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This Companion is a comprehensive introduction to Modern Money Theory (MMT), covering a wide variety of topics from the nature and origins of money, to the fundamentals of government spending and taxation, to the application of MMT in developed and developing countries.
Despite the important methodological critiques of the mainstream offered by heterodox economics, the dominant research method taught in heterodox programmes remains econometrics. This compelling Handbook provides a comprehensive introduction to a range of alternative research methods, invaluable for analysing the data prominent in heterodox studies. Providing a solid basis for a mixed methods approach to economic investigations, the expertly crafted contributions are split into three distinct sections: philosophical foundation and research strategy, research methods and data collection, and applications. Introductions to a host of invaluable methods such as survey, historical, ethnographic, experimental and mixed approaches, together with factor, cluster, complex and social network analytics, are complemented by descriptions of applications in practice. Practical and expansive, this Handbook is highly pertinent for students and scholars of economics, particularly those dedicated to heterodox approaches, as it provides a solid reference for mixed methods not available in mainstream economics research methods courses.
Offering a unique picture of recent developments in a range of non-conventional theoretical approaches in economics, this book introduces readers to the study of Analytical Political Economy and the changes within the subject. Includes a wide range of topics and theoretical approaches that are critically and thoroughly reviewed Contributions within the book are written according to the highest standards of rigor and clarity that characterize academic work Provides comprehensive and well-organized surveys of cutting-edge empirical and theoretical work covering an exceptionally wide range of areas and fields Topics include macroeconomic theories of growth and distribution; agent-based and stock-flow consistent models; financialization and Marxian price and value theory Investigates exploitation theory; trade theory; the role of expectations and ‘animal spirits’ on macroeconomic performance as well as empirical research in Marxian economics
This challenging book examines the origins and dynamics of financialeconomic crises. Its wide theoretical scope incorporates the theories of Marx, Keynes and various other Post Keynesian scholars of endogenous money, and provides a grand synthesis of these theoretical lineages, as well as a powerful critique of prevailing neoclassical/monetarist theories of money. Bill Lucarelli provides detailed historical analyses of the causes of the current international financial crisis, and offers alternative heterodox theories with more coherent and rigorous theoretical frameworks than existing economic orthodoxies. He illustrates that the very assumptions of neoclassical theory - informed by the efficient markets hypothesis - tend to rule out the very possibility of endogenous financial crises. Consequently, he argues, the endogenous causes of these crises are either ignored or simply treated as random, extraneous historical events. In stark contrast to these neoclassical/monetarist views, this book seeks to explain the recurrence of these financial crises as a result of the inner workings of the capitalist system.
In the past few decades, and intensified since the global financial crisis of August 2007, heterodox macroeconomics has developed apace and its scope has broadened in a number of directions. The purpose of this volume is to review the ‘state of the art’ in heterodox macroeconomics, its strengths and weaknesses and future directions. Heterodox macroeconomics has broadened its scope through gender macroeconomics, ecological macroeconomics and further incorporated income distribution and inequality into macroeconomics analysis. New macroeconomic models, particularly stock-flow consistent modelling has become a widely used mode of analysis. Money and finance, monetary policy and fiscal policy as well as other policies have been discussed widely. The focus of this edited collection is on all of these issues, with chapters focusing on inflation, ecological sustainability and regulatory policy.
This timely biography of the economist Wynne Godley (1926-2010) charts his long and often crisis-blown route to a new way of understanding whole economies. It shows how early frustrations as a policy-maker enabled him to glimpse the cliff-edges other macro-modellers missed, and re-arm ‘Keynesian’ theory against the orthodoxy that had tried to absorb it. Godley gained notoriety for his economic commentaries - foreseeing the malaise of the 1970s, the Reagan-Thatcher slump, the unsustainable 1980s and 1990s booms, and the crises in the Eurozone and world economies after 2008. This foresight arose from a series of advances in his understanding of national accounting, price-setting, the role ...
'The book provides a good variety of articles capable of satisfying different readers regarding central banking.' - Eric Tymoigne, Journal of Economic Issues According to the New Consensus in monetary economics, monetarism is dead and central bankers target low inflation rates by acting upon short-term real rates of interest. Yet, this synthesis hinges on variants of the long-run vertical Phillips curve originally proposed by Milton Friedman, the father of old-line monetarism. Contributors to this volume question this New Consensus. While they agree that the money supply should be conceived as endogenous, they carefully examine the procedures pursued by central banks, the monetary policy transmission mechanisms suggested by central bankers themselves, and the assumptions imbedded in the New Consensus. They propose alternative analyses that clearly demonstrate the limits of modern central banking and point to the possible instability of monetary economies.
This visionary Research Handbook presents the state of the art in research on policy design. By conceiving policy design both as a theoretical and a methodological framework, it provides scholars and practitioners with guidance on understanding policy problems and devising accurate solutions.
Italo Pardo has produced a thoughtful and original account of the moral life of Naples, a city in which the ethics of work, family and neighbourhood exist in complex relationship with the teachings of the church and, crucial to key processes of democracy, with the power and limitations of law, bureaucracy and government. Dr Pardo identifies the importance of strong continuous interaction between material and non-material aspects in the entrepreneurial strategies of the ordinary Neapolitan and shows the ways in which different ethical systems are negotiated in everyday life. Success is measured not only by material gain, but also by satisfying spiritual obligations and meeting the claims of intimate loyalties. This is one of the very few ethnographic studies of a European city; it questions old assumptions and raises fresh issues in the field of urban studies, demonstrating the significance of empirical analysis to mainstream debates in social theory.
This book constitutes the thoroughly refereed post-conference proceedings of the 8th International Conference on Large-Scale Scientific Computations, LSSC 2011, held in Sozopol, Bulgaria, in June 2011. The 74 revised full papers presented together with 3 plenary and invited papers were carefully reviewed and selected from numerous submissions. The papers are organized in topical sections on robust multigrid, multilevel and multiscale, deterministic and stochastic methods for modeling highly heterogeneous media, advanced methods for transport, control and uncertain systems, applications of metaheuristics to large-scale problems, environmental modelling, large scale computing on many-core architectures, multiscale industrial, enviromental and biomedical problems, efficient algorithms of computational geometry, high performance Monte Carlo simulations, voxel based computations and contributed papers.