This paper contrasts the orthodox approach with an alternative view on finance, saving, deficits, and liquidity. The conventional view on the cause of the current global financial crisis points first to excessive United States trade deficits that are supposed to have “soaked up” global...

This paper contrasts the orthodox approach with an alternative view on finance, saving, deficits, and liquidity. The conventional view on the cause of the current global financial crisis points first to excessive U.S. trade deficits that are supposed to have “soaked up” global savings....

chapter 1 The triumph of Keynesianism? The key role of liquidity preference theory in Keynes’ heresy -- chapter 2 Some reflections on Keynes’ “finance motive” for the demand for money -- chapter 3 The loanable funds fallacy: Exercises in the analysis of disequilibrium -- chapter 4 On...

In this book, Jörg Bibow illustrates how Keynes' methodology inspired his economic theorizing and how this led to fundamental insights concerning the role of money that contrasted with orthodox closed-system modelling

This is the first part of a three-part analysis of the Minskyan framework. Via an extensive review of the literature, this paper looks at 12 essential elements necessary to get a good understanding of Minsky's theory, and argues that those elements are central to comprehend how a monetary...

Since the beginning of the fall of monetarism in the mid-1980s, mainstream macroeconomics has incorporated many of the principles of post-Keynesian endogenous money theory. This paper argues that the most important critical component of post-Keynesian monetary theory today is its rejection of...