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A Modern Guide to Post-Keynesian Institutional Economics

Hardback

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: April 2022 ISBN: 978 1 80088 574 5 Extent: c 432 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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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 of special interest to those concerned with financial instability, rising worker insecurity, and inequality, trends 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, 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 include: 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
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