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  Working Paper No. 255

  Economic Time

  This paper argues that economists require a particular concept of time to develop theory with greater explanatory power in describing and analyzing the sort of economy in which we are primarily interested–the monetary economy usually termed capitalism. Economists of various persuasions have recognized the importance of a concept of time, but we argue that a […]
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  Working Paper No. 254

  Toward a New Instrumental Macroeconomics

  This paper argues that the ideas of Abba Lerner and Adolph Lowe contain overlapping and complementary insights and themes that may contribute to the development of a new approach to macroeconomics. They also have rather specific practical policy implications. Lerner’s notions of functional finance and money as a creature of the state are combined with […]
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  Working Paper No. 253

  Finance and the Macroeconomic Process in a Classical Growth and Cycle Model

  The aim of this paper is to derive an endogenous growth and cycles model that integrates sectoral incomes, expenditures, and finance requirements into an ex ante social accounting matrix (SAM) in the spirit of the Cambridge Economic Policy Group. The SAM includes households, businesses, a banking sector with non-zero net worth, and the government. Investment […]
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  Conference Proceedings

  Symposium: Employment Policies to Reduce Poverty

  The purpose of this symposium, held September 24, 1998, at the Levy Institute’s research and conference center on the campus of Bard College in Annandale-on-Hudson, New York, was to explore the causes and consequences of the persistence of poverty, and to examine policies that might rectify the inequitable distribution of the gains of economic success.
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  Press Release

  Levy Institute Scholar Proposes New Process for Adjusting the Minimum Wage

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  Public Policy Brief No. 44

  The Asian Disease: Plausible Diagnoses, Possible Remedies

  Asia presents a cumulation of apparently rational decisions that produced disastrous results—a textbook illustration of “financial instability” developing from the economics of euphoria. A combination of factors produced the crisis as enormous capital inflows were drawn to the “Asian miracle“-pegged exchange rates with fluctuating interest rates, integrated economies, moral hazard created by central banks, and […]
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  Public Policy Brief No. 43

  How Big Should the Public Capital Stock Be?

  Investment in infrastructure is necessary for a strong, flexible, and growing economy. However, the relationship between public capital and economic growth is not linear. At a certain level, the tax burden associated with financing and maintaining public capital reduces the returns to private industry, which in turn reduces growth; also, different types of spending have […]
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  Public Policy Brief Highlight No. 44

  The Asian Disease: Plausible Diagnoses, Possible Remedies

  Asia presents a cumulation of apparently rational decisions that produced disastrous results—a textbook illustration of “financial instability” developing from the economics of euphoria. A combination of factors produced the crisis as enormous capital inflows were drawn to the “Asian miracle”-pegged exchange rates with fluctuating interest rates, integrated economies, moral hazard created by central banks, and […]
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  Public Policy Brief Highlight No. 43

  How Big Should the Public Capital Stock Be?

  Investment in infrastructure is necessary for a strong, flexible, and growing economy. However, the relationship between public capital and economic growth is not linear. At a certain level, the tax burden associated with financing and maintaining public capital reduces the returns to private industry, which in turn reduces growth; also, different types of spending have […]
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  Working Paper No. 252

  Modern Money

  All modern economies have a “chartalist” or “state” money, as acknowledged by Friedrich Knapp and John Maynard Keynes. In this paper, I examine the “history” of money to shed light on its origins. I also examine in detail the views of those who accepted the chartalist, or state, approach to money, from Adam Smith to […]
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  Working Paper No. 251

  Paul Davidson’s Economics

  Paul Davidson is one of the best known and most influential post-Keynesian economists. He has insisted throughout his career that economists should focus on real-world problems and that the purpose of economic policy is to help society become more humane and civilized. He is also known for his insistence on adhering to the words and […]
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  Working Paper No. 250

  Explaining Long-Term Exchange Rate Behavior in the United States and Japan

  Conventional exchange rate models are based on the fundamental hypothesis that, in the long run, real exchange rates will move in such a way as to make countries equally competitive. Thus they assume that, in the long run, trade between countries will be roughly balanced. The difficulty in assessing expectations about the consequences of trade […]