Post-Keynesian economics

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pages: 823 words: 220,581

Debunking Economics - Revised, Expanded and Integrated Edition: The Naked Emperor Dethroned? by Steve Keen

"Robert Solow", accounting loophole / creative accounting, banking crisis, banks create money, barriers to entry, Benoit Mandelbrot, Big bang: deregulation of the City of London, Black Swan, Bonfire of the Vanities, business cycle, butterfly effect, capital asset pricing model, cellular automata, central bank independence, citizen journalism, clockwork universe, collective bargaining, complexity theory, correlation coefficient, creative destruction, credit crunch, David Ricardo: comparative advantage, debt deflation, diversification, double entry bookkeeping, en.wikipedia.org, Eugene Fama: efficient market hypothesis, experimental subject, Financial Instability Hypothesis, fixed income, Fractional reserve banking, full employment, Henri Poincaré, housing crisis, Hyman Minsky, income inequality, information asymmetry, invisible hand, iterative process, John von Neumann, Kickstarter, laissez-faire capitalism, liquidity trap, Long Term Capital Management, mandelbrot fractal, margin call, market bubble, market clearing, market microstructure, means of production, minimum wage unemployment, Money creation, money market fund, open economy, Pareto efficiency, Paul Samuelson, place-making, Ponzi scheme, Post-Keynesian economics, profit maximization, quantitative easing, RAND corporation, random walk, risk free rate, risk tolerance, risk/return, Robert Shiller, Robert Shiller, Ronald Coase, Savings and loan crisis, Schrödinger's Cat, scientific mainstream, seigniorage, six sigma, South Sea Bubble, stochastic process, The Great Moderation, The Wealth of Nations by Adam Smith, Thorstein Veblen, time value of money, total factor productivity, tulip mania, wage slave, zero-sum game

J. (1979) ‘The endogenous money stock,’ Journal of Post Keynesian Economics, 2(1): 49–70. Moore, B. J. (1983) ‘Unpacking the Post Keynesian black box: bank lending and the money supply,’ Journal of Post Keynesian Economics, 5(4): 537–56. Moore, B. J. (1988a) ‘The endogenous money supply,’ Journal of Post Keynesian Economics, 10(3): 372–85. Moore, B. J. (1988b) Horizontalists and Verticalists: The Macroeconomics of Credit Money, Cambridge: Cambridge University Press. Moore, B. J. (1997) ‘Reconciliation of the supply and demand for endogenous money,’ Journal of Post Keynesian Economics, 19(3): 423–8. Moore, B. J. (2001) ‘Some reflections on endogenous money,’ in L.

But this leads to the dilemma that such models almost always display ‘far from equilibrium’ behavior, which undermines the validity of beliefs about capitalism and welfare that depend on the economy not straying too far from equilibrium. Post-Keynesian economics This school of thought developed in reaction to the ‘bastardization’ of Keynes’s economics in the so-called Keynesian–neoclassical synthesis. Regarding themselves as the true carriers of Keynes’s message, they emphasized the importance of uncertainty in economic analysis, and the profound difference between the monetary economy in which we live, and the barter economy which neoclassical economics regards as an adequate proxy for the real world. As Arestis et al. (1999) put it, the main unifying themes in post-Keynesian economics are ‘a concern for history, uncertainty, distributional issues, and the importance of political and economic institutions in determining the level of activity in an economy.’

Z. (1994) ‘Bohm’s alternative to quantum mechanics,’ Scientific American, 270(5): 32–9. American Review of Political Economy (2011), www.arpejournal.com, forthcoming. Anderson, P. W. (1972) ‘More is different,’ Science, 177(4047): 393–6. Arestis, P., S. P. Dunn and M. Sawyer (1999) ‘Post Keynesian economics and its critics,’ Journal of Post Keynesian Economics, 21: 527–49. Arrow, K. J., M. D. Intriligator et al. (1982) Handbook of Mathematical Economics, Amsterdam: Elsevier. Baird, W. C. (1981) Elements of Macroeconomics, New York: West St Paul. Ballard, D. H. (2000) An Introduction to Natural Computation, Cambridge, MA: MIT Press.


Where Does Money Come From?: A Guide to the UK Monetary & Banking System by Josh Ryan-Collins, Tony Greenham, Richard Werner, Andrew Jackson

bank run, banking crisis, banks create money, Basel III, Big bang: deregulation of the City of London, Bretton Woods, business cycle, capital controls, cashless society, central bank independence, credit crunch, double entry bookkeeping, en.wikipedia.org, eurozone crisis, fiat currency, financial innovation, fixed income, floating exchange rates, Fractional reserve banking, full employment, global reserve currency, Hyman Minsky, inflation targeting, interest rate derivative, interest rate swap, Joseph Schumpeter, low skilled workers, market clearing, market design, market friction, Modern Monetary Theory, Money creation, money market fund, money: store of value / unit of account / medium of exchange, moral hazard, Northern Rock, offshore financial centre, Post-Keynesian economics, price mechanism, price stability, purchasing power parity, quantitative easing, Real Time Gross Settlement, reserve currency, Ronald Reagan, seigniorage, special drawing rights, the payments system, trade route, transaction costs

Retrievable from http://en.wikipedia.org/wiki/Wergeld 45 Greirson (1977). op. cit. p. 43 46 Innes (1913). op. cit. 47 Wray (1998). op. cit. Chapter 3 48 Innes (1913). op. cit. p. 398 49 Mosler, W., (2010). Seven Deadly Innocent Frauds of Economic Policy. Valance Co. Inc., p. 18 50 Knapp, G. F., (1905). The State Theory of Money. London: Macmillan 51 Eladio, F. (2009). Three difficulties with neo-chartalism, Journal of Post Keynesian Economics 31 (3): 523-541. Retrievable from http://www.ucm.es/info/ec/ecocri/cas/Febrero.pdf 52 Innes (1913). op. cit. 53 Davies (2002). op. cit., pp. 203-8 quoted in Ingham (2004) op. cit. p. 123 54 Wray (1998) op. cit. pp. 57-61 55 Tolstoy, L., (1904). What Shall We Do Then? On the Moscow Census Collected Articles.

Retrievable from http://www.bankofengland.co.uk/publications/Documents/workingpapers/wp442.pdf [accessed 5 September 2012] 35 Lyonnet, V. and Werner, R. A., (2012). op. cit. 36 Binswanger, M., (2009) Is There a Growth Imperative in Capitalist Economies? a circular flow perspective, Journal of Post-Keynesian Economics, Volume 31, No. 4 707, p. 713 37 See also the explanation by campaigning group Positive Money. Retrievable from http://www.positivemoney.org.uk/how-banks-create-money/balance-sheets/#destroying 38 Binswanger, M., (2009) op. cit. 39 Goodhart, C.A.E., (1989). op. cit. 40 Werner, R.A., (2005). op. cit. 5 REGULATING MONEY CREATION AND ALLOCATION There can be no doubt that besides the regular types of the circulating medium, such as coin, notes and bank deposits, which are generally recognised to be money or currency, and the quantity of which is regulated by some central authority or can at least be imagined to be so regulated, there exist still other forms of media of exchange which occasionally or permanently do the service of money...

Remarks at the Economic Club of New York, New York 20 Gorton, G. and Metrick, A., (2009). Regulating the shadow banking system NBER working paper 15223 21 BBC, (2012). Libor scandal: Paul Tucker denies ‘leaning on’ Barclays. Retrievable from http://www.bbc.co.uk/news/business-18773498 22 Goodhart, C.A.E., (1989). Has Moore become too horizontal? Journal of Post-Keynesian Economics 14: 134-136 23 For an account of endogenous money: Parguez, A., Seccareccia, M., (2000). The credit theory of money: the monetary circuit approach. pp. 101-24, in Smithin (2000) op. cit. 24 Friedman, M., (1963). Inflation: Causes and Consequences. New York: Asia Publishing House 25 Werner, R.A., (2003).


pages: 586 words: 159,901

Wall Street: How It Works And for Whom by Doug Henwood

accounting loophole / creative accounting, activist fund / activist shareholder / activist investor, affirmative action, Andrei Shleifer, asset allocation, asset-backed security, bank run, banking crisis, barriers to entry, bond market vigilante , borderless world, Bretton Woods, British Empire, business cycle, buy the rumour, sell the news, capital asset pricing model, capital controls, central bank independence, computerized trading, corporate governance, corporate raider, correlation coefficient, correlation does not imply causation, credit crunch, currency manipulation / currency intervention, David Ricardo: comparative advantage, debt deflation, declining real wages, deindustrialization, dematerialisation, disinformation, diversification, diversified portfolio, Donald Trump, equity premium, Eugene Fama: efficient market hypothesis, experimental subject, facts on the ground, financial deregulation, financial innovation, Financial Instability Hypothesis, floating exchange rates, full employment, George Akerlof, George Gilder, hiring and firing, Hyman Minsky, implied volatility, index arbitrage, index fund, information asymmetry, interest rate swap, Internet Archive, invisible hand, Irwin Jacobs, Isaac Newton, joint-stock company, Joseph Schumpeter, kremlinology, labor-force participation, late capitalism, law of one price, liberal capitalism, liquidationism / Banker’s doctrine / the Treasury view, London Interbank Offered Rate, Louis Bachelier, market bubble, Mexican peso crisis / tequila crisis, microcredit, minimum wage unemployment, money market fund, moral hazard, mortgage debt, mortgage tax deduction, Myron Scholes, oil shock, Paul Samuelson, payday loans, pension reform, Plutocrats, plutocrats, Post-Keynesian economics, price mechanism, price stability, prisoner's dilemma, profit maximization, publication bias, Ralph Nader, random walk, reserve currency, Richard Thaler, risk tolerance, Robert Gordon, Robert Shiller, Robert Shiller, Savings and loan crisis, selection bias, shareholder value, short selling, Slavoj Žižek, South Sea Bubble, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, The Market for Lemons, The Nature of the Firm, The Predators' Ball, The Wealth of Nations by Adam Smith, transaction costs, transcontinental railway, women in the workforce, yield curve, zero-coupon bond

"Owner-Manager Conflict and Financial Theories of Investment Instability: A Critical Assessment of Keynes, Tobin, and Minsky," fournal of Post Keynesian Economics 12 (Summer), pp. 519-543- — (1994). "Are Keynesian Uncertainty and Macrotheory Compatible? Conventional Decision Making, Institutional Structures, and Conditional Stability in Keynesian Macromodels," in Dymski and Pollin 1994, pp. 105-139- — (1992). "Neoclassical and Keynesian Approaches to the Theory of Investment," yowr- nal of Post Keynesian Economics 14, pp. 483^96. Cutler, David M., and James M. Poterba (1991). "Speculative Dynamics," Review of Economic Studies 58, pp. 529-546.

When the Machine Stopped: A Cautionary Tale from Industrial America BIBLIOGRAPHY (Cambridge: Harvard Business School Press). Holmes, Alan R. (1969). "Operational Constraints on the Stabilization of Money Supply Grov^lh," in Controlling Monetary Aggregates (Boston. Federal Reserve Bank of Boston), pp. 65-77. Holt, Ric (1996). "What is Post Keynesian Economics." (Internet: gopher:// csf.Colorado.EDU:70/00/econ/authors/Holt.Ric/What_is_Post_Keynesian_Economics). Hudson, Michael (1996). Merchants 0/Misery: How Corporate America Profits from Poverty {Monroe., Maine: Common Courage Press). Hulbert, Mark (1994). "Long-Term Performance Rankings," The Hulbert Financial Digest, ]\Ay. Hviding, Ketil(1995).

The role of the state, then, is to stabilize expectations— to guarantee there won't be depressions, and to guarantee (insofar as anything can be guaranteed) the position of private wealth-owners in the system. In these senses, bastard Keynesianism did the trick — of, to paraphrase Claus Offe, regulating the system politically without materially politicizing it. The establishment took what it needed from Keynes and left the rest. posties Though I've mentioned post-Keynesian economics several times in this chapter, I've barely fleshed out the mentions. But two matters deserve closer attention — theories of monetary endogeneity, and the work of Hyman Minsky. Both are barely acknowledged, much less known, in the mainstream. money emerges from within In conventional economics, of both the monetarist and the eclectically mainstream varieties, the money supply (not always precisely defined) is determined from "outside" the system of private exchange by the central bank; these are exogenous theories of money.


pages: 573 words: 115,489

Prosperity Without Growth: Foundations for the Economy of Tomorrow by Tim Jackson

"Robert Solow", bank run, banking crisis, banks create money, Basel III, basic income, bonus culture, Boris Johnson, business cycle, carbon footprint, Carmen Reinhart, Cass Sunstein, choice architecture, collapse of Lehman Brothers, creative destruction, credit crunch, Credit Default Swap, critique of consumerism, David Graeber, decarbonisation, dematerialisation, en.wikipedia.org, energy security, financial deregulation, Financial Instability Hypothesis, financial intermediation, full employment, Garrett Hardin, Growth in a Time of Debt, Hans Rosling, Hyman Minsky, impact investing, income inequality, income per capita, Intergovernmental Panel on Climate Change (IPCC), Internet of things, invisible hand, job satisfaction, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kenneth Rogoff, Kickstarter, laissez-faire capitalism, liberal capitalism, Mahatma Gandhi, mass immigration, means of production, meta-analysis, Money creation, moral hazard, mortgage debt, Naomi Klein, new economy, offshore financial centre, oil shale / tar sands, open economy, paradox of thrift, peak oil, peer-to-peer lending, Philip Mirowski, Post-Keynesian economics, profit motive, purchasing power parity, quantitative easing, Richard Thaler, road to serfdom, Robert Gordon, Ronald Reagan, science of happiness, secular stagnation, short selling, Simon Kuznets, Skype, smart grid, sovereign wealth fund, Steve Jobs, The Chicago School, The Great Moderation, The Rise and Fall of American Growth, The Spirit Level, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, Tragedy of the Commons, universal basic income, Works Progress Administration, World Values Survey, zero-sum game

‘Understanding financial crisis through accounting models’. Accounting, Organizations and Society 35(7): 676–688. Binswanger, Mathias 2015. ‘The growth imperative revisited. A rejoinder to Gilanyi and Johnson’. Journal of Post Keynesian Economics 37(4): 648–660. Binswanger, Mathias 2009. ‘Is there a growth imperative in capitalist economies? A circular flow perspective’. Journal of Post Keynesian Economics, 31: 707–727. Birch, Ray 2012. ‘US credit unions reach new record: $1 trillion in assets’. Credit Union Journal 16(15): 1, 26. BIS 2015. Secular Stagnation, Debt Overhang and Other Rationales for Sluggish Growth, Six Years on.

Environment, Energy, and Economy: Strategies for Sustainability. Tokyo: United Nations University Press. Keen, Steve 2011. Debunking Economics, revised and expanded edition. London and New York: Zed Books. Keen, Steve 1995. ‘Finance and economic breakdown: modelling Minsky’s “financial instability hypothesis”’. Journal of Post Keynesian Economics 17(4): 607–635. Keynes, John Maynard 1978. Collected Writings of John Maynard Keynes, vol. 17. Cambridge: Cambridge University Press. Keynes, John Maynard 1937. The Collected Writings of John Maynard Keynes, vol. 21, World Crises and Policies in Britain and America, reprinted 2012. Cambridge: Cambridge University Press.

utm_source=Project+Syndicate+Newsletter&utm_campaign=c9ff3f432f-Rogoff_Oil_Prices_and_Global_Growth_12_20_2015&utm_medium=email&utm_term=0_73bad5b7d8-c9ff3f432f-104293997 (accessed 18 December 2015). Rose, Hilary and Stephen Rose 2000. Alas, Poor Darwin – Arguments Against Evolutionary Psychology. London: Jonathan Cape. Rosenbaum, E. 2015. ‘Zero growth and structural change in a post-Keynesian growth model’. Journal of Post Keynesian Economics 37(4): 623–647. Rothman, Dale 1998. ‘Environmental kuznets curves – real progress or passing the buck? A case for consumption-based approaches’. Ecological Economics 25(2): 177–194. Rousseau, Jean-Jacques 1754. A Discourse upon the Origin and the Foundation of the Inequality of Mankind, reprinted 2004.


pages: 338 words: 104,684

The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy by Stephanie Kelton

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, Affordable Care Act / Obamacare, American Society of Civil Engineers: Report Card, Asian financial crisis, bank run, Bernie Madoff, Bernie Sanders, blockchain, bond market vigilante , Bretton Woods, business cycle, capital controls, central bank independence, collective bargaining, Covid-19, COVID-19, currency manipulation / currency intervention, currency peg, David Graeber, David Ricardo: comparative advantage, decarbonisation, deindustrialization, discrete time, Donald Trump, eurozone crisis, fiat currency, floating exchange rates, Food sovereignty, full employment, Gini coefficient, global reserve currency, global supply chain, Hyman Minsky, income inequality, inflation targeting, Intergovernmental Panel on Climate Change (IPCC), investor state dispute settlement, Isaac Newton, Jeff Bezos, liquidity trap, Mahatma Gandhi, manufacturing employment, market bubble, Mason jar, Modern Monetary Theory, mortgage debt, Naomi Klein, National Debt Clock, new economy, New Urbanism, Nixon shock, Nixon triggered the end of the Bretton Woods system, obamacare, open economy, Paul Samuelson, Ponzi scheme, Post-Keynesian economics, price anchoring, price stability, pushing on a string, quantitative easing, race to the bottom, reserve currency, Richard Florida, Ronald Reagan, San Francisco homelessness, shareholder value, Silicon Valley, Tax Reform Act of 1986, trade liberalization, urban planning, working-age population, Works Progress Administration, yield curve, zero-sum game

If, for example, the job came with especially generous paid leave, more flexible work arrangements, better access to public transportation, or simply better options for career advancement, some people might be willing to work for lower pay. It is expected that this would be the exception to the rule, however. 29. Arjun Jayadev and J. W. Mason, “Loose Money, High Rates: Interest Rate Spreads in Historical Perspective,” Journal of Post Keynesian Economics 38, no. 1 (Fall 2015): 93–130. 30. Despite protections against it, employers also discriminate on the basis of race, gender, sexual orientation, and physical disabilities and are prejudiced against the formerly incarcerated and the homeless. The federal job guarantee establishes a right to employment for all. 31.

Fullwiler, “Setting Interest Rates in the Modern Money Era,” Working Paper No. 34, Wartburg College and the Center for Full Employment and Price Stability, July 1, 2004, papers.ssrn.com/sol3/papers.cfm?abstract_id=1723591. 30. L. Randall Wray, “Deficits, Inflation, and Monetary Policy,” Journal of Post Keynesian Economics 19, no. 4 (Summer 1997), 543. 31. The yield curve is a curve (or graph) that shows the interest rates on different debt instruments across a range of maturities. 32. Recall from the Introduction that we have defined monetary sovereignty to include countries that tax, borrow, and spend in a nontethered, that is, floating exchange rate currency that can only be issued by the government or its fiscal agents. 33.

Alan Greenspan, “There is nothing to prevent government from creating as much money as it wants,” Committee on the Budget, House of Representatives, March 2, 2005, posted by wonkmonk, YouTube, March 24, 2014, 1:35, www.youtube.com/watch?v=DNCZHAQnfGU. 63. C-SPAN, 2005 greenspan ryan, 02:42, March 2, 2005, www.c-span.org/video/?c3886511/user-clip-2005-greenspan-ryan-024200. 64. Ibid. 65. Robert Eisner, “Save Social Security from Its Saviors,” Journal of Post Keynesian Economics 21, no. 1 (1998): 77–92. 66. Ibid., 80. 67. Eisner was not opposed to any of these particular changes, but he supported them on equity grounds, rather than viewing them as changes that were needed to help keep the system solvent. 68. “Policy Basics: Where Do Our Federal Tax Dollars Go?”


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Sabotage: The Financial System's Nasty Business by Anastasia Nesvetailova, Ronen Palan

algorithmic trading, bank run, banking crisis, barriers to entry, Basel III, Bear Stearns, Bernie Sanders, big-box store, bitcoin, Black-Scholes formula, blockchain, Blythe Masters, bonus culture, Bretton Woods, business process, collateralized debt obligation, corporate raider, Credit Default Swap, credit default swaps / collateralized debt obligations, critique of consumerism, cryptocurrency, distributed ledger, diversification, Double Irish / Dutch Sandwich, en.wikipedia.org, Eugene Fama: efficient market hypothesis, financial innovation, financial intermediation, financial repression, fixed income, gig economy, Gordon Gekko, high net worth, Hyman Minsky, independent contractor, information asymmetry, interest rate derivative, interest rate swap, Joseph Schumpeter, Kenneth Arrow, litecoin, London Interbank Offered Rate, London Whale, Long Term Capital Management, margin call, market fundamentalism, mortgage debt, new economy, Northern Rock, offshore financial centre, Paul Samuelson, peer-to-peer lending, Plutocrats, plutocrats, Ponzi scheme, Post-Keynesian economics, price mechanism, regulatory arbitrage, rent-seeking, reserve currency, Ross Ulbricht, shareholder value, short selling, smart contracts, sovereign wealth fund, Thorstein Veblen, too big to fail

Pauletto, ‘The History of Derivatives: A Few Milestones’, EFTA Seminar on Regulation of Derivatives Markets, Zurich, 3 May 2012, SECO and Federal Department of Economic Affairs FDEA, www.seco.admin.ch/…/History_of_Derivatives…/10%20The%20History%20of… Larsen, P., ‘Lever again’, Reuters, 27 December 2017, www.breakingviews.com/features/regulators-will-drive-next-wave-of-eu-bank-mergers. Lavoie, M., 2009, Introduction to Post-Keynesian Economics, Palgrave Macmillan. Levine, M., ‘Abacus CDO bites Goldman back’, Bloomberg, 26 September 2018, www.bloomberg.com/opinion/articles/2018-09-26/abacus-cdo-bites-goldman-back. Levine, M., ‘Wells Fargo opened a couple million fake accounts’, Bloomberg, 9 September 2016, www.bloomberg.com/opinion/articles/2016-09-09/wells-fargo-opened-a-couple-million-fake-accounts.

Hosters, ‘Joseph Schumpeter and His Legacy in Innovation Studies’, Knowledge, Technology, & Policy, vol. 18:3, 2005, pp. 20–37. J. A. Schumpeter, ‘The Influence of Protective Tariffs on the Industrial Development of the United States’, in Proceedings of the Academy of Political Science, May 1940, pp. 2–7. 30. M. Lavoie, Introduction to Post-Keynesian Economics, Palgrave Macmillan, 2009. 31. It would take years for lawyers to disentangle the CDS exposure of Lehman Brothers and many other firms that failed in 2007–9. 32. D. Newman, ‘Exploring 5 Trends Driving the Fintech Revolution’, Forbes, 3 July 2018. PART TWO. ‘NO CONFLICT, NO INTEREST’ Chapter 4.


pages: 457 words: 125,329

Value of Everything: An Antidote to Chaos The by Mariana Mazzucato

"Robert Solow", activist fund / activist shareholder / activist investor, Affordable Care Act / Obamacare, Airbnb, bank run, banks create money, Basel III, Berlin Wall, Big bang: deregulation of the City of London, bonus culture, Bretton Woods, business cycle, butterfly effect, buy and hold, Buy land – they’re not making it any more, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, carried interest, cleantech, Corn Laws, corporate governance, corporate social responsibility, creative destruction, Credit Default Swap, David Ricardo: comparative advantage, debt deflation, European colonialism, fear of failure, financial deregulation, financial innovation, Financial Instability Hypothesis, financial intermediation, financial repression, full employment, G4S, George Akerlof, Google Hangouts, Growth in a Time of Debt, high net worth, Hyman Minsky, income inequality, independent contractor, index fund, informal economy, interest rate derivative, Internet of things, invisible hand, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, knowledge economy, labour market flexibility, laissez-faire capitalism, light touch regulation, liquidity trap, London Interbank Offered Rate, margin call, Mark Zuckerberg, market bubble, means of production, Money creation, money market fund, negative equity, Network effects, new economy, Northern Rock, obamacare, offshore financial centre, Pareto efficiency, patent troll, Paul Samuelson, peer-to-peer lending, Peter Thiel, Post-Keynesian economics, profit maximization, quantitative easing, quantitative trading / quantitative finance, QWERTY keyboard, rent control, rent-seeking, Sand Hill Road, shareholder value, sharing economy, short selling, Silicon Valley, Simon Kuznets, smart meter, Social Responsibility of Business Is to Increase Its Profits, software patent, stem cell, Steve Jobs, The Great Moderation, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, Tobin tax, too big to fail, trade route, transaction costs, two and twenty, two-sided market, very high income, Vilfredo Pareto, wealth creators, Works Progress Administration, you are the product, zero-sum game

See also Foley, Adam's Fallacy, for a concise and illustrative discussion of Ricardo's rent and population theory. 38. Ricardo, Principles of Political Economy, p. 71. 39. Another piece of Ricardian theory that has informed economics to the present day is his theory of comparative advantage to explain trade patterns. 40. M. Lavoie, Introduction to Post-Keynesian Economics (Basingstoke: Palgrave Macmillan, 2009), pp. 1-24. 41. J. M. Keynes, The General Theory of Employment, Interest and Money (London: Macmillan, 1936), ch. 24. 42. Ricardo, Principles of Political Economy, p. 150. 43. Ibid., p. 151 fn. 44. Ibid. 45. Ibid., p. 151. 46. This is the principle of primitive accumulation, the historical discussion of which is full of details of chilling violence and cruelty in Marx, Capital: A Critique of Political Economy, vol. 1 (London: Penguin Classics, 2004), Part VIII: Primitive Accumulation. 47.

Hill, ‘The Services of Financial Intermediaries, or FISIM Revisited', paper presented to the Joint UNECE/Eurostat/ OECD Meeting on National Accounts, Geneva, 30 April-3 May 1996: http://www.oecd.org/dataoecd/13/62/27900661.pdf 35. https://www.federalreserve.gov/boarddocs/speeches/2004/20040220/ 36. Bank of England, Financial Stability Report, 30 (December 2011), p. 16; available at https:www.bankofengland.co.uk/media/boe/files/financial-stability- report/2011/december-2011 37. Ibid. 38. Lavoie, Introduction to Post-Keynesian Economics. 39. http://www.bbc.co.uk/news/uk-37873825 40. Using OECD data we can see that the budget surplus in the UK was 0.72 in 1990; 1.11 in 2000; and 0.39 in 2001. In the US it was 0 in 1999, 0.8 in 2000. 41. C. Borio, M. Drehmann and K. Tsatsaronis, ‘Anchoring countercyclical capital buffers: The role of credit aggregates', BIS Working Paper no. 355 (November 2011). 42.

Lessons from Soliris and Sovaldi', Forbes, 4 August 2014: https://www.forbes.com/sites/johnlamattina/2014/08/04/politicians- shouldnt-question-drug-costs-but-rather-their-value-lessons-from- soliris-and-sovaldi/#5d9664502675 La Roche, J. and Crowe, P., ‘The richest hedge fund managers in the world', Business Insider, 2 March 2016. Lavoie, M., Introduction to Post-Keynesian Economics (Basingstoke: Palgrave Macmillan, 2009). Lazonick, W., Sustainable Prosperity in the New Economy? Business Organization and High-Tech Employment in the United States (Kalamazoo, MI: W. E. Upjohn Institute for Employment Research, 2009): https://doi.org/10.17848/9781441639851 Lazonick, W., ‘Profits without prosperity', Harvard Business Review, September 2014.


pages: 263 words: 80,594

Stolen: How to Save the World From Financialisation by Grace Blakeley

"Robert Solow", activist fund / activist shareholder / activist investor, asset-backed security, balance sheet recession, bank run, banking crisis, banks create money, Basel III, basic income, battle of ideas, Berlin Wall, Big bang: deregulation of the City of London, bitcoin, bond market vigilante , Bretton Woods, business cycle, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, collapse of Lehman Brothers, collective bargaining, corporate governance, corporate raider, credit crunch, Credit Default Swap, cryptocurrency, currency peg, David Graeber, debt deflation, decarbonisation, Donald Trump, eurozone crisis, Fall of the Berlin Wall, falling living standards, financial deregulation, financial innovation, Financial Instability Hypothesis, financial intermediation, fixed income, full employment, G4S, gender pay gap, gig economy, Gini coefficient, global reserve currency, global supply chain, housing crisis, Hyman Minsky, impact investing, income inequality, inflation targeting, Intergovernmental Panel on Climate Change (IPCC), job polarisation, Kenneth Rogoff, Kickstarter, land value tax, light touch regulation, low skilled workers, market clearing, means of production, Modern Monetary Theory, money market fund, Mont Pelerin Society, moral hazard, mortgage debt, negative equity, neoliberal agenda, new economy, Nixon triggered the end of the Bretton Woods system, Northern Rock, offshore financial centre, paradox of thrift, payday loans, pensions crisis, Ponzi scheme, Post-Keynesian economics, price mechanism, principal–agent problem, profit motive, quantitative easing, race to the bottom, regulatory arbitrage, reserve currency, Right to Buy, rising living standards, risk-adjusted returns, road to serfdom, savings glut, secular stagnation, shareholder value, Social Responsibility of Business Is to Increase Its Profits, sovereign wealth fund, the built environment, The Great Moderation, too big to fail, transfer pricing, universal basic income, Winter of Discontent, working-age population, yield curve, zero-sum game

., Jensen, M.C. and Meckling, W.H. (1976) “Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure”, Journal of Financial Economics; Jensen, M. and Rubak, R. (1993) “The Market for Corporate Control: The Scientific Evidence”, Journal of Financial Economics, vol. 11. 7. This account draws on: Kohler, K., Guschanski, A. and Stockhammer, E. (2018) “The Impact of Financialisation on the Wage Share: A Theoretical Clarification And Empirical Test”, Post-Keynesian Economics Society Working Paper 1802.; Lazonick, W. and O’Sullivan, M. (2000) “Maximizing Shareholder Value: A New Ideology for Corporate Governance”, Economy and Society, vol. 29; Aglietta, M. and Breton, R. (2010) “Financial Systems, Corporate Control and Capital Accumulation”, Economy and Society, vol. 30; Stockhammer (2004); Orhangazi, O. (2007) “Financialisation and Capital Accumulation in the Nonfinancial Corporate Sector”, Cambridge Journal of Economics, vol. 32; Crotty, J. (2005) “The Neoliberal Paradox: The Impact of Destructive Product Market Competition and ‘Modern’ Financial Markets on Nonfinancial Corporation Performance in the Neoliberal Era”, in Epstein, G.

‘Financialisation’ and the Monetary Circuit”, University of the West of England Economics Working Paper 1602 http://eprints.uwe.ac.uk/28552/1/1602. pdf; Moosa, I. (2010) “Basel II as a Casualty of the Global Financial Crisis”, Journal of Banking Regulation, vol. 11; Tobias, A. and Hyun Song, S. (2009) “The Shadow Banking System: Implications for Financial Regulation”, Federal Reserve Bank of New York Staff Paper 382; Adrias, T. and Ashcraft, A. (2012) “Shadow Banking Regulation”, Federal Reserve Bank of New York Staff Report 559 12 This account draws on: Tooze (2018); Wray (2015); McCabe, P. (2010) “The Cross Section of Money Market Fund Risks and Financial Crises”, Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board, Washington, D.C. 13 This account draws on: Tooze (2018); Michell (2016); Lysandrou and Shabani (2018) “The Explosive Growth of the ABCP Market Between 2004 And 2007: A ‘Search for Yield’ Story”, Journal of Post-Keynesian Economics, vol. 41; Adrian, T. (2013) “Repo and Securities Lending’, Federal Reserve Bank Of New York Staff Reports 529; Acharya, V. and Schnabl, P. (2010) “Do Global Banks Spread Global Imbalances? The Case of Asset-Backed Commercial Paper During the Financial Crisis of 2007-09”, NBER Working Paper 16079; Covitz, D., Liang, N., Suarez, G. (2009) “The Evolution of a Financial Crisis: Panic in the Asset-Backed Commercial Paper Market”, Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board, Washington, D.C.; Gorton, G. and Metrick, A. (2012) “Securitized Banking and the Run On Repo”, Journal of Financial Economics, vol. 104 14 Scanlon, K. and Whitehead, C. (2011) “The UK Mortgage Market: Responding to Volatility”, Journal of Housing and the Built Environment, vol. 26; Milne, A. and Wood, J.A. (2013) “An Old Fashioned Banking Crisis: Credit Growth and Loan Losses in the UK 1997-2012”, Paper prepared for conference: The Causes and Consequences of the Long UK Expansion: 1992 to 2007, 19-20 September 2013, Clare College Cambridge 15 Financial Conduct Authority (2019) “Statistics on Mortgage Lending: March 2019 Edition: MLAR Detailed Tables”, FCA https://www.fca.org.uk/data/mortgage-lending-statistics; Office for National Statistics (2019) “Gross Domestic Product: Chained Volume Measures: Seasonally Adjusted £m” https://www.ons.gov.uk/economy/grossdomesticproductgdp/timeseries/abmi/pn2. 16 Bank of England (2017; 2018) 17 This account draws on: Bank of England (2018; 2017); Scanlon and Whitehead (2011); Milne and Wood (2013); Boyer (2013). 18 Ellis, L. (2008) “The Housing Meltdown: Why Did It Happen in the United States?”


pages: 554 words: 158,687

Profiting Without Producing: How Finance Exploits Us All by Costas Lapavitsas

"Robert Solow", Andrei Shleifer, asset-backed security, bank run, banking crisis, Basel III, Bear Stearns, borderless world, Branko Milanovic, Bretton Woods, business cycle, capital controls, Carmen Reinhart, central bank independence, collapse of Lehman Brothers, computer age, conceptual framework, corporate governance, credit crunch, Credit Default Swap, David Graeber, David Ricardo: comparative advantage, disintermediation, diversified portfolio, Erik Brynjolfsson, eurozone crisis, everywhere but in the productivity statistics, financial deregulation, financial independence, financial innovation, financial intermediation, financial repression, Flash crash, full employment, global value chain, global village, High speed trading, Hyman Minsky, income inequality, inflation targeting, informal economy, information asymmetry, intangible asset, job satisfaction, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, liberal capitalism, London Interbank Offered Rate, low skilled workers, M-Pesa, market bubble, means of production, Modern Monetary Theory, Money creation, money market fund, moral hazard, mortgage debt, Network effects, new economy, oil shock, open economy, pensions crisis, Post-Keynesian economics, price stability, Productivity paradox, profit maximization, purchasing power parity, quantitative easing, quantitative trading / quantitative finance, race to the bottom, regulatory arbitrage, reserve currency, Robert Shiller, Robert Shiller, savings glut, Scramble for Africa, secular stagnation, shareholder value, Simon Kuznets, special drawing rights, Thales of Miletus, The Chicago School, The Great Moderation, the payments system, The Wealth of Nations by Adam Smith, Tobin tax, too big to fail, total factor productivity, trade liberalization, transaction costs, union organizing, value at risk, Washington Consensus, zero-sum game

Sharpe, 1982; Stabilizing an Unstable Economy, New Haven, CT: Yale University Press, 1986. 50 Hyman Minsky, ‘Uncertainty and the Institutional Structure of Capitalist Economies’, Working Paper No. 155, Levy Economics Institute of Bard College, April 1996; Hyman Minsky and Charles Whalen, ‘Economic Insecurity and the Institutional Prerequisites for Successful Capitalism’, Working Paper No. 165, Levy Economics Institute of Bard College, 1996. 51 See, for instance, James Crotty, ‘Owner–Manager Conflict and Financial Theory of Investment Stability’, Journal of Post Keynesian Economics 12:4, 1990; Robert Pollin, ‘The Resurrection of the Rentier’, New Left Review 46, 2007; and Gerald Epstein (ed.), Financialization and the World Economy. Cheltenham: Edward Elgar, 2005. 52 John Maynard Keynes, The General Theory of Employment, Interest and Money, London: Macmillan, 1973, ch. 24. 53 Note that another and quite different approach to finance can also be found in Marx’s work, as is shown in chapters 5 and 6.

Financialization from this perspective is the channelling of middle class and rentier saving to the stock market inducing asset price inflation and fostering the growth of institutional investors. Jan Toporowski, ‘The Economics and Culture of Financial Inflation’, Competition and Change 13:2, 2009. 55 For instance, James Crotty, ‘Owner–Manager Conflict and Financial Theory of Investment Stability’, Journal of Post Keynesian Economics 12:4, 1990; Engelbert Stockhammer, ‘Financialization and the Slowdown of Accumulation’, Cambridge Journal of Economics, 28, 2004; Engelbert Stockhammer, ‘Some Stylized Facts on the Finance-dominated Accumulation Regime’, Competition and Change 12:2, 2008; Gerald Epstein and Arjun Jayadev, ‘The Rise of Rentier Incomes in OECD Countries: Financialization, Central Bank Policy and Labor Solidarity’, in Financialization and the World Economy, ed.

Richard Cox and Timothy Sinclair, New York: Cambridge University Press, 1996, pp. 524–36. Crompton, Rosemary, and Fiona Harris, ‘Explaining Women’s Employment Patterns’, British Journal of Sociology 49:1, 1998, pp. 118–36. Crotty, James, ‘Owner-Manager Conflict and Financial Theory of Investment Stability: A Critical Asessment of Keynes, Tobin, and Minsky’, Journal of Post Keynesian Economics 12:4, 1990, pp. 519–42. Crotty, James, ‘Profound Structural Flaws in the US Financial System That Helped Cause the Financial Crisis’, Economic and Political Weekly 44:13, 2009, pp. 127–35. Crotty, James, ‘Structural Causes of the Global Financial Crisis: A Critical Assessment of the “New Financial Architecture” ’, Working Paper 180, Political Economy Research Institute, 2008.


pages: 346 words: 90,371

Rethinking the Economics of Land and Housing by Josh Ryan-Collins, Toby Lloyd, Laurie Macfarlane

"Robert Solow", agricultural Revolution, asset-backed security, balance sheet recession, bank run, banking crisis, barriers to entry, basic income, Bretton Woods, business cycle, Capital in the Twenty-First Century by Thomas Piketty, collective bargaining, Corn Laws, correlation does not imply causation, creative destruction, credit crunch, debt deflation, deindustrialization, falling living standards, financial deregulation, financial innovation, Financial Instability Hypothesis, financial intermediation, foreign exchange controls, full employment, garden city movement, George Akerlof, ghettoisation, Gini coefficient, Hernando de Soto, housing crisis, Hyman Minsky, income inequality, information asymmetry, knowledge worker, labour market flexibility, labour mobility, land reform, land tenure, land value tax, Landlord’s Game, low skilled workers, market bubble, market clearing, Martin Wolf, means of production, Money creation, money market fund, mortgage debt, negative equity, Network effects, new economy, New Urbanism, Northern Rock, offshore financial centre, Pareto efficiency, place-making, Post-Keynesian economics, price stability, profit maximization, quantitative easing, rent control, rent-seeking, Richard Florida, Right to Buy, rising living standards, risk tolerance, Second Machine Age, secular stagnation, shareholder value, the built environment, The Great Moderation, The Market for Lemons, The Spirit Level, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thomas Malthus, transaction costs, universal basic income, urban planning, urban sprawl, working poor, working-age population

Washington, DC: Brookings Institution. Kay, John Anderson. 2009. Narrow Banking: The Reform of Banking Regulation. Tonbridge: Centre for the Study of Financial Innovation. Keen, Steve. 1995. ‘Finance and Economic Breakdown: Modeling Minsky’s “Financial Instability Hypothesis”’. Journal of Post Keynesian Economics 17 (4): 607–35. Keen, Steve. 2011. Debunking Economics: The Naked Emperor Dethroned? 2nd ed. London: Zed Books. Keen, Steve. 2013. ‘A Monetary Minsky Model of the Great Moderation and the Great Recession’. Journal of Economic Behavior and Organization 86: 221–35. Kemp, P. 2002. Private Renting in Transition.

The Jerome Levy Economics Institute Working Paper no. 74, May. Mirrlees, James, and Stuart Adam. 2011. Tax by Design: The Mirrlees Review. Vol. 2. Oxford: Oxford University Press. Modigliani, Franco, and Richard Brumberg. 1954. ‘Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data’. In Post-Keynesian Economics, ed. Kenneth Kurihara. New Brunswick, NJ: Rutgers University Press. Monk, Sarah, Christine Whitehead, Gemma Burgess, and Connie Tang. 2013. ‘International Review of Land Supply and Planning Systems’. York: Joseph Rowntree Foundation. Morley, Katie. 2016. ‘“Generation Rent” Dominates London Property Market for the First Time’.


pages: 363 words: 107,817

Modernising Money: Why Our Monetary System Is Broken and How It Can Be Fixed by Andrew Jackson (economist), Ben Dyson (economist)

bank run, banking crisis, banks create money, Basel III, Bretton Woods, business cycle, call centre, capital controls, cashless society, central bank independence, credit crunch, David Graeber, debt deflation, double entry bookkeeping, eurozone crisis, financial exclusion, financial innovation, Financial Instability Hypothesis, financial intermediation, floating exchange rates, Fractional reserve banking, full employment, Hyman Minsky, inflation targeting, informal economy, information asymmetry, intangible asset, land reform, London Interbank Offered Rate, market bubble, market clearing, Martin Wolf, means of production, Money creation, money: store of value / unit of account / medium of exchange, moral hazard, mortgage debt, negative equity, Northern Rock, Post-Keynesian economics, price stability, profit motive, quantitative easing, Real Time Gross Settlement, regulatory arbitrage, risk-adjusted returns, Savings and loan crisis, seigniorage, shareholder value, short selling, South Sea Bubble, The Great Moderation, the payments system, The Wealth of Nations by Adam Smith, too big to fail, total factor productivity, unorthodox policies

Tackling Over-Indebtedness, Annual Report 2007. Berry, S., Harrison, R., Thomas, R., & de Weymarn, I. (2007). Interpreting Movements in Broad Money. Bank of England Quarterly Bulletin, 47 Q3, p. 377. Binswanger, M. (2009). Is There a Growth Imperative in Capitalist Economies? A Circular Flow Perspective. Journal of Post Keynesian Economics. Bisschop, W.R. (2001 [1896]). The Rise of the London Money Market 1640-1826. Kitchenor: Batoche Books. Black, O. (2011). Wealth in Great Britain. Main Results from the Wealth and Assets Survey: 2008/10. The Office for National Statistics. Blanchard, O. (2006). Macroeconomics, 4th Edition.

Woodford. (1999). Handbook of Macroeconomics. Elsevier. (pp. 1305-1340). Smith, A. (2005 [1776]). An Inquiry into the Nature and Causes of the Wealth of Nations. Electronic Classics Series, Pennsylvania State University. Smithin, J. (2003). Inflation. In J. E. King. (2003). The Elgar Companion to Post Keynesian Economics. Bodmin, Cornwall: Edward Elgar. (pp. 186-190). Spufford, P. (2002). Power and Profit: The Merchant in Medieval Europe. London: Thames and Hudson. Stiglitz, J., & Weiss, A. (1981). Credit Rationing in Markets with Imperfect Information. American Economic Review, (pp. 393-410). Stiglitz, J., & Weiss, A. (1988).


pages: 385 words: 123,168

Bullshit Jobs: A Theory by David Graeber

1960s counterculture, active measures, basic income, Berlin Wall, Bernie Sanders, Bertrand Russell: In Praise of Idleness, Bretton Woods, Buckminster Fuller, call centre, cognitive dissonance, collateralized debt obligation, David Graeber, Donald Trump, equal pay for equal work, full employment, functional programming, global supply chain, High speed trading, hiring and firing, independent contractor, informal economy, Jarndyce and Jarndyce, Jarndyce and Jarndyce, job automation, John Maynard Keynes: technological unemployment, knowledge worker, moral panic, Post-Keynesian economics, post-work, precariat, Silicon Valley, Silicon Valley startup, single-payer health, software as a service, telemarketer, The Future of Employment, Thorstein Veblen, too big to fail, Travis Kalanick, universal basic income, unpaid internship, wage slave, wages for housework, women in the workforce, working poor, Works Progress Administration, young professional, éminence grise

Galbraith, John Kenneth. American Capitalism: The Concept of Countervailing Power. Harmondsworth, UK: Penguin, 1963. ________. The New Industrial State. Harmondsworth, UK: Penguin, 1967. ________. The Affluent Society. Harmondsworth, UK: Penguin, 1969. ________. “On Post-Keynesian Economics.” Journal of Post-Keynesian Economics 1, no. 1 (1978): 8–11. Gini, Al. “Work, Identity and Self: How We Are Formed by the Work We Do.” Journal of Business Ethics 17 (1998): 707–14. ________. My Job, My Self: Work and the Creation of the Modern Individual. London: Routledge, 2012. Gini, Al, and Terry Sullivan.


pages: 415 words: 125,089

Against the Gods: The Remarkable Story of Risk by Peter L. Bernstein

"Robert Solow", Albert Einstein, Alvin Roth, Andrew Wiles, Antoine Gombaud: Chevalier de Méré, Bayesian statistics, Big bang: deregulation of the City of London, Bretton Woods, business cycle, buttonwood tree, buy and hold, capital asset pricing model, cognitive dissonance, computerized trading, Daniel Kahneman / Amos Tversky, diversified portfolio, double entry bookkeeping, Edmond Halley, Edward Lloyd's coffeehouse, endowment effect, experimental economics, fear of failure, Fellow of the Royal Society, Fermat's Last Theorem, financial deregulation, financial innovation, full employment, index fund, invention of movable type, Isaac Newton, John Nash: game theory, John von Neumann, Kenneth Arrow, linear programming, loss aversion, Louis Bachelier, mental accounting, moral hazard, Myron Scholes, Nash equilibrium, Norman Macrae, Paul Samuelson, Philip Mirowski, Post-Keynesian economics, probability theory / Blaise Pascal / Pierre de Fermat, random walk, Richard Thaler, Robert Shiller, Robert Shiller, spectrum auction, statistical model, stocks for the long run, The Bell Curve by Richard Herrnstein and Charles Murray, The Wealth of Nations by Adam Smith, Thomas Bayes, trade route, transaction costs, tulip mania, Vanguard fund, zero-sum game

Games, Gods, and Gambling. New York: Hafner Publishing Company.* Davidson, Paul, 1991. "Is Probability Theory Relevant for Uncertainty? A Post Keynesian Perspective." Journal of Economic Perspectives, Vol. 5, No. 1 (Winter), pp. 129-143. Davidson, Paul, 1996. "Reality and Economic Theory." Journal of Post Keynesian Economics, Summer. Forthcoming. DeBondt, Werner, and Richard H. Thaler, 1986. "Does the Stock Market Overreact?" Journal of Finance, Vol. XL, No. 3, pp. 793-807. Dewey, Donald, 1987. "The Uncertain Place of Frank Knight in Chicago Economics." A paper prepared for the American Economic Association, Chicago, December 30, 1987.

In Research in the History of Economic Thought and Methodology, Vol. 8, pp. 1-38. New York: JAI Press. Dewey, Donald, 1997. "Frank Hynernan Knight." Dictionary of American National Biography. Forthcoming. New York: Oxford University Press. Dixon, Robert, 1986. "Uncertainty, Unobstructedness, and Power." Journal of Post Keynesian Economics, Vol. 8, No. 4 (Summer), pp. 585-590. Durand, David, 1959. "Growth Stocks and the Petersburg Paradox." Journal of Finance, Vol. XII, No. 3 (September), pp. 348-363. Eadington, W. R., 1976. Gambling and Society: Interdisciplinary Studies on the Subject of Gambling. London: Charles C Thomas.


pages: 177 words: 50,167

The Populist Explosion: How the Great Recession Transformed American and European Politics by John B. Judis

affirmative action, Affordable Care Act / Obamacare, Albert Einstein, anti-communist, back-to-the-land, Bernie Sanders, Boris Johnson, Bretton Woods, capital controls, centre right, collapse of Lehman Brothers, deindustrialization, desegregation, Donald Trump, eurozone crisis, financial deregulation, first-past-the-post, fixed income, full employment, ghettoisation, glass ceiling, hiring and firing, illegal immigration, immigration reform, income inequality, invisible hand, laissez-faire capitalism, mass immigration, means of production, neoliberal agenda, obamacare, Occupy movement, open borders, Plutocrats, plutocrats, Post-Keynesian economics, post-materialism, rolodex, Ronald Reagan, Silicon Valley, War on Poverty, We are the 99%, white flight, Winter of Discontent

Hall, “Varieties of Capitalism and the Eurocrisis,” West European Politics, August 2014; Heiner Flassback and Kostas Lapavitsas, Against the Troika: Crisis and Austerity in the Eurozone, Verso, 2015; Engelbert Stockhammer, “The Euro Crisis and the Contradictions of Neoliberalism in Europe,” Post Keynesian Economics Study Group, Working Paper 1401; Mark Copelovtich, Jeffry Frieden, and Stefanie Walter, “The Political Economy of the Euro Crisis,” Comparative Political Studies, 2016; Servaas Storm and C. W. Naastepad, “Myths, Mixups, and Mishandlings: Understanding the Eurozone Crisis,” International Journal of Political Economy 45, 2016; and Pettis, op. cit., Appendix.


pages: 182 words: 53,802

The Production of Money: How to Break the Power of Banks by Ann Pettifor

Ben Bernanke: helicopter money, Bernie Madoff, Bernie Sanders, bitcoin, blockchain, bond market vigilante , borderless world, Bretton Woods, capital controls, Carmen Reinhart, central bank independence, clean water, credit crunch, Credit Default Swap, cryptocurrency, David Graeber, David Ricardo: comparative advantage, debt deflation, decarbonisation, distributed ledger, Donald Trump, eurozone crisis, fiat currency, financial deregulation, financial innovation, financial intermediation, financial repression, fixed income, Fractional reserve banking, full employment, Hyman Minsky, inflation targeting, interest rate derivative, invisible hand, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kenneth Rogoff, Kickstarter, light touch regulation, London Interbank Offered Rate, market fundamentalism, Martin Wolf, mobile money, Money creation, Naomi Klein, neoliberal agenda, offshore financial centre, Paul Samuelson, Ponzi scheme, Post-Keynesian economics, pushing on a string, quantitative easing, rent-seeking, Satyajit Das, savings glut, secular stagnation, The Chicago School, the market place, Thomas Malthus, Tobin tax, too big to fail

And with his policies, went his theory and, once more, the understanding of money. Classical economics and its flawed theory of money was revived. The understanding of bank money and credit shared by those in the ‘underworld’ lived on only through Keynes’s closest colleagues in Cambridge, who were subsequently cast out of the profession. His theory was revived as post-Keynesian economics in the US under Sidney Weintraub, Hyman Minsky and Paul Davidson, and in the UK by Victoria Chick, among others. Geoffrey Ingham in the UK has revived the tradition within sociology. This revival has been echoed by the accessible and popular account in the New Economics Foundation book Where Does Money Come From?


Phil Thornton by The Great Economists Ten Economists whose thinking changed the way we live-FT Publishing International (2014)

availability heuristic, Berlin Wall, bitcoin, Bretton Woods, British Empire, business cycle, business process, call centre, capital controls, Cass Sunstein, choice architecture, cognitive bias, collapse of Lehman Brothers, Corn Laws, creative destruction, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, double helix, endogenous growth, endowment effect, Eugene Fama: efficient market hypothesis, Fall of the Berlin Wall, fiat currency, financial deregulation, fixed income, full employment, hindsight bias, income inequality, inflation targeting, invisible hand, Isaac Newton, John Maynard Keynes: Economic Possibilities for our Grandchildren, joint-stock company, Kenneth Arrow, Kenneth Rogoff, Kickstarter, liquidity trap, loss aversion, mass immigration, means of production, mental accounting, Myron Scholes, paradox of thrift, Pareto efficiency, Paul Samuelson, Post-Keynesian economics, price mechanism, pushing on a string, quantitative easing, Richard Thaler, road to serfdom, Ronald Coase, Ronald Reagan, school vouchers, Simon Kuznets, The Chicago School, The Wealth of Nations by Adam Smith, Thomas Malthus, Toyota Production System, trade route, transaction costs, unorthodox policies, Vilfredo Pareto, women in the workforce

Science plays a role in the final two elements: a universal development of society’s productive forces on the basis of science, technology and automation; and a cultivation of needs on the basis of science and education. The vision can be summed up as one of communal production where the value of the work is measured by its quality rather than the hours worked, money is a tool for 2. J.E. Elliott, ‘Marx’s Grundrisse: Vision of Capitalism’s Creative Destruction’, Journal of Post Keynesian Economics, Vol. 1(2) (Winter 1978–79), pp. 148–69. Chapter 3 • Karl Marx61 exchange value, and the resulting increase in free time allows each individual to develop in their own way. This is hardly an operational model for running a socialist economy but shows how, in Marx’s view, communism would supersede capitalism in a dynamic process similar to the one that saw feudalism give way to capitalism by building on trends established beforehand.


Global Governance and Financial Crises by Meghnad Desai, Yahia Said

Asian financial crisis, bank run, banking crisis, Bretton Woods, business cycle, capital controls, central bank independence, corporate governance, creative destruction, credit crunch, crony capitalism, currency peg, deglobalization, financial deregulation, financial innovation, Financial Instability Hypothesis, financial intermediation, financial repression, floating exchange rates, frictionless, frictionless market, German hyperinflation, information asymmetry, knowledge economy, liberal capitalism, liberal world order, Long Term Capital Management, market bubble, Mexican peso crisis / tequila crisis, moral hazard, Nick Leeson, Nixon triggered the end of the Bretton Woods system, oil shock, open economy, Post-Keynesian economics, price mechanism, price stability, Real Time Gross Settlement, rent-seeking, short selling, special drawing rights, structural adjustment programs, Tobin tax, transaction costs, Washington Consensus

He specialises on the economic development of Latin America and East Asia and their integration within the World Economy. In particular, the study of these economies from the point of view of their economic history, macroeconomics, international trade and international finance. Recent publications include: Capital Controversy, Post Keynesian Economics and the History of Economic Thought (Routledge 1996) and Financial Liberalisation and the East Asian Crisis (Palgrave 2001). Contributors xiii Yahia Said is a Research Officer at the Centre for the Study of Global Governance at the LSE. His experience combines academic research with private sector work and activism.


pages: 270 words: 73,485

Hubris: Why Economists Failed to Predict the Crisis and How to Avoid the Next One by Meghnad Desai

"Robert Solow", 3D printing, bank run, banking crisis, Bear Stearns, Berlin Wall, Big bang: deregulation of the City of London, Bretton Woods, BRICs, British Empire, business cycle, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, collapse of Lehman Brothers, collateralized debt obligation, correlation coefficient, correlation does not imply causation, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, David Ricardo: comparative advantage, deindustrialization, demographic dividend, Eugene Fama: efficient market hypothesis, eurozone crisis, experimental economics, Fall of the Berlin Wall, financial innovation, Financial Instability Hypothesis, floating exchange rates, full employment, German hyperinflation, Gunnar Myrdal, Home mortgage interest deduction, imperial preference, income inequality, inflation targeting, invisible hand, Isaac Newton, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, laissez-faire capitalism, liquidity trap, Long Term Capital Management, market bubble, market clearing, means of production, Mexican peso crisis / tequila crisis, mortgage debt, Myron Scholes, negative equity, Northern Rock, oil shale / tar sands, oil shock, open economy, Paul Samuelson, Post-Keynesian economics, price stability, purchasing power parity, pushing on a string, quantitative easing, reserve currency, rising living standards, risk/return, Robert Shiller, Robert Shiller, Ronald Reagan, savings glut, secular stagnation, seigniorage, Silicon Valley, Simon Kuznets, The Chicago School, The Great Moderation, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, The Wealth of Nations by Adam Smith, Tobin tax, too big to fail, women in the workforce

It was only later that some “fundamentalist” Keynesians began to protest that the original book had been ignored and the novelty of Keynes’s argument obliterated in Hicks’s version. Disagreements about Hicks’s simplification of Keynes’s model became rampant during the 1960s and 1970s, with large swathes of economists arguing that the IS-LM approach distorted the original message of Keynes’s General Theory. Post-Keynesian economics was born in the 1960s, hoping to restore the true message of Keynes, but it remains a minority cult. The Policy Legacy of Keynes Yet, at the outset, there was much less disagreement about the effectiveness of Keynes’s policy nostrums, or rather nostrums derived from his message by civil servants and Treasuries.


pages: 330 words: 77,729

Big Three in Economics: Adam Smith, Karl Marx, and John Maynard Keynes by Mark Skousen

"Robert Solow", Albert Einstein, banking crisis, Berlin Wall, Bretton Woods, business climate, business cycle, creative destruction, David Ricardo: comparative advantage, delayed gratification, experimental economics, financial independence, Financial Instability Hypothesis, foreign exchange controls, full employment, Hernando de Soto, housing crisis, Hyman Minsky, inflation targeting, invisible hand, Isaac Newton, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kenneth Arrow, laissez-faire capitalism, liberation theology, liquidity trap, means of production, microcredit, minimum wage unemployment, money market fund, open economy, paradox of thrift, Pareto efficiency, Paul Samuelson, Post-Keynesian economics, price stability, pushing on a string, rent control, Richard Thaler, rising living standards, road to serfdom, Robert Shiller, Robert Shiller, rolodex, Ronald Coase, Ronald Reagan, school choice, secular stagnation, Simon Kuznets, The Chicago School, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, Tobin tax, Tragedy of the Commons, unorthodox policies, Vilfredo Pareto, zero-sum game

In the words of G.K. Shaw, modern Keynesian theory "not only resisted the challenge but also underwent a fundamental metamorphosis, emerging ever more convincing and ever more resilient" (Shaw 1988, 5). The remaining Keynesian precepts achieved a certain kind of "permanent revolution." Post-Keynesian Economics Today What's left of modern Keynesian theory? Was Keynesianism a "permanent" revolution, as G.K. Shaw says, or an unfortunate interlude, as Leland Yeager calls it, a temporary "diversion" from the neoclassical model? Keynes and his disciples still hold fast to a central belief that the system of Adam Smith is inherently precarious, especially under a laissez-faire global financial system, and requires government intervention (expansionary fiscal and monetary policy) to maintain a high level of "aggregate effective demand" and full employment.


pages: 286 words: 87,168

Less Is More: How Degrowth Will Save the World by Jason Hickel

air freight, Airbnb, basic income, Bernie Sanders, Big bang: deregulation of the City of London, Boris Johnson, Bretton Woods, British Empire, capital controls, cognitive dissonance, coronavirus, corporate governance, corporate personhood, COVID-19, David Graeber, decarbonisation, declining real wages, deindustrialization, dematerialisation, disinformation, Elon Musk, energy transition, Fellow of the Royal Society, Fractional reserve banking, Francis Fukuyama: the end of history, full employment, gender pay gap, income inequality, Intergovernmental Panel on Climate Change (IPCC), invention of the steam engine, James Watt: steam engine, Jeff Bezos, John Maynard Keynes: Economic Possibilities for our Grandchildren, land reform, liberal capitalism, longitudinal study, Mahatma Gandhi, Mark Zuckerberg, McMansion, means of production, meta-analysis, microbiome, Money creation, moral hazard, mortgage debt, Naomi Klein, new economy, offshore financial centre, oil shale / tar sands, out of africa, passive income, planetary scale, Plutocrats, plutocrats, Post-Keynesian economics, quantitative easing, rent control, rent-seeking, Ronald Reagan, Scramble for Africa, secular stagnation, shareholder value, sharing economy, Simon Kuznets, structural adjustment programs, the scientific method, The Spirit Level, transatlantic slave trade, trickle-down economics, universal basic income

In this respect it had a kind of state capitalist character (being organised around surplus and reinvestment for the sake of expansion), which is one of the reasons that it does not offer a meaningful alternative to our present crisis. 30 Mathias Binswanger, ‘The growth imperative revisited: a rejoinder to Gilányi and Johnson,’ Journal of Post Keynesian Economics 37(4), 2015, pp. 648–660. 31 Johan Rockström et al., ‘Planetary boundaries: exploring the safe operating space for humanity,’ Ecology and Society 14(2), 2009; Will Steffen et al., ‘Planetary boundaries: Guiding human development on a changing planet,’ Science 347(6223), 2015. 32 To see which countries are overshooting planetary boundaries, see goodlife.leeds.ac.uk/countries 33 See www.calculator.climateequityreference.org. 34 To have a 66% chance of staying under 1.5°C, global emissions must fall by 10% per year beginning in 2020.


pages: 296 words: 83,254

After the Gig: How the Sharing Economy Got Hijacked and How to Win It Back by Juliet Schor, William Attwood-Charles, Mehmet Cansoy

1960s counterculture, Airbnb, Amazon Mechanical Turk, American Legislative Exchange Council, back-to-the-land, barriers to entry, carbon footprint, cleantech, collaborative consumption, collaborative economy, Community Supported Agriculture, Covid-19, COVID-19, creative destruction, crowdsourcing, deskilling, en.wikipedia.org, financial independence, future of work, George Gilder, gig economy, global supply chain, global village, haute cuisine, income inequality, independent contractor, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), Jean Tirole, Jeff Bezos, jitney, job satisfaction, Kevin Kelly, Lyft, Marshall McLuhan, Mason jar, mass incarceration, Mitch Kapor, Network effects, new economy, New Urbanism, Occupy movement, peer-to-peer rental, Post-Keynesian economics, precariat, profit maximization, profit motive, race to the bottom, regulatory arbitrage, rent-seeking, ride hailing / ride sharing, Ruby on Rails, selection bias, sharing economy, Silicon Valley, Silicon Valley ideology, Skype, smart cities, Stewart Brand, TaskRabbit, technoutopianism, Telecommunications Act of 1996, The Nature of the Firm, the payments system, Tragedy of the Commons, transaction costs, transportation-network company, Travis Kalanick, two-sided market, Uber and Lyft, Uber for X, uber lyft, urban planning, wage slave, walking around money, Whole Earth Catalog, women in the workforce, working poor, Yochai Benkler, Zipcar

Governing the Commons: The Evolution of Institutions for Collective Action. Cambridge: Cambridge University Press. O’Sullivan, Feargus. 2018. “Barcelona Finds a Way to Control Its Airbnb Market.” CityLab, June 6, 2018. Pacitti, Aaron. 2011. “The Cost of Job Loss and the Great Recession.” Journal of Post Keynesian Economics 33 (4): 597–620. Pager, Devah. 2007. Marked: Race, Crime, and Finding Work in an Era of Mass Incarceration. Chicago: University of Chicago Press. Paharia, Neeru, Anat Keinan, Jill Avery, and Juliet B. Schor. 2011. “The Underdog Effect: The Marketing of Disadvantage and Determination through Brand Biography.”


pages: 330 words: 91,805

Peers Inc: How People and Platforms Are Inventing the Collaborative Economy and Reinventing Capitalism by Robin Chase

Airbnb, Amazon Web Services, Andy Kessler, banking crisis, barriers to entry, basic income, Benevolent Dictator For Life (BDFL), bitcoin, blockchain, Burning Man, business climate, call centre, car-free, cloud computing, collaborative consumption, collaborative economy, collective bargaining, commoditize, congestion charging, creative destruction, crowdsourcing, cryptocurrency, decarbonisation, different worldview, do-ocracy, don't be evil, Elon Musk, en.wikipedia.org, Ethereum, ethereum blockchain, Ferguson, Missouri, Firefox, frictionless, Gini coefficient, hive mind, income inequality, independent contractor, index fund, informal economy, Intergovernmental Panel on Climate Change (IPCC), Internet of things, Jane Jacobs, Jeff Bezos, jimmy wales, job satisfaction, Kickstarter, Lean Startup, Lyft, means of production, megacity, Minecraft, minimum viable product, Network effects, new economy, Oculus Rift, openstreetmap, optical character recognition, pattern recognition, peer-to-peer, peer-to-peer lending, peer-to-peer model, Post-Keynesian economics, Richard Stallman, ride hailing / ride sharing, Ronald Coase, Ronald Reagan, Satoshi Nakamoto, Search for Extraterrestrial Intelligence, self-driving car, shareholder value, sharing economy, Silicon Valley, six sigma, Skype, smart cities, smart grid, Snapchat, sovereign wealth fund, Steve Crocker, Steve Jobs, Steven Levy, TaskRabbit, The Death and Life of Great American Cities, The Future of Employment, The Nature of the Firm, Tragedy of the Commons, transaction costs, Turing test, turn-by-turn navigation, Uber and Lyft, uber lyft, Zipcar

In economist Thomas Piketty’s 2014 bestselling Capital in the 21st Century, his analysis found that the top 10 percent of Americans in 2010 owned 70 percent of the capital, trending toward the extreme capital inequality last observed in 1910 monarchical Europe. Today, in the countries experiencing the most economic equality (like Norway, Denmark, and Hungary as measured by the Gini coefficient), the top 10 percent control about 50 percent of the capital, an amount considered “medium inequality.” In the fall 2014 issue of the Journal of Post Keynesian Economics, Pavlina R. Tcherneva, an economist at Bard College, updated Piketty’s data through 2012 and looked at which groups got the benefits of economic expansion. In the postwar expansion of 1949–1953, the top 10 percent of Americans received 20 percent of the economic gains. In the most recent expansionary period, 2009–2012, the top 10 percent took in 116 percent of the gains, meaning that the bottom 90 percent saw a decline of 16 percent.


pages: 382 words: 92,138

The Entrepreneurial State: Debunking Public vs. Private Sector Myths by Mariana Mazzucato

"Robert Solow", Apple II, banking crisis, barriers to entry, Bretton Woods, business cycle, California gold rush, call centre, carbon footprint, Carmen Reinhart, cleantech, computer age, creative destruction, credit crunch, David Ricardo: comparative advantage, demand response, deskilling, endogenous growth, energy security, energy transition, eurozone crisis, everywhere but in the productivity statistics, Financial Instability Hypothesis, full employment, G4S, Growth in a Time of Debt, Hyman Minsky, incomplete markets, information retrieval, intangible asset, invisible hand, Joseph Schumpeter, Kenneth Rogoff, Kickstarter, knowledge economy, knowledge worker, linear model of innovation, natural language processing, new economy, offshore financial centre, Philip Mirowski, popular electronics, Post-Keynesian economics, profit maximization, Ralph Nader, renewable energy credits, rent-seeking, ride hailing / ride sharing, risk tolerance, shareholder value, Silicon Valley, Silicon Valley ideology, smart grid, Steve Jobs, Steve Wozniak, The Wealth of Nations by Adam Smith, Tim Cook: Apple, too big to fail, total factor productivity, trickle-down economics, Washington Consensus, William Shockley: the traitorous eight

The Other Canon – also described as ‘reality economics’ – studies the economy as a real object rather than as the behaviour of a model economy based on core axioms, assumptions and techniques. The series includes both classical and contemporary works in this tradition, spanning evolutionary, institutional and Post-Keynesian economics, the history of economic thought and economic policy, economic sociology and technology governance, and works on the theory of uneven development and in the tradition of the German historical school. Editorial Board Erik S. Reinert (series editor) – The Other Canon Foundation, Norway and Tallinn University of Technology, Estonia Rainer Kattel (series editor) – Tallinn University of Technology, Estonia Jan Kregel (series editor) – University of Missouri, USA and Tallinn University of Technology, Estonia Wolfgang Drechsler (series editor) – Tallinn University of Technology, Estonia Ha-Joon Chang – University of Cambridge, UK Mario Cimoli – UN-ECLAC, Chile Jayati Ghosh – Jawaharlal Nehru University, India Steven Kaplan – Cornell University, USA and University of Versailles, Paris Bengt-Åke Lundvall – Aalborg University, Denmark Richard Nelson – Columbia University, USA Keith Nurse – University of the West Indies Patrick O’Brien – London School of Economics and Political Science (LSE), UK Carlota Perez – Judge Institute, University of Cambridge, UK Alessandro Roncaglia – Sapienza University of Rome, Italy Jomo Kwame Sundaram – Food and Agriculture Organization of the United Nations The Entrepreneurial State Debunking Public vs.


pages: 312 words: 93,836

Barometer of Fear: An Insider's Account of Rogue Trading and the Greatest Banking Scandal in History by Alexis Stenfors

Asian financial crisis, asset-backed security, bank run, banking crisis, Bear Stearns, Big bang: deregulation of the City of London, bonus culture, capital controls, collapse of Lehman Brothers, credit crunch, Credit Default Swap, Eugene Fama: efficient market hypothesis, eurozone crisis, financial deregulation, financial innovation, fixed income, foreign exchange controls, game design, Gordon Gekko, inflation targeting, information asymmetry, interest rate derivative, interest rate swap, London Interbank Offered Rate, loss aversion, mental accounting, millennium bug, Nick Leeson, Northern Rock, oil shock, Post-Keynesian economics, price stability, profit maximization, regulatory arbitrage, reserve currency, Rubik’s Cube, Snapchat, the market place, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, Y2K

Campbell, A. (2015) ‘Libor trial hears of “bribe” wash trades as Lehman failed: bank’s collapse hampered ¥400 billion wash trade’. Risk.net, 12 June. Available from: http://www.risk.net/operational-risk-and-regulation/news/2412989/lIBOR-trial-hears-of-bribe-wash-trades-as-lehman-failed [accessed 21 December 2016]. Carvalho, F. J. C. (1983–84) ‘On the concept of time in Shacklean and Sraffian economics’. Journal of Post Keynesian Economics, 6 (2), 265–80. Central Bank of Ireland (2009) ‘Settlement agreement between the Financial Regulator and Merrill Lynch International Bank Limited’. Press release, 23 October. Dublin: Central Bank of Ireland. Available from: http://www.centralbank.ie/press-area/press-releases/Pages/SettlementAgreementbetweenFinancialRegulatorandMerrillLynchInternationalBankLimited.aspx [accessed 21 December 2016].


pages: 288 words: 89,781

The Classical School by Callum Williams

bank run, banking crisis, basic income, British Empire, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, complexity theory, Corn Laws, David Ricardo: comparative advantage, deindustrialization, Donald Trump, double entry bookkeeping, falling living standards, Fellow of the Royal Society, full employment, Gini coefficient, Gordon Gekko, greed is good, helicopter parent, income inequality, invisible hand, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, land reform, low skilled workers, Mahatma Gandhi, Martin Wolf, means of production, minimum wage unemployment, Modern Monetary Theory, new economy, New Journalism, non-tariff barriers, Paul Samuelson, Post-Keynesian economics, purchasing power parity, Ronald Coase, secular stagnation, Silicon Valley, spinning jenny, The Wealth of Nations by Adam Smith, Thomas Malthus, universal basic income

The Historical Journal 39, no. 3 (1996): 677–701. Rothschild, Emma. “‘Axiom, Theorem, Corollary &c’.: Condorcet and Mathematical economics”. Social Choice and Welfare 25, no. 2–3 (2005): 287–302. Rousseas, Stephen. “Rosa Luxemburg and the Origins of Capitalist Catastrophe Theory”. Journal of Post Keynesian Economics 1, no. 4 (1979): 3–23. Roy, Rama Dev. “Some Aspects of the Economic Drain from India during the British Rule”. Social Scientist 15, no. 3 (1987): 39–47. Ryan, Alan. “Mill, John Stuart (1806–73)” (2015). https://onlinelibrary.wiley.com/doi/full/10.1002/9781118474396.wbept0673 Ryan, Alan. 2016.


pages: 370 words: 102,823

Rethinking Capitalism: Economics and Policy for Sustainable and Inclusive Growth by Michael Jacobs, Mariana Mazzucato

balance sheet recession, banking crisis, basic income, Bear Stearns, Bernie Sanders, Bretton Woods, business climate, business cycle, Carmen Reinhart, central bank independence, collaborative economy, complexity theory, conceptual framework, corporate governance, corporate social responsibility, creative destruction, credit crunch, Credit Default Swap, crony capitalism, David Ricardo: comparative advantage, decarbonisation, deindustrialization, dematerialisation, Detroit bankruptcy, double entry bookkeeping, Elon Musk, endogenous growth, energy security, eurozone crisis, factory automation, facts on the ground, fiat currency, Financial Instability Hypothesis, financial intermediation, forward guidance, full employment, G4S, Gini coefficient, Growth in a Time of Debt, Hyman Minsky, income inequality, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), Internet of things, investor state dispute settlement, invisible hand, Isaac Newton, Joseph Schumpeter, Kenneth Rogoff, Kickstarter, knowledge economy, labour market flexibility, low skilled workers, Martin Wolf, mass incarceration, Modern Monetary Theory, Money creation, Mont Pelerin Society, neoliberal agenda, Network effects, new economy, non-tariff barriers, paradox of thrift, Paul Samuelson, Post-Keynesian economics, price stability, private sector deleveraging, quantitative easing, QWERTY keyboard, railway mania, rent-seeking, road to serfdom, savings glut, Second Machine Age, secular stagnation, shareholder value, sharing economy, Silicon Valley, Steve Jobs, the built environment, The Great Moderation, The Spirit Level, Thorstein Veblen, too big to fail, total factor productivity, Tragedy of the Commons, transaction costs, trickle-down economics, universal basic income, very high income

They have been analysed in theory and documented in practice for more than a hundred years of economic scholarship. They underlie the work of some of the greatest economists of the past century—such as Karl Polanyi, Joseph Schumpeter and John Maynard Keynes—and of the more recent schools of evolutionary, institutional and post-Keynesian economics. As the separate chapters in this book show, analysis based on these foundations can generate searching critiques of current policy, and powerful alternative perspectives. Three key insights underpin a rethinking of capitalism in these ways. First, we need a richer characterisation of markets and the businesses within them.


pages: 471 words: 97,152

Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism by George A. Akerlof, Robert J. Shiller

"Robert Solow", affirmative action, Andrei Shleifer, asset-backed security, bank run, banking crisis, Bear Stearns, business cycle, buy and hold, collateralized debt obligation, conceptual framework, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, Daniel Kahneman / Amos Tversky, Deng Xiaoping, Donald Trump, Edward Glaeser, en.wikipedia.org, experimental subject, financial innovation, full employment, George Akerlof, George Santayana, housing crisis, Hyman Minsky, income per capita, inflation targeting, invisible hand, Isaac Newton, Jane Jacobs, Jean Tirole, job satisfaction, Joseph Schumpeter, Long Term Capital Management, loss aversion, market bubble, market clearing, mental accounting, Mikhail Gorbachev, money market fund, money: store of value / unit of account / medium of exchange, moral hazard, mortgage debt, Myron Scholes, new economy, New Urbanism, Paul Samuelson, Plutocrats, plutocrats, Post-Keynesian economics, price stability, profit maximization, purchasing power parity, random walk, Richard Thaler, Robert Shiller, Robert Shiller, Ronald Reagan, Savings and loan crisis, South Sea Bubble, The Chicago School, The Death and Life of Great American Cities, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, tulip mania, working-age population, Y2K, Yom Kippur War

Scott, and J. N. Wolfe, eds., Induction, Growth and Trade: Essays in Honor of Sir Roy Harrod. London: Clarendon Press. Modigliani, Franco, and Richard Brumberg. 1954. “Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data.” In Kenneth K. Kurihara, ed., Post-Keynesian Economics. New Brunswick, N.J.: Rutgers University Press, pp. 388–436. Modigliani, Franco, and Richard A. Cohn. 1979. “Inflation, Rational Valuation and the Market.” Financial Analysts Journal 35(2):24–44. Moffitt, Donald A. 1963. “Industrial Paradox: Latin America Attracts Auto Making Facilities Despite Lag in Sales.”


pages: 576 words: 105,655

Austerity: The History of a Dangerous Idea by Mark Blyth

"Robert Solow", accounting loophole / creative accounting, balance sheet recession, bank run, banking crisis, Bear Stearns, Black Swan, Bretton Woods, business cycle, buy and hold, capital controls, Carmen Reinhart, Celtic Tiger, central bank independence, centre right, collateralized debt obligation, correlation does not imply causation, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency peg, debt deflation, deindustrialization, disintermediation, diversification, en.wikipedia.org, ending welfare as we know it, Eugene Fama: efficient market hypothesis, eurozone crisis, financial repression, fixed income, floating exchange rates, Fractional reserve banking, full employment, German hyperinflation, Gini coefficient, global reserve currency, Growth in a Time of Debt, Hyman Minsky, income inequality, information asymmetry, interest rate swap, invisible hand, Irish property bubble, Joseph Schumpeter, Kenneth Rogoff, liberal capitalism, liquidationism / Banker’s doctrine / the Treasury view, Long Term Capital Management, market bubble, market clearing, Martin Wolf, money market fund, moral hazard, mortgage debt, mortgage tax deduction, Occupy movement, offshore financial centre, paradox of thrift, Philip Mirowski, Post-Keynesian economics, price stability, quantitative easing, rent-seeking, reserve currency, road to serfdom, savings glut, short selling, structural adjustment programs, tail risk, The Great Moderation, The Myth of the Rational Market, The Wealth of Nations by Adam Smith, Tobin tax, too big to fail, unorthodox policies, value at risk, Washington Consensus, zero-sum game

Berman and McNamara, “Bank on Democracy.” 72. Paul Krugman, “The Structural Obsession,” The Conscience of a Liberal, blog, June 8, 2012, http://krugman.blogs.nytimes.com/2012/06/08/the-structural-obsession/. 73. Steven Schulman, “The Natural Rate of Unemployment: Concept and Critique,” Journal of Post-Keynesian Economics 11, 4 (Summer 1989): 509–521. 74. Daniel C. Dennett, Darwin’s Dangerous Idea: Evolution and the Meanings of Life (New York: Simon and Schuster 1996) 75. Blyth, Great Transformations, 147–151; Posen, “Central Bank Independence.” 76. John Williamson, “A Short History of the Washington Consensus,” paper commissioned by Fundación CIDOB for the conference “From the Washington Consensus towards a New Global Governance,” Barcelona, September 24–25, 2004, quote from p. 1. 77.


pages: 396 words: 117,897

Making the Modern World: Materials and Dematerialization by Vaclav Smil

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, additive manufacturing, American Society of Civil Engineers: Report Card, British Empire, decarbonisation, deindustrialization, dematerialisation, Deng Xiaoping, energy transition, Fellow of the Royal Society, global pandemic, Haber-Bosch Process, happiness index / gross national happiness, hydraulic fracturing, income inequality, indoor plumbing, Intergovernmental Panel on Climate Change (IPCC), James Watt: steam engine, megacity, megastructure, oil shale / tar sands, peak oil, post-industrial society, Post-Keynesian economics, purchasing power parity, recommendation engine, rolodex, X Prize

Billington, D.P. (1989) Robert Maillart's Bridges: The Art of Engineering, Princeton University Press, Princeton, NJ. Binczewski, G.J. (1995) The point of a monument: a history of the aluminum cap of the Washington Monument. JOM, 47(11): 20–25. Binswanger, M. (2009) Is there a growth imperative in capitalist economies? A circular flow perspective. Journal of Post Keynesian Economics, 31: 707–727. BIR (Bureau of International Recycling) (2011) Annual Report 2011, BIR, Brussels, http://www.bir.org/assets/Documents/publications/brochures/2011-ARfinalE.pdf (accessed 22 May 2013). BIR (2012) World Steel Recycling in Figures 2007–2011, BIR, Brussels, http://www.bir.org/assets/Documents/publications/brochures/WorldSteelinFiguresIIIFINLoRes.pdf (accessed 22 May 2013).


pages: 476 words: 125,219

Digital Disconnect: How Capitalism Is Turning the Internet Against Democracy by Robert W. McChesney

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, access to a mobile phone, Albert Einstein, American Legislative Exchange Council, American Society of Civil Engineers: Report Card, Automated Insights, barriers to entry, Berlin Wall, business cycle, Cass Sunstein, citizen journalism, cloud computing, collaborative consumption, collective bargaining, creative destruction, crony capitalism, David Brooks, death of newspapers, declining real wages, disinformation, Double Irish / Dutch Sandwich, Erik Brynjolfsson, failed state, Filter Bubble, full employment, future of journalism, George Gilder, Gini coefficient, Google Earth, income inequality, informal economy, intangible asset, invention of agriculture, invisible hand, Jaron Lanier, Jeff Bezos, jimmy wales, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Julian Assange, Kickstarter, Mark Zuckerberg, Marshall McLuhan, means of production, Metcalfe’s law, mutually assured destruction, national security letter, Nelson Mandela, Network effects, new economy, New Journalism, Nicholas Carr, Occupy movement, offshore financial centre, patent troll, Peter Thiel, Plutocrats, plutocrats, post scarcity, Post-Keynesian economics, price mechanism, profit maximization, profit motive, QWERTY keyboard, Ralph Nader, Richard Stallman, road to serfdom, Robert Metcalfe, Saturday Night Live, sentiment analysis, Silicon Valley, single-payer health, Skype, spectrum auction, Steve Jobs, Steve Wozniak, Steven Levy, Steven Pinker, Stewart Brand, Telecommunications Act of 1996, the medium is the message, The Spirit Level, The Structural Transformation of the Public Sphere, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, transfer pricing, Upton Sinclair, WikiLeaks, winner-take-all economy, yellow journalism, Yochai Benkler

Today’s giant corporations pursue two interrelated goals—maximum sales revenue and maximum profitability, which converge over the long run because larger market share provides the basis for higher monopoly profits, and higher profits are used to expand market share. See Peter Kenyon, “Pricing,” in Alfred S. Eichner, ed., A Guide to Post–Keynesian Economics (White Plains, NY: M.E. Sharpe, 1979), 37–38. 49. Milton Friedman, Capitalism and Freedom (Chicago: University of Chicago Press, 2002). 50. “Surf’s Up,” The Economist, May 19, 2012, 83. 51. Luigi Zingales makes this point well. See Zingales, Capitalism for the People, 8–39. 52. David Brooks, “The Creative Monopoly,” New York Times, Apr. 24, 2012, A23. 53.


pages: 500 words: 145,005

Misbehaving: The Making of Behavioral Economics by Richard H. Thaler

"Robert Solow", 3Com Palm IPO, Albert Einstein, Alvin Roth, Amazon Mechanical Turk, Andrei Shleifer, Apple's 1984 Super Bowl advert, Atul Gawande, Berlin Wall, Bernie Madoff, Black-Scholes formula, business cycle, capital asset pricing model, Cass Sunstein, Checklist Manifesto, choice architecture, clean water, cognitive dissonance, conceptual framework, constrained optimization, Daniel Kahneman / Amos Tversky, delayed gratification, diversification, diversified portfolio, Edward Glaeser, endowment effect, equity premium, Eugene Fama: efficient market hypothesis, experimental economics, Fall of the Berlin Wall, George Akerlof, hindsight bias, Home mortgage interest deduction, impulse control, index fund, information asymmetry, invisible hand, Jean Tirole, John Nash: game theory, John von Neumann, Kenneth Arrow, Kickstarter, late fees, law of one price, libertarian paternalism, Long Term Capital Management, loss aversion, market clearing, Mason jar, mental accounting, meta-analysis, money market fund, More Guns, Less Crime, mortgage debt, Myron Scholes, Nash equilibrium, Nate Silver, New Journalism, nudge unit, Paul Samuelson, payday loans, Ponzi scheme, Post-Keynesian economics, presumed consent, pre–internet, principal–agent problem, prisoner's dilemma, profit maximization, random walk, randomized controlled trial, Richard Thaler, risk free rate, Robert Shiller, Robert Shiller, Ronald Coase, Silicon Valley, South Sea Bubble, Stanford marshmallow experiment, statistical model, Steve Jobs, sunk-cost fallacy, Supply of New York City Cabdrivers, technology bubble, The Chicago School, The Myth of the Rational Market, The Signal and the Noise by Nate Silver, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, transaction costs, ultimatum game, Vilfredo Pareto, Walter Mischel, zero-sum game

Mitchell, Gregory. 2005. “Libertarian Paternalism Is an Oxymoron.” Northwestern University Law Review 99, no. 3: 1245–77. Modigliani, Franco, and Richard Brumberg. 1954. “Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data.” In Kenneth K. Kurihara, ed., Post-Keynesian Economics, 383–436. New Brunswick, NJ: Rutgers University Press. Modigliani, Franco, and Merton Miller. 1958. “The Cost of Capital, Corporation Finance and the Theory of Investment.” American Economic Review 48, no. 3: 261–97. Mongin, Philippe. 1997. “The Marginalist Controversy.” In John Bryan Davis, D.


Investment: A History by Norton Reamer, Jesse Downing

activist fund / activist shareholder / activist investor, Albert Einstein, algorithmic trading, asset allocation, backtesting, banking crisis, Bear Stearns, Berlin Wall, Bernie Madoff, break the buck, Brownian motion, business cycle, buttonwood tree, buy and hold, California gold rush, capital asset pricing model, Carmen Reinhart, carried interest, colonial rule, credit crunch, Credit Default Swap, Daniel Kahneman / Amos Tversky, debt deflation, discounted cash flows, diversified portfolio, dogs of the Dow, equity premium, estate planning, Eugene Fama: efficient market hypothesis, Fall of the Berlin Wall, family office, Fellow of the Royal Society, financial innovation, fixed income, Gordon Gekko, Henri Poincaré, high net worth, impact investing, index fund, information asymmetry, interest rate swap, invention of the telegraph, James Hargreaves, James Watt: steam engine, joint-stock company, Kenneth Rogoff, labor-force participation, land tenure, London Interbank Offered Rate, Long Term Capital Management, loss aversion, Louis Bachelier, margin call, means of production, Menlo Park, merger arbitrage, money market fund, moral hazard, mortgage debt, Myron Scholes, negative equity, Network effects, new economy, Nick Leeson, Own Your Own Home, Paul Samuelson, pension reform, Performance of Mutual Funds in the Period, Ponzi scheme, Post-Keynesian economics, price mechanism, principal–agent problem, profit maximization, quantitative easing, RAND corporation, random walk, Renaissance Technologies, Richard Thaler, risk free rate, risk tolerance, risk-adjusted returns, risk/return, Robert Shiller, Robert Shiller, Sand Hill Road, Savings and loan crisis, Sharpe ratio, short selling, Silicon Valley, South Sea Bubble, sovereign wealth fund, spinning jenny, statistical arbitrage, survivorship bias, tail risk, technology bubble, The Wealth of Nations by Adam Smith, time value of money, too big to fail, transaction costs, two and twenty, underbanked, Vanguard fund, working poor, yield curve

Nobel Media AB, “Prize in Economics 1985—Press Release;” Angus Deaton, “Franco Modigliani and the Life Cycle Theory of Consumption” (speech, Convegno Internazionale Franco Modgliani, Accademia Nazionale dei Lincei, Rome, February 17–18, 2005), https://www .princeton.edu/~deaton/downloads/romelecture.pdf, 1–2 and 6. For the original works, see Franco Modigliani and Richard H. Brumberg, “Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data,” in Post-Keynesian Economics, ed. Kenneth K. Kurihara (New Brunswick, NJ: Rutgers University Press, 1954), 388–436; Franco Modigliani and Richard H. Brumberg, “Utility Analysis and Aggregate Consumption Functions: An Attempt at Integration,” in The Collected Papers of Franco Modigliani, ed. Andrew Abel, vol. 2, The Life Cycle Hypothesis of Saving (Cambridge, MA: MIT Press, 1990), 128–197. 3.


pages: 586 words: 160,321

The Euro and the Battle of Ideas by Markus K. Brunnermeier, Harold James, Jean-Pierre Landau

Affordable Care Act / Obamacare, asset-backed security, bank run, banking crisis, battle of ideas, Bear Stearns, Ben Bernanke: helicopter money, Berlin Wall, Bretton Woods, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Celtic Tiger, central bank independence, centre right, collapse of Lehman Brothers, collective bargaining, credit crunch, Credit Default Swap, currency peg, debt deflation, Deng Xiaoping, different worldview, diversification, Donald Trump, Edward Snowden, en.wikipedia.org, Fall of the Berlin Wall, financial deregulation, financial repression, fixed income, Flash crash, floating exchange rates, full employment, German hyperinflation, global reserve currency, income inequality, inflation targeting, information asymmetry, Irish property bubble, Jean Tirole, Kenneth Rogoff, Martin Wolf, mittelstand, Money creation, money market fund, Mont Pelerin Society, moral hazard, negative equity, Neil Kinnock, new economy, Northern Rock, obamacare, offshore financial centre, open economy, paradox of thrift, pension reform, Post-Keynesian economics, price stability, principal–agent problem, quantitative easing, race to the bottom, random walk, regulatory arbitrage, rent-seeking, reserve currency, risk free rate, road to serfdom, secular stagnation, short selling, Silicon Valley, South China Sea, special drawing rights, tail risk, the payments system, too big to fail, union organizing, unorthodox policies, Washington Consensus, WikiLeaks, yield curve

Last accessed January 4, 2016, from http://www.wsj.com/articles/SB10001424127887324695104578418813865393942. 22. George Georgiopooulos, “Greece Readies Reform Promises,” Reuters, February 22, 2015. Last accessed January 4, 2016, from http://www.reuters.com/article/2015/02/20/us-euro area-greece-idU.S.KBN0LO0O620150220. CHAPTER 12 1. J. E. King, A History of Post Keynesian Economics Since 1930 (Northampton, MA: Edward Elgar, 2002), 156. 2. Pier Luigi Porta, “Italian Economics through the Postwar Years,” in The Post-1945 Internationalization of Economics, edited by Alfred William Coats (Durham, NC: Duke University Press, 1997), 165–83; Ivo Maes, “The Spread of Keynesian Economics: A Comparison of the Belgian and Italian Experiences,” National Bank of Belgium Working Paper No. 113, 2007. 3.


pages: 662 words: 180,546

Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown by Philip Mirowski

"Robert Solow", Alvin Roth, Andrei Shleifer, asset-backed security, bank run, barriers to entry, Basel III, Bear Stearns, Berlin Wall, Bernie Madoff, Bernie Sanders, Black Swan, blue-collar work, bond market vigilante , Bretton Woods, Brownian motion, business cycle, capital controls, Carmen Reinhart, Cass Sunstein, central bank independence, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, complexity theory, constrained optimization, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, dark matter, David Brooks, David Graeber, debt deflation, deindustrialization, disinformation, do-ocracy, Edward Glaeser, Eugene Fama: efficient market hypothesis, experimental economics, facts on the ground, Fall of the Berlin Wall, financial deregulation, financial innovation, Flash crash, full employment, George Akerlof, Goldman Sachs: Vampire Squid, Hernando de Soto, housing crisis, Hyman Minsky, illegal immigration, income inequality, incomplete markets, information asymmetry, invisible hand, Jean Tirole, joint-stock company, Kenneth Arrow, Kenneth Rogoff, Kickstarter, knowledge economy, l'esprit de l'escalier, labor-force participation, liberal capitalism, liquidity trap, loose coupling, manufacturing employment, market clearing, market design, market fundamentalism, Martin Wolf, money market fund, Mont Pelerin Society, moral hazard, mortgage debt, Naomi Klein, Nash equilibrium, night-watchman state, Northern Rock, Occupy movement, offshore financial centre, oil shock, Pareto efficiency, Paul Samuelson, payday loans, Philip Mirowski, Ponzi scheme, Post-Keynesian economics, precariat, prediction markets, price mechanism, profit motive, quantitative easing, race to the bottom, random walk, rent-seeking, Richard Thaler, road to serfdom, Robert Shiller, Robert Shiller, Ronald Coase, Ronald Reagan, Savings and loan crisis, savings glut, school choice, sealed-bid auction, Silicon Valley, South Sea Bubble, Steven Levy, tail risk, technoutopianism, The Chicago School, The Great Moderation, the map is not the territory, The Myth of the Rational Market, the scientific method, The Theory of the Leisure Class by Thorstein Veblen, The Wisdom of Crowds, theory of mind, Thomas Kuhn: the structure of scientific revolutions, Thorstein Veblen, Tobin tax, too big to fail, transaction costs, Vilfredo Pareto, War on Poverty, Washington Consensus, We are the 99%, working poor

The Making of an Economist Redux (Princeton: Princeton University Press, 2007). Colander, David, Rick Holt, and Barkley Rosser. “The Changing Face of Economics,” The Long Term View 7 (1) (2008): 31–42. Colander, David, Rick Holt, and Barkley Rosser. “Live and Dead Issues in the Methodology of Economics,” Journal of Post Keynesian Economics 30 (2007): 303–12. Colander, David, et al. “Beyond DSGE Models,” American Economic Review, Papers and Proceedings 98 (2) (2008): 236–40. Colander, David, et al. The Financial Crisis and the Systemic Failure of Academic Economists [“Dahlem Report”] (2009), at www.debtdeflation.com/blogs/wp-content/uploads/papers/Dahlem_Report_EconCrisis021809.pdf.


Basic Income: A Radical Proposal for a Free Society and a Sane Economy by Philippe van Parijs, Yannick Vanderborght

"Robert Solow", Airbnb, Albert Einstein, basic income, Berlin Wall, Bertrand Russell: In Praise of Idleness, centre right, collective bargaining, cryptocurrency, David Graeber, declining real wages, diversified portfolio, Edward Snowden, eurozone crisis, Fall of the Berlin Wall, feminist movement, full employment, future of work, George Akerlof, Herbert Marcuse, illegal immigration, income per capita, informal economy, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kickstarter, Marshall McLuhan, means of production, minimum wage unemployment, Money creation, open borders, Paul Samuelson, pension reform, Post-Keynesian economics, precariat, price mechanism, profit motive, purchasing power parity, quantitative easing, race to the bottom, road to serfdom, Second Machine Age, secular stagnation, selection bias, sharing economy, sovereign wealth fund, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, Tobin tax, universal basic income, urban planning, urban renewal, War on Poverty, working poor

“What Do Â�People Think about Basic Income in Japan?” In Yannick Vanderborght and Toru Yamamori, eds., Basic Income in Japan: Prospects of a Radical Idea in a Transforming Welfare State, 171–195. New York: Palgrave Macmillan. Jackson, William A. 1999. “Basic Income and the Right to Work: A Keynesian Approach.” Journal of Post Keynesian Economics 21(2): 639–662. Jacobi, Dirk, and Wolfgang Strengmann-Â�Kuhn, eds. 2012. Wege zum Grundeinkommen. Berlin: Heinrich Böll Stiftung. Jauer, J., Thomas Liebig, John P. Martin, and Patrick Puhani. 2014. “Migration as an Adjustment Mechanism in the Crisis? A Comparison of EuÂ�rope and the United States.”


pages: 651 words: 180,162

Antifragile: Things That Gain From Disorder by Nassim Nicholas Taleb

Air France Flight 447, Andrei Shleifer, banking crisis, Benoit Mandelbrot, Berlin Wall, Black Swan, business cycle, caloric restriction, caloric restriction, Chuck Templeton: OpenTable:, commoditize, creative destruction, credit crunch, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, discrete time, double entry bookkeeping, Emanuel Derman, epigenetics, financial independence, Flash crash, Gary Taubes, George Santayana, Gini coefficient, Henri Poincaré, high net worth, hygiene hypothesis, Ignaz Semmelweis: hand washing, informal economy, invention of the wheel, invisible hand, Isaac Newton, James Hargreaves, Jane Jacobs, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, Kenneth Arrow, knowledge economy, Lao Tzu, Long Term Capital Management, loss aversion, Louis Pasteur, mandelbrot fractal, Marc Andreessen, meta-analysis, microbiome, money market fund, moral hazard, mouse model, Myron Scholes, Norbert Wiener, pattern recognition, Paul Samuelson, placebo effect, Ponzi scheme, Post-Keynesian economics, principal–agent problem, purchasing power parity, quantitative trading / quantitative finance, Ralph Nader, random walk, Ray Kurzweil, rent control, Republic of Letters, Ronald Reagan, Rory Sutherland, selection bias, Silicon Valley, six sigma, spinning jenny, statistical model, Steve Jobs, Steven Pinker, Stewart Brand, stochastic process, stochastic volatility, tail risk, Thales and the olive presses, Thales of Miletus, The Great Moderation, the new new thing, The Wealth of Nations by Adam Smith, Thomas Bayes, Thomas Malthus, too big to fail, transaction costs, urban planning, Vilfredo Pareto, Yogi Berra, Zipf's Law

University of Pennsylvania Press. Daston, Lorraine, 1988, Classical Probability in the Enlightenment. Princeton, N.J.: Princeton University Press. Davidson, P., 2010, “Black Swans and Knight’s Epistemological Uncertainty: Are These Concepts Also Underlying Behavioral and Post-Walrasian Theory?” Journal of Post Keynesian Economics 32(4): 567–570. Davis, Devra, 2007, The Secret History of the War on Cancer. Basic Books. Dawes, Robyn M., 2001, Everyday Irrationality: How Pseudo-Scientists, Lunatics, and the Rest of Us Systematically Fail to Think Rationally. Westview. De Finetti, B., 1937, La prévision: ses lois logiques, ses sources subjectives.


pages: 700 words: 201,953

The Social Life of Money by Nigel Dodd

accounting loophole / creative accounting, bank run, banking crisis, banks create money, Bernie Madoff, bitcoin, Bitcoin Ponzi scheme, blockchain, borderless world, Bretton Woods, BRICs, business cycle, capital controls, cashless society, central bank independence, collapse of Lehman Brothers, collateralized debt obligation, commoditize, computer age, conceptual framework, credit crunch, cross-subsidies, David Graeber, debt deflation, dematerialisation, disintermediation, Dogecoin, eurozone crisis, fiat currency, financial exclusion, financial innovation, Financial Instability Hypothesis, financial repression, floating exchange rates, Fractional reserve banking, German hyperinflation, Goldman Sachs: Vampire Squid, Herbert Marcuse, Hyman Minsky, illegal immigration, informal economy, interest rate swap, Isaac Newton, John Maynard Keynes: Economic Possibilities for our Grandchildren, joint-stock company, Joseph Schumpeter, Kickstarter, Kula ring, laissez-faire capitalism, land reform, late capitalism, liberal capitalism, liquidity trap, litecoin, London Interbank Offered Rate, M-Pesa, Marshall McLuhan, means of production, mental accounting, microcredit, mobile money, Modern Monetary Theory, Money creation, money market fund, money: store of value / unit of account / medium of exchange, mortgage debt, National Debt Clock, negative equity, new economy, Nixon shock, Nixon triggered the end of the Bretton Woods system, Occupy movement, offshore financial centre, paradox of thrift, payday loans, Peace of Westphalia, peer-to-peer, peer-to-peer lending, Ponzi scheme, post scarcity, Post-Keynesian economics, postnationalism / post nation state, predatory finance, price mechanism, price stability, quantitative easing, quantitative trading / quantitative finance, remote working, rent-seeking, reserve currency, Richard Thaler, risk free rate, Robert Shiller, Robert Shiller, Satoshi Nakamoto, Scientific racism, seigniorage, Skype, Slavoj Žižek, South Sea Bubble, sovereign wealth fund, special drawing rights, The Wealth of Nations by Adam Smith, too big to fail, trade liberalization, transaction costs, Veblen good, Wave and Pay, Westphalian system, WikiLeaks, Wolfgang Streeck, yield curve, zero-coupon bond

Conservatives Versus Wildcats: A Sociology of Financial Conflict, Stanford, CA, Stanford University Press. Poling, C. (2008). André Masson and the Surrealist Self, New Haven, CT, Yale University Press. Ponsot, J.-F. and S. Rossi, Eds. (2009). The Political Economy of Monetary Circuits: Tradition and Change in Post-Keynesian Economics, Basingstoke, U.K., Palgrave-Macmillan. Poovey, M. (2001). “The Twenty-First-Century University and the Market: What Price Economic Viability?” Differences 12: 1–16. Pozsar, Z., T. Adrian, et al. (2012). “Shadow Banking.” Federal Reserve Bank of New York Staff Report No. 458. Prattis, I.


pages: 725 words: 221,514

Debt: The First 5,000 Years by David Graeber

Admiral Zheng, anti-communist, back-to-the-land, banks create money, Bretton Woods, British Empire, carried interest, cashless society, central bank independence, colonial rule, commoditize, corporate governance, David Graeber, delayed gratification, dematerialisation, double entry bookkeeping, financial innovation, fixed income, full employment, George Gilder, informal economy, invention of writing, invisible hand, Isaac Newton, joint-stock company, means of production, microcredit, Money creation, money: store of value / unit of account / medium of exchange, moral hazard, oil shock, Panopticon Jeremy Bentham, Paul Samuelson, payday loans, place-making, Ponzi scheme, Post-Keynesian economics, price stability, profit motive, reserve currency, Right to Buy, Ronald Reagan, seigniorage, sexual politics, short selling, Silicon Valley, South Sea Bubble, Thales of Miletus, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, transatlantic slave trade, tulip mania, upwardly mobile, urban decay, working poor, zero-sum game

Money and Credit in Capitalist Economies. Aldershot: Edward Elgar. _____. 1998. Understanding Modern Money: the key to full employment and price stability. Edward Elgar: Cheltenham. _____. 1999. “An Irreverent Overview of the History of Money from the Beginning of the Beginning to the Present.” Journal of Post Keynesian Economics. 21 (4): 679-687 _____. 2000. Credit and State Theories of Money. Cheltenham: Edward Elgar. Wright, David P. 2009. Inventing God’s Law: How the Covenant Code of the Bible Used and Revised the Laws of Hammurabi. Oxford: Oxford University Press. Wrightson, Keith. 1980. “Two concepts of order: justices, constables and jurymen in seventeenth-century England,” in An Ungovernable People: The English and their Law in the Seventeenth and Eighteenth Centuries (John Brewer and John Styles, editors), pp. 21-46.


The Oil Kings: How the U.S., Iran, and Saudi Arabia Changed the Balance of Power in the Middle East by Andrew Scott Cooper

addicted to oil, anti-communist, Ayatollah Khomeini, banking crisis, Boycotts of Israel, energy security, falling living standards, friendly fire, full employment, interchangeable parts, Kickstarter, land reform, MITM: man-in-the-middle, oil shale / tar sands, oil shock, peak oil, Ponzi scheme, Post-Keynesian economics, RAND corporation, rising living standards, Robert Bork, rolodex, Ronald Reagan, Seymour Hersh, strikebreaker, unbiased observer, uranium enrichment, urban planning, Yom Kippur War

“New Work in French Economic History.” French Historical Studies 23, no. 3 (Summer 2000). Hudson, Michael C. “To Play the Hegemon: Fifty Years of U.S. Policy Toward the Middle East.” The Middle East Journal 50, no. 3, Summer, 1996. Issawi, Charles. “The 1973 Oil Crisis and After.” Journal of Post Keynesian Economics 1, no. 2 (Winter 1978–79). Joyner, Christopher C. “The Petrodollar Phenomenon and Changing International Economic Relations.” World Affairs 138, no. 2 (Fall 1975). Kazemi, Farhad. “Urban Migrants and the Revolution.” Iranian Studies 13, no. 1/4, (1980). Keddie, Nikki. “Iranian Revolutions in Comparative Perspective.”


pages: 843 words: 223,858

The Rise of the Network Society by Manuel Castells

"Robert Solow", Apple II, Asian financial crisis, barriers to entry, Big bang: deregulation of the City of London, Bob Noyce, borderless world, British Empire, business cycle, capital controls, complexity theory, computer age, computerized trading, creative destruction, Credit Default Swap, declining real wages, deindustrialization, delayed gratification, dematerialisation, deskilling, disintermediation, double helix, Douglas Engelbart, Douglas Engelbart, edge city, experimental subject, financial deregulation, financial independence, floating exchange rates, future of work, global village, Gunnar Myrdal, Hacker Ethic, hiring and firing, Howard Rheingold, illegal immigration, income inequality, independent contractor, Induced demand, industrial robot, informal economy, information retrieval, intermodal, invention of the steam engine, invention of the telephone, inventory management, James Watt: steam engine, job automation, job-hopping, John Markoff, knowledge economy, knowledge worker, labor-force participation, laissez-faire capitalism, Leonard Kleinrock, longitudinal study, low skilled workers, manufacturing employment, Marc Andreessen, Marshall McLuhan, means of production, megacity, Menlo Park, moral panic, new economy, New Urbanism, offshore financial centre, oil shock, open economy, packet switching, Pearl River Delta, peer-to-peer, planetary scale, popular capitalism, popular electronics, post-industrial society, Post-Keynesian economics, postindustrial economy, prediction markets, Productivity paradox, profit maximization, purchasing power parity, RAND corporation, Robert Gordon, Robert Metcalfe, Shenzhen special economic zone , Shoshana Zuboff, Silicon Valley, Silicon Valley startup, social software, South China Sea, South of Market, San Francisco, special economic zone, spinning jenny, statistical model, Steve Jobs, Steve Wozniak, Ted Nelson, the built environment, the medium is the message, the new new thing, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, total factor productivity, trade liberalization, transaction costs, urban renewal, urban sprawl, zero-sum game

It was, rather, realism about new economic and technological developments, and a sense of the quickest way to take economies out of their relative stagnation. Once the option for the liberalization/globalization of the economy was taken, political leaders were compelled to find the appropriate personnel to manage these post-Keynesian economic policies, often far removed from the traditional orientations of pro-government, leftwing policies. Thus, Felipe Gonzalez, coming to power in October 1982, in the midst of a grave economic and social crisis, appointed as Super-Minister of Economy one of the few socialists with personal entry into the conservative circles of Spanish high finance.


pages: 850 words: 254,117

Basic Economics by Thomas Sowell

affirmative action, air freight, airline deregulation, American Legislative Exchange Council, bank run, barriers to entry, big-box store, British Empire, business cycle, clean water, collective bargaining, colonial rule, corporate governance, correlation does not imply causation, cross-subsidies, David Brooks, David Ricardo: comparative advantage, declining real wages, Dissolution of the Soviet Union, diversified portfolio, European colonialism, fixed income, Fractional reserve banking, full employment, global village, Gunnar Myrdal, Hernando de Soto, hiring and firing, housing crisis, income inequality, income per capita, index fund, informal economy, inventory management, invisible hand, John Maynard Keynes: technological unemployment, joint-stock company, Just-in-time delivery, Kenneth Arrow, knowledge economy, labor-force participation, land reform, late fees, low cost airline, low cost carrier, low skilled workers, means of production, Mikhail Gorbachev, minimum wage unemployment, moral hazard, offshore financial centre, oil shale / tar sands, payday loans, Post-Keynesian economics, price discrimination, price stability, profit motive, quantitative easing, Ralph Nader, rent control, road to serfdom, Ronald Reagan, San Francisco homelessness, Silicon Valley, surplus humans, The Bell Curve by Richard Herrnstein and Charles Murray, The Chicago School, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, Thomas Malthus, transcontinental railway, Vanguard fund, War on Poverty

Later, after Keynes’ death in 1946, empirical research emerged suggesting that policy-makers could in effect choose from a menu of trade-offs between rates of unemployment and rates of inflation, in what was called the “Phillips Curve,” in honor of economist A.W. Phillips of the London School of Economics, who had developed this analysis. Post-Keynesian Economics The Phillips Curve was perhaps the high-water mark of Keynesian economics. However, the Chicago School began chipping away at the Keynesian theories in general and the Phillips Curve in particular, both analytically and with empirical studies. In general, Chicago School economists found the market more rational and more responsive than the Keynesians had assumed—and the government less so, at least in the sense of promoting the national interest, as distinguished from promoting the careers of politicians.


pages: 1,066 words: 273,703

Crashed: How a Decade of Financial Crises Changed the World by Adam Tooze

Affordable Care Act / Obamacare, Apple's 1984 Super Bowl advert, Asian financial crisis, asset-backed security, bank run, banking crisis, Basel III, Bear Stearns, Berlin Wall, Bernie Sanders, Big bang: deregulation of the City of London, bond market vigilante , Boris Johnson, break the buck, Bretton Woods, BRICs, British Empire, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, Celtic Tiger, central bank independence, centre right, collateralized debt obligation, corporate governance, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, currency peg, dark matter, deindustrialization, desegregation, Detroit bankruptcy, Dissolution of the Soviet Union, diversification, Doha Development Round, Donald Trump, Edward Glaeser, Edward Snowden, en.wikipedia.org, energy security, eurozone crisis, Fall of the Berlin Wall, family office, financial intermediation, fixed income, Flash crash, forward guidance, friendly fire, full employment, global reserve currency, global supply chain, global value chain, Goldman Sachs: Vampire Squid, Growth in a Time of Debt, housing crisis, Hyman Minsky, illegal immigration, immigration reform, income inequality, interest rate derivative, interest rate swap, Kenneth Rogoff, large denomination, light touch regulation, Long Term Capital Management, margin call, Martin Wolf, McMansion, Mexican peso crisis / tequila crisis, mittelstand, money market fund, moral hazard, mortgage debt, mutually assured destruction, negative equity, new economy, Nixon triggered the end of the Bretton Woods system, Northern Rock, obamacare, Occupy movement, offshore financial centre, oil shale / tar sands, old-boy network, open economy, paradox of thrift, Peter Thiel, Ponzi scheme, Post-Keynesian economics, predatory finance, price stability, private sector deleveraging, purchasing power parity, quantitative easing, race to the bottom, reserve currency, risk tolerance, Ronald Reagan, Savings and loan crisis, savings glut, secular stagnation, Silicon Valley, South China Sea, sovereign wealth fund, special drawing rights, Steve Bannon, structural adjustment programs, tail risk, The Great Moderation, Tim Cook: Apple, too big to fail, trade liberalization, upwardly mobile, Washington Consensus, We are the 99%, white flight, WikiLeaks, women in the workforce, Works Progress Administration, yield curve, éminence grise

Economic and Social Populism in the 2016 Presidential Election, a Preliminary Exploration,” prepared for delivery at the INET Conference, Edinburgh, UK, October 20–23, 2017, https://www.ineteconomics.org/uploads/papers/Ferguson-and-Page-Scotland-Paper-revised-for-Conference.pdf. 18. C. Laderman and B. Simms, Donald Trump: The Making of a Worldview (London: Endeavour Pess, 2017). 19. K. W. Capehart, “Hyman Minsky’s Interpretation of Donald Trump,” Journal of Post Keynesian Economics 38.3 (2015): 477–492 20. F. Norris, “Trump Sees Act of God in Recession,” New York Times, December 4, 2008. 21. Soopermexican, “Trump on TARP and Stimulus Sounds More Like a Crony Capitalist Than a Conservative,” The Right Scoop (blog), August 15, 2015, http://therightscoop.com/trump-on-tarp-and-stimulus-sounds-more-like-a-crony-capitalist-than-a-conservative/. 22.


pages: 1,213 words: 376,284

Empire of Things: How We Became a World of Consumers, From the Fifteenth Century to the Twenty-First by Frank Trentmann

Airbnb, Anton Chekhov, Ayatollah Khomeini, Berlin Wall, Big bang: deregulation of the City of London, British Empire, Capital in the Twenty-First Century by Thomas Piketty, car-free, carbon footprint, Cass Sunstein, choice architecture, clean water, collaborative consumption, collective bargaining, colonial exploitation, colonial rule, Community Supported Agriculture, critique of consumerism, cross-subsidies, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, deindustrialization, dematerialisation, Deng Xiaoping, deskilling, equity premium, Fall of the Berlin Wall, Fellow of the Royal Society, financial exclusion, fixed income, food miles, full employment, germ theory of disease, global village, haute cuisine, Herbert Marcuse, high net worth, income inequality, index card, informal economy, Intergovernmental Panel on Climate Change (IPCC), Internet of things, James Watt: steam engine, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kitchen Debate, knowledge economy, labour mobility, libertarian paternalism, Livingstone, I presume, longitudinal study, mass immigration, McMansion, mega-rich, moral panic, mortgage debt, Murano, Venice glass, Naomi Klein, New Urbanism, Pier Paolo Pasolini, post-industrial society, Post-Keynesian economics, post-materialism, postnationalism / post nation state, profit motive, prosperity theology / prosperity gospel / gospel of success, purchasing power parity, Ralph Nader, rent control, Richard Thaler, Right to Buy, Ronald Reagan, school vouchers, Scientific racism, Scramble for Africa, sharing economy, Silicon Valley, Skype, stakhanovite, the built environment, the market place, The Spirit Level, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thomas L Friedman, Thomas Malthus, Thorstein Veblen, trade liberalization, trade route, transatlantic slave trade, union organizing, upwardly mobile, urban planning, urban sprawl, Washington Consensus, women in the workforce, working poor, young professional, zero-sum game

Mean housing wealth was £204,500 in 2008, see ‘Wealth in Great Britain: Main results, 2006/08’; http://www.bris.ac.uk/geography/research/pfrc/themes/psa/pfrc0914.pdf. 53. Franco Modigliani & Richard H. Brumberg, ‘Utility Analysis and the Consumption Function: An Interpretation of Cross-section Data’, in: Post-Keynesian Economics, ed. Kenneth K. Kurihara (New Brunswick, NJ, 1954), 388–436; Andrew B. Abel, ed., The Collected Papers of Franco Modigliani (Cambridge, MA, 1980), Vol. II; and Milton Friedman, A Theory of the Consumption Function (Princeton, NJ, 1957). 54. As Modigliani himself acknowledged in Franco Modigliani, ‘Life Cycle, Individual Thrift and the Wealth of Nations’, in: American Economic Review 76, no. 3, 1986: 297–313. 55.