The world financial crisis of 2007–2008 dramatically showed the importance of credit and financial relations for the efficient working of the economy. For a long time mainstream macroeconomics ignored these aspects and concentrated only on the real sector or just took into account the most elementary picture of the financial side of the economy. This book aims at explaining why this happened through an historical excursion of 20th century mainstream macroeconomic theory.
Browse by title
A Historical Perspective
Bruna Ingrao and Claudio Sardoni
An Insider’s View on the Economics of Hyman Minsky
At its core this book sets out the analytical and methodological foundations of Minsky’s financial instability hypothesis (FIH). Grounded on the joint work of Piero Ferri and Hyman Minsky, it offers insightful analysis from a unique insider's perspective. The objective is to deepen and enlarge the toolbox used by Minsky and to place the analysis within a dynamic perspective where a meta model, based upon regime switching, can encompass the different forms that the FIH can assume.
Comparing the Approaches of Judaism, Christianity and Islam
Mervyn K. Lewis and Ahmad Kaleem
Judaism, Christianity and Islam all impose obligations and constraints upon the rightful use of wealth and earthly resources. All three of these religions have well-researched views on the acceptability of practices such as usury but the principles and practices of other, non-interest, financial instruments are less well known. This book examines each of these three major world faiths, considering their teachings, social precepts and economic frameworks, which are set out as a guide for the financial dealings and economic behaviour of their adherents.
A Comparative History
In the wake of the global financial and Eurozone upheavals this timely book argues that the disaster cycle – a framework normally used in the context of natural disasters – is equally applicable to the analysis of other types of catastrophe. Employing a modified version of the disaster cycle framework to compare and analyse a range of catastrophes in different spheres, the author draws on ideas from a variety of disciplines including economics and economic history, disaster studies, management, and political science. This unique comparative approach presents case studies of several important disasters: Hurricane Katrina, the First World War, the depression of the early 1930s, Welsh coal mining accidents, the deadly effects of smoking tobacco, and the Global Financial Crisis and Eurozone catastrophe of the early twenty first century. The author argues that economists and economic policy makers routinely misuse the term crisis to describe episodes that ought to be called disasters.
The Uncovered Interest Parity Puzzle and Other Anomalies
Norman C. Miller
The Uncovered Interest Parity (UIP) puzzle has remained a moot point since it first circulated economic discourse in 1984 and, despite a number of attempts at a solution, the UIP puzzle and other anomalies in Exchange Rate Economics continue to perplex economic thought in international finance. This fundamental book fill gaps in scholarly literature by amalgamating key discourse to generate synthesis models which appear consistent with the UIP puzzle and related anomalies, uniquely bringing them together in one place. Through a comprehensive and current review of the literature, Norman C. Miller reveals new explanations for exchange rate anomalies and offers an alternative approach towards the UIP puzzle, stimulating and guiding future research.
Geoffrey M. Hodgson
In this topical collection, Professor Hodgson brings together the seminal classic and recent essays published since 1945 on the role of mathematics in economics, by leading authors including six Nobel Laureates, and from a variety of perspectives.
Origins, Evolution and the Future
This illuminating and thought-provoking book questions whether classical Islamic capitalism, which has served Muslims so well for centuries, can provide a viable alternative world economic system. In the current recession – the worst since 1929 – this is surely a provocative question. But if Islamic capitalism is to emerge as a viable alternative, its nature and systems must be well understood.
Edited by Óscar Dejuán, Eladio Febrero and Maria Cristina Marcuzzo
The 2008–10 financial crisis and the global recession it created is a complex phenomenon that warrants detailed examination. The various essays in this book utilise several alternative paradigms to provide a plausible explanation and a credible cure. Great detail is given to this important analysis from different theoretical perspectives, presenting a clearer understanding of what went wrong and expounding misinterpretations of current theories and practices.
Keynes’s Macroeconomics Rethought
Omar F. Hamouda
Contrary to the commonly perpetuated belief that Keynes’s theory is appropriate only to economic depressions, the author of this provocative book maintains that Keynes provided a complete set of macroeconomic relations and the ingredients of a new theoretical model, much more reflective of and analytically appropriate to the 21st century than those on which current macroeconomics is based.
An Investigation of Three Problems in Monetary Theory
William Oliver Coleman
This book explores the causes, costs and benefits of inflation. It argues that while the cause of inflation is essentially monetary, the costs and benefits of inflation lie in inflation’s distortion of the economy's responses to real shocks.