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This timely book rethinks economic theory and policy by addressing the problem of economic instability and the need to secure broadly shared prosperity. It stresses that advancing economics in the wake of the Great Recession requires an evolutionary standpoint, greater attention to uncertainty and expectations, and the integration of finance into macroeconomics. The result is a broader array of policy options - and challenges - than conventional economics presents. Building on the pioneering work of Thorstein Veblen, John R. Commons and John Maynard Keynes, the authors synthesize key insights from Institutional and Post Keynesian economics into Post-Keynesian Institutionalism. Then they use that framework to explore an array of economic problems confronting the United States and the world. Inspired by the work of Hyman Minsky, the authors place financial relations at the center of their analysis of how economies operate and change over time. Students and scholars of macroeconomics and public policy will find this book of interest, as will a wider audience of financial analysts, policy makers and citizens interested in understanding economic booms and downturns.
Edited by Charles J. Whalen, Research Fellow, The Baldy Center for Law and Social Policy, University at Buffalo, Buffalo, NY, US
Contents:PrefaceIntroduction: Instability, Prosperity and Economics After the Great RecessionCharles J. WhalenPART I: FOUNDATIONS1. Subverting Say’s Law: Harlan McCracken and the Commons-Keynes ConnectionSteven Kates2. Towards a Synthesis of Institutional and Post Keynesian EconomicsW. Robert Brazelton and Charles J. Whalen3. Futurity: Cornerstone of Post-Keynesian InstitutionalismGlen Atkinson and Charles J. WhalenPART II: THE AMERICAN ECONOMY4. Understanding and Preventing Financial Instability: Post-Keynesian Institutionalism and Government as Employer of Last ResortFadhel Kaboub5. Towards a More Rapid Recovery: Incorporating Subsidiarity into Macroeconomic PolicyDavid A. Zalewski and Charles J. Whalen6. Financial Stability, Regulatory Buffers and Economic Growth After the Great Recession: Some Regulatory ImplicationsÉric TymoignePART III: THE GLOBAL ECONOMY7. Regulating for Stability: Bank Capitalization and the Emergence of an International Lender of Last ResortJan Toporowski8. Evolution Without Fundamental Change: The Washington Consensus on Economic Development and its Significance for Post-Keynesian InstitutionalismJohn Marangos and Charles J. Whalen9. Money-manager Capitalism, Capital Flows and Development in Emerging Market Economies: A Post-Keynesian Institutionalist AnalysisYan LiangPART IV: CONCLUSION10. The Future of Post-Keynesian InstitutionalismCharles J. WhalenIndex
‘This book advances the re-unification of the Institutionalist and Keynesian traditions, now unstoppable, which when last combined eighty years ago proved the power of progressive and pragmatic thought. Let the spirit of Keynes and Commons inspire our new era - and perhaps this time a coherent, enduring and useful academic economics may also result.’
