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Edited by Nikolaos Karagiannis and John E. King

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A Modern Guide to State Intervention

Economic Policies for Growth and Sustainability

Edited by Nikolaos Karagiannis and John E. King

A Modern Guide to State Intervention investigates the impact of the changing role of the state, offering an alternative political economy for the third decade of the twenty-first century. Building on important factors including history, the role of institutions, society and economic structures, this Modern Guide considers economic and administrative interventions towards changing the destabilized status quo of modern societies.
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Finance, Growth and Inequality

Post-Keynesian Perspectives

Edited by Louis-Philippe Rochon and Virginie Monvoisin

This book brings together some leading and emerging scholars who bring an alternative view on some of the most pressing issues of today. In addition to key concepts in post-Keynesian and heterodox economics, the authors also explore financialization, debt, income distribution, and policies, and the emerging threat of dualism. Policy makers and scholars alike will find the book a much need addition to the field.
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Louis-Philippe Rochon and Virginie Monvoisin

The financial crisis that began in 2007 has generally shown the weaknesses of neoclassical theories and policies, in particular by highlighting the irrelevance of modern macro models such as the Dynamic Stochastic General Equilibrium (DSGE) model and its microfoundations, which has come under considerable attack in the last few years, even from the mainstream. Indeed, as Lavoie (2018, p. 15) observes, “there is considerable dissatisfaction with the current state of mainstream macroeconomics”, leading The Economist (2009) to refer to the “turmoil among macroeconomists”. As early as 2009, Krugman (2009a, Internet) was claiming “[t]he economics profession mistook beauty, clad in impressive-looking mathematics, for truth”. More recently, he once again criticised the quest for microfoundations (see 2013, Internet), arguing “so the truth was that microfoundations in macroeconomics had its moment, but failed utterly at the one thing it was sold, above all, as being able to do - namely, give a better explanation of why nominal shocks have real effects. Time, you might think, to reconsider the project”. A few years earlier, Solow, in a 2010 address to the United States Congress, disapprovingly claimed “I do not think that the currently popular DSGE models pass the smell test” (see Solow, 2010).

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Minsky’s Moment

An Insider’s View on the Economics of Hyman Minsky

Piero Ferri

At its core this book sets out the analytical and methodological foundations of Minsky’s financial instability hypothesis (FIH). Grounded on the joint work of Piero Ferri and Hyman Minsky, it offers insightful analysis from a unique insider's perspective. The objective is to deepen and enlarge the toolbox used by Minsky and to place the analysis within a dynamic perspective where a meta model, based upon regime switching, can encompass the different forms that the FIH can assume.
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Luis Kato

In the chapter, ‘The accumulation mode of production in Mexico and the economic structure of the manufacturing industry,’ the author discusses the stagnation of productivity of the workforce in relation to the dominance of large corporations that are connected to global commodity chains and use global competitive advantages to maximize profits; meanwhile, small and medium enterprises compete on the basis of lower costs (wages), which reduces the growth of accumulation and productivity.

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Edited by Noemi Levy and Etelberto Ortiz

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Ma. Guadalupe Huerta

In the chapter, ‘The big financial crisis and the European economic adjustment: a road towards the strengthening of the neoliberal agenda,’ the authors argue that the institutional design of the eurozone does not allow for the deployment of fiscal and monetary policies to overcome the crisis, which raises the need for a thorough analysis of European integration in terms of macroeconomic and social aspects, accompanied by an assessment of the economic policies necessary to restore growth.

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Domenica Tropeano and Alessandro Vercelli

In the chapter, ‘Debt deflation theory and the Great Recession,’ on the basis of the theory of Irving Fisher, the authors analyse the accumulation of debt in the USA and Europe, emphasizing that the monetary policy deployed in the former did manage to save the banking system, and this did not happen in Europe due to the European Central Bank being less able to intervene in the economy, and the absence of an authority empowered to coordinate spending.

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Teresa López and Eufemia Basilio

In the chapter, ‘Economic growth and financial development in Mexico: from a virtuous circle of a bi-directional causality to financial subordination,’ the authors develop the theme of bank lending to non-financial activities in the context of the Mexican economy between 1990 and 2013. An empirical and econometric assessment shows that deregulation and globalization, instead of increasing savings, caused the banking system to lose sight of its core activity, which is the financing of production. On this basis, the authors assert the need to establish regulatory mechanisms to ensure financial resources for production.