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It Isn't Working: Time for More Radical Policies

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  • Eric Tymoigne
  • L. Randall Wray

Abstract

The Obama administration has implemented several policies to "jump-start" the American economy--efforts that have largely focused on preserving the financial interests of major banks. The authors of this new policy brief believe that maintaining the status quo is not the solution, since it overlooks the debt problems of households and nonfinancial businesses--and re-creating the financial conditions that led to disaster will simply set the stage for a recurrence of the Great Depression or a Japanese-style "lost decade." They recommend a more radical policy agenda, such as federal spending programs that directly provide jobs and sustain employment, thereby helping to restore the creditworthiness of borrowers, the profitability of firms, and the fiscal position of state and federal budgets.

Suggested Citation

  • Eric Tymoigne & L. Randall Wray, 2009. "It Isn't Working: Time for More Radical Policies," Economics Public Policy Brief Archive ppb_105, Levy Economics Institute.
    • Handle: RePEc:lev:levppb:ppb_105
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    File URL: http://www.levyinstitute.org/pubs/ppb_105.pdf
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    References listed on IDEAS

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    1. L. Randall Wray (ed.), 2004. "Credit and State Theories of Money," Books, Edward Elgar Publishing, number 3204.
    2. L. R. Wray, 1990. "Money and Credit in Capitalist Economies," Books, Edward Elgar Publishing, number 474.
    3. L. Randall Wray, 1998. "Understanding Modern Money," Books, Edward Elgar Publishing, number 1668.
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    Cited by:

    1. Thomas I. Palley, 2010. "The economies of deleveraging: The aftermath of financialization," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 7(2), pages 401-413.
    2. L. Wray, 2011. "Minsky's Money Manager Capitalism and the Global Financial Crisis," International Journal of Political Economy, Taylor & Francis Journals, vol. 40(2), pages 5-20.
    3. Marc Hayford & Anastasios Malliaris, 2010. "Asset Prices and the Financial Crisis of 2007--09: An Overview of Theories and Policies," Forum for Social Economics, Taylor & Francis Journals, vol. 39(3), pages 279-286, January.

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