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Neoliberalism and the Road to Inequality and Stagnation
Tom Palley has made a significant contribution to understanding the meaning and significance of neoliberalism. This chronicle collects some of his best work to explain how global adoption of neoliberal policies over the past thirty years has increased income inequality and created tendencies to stagnation.
Plenty of Nothing
This work offers an alternative to conventional economic wisdom. It aims to provoke debate amongst economists and the general public about the most stubborn problems in the American economy.
Financialization
The term financialization is a term that has become popular to describe developments within the global economy, and particularly within developed industrialized economies, over the past thirty years. The book is divided into four sections, which together give a comprehensive treatment of the economics and political economy of financialization.
From Financial Crisis to Stagnation
The U.S. economy today is confronted with the prospect of extended stagnation. This book explores why. Thomas I. Palley argues that the Great Recession and destruction of shared prosperity is due to flawed economic policy over the past thirty years. One flaw was the growth model adopted after 1980 that relied on debt and asset price inflation to fuel growth instead of wages. A second flaw was the model of globalization that created an economic gash. Third, financial deregulation and the house price bubble kept the economy going by making ever more credit available. As the economy cannibalized itself by undercutting income distribution and accumulating debt, it needed larger speculative bubbles to grow. That process ended when the housing bubble burst. The earlier post-World War II economic model based on rising middle-class incomes has been dismantled, while the new neoliberal model has imploded. Absent a change of policy paradigm, the logical next step is stagnation. The political challenge we face now is how to achieve paradigm change.
What's Wrong with Modern Money Theory?
This Palgrave Pivot assesses the validity of Modern Money Theory’s approach to macroeconomic policy, specifically monetary and fiscal policy. Whereas other papers have focused primarily on theoretical and doctrinal issues, this book focuses primarily on an analysis of MMT’s policy approach. Though drawing on academic literature, this book’s approach is empirical and policy-based, making it accessible to scholars and the public alike. It addresses a burning question in the policy and politics of the US and elsewhere where MMT is gaining a policy foothold, especially among progressive activists and politicians: Is MMT, in fact, a good guide for progressive macroeconomic policy? The main focus of this book is to explain why the answer to this question is no.
Post Keynesian Economics
This book provides an important and original statement of Post Keynesian macroeconomic theory, focusing on the significance of privately created inside debts and income distribution for the determination of economic activity. The material is presented in a clear and accessible format
New Directions in Post-Keynesian Economics
"In all, New Directions in Post-Keynesian Economics proves that the intellectual vision for the realization of the Keynesian revolution is abundant. John Hillard, European Association for Evolutionary Political Economy Newsletter "The Pheby-edited essays should prove useful to anyone interested in post-Keynesian economics. The level of exposition makes them accessible to advanced undergraduates without being too pedestrian for scholars in the field. Dudley Dillard, The Eastern Economics Journal
Advances in Endogenous Money Analysis
The endogenous nature of money is a fact that has been recognized rather late in monetary economics. Today, it is explained most comprehensively by the theory of money in post-Keynesian monetary theory. The expert contributors to this enlightening book revisit long-standing debates on the endogeneity of money from the position of both horizontalists and structuralists, and prescribe new areas of research and debate for post-Keynesian scholars to explore.
Thirlwall's Law at 40
2019 marked the 40th anniversary of the publication of Anthony P. Thirlwall’s classic paper that laid out what became known as Thirlwall’s law. This article introduced and provided empirical evidence in favor of the proposition that the long-run rate of growth of an economy compatible with balance-of-payments equilibrium can be approximated by the simple rule of the ratio of the growth of exports to the income elasticity of demand for imports.
Financial Markets, Money, and the Real World
Financial Markets, Money and the Real World by Paul Davidson is an informed and informative study of why the 1990s experienced a series of financial crises with terrible repercussions that reverberated throughout the global market. Focusing on the central role that domestic and international financial markets play in affecting the economic growth rate, and offering prescriptions to improve worldwide economic viability in the 21st century, Financial Markets, Money and the Real World is highly practical, forward thinking, and strongly recommended reading for students of economics in general, and the interactive, interdependent global financial markets in particular. Library Bookwatch/Midwest B...
