HYMAN P. MINSKY COLLECTION: FOLDER LIST the Levy Economics Institute of Bard College Bruce Macmillan, Project Archivist March 2009
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Why Minsky Matters: an Introduction to the Work of a Maverick Economist
Introduction Stability— even of an expansion— is destabilizing in that the more adventuresome financing of investment pays off to the leaders and others follow. —Minsky, 1975, p. 125 1 There is no final solution to the problems of organizing economic life. —Minsky, 1975, p. 168 2 Why does the work of Hyman P. Minsky matter? Because he saw “it” (the Global Financial Crisis, or GFC) coming. Indeed, when the crisis first hit, many of those familiar with his work (and even some who knew little about it) proclaimed it a “Min- sky crisis.” That alone should spark interest in his work. The queen of England famously asked her economic advi- sors why none of them had seen it coming. Obviously the an- swer is complex, but it must include reference to the evolution of macro economic theory over the postwar period— from the “Age of Keynes,” through the rise of Milton Friedman’s monetarism and the return of neoclassical economics in the particularly ex- treme form developed by Robert Lucas, and finally on to the new monetary consensus adopted by Chairman Bernanke on the precipice of the crisis. The story cannot leave out the paral- lel developments in finance theory— with its “efficient markets 2 ■ Introduction hypothesis”— and the “hands- off” approach to regulation and supervision of financial institutions. What passed for macroeconomics on the verge of the global financial collapse had little to do with reality. The world modeled by mainstream economics bore no relation to our economy. It was based on rational expectations in which everyone bets right, at least within a random error, and maximizes anything and every- thing while living in a world without financial institutions. -
Russia and Saudi Arabia: Old Disenchantments, New Challenges by John W
STRATEGIC PERSPECTIVES 35 Russia and Saudi Arabia: Old Disenchantments, New Challenges by John W. Parker and Thomas F. Lynch III Center for Strategic Research Institute for National Strategic Studies National Defense University Institute for National Strategic Studies National Defense University The Institute for National Strategic Studies (INSS) is National Defense University’s (NDU’s) dedicated research arm. INSS includes the Center for Strategic Research, Center for the Study of Chinese Military Affairs, and Center for the Study of Weapons of Mass Destruction. The military and civilian analysts and staff who comprise INSS and its subcomponents execute their mission by conducting research and analysis, publishing, and participating in conferences, policy support, and outreach. The mission of INSS is to conduct strategic studies for the Secretary of Defense, Chairman of the Joint Chiefs of Staff, and the unified combatant commands in support of the academic programs at NDU and to perform outreach to other U.S. Government agencies and the broader national security community. Cover: Vladimir Putin presented an artifact made of mammoth tusk to Crown Prince Mohammad bin Salman Al Saud in Riyadh, October 14–15, 2019 (President of Russia Web site) Russia and Saudi Arabia Russia and Saudia Arabia: Old Disenchantments, New Challenges By John W. Parker and Thomas F. Lynch III Institute for National Strategic Studies Strategic Perspectives, No. 35 Series Editor: Denise Natali National Defense University Press Washington, D.C. June 2021 Opinions, conclusions, and recommendations expressed or implied within are solely those of the contributors and do not necessarily represent the views of the Defense Department or any other agency of the Federal Government. -
2009 Hamerkaz
50883_Book_r3:50883_Book_r3 9/16/09 2:21 PM Page 1 F ALL 2 0 0 9 E DITION HAPPY NEW YEAR 5770 HAMERKAZ A PUBLICATION OF THE SEPHARDIC EDUCATIONAL CENTER SECuring Our Jewish Future 50883_Book_r3:50883_Book_r3 9/16/09 2:21 PM Page 2 BOARD MEMBERS Dr. Jose A. Nessim, Founder & President MESSAGE FROM THE BOARD W o r l d E x e c u t i v e C o m m i t t e e Ronald J. Nessim, Chair Sarita Hasson Fields Raymond Mallel Freda Nessim By Ronald J. Nessim Steven Nessim Prof. Eli Nissim There has been significant and exciting changes at the SEC over the past two Dr. Salvador Sarfatti years. Let me update you on some of them. Neil J. Sheff Marcia Israel Weingarten Larry Azose, World Executive Director In the fall of 2007, we hired Larry Azose as our full-time executive director. Larry has a rich Sephardic background, brings organizational skills to the SEC and is S E C J e r u s a l e m C a m p u s 200% committed to our cause. We are fortunate to have him. Rabbi Yosef Benarroch, Educational Director [email protected] Our executive committee which I am proud to chair has been meeting monthly in Israel Shalem, Administrative Director Los Angeles. The executive committee has made great progress in revitalizing the [email protected] SEC and each member has assumed primary responsibility in one or more areas such as finance, Israel programs and our Jewish day school initiative. S E C C h a p t e r s Los Angeles• Argentina• New York• Montreal It is our intent over the coming months to create Advisory Committees consisting World Executive Offices of community leaders in our local chapters. -
The Socialization of Investment, from Keynes to Minsky and Beyond
Working Paper No. 822 The Socialization of Investment, from Keynes to Minsky and Beyond by Riccardo Bellofiore* University of Bergamo December 2014 * [email protected] This paper was prepared for the project “Financing Innovation: An Application of a Keynes-Schumpeter- Minsky Synthesis,” funded in part by the Institute for New Economic Thinking, INET grant no. IN012-00036, administered through the Levy Economics Institute of Bard College. Co-principal investigators: Mariana Mazzucato (Science Policy Research Unit, University of Sussex) and L. Randall Wray (Levy Institute). The author thanks INET and the Levy Institute for support of this research. 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 2014 All rights reserved ISSN 1547-366X Abstract An understanding of, and an intervention into, the present capitalist reality requires that we put together the insights of Karl Marx on labor, as well as those of Hyman Minsky on finance. The best way to do this is within a longer-term perspective, looking at the different stages through which capitalism evolves. -
The Case of Donald J. Trump†
THE AGE OF THE WINNING EXECUTIVE: THE CASE OF DONALD J. TRUMP† Saikrishna Bangalore Prakash∗ INTRODUCTION The election of Donald J. Trump, although foretold by Matt Groening’s The Simpsons,1 was a surprise to many.2 But the shock, disbelief, and horror were especially acute for the intelligentsia. They were told, guaranteed really, that there was no way for Trump to win. Yet he prevailed, pulling off what poker aficionados might call a back- door draw in the Electoral College. Since his victory, the reverberations, commotions, and uproars have never ended. Some of these were Trump’s own doing and some were hyped-up controversies. We have endured so many bombshells and pur- ported bombshells that most of us are numb. As one crisis or scandal sputters to a pathetic end, the next has already commenced. There has been too much fear, rage, fire, and fury, rendering it impossible for many to make sense of it all. Some Americans sensibly tuned out, missing the breathless nightly reports of how the latest scandal would doom Trump or why his tormentors would soon get their comeuppance. Nonetheless, our reality TV President is ratings gold for our political talk shows. In his Foreword, Professor Michael Klarman, one of America’s fore- most legal historians, speaks of a degrading democracy.3 Many difficulties plague our nation: racial and class divisions, a spiraling debt, runaway entitlements, forever wars, and, of course, the coronavirus. Like many others, I do not regard our democracy as especially debased.4 Or put an- other way, we have long had less than a thoroughgoing democracy, in part ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– † Responding to Michael J. -
List of Good Books by Neerav Gadhvi the Essays of Warren Buffett : Lessons for Corporate America. ***** Warren Buffett (Edited B
List of good books By Neerav Gadhvi The Essays of Warren Buffett : Lessons for Corporate America. ***** Warren Buffett (Edited by Lawrence Cunningham). Also see the unedited letters: “Chairman's Letters.” Warren Buffett. Online at: www.berkshirehathaway.com The Intelligent Investor: A Book of Practical Counsel. ***** Benjamin Graham. (Margin of safety. The difference between "investing" and "speculation." A businessman’s approach. Focus on chapters 8 & 20.) Poor Charlie's Almanack, 2d Ed.***** Charles T. Munger. (Munger’s take on the world – his view on extreme concentration, 5-10 positions, was what Buffett did at Berkshire, moving beyond Ben Graham’s “diversified pool” style of special situations). The General Theory of Employment Interest And Money (1936). (Chapter 12, Long-Term Expectation). ***** J.M. Keynes. Buffett: The Making of an American Capitalist. ***** Roger Lowenstein. (The best bio on any financier ever). Valuation: Measuring and Managing the Value of Companies, 5th Edition (Wiley Finance). **** McKinsey & Company Inc., Tim Koller et al. Financial Statement Analysis: A Practitioner's Guide, 3rd edition.**** Martin S. Fridson. (Learn the ROE breakdown and accounting nuances.) Business Strategy and Security Analysis: The Key to Long Term Investment Profits. **** Raymond K. Suutari. (Advanced qualitative tools for identifying good businesses - economic value drivers behind the ratios.) A History of Interest Rates: Fourth Edition, Revised. ***** Sidney Homer and Richard Sylla. (The dean of Salomon Brothers research offers perspective on interest rates, the lifeblood of finance. This book gives a needed, millennial perspective on the most important external input in valuation). Make Your Own Luck.**** Eileen Shapiro et al. (A systematic and probabilistic way to make investment and business decisions). -
The Language of Neoliberal Education Ed
Letnik XXIX, številka 1–2, 2018 Revija za teorijo in raziskave vzgoje in izobraževanja Šolsko polje The Language of Neoliberal Education ed. Mitja Sardoč Šolsko polje Revija za teorijo in raziskave vzgoje in izobraževanja Letnik XXIX, številka 1–2, 2018 Šolsko polje je mednarodna revija za teorijo ter raziskave vzgoje in izobraževanja z mednarodnim uredniškim odbor om. Objavlja znanstvene in strokovne članke s širšega področja vzgoje in izobraževanja ter edukacij- skih raziskav (filozofija vzgoje, sociologija izobraževanja, uporabna epistemologija, razvojna psihologija, -pe dagogika, andragogika, pedagoška metodologija itd.), pregledne članke z omenjenih področij ter recenzije tako domačih kot tujih monografij s področja vzgoje in izobraževanja. Revija izhaja trikrat letno. Izdaja joSlo - vensko društvo raziskovalcev šolskega polja. Poglavitni namen revije je prispevati k razvoju edukacijskih ved in in- terdisciplinarnemu pristopu k teoretičnim in praktičnim vprašanjem vzgoje in izobraževanja. V tem okviru revija posebno pozornost namenja razvijanju slovenske znanstvene in strokovne terminologije ter konceptov na področju vzgoje in izobraževanja ter raziskovalnim paradigmam s področja edukacijskih raziskav v okvi- ru družboslovno-humanističnih ved. Uredništvo: Valerija Vendramin, Zdenko Kodelja, Darko Štrajn, Alenka Gril, Igor Ž. Žagar, Eva Klemenčič in Mitja Sardoč (vsi: Pedagoški inštitut, Ljubljana) Glavni urednik: Marjan Šimenc (Pedagoški inštitut, Ljubljana) Odgovorni urednik: Mitja Sardoč (Pedagoški inštitut, Ljubljana) Uredniški -
The Pro-Cyclical Effects of the New Basel Accord” Stephany Griffith-Jones and Stephen Spratt 199
1D5250-Omsl FONDAD 19-11-2003 13:47 Pagina 1 New Challenges of Crisis Prevention New José María Fanelli, Stephany Griffith-Jones, Jan Kregel, José Antonio Ocampo, Yung Chul Park, Chi-Young Song, John Williamson, and others New Challenges of Crisis Prevention Addressing Economic Imbalances in the North and Boom-Bust Cycles in the South Edited by Jan Joost Teunissen FONDAD FONDAD 1D5250-Fondad I 19-11-2003 18:47 Pagina 1 New Challenges of Crisis Prevention: Addressing Economic Imbalances in the North and Boom-Bust Cycles in the South From: New Challenges of Crisis Prevention, FONDAD, December 2001, www.fondad.org 1D5250-Fondad I 19-11-2003 18:47 Pagina 2 Forum on Debt and Development (FONDAD) FONDAD is an independent policy research centre and forum for international discussion established in the Netherlands. Supported by a worldwide network of experts, it provides policy-oriented research on a range of North-South problems, with particular emphasis on international financial issues. Through research, seminars and publications, FONDAD aims to provide factual background information and practical strategies for policymakers and other interested groups in industrial, developing and transition countries. Director: Jan Joost Teunissen From: New Challenges of Crisis Prevention, FONDAD, December 2001, www.fondad.org 1D5250-Fondad I 19-11-2003 18:47 Pagina 3 New Challenges of Crisis Prevention Addressing Economic Imbalances in the North and Boom-Bust Cycles in the South Edited by Jan Joost Teunissen FONDAD The Hague From: New Challenges of Crisis -
PHILISTINES in the BOOKS of KINGS* Seymour Gitin W. F
PHILISTINES IN THE BOOKS OF KINGS* Seymour Gitin W. F. Albright Institute of Archaeological Research, Jerusalem 1. Introduction The Philistines have long been of interest to students of the Bible. Although extra-biblical texts – including Egyptian, Neo-Assyrian, Neo-Babylonian, and Greek sources – provide a number of important insights into the history of the Philistines, evidence that could address in detail questions relating to their origin, their historical, cultural, religious, and economic development, and their ultimate fate has only come to light in the last half-century as a result of archaeological exca- vations. Most importantly, archaeology has shed new light on the role of the Philistines as one of the chief protagonists in the history of biblical Israel. The Philistines, Philistia, and its cities are mentioned a total of 422 times in the Bible, but only 18 of these references occur in the Book of Kings, and these mention only the Philistines and three of their five capital cities, namely, Ekron, Gath, and Gaza. This indi- cates that in stark contrast to other periods, they played only a minor role during the period covered by the Book of Kings – the period of the United and Divided Monarchies that spanned from the 10th through the 8th c. BCE.1 Even though these 18 references offer only a * I wish to thank Edna Sachar for her careful reading of the text and to acknowl- edge the following credits for the illustrations: Figs. 1–2 from the Collection of the Israel Antiquities Authority/photos © the Israel Museum, Jerusalem; Figs. 3–5, 13 courtesy of the Leon Levy Expedition to Ashkelon; Fig. -
Does Canada Need a Wealth Tax?
2020 DOES CANADA NEED A WEALTH TAX? Philip Cross 2020 Fraser Institute Does Canada Need a Wealth Tax? by Philip Cross Contents Executive Summary / i 1 Introduction / 1 2 Different views of wealth in economics / 4 3 Canada’s wealth more equally distributed / 6 4 Wealth taxes generate little net revenue / 13 5 Wealth is hard to define and measure / 19 6 Macro issues—a wealth tax discourages savings and investments, and lowers long-term growth / 25 7 Fairness and social issues / 30 Conclusion / 35 References / 36 About the Author / 41 Publishing Information / 42 About the Fraser Institute / 43 Purpose, Funding, and Independence / 43 Peer review —validating the accuracy of our research / 44 Editorial Advisory Board / 44 fraserinstitute.org Cross • Does Canada Need a Wealth Tax? • i Executive Summary In its recent Speech from the Throne, the federal government said it was considering a tax on what it termed “extreme wealth inequality” in this country. This would be a mis- take for several reasons. To start, wealth inequality is not increasing in Canada. Statistics Canada data show that wealth held by the lowest three income quintiles rose more than that held by the highest two quintiles, raising their share of wealth from 27.1% in 2010 to 29.5% in 2019. The gain in wealth for those with lower incomes reflects increases for both financial and non-financial assets, and began before Canada’s housing market took off in 2015. Canada’s middle class holds more financial assets than the middle class in the United States and, therefore, is less vulnerable to a downturn in the housing market. -
An Institutionalist Perspective on the World Financial Crisis
An Institutionalist Perspective on the Global Financial Crisis Charles J. Whalen, Utica College April 2009 Abstract This essay, prepared for a forthcoming collection of perspectives on the current world economic crisis, offers an institutionalist viewpoint on the financial crisis at the center of world attention since mid-2008. It is divided into three sections. The first section provides a brief history of the institutionalist understanding of how an economy operates, with special emphasis on a tradition known as post-Keynesian institutionalism (PKI). The second section draws on PKI to offer an explanation of the global financial crisis. The third section identifies some of the public-policy steps that are required to achieve a more stable and broadly shared prosperity in the United States and abroad. At the heart of PKI is attention to unemployment and the broader economic concerns facing working families. That focus is rooted in the shared interests of John R. Commons and John M. Keynes, who saw the business cycle as an important cause of unemployment and recognized that attaining greater economic stability requires understanding the operation and evolution of financial institutions. 4/24/09. Prepared for Alternative Perspectives on the World Financial Crisis, edited by Steven Kates (Cheltenham, UK: Edward Elgar, forthcoming). 2 An Institutionalist Perspective on the Global Financial Crisis Charles J. Whalen Professor of Business and Economics, Utica College Visiting Fellow, Cornell University ILR School E-mail: [email protected] INTRODUCTION This chapter presents an institutionalist perspective on the financial crisis that has been at the center of world attention since mid-2008. It is divided into three sections. -
Sidney Weintraub and American Post Keynesianism: 1938-1970
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Weintraub, E. Roy Working Paper Sidney Weintraub and American Post Keynesianism: 1938-1970 CHOPE Working Paper, No. 2014-11 Provided in Cooperation with: Center for the History of Political Economy at Duke University Suggested Citation: Weintraub, E. Roy (2014) : Sidney Weintraub and American Post Keynesianism: 1938-1970, CHOPE Working Paper, No. 2014-11, Duke University, Center for the History of Political Economy (CHOPE), Durham, NC This Version is available at: http://hdl.handle.net/10419/149723 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 die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Sidney Weintraub and American Post Keynesianism: 1938-1970 by E. Roy Weintraub CHOPE Working Paper No. 2014-11 July 2014 Abstract Sidney Weintraub and American Post Keynesianism: 1938‐1970 By E.