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Two Harvard economists on monetary economics: Lauchlin Currie and Hyman Minsky on financial systems and crises
Velasquez, Iván D. - 2018
In November 1987, Hyman Minsky visited Bogotá, Colombia, after being invited by a group of professors who at that time … were interested in post-Keynesian economics. There, Minsky delivered some lectures, and Lauchlin Currie attended two of … those lectures at the National University of Colombia. Although Currie is not as well-known as Minsky in the American …
Persistent link: https://www.econbiz.de/10011925602
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The behavioral economics of John Maynard Keynes
Schettkat, Ronald - 2018
After the publication of Keynes' "General Theory," economics was frequently described as schizophrenia: (neo-) classical at the micro-level, but Keynesian at the macro-level. In actuality, Keynes' revolution was, to a substantial part, based on the behavioral micro-foundations of the world we...
Persistent link: https://www.econbiz.de/10011929683
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Animal spirits : die verhaltensökonomischen Grundlagen der Keynesschen Theorie
Schettkat, Ronald - 2018
Keynes' General Theory (GT) ist in zweierlei Hinsicht umfassender als das (neo-) klassische Modell: (1) sie schließt das Vollbeschäftigungsgleichgewicht als Sonderfall ein und (2) sie basiert auf realistischem mikroökonomischem Verhalten, dessen sozial isolierter, den Eigennutz maximierender...
Persistent link: https://www.econbiz.de/10011929688
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Functional finance : a comparison of the evolution of the positions of Hyman Minsky and Abba Lerner
Wray, L. Randall - 2018
This paper examines the views of Hyman Minsky and Abba Lerner on the functional finance approach to fiscal policy. It … compares and contrasts the evolution of the views of Minsky and Lerner over the postwar period, arguing that Lerner …. Minsky's views of functional finance became more nuanced, in line with his Institutionalist approach to the economy. However …
Persistent link: https://www.econbiz.de/10011794285
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James Tobin and modern monetary theory
Dimand, Robert W. - 2014
This paper examines the relationship of the monetary economics of James Tobin to modern monetary theory, which has diverged in many ways from the directions taken by Tobin and his associates (for example, moving away from multi‐asset models of financial market equilibrium and from monetary...
Persistent link: https://www.econbiz.de/10011639321
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Solow's struggle with medium-run macroeconomics : 1956-1995
Assous, Michaël - 2013
Solow has repeatedly called for the development of models that combine equilibrium and out-of equilibrium outcomes or what he called a macroeconomics of the medium-run. This paper recounts the history of Solow's different attempts to address this issue. It starts in early 1950s when Solow...
Persistent link: https://www.econbiz.de/10011706942
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Solow’s Harrod : transforming cyclical dynamics into a model of long-run growth
Halsmayer, Verena; Hoover, Kevin D. - 2013
Modern growth theory derives mostly from Robert Solow's "A Contribution to the Theory of Economic Growth" (1956). Solow's own interpretation locates the origins of his "Contribution" in his view that the growth model of Roy Harrod implied a tendency toward progressive collapse of the economy. He...
Persistent link: https://www.econbiz.de/10011707818
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Was Harrod right?
Hoover, Kevin D. - 2012
Modern growth theory derives mostly from Robert Solow's "A Contribution to the Theory of Economic Growth" (1956). Solow's own interpretation locates the origins of his "Contribution" in his view that the growth model of Roy Harrod implied a tendency toward progressive collapse of the economy. He...
Persistent link: https://www.econbiz.de/10011708239
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Effective Demand: Securing the Foundations
Allain, Olivier - Post Keynesian Economics Study Group - PKSG - 2011
This paper is a contribution to a symposium mutually reviewing papers on Keynes's principle of effective demand as set out in The General Theory, by Allain (2009. Effective demand and short-term adjustments in the General Theory, Review of Political Economy, vol. 21, 1–22), Hartwig (2007....
Persistent link: https://www.econbiz.de/10010851108
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Effective Demand: Securing the Foundations
Hartwig, Jochen - Post Keynesian Economics Study Group - PKSG - 2011
This paper is a contribution to a symposium mutually reviewing papers on Keynes's principle of effective demand as set out in The General Theory, by Allain (2009. Effective demand and short-term adjustments in the General Theory, Review of Political Economy, vol. 21, 1–22), Hartwig (2007....
Persistent link: https://www.econbiz.de/10010851109