Elgar Encyclopedia of Post-Keynesian Economics

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Elgar Encyclopedia of Post-Keynesian Economics

9781788973922 Edward Elgar Publishing
Edited by Louis-Philippe Rochon, Full Professor, Laurentian University, Canada, Editor-in-Chief, Review of Political Economy and Founding Editor Emeritus, Review of Keynesian Economics and Sergio Rossi, Full Professor of Economics, University of Fribourg, Switzerland
Publication Date: 2023 ISBN: 978 1 78897 392 2 Extent: 474 pp
This Encyclopedia is an invaluable reference book for post-Keynesian and heterodox economics. It consists of 300 entries, written by 180 different authors. The volume includes entries on key concepts of interest to post-Keynesians as well as descriptions of some of the seminal books in the post-Keynesian tradition. It will interest both students and scholars of heterodox economics, as well as policy makers around the world looking for a better alternative to mainstream economic policies at national and international levels in the aftermath of the global financial crisis that burst in 2008 and the COVID-19 pandemic crisis that began in 2020.

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This Encyclopedia is an invaluable reference book for post-Keynesian and heterodox economics. It consists of 300 entries, written by 180 different authors. The volume includes entries on key concepts of interest to post-Keynesians as well as descriptions of some of the seminal books in the post-Keynesian tradition. It will interest both students and scholars of heterodox economics, as well as policy makers around the world looking for a better alternative to mainstream economic policies at national and international levels in the aftermath of the global financial crisis that burst in 2008 and the COVID-19 pandemic crisis that began in 2020.

Key Features:
• Offers a non-conventional understanding of economic analysis on a number of key economic topics
• Provides a deep and convincing criticism of orthodox thinking
• Explains how money, banking and finance are crucial elements of economics today
• Addresses the roots of the 2008 global financial crisis
• Points out the importance of sound economic policies
• Presents the essence of the subject matter concisely

This comprehensive reference work will be a key tool to students, scholars, policy makers and anyone else seeking to understand the world economy through the important lens of post-Keynesian thought.
Contributors
Contributors include: Anil Aba, Ariane Agunsoye, Ricardo A. Araujo, Mohamed Aslam, Jordan Ayala, Aldo Barba, Mehdi Ben Guirat, Edoardo Beretta, Robert A. Blecker, Heinrich Bortis, Pablo G. Bortz, Florian Botte, Hassan Bougrine, Rudy Bouguelli, Simona Bozhinovska, Lídia Brochier, Olivia Bullio Mattos, Jorge Bustamante-Torres, Clara Capelli, Andrea Carrera, Jorge Carrera, Eugenio Caverzasi, Mario Aldo Cedrini, Charles M.A. Clark, Nathaniel Cline, Gonzalo Combita Mora, Laurent Cordonnier, Orsola Costantini, Edouard Cottin-Euziol, Jerry Courvisanos, Carlo Cristiano, Esteban Cruz Hidalgo, Gareth Dale, Flavia Dantas, Shakuntala Das, Nicola De Liso, Frank Decker, Enrique Delamónica, Matteo Deleidi, Corrado Di Guilmi, Vera Dianova, Robert W. Dimand, Peter Docherty, Ilhan Dögüs, Sheila C. Dow, Amitava Krishna Dutt, Vincent Duwicquet, Etienne Espagne, Adrien Faudot, Germán D. Feldman, Fernando Ferrari Filho, David M. Fields, Claudia Fontanari, Guglielmo Forges Davanzati, Fabio Freitas, James K. Galbraith, Ettore Gallo, Nadia Garbellini, Shirley J. Gedeon, Aleksandr V. Gevorkyan, Alicia Girón, Claude Gnos, Antoine Godin, Matheus Grasselli, Camilo Andrés Guevara, Diego Guevara, Joseph Halevi, Geoff Harcourt, John T. Harvey, Eckhard Hein, Arne Heise, Richard P.F. Holt, Plamen Ivanov, Sylvio Antonio Kappes, Hamed Karamoko, Steve Keen, Najib Khan, Yun K. Kim, John E. King, Peter Kriesler, Enrico Sergio Levrero, Gilberto Libanio, Noemi Levy-Orlik, Dirk Löhr, Konstantinos Loizos, Melanie G. Long, Achilleas Mantes, Maria Cristina Marcuzzo, Wesley C. Marshall, Jonathan Massonnet,William E. McColloch, Florent McIsaac, Jordan Melmiès, Jo Michell, Marcelo Milan, Marco Missaglia, Matthieu Montalban, Alvaro M. Moreno-Rivas, Suranjana Nabar-Bhaduri, Roderick O’Donnell, Basil Oberholzer, Carryl Oberson, Salewa Olawoye-Mann, Paolo Paesani, José Gabriel Palma, Antonella Palumbo, Yannis Panagopoulos, Demian T. Panigo, Alain Parguez, Francisco M. Parejo Moruno, Luigi L. Pasinetti, Marco Veronese Passarella, Ítalo Pedrosa, Alex Pelham, Esteban Pérez Caldentey, Salvatore Perri, Mathieu Perron-Dufour, Christos Pierros, Daria Pignalosa, Nicolas Piluso, Vijayaraghavan Ramanan, Paolo Ramazzotti, José Francisco Rangel Preciado, Arslan Razmi, Severin Reissl, Luis Reyes Ortiz, Oliver Richters, Paulo Robilloti, Louis-Philippe Rochon, Cédric Rogé, João P. Romero, John Barkley Rosser, Sergio Rossi, Fernando Rugitsky, Chiara Salvatori, Lino Sau, Malcolm Sawyer, Ted P. Schmidt, Robert H. Scott, Ulaş Şener, Mark Setterfield, Maurizio Solari, Marshall Steinbaum, Ricardo Summa, Romain Svartzman, Hanna Szymborska, Daniela Tavasci, Edward R. Teather-Posadas, Fábio Terra, Slim Thabet, Anthony Thirlwall, Fernando Toledo, Daniele Tori, Attilio Trezzini, Domenica Tropeano, Ekaterini Tsouma, Fernanda Ultremare, Guillaume Vallet, Ivan D. Velasquez, Luigi Ventimiglia, Jelle Versieren, Ana Laura Viveros Jiménez, Ariel L. Wirkierman, S. Devrim Yilmaz
Contents
Contents:

Introduction to the Elgar Encyclopedia of Post-Keynesian Economics xvii
A Tract on Monetary Reform 1 Aldo Barba
Accelerator effects 2
Fabio Freitas
AD–AS model 3
Anil Aba
Agent-based modelling 4
Corrado Di Guilmi
Aggregate demand 6
Geoff Harcourt and Peter Kriesler
Animal spirits 7
Sheila Dow
Asset backed securities 8
Clara Capelli and Eugenio Caverzasi
Asymmetric information 9
Lino Sau
Austerity 11
Aldo Barba
Balance of payments 12
Gilberto Libanio and João P. Romero
Balance of payments constrained growth 13
Anthony Thirlwall
Balance of trade 15
João P. Romero and Gilberto Libanio
Balanced budget 17
Arne Heise
Bank lending and creditworthiness 18
Fábio Terra
Bank lending and expectations 19
Fábio Terra
Banking and finance 20
Noemi Levy-Orlik and Jorge Bustamante-Torres
Banking regulation 22
Peter Docherty
Banking School 24
Eugenio Caverzasi
Banks 25
Marcelo Milan
Basel Agreements 27
Yannis Panagopoulos
Behavioural economics 29
Mathieu Dufour
Bretton Woods 30
Mario Cedrini
Bubbles – credit 31
Lino Sau
Bubbles – financial 33
Steve Keen
Business cycles 34
Ekaterini Tsouma
Business cycles and prey–predator models 35
Geoff Harcourt and Peter Kriesler
Cambridge Circus 37
Maria Cristina Marcuzzo
Cambridge equation 38
Luigi L. Pasinetti and Ariel L. Wirkierman
Capacity utilization 40
Attilio Trezzini and Daria Pignalosa
Capital controls 41
Luis Reyes
Capital flows 43
Pablo Bortz
Capital requirements 44
Ted P. Schmidt
Capital theory controversies 45
Geoff Harcourt and Peter Kriesler
Capitalism 47
Marco Veronese Passarella
Capitalism – stages of 48
John E. King
Capitalism – varieties of 49
Guillaume Vallet
Carbon tax 51
Étienne Espagne and Antoine Godin
Central bank independence 52
Sergio Rossi
Central bank–treasury relations 54
Flavia Dantas
Central banking 56
Peter Docherty
Central banking – developing economies 58
Esteban Pérez Caldentey
Chicago School 59
Luigi Ventimiglia
Clearing balances 61
Edoardo Beretta
Common currency area 62
Arslan Razmi
Compensation thesis 64
Simona Bozhinovska
Complex systems 65
Corrado Di Guilmi
Consumer behaviour 67
Robert H. Scott
Consumer choice 68
Anil Aba
Consumption theory 69
Ted P. Schmidt
Contagion effects 70
Luigi Ventimiglia
Corn model 72
Marco Missaglia
Corporate debt 73
Melanie G. Long
Credit 74
Robert H. Scott
Credit constraints 75
Nicolas Piluso and Louis-Philippe Rochon
Credit default swaps 77
Daniele Tori
Credit divisor 78
Jonathan Massonnet
Credit easing 79
Olivia Bullio Mattos
Credit money 81
David M. Fields
Credit multiplier 82
Plamen Ivanov
Credit-led boom 84
Fernando Toledo and Jorge Carrera
Critical realism 85
Ariane Agunsoye
Crowding-in and crowding-out 87
Najib Khan
Cumulative causation 88
David M. Fields
Currency board 90
Shirley Gedeon
Currency hierarchy 91
Fernando Ferrari Filho
Currency School 93
Robert W. Dimand
Current accounts 94
Christos Pierros
Debt deflation 96
Steve Keen
Debt – external 98
Luis Reyes
Debt – household 99
Aldo Barba
Debt – non-financial corporate sector 100
Fernanda Ultremare
Debt – public 101
Alain Parguez and Slim Thabet
Debt-led boom 102
Fernando Toledo and Jorge Carrera
Deindustrialization and economic growth 104
José Gabriel Palma
Deindustrialization, ‘premature’ deindustrialization and the Dutch disease 106
José Gabriel Palma
Demand-led growth 109
Marco Missaglia
Dependency theory 111
David M. Fields
Deregulation 112
Ivan Velasquez
Development 114
Amitava Dutt
Development banking 115
Konstantinos Loizos
Dollar dominance 117
Adrien Faudot
Dollarization 118
Wesley C. Marshall
Double-entry bookkeeping 119
Matheus Grasselli
Dual economy 120
Marco Missaglia
Dutch disease 122
Adrien Faudot
Ecological macroeconomics 123
Étienne Espagne, Antoine Godin and Romain Svartzman
Ecological microeconomics 125
Richard P.F. Holt
Econometrics – role of 127
Florent McIsaac
Economic Dynamics 128
Heinrich Bortis
Economic geography 130
Jordan Ayala
Economic Growth and the Balance-of- Payments Constraint 132
Paulo Robilloti
Economic integration 133
Mehdi Ben Guirat
Effective demand 135
Claude Gnos
Employer of last resort 136
Antoine Godin
Endogenous money 138
Louis-Philippe Rochon
Entrepreneurial State 139
Esteban Cruz Hidalgo, José Francisco Rangel Preciado and Francisco M. Parejo Moruno
Essays in the Theory of Economic Growth 140
Heinrich Bortis
Euro 142
Sergio Rossi
European Monetary Union 144
Guillaume Vallet and Hamed Karamoko
Eurozone imbalances 145
Luis Reyes
Euthanasia of the rentier 146
Ana Laura Viveros
Exchange rates 148
Aleksandr V. Gevorkyan
Exchange rates – fixed vs flexible 149
Luigi Ventimiglia
Exchange rates – managed 150
Aleksandr V. Gevorkyan
Exogenous money 152
Yannis Panagopolous
Expectations 153
Ekaterini Tsouma
Fallacy of composition 154
Jonathan Massonnet
Feminist economics 156
Melanie G. Long
Finance – initial vs final 157
Andrea Carrera
Finance and development 159
Wesley C. Marshall
Finance in developing countries 160
Noemi Levy-Orlik
Finance motive 161
Claude Gnos
Financial crises 163
Mathieu Dufour
Financial deepening 164
Diego Guevara
Financial fragility 165
Steve Keen
Financial innovations 166
Marcelo Milan
Financial instability hypothesis 168
Mathieu Dufour
Financial liberalization 169
Konstantinos Loizos
Financial macroeconomics 171
Vincent Duwicquet
Financial regulations 172
Domenica Tropeano
Financial risk 174
Melanie G. Long
Financial sectoral balances 175
Christos Pierros
Financialization 176
Plamen Ivanov
Fiscal consolidation 177
Shakuntala Das
Fiscal deficits 179
Malcolm Sawyer
Fiscal multiplier 180
Aldo Barba
Fiscal policy 181
Arne Heise
Foreign-exchange reserves 183
Aleksandr V. Gevorkyan
Free trade 185
Mohamed Aslam
Full employment 186
Paolo Paesani and Antonella Palumbo
Functional finance 187
John E. King
General Theory – interpretations of 189
Robert W. Dimand
Gibson paradox 192
Enrico Sergio Levrero
Globalization 194
Wesley C. Marshall
Goodwin cycles 195
Robert A. Blecker
Government deficits and inflation 197
Hassan Bougrine
Government deficits and money creation 198
Hassan Bougrine
Growth 199
Amitava Dutt
Growth – unequal 201
Ricardo Araujo
Growth – wage-led vs profit-led 202
David M. Fields
Harrod’s dynamics 203
Esteban Pérez Caldentey
Harrod’s foreign trade multiplier 204
Germán D. Feldman
Harrod’s trade cycle 206
Cédric Rogé
Harrodian instability 208
David M. Fields
Heterodox economics 209
Paolo Ramazzotti
Historical time 211
Charles M.A. Clark
Horizontalism 212
Matteo Deleidi
Hysteresis 213
Mark Setterfield
Imperfect competition 215
Maria Cristina Marcuzzo
Income distribution 216
Eckhard Hein
Income multiplier 218
Jo Michell
Induction and deduction 220
Edward Teather-Posadas
Inequality 221
James K. Galbraith
Inflation 223
Sergio Rossi
Inflation – conflict theory of 224
Malcolm Sawyer
Inflation – cost-push 225
Carlo Cristiano
Inflation targeting 226
Ulaş Şener
Innovation 228
Nicola De Liso
Institutional economics – core ideas 230
Slim Thabet
Institutional economics – origins 231
William E. McColloch
Interest rate – long term 233
Salvatore Perri
Interest rate, natural 234
Basil Oberholzer
Interest rate and income distribution 235
Enrico Sergio Levrero
Interest rate rules 237
Achilleas Mantes
Interest rate targeting 239
Hassan Bougrine
Interest rates and investment 240
Matteo Deleidi
International clearing union 241
Hassan Bougrine
International financial architecture 243
John T. Harvey
International monetary system 245
Pablo Bortz
Investment – theories of 246
William E. McColloch
Investment theory – ecological 248
Basil Oberholzer
Investment theory – Kaleckian 249
Malcolm Sawyer
Investment theory – Keynesian 250
Robert H. Scott
Involuntary unemployment – explanations of 251
Ítalo Pedrosa
Involuntary unemployment – origins of 253
Esteban Cruz Hidalgo, Francisco M. Parejo Moruno and JoséFrancisco Rangel Preciado
IS–LM model 254
Fernando Toledo and Demian T. Panigo
Job guarantee 255
Esteban Cruz Hidalgo, Francisco M. Parejo Moruno and José Francisco Rangel Preciado
Kaleckian economics 257
John E. King
Keynes effect 258
Peter Docherty
Keynes Plan 259
Sergio Rossi
Keynesian cross diagram 261
Maurizio Solari Kuznets curve 263
Daniela Tavasci
Land rents 264
Dirk Löhr and Oliver Richters
Lender of last resort 265
Ted P. Schmidt
Lexicographic preferences 266
Anil Aba
Limits to substitution revisited: energy 267
Oliver Richters
Liquidity preference 268
Suranjana Nabar-Bhaduri Mark-up pricing 270
Jordan Melmiès and Florian Botte
Maturity and Stagnation in American Capitalism 271
Fernando Rugitsky
Methodology 272
Sheila Dow
Microfoundations 274
John E. King
Military Keynesianism 275
John E. King
Modern money theory 276
Shakuntala Das
Monetary circuit 278
Edouard Cottin-Euziol and Louis-Philippe Rochon
Monetary circuit French School 279
Alain Parguez
Monetary circuit Italian School 280
Marco Veronese Passarella
Monetary integration 282
Guillaume Vallet and Hamed Karamoko
Monetary policy 283
Peter Docherty
Monetary policy dominance 285
Fábio Terra
Monetary policy transmission mechanism 286
Devrim Yilmaz
Monetary theory of production 287
Alain Parguez and Slim Thabet
Money and banking 288
Jo Michell
Money as a means of payment 290
Sergio Rossi
Money creation history of 292
Wesley C. Marshall
Money creation nature of 293
Maurizio Solari
Money illusion 295
Robert W. Dimand
Money in Motion 296
Enrique Delamónica
Monopoly Capital 298
Peter Kriesler
Monopoly power 299
Ilhan Dögüs
NAIRU 301
Corrado Di Guilmi
Negative interest rate policy 302
Guillaume Vallet and Louis-Philippe Rochon
Neoclassical economics 303
Hassan Bougrine
Neo-liberalism 305
Anil Aba
New Consensus in Macroeconomics 306
Alvaro Martín Moreno Rivas
New fiscalism 308
Wesley C. Marshall
New Keynesianism 309
Esteban Pérez Caldentey
Non-ergodicity 310
Matheus Grasselli
Okun’s law 312
Antonella Palumbo, Claudia Fontanari and Chiara Salvatori
Oligopoly and Technical Progress 313
Joseph Halevi
Open economy macro models 314
Robert A. Blecker
Orthodox dissenters 316
Diego Guevara
Overdraft economies 317
Severin Reissl
Paradox – Kalecki’s 319
Peter Kriesler
Paradox of costs 321
YK Kim
Paradox of debt 321
YK Kim
Paradox of liquidity 322
Lídia Brochier
Paradox of thrift 324
Robert H. Scott
Paradox of tranquillity 325
Eugenio Caverzas
Pasinetti’s index 326
Sylvio Antonio Kappes
Pasinetti’s paradox 327
Alex Pelham
Phillips curve 328
Florent McIsaac and Luis Reyes
Ponzi finance 330
Ted P. Schmidt
Post-Keynesian economics – a big tent? 331
John E. King
Post-Keynesian economics and Marxian economics 333
Jelle Versieren
Post-Keynesian social policy 334
Enrique Delamónica
Power 336
Camilo Andrés Guevara
Pricing 338
Jordan Melmiès and Florian Botte
Principle of increasing risk 339
Aleksandr V. Gevorkyan
Production of Commodities by Means of Commodities 341
Enrico Sergio Levrero
Profit 342
Laurent Cordonnier
Property premium 343
Frank Decker
Property theory of money 344
Frank Decker
Public finance 346
Camilo Andrés Guevara
Quantitative easing 347
Vijayaraghavan Ramanan
Quantum macroeconomics 349
Sergio Rossi
Rationality 350
Roderick O’Donnell
Reflux mechanism 352
Vijayaraghavan Ramanan and Louis-Philippe Rochon
Regional economic integration and free trade agreements 353
Mohamed Aslam
Regulation School 355
Matthieu Montalban
Remittances 357
Salewa Olawoye-Mann
Rentier income 358
Hanna Szymborska
Reserves – role of 359
Domenica Tropeano
Satisficing 361
J. Barkley Rosser, Jr.
Savings 362
Orsola Costantini
Secular stagnation 363
William E. McColloch
Securitization 365
Carryl Oberson
Selected Essays on the Dynamics of Capitalist Economy 1933–1970 367
Malcolm Sawyer
Settlement balances 368
Edoardo Beretta
Settlement system 369
Edoardo Beretta
Shadow banking – extent of 371
Rudy Bouguelli
Shadow banking – origins 373
Alicia Girón
Social classes 374
John E. King
Socialization of investment 376
Roderick O’Donnell
Sraffian economics 377
Attilio Trezzini
Stabilizing an Unstable Economy 379
Aleksandr V. Gevorkyan
Stagflation 380
Nathaniel Cline
Stagnation policy 382
Eckhard Hein
State – entrepreneurial 384
Slim Thabet
State – role of 385
David M. Fields
Stock–flow consistent models 386
Antoine Godin
Structural economic dynamics 388
Luigi L. Pasinetti and Nadia Garbellini
Structuralism 389
Amitava Dutt
Structuralism and post-Keynesianism 390
Esteban Pérez Caldentey
Structuralism – Latin American 392
Fernando Rugitsky
Subprime financial crisis 393
Eugenio Caverzasi
Supermultiplier 395
Ricardo Summa
Sustainable development 396
Jerry Courvisanos
Target-return pricing 398
Jordan Melmiès and Florian Botte
TARGET2 system 399
Sergio Rossi
Technological change 400
Nicola De Liso
Terms of trade 401
Fernando Rugitsky
The Accumulation of Capital 403
William E. McColloch
The Great Transformation 404
Gareth Dale
The Path of Economic Growth 406
Joseph Halevi
The Scourge of Monetarism 407
Peter Docherty
The Structure of Post-Keynesian Economics 409
Joseph Halevi and Peter Kriesler
The Theory of the Leisure Class 410
Christos Pierros
Thirlwall’s law 412
Esteban Pérez Caldentey
Tobin tax 413
Gonzalo Combita Mora
Too-big-to-fail financial institutions 414
Carryl Oberson
Trade and development 416
Amitava Dutt and Najib Khan
Trade cycles 417
Esteban Cruz Hidalgo, Francisco M. Parejo Moruno and José Francisco Rangel Preciado
Transformational growth 418
Enrique Delamónica
Transmission mechanism of monetary policy – income distribution 420
Sylvio Antonio Kappes
Traverse, path dependency, and economic dynamics 421
Ettore Gallo
Traverse, path dependency, and economic equilibrium 423
Peter Kriesler
Twin deficits 424
Vincent Duwicquet
Uncertainty 426
Amitava Dutt
Uncertainty – ontological and epistemological accounts 427
Roderick O’Donnell
Unemployment 428
Flavia Dantas
Universal basic income 431
Marshall Steinbaum
Veblen effect 433
Guglielmo Forges Davanzati
Verdoorn’s law 434
Alvaro Martín Moreno Rivas
Wages 436
Enrico Sergio Levrero
Washington Consensus 437
Mario Cedrini
Wealth distribution 439
Fernando Rugitsky
Wealth effect 440
Vera Dianova
Zero interest rate policy 441
Paolo Paesani
Index 444





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