Evolutionary Financial Macroeconomics

Cover
Half Title
Series Page
Title Page
Copyright Page
Dedication
Table of
Contents
Preface
Introduction
1. Veblen’s Cultural Macroeconomics
Introduction
The evolution of financial institutions
Financial markets, corporation finance and macroeconomic adaptation
Veblen’s ‘financial instability hypothesis’
The institutions of manipulation and fraud
Over-leverage, deleverage and debt-deflation
Industrial structure, financial structure and macroeconomic change
Conclusions
2. The pragmatic basis of Veblen’s approach to economic policy
Introduction
The pessimistic policy bias of Veblen’s macro-sociology
Income distribution, effective demand and economic growth
Fiscal policy and aggregate demand
Monetary policy and financial stability
Institutions, economic policy and community’s welfare
Conclusions
3. Unsustainable asset and liability structures, market processes and Minsky’s macroeconomics
Introduction
The foundations of Minsky’s evolutionary finance: Schumpeter and
Keynes
Micro-financial failures: insufficient liquidity and coordination failures of
cash flows
Mental models and meso-financial processes
Minsky’s ‘financial instability hypothesis’
The co-evolution between the financial system and the macro-system
The financial structure of effective demand and the evolution of the macrosystem
Conclusions
4. Minsky’s institutional stabilisers and endogenous capitalist instability
Introduction
Keynes’s pragmatism and Minsky’s political economy
Fiscal policy: an institutional financial macroeconomic stabiliser
The employer of last resort
Evolutionary central banking: targeting speculative and Ponzi finance
Stable monetary and financial systems
Conclusions
5. Cultural financial foundations for evolutionary macroeconomics
Introduction
Evolutionary macroeconomics as a part of cultural, holistic economics
Pecuniary and economic values, coordination failure of cash flows and
financial fragility
Effective demand, waste and full employment
The political ideology and the macro-sociology of an evolutionary macroeconomic safety net
An evolutionary targeting approach to macroeconomic policy
Conclusions
Epilogue
References
Index