Financial Instability and Economic Security after the Great Recession

Financial Instability and Economic Security after the Great Recession

by Charles J. Whalen (Editor)


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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, policymakers and citizens interested in understanding economic booms and downturns.

Product Details

ISBN-13: 9781782547808
Publisher: Edward Elgar Publishing
Publication date: 05/13/2013
Edition description: Reprint
Pages: 240
Product dimensions: 6.10(w) x 9.30(h) x 0.70(d)

About the Author

Edited by Charles J. Whalen, Research Fellow, The Baldy Center for Law and Social Policy, University at Buffalo, Buffalo, NY, US

Table of Contents



Introduction: Instability, Prosperity and Economics After the Great Recession

Charles J. Whalen


1. Subverting Say’s Law: Harlan McCracken and the Commons-Keynes Connection

Steven Kates

2. Towards a Synthesis of Institutional and Post Keynesian Economics

W. Robert Brazelton and Charles J. Whalen

3. Futurity: Cornerstone of Post-Keynesian Institutionalism

Glen Atkinson and Charles J. Whalen


4. Understanding and Preventing Financial Instability: Post-Keynesian Institutionalism and Government as Employer of Last Resort

Fadhel Kaboub

5. Towards a More Rapid Recovery: Incorporating Subsidiarity into Macroeconomic Policy

David A. Zalewski and Charles J. Whalen

6. Financial Stability, Regulatory Buffers and Economic Growth After the Great Recession: Some Regulatory Implications

Éric Tymoigne


7. Regulating for Stability: Bank Capitalization and the Emergence of an International Lender of Last Resort

Jan Toporowski

8. Evolution Without Fundamental Change: The Washington Consensus on Economic Development and its Significance for Post-Keynesian Institutionalism

John Marangos and Charles J. Whalen

9. Money-manager Capitalism, Capital Flows and Development in Emerging Market Economies: A Post-Keynesian Institutionalist Analysis

Yan Liang


10. The Future of Post-Keynesian Institutionalism

Charles J. Whalen


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