Summary Vol. 20, No. 3 | September 2011

Summary Fall 2011

In this issue, papers focus on the prospects for US economic growth, including jobs programs and other public-sector initiatives; the euro and sovereign-debt crises in the eurozone, as well as global economic tensions between emerging market and industrialized economies; the nature of global finance and its role in real world economies; the impact of government fiscal policy on economic recovery; estimating the Levy Institute Measure of Economic Well-Being for Great Britain, France, and Canada; and the potential role of social care delivery in generating economy-wide employment outcomes.


Program: The State of the US and World Economies

Strategic Analysis

  • DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, and GENNARO ZEZZA, Jobless Recovery Is No Recovery: Prospects for the US Economy
  • GREG HANNSGEN and DIMITRI B. PAPADIMITRIOU, Will the Recovery Continue? Four Fragile Markets, Four Years Later
  • JAMES K. GALBRAITH, Is the Federal Debt Unsustainable?
  • YANIS VAROUFAKIS and STUART HOLLAND, A Modest Proposal for Overcoming the Euro Crisis
  • MICHAEL HUDSON, What Does Norway Get Out Of Its Oil Fund, if Not More Strategic Infrastructure Investment?
  • JULIO LÓPEZ-GALLARDO and LUIS REYES-ORTIZ, Effective Demand in the Recent Evolution of the US Economy
  • THOMAS I. PALLEY, The Rise and Fall of Export-led Growth
  • NATHAN PERRY and MATÍAS VERNENGO, What Ended the Great Depression? Reevaluating the Role of Fiscal Policy

Program: Monetary Policy and Financial Structure

  • JAN KREGEL, Was Keynes’s Monetary Policy, à Outrance in the Treatise, a Forerunner of ZIRP and QE? Did He Change His Mind in the General Theory?
  • L. RANDALL WRAY, Financial Keynesianism and Market Instability
  • ÉRIC TYMOIGNE, Measuring Macroprudential Risk: Financial Fragility Indexes
  • L. RANDALL WRAY, A Minskyan Road to Financial Reform
  • L. RANDALL WRAY, Money in Finance
  • L. RANDALL WRAY, Keynes after 75 Years: Rethinking Money as a Public Monopoly
  • L. RANDALL WRAY, Minsky Crisis
  • JÖRG BIBOW, Financial Markets
  • L. RANDALL WRAY, Minsky’s Money Manager Capitalism and the Global Financial Crisis
  • L. RANDALL WRAY, The Financial Crisis Viewed from the Perspective of the "Social Costs" Theory
  • PEDRO LEAO and ALFONSO PALACIO-VERA, Can Portugal Escape Stagnation without Opting Out from the Eurozone?
  • DIRK J. BEZEMER, Causes of Financial Instability: Don't Forget Finance
  • DAVID FIELDS and MATÍAS VERNENGO, Hegemonic Currencies during the Crisis: The Dollar versus the Euro in a Cartalist Perspective
  • GARY A. DYMSKI, JESUS HERNANDEZ, and LISA MOHANTY, Race, Power, and the Subprime/Foreclosure Crisis: A Mesoanalysis
  • CHRISTINE SINAPI, Institutional Prerequisites of Financial Fragility within Minsky’s Financial Instability Hypothesis: A Proposal in Terms of "Institutional Fragility"

Program: The Distribution of Income and Wealth

Levy Institute Measure of Economic Well-Being

  • THOMAS MASTERSON, Quality of Match for Statistical Matches Used in the 1995 and 2005 LIMEW Estimates for Great Britain
  • SELÇUK EREN, THOMAS MASTERSON, EDWARD WOLFF, and AJIT ZACHARIAS, The Levy Institute Measure of Economic Well-Being, Great Britain, 1995 and 2005
  • THOMAS MASTERSON, Quality of Match for Statistical Matches Used in the 1989 and 2000 LIMEW Estimates for France
  • THOMAS MASTERSON, AJIT ZACHARIAS, SELÇUK EREN, and EDWARD N. WOLFF, The Levy Institute Measure of Economic Well-Being, France, 1989 and 2000
  • ANDREW SHARPE, ALEXANDER MURRAY, BENJAMIN EVANS, and ELSPETH HAZELL, The Levy Institute Measure of Economic Well-Being: Estimates for Canada, 1999 and 2005

Program: Employment Policy and Labor Markets

  • MATHEW FORSTATER, The Freedom Budget at 45: Functional Finance and Full Employment
  • RANIA ANTONOPOULOS and KIJONG KIM, Public Job-creation Programs: The Economic Benefits of Investing in Social Care: Case Studies in South Africa and the United States

Program: Economic Policy for the 21st Century

Explorations in Theory and Empirical Analysis

  • L. RANDALL WRAY, The Dismal State of Macroeconomics and the Opportunity for a New Beginning
  • ARNELYN ABDON and JESUS FELIPE, The Product Space: What Does It Say About the Opportunities for Growth and Structural Transformation of Sub-Saharan Africa?
  • NAZIM KADRI EKINCI, Income Distribution in a Monetary Economy: A Ricardo-Keynes Synthesis
  • SUNANDA SEN, The Global Crisis and the Remedial Actions: A Nonmainstream Perspective


  • 20th Annual Hyman P. Minsky Conference: Financial Reform and the Real Economy
  • The Wynne Godley Memorial Conference: Contributions in Stock-flow Modeling
  • The Hyman P. Minsky Summer Seminar
  • New Research Associate
  • New Senior Editor and Policy Fellow


  • Publications and Presentations by Levy Institute Scholars
W. Ray Towle

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