Interpreting Keynes for the 21st Century Volume 4: The Collected Writings of Paul Davidson

by Davidson, Paul

• ISBN13: 9780230520905
• ISBN10: 0230520901
• Format: Hardcover
• Copyright: 2007-08-15
• Publisher: Palgrave Macmillan

Summary

This is 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 also be disastrous when applied to real world economic systems. Among the issues explored are how Keynes's analysis recognizes 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 25 years after the Second World War, all entrepreneurial economies made significant progress toward a more civilized economic society and why, since the mid-1970s, most market-oriented economies have regressed toward a much less 'good economic society'; why a new 'Bretton Wood' conference is necessary to solve the problem of the huge trade imbalances between various nations in a globalized economy. Book jacket.

Author Biography

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.

Table of Contents

List of Tables and Figures	p. ix
Acknowledgments	p. x
International Economics
Is a Plumber or a New Financial Architect Needed to End Global International Liquidity Problems?	p. 3
Capital Movements, Tobin Tax, and Permanent Fire Prevention: A Response to DeAngelis	p. 28
Globalization	p. 37
The Future of the International Financial System	p. 55
The Declining Dollar, Global Economic Growth, and Macro Stability	p. 64
Is Fixed Exchange Rates the Problem and Flexible Exchange Rates the Cure?	p. 78
Economics for Less Developed Countries
A Post Keynesian View of the Washington Consensus and How to Improve It	p. 93
Liquidity vs. Efficiency in Liberalized International Financial Markets: A Warning to Developing Economies	p. 106
LDCs, Institutions, and Money: A Response to Danby	p. 126
Dollarization, the Functions of a Central Bank, and the Ecuadorean Economy	p. 130
Newspaper Columns
The Dangers of Debt Reduction	p. 153
Should We End Market Liquidity?	p. 156
Last Resort for IMF	p. 159
Keynes and the Bear Necessities	p. 162
Debtor Nations Need a Financial System That Allows Them to Work Their Way to Prosperity	p. 164
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	p. 169
Is "Mathematical Science" an Oxymoron When Used to Describe Economics?	p. 190
Samuelson and the Keynes/Post Keynesian Revolution	p. 208
Setting the Record Straight on "a History of Post Keynesian Economics"	p. 227
Responses to Lavoie, King, and Dow on What Is Post Keynesianism and Who Is a Post Keynesian	p. 254
The Effect of Ending Hostilities on Output and Employment	p. 269
Can, or Should, a Central Bank Inflation Target?	p. 277
Are We Making Progress Toward the Good Society?	p. 292
Index	p. 300
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