The MONIAC Updated for the Era of Permanent Financial Crisis
This paper updates the Phillips Machine (or «MONIAC») by including a malfunctioning financial sector. An augmented Phillips model is outlined which can provide a solution to the problem of unfunded retirement income liabilities (via James Meade's Consumed Income Tax Structure) whilst providing an uninterruptible flow of savings into the capital goods sector (thus insulating the macroeconomy from crises originating in the financial sector).
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- Markowitz, Harry M, 1991.
" Foundations of Portfolio Theory,"
Journal of Finance,
American Finance Association, vol. 46(2), pages 469-477, June.
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