The DSGE models are based on hypotheses that have the effect of excluding the possibility of severe financial and economic crises with the consequent policy implications going in the laissez-faire direction. The hypothesized unique and stable equilibrium in combination with rational expectations...

This paper will discuss how the Financial Crisis of 2008 has thrown neoliberalism into a deep legitimation crisis. Over the past four decades the neoliberal ethic of Ronald Reagan and Margaret Thatcher has permeated American life both public and private. The principles of the laissez faire...

This paper presents an overview of different models which explain financial crises, with the aim of understanding economic developments during and possibly after the Great Recession. In the first part approaches based on efficient markets and rational expectations hypotheses are analyzed, which...

The monetary economy has properties that cannot be analyzed using the tools of today's dynamic general equilibrium analysis. Keynes's economics, far from being an aberration in the otherwise orderly evolution of modern macroeconomics from Adam Smith's ideas about the "invisible hand," was a...

Section 2 of the Sherman Act bans monopolization of any part of interstate commerce. This essay draws on macroeconomic theory and the New Deal experience with partial repeal of the antitrust laws and cartelization of labor to examine the relationship between macroeconomic stability and the...

An understanding of, and an intervention into, the present capitalist reality requires that we put together the insights of Karl Marx on labor, as well as those of Hyman Minsky on finance. The best way to do this is within a longer-term perspective, looking at the different stages through which...

This paper applies Hyman Minsky’s approach to provide an analysis of the causes of the global financial crisis. Rather than finding the origins in recent developments, this paper links the crisis to the long-term transformation of the economy from a robust financial structure in the 1950s to...

This paper applies Hyman Minsky's approach to provide an analysis of the causes of the global financial crisis. Rather than finding the origins in recent developments, this paper links the crisis to the long-term transformation of the economy from a robust financial structure in the 1950s to the...

In this work a Keynesian analysis of economic development of the USA in 1990—2011 has been carried out. At the beginning, on the basis of the simple Harrod — Domar growth models, it has been shown that in this period the economic policy of the government did not provide balanced and...

In this paper, I present a theory of dynamic economic growth, business cycles, and asset pricing that integrates (1) Marx's idea (and emphasized by Klein) of a two-class heterogeneity of the ownership structure of physical capital and human capital in a capitalist society, (2) Keynes' idea of...