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The Paradox of Monetary Profits : An Obstacle to Understanding Financial and Economic Crisis?
Bruun, Charlotte - 2011
Marx and Keynes tried to solve the problem by addressing current transaction flows, which is also the approach taken by … Marx. Capitalists as a whole can at most get from workers, what they already paid out in wages. Marx did not solve this … problem, and neither did Keynes, who had to face the problem in "The General Theory". A consequential logical conclusion to …
Persistent link: https://www.econbiz.de/10013132174
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Lessons We Should Have Learned from the Global Financial Crisis but Didn’t
Wray, L. Randall - 2011
In this paper, I first quickly recount the causes and consequences of the global financial crisis (GFC). Of course, the triggering event was the unfolding of the subprime crisis; however, I argue that the financial system was already so fragile that just about anything could have caused the...
Persistent link: https://www.econbiz.de/10013121396
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Business-Cycle Macroeconomics in an Asset Pricing Financial Economy
Tse, Wai Man - 2020
The paper introduces a portfolio-based Keynesian dynamic stochastic general disequilibrium model. It is an endogenous phase-switching macroeconomic model of risky investment where the rational expectation is applied in the financial market with three financial instruments of stocks, credits, and...
Persistent link: https://www.econbiz.de/10012839941
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Household Consumer Debt, Endogenous Money and Growth : A Supermultiplier-Based Analysis
Pariboni, Riccardo - 2019
The paper provides a simple theoretical framework to assess the macroeconomic implications of debt-fuelled consumption. In particular, the analysis is conducted through an extended super-multiplier model with endogenous credit money, which highlights the role of the autonomous components of...
Persistent link: https://www.econbiz.de/10012900266
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An inconsistency in using stock flow consistency in modelling the monetary profit paradox
la Fonteijne, Marcel R. de - In: Economics - The Open-Access, Open-Assessment E-Journal 8 (2014), pp. 1-7
phrase of Marx: 'Die Gesamtklasse der Kapitalisten kann nichts aus der Zirkulation herausziehen, was nicht vorher …
Persistent link: https://www.econbiz.de/10010954738
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An inconsistency in using stock flow consistency in modelling the monetary profit paradox
de la Fonteijne, Marcel - Institut für Weltwirtschaft (IfW) - 2014
the phrase of Marx, 'Die Gesamtklasse der Kapitalisten kann nichts aus der Zirkulation herausziehen, was nicht vorher …
Persistent link: https://www.econbiz.de/10010956050
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Resolving economic deadlock
Pfeffer, Claus-Peter - Volkswirtschaftliche Fakultät, … - 2011
In the introductory chapter a novel economic policy is proposed which consists of a) 'virtualizing' debt (putting it on the Central Bank balance sheet) and b) reduce the money-multiplier by an implementation of a strong minimum reserving policy. The main part shows exposes a flaw in the concept...
Persistent link: https://www.econbiz.de/10009211219
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"Lessons We Should Have Learned from the Global Financial Crisis but Didn't"
Wray, L. Randall - Levy Economics Institute - 2011
In this paper, I first quickly recount the causes and consequences of the global financial crisis (GFC). Of course, the triggering event was the unfolding of the subprime crisis; however, I argue that the financial system was already so fragile that just about anything could have caused the...
Persistent link: https://www.econbiz.de/10009220232
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Minsky crisis
Wray, L. Randall - Palgrave Macmillan
This entry examines the approach of Hyman P. Minsky to financial crisis. Minsky famously developed an ‘investment theory of the cycle and a financial theory of investment'. His thesis was that, over the course of the cycle, behaviour changes in such a way that financial fragility develops....
Persistent link: https://www.econbiz.de/10009319886
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Conflicting Interpretations of the Notion of Liquidity Preference : A Review and Synthesis of Post-Keynesian Perspectives
Juniper, James - 2000
Keynes' writings on and after the General Theory and also, modern portfolio theory. First, the paper reviews the Hayek … critical, yet obviously sympathetic eyes of Richard Kahn (1984). At this point, Keynes' views about the influence of equity … follow Keynes in presuming that the monetary authorities can control the money supply, although each question this …
Persistent link: https://www.econbiz.de/10014161943