DOCSLIB.ORG

Interviewee Biographies

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Interviewee Biographies Interviewee biographies Victoria Chick is Emeritus Professor of Economics at University College London. She has written extensively on money, macroeconomics (espe- cially the economics of Keynes) and methodology, in many articles and three books: The Theory of Monetary Policy (2nd edition Blackwell, 1978), Macroeconomics after Keynes: A Reconsideration of The General Theory (MIT Press, 1983) and On Money, Method and Keynes: Selected Essays (ed. P. Arestis and S. C. Dow, Macmillan, 1992). She has held many visiting posts, including the Bundesbank Visiting Professorship at the Free University, Berlin, and has served as an economist at the Reserve Bank of Australia. She is a member of the Skidelsky Committee on Curriculum Change in Economics and is an adviser to Rethinking Economics, which campaigns for curriculum change and fosters the public understanding of economics. Professor Chick is Life President of the Association for Heterodox Economics. David Colander received his PhD from Columbia University and was the Christian A. Johnson Distinguished Professor of Economics at Middlebury College, Middlebury, Vermont from 1982 to 2013 when he was appointed Distinguished College Professor at Middlebury College. In 2001–2002 he was the Kelly Professor of Distinguished Teaching at Princeton University. He has authored, co-authored, or edited over 40 books and 150 articles on a wide range of topics. His books have been translated into a number of dif- ferent languages, including Chinese, Bulgarian, Polish, Italian, and Spanish. He has been president of both the Eastern Economic Association and History of Economic Thought Society and is, or has been, on the editorial boards of numerous journals. Tim Congdon CBE has been a long-term advocate of ‘sound money’ and free markets in the UK’s public policy debates. He is currently chairman of the Institute of International Monetary Research (www .mv -pt .org), which he founded in 2014. Tim’s most influential position was a member of the Treasury Panel of Independent Forecasters (the so-called ‘wise men’) between 1992 and 1997, which advised the Chancellor of the Exchequer on economic policy. He founded Lombard Street Research, one of the City of London’s leading economic research consultancies, in 1989, and was its Managing Director from 1989 to 2001 and its Chief Economist from 2001 to 2005. Tim has been a visit- vii Phil Armstrong - 9781800370890 Downloaded from Elgar Online at 09/26/2021 03:49:16PM via free access viii Can heterodox economics make a difference? ing professor at the Cardiff Business School and the City University Business School (now the Cass Business School), and was a Visiting Research Fellow at the London School of Economics between 2005 and 2007. He was awarded the CBE for services to economic debate in 1997. He is often regarded as the UK’s leading representative of ‘monetarist’ economic thinking. His books include Monetarism: An Essay in Definition (Centre for Policy Studies, 1978), Monetary Control in Britain (Macmillan, 1982), The Debt Threat (Blackwell, 1988), Reflections on Monetarism (Edward Elgar, 1992), Money and Asset Prices in Boom and Bust (Institute of Economic Affairs, 2005), Keynes, the Keynesians and Monetarism (Edward Elgar, 2007), How to Stop the Recession (Centre for the Study of Financial Innovation, 2009) and Central Banking in a Free Society (Institute of Economic Affairs, 2009). His book Money in a Free Society (Encounter Books, 2011) was more specifically a response to the Great Recession. In June 2017 a collection of papers Money in the Great Recession, which Tim has edited, was published by Edward Elgar. Tim was honorary secretary of the Political Economy Club from 1999 to 2010, and chairman of the Freedom Association from 2011 to 2015. He has since 2008 been a columnist for Standpoint magazine, where he has written and com- mented about economics, but also outside the economic field which is his main interest. He has been a member of the UK Independence Party since 2007. He was runner-up in the 2010 UKIP leadership election and UKIP economics spokesman 2010–14. Paul Davidson is one of the leading representatives of the American branch of the Post-Keynesian school. He is a prolific writer and a renowned analyst of the work of J. M. Keynes. He has actively intervened in important debates on economic policy (natural resources, international monetary system, devel- oping country debt) from a position that is very critical of mainstream eco- nomics. Davidson is Holly Professor of Excellence, Emeritus at the University of Tennessee in Knoxville. He is a Visiting Scholar at the Schwartz Center for Economic Policy Analysis at the New School. Besides the University of Pennsylvania, the University of Tennessee, and the New School, Davidson has taught economics at Rutgers University, and the European Universities of Cambridge, Bristol, Nice, Strasbourg and Vienna. In the early 1960s he worked at Continental Oil Company. Davidson and Sidney Weintraub founded the Journal of Post Keynesian Economics in 1978. Davidson continued as editor until 2014. He is also a contributor to the Center for Full Employment and Stability. Sheila Dow is Emeritus Professor of Economics at the University of Stirling, Scotland, and Adjunct Professor of Economics at the University of Victoria, Canada. Her main academic focus is on raising methodological awareness in the fields of macroeconomics, money and banking, and the history of economic Phil Armstrong - 9781800370890 Downloaded from Elgar Online at 09/26/2021 03:49:16PM via free access Interviewee biographies ix thought (especially Hume, Smith and Keynes). While her career has primarily been in academia, she has held positions with the Bank of England and the Government of Manitoba, and as special adviser on monetary policy to the UK Treasury Select Committee. She has held positions such as Chair of INEM and is currently a member of the Academic Council of INET and of the Academic Advisory Board of the ISRF. Recent books include Economic Methodology: An Inquiry (Oxford University Press, 2002), A History of Scottish Economic Thought (Routledge, 2006, co-edited with Alexander Dow) and Foundations for New Economic Thinking (Palgrave Macmillan, 2012). Kevin Dowd is Professor of Finance and Economics at Durham University Business School. He has written extensively on a number of subjects, includ- ing monetary economics, macroeconomics, banking/central banking/financial regulation, pensions, political economy and the current financial crisis, but his main interest is on the impact of the state on the financial system. He has affiliations with the Cato Institute (Washington DC), the Cobden Centre, the Independent Institute (Oakland, CA), the Institute of Economic Affairs (London), the Istituto Bruno Leoni (Milan), and the Pensions Institute (London). His most recent book, co-authored with Martin Hutchinson, is Alchemists of Loss: How Modern Finance and Government Intervention Crashed the Financial System (Wiley, 2010) which explains how bad ideas and vested interests caused the financial crisis. Professor Dowd is a leading advocate of the Austrian school. Roger Farmer is Research Director at NIESR, London, and Professor of Economics at the University of Warwick in the UK. He is also Distinguished Professor of Economics at UCLA. He is a world leading economist and former Senior Houblon-Norman Fellow at the Bank of England. He has published numerous scholarly articles in leading academic journals, as well as books that have been translated into Chinese, Italian, Vietnamese and Hungarian. He has previously held positions at the University of Pennsylvania, the European University Institute and the University of Toronto. He is a Fellow of the Econometric Society, Research Associate of the National Bureau of Economic Research, Research Fellow of the Centre for Economic Policy Research, Fellow Commoner of Cambridge University, and Co-Editor of the International Journal of Economic Theory. His most recent book is Prosperity for All: How to Prevent Financial Crises (Oxford University Press, 2017). Scott Ferguson is Associate Professor of Film and Media Studies in the Department of Humanities and Cultural Studies at the University of South Florida. He also co-directs the Modern Money Network Humanities Division and serves as a research scholar at the Global Institute for Sustainability Prosperity. His writings have appeared in Screen, Boundary 2 Online, Arcade, Phil Armstrong - 9781800370890 Downloaded from Elgar Online at 09/26/2021 03:49:16PM via free access x Can heterodox economics make a difference? Monthly Review Online, Qui Parle, CounterPunch, Liminalities, Naked Capitalism, Radical Political Economy (URPE), Dollars & Sense, Tropics of Meta, In the Moment (Critical Inquiry), Rebelion and Contexto y Accion. His book, Declarations of Dependence: Money, Aesthetics, and the Politics of Care was published by University of Nebraska Press in 2018. Charles Goodhart CBE, FBA is Emeritus Professor of Banking and Finance with the Financial Markets Group at the LSE, having previously, 1987–2005, been its Deputy Director. He was trained as an economist at Cambridge (Undergraduate) and Harvard (PhD). He then entered into a career that alternated between academia (Cambridge, 1963–65; LSE, 1967–68; again 1985–to date), and work in the official sector, mostly in the Bank of England (Department of Economic Affairs, 1965–66; Bank of England, 1968–85; Monetary Policy Committee, 1997–2000). He has worked throughout as a specialist monetary economist,
Load more

Recommended publications
  • BIS Working Papers No 136 the Price Level, Relative Prices and Economic Stability: Aspects of the Interwar Debate by David Laidler* Monetary and Economic Department
    BIS Working Papers No 136 The price level, relative prices and economic stability: aspects of the interwar debate by David Laidler* Monetary and Economic Department September 2003 * University of Western Ontario Abstract Recent financial instability has called into question the sufficiency of low inflation as a goal for monetary policy. This paper discusses interwar literature bearing on this question. It begins with theories of the cycle based on the quantity theory, and their policy prescription of price stability supported by lender of last resort activities in the event of crises, arguing that their neglect of fluctuations in investment was a weakness. Other approaches are then taken up, particularly Austrian theory, which stressed the banking system’s capacity to generate relative price distortions and forced saving. This theory was discredited by its association with nihilistic policy prescriptions during the Great Depression. Nevertheless, its core insights were worthwhile, and also played an important part in Robertson’s more eclectic account of the cycle. The latter, however, yielded activist policy prescriptions of a sort that were discredited in the postwar period. Whether these now need re-examination, or whether a low-inflation regime, in which the authorities stand ready to resort to vigorous monetary expansion in the aftermath of asset market problems, is adequate to maintain economic stability is still an open question. BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The views expressed in them are those of their authors and not necessarily the views of the BIS.
    [Show full text]
  • For Peer Review Journal: Journal of the History of Economic Thought
    Cambridge University Press Dunn's "The Economics of John Kenneth Galbraith" For Peer Review Journal: Journal of the History of Economic Thought Manuscript ID: Draft Manuscript Type: Review Article [email protected] Page 1 of 8 Cambridge University Press 1 2 3 Book Review for the Journal of the History of Economic Thought 4 5 6 7 By Cameron M. Weber, PhD student in economics and history at the New School for Social 8 9 Research and Adjunct Faculty, FIT/SUNY and St. John’s University, New York. 10 11 12 February 2013 13 14 15 Email: [email protected], homepage: cameroneconomics.com 16 17 18 For Peer Review 19 Book reviewed: Stephen P. Dunn. The Economics of John Kenneth Galbraith: Introduction, 20 21 Persuasion and Rehabilitation . (Cambridge, New York, Melbourne, Madrid, Cape Town, 22 23 Singapore, Sao Paulo, Delhi, Dubai, Tokyo, Mexico City: Cambridge University Press, 2010), 24 25 26 pp. xx, 477, US$115.00, ISBN 978-0521-51876-5. 27 28 29 Review: 30 31 32 Stephen Dunn describes this book as having its main goal to show that John Kenneth Galbraith’s 33 34 35 (JKG’s) thought has been under-appreciated by both Post-Keynesians and Institutionalists in the 36 37 history of economic thought. But in reality the book is really of two parts, the first is Dunn’s 38 39 very detailed and engaging description of JKG’s thought without tying-in in any systematic way 40 41 42 followers or precursors, the second is to relate JKG’s influence on those that followed him, 43 44 especially in Post-Keynesian Economics.
    [Show full text]
  • The Limits of Minsky's Financial Instability Hypothesis As an Explanation of the Crisis
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Palley, Thomas I. Working Paper The Limits of Minsky's Financial Instability Hypothesis as an Explanation of the Crisis IMK Working Paper, No. 11/2009 Provided in Cooperation with: Macroeconomic Policy Institute (IMK) at the Hans Boeckler Foundation Suggested Citation: Palley, Thomas I. (2009) : The Limits of Minsky's Financial Instability Hypothesis as an Explanation of the Crisis, IMK Working Paper, No. 11/2009, Hans-Böckler- Stiftung, Institut für Makroökonomie und Konjunkturforschung (IMK), Düsseldorf, http://nbn-resolving.de/urn:nbn:de:101:1-201101312750 This Version is available at: http://hdl.handle.net/10419/105923 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have
    [Show full text]
  • Patinkin on Keynes
    On Post Keynesian economics and the economics of Keynes1 Roger E. Backhouse University of Birmingham and Erasmus University Rotterdam and Bradley W. Bateman Denison University Version 8 June 2011 1. Introduction Given that it so clearly borrows from the title of Axel Leijonhufvud’s great book (1968), your expectation may well be that we are going to provide a detailed analysis of the analytical errors of Post Keynesian economics, setting up an opposition between Post Keynesian economics and the theory that John Maynard Keynes developed in The General Theory of Employment, Interest and Money (JMK VII [1936]). However, this is 1 This talk, was written for the Keynes Seminar at Cambridge, on 23 May 2011. Section 3 draws on Backhouse (2010a) and section 4 draws extensively on Backhouse and Bateman (2010). Many of the ideas about Keynes are discussed in Backhouse and Bateman (forthcoming). It has been revised following helpful comments from Victoria Chick, Mark Hayes, Tony Lawson and Roberto Scazzieri. It should not be inferred that any of them would endorse the conclusions we reach. 1 of 29 not the line we intend to pursue. Thus we are not challenging interpretations such as the one offered by Mark Hayes (2006) who has sought to identify a consistent theoretical framework within The General Theory. Instead, we wish to challenge the Post Keynesian claim to exclusive rights over Keynes’s legacy – that their ideas are, to use the metaphor popularized by Joan Robinson, the only legitimate progeny of The General Theory and that mainstream Keynesianism is not. Our contention is that to make such a claim is to take a position in relation to The General Theory that is very different from the one that Keynes himself took.2 The Samuelsonian neoclassical synthesis, or the new Keynesian macroeconomics are, we contend, no more Keynes’s bastard progeny than are the various strands of Post Keynesian economics.
    [Show full text]
  • The Chancellor Must End Austerity Now – It Is Punishing an Entire Generation
    Stiglitz, J., Ha-Joon, C., Graeber, D., Pettigor, A., Dorling, D., Sassen, S. et al. (2017) The chancellor must end austerity now – it is punishing an entire generation, letter, The Guardian, November 19th, https://www.theguardian.com/society/2017/nov/19/the-chancellor-must-end-austerity- now-it-is-punishing-an-entire-generation The chancellor must end austerity now – it is punishing an entire generation Alongside the human costs, cuts have hurt our economy, and we’ve now reached a dangerous tipping point, say Joseph Stiglitz, Ha-Joon Chang and 111 others Public sector workers protest against cuts. Photograph: Oli Scarff/Getty Images Letters, Sunday 19 November 2017 19.11 GMT Seven years of austerity has destroyed lives. An estimated 30,000 excess deaths can be linked to cuts in NHS spending and the social care crisis in 2015 alone. The number of food parcels given to impoverished Britons has grown from tens of thousands in 2010 to over a million. Children are suffering from real-terms spending cuts in up to 88% of schools. The public sector pay cap has meant that millions of workers are struggling to make ends meet. 1 Alongside the mounting human costs, austerity has hurt our economy. The UK has experienced its weakest recovery on record and suffers from poor levels of investment, leading to low productivity and falling wages. This government has missed every one of its own debt reduction targets because austerity simply doesn’t work. The case for cuts has been grounded in ideology and untruths. We’ve been told public debt is the outcome of overspending on public services rather than bailing out the banks.
    [Show full text]
  • James Kenneth Galbraith [email protected] Curriculum Vitae
    James Kenneth Galbraith [email protected] Curriculum Vitae Current Position: Lloyd M. Bentsen, Jr. Chair in Government/ Business Relations, Lyndon B. Johnson School of Public Affairs, and Professor of Government, The University of Texas at Austin. Experience: Chair, LBJ School Budget Council, 2002-2004. Director, Ph.D. program in Public Policy, 1995-1997; Professor, LBJ School of Public Affairs, 1990-2002, Associate Professor, 1986 - 1990; Visiting Associate 1985-86. Visiting Scholar, The Brookings Institution, 1985. Executive Director, Joint Economic Committee, Congress of the United States, 1981 - 1982; Deputy Director, 1983 - 1984. Economist, Committee on Banking, Finance and Urban Affairs, United States House of Representatives, 1975-76 and 1977-80. Lecturer, Department of Economics, University of Maryland, 1979-1980. Teaching Subjects: Inequality and Development; International Economics; Technical Change and Financial Crisis; Economics for Policy; History of Economic Thought. Research Fields: Inequality; Economic policy. Degrees: Почетного доктора наук, Plekhanov Russian University of Economics, 2017 Docteur Honoris Causa, Université Pierre Mendes-France, October 2010 Ph.D., Yale University, May 1981 M. Phil., Yale University, May 1978 M.A., Yale University, December 1977 A.B., Magna Cum Laude, Harvard University, June 1974. Academy: Socio Straniero dell’Accademia dei Lincei - Classe di Scienze Morali, Storiche e Filologiche (Categoria VII - Scienze Sociali e Politiche). Elected 2010. Awards: GPAC Faculty Awards: Best Taught Class, 2020. GPAC Faculty Awards: Best Course to Challenge Your Assumptions, 2020. GPAC Faculty Awards: Best Transition Online, 2020. Veblen-Commons Award, Association for Evolutionary Economics, 2020. Почетного профессора, Urals State University of Economics, 2018. Trustee, Economists for Peace and Security, Elected 2017.
    [Show full text]
  • Money, Trust, and Central Bank Legitimacy in the Age of Quantitative Easing
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Braun, Benjamin Working Paper Speaking to the people? Money, trust, and central bank legitimacy in the age of quantitative easing MPIfG Discussion Paper, No. 16/12 Provided in Cooperation with: Max Planck Institute for the Study of Societies (MPIfG), Cologne Suggested Citation: Braun, Benjamin (2016) : Speaking to the people? Money, trust, and central bank legitimacy in the age of quantitative easing, MPIfG Discussion Paper, No. 16/12, Max Planck Institute for the Study of Societies, Cologne This Version is available at: http://hdl.handle.net/10419/147500 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen
    [Show full text]
  • WRAP THESIS Braun 2014.Pdf
    University of Warwick institutional repository: http://go.warwick.ac.uk/wrap A Thesis Submitted for the Degree of PhD at the University of Warwick http://go.warwick.ac.uk/wrap/67054 This thesis is made available online and is protected by original copyright. Please scroll down to view the document itself. Please refer to the repository record for this item for information to help you to cite it. Our policy information is available from the repository home page. Benjamin Braun Central bank agency and monetary governability in the euro area: Governing through money, trust, and expectations Thesis submitted in partial fulfilment of the requirements for a PhD in Politics and International Studies conducted in the Department of Politics and Inter- national Studies at the University of Warwick Supervised by Professor Matthew Watson and Doctor Amandine Crespy September 2014 Table of contents List of tables and figures ... vi List of abbreviations ... vii Acknowledgements ... viii Declaration ... ix Abstract ... x Introduction ... 1 Central banking – a blind spot in the political science literature on central banks? ... 3 The monetary policy paradigm of the Great Moderation, and why it (still) matters ... 6 Analytical framework and theoretical concepts: Central bank agency, governability, performativity, audi- ences, and apparatuses ... 10 Case, data, and methodology ... 15 Contributions to the literature ... 19 Chapter structure ... 22 1. The making and unmaking of governability in macroeconomic discourse ... 26 1.1 Macroeconomic governability paradigms ... 29 1.1.1 Governability paradigms vs. policy paradigms ... 30 1.1.2 Three elements of macroeconomic governability paradigms ... 33 1.2 From Keynesian uncertainty to the neoclassical synthesis ..
    [Show full text]
  • Post-Keynesian Economics
    History and Fundamentals of Post-Keynesian Macroeconomics Marc Lavoie University of Paris 13 University of Ottawa A Modern Guide To Keynesian Macroeconomics And Economic Policies Outline • 1. We set post-Keynesian economics within a set of multiple heterodox schools of thought, in opposition to mainstream schools and quickly identify the main features (presuppositions) of heterodoxy, contrasting them to those of orthodoxy. • 2. We cover a brief history of post-Keynesian economics, in particular its founding moments. • 3. We identify the additional features that characterize post- Keynesian economics relative to closely-related heterodox schools. • 4. We delineate the various streams of post-Keynesian economics: Fundamentalist, Kaleckian, Kaldorian, Sraffian, Institutionalist. • 5. PKE in the limelight: monetary economics 7th FMM International Summer School, Keynesian Macroeconomics and Economic Policies, July-August 2019 PART I Heterodox schools and Keynesian schools Heterodox vs Orthodox economics • HETERODOX PARADIGM • ORTHODOX PARADIGM • NON-ORTHODOX • DOMINANT PARADIGM PARADIGM • THE MAINSTREAM • POST-CLASSICAL PARADIGM • NEOCLASSICAL ECONOMICS • REVIVAL OF POLITICAL ECONOMY • MARGINALISM • REAL-WORLD ECONOMICS 7th FMM International Summer School, Keynesian Macroeconomics and Economic Policies, July-August 2019 • Lee, Lavoie ROPE 2012 • J.E. King • Stockhammer and Ramskögler • Dobusch and Kapeller • D. Dequech • B. Hopkins • M. Vernengo • Earl and Peng • G. Mongiovi • Rochon and Docherty • D. Foley • L. Hoang-Ngoc 7th FMM International Summer School, Keynesian Macroeconomics and Economic Policies, July-August 2019 Hodgson (August 2019 book): Is There a Future for Heterodox Economics? • “Over the last 50 years, and particularly since the financial crash in 2008, the community of heterodox economists has expanded, and its publications have proliferated. But its power in departments of economics has waned.
    [Show full text]
  • A Cosmopolitan Reading of Modern Monetary Theory
    Global Society ISSN: (Print) (Online) Journal homepage: https://www.tandfonline.com/loi/cgsj20 A Cosmopolitan Reading of Modern Monetary Theory Konsta Kotilainen To cite this article: Konsta Kotilainen (2021): A Cosmopolitan Reading of Modern Monetary Theory, Global Society, DOI: 10.1080/13600826.2021.1898343 To link to this article: https://doi.org/10.1080/13600826.2021.1898343 © 2021 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group Published online: 19 Mar 2021. Submit your article to this journal Article views: 183 View related articles View Crossmark data Full Terms & Conditions of access and use can be found at https://www.tandfonline.com/action/journalInformation?journalCode=cgsj20 GLOBAL SOCIETY https://doi.org/10.1080/13600826.2021.1898343 A Cosmopolitan Reading of Modern Monetary Theory Konsta Kotilainen Faculty of Social Sciences, University of Helsinki, Helsinki, Finland ABSTRACT KEYWORDS The increasingly influential neochartalist Modern Monetary Theory Cosmopolitanism; Modern (MMT) comes with a nation-state-centric framing of politics. The Monetary Theory; global neochartalists argue that many alleged globalisation-related democracy; monetary constraints on national economic policy are illusory or seriously sovereignty; macroeconomic governance overstated. In their view, monetarily sovereign states enjoy substantial autonomy over their fiscal and monetary policy decisions. The neochartalist diagnosis thus seems to undermine cosmopolitan calls for supranational forms of macroeconomic governance. However, this paper argues that if we pay serious attention to a range of subtler obstacles and strategic incentives that apply especially to small currency-issuing states, cosmopolitan aspirations remain well-motivated. Accordingly, the political implications of MMT are reexamined and a case for supranational exercise of monetary sovereignty is made.
    [Show full text]
  • A Post Keynesian/Institutionalist Synthesis? W
    A Post Keynesian/Institutionalist Synthesis? W. Robert Brazelton, Ph.D Professor Emeritus, Economics University of Missouri-Kansas City Senior Fellow The Brookside Institute Abstract This paper deals with major selected components of both Post Keynesian Economics a la Hyman Minsky, Paul Davidson, Alfred Eichner, Sydney Weintraub, Randall Wray and others as they contrast with the “Old” Institutionalists (Evolutionists) such as Thorstein Veblen, Clarence Ayres, Gardiner Means, John R. Commons, Wesley Clair Mitchell and others. The attempt will be to bring about a more comprehensive “synthesis” between the Post Keynesian/Institutionalist Schools (PK/I) based upon my previous works and the works of others. This does not mean that there should or could be one “synthesis” of economic theory and related economic policies, but that several viewpoints may be useful in obtaining a more general, less exclusively pre-determined framework of economic analysis and policy. The paper will also deal with selected sociological analysis to question the generally accepted orthodox economic analysis of rationality – a concept about which the PK/I analysis generally questions as an analytical concept. I. Introduction : Institutionalists to Post-Keynesian In previous works (Brazelton, 1980-81, 1981, 2005) concerning this subject matter, I have dealt with the Post Keynesian and Institutionalists (PK/I) in terms of common or compatible analysis. Herein, I will deal first with selected major aspects of Institutionalist (Evolutionist) analysis and then indicate what the Keynesian analysis and the Post Keynesian analysis can each utilize in their variant forms of economic analysis. The reason for this handling is that Institutionalist Thought came first in such persons as Thorstein Veblen (1901, 1904, 1961), Clarence Ayres (1944, 1952), John R.
    [Show full text]
  • Monetary Economics After the Global Financial Crisis: What Has Happened to the Endogenous Money Theory?
    This is a repository copy of Monetary economics after the global financial crisis: what has happened to the endogenous money theory?. White Rose Research Online URL for this paper: https://eprints.whiterose.ac.uk/156194/ Version: Accepted Version Article: Fontana, G orcid.org/0000-0002-8055-5326, Realfonzo, R and Veronese Passarella, M orcid.org/0000-0001-7652-5952 (2020) Monetary economics after the global financial crisis: what has happened to the endogenous money theory? European Journal of Economics and Economic Policies: Intervention, 17 (3). pp. 339-355. ISSN 2052-7764 https://doi.org/10.4337/ejeep.2020.0056 © 2020, the authors. The definitive, peer reviewed and edited version of this article is published in Fontana, G , Realfonzo, R and Veronese Passarella, M (2020) Monetary economics after the global financial crisis: what has happened to the endogenous money theory? European Journal of Economics and Economic Policies: Intervention. ISSN 2052- 7764. Uploaded in accordance with the publisher's self-archiving policy. Reuse Items deposited in White Rose Research Online are protected by copyright, with all rights reserved unless indicated otherwise. They may be downloaded and/or printed for private study, or other acts as permitted by national copyright laws. The publisher or other rights holders may allow further reproduction and re-use of the full text version. This is indicated by the licence information on the White Rose Research Online record for the item. Takedown If you consider content in White Rose Research Online to be in breach of UK law, please notify us by emailing [email protected] including the URL of the record and the reason for the withdrawal request.
    [Show full text]