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Essays in Monetary Theory and Policy: On the Nature of Banking ...

Essays in Monetary Theory and Policy: On the Nature of Banking ... | money money money | Scoop.it

Hyman P. Minsky said he thought there were as many forms of capitalism as Heinz had pickles.  The same can be said about the different types of banking within the financial system.  The system has undergone a dramatic transformation over the development of the capitalist economy, and Minsky spent a large amount of time studying this transformation.  Many economists feel the same way as Minsky did, that the results achieved by a capitalist economy can be viewed from two fundamentally different perspectives: the Smithian way and the Keynes way.  The Smithian way assumes the presence of an “invisible hand”, and therefore “intervention or regulation can only do mischief.” (Minsky 1991, 5)  In contrast, the Keynes way assumes that the economy is naturally unstable, and “… regulation and intervention can be beneficial.” (Minsky 1991, 5)  When designing economic policies, government leaders must choose between these two perspectives.  This is exactly what policy makers have done over the evolution of the capitalist economy, and their decisions have transformed the banking system in many ways.

 

 

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Reflections on Monetary Economics: Economic Orthodoxy and the ...

Reflections on Monetary Economics: Economic Orthodoxy and the ... | money money money | Scoop.it
The relationship between credit supply and spending should be basic economics.  If the orthodox approach means we can't spot it when it's going on right before our eyes, then that approach is lacking.  This is the problem with not taking the pluralist view in economics.  Economies are by their nature too complex to be captured by any one method of analysis.  All any approach does is provide us pointers and clues to help see what is going on.  Ignoring those that seem to contradict our preferred worldview can blind us to what is really going on.  
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European Trade Union Institute (ETUI) - The Euro crisis and its impact on national and European social policies / Working Papers / Publications / Home

European Trade Union Institute (ETUI) - The Euro crisis and its impact on national and European social policies / Working Papers / Publications / Home | money money money | Scoop.it
(ETUI) - The Euro crisis and its impact on national & European social policies | http://t.co/H1r1JuGmn1 | Must read for social policy types.
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Curated by jean lievens
Economist, specialized in political economy and peer-to-peer dynamics; core member of the P2P Foundation