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A Modern Guide to Post-Keynesian Institutional Economics

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A Modern Guide to Post-Keynesian Institutional Economics

9781800885745 Edward Elgar Publishing
Edited by Charles J. Whalen, Research Fellow, The Baldy Center for Law and Social Policy, University at Buffalo, Buffalo, NY, US
Publication Date: 2022 ISBN: 978 1 80088 574 5 Extent: 424 pp
This Modern Guide advances Post-Keynesian Institutional economics, an integrative tradition—inspired by keen economic observers such as John Kenneth Galbraith, Joan Robinson, and Hyman Minsky—that bridges Institutional and Post Keynesian economics. The tradition proved its worth by addressing the global financial crisis of 2007–2009, as well as by analyzing long-term trends accompanying the evolution of investor-driven (“money manager”) capitalism, including financialization, spreading worker insecurity, and rising inequality. The book begins with the history and contours of Post-Keynesian Institutionalism, and then breaks new ground, extending recent analyses of contemporary economic problems, sharpening concepts and methods, sketching new theories, and synthesizing ideas across research traditions.

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Critical Acclaim
Contributors
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This book advances Post-Keynesian Institutional economics, an integrative tradition—inspired by keen economic observers such as John Kenneth Galbraith, Joan Robinson, and Hyman Minsky—that bridges Institutional and Post Keynesian economics. The tradition proved its worth by addressing the global financial crisis of 2007–2009, as well as by analyzing long-term trends accompanying the evolution of investor-driven (’money manager’) capitalism, including financialization, spreading worker insecurity, and rising inequality.

This Modern Guide begins with the history and contours of Post-Keynesian Institutionalism, and then breaks new ground, extending recent analyses of contemporary economic problems, sharpening concepts and methods, sketching new theories, and synthesizing ideas across research traditions. Written by leading scholars, this authoritative collection identifies policy-relevant frontiers—on matters ranging from social capital and economic democracy to feminism and environmental sustainability—thereby setting an ambitious agenda for further Post-Keynesian Institutionalist research.

In addition to being useful as a statement of current Post-Keynesian Institutionalist issues and research, the book serves as both a valuable reference volume and a source of material appropriate for course adoption for undergraduate and graduate students. Policymakers and policy analysts dissatisfied with the status quo should also find the book of interest. It will likely be especially relevant to those concerned with financial instability, worker insecurity, and inequality, problems that in recent years have had considerable economic and political consequences.

Critical Acclaim
‘Charles Whalen and his contributors have distilled the core strengths of Post Keynesian, Evolutionary, and Institutionalist economics into a state-of-the-art review of Post-Keynesian Institutionalism. This book makes the strongest case for placing that tradition in the contemporary arsenal of scholars of economics and political economy.’
– Anastasia Nesvetailova, United Nations Conference on Trade and Development, Switzerland

‘In A Modern Guide to Post-Keynesian Institutional Economics, Charles Whalen assembles the valuable insights of a generation of Institutional economists whose research, in sharp contrast to Neoclassical orthodoxy, reveals how the real-world economic system actually evolves, operates, and performs.’
– William Lazonick, University of Massachusetts, Lowell, US

‘This Modern Guide offers a smart collection of essays on the intersection of economic growth, wealth and debt inequality, and financial stability, with plenty of attention to Hyman Minsky’s warning that institutions matter. Well-edited with great tables and graphics.’
– Teresa Ghilarducci, The New School for Social Research, US

‘Minsky always insisted that his theory was an elaboration of the evolution of the “financial structure,” while most only consider his idea of financial instability. This book is especially welcome as an elaboration of the idea of the evolving financial structure and how its institutions not only support economic expansion, but also produce financial instability.’
– Jan Kregel, Levy Economics Institute of Bard College, US

‘Charles Whalen once again demonstrates his deep knowledge of Post-Keynesian Institutional economics, a tradition rooted in the work of Commons, Keynes and Minsky, who destroyed the myth of rational actors creating an enduring economic equilibrium. This book’s carefully selected contributors build on that foundation to address both longstanding economic challenges and pressing contemporary problems.’
– Glen Atkinson, University of Nevada, Reno, US
Contributors
Contributors: Avraham I. Baranes, Asimina Christoforou, Samba Diop, Eduardo Fernández-Huerga, Alicia Girón, Emek Karakilic, Anna Klimina, Marc Lavoie, Oren M. Levin-Waldman, Yan Liang, Faruk Ülgen, Christian E. Weller, Charles J. Whalen, Timothy A. Wunder, Anna Zachorowska-Mazurkiewicz, David A. Zalewski
Contents
Contents:

PART I INTRODUCTION
1 Introduction to the history, contours, and frontiers of
Post-Keynesian Institutional economics 2
Charles J. Whalen

PART II MONEY MANAGER CAPITALISM
2 The transition from managerial to money manager
capitalism: the role of risk and its distribution 36
David A. Zalewski
3 Financialization and employment: a Post-Keynesian
Institutionalist understanding of the transnational
corporation under money manager capitalism 59
Avraham I. Baranes
4 Money manager capitalism and the coronavirus pandemic 89
Yan Liang and Charles J. Whalen
5 Wealth inequality, household debt, and macroeconomic instability 121
Christian E. Weller and Emek Karakilic
6 Labor-market institutions matter: inequality, wage policy,
and worker well-being 144
Oren M. Levin-Waldman

PART III CONCEPTS AND METHODS
7 Social capital and public policy: the role of civil society in
transforming the state 173
Asimina Christoforou
8 Constructing an economically democratic society in the
former Soviet Union: Post-Keynesian Institutionalist
insights in historical perspective 194
Anna Klimina
9 A Post-Keynesian Institutionalist perspective from Latin
America: the monetary circuit across stages of development 216
Alicia Girón
10 What do economists really mean? Post-Keynesian
Institutionalists as economic translators 230
Timothy A. Wunder
11 Stock-flow consistent macroeconomic modeling and
Post-Keynesian Institutionalism 253
Marc Lavoie

PART IV THEORIES AND SYNTHESES
12 The market for labor in Post-Keynesian Institutionalism:
a theoretical framework 274
Eduardo Fernández-Huerga
13 The cyclical evolution of financial regulation: a theoretical
explanation 299
Samba Diop
14 From Public Choice to Minskyan collective action: the
case for macro rationality-based financial regulation 322
Faruk Ülgen
15 Women’s work and its conceptualization in
Post-Keynesian Institutionalism 339
Anna Zachorowska-Mazurkiewicz
16 Toward real sustainability: incorporating insight from
Ecological economics into Post-Keynesian Institutionalism 359
Charles J. Whalen

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