The fourth volume of Paul Davidson's major contributions to the economics and policy debates of our times. This book explains why the 'conventional wisdom' expressed in the media is not only bad economics but can be disastrous when applied to real world economic systems. Among the issues explored are: how Keynes's analysis recognises that the primary function of financial markets is to provide liquidity and that a liquid market cannot automatically produce economic efficiency; why, during the first twenty-five years after the Second World War, all entrepreneurial economies made significant progress towards a more civilised economic society and why, since the mid-1970s, most market-oriented economies have regressed towards a much less 'good economic society'; why a new 'Bretton Woods' conference is necessary to solve the problem of the huge trade imbalances between various nations in a globalised economy.
PART I: INTERNATIONAL ECONOMICS
Is a Plumber or a New Financial Architect Needed to End Global International Liquidity Problems?
Capital Movements, Tobin Tax and Permanent Fire Prevention: A Reponse to DeAngelis
Globalization
The Future of the International Financial System
The Declining Dollar, Global Economic Growth, and Macro Stability
Is Fixed Exchange Rates the Problem and Flexible Exchange Rates the Cure?
PART II: ECONOMICS FOR LESS DEVELOPED COUNTRIES
A Post Keynesian View of the Washington Consensus and How to Improve It
Liquidity vs. Efficiency in Liberalized International Financial Markets: A Warning to Developing Economies
LDCs, Institutions and Money: A Response to Danby
Dollarization, The Functions of a Central Bank and the Ecuadorean Economy
PART III: NEWSPAPER COLUMNS
The Dangers of Debt Reduction
We Should End Market Liquidity?
Last Resort for IMF
Keynes and the Bear Necessities
Debtor Nations Need a Financial System that Allows them to Work their Way to Prosperity
PART IV: KEYNES/POST KEYNESIAN THEORY AND POLICY
There are Major Differences between Kalecki's Theory of Employment and Keynes's General Theory of Employment, Interest and Money
Is 'Mathematical Science' an Oxymoron when used to Describe Economics?
Paul Samuelson and the Keynes/Post Keynesian Revolution
Setting the Record Straight on 'A History of Post Keynesian Economics'
Responses to Lavoie, King, and Dow on What is Post Keynesianism and Who is a Post Keynesian
The Effect of Ending Hostilities on Output and Employment
Can, or Should, a Central Bank Inflation Target?
Are We Making Progress towards the Good Society?
PAUL DAVIDSON is Visiting Scholar at the New School for Social Research, Bernard Schwartz Center For Economic Policy Analysis, USA. He has previously held Professorships at the University of Pennsylvania, Rutgers University and the University of Tennessee. He is Editor of the Journal of Post Keynesian Economics, a former member of Brookings Economics Panel, and is the author, co-author or editor of twenty-two books and more than 200 articles. His books include Money and the Real World, Post Keynesian Macroeconomic Theory, International Money and the Real World: Economics for a Civilized Society, and Financial Markets, Money and the Real World.
Description
The fourth volume of Paul Davidson's major contributions to the economics and policy debates of our times. This book explains why the 'conventional wisdom' expressed in the media is not only bad economics but can be disastrous when applied to real world economic systems. Among the issues explored are: how Keynes's analysis recognises that the primary function of financial markets is to provide liquidity and that a liquid market cannot automatically produce economic efficiency; why, during the first twenty-five years after the Second World War, all entrepreneurial economies made significant progress towards a more civilised economic society and why, since the mid-1970s, most market-oriented economies have regressed towards a much less 'good economic society'; why a new 'Bretton Woods' conference is necessary to solve the problem of the huge trade imbalances between various nations in a globalised economy.
Contents
PART I: INTERNATIONAL ECONOMICS
Is a Plumber or a New Financial Architect Needed to End Global International Liquidity Problems?
Capital Movements, Tobin Tax and Permanent Fire Prevention: A Reponse to DeAngelis
Globalization
The Future of the International Financial System
The Declining Dollar, Global Economic Growth, and Macro Stability
Is Fixed Exchange Rates the Problem and Flexible Exchange Rates the Cure?
PART II: ECONOMICS FOR LESS DEVELOPED COUNTRIES
A Post Keynesian View of the Washington Consensus and How to Improve It
Liquidity vs. Efficiency in Liberalized International Financial Markets: A Warning to Developing Economies
LDCs, Institutions and Money: A Response to Danby
Dollarization, The Functions of a Central Bank and the Ecuadorean Economy
PART III: NEWSPAPER COLUMNS
The Dangers of Debt Reduction
We Should End Market Liquidity?
Last Resort for IMF
Keynes and the Bear Necessities
Debtor Nations Need a Financial System that Allows them to Work their Way to Prosperity
PART IV: KEYNES/POST KEYNESIAN THEORY AND POLICY
There are Major Differences between Kalecki's Theory of Employment and Keynes's General Theory of Employment, Interest and Money
Is 'Mathematical Science' an Oxymoron when used to Describe Economics?
Paul Samuelson and the Keynes/Post Keynesian Revolution
Setting the Record Straight on 'A History of Post Keynesian Economics'
Responses to Lavoie, King, and Dow on What is Post Keynesianism and Who is a Post Keynesian
The Effect of Ending Hostilities on Output and Employment
Can, or Should, a Central Bank Inflation Target?
Are We Making Progress towards the Good Society?
Authors
PAUL DAVIDSON is Visiting Scholar at the New School for Social Research, Bernard Schwartz Center For Economic Policy Analysis, USA. He has previously held Professorships at the University of Pennsylvania, Rutgers University and the University of Tennessee. He is Editor of the Journal of Post Keynesian Economics, a former member of Brookings Economics Panel, and is the author, co-author or editor of twenty-two books and more than 200 articles. His books include Money and the Real World, Post Keynesian Macroeconomic Theory, International Money and the Real World: Economics for a Civilized Society, and Financial Markets, Money and the Real World.
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