Showing 1 - 10 of 61
This paper explores the intellectual history of the state, or chartalist, approach to money, from the early developers (Georg Friedrich Knapp and A. Mitchell Innes) through Joseph Schumpeter, John Maynard Keynes, and Abba Lerner, and on to modern exponents Hyman Minsky, Charles Goodhart, and...
Persistent link: https://www.econbiz.de/10010513085
In the aftermath of the global financial collapse that began in 2007, governments around the world have responded with reform. The outlines of Basel III have been announced, although some have already dismissed its reform agenda as being too little (and too late!). Like the proposed reforms in...
Persistent link: https://www.econbiz.de/10010281697
The world's worst economic crisis since the 1930s is now well into its third year. All sorts of explanations have been proffered for the causes of the crisis, from lax regulation and oversight to excessive global liquidity. Unfortunately, these narratives do not take into account the systemic...
Persistent link: https://www.econbiz.de/10010281722
Stability is destabilizing. These three words concisely capture the insight that underlies Hyman Minsky's analysis of the economy's transformation over the entire postwar period. The basic thesis is that the dynamic forces of a capitalist economy are explosive and must be contained by...
Persistent link: https://www.econbiz.de/10010281733
In this paper I will follow Hyman Minsky in arguing that the postwar period has seen a slow transformation of the economy from a structure that could be characterized as robust to one that is fragile. While many economists and policymakers have argued that no one saw it coming, Minsky and his...
Persistent link: https://www.econbiz.de/10010281738
This paper takes off from Jan Kregel's paper 'Shylock and Hamlet, or Are There Bulls and Bears in the Circuit?' (1986), which aimed to remedy shortcomings in most expositions of the circuit approach. While some circuitistes have rejected John Maynard Keynes's liquidity preference theory, Kregel...
Persistent link: https://www.econbiz.de/10010286517
Stability is destabilizing. These three words concisely capture the insight that underlies Hyman Minsky's analysis of the economy's transformation over the entire postwar period. The basic thesis is that the dynamic forces of a capitalist economy are explosive and must be contained by...
Persistent link: https://www.econbiz.de/10008906540
In the aftermath of the global financial collapse that began in 2007, governments around the world have responded with reform. The outlines of Basel III have been announced, although some have already dismissed its reform agenda as being too little (and too late!). Like the proposed reforms in...
Persistent link: https://www.econbiz.de/10008906563
In this paper I will follow Hyman Minsky in arguing that the postwar period has seen a slow transformation of the economy from a structure that could be characterized as "robust" to one that is "fragile". While many economists and policymakers have argued that "no one saw it coming", Minsky and...
Persistent link: https://www.econbiz.de/10008906576
This paper takes off from Jan Kregel's paper "Shylock and Hamlet, or Are There Bulls and Bears in the Circuit?" (1986), which aimed to remedy shortcomings in most expositions of the "circuit approach". While some "circuitistes" have rejected John Maynard Keynes's liquidity preference theory,...
Persistent link: https://www.econbiz.de/10009523597