Uncertainty, International Money, Employment and Theory

The book contains Paul Davidson's major contributions to the economics and policy debates of our times. The relationship between uncertainty, economic theory, international financial markets and global unemployment is analysed throughout. Davidson suggests new solutions for the major problems of the twenty-first century, including volatile financial markets in Asia and beyond, challenging orthodox responses. The differences between the Old-, New-, and Post-Keynesians all vying for Keynes's mantle, are explored.

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PAUL DAVIDSON is Professor and holder of the Holly Chair of Excellence in Political Economy at the University of Tennessee, Knoxville. He is Editor of the Journal of Post Keynesian Economics and among the most prolific and well-known post-war economists. His sixteen previous books include Money and the Real World; Economics for a Civilised Society (with Greg Davidson); Controversies in Post Keynesian Economics; Economic Problems of the 1990s; Post Keynesian Macroeconomic Theory and Employment, Growth and Finance (edited with J.A. Kregel). Two volumes of his collected writings, Money and Employment and Inflation, Open Economies and Resources were published in 1990 (also edited by Louise Davidson). The present volume contains his 1990s work

Inhalt
Introduction PART 1: UNCERTAINTY AND PROBABILITY Reality and Economic Theory Uncertainty in Economics Austrians and Post Keynesians on Economic Reality: A Response to Critics PART 2: INTERNATIONAL ASPECTS A Post Keynesian Positive Contribution to Theory Reforming the World's Money The Viability of Keynesian Demand Management in an Open Economy Context The General Theory in an Open Economy Are Grains of Sand in the Wheels of International Finance Sufficient To Do The Job When Boulders are Often Required? Global Macro Policies for Reducing Persistent High Unemployment Rates in OECD Countries PART 3: MONEY AND EMPLOYMENT The Nature of Money Money: Cause or Effect? Exogenous or Endogenous? Can Money be Neutral even in the Long Run? Eichner's Approach to Money and Macroeconomics It's Still The Economy, Mr. President Clinton's Economic Plan Tampering with the American Dream Asset Deflation and Financial Fragility Do Information Frictions Justify Federal Credit Programs? What are the Essential Elements of Post Keynesian Monetary Theory? Volatile Financial Markets and the Spectator Unemployment, Inflation and a Civilized Economy PART 4: THEORY The Elephant and the Butterfly: Or Hystersis and Post Keynesian Economics Would Keynes be a 'New' Keynesian? The Asimakopulos View of Keynes's General Theory In Defense of Post Keynesian Economics: A Response to Mongovi What Revolution? The Legacy of Keynes Did Keynes Reverse the Marshallian Speed of Adjustment? Setting the Record Straight Post Keynesian Employment Analysis and the Macroeconomics of OECD Unemployment Stagflation Index