An Introduction to the Work of a Maverick Economist
Author: L. Randall Wray
Publisher: Princeton University Press
Category: Business & Economics
Perhaps no economist was more vindicated by the global financial crisis than Hyman P. Minsky (1919–96). Although a handful of economists raised alarms as early as 2000, Minsky's warnings began a half-century earlier, with writings that set out a compelling theory of financial instability. Yet even today he remains largely outside mainstream economics; few people have a good grasp of his writings, and fewer still understand their full importance. Why Minsky Matters makes the maverick economist’s critically valuable insights accessible to general readers for the first time. L. Randall Wray shows that by understanding Minsky we will not only see the next crisis coming but we might be able to act quickly enough to prevent it. As Wray explains, Minsky’s most important idea is that "stability is destabilizing": to the degree that the economy achieves what looks to be robust and stable growth, it is setting up the conditions in which a crash becomes ever more likely. Before the financial crisis, mainstream economists pointed to much evidence that the economy was more stable, but their predictions were completely wrong because they disregarded Minsky’s insight. Wray also introduces Minsky’s significant work on money and banking, poverty and unemployment, and the evolution of capitalism, as well as his proposals for reforming the financial system and promoting economic stability. A much-needed introduction to an economist whose ideas are more relevant than ever, Why Minsky Matters is essential reading for anyone who wants to understand why economic crises are becoming more frequent and severe—and what we can do about it.
An Insider’s View on the Economics of Hyman Minsky
Author: Piero Ferri
Publisher: Edward Elgar Publishing
Category: BUSINESS & ECONOMICS
At its core this book sets out the analytical and methodological foundations of Minsky’s financial instability hypothesis (FIH). Grounded on the joint work of Piero Ferri and Hyman Minsky, it offers insightful analysis from a unique insider's perspective. The objective is to deepen and enlarge the toolbox used by Minsky and to place the analysis within a dynamic perspective where a meta model, based upon regime switching, can encompass the different forms that the FIH can assume.
The economic crisis of 2008 led to an unprecedented focus on the world of high finance—and revealed it to be far more arcane and influential than most people could ever have imagined. Any hope of avoiding future crises, it’s clear, rest on understanding finance itself. To understand finance, however, we have to learn its history, and this book fills that need. Kevin R. Brine, an industry veteran, and Mary Poovey, an acclaimed historian, show that finance as we know it today emerged gradually in the late nineteenth century and only coalesced after World War II, becoming ever more complicated—and ever more central to the American economy. The authors explain the models, regulations, and institutions at the heart of modern finance and uncover the complex and sometimes surprising origins of its critical features, such as corporate accounting standards, the Federal Reserve System, risk management practices, and American Keynesian and New Classic monetary economics. This book sees finance through its highs and lows, from pre-Depression to post-Recession, exploring the myriad ways in which the practices of finance and the realities of the economy influenced one another through the years. A masterwork of collaboration, Finance in America lays bare the theories and practices that constitute finance, opening up the discussion of its role and risks to a broad range of scholars and citizens.
This volume reiterates the relevance of imperialism in the present, as a continuous arrangement, from the early years of empire-colonies to the prevailing pattern of expropriation across the globe. While imperialism as an arrangement of exploitation has sustained over ages, measures deployed to achieve the goals have gone through variations, depending on the network of the prevailing power structure. Providing a historical as well as a conceptual account of imperialism in its ‘classical’ context, this collection brings to the fore an underlying unity which runs across the diverse pattern of imperialist order over time. Dealing with theory, the past and the contemporary, the study concludes by delving into the current conjuncture in Latin America, the United States and Asia. The Changing Face of Imperialism will provide fresh ideas for future research into the shifting patterns of expropriation – spanning the early years of sea-borne plunder and the empire-colonies of nineteenth-century to contemporary capitalism, which is rooted in neoliberalism, globalization and free market ideology. With contributions from major experts in the field, this book will be a significant intervention. It will be of interest to scholars and researchers of economics, politics, sociology and history, especially those dealing with imperial history and colonialism.
A Great Leap Forward: Heterodox Economic Policy for the 21st Century investigates economic policy from a heterodox and progressive perspective. Author Randall Wray uses relatively short chapters arranged around several macroeconomic policy themes to present an integrated survey of progressive policy on topics of interest today that are likely to remain topics of interest for many years. Rejects neoclassical orthodoxy as the appropriate tool for understanding 21st century economic and social life Considers subjects such as innovation and technological progress Explores public institutions, global trade, and financial regulation
The Handbook of Economic Stagnation takes a broad view, including contributions from orthodox and heterodox economists who examine situations in countries and worldwide regions, including Japan and the Euro area. To be sure, stagnation is periodically relieved by short economic bursts usually brought on by unsustainable asset price bubbles. Once the bubbles burst, stagnation returns. This book's fresh, comprehensive approach to the topic makes it the premier source for anyone affected by these cycles. Synthesizes and organizes diverse perspectives about crisis economics and future economic growth Emphasizes the relationships among stagnation, international economics, and the global distribution of labor Includes Japan and the Euro zone as well as other countries and regions worldwide
A Primer on Macroeconomics for Sovereign Monetary Systems
Author: L. Randall Wray
Category: Business & Economics
This second edition explores how money 'works' in the modern economy and synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations.
This two volume Handbook contains chapters on the main areas to which Post-Keynesians have made sustained and important contributions. These include theories of accumulation, distribution, pricing, money and finance, international trade and capital flows, the environment, methodological issues, criticism of mainstream economics and Post-Keynesian policies. The Introduction outlines what is in the two volumes, in the process placing Post-Keynesian procedures and contributions in appropriate contexts.