The New Economics

Оглавление

Steve Keen. The New Economics

Table of Contents

List of Tables

List of Illustrations

Guide

Pages

The New Economics. A Manifesto

Copyright Page

Figures and tables. Figures

Tables

Dedication

1 Why this manifesto?

Notes

2 Money matters

2.1 Modelling the origins of fiat money in Minsky

2.2 Modelling modern fiat money in Minsky

2.3 The logic of credit’s role in aggregate demand

2.4 Negative credit, economic crises and economic policy

2.5 An integrated view of deficits and credit

2.6 A Modern Debt Jubilee

2.7 Taming ‘the roving cavaliers of credit’

2.7.1 ‘The pill’

2.7.2 Jubilee shares

2.7.3 Entrepreneurial equity loans

2.8 Shifting the monetary paradigm

Notes

3 Our complex world

3.1 A complex systems model of economic instability

3.2 Complexity and the impossibility of microfoundations

3.3 The macrofoundations of macroeconomics

Notes

4 Economics, energy and the environment

4.1 Our unsustainable future

4.2 Revolution by revulsion

Notes

5 The Neoclassical disease

Notes

6 Conclusion: Be the change

6.1 Your contrarian education in economics

Notes

References

Index

POLITY END USER LICENSE AGREEMENT

Отрывок из книги

Steve Keen

2.2. The State as the conduit for fiat money transfers where money is the State’s liability and physical gold its asset

.....

This is the first hurdle at which economics fails to be a science. The process Planck describes, of the death of adherents of the old (Neoclassical) paradigm resulting in them being replaced by a ‘new generation’ that is familiar with the ‘new scientific truth’, does not occur in economics.

The second hurdle is the political role of economic theory. The last genuine scientific revolution in economics occurred in the 1870s, when the Neoclassical took over from the Classical school of thought – the approach developed by Adam Smith (Smith 1776), extended by David Ricardo (Ricardo 1817) and commandeered by Marx (Marx 1867). Neoclassical economists imagine that their theories originated with Smith (Samuelson and Nordhaus 2010a, p. 5), but in fact Smith, Ricardo and Marx used an ‘objective’ theory of value that is completely at odds with Neoclassical theory. Ricardo explicitly rejected the utility-oriented, scarcity-based proto-Neoclassical economics of his contemporary Jean-Baptiste Say, declaring emphatically that:

.....