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Working Paper No. 87The Psychology of Risk
March 09, 1993 Risk is commonly defined in negative terms-the probability of suffering a loss or factors and actions involving uncertain dangers or hazards. On the other hand, the term risk as used...more Publication -
Working Paper No. 86
The Origins of Money and the Development of the Modern Financial System
March 08, 1993 The origins of money and banking are explained in nearly every introduction money and banking course, but Wray proposes an alternative approach that emerges from a comparative analysis of economic...more Publication -
Public Policy Brief No. 4Public Infrastructure Investment: A Bridge to Productivity Growth?
March 03, 1993 This brief presents contrasting views on the effects of public infrastructure investment on private sector productivity. David Alan Aschauer states that the slower rate of productivity growth since the early...more Publication -
Working Paper No. 85
The Relationship between Public and Private Investment
February 10, 1993 The relationship between government spending and aggregates such as output, employment, and prices has been the subject of many theoretical and empirical studies. Recently, however, interest has shifted to government...more Publication -
Working Paper No. 84
Migration of Talent
February 07, 1993 In this paper, Rao tackles the reasons behind the increasing number and share of foreign students enrolled in Ph.D. economics programs in the U.S. The conventional argument of comparative advantage...more Publication -
Public Policy Brief No. 3
Τραπεζικό σύστημα κοινοτικής ανάπτυξης
January 01, 1993 Το κείμενο προτείνει την εγκαθίδρυση ενός εθνικού συστήματος τραπεζών κοινοτικής ανάπτυξης για την προώθηση της κεφαλαιακής ανάπτυξης της οικονομίας. Η πρόταση βασίζεται στην άποψη ότι η υπάρχουσα χρηματοπιστωτική δομή είναι...more Publication -
Public Policy Brief No. 3
Community Development Banking
January 01, 1993 This brief proposes that the establishment of a nationwide system of community development banks (CDBs) would advance the capital development of the economy. The proposal is based on the notion...more Publication -
Working Paper No. 83
Community Development Banks
December 01, 1992 The Clinton/Gore proposal for the creation of a network of 100 community development banks (CDBs) to revitalize communities is bold, and will contribute to the success of the U.S. economy....more Publication -
Working Paper No. 82
Job Quality and Labor Market Segmentation in the 1980s
December 01, 1992 The authors examine the effects of employment restructuring in the 1980s on white, black, and Hispanic men and women within a labor market segmentation framework. Cluster analysis is used to...more Publication -
Public Policy Brief No. 2
An Economic Assessment: Contained Depression or the Foothills of Recovery?
September 10, 1992 Robert Barbera and David A. Levy offer contrasting assessments of the United States’ economy during the late 1980s and early 1990s. Barbera suggests that the behavior of the economy was...more Publication -
Working Paper No. 81
The Impact of Profitability, Financial Fragility, and Competitive Regime Shifts on Investment Demand
September 10, 1992 Crotty and Goldstein have developed a hybrid post-Keynesian/ neo-Schumpeterian theory of investment demand. In this micro-founded theory of accumulation, the optimal investment decision depends on the level of expected profitability,...more Publication -
Working Paper No. 80
Growth and Structural Change in China-US Trade
September 09, 1992 Since the resumption of China-U.S. trade in 1972, and in particular since the establishment of diplomatic relations in early 1979, trade between the two countries has increased dramatically. By 1990,...more Publication -
Working Paper No. 79
The Investment Decision of the Post Keynesian Firm
September 04, 1992 In this paper, Crotty and Goldstein undertake the formulation of a model of enterprise investment decision that can provide a microeconomic foundation for the Keynes-Minsky macromodels developed by Delli Gatti...more Publication -
Working Paper No. 78
The Predication Semantics Model
August 10, 1992 This paper presents and tests the predication semantics model, a computational model of text comprehension. It goes beyond previous case grammar approaches to text comprehension in employing a propositional rather...more Publication -
Working Paper No. 77
Credit Markets and Narrow Banking
July 10, 1992 Maurice Allais’s view that the credit created by fractional reserve banking is equivalent to counterfeiting has led him to recommend the separation of the depository and lending functions of banks....more Publication -
Public Policy Brief No. 1
Restructuring the Financial Structure
July 02, 1992 To avoid excessive concentration of economic and financial power, Athony M. Solomon recommends institutional and regulatory reform of the financial system by such means as nationwide banking, restrictions on federal...more Publication -
Working Paper No. 76
The “Chicago Plan” and New Deal Banking Reform
June 10, 1992 During the 1930s, there were numerous proposals put forth to modify the financial system. The “Chicago Plan,” submitted in 1933 by economists at the University of Chicago, recommended abolition of...more Publication -
Working Paper No. 75
The Role of Unemployment in Triggering Internal Labor Migration
June 01, 1992 George McCarthy’s paper explores the internal migration of labor in response to structural changes in the U.S. economy. He presents an empirical study of the relationship between wage determination and...more Publication -
Working Paper No. 74
The Financial Instability Hypothesis
May 10, 1992 The Financial Instability Hypothesis (FIH) has both empirical and theoretical aspects that challenge the classic precepts of Smith and Walras, who implied that the economy can be best understood by...more Publication -
Working Paper No. 73
Money, Growth, Distribution, and Prices in a Simple Sraffian Economy
May 01, 1992 Rejecting neoclassical notions of supply and demand, Sraffa demonstrated that relative prices are determined by the profit rate. However, a Sraffa model fails to explicitly describe the determination of output,...more Publication -
Working Paper No. 72
The Capital Development of the Economy and the Structure of Financial Institutions
January 11, 1992 This paper evolves from the sharp contrast in Smithian and Keynesian views about the relationship between the financial structure and the economy. The Smithian perspective implies that the financial structure...more Publication -
Working Paper No. 71
Macroeconomic Market Incentive Plans
January 10, 1992 This paper explores the contemporary debate among economists on the means to move the economy toward high employment without inflation-beyond the traditional instruments of monetary and fiscal policy. The authors...more Publication -
Working Paper No. 70
The Distributional Implications of the Tax Changes in the 1980s
January 09, 1992 This paper studies changes in the United States as a consequence of the Economic Recovery Act of 1981 (ERITA), the Tax Equality and Fiscal Responsibility Act of 1982 (TEFRA), and...more Publication -
Working Paper No. 69
Reconstituting the United States’ Financial Structure
January 08, 1992 Deposit insurance, the savings and loan industry, facets of the insurance industry, and a significant number of private banks have all been plagued by recent collapse. The legislative agenda goes...more Publication