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Tag Archives: wynne godley

Gennaro Zezza And Alan Shipman — Wynne Godley

Gennaro Zezza And Alan Shipman — Wynne GodleyThere’s a nice recent six-page biography of Wynne Godley in The New Palgrave Dictionary Of Economics by Gennaro Zezza and Alan Shipman. Shipman had recently written a full biography on Wynne Godley’s life.Abstract:The chapter provides a brief biography of Wynne Godley (1926–2010), a British economist who informed the discussion of economic policy in the United Kingdom and later the United States. Godley was the main contributor to the development...

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Appreciation Of Wynne Godley’s Work In Adam Tooze’s Crashed And Its Reviews

Adam Tooze’s book Crashed seems popular. The book and two reviews have some good appreciation of Wynne Godley’s work used in the book to explain why the crisis happened. The two reviews, both published in New Left Review:In The Crisis Cockpit, by Cédric Durand,Situationism À L’envers? by Perry Anderson.In the acknowledgments section of his book Adam Tooze writes:Wynne Godley was a mentor and teacher of a very different kind. Spontaneously warm and generous in spirit, he took me under his cape...

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A spreadsheet version of the IS/MY model (alternative to IS/LM model) — Dirk Ehnts

I hope that this model will be taken up by more colleagues as it is very clear now that the IS/LM model “does not work”. If you make it more realistic by saying that investment does not depend on the rate of interest (vertical IS curve) and that the central bank determines the interest rate (horizontal LM curve), then you will have wasted 3-4 lectures to explain the goods market (IS curve) and the money market (LM curve) only to conclude that both do not matter in practice. It is only a...

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Alan Shipman: Wynne Godley, A Biography ‼️

cover via Google BooksAlan Shipman has written a biography of Wynne Godley! Palgrave Macmillan site for the book, or Google BooksDescription:This  timely biography of the economist  Wynne Godley (1926-2010) charts his long and often crisis-blown route to a new way of understanding  whole economies. It shows how early frustrations as a policy-maker enabled him to glimpse the cliff-edges other macro-modellers missed, and re-arm ‘Keynesian’ theory against the orthodoxy that had tried to absorb...

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Gerald Epstein’s Critique Of Neochartalism

Gerald Epstein of PERI has written a fine paper The Institutional, Empirical and Policy Limits of ‘Modern Money Theory’ critiquing the shortcoming of Neochartalism.Epstein’s main critique is that Neochartalism ignores the role of international financial markets and the constraint it puts on fiscal policy. Abstract:Modern Money Theory (MMT) economists acknowledge a number of empirical and institutional limitations on the applicability of MMT to macroeconomic policy, but they have not attempted...

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Wynne Godley And Alex Izurieta — One-Club Golf Is For Losers

Here’s a fantastic 2003 article in The Guardian by Wynne Godley and Alex Izurieta, one among many predicting the economic and financial crisis which started in 2007.h/t Jo Michell.Excerpt:In fact the new regime is not working. After years of euphoric growth, the world has become locked into a stagnation which gets worse by the day. Large imbalances, particularly in trade and in personal debt, have been allowed to develop in the US and Britain which mean that the growth we have is...

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MMT for Dummies

In the last few weeks, I’ve been seeing a lot of buzz about Modern Monetary Theory aka MMT. And most of what I’m seeing is reductionist to the point of absurdity. When I see critics of MMT talking about it, they’re mostly using MMT as a shorthand for saying ‘unbridled fiscal expansion without any concern for deficits’.  I think this has been a very poor and uninformed debate. My guess is that it’s been sparked by the public policy views of people like Alexandria Ocasio-Cortez,...

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