Archive for bastard keynesianism

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A New Synthesis for macroeconomics

Chairman of the Economic and Development Review Committee of the OECD and former chief-economist at the Bank for International Settlements (from 1995 to 2008).

The end of money manager financial capitalism

«This current crisis is probably so severe that it will not only destroy a considerable part of the managed money, but it has already thoroughly discredited the money managers. Perhaps this will prove to be the end of this stage of capitalism—the money manager phase. Of course, it is too early to even speculate on the form capitalism will take.»

Remembering Hyman Minsky – a conversation with L. Randall Wray

«The role of finance has to be fundamentally rethought»

An alternative to the current mess would be to rethink the very basis of banking and finance, the essence of the financial rent-seeking economic model developed since the 1970s. But it is truly a political question, not an economic one, although it is an interesting debate for economists. Voters at polls will decide: «Do people want that? I can’t answer that question for them», says Professor Jamie Morgan. In the Economics field, the 2007-2009 crisis just smashed a certain brand of applied monetarism and also a kind of bastard Keynesianism. More heterodox thinking is required.

A conversation with Jamie Morgan, University of Helsinki