Wynne Godley – a Bibliography
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THE GODLEY-TOBIN LECTURE Robert Rowthorn WP 512 June 2019
“KEYNESIAN ECONOMICS– BACK FROM THE DEAD?” THE GODLEY-TOBIN LECTURE Robert Rowthorn WP 512 June 2019 KEYNESIAN ECONOMICS– BACK FROM THE DEAD? THE GODLEY-TOBIN LECTURE Centre for Business Research, University of Cambridge Working Paper no. 512 Robert Rowthorn Faculty of Economics and Kings College University of Cambridge Email: [email protected] June 2019 Abstract This paper surveys some the main developments in macroeconomics since the anti- Keynesian counter-revolution forty years ago. It covers both mainstream and heterodox economics. Amongst the topics discussed are: New Keynesian economics, Modern Monetary Theory (MMT), expansionary fiscal contraction, unconventional monetary policy, the Phillips curve, and hysteresis. The conclusion is that Keynesian economics is alive and well, and that there has been a degree of convergence between heterodox and mainstream economics. JEL Codes: E60, E10, E31, B22. Keywords: Macroeconomics, Keynesian economics, Keynes Acknowledgements: I should like to thank Wendy Carlin, Geoffrey Harcourt, Bill Martin and Thomas Michl for their comments on an earlier draft of this paper. The paper is forthcoming in Review of Keynesian Economics. Further information about the Centre for Business Research can be found at: www.cbr.cam.ac.uk 1. Introduction When Thomas Palley asked me to give this year’s Godley-Tobin Lecture, he suggested that I might present my views about modern developments in macroeconomics. At first, I baulked at the idea of covering such a vast field, but then I decided it would be an interesting challenge. To the extent that there is one, the underlying theme of my lecture is that, since the initial anti-Keynesian counter-revolution forty years ago, Keynesian economics has made something of a come-back. -
Information Technology, Organizational Form, and Transition to the Market
Upjohn Institute Working Papers Upjohn Research home page 6-1-2004 Information Technology, Organizational Form, and Transition to the Market John S. Earle W.E. Upjohn Institute for Employment Research Ugo Pagano University of Siena Maria Lesi Budapest University of Economic Sciences Upjohn Institute Working Paper No. 02-82 **Published Version** In Journal of Economic Behavior & Organization 60(4): 471-489 (2006). Follow this and additional works at: https://research.upjohn.org/up_workingpapers Part of the Eastern European Studies Commons Citation Earle, John S., Ugo Pagano, and Maria Lesi. 2002. "Information Technology, Organizational Form, and Transition to the Market." Upjohn Institute Working Paper No. 02-82. Kalamazoo, MI: W.E. Upjohn Institute for Employment Research. https://doi.org/10.17848/wp02-82 This title is brought to you by the Upjohn Institute. For more information, please contact [email protected]. Information Technology, Organizational Form, and Transition to the Market Upjohn Institute Staff Working Paper 02-82 John S. Earle* Upjohn Institute for Employment Research Central European University Ugo Pagano University of Siena Central European University and Maria Lesi Budapest University of Economic Sciences Central European University Revised: June 2004 Abstract The paper reviews theories of information technology adoption and organizational form and applies them to an empirical analysis of firm choices and characteristics in four transition economies: the Czech Republic, Hungary, Romania, and Slovakia. We argue that these economies have gone through two major structural changes – one concerning technology and another concerning ownership and boundaries of firms – and we consider if and how each of the two structural changes has affected the other. -
The Old and New Economics of Imperialism
THE OLD AND NEW ECONOMICS OF IMPERIALISM G REGORY A LBO riting forty years ago in the first volume of the Socialist Register, Hamza WAlavi argued that it was necessary to turn to an analysis of a ‘new impe- rialism’, because the ‘end of direct colonial rule … [had] not yet precipitated that final crisis which was to see the end of monopoly capitalism and to herald the age of socialism.’ Insisting that the key dynamic in the world economy could no longer be captured by the classic theories of imperialism of territorial expan- sionism in the search for economic outlets, he concluded that the principal aim of … the new imperialism is not the export of capital as a means of exploiting cheap labour overseas. It is rather that of concen- trating investment at home to expand production in the metropolitan country and of seeking to dominate world markets on which it establishes its grasp by a variety of means …1 This insight, at once theoretical and political, remains central to the analysis of the new imperialism today in terms of the systemic reproduction of uneven development and the hierarchical organizational arrangement of the world market through formally equal economic exchanges and political relations between states.2 By locating imperialism in terms of the law of value and the rule of law, ‘consent’ can be seen as important as ‘coercion’ in understanding modern imperialism. The internationalisation of capital during the long period of neoliberalism since the 1980s has given rise to new patterns and contradictions in the world market and has had profound effects on the institutionalization of state power, the organization of state apparatuses and the relations between states. -
The Godley–Tobin Lecture*
Review of Keynesian Economics, Vol. 8 No. 1, Spring 2020, pp. 1–20 The Godley–Tobin lecture* Keynesian economics – back from the dead? Robert Rowthorn** Emeritus Professor of Economics, University of Cambridge, UK This paper surveys some of the main developments in macroeconomics since the anti- Keynesian counter-revolution 40 years ago. It covers both mainstream and heterodox economics. Amongst the topics discussed are: New Keynesian economics, Modern Mone- tary Theory, expansionary fiscal contraction, unconventional monetary policy, the Phillips curve, hysteresis, and heterodox theories of growth and distribution. The conclusion is that Keynesian economics is alive and well, and that there has been a degree of convergence between heterodox and mainstream economics. Keywords: macroeconomics, Keynesian economics, Keynes, MMT JEL codes: E60, E10, E31, B22 1 INTRODUCTION When Thomas Palley asked me to give this year’sGodley–Tobin Lecture, he suggested that I might present my views about modern developments in macroeconomics. At first, I baulked at the idea of covering such a vast field, but then I decided it would be an interesting challenge. To the extent that there is one, the underlying theme of my lecture is that, since the initial anti-Keynesian counter-revolution 40 years ago, Keynesian economics has made something of a comeback. It would be an exaggeration to say that ‘we are all Keynesians now’, but surveys indicate that many leading economists in the USA and the UK have Keynesian sympathies (CFM 2014; IGM Forum 2014). 2 BACKGROUND Forty years ago macroeconomics was dominated by Keynesians. Many of their views could be traced back to Keynes, although there had also been various innovations by authors such as Alvin Hansen, John Hicks, Abba Lerner and William Phillips. -
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European Journal of Economics and Economic Policies: Intervention, Vol. 15 No. 1, 2018, pp. 2–11 ‘The vigorous critique of the neo-Kaleckian or post- Kaleckian growth model is a measure of its success’ Interview with Marc Lavoie Marc Lavoie is a Senior Research Chair of the University of Sorbonne Paris Cité, located at the University of Paris 13, and he is a member of the Centre d’Économie de Paris- Nord (CEPN), France. Between 1979 and 2016 he taught at the University of Ottawa, Canada, where he is now an emeritus professor. He received a ‘doctorat honorifique’ from the University of Paris 13, France, in 2015. He is one of the managing editors of Metroeconomica and of the European Journal of Economics and Economic Policies: Intervention, and he is an IMK and FMM fellow. His latest work is Post-Keynesian Economics: New Foundations (2014) – an exhaustive account of post-Keynesian economic theory – for which he received the 2017 Myrdal Prize of the European Asso- ciation for Evolutionary Political Economy. How did you get interested in post-Keynesian or heterodox economics and how did you get in contact with post-Keynesian economists? I was a student at Carleton University, in Ottawa. I had chosen to go to this English- speaking university because I feared that I would be frustrated by not getting enough classes in French at the University of Ottawa, which is a bilingual university. At Carleton I knew everything would be in English anyway. In my fourth year, there was an honours seminar which was run by Tom Rymes – T.K. -
Oxford Symposium on Population, Migration, and the Environment
Oxford Symposium on Population, Migration, and the Environment Symposium Facilitators Trevor Davies, Emeritus Fellow, University of Reading, UK Oxford Symposium on Population, Migration, and the Environment MONDAY, 1 AUGUST 2016 ROTHEREMERE AMERICAN INSTITUE, OXFORD 8:50 – 9:00 A.M. Introduction and Welcome Symposium Facilitator, Trevor Davies. Emeritus Fellow, University of Reading, UK 9:00 – 9:30 A.M. Keynote Speaker Topic: The Demographic and Economic Impacts of Migration Robert Rowthorn, Senior Research Fellow, University of Oxford, and Emeritus Professor of Economics, University of Cambridge, UK 9:30 – 10:00 A.M. Topic: Water, Sanitation, and Religion: Sustainability in Religious Tradition and Practice Presenter: Ashlynn Stillwell, Assistant Professor, University of Illinois at Urbana-Champaign, US 10:00 – 10:30 A.M. Tea/Coffee Biscuits 10:30 – 11:00 A.M. Topic: Biology and the Bible: Some New and Not-So-New Considerations Regarding Population Presenter: Nola Stewart, Member, Sustainable Population, Australia. 11:00 – 11:30 A.M. Topic: All Along the Watchtower: The Radical Other and Internal Border Crossing Presenter: Michael E. Sawyer, Assistant Professor, Colorado College, US 11:30 – 12:00 Noon. Topic: Healthcare in 'Mexican Chicago': On the Power of Undocumented Status Presenter: Brian Tuohy, PhD Candidate, University of Chicago, US 12:15 –1:15 P.M. Buffet Lunch 1:15 – 1:45 P.M. Topic: Female Technical Education in Conflict-Affected Countries: The Cases of Afghanistan and Iraq Presenters: Kenneth Holland, Professor, Ball State University and Julie Lebo, Development Consultant, Ball State University, US 1:45 – 2:15 P.M. Topic: Migration, Population Density, and the Demands of Agricultural Education in Haiti: The Case of UNOGA Presenter: Kathleen Tobin, Associate Professor, Purdue University Northwest, US 2:15 – 2:45 P.M. -
Essays on Institutional Complementarities, Organizational Forms and Knowledge Economy
ESSAYS ON INSTITUTIONAL COMPLEMENTARITIES, ORGANIZATIONAL FORMS AND KNOWLEDGE ECONOMY Erkan Gürpınar Supervisor Defence Committee Prof. Ugo Pagano Prof. Samuel Bowles Prof. Robert Rowthorn Prof. Ernesto Screpanti Thesis Submitted for the degree of Doctor of Philosophy in Economics Department of Economics and Statistics University of Siena June 2013 ACKNOWLEDGEMENTS First and foremost, I would like to thank to my supervisor Ugo Pagano. The influence of his approach on my ideas could be found in all the chapters of the thesis. Some parts of the first two chapters were written when I was a visiting student at the Centre of Development Studies, Cambridge University. In particular, I would like to thank to Prof. Ha-Joon Chang for his comments and suggestions on the first two chapters of the thesis. I am also indebted to Prof. Samuel Bowles and Prof. Serena Sordi for their valuable comments on the second paper. This work has also benefited from comments and suggestions of Nicodemo De Vito, Paolo Pin and M. Alessandra Rossi. I would like to thank to Ariel Dvoskin not only for his comments and suggestions, but also for the time he has spent with me discussing in detail my papers. I should also express my gratitude to my colleagues Fabio Landini, Gabriel Burdin, Gioia de Melo, and Ramon Boixadera for the discussions about my papers and economics in general. Last but not least, I would like to express my gratitude to Selin Gökten to whom the thesis is dedicated. i TABLE OF CONTENTS ACKNOWLEDGEMENTS _____________________________________ i TABLE -
Maverick Who Endured with Ideas Undimmed
13/10/2017 FT.com / Comment / Obituaries - Maverick who endured with ideas undimmed COMMENT OBITUARIES FT Home > Comment > Obituaries Maverick who endured with ideas undimmed LATEST HEADLINES FROM CNN By Sue Cameron and John Llewellyn Published: May 14 2010 05:44 | Last updated: May 14 2010 05:44 Ex-jihadist at heart of Libya's revolution Proposed legal changes in China cause jitters Wynne Godley, who has died at the age of 83, achieved fame for his stringent attacks on the Yemen opposition considers using military to out Saleh monetarist doctrines of the Thatcherites – he once dismissed their policies as “a gigantic con Witnesses: Riot police clash with Bahrain demonstrators trick”. India's anti-corruption movement gains momentum More His dire warnings in the late 1970s that unemployment would rise to 3m in the 1980s earned him the title “Cassandra of the Fens” and were derided – until they came true. Jobs Business for sale Contracts & tenders Then, after years in the wilderness, with his research grant cut and academics giving him the cold shoulder, he returned to the establishment fold as one of the Treasury’s independent SEARCH Enter keywords forecasters. It was a tribute to his intellectual strength that he came through such setbacks to produce MARKETING EXECUTIVE APPOINTMENT With Career some of the most novel and insightful analysis of economies of his generation. What made his Progression achievements all the more singular was that he had started his career as a professional Cumberland Building Society musician. CUSTOMER SERVICES EXECUTIVE APPOINTMENT with Career Progression Wynne Alexander Hugh Godley was born in 1926, the younger son of Lord Kilbracken, an Cumberland Building Society Anglo-Irish peer. -
The Post-Keynesian Economics of Credit and Debt Marc Lavoie
The post-Keynesian economics of credit and debt Marc Lavoie Department of Economics, University of Ottawa November 2012 To take a not at all arbitrary example, a standard macroeconomic approach, the IS-LM model (don’t ask) told us that under depression-type conditions like those we’re experiencing, some of the usual rules would cease to apply: trillion-dollar budget deficits wouldn’t drive up interest rates, huge increases in the money supply wouldn’t cause runaway inflation. Economists who took that model seriously back in, say, early 2009 were ridiculed and lambasted for making such counterintuitive assertions. But their predictions came true. So yes, it’s possible to have social science with the power to predict events and, maybe, to lead to a better future. Paul Krugman, “Introduction” to Isaac Asimov, The Foundation Trilogy, The Folio Society, London, 2012, p. xv. Paul Krugman believes that it is enough to go back to the old IS-LM model to understand how the economy functions and to make predictions about what is about to happen. He is partially right and partially wrong. Certainly the current sophisticated models put forward by most of his mainstream colleagues did not allow for correct predictions. However, although we need to go back to macroeconomics before the new classical and rational expectations revolution, thus going beyond the representative agent with rational expectations (RARE as John King (2012) calls it), we certainly should not go back to the simple IS/LM model that Krugman is so enamoured with. The purpose of the session on the economics of credit and debt is to stimulate new thinking on credit and debt. -
Robert Rowthorn . Ownership, Technology and Institutional Stability.*
UGO PAGANO - ROBERT ROWTHORN . OWNERSHIP, TECHNOLOGY AND INSTITUTIONAL STABILITY.*. For a given technology, the ownership of the firm goes to the high-agency-cost factors that can save the most on agency costs when they own the organisation. At the same time, owning factors choose technologies that save on the use of other high-agency-cost factors. Thus, ownership and technology define self-reinforcing multiple organisational equilibria. The institutional stability of an organisational equilibrium depends on the possibility of substituting non-owning high-agency-cost factors away from the organisation; it increases together with the elasticity of substitution. * University of Siena and Cambridge University. We thank Sam Bowles, Lilli Basile, Frank Hahn, Geoff Harcourt and for useful comments to early drafts of this paper. We are grateful to C.N.R. for financial support. This paper is part of a U.N. W.I.D.E.R research on enterprise democracy. The usual caveats apply. 1 Introduction. In recent economic theory the firm is defined as an institution where some agents exercise some governance over other agents. Governance can improve on market transactions when agency costs are high because of the existence of specific or difficult-to-monitor assets. Three questions arise in this context: 1) which factors will control the organisation and will have the power to "design" the production process1? 2) how will different factors exercise this power? 3) will the exercise of this power change the nature of the technology and of the factors employed in the firm? 1) The first question can be answered by observing that if governance arises to save on agency costs, organisations should be controlled by the most specific or difficult-to-monitor factors: they will able to save the most on the risk-premium due to resource specificity or on the monitoring expenses that would have to be paid if they were employed in other people's organisations . -
The “Kansas City” Approach to Modern Money Theory
Working Paper No. 961 The “Kansas City” Approach to Modern Money Theory by L. Randall Wray Levy Economics Institute of Bard College July 2020 The Levy Economics Institute Working Paper Collection presents research in progress by Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals. Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and economic research it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad. Levy Economics Institute P.O. Box 5000 Annandale-on-Hudson, NY 12504-5000 http://www.levyinstitute.org Copyright © Levy Economics Institute 2020 All rights reserved ISSN 1547-366X ABSTRACT Modern money theory (MMT) synthesizes several traditions from heterodox economics. Its focus is on describing monetary and fiscal operations in nations that issue a sovereign currency. As such, it applies Georg Friedrich Knapp’s state money approach (chartalism), also adopted by John Maynard Keynes in his Treatise on Money. MMT emphasizes the difference between a sovereign currency issuer and a sovereign currency user with respect to issues such as fiscal and monetary policy space, ability to make all payments as they come due, credit worthiness, and insolvency. Following A. Mitchell Innes, however, MMT acknowledges some similarities between sovereign and nonsovereign issues of liabilities, and hence integrates a credit theory of money (or, “endogenous money theory,” as it is usually termed by post-Keynesians) with state money theory. -
The Fiscal Impact of Immigration on the Advanced Economies
Oxford Review of Economic Policy, Volume 24, Number 3, 2008, pp.560–580 The fiscal impact of immigration on the advanced economies Downloaded from Robert Rowthorn∗ http://oxrep.oxfordjournals.org/ Abstract This paper is concerned with the advanced economies. It begins with a discussion of the demo- graphic issues that have played such a large role in the debate on immigration. This is followed by a section on the main problems involved in estimating the fiscal impact of immigration and then a summary of the international evidence on this topic, mostly from Europe and America. Separate sections on the UK and on low-fertility countries follow. The main conclusions are as follows. Highly skilled migrants normally make a large fiscal contribution, whereas unskilled migrants are likely to impose a net cost on native taxpayers if they settle in the receiving country. However, even unskilled migrants may be net contributors if they eventually at Dokuz Eylul University Library (DEU) on September 20, 2012 depart and make few claims on government expenditure while in the country. Most empirical studies find that the fiscal contribution of the immigrant population as a whole is quite small. The positive contribution of some migrants is largely or wholly offset by the negative contribution of others. This finding holds across a variety of countries and methodologies. Estimates of the net fiscal contribution of immigration normally lie within the range ±1 per cent of GDP. There are a few exceptions, but these refer to countries experiencing demographic collapse and they are based on unrealistic assumptions about the inter-generational allocation of future taxes and government expenditure.