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  Working Paper No. 261

  Theories of Value and the Monetary Theory of Production

  This paper extends earlier work that argued that liquidity preference theory should be interpreted as a theory of value. Here I will argue that two theories of value are needed for analysis of a monetary production economy: the labor theory of value and the liquidity preference theory of value. Both Keynes and Marx were trying […]
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  Policy Notes No. 1

  How Negative Can US Saving Get?

  In 1998 the volume of private spending in the United States rose by almost twice the increase in disposable income. The impact of this excess private spending financed by increased net borrowing has been profound; without it, the economy would have stagnated. Can this pattern of demand growth continue? The answer is a resounding no.
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  Strategic Analysis

  Seven Unsustainable Processes

  The purpose of this Strategic Analysis is not to make short-term predictions about the life expectancy of the current economic expansion in the United States, but to determine if the present stance of fiscal and trade policy is appropriate in the medium term. The expansion has been generated by economic processes that are unsustainable—processes in […]
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  Summary No. 3

  Summary Summer–Fall 1999

  This double issue of the Summary features the Ninth Annual Hyman P. Minsky Conference on Financial Structure, which underscored the renewed general interest in Minsky’s work as it applies to the global financial system.   Contents: Risk Reduction in the New Financial Architecture · Can Goldilocks Survive? · Workshop: Earnings Inequality, Technology, and Institutions · […]
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  Summary No. 2

  Summary Spring 1999

  In a new Policy Note summarized in this issue, Senior Scholar L. Randall Wray describes three threats to the current “Goldilocks” economy: global financial crisis, global deflation and excess demand, and a domestic surplus coupled with record private deficits. Contents: The Minimum Wage in Historical Perspective · Constructing Long and Dense Times-Series of Inequality Using […]
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  Summary No. 1

  Summary Winter 1998–1999

  New Working Papers summarized in this issue cover a broad range of topics, including the effects of the Clinton expansion on employment opportunities, the development of modern money from a Chartalist perspective, the federal budget surplus in the context of the coming economic slowdown, concepts of time in economic theory, and the effect of the […]
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  Public Policy Brief Highlight

  Regulating HMOs

  HMO medicine sets up an inevitable conflict between the physicians’ traditional fiduciary role and the financial interests of the health plan and its physicians. Regulatory interventions, such as the formulation of rules regarding clinical practice, put government in a micromanagement role it cannot hope to perform well. Government instead should focus on building a regulatory […]
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  Press Release

  Regulating HMOs

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  Public Policy Brief No. 49

  Corporate Governance in Germany

  The postwar system of corporate governance in Germany is being threatened by the failure of some industries to maintain their competitive position (with resulting significant job losses) and pressures for financial liquidity driven by those who have accumulated substantial financial holdings, institutions competing for control of those holdings, and those concerned about the funding of […]
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  Public Policy Brief No. 48

  Japanese Corporate Governance and Strategy

  Despite the crisis in the Japanese financial sector, prolonged recession, and competitive challenges, Japan’s formidable productive system remains strong. Nevertheless, the system of corporate governance, which has pursued a strategy of retaining corporate revenues and reallocating labor resources and returns to labor in order to invest in productive capabilities, faces short-term pressures from a transformation […]
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  Public Policy Brief No. 47

  Regulating HMOs

  HMO medicine sets up an inevitable conflict between the physicians’ traditional fiduciary role and the financial interests of the health plan and its physicians. Regulatory interventions, such as the formulation of rules regarding clinical practice, put government in a micromanagement role it cannot hope to perform well. Government instead should focus on building a regulatory […]
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  Public Policy Brief Highlight No. 49

  Corporate Governance in Germany

  The postwar system of corporate governance in Germany is being threatened by the failure of some industries to maintain their competitive position (with resulting significant job losses) and pressures for financial liquidity driven by those who have accumulated substantial financial holdings, institutions competing for control of those holdings, and those concerned about the funding of […]