A Stock-Flow Approach to a General Theory of Pricing
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Endogenous Money and the Natural Rate of Interest: the Reemergence of Liquidity Preference and Animal Spirits in the Post-Keynesian Theory of Capital Markets
Working Paper No. 817 Endogenous Money and the Natural Rate of Interest: The Reemergence of Liquidity Preference and Animal Spirits in the Post-Keynesian Theory of Capital Markets by Philip Pilkington Kingston University September 2014 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 Since the beginning of the fall of monetarism in the mid-1980s, mainstream macroeconomics has incorporated many of the principles of post-Keynesian endogenous money theory. This paper argues that the most important critical component of post-Keynesian monetary theory today is its rejection of the “natural rate of interest.” By examining the hidden assumptions of the loanable funds doctrine as it was modified in light of the idea of a natural rate of interest— specifically, its implicit reliance on an “efficient markets hypothesis” view of capital markets— this paper seeks to show that the mainstream view of capital markets is completely at odds with the world of fundamental uncertainty addressed by post-Keynesian economists, a world in which Keynesian liquidity preference and animal spirits rule the roost. -
A Southern Perspective on Development Studies Carlos Mallorquin Carlos Contents
ISBN: 978-956-6095-09-5 A Southern Perspective DOI: 10.5281/zenodo.4338468 on Development Studies Carlos Mallorquin A Southern Perspective on Development Studies Carlos Mallorquin Carlos Contents Introduction 5 Chapter 1 A Southern Perspective on Development Studies: 21 Contributions from Latin America Chapter 2 The Unfamiliar Raúl Prebisch (1943-1949) 53 Chapter 3 Celso Furtado and Development: A Brief Outline 99 (1950-2004) Chapter 4 Theoretical Misrecognitions as the Source of 123 Development Theory Déjà Vu A Southern Perspective on Development Studies Chapter 5 How Economics Forgot Power 149 Carlos Mallorquin Chapter 6 All That Is Solid Does Not Necessarily Melt Into Air 181 Research Professor, Autonomous University of Zacatecas (Zacatecas, Mexico) 2021 References 235 ISBN 978-956-6095-09-5 DOI 10.5281/zenodo.4338468 Francisco Osorio (Editor) Published by Ariadna Ediciones (Santiago of Chile) using a Creative Commons license CC BY 4.0. Also available to download from www.ariadnaediciones.cl Book Cover is Martin Waldseemüller’s 1507 world map where America appears for the first time to Europeans as a separate continent. Introduction Question everything and everyone. Be subversive, constantly questioning reality and the status quo. Be a poet, not a huckster. Don’t cater, don’t pander, especially not to possible audiences, readers, editors, or publishers. Come out of your closet. It’s dark in there. Raise the blinds, throw open your shuttered windows, raise the roof, unscrew the locks from the doors, but don’t throw away the screws. Be committed to something outside yourself. Be militant about it. Or ecstatic. Challenges to Young Poets by Lawrence Ferlinghetti pisodes in the history of Latin American social sciences and the various Ediscursive formations communicated by means of a Western-centric1 language might be especially uncomfortable or intractable to the reader, if the narrative that follows aims to reveal a whole set of misapprehensions by the Western-centric tradition. -
How Economics Forgot Power
How Economics Forgot Power Carlos Mallorquin* Resumen El artículo discute una reciente publicación de un libro de Philip Pilkington, en el cual se propone de manera innovadora una conceptualización del proceso de inversión (acumulación) y crecimiento económico. La mirada crítica a partir de la cual se examina el libro subraya ciertas similitudes teóricas que podemos encontrar en el discurso económico en América latina durante la década de 1950, generalmente denominada en el medio académico anglosajón o europeo como “estructuralismo latinoamericano”, cuya perspectiva central es el examen de las formaciones económicas, así como sus agentes, productos de la configuración de las asimetrías de poder. Palabras clave: Desarrollo, crecimeinto económico, asimetrías. Abstract The article discusses a recent book publication by Philip Pilkington, in which an interesting and novel reconceptualizing of the investment (accumulation) process and economic growth is proposed. The gaze and critique through which the book is examined underlines certain theoretical similarities found in the Latin American economic discourse during the 1950´s, denominated as “Latin American structuralism”, in Anglo Saxon or European academia. Central to its perspective is the examination of economic formations and its agents as a configuration of power asymmetries. Keywords: Development, desarrollo, growth, crecimiento, asymmetries. JEL: B22, B41, B50. * Profesor del Centro de Estudios para el Desarrollo de la Universidad Autónoma de Zacatecas. Correo electrónico: [email protected] 1 “That much economic theory is based on ridiculously narrow assumptions and unrealistic a priori premises should, at this stage, be obvious. But it is worth being clear how the types of people that espouse this sort of thing can be used by political forces that they do not understand and cannot comprehend.