., a coordination failure) induces nominal wage/price fixities. This paper demonstrates that NKE models are not only logically incompatible with...

This paper explains why once non-probabilistic (i.e., a non-ergodic stochastic system) uncertainty is introduced into an orthodox freely flexible exchange rate model, the concept of the elasticity of expectations explains the open economy system will be extremely unstable except under the most...

Fear of deficits should not limit our ability to seek solutions to the medical needs of our aging population. There are many possibilities, argues this eminent economist.