IDEAS home Printed from https://ideas.repec.org/h/elg/eechap/14489_2.html
   My bibliography  Save this book chapter

Towards a synthesis of Institutional and Post Keynsian economics

In: Financial Instability and Economic Security after the Great Recession

Author

Listed:
  • W. Robert Brazelton
  • Charles J. Whalen

Abstract

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.

Suggested Citation

  • W. Robert Brazelton & Charles J. Whalen, 2011. "Towards a synthesis of Institutional and Post Keynsian economics," Chapters, in: Charles J. Whalen (ed.), Financial Instability and Economic Security after the Great Recession, chapter 2, pages 28-52, Edward Elgar Publishing.
  • Handle: RePEc:elg:eechap:14489_2
    as

    Download full text from publisher

    File URL: https://www.elgaronline.com/view/9780857934833.00011.xml
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 51(2), pages 209-223.
    2. W. Robert Brazelton, 2003. "The Council of Economic Advisors and the "Full Employment Budget Concept": Keyserling before Heller!," Journal of Economic Insight, Missouri Valley Economic Association, vol. 29(2), pages 87-102.
    3. North, Douglass C, 1994. "Economic Performance through Time," American Economic Review, American Economic Association, vol. 84(3), pages 359-368, June.
    4. Richard X. Chase, 1975. "Keynes and U.S. Keynesianism: A Lack of Historical Perspective and the Decline of the New Economics," Journal of Economic Issues, Taylor & Francis Journals, vol. 9(3), pages 441-470, September.
    5. Veblen, Thorstein, 1904. "Theory of Business Enterprise," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1904.
    6. Thomas I. Palley, 2013. "Financialization: What It Is and Why It Matters," Palgrave Macmillan Books, in: Financialization, chapter 2, pages 17-40, Palgrave Macmillan.
    7. John Kenneth Galbraith, 1983. "The Anatomy of Power," Challenge, Taylor & Francis Journals, vol. 26(3), pages 26-33, July.
    8. L. Randall Wray, 1992. "Commercial Banks, the Central Bank, and Endogenous Money," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 14(3), pages 297-310, March.
    9. L. Randall Wray, 1998. "Understanding Modern Money," Books, Edward Elgar Publishing, number 1668.
    10. Milton Friedman & Anna J. Schwartz, 1963. "A Monetary History of the United States, 1867–1960," NBER Books, National Bureau of Economic Research, Inc, number frie63-1, March.
    11. James R. Crotty, 1990. "Keynes on the Stages of Development of the Capitalist Economy: The Institutional Foundation of Keynes’s Methodology," Journal of Economic Issues, Taylor & Francis Journals, vol. 24(3), pages 761-780, September.
    12. Charles Whalen, 2008. "Toward ‘Wisely Managed’ Capitalism: Post-Keynesian Institutionalism and the Creative State," Forum for Social Economics, Taylor & Francis Journals, vol. 37(1), pages 43-60, January.
    13. Paul Davidson, 1991. "Controversies in Post Keynesian Economics," Books, Edward Elgar Publishing, number 121.
    14. Christopher Brown, 2008. "Inequality, Consumer Credit and the Saving Puzzle," Books, Edward Elgar Publishing, number 12877.
    15. George A. Akerlof, 2003. "Behavioral Macroeconomics and Macroeconomic Behavior," The American Economist, Sage Publications, vol. 47(1), pages 25-47, March.
    16. Sidney Weintraub, 1972. "Incomes Policy: Completing the Stabilization Triangle," Journal of Economic Issues, Taylor & Francis Journals, vol. 6(4), pages 105-122, December.
    17. W. Robert Brazelton, 2001. "Designing US Economic Policy," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-50851-4.
    18. Paul Davidson, 1993. "The Elephant and the Butterfly," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 15(3), pages 309-322, March.
    19. L. Randall Wray, 2009. "The rise and fall of money manager capitalism: a Minskian approach," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 33(4), pages 807-828, July.
    20. Eric R. Hake & Martin Bruce King, 2002. "The Veblenian Credit Economy and the Corporatization of American Meatpacking," Journal of Economic Issues, Taylor & Francis Journals, vol. 36(2), pages 495-505, June.
    21. W. Robert Brazelton, 1981. "Post Keynesian Economics: An Institutional Compatibility?," Journal of Economic Issues, Taylor & Francis Journals, vol. 15(2), pages 531-542, June.
    22. Paul Davidson, 1996. "Reality and Economic Theory," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 18(4), pages 479-508, July.
    23. L. R. Wray, 1990. "Money and Credit in Capitalist Economies," Books, Edward Elgar Publishing, number 474.
    24. George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 84(3), pages 488-500.
    25. W. Robert Brazelton, 1997. "Retrospectives: The Economics of Leon Hirsch Keyserling," Journal of Economic Perspectives, American Economic Association, vol. 11(4), pages 189-197, Fall.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Charles Whalen, 2008. "Toward ‘Wisely Managed’ Capitalism: Post-Keynesian Institutionalism and the Creative State," Forum for Social Economics, Taylor & Francis Journals, vol. 37(1), pages 43-60, January.
    2. Charles J. Whalen, 2010. "An Institutionalist Perspective on the Global Financial Crisis," Chapters, in: Steven Kates (ed.), Macroeconomic Theory and its Failings, chapter 14, Edward Elgar Publishing.
    3. Glen Atkinson & Charles J. Whalen, 2011. "Futurity: cornerstone of Post Keynsian institutionalism," Chapters, in: Charles J. Whalen (ed.), Financial Instability and Economic Security after the Great Recession, chapter 3, pages 53-74, Edward Elgar Publishing.
    4. Thomas Goda, 2017. "A comparative review of the role of income inequality in economic crisis theories and its contribution to the financial crisis of 2007-2009," Revista Finanzas y Politica Economica, Universidad Católica de Colombia, vol. 9(1), pages 151-174, February.
    5. Ivan V. Rozmainsky, 2015. "Investor myopia and persistence of the global crisis- a post Keynesian view," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 11(1), pages 107-116.
    6. Thomas Goda, 2013. "The role of income inequality in crisis theories and in the subprime crisis," Working Papers PKWP1305, Post Keynesian Economics Society (PKES).
    7. Bill Lucarelli, 2011. "The Economics of Financial Turbulence," Books, Edward Elgar Publishing, number 14252.
    8. John Marangos & Charles J. Whalen, 2011. "Evolution without fundamental change: the Washington Consensus on economic development," Chapters, in: Charles J. Whalen (ed.), Financial Instability and Economic Security after the Great Recession, chapter 8, pages 153-178, Edward Elgar Publishing.
    9. Fadhel Kaboub, 2011. "Understanding and preventing financial instability; Post-Keynesian Institutionalism and government employer of last resort," Chapters, in: Charles J. Whalen (ed.), Financial Instability and Economic Security after the Great Recession, chapter 4, pages 77-92, Edward Elgar Publishing.
    10. Charles J. Whalen, 2012. "Post-Keynesian Institutionalism after the Great Recession," Economics Working Paper Archive wp_724, Levy Economics Institute.
    11. Phil Armstrong, 2020. "Can Heterodox Economics Make a Difference?," Books, Edward Elgar Publishing, number 19964.
    12. Mark Gertler, 1988. "Financial structure and aggregate economic activity: an overview," Proceedings, Federal Reserve Bank of Cleveland, pages 559-596.
    13. Eduardo Fernández-Huerga & Ana Pardo & Ana Salvador, 2023. "Compatibility and complementarity between institutional and post-Keynesian economics: a literature review with a particular focus on methodology," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 40(2), pages 413-443, July.
    14. Charles J. Whalen, 2013. "Post-Keynesian Institutionalism after the Great Recession," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(1), pages 12-27.
    15. Forges Davanzati, Guglielmo & Pacella, Andrea, 2013. "The profits-investments puzzle: A Post Keynesian-Institutional interpretation," Structural Change and Economic Dynamics, Elsevier, vol. 26(C), pages 1-13.
    16. Charles J. Whalen, 2020. "Post-Keynesian institutionalism: past, present, and future," Evolutionary and Institutional Economics Review, Springer, vol. 17(1), pages 71-92, January.
    17. Mornati, Fiorenzo & Becchio, Giandomenica & Marchionatti, Roberto & Cassata, Francesco, 2009. ""Quando l'economica italiana non era seconda a nessuno" Luigi Einaudi e la Scuola di Economia a Torino," CESMEP Working Papers 200910, University of Turin.
    18. Jan Toporowski, 2013. "The Elgar Companion to Hyman Minsky," Review of Political Economy, Taylor & Francis Journals, vol. 25(1), pages 175-177, January.
    19. W. Robert Brazelton, 2007. "On the “Orthodoxy†of Leon Hirsch Keyserling: Selected Major Analytical and Policy Concepts and Advice to Presidents," The American Economist, Sage Publications, vol. 51(1), pages 15-28, March.
    20. Jamee K. Moudud, 2010. "Strategic Competition, Dynamics, and the Role of the State," Books, Edward Elgar Publishing, number 4241.

    More about this item

    Keywords

    Economics and Finance;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:elg:eechap:14489_2. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Darrel McCalla (email available below). General contact details of provider: http://www.e-elgar.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.