by Summary:
A version of what Lawrence Summers and Anna Stansbury (2019) recently pointed to as “original” Keynesianism can be found in the work of Michał Kalecki and Hyman Minsky, Their work offers analysis of the determination of investment spending and effective demand which avoids the deficiencies found in the New Keynesian economics in which Summers and Stansbury find shortcomings. In the paragraphs below, I describe how their insights and those of other economists sharing their approach provide an answer to the questions with which Summers and Stansbury are grappling, and more.... Larry Summers awakens from his "dogmatic slumbers" (ht Emmanuel Kant on reading himself after reading David Hume). Well, better late than never, but unfortunately not soon enough to avoid doing extensive damage.
Topics:
Mike Norman considers the following as important: hyman minsky, Larry Summers, michal kalecki, New Keynesianism, old Keynesianism
This could be interesting, too:
A version of what Lawrence Summers and Anna Stansbury (2019) recently pointed to as “original” Keynesianism can be found in the work of Michał Kalecki and Hyman Minsky, Their work offers analysis of the determination of investment spending and effective demand which avoids the deficiencies found in the New Keynesian economics in which Summers and Stansbury find shortcomings. In the paragraphs below, I describe how their insights and those of other economists sharing their approach provide an answer to the questions with which Summers and Stansbury are grappling, and more.... Larry Summers awakens from his "dogmatic slumbers" (ht Emmanuel Kant on reading himself after reading David Hume). Well, better late than never, but unfortunately not soon enough to avoid doing extensive damage.
Topics:
Mike Norman considers the following as important: hyman minsky, Larry Summers, michal kalecki, New Keynesianism, old Keynesianism
This could be interesting, too:
Michael Stephens writes The Minsky Conference Returns
Michael Stephens writes The Minsky Conference Returns
Eric Kramer writes Summers ignores politics, unfairly blames progressives
Mike Norman writes My new podcast episode is out.
A version of what Lawrence Summers and Anna Stansbury (2019) recently pointed to as “original” Keynesianism can be found in the work of Michał Kalecki and Hyman Minsky, Their work offers analysis of the determination of investment spending and effective demand which avoids the deficiencies found in the New Keynesian economics in which Summers and Stansbury find shortcomings. In the paragraphs below, I describe how their insights and those of other economists sharing their approach provide an answer to the questions with which Summers and Stansbury are grappling, and more....
Larry Summers awakens from his "dogmatic slumbers" (ht Emmanuel Kant on reading himself after reading David Hume).
Well, better late than never, but unfortunately not soon enough to avoid doing extensive damage.
Also, it doesn't seem that Professor Summers has gotten around to attribution yet. Or does he not even know of this previous work?
Tracy Mott, Professor of Ecnomics (retired), University of Denver