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Hyman Minsky
Hyman Philip Minsky (September 23, 1919 – October 24, 1996) was an American economist and economy professor at Washington University in St. Louis. A distinguished scholar at the Levy Economics Institute of Bard College, his research was intent on providing explanations to the characteristics of financial crises, which he attributed to swings in a potentially fragile financial system. Minsky is often described as a post-Keynesian economist because, in the Keynesian tradition, he supported some government intervention in financial markets, opposed some of the financial deregulation of the 1980s, stressed the importance of the Federal Reserve as a lender of last resort and argued against the over-accumulation of private debt in the financial markets. Minsky's economic theories were largely ignored for decades, until the subprime mortgage crisis of 2008 caused a renewed interest in them. Education A native of Chicago, Illinois, Minsky was born into a Jewish family of Menshevik ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Post-Keynesian Economics
Post-Keynesian economics is a Schools of economic thought, school of economic thought with its origins in ''The General Theory of Employment, Interest and Money, The General Theory'' of John Maynard Keynes, with subsequent development influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor, Sidney Weintraub (economist born 1914), Sidney Weintraub, Paul Davidson (economist), Paul Davidson, Piero Sraffa, Jan Kregel and Marc Lavoie. Historian Robert Skidelsky, Baron Skidelsky, Robert Skidelsky argues that the post-Keynesian school has remained closest to the spirit of Keynes' original work. It is a heterodox approach to economics based on a non-equilibrium economics, non-equilibrium approach. Introduction The term "post-Keynesian" was first used to refer to a distinct school of economic thought by Alfred Eichner, Eichner and Kregel (1975) and by the establishment of the ''Journal of Post Keynesian Economics'' in 1978. Prior to 1975, and occasionally in more ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mauro Gallegati
Mauro Gallegati (born 8 March 1958) is an Italian New-Keynesian economist, scholar of agent-based economics, and professor at Marche Polytechnic University in Ancona, Italy. Biography After having earned his PhD in economics in 1989 at Marche Polytechnic University with a thesis on financial fragility under the supervision of Hyman Minsky, Gallegati has held visiting positions, both as a scholar and as a professor at Washington University in St. Louis, University of Cambridge, Stanford University, Massachusetts Institute of Technology, Columbia University, Santa Fe Institute, Brookings Institution, University of Technology Sydney, Kyoto University, and ETH Zurich.Curriculum accademico sul sito dell'Università Politecnica delle Marche. He currently teaches advanced < ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lender Of Last Resort
In public finance, a lender of last resort (LOLR) is a financial entity, generally a central bank, that acts as the provider of liquidity to a financial institution which finds itself unable to obtain sufficient liquidity in the interbank lending market when other facilities or such sources have been exhausted. It is, in effect, a government guarantee to provide liquidity to financial institutions. Since the beginning of the 20th century, most central banks have been providers of lender of last resort facilities, and their functions usually also include ensuring liquidity in the international markets in general. The objective is to prevent economic disruption as a result of financial panics and bank runs spreading from one bank to the others due to a lack of liquidity in the first one. There are varying definitions of a lender of last resort, but a comprehensive one is that it is "the discretionary provision of liquidity to a financial institution (or the market as a wh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deregulation
Deregulation is the process of removing or reducing state regulations, typically in the economic sphere. It is the repeal of governmental regulation of the economy. It became common in advanced industrial economies in the 1970s and 1980s, as a result of new trends in economic thinking about the inefficiencies of government regulation, and the risk that regulatory agencies would be controlled by the regulated industry to its benefit, and thereby hurt consumers and the wider economy. Economic regulations were promoted during the Gilded Age, in which progressive reforms were claimed as necessary to limit externalities like corporate abuse, unsafe child labor, monopolization, and pollution, and to mitigate boom and bust cycles. Around the late 1970s, such reforms were deemed burdensome on economic growth and many politicians espousing neoliberalism started promoting deregulation. The stated rationale for deregulation is often that fewer and simpler regulations will lead to raise ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Keynesian
Keynesian economics ( ; sometimes Keynesianism, named after British economist John Maynard Keynes) are the various macroeconomic theories and models of how aggregate demand (total spending in the economy) strongly influences economic output and inflation. In the Keynesian view, aggregate demand does not necessarily equal the productive capacity of the economy. It is influenced by a host of factors that sometimes behave erratically and impact production, employment, and inflation. Keynesian economists generally argue that aggregate demand is volatile and unstable and that, consequently, a market economy often experiences inefficient macroeconomic outcomes, including recessions when demand is too low and inflation when demand is too high. Further, they argue that these economic fluctuations can be mitigated by economic policy responses coordinated between a government and their central bank. In particular, fiscal policy actions taken by the government and monetary policy action ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Post-Keynesian Economist
Post-Keynesian economics is a school of economic thought with its origins in '' The General Theory'' of John Maynard Keynes, with subsequent development influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor, Sidney Weintraub, Paul Davidson, Piero Sraffa, Jan Kregel and Marc Lavoie. Historian Robert Skidelsky argues that the post-Keynesian school has remained closest to the spirit of Keynes' original work. It is a heterodox approach to economics based on a non-equilibrium approach. Introduction The term "post-Keynesian" was first used to refer to a distinct school of economic thought by Eichner and Kregel (1975) and by the establishment of the ''Journal of Post Keynesian Economics'' in 1978. Prior to 1975, and occasionally in more recent work, ''post-Keynesian'' could simply mean economics carried out after 1936, the date of Keynes's ''General Theory''. Post-Keynesian economists are united in maintaining that Keynes' theory is seriously misrepr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Crisis
A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with Bank run#Systemic banking crises, banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial Economic bubble, bubbles, currency crisis, currency crises, and sovereign defaults. Financial crises directly result in a loss of paper wealth but do not necessarily result in significant changes in the real economy (for example, the crisis resulting from the famous tulip mania bubble in the 17th century). Many economists have offered theories about how financial crises develop and how they could be prevented. There is little consensus and financial crises continue to occur from time to time. It is apparent however that a consistent feature of bo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bard College
Bard College is a private college, private Liberal arts colleges in the United States, liberal arts college in Annandale-on-Hudson, New York. The campus overlooks the Hudson River and Catskill Mountains within the Hudson River Historic District and is a National Historic Landmark. Founded in 1860, the institution consists of a liberal arts college and a Bard College Conservatory of Music, conservatory. The college offers undergraduate and graduate programs. The college has a network of over 35 affiliated programs, institutes, and centers, spanning twelve cities, five U.S. states, seven countries, and four continents. History Origins and early years During much of the nineteenth century, the land since owned by Bard was mainly composed of several estate (land), country estates. These estates were called Blithewood, Bartlett, Sands and Ward Manor/Almont. In 1853, John Bard (philanthropist), John Bard and Margaret Bard purchased a part of the Blithewood estate and renamed ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Levy Economics Institute
Founded in 1986 as the Jerome Levy Economics Institute, the Levy Economics Institute of Bard College is a nonprofit, nonpartisan public policy think tank. The purpose of its research and other activities is to enable scholars and leaders in business, labor, and government to work together on problems of common interest. Its findings are disseminated—via publications, conferences, seminars, congressional testimony, and partnerships with other nonprofits—to a global audience of public officials, private sector executives, academics, and the general public. Through this process of scholarship, analysis, and informed debate, the Levy Institute generates public policy responses to economic problems. The Levy Institute is housed on the campus of Bard College in Annandale-on-Hudson, New York, located 90 miles north of New York City. Blithewood, a Georgian-style manor at the campus's western edge, is the institute's main research and conference facility. Designed as a private reside ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Washington University In St
Washington most commonly refers to: * George Washington (1732–1799), the first president of the United States * Washington (state), a state in the Pacific Northwest of the United States * Washington, D.C., the capital of the United States ** A metonym for the federal government of the United States ** Washington metropolitan area, the metropolitan area centered on Washington, D.C. Washington may also refer to: Places England * Washington Old Hall, ancestral home of the family of George Washington * Washington, Tyne and Wear, a town in the City of Sunderland metropolitan borough * Washington, West Sussex, a village and civil parish Greenland * Cape Washington, Greenland * Washington Land Philippines *New Washington, Aklan, a municipality *Washington, a barangay in Catarman, Northern Samar *Washington, a barangay in Escalante, Negros Occidental *Washington, a barangay in San Jacinto, Masbate *Washington, a barangay in Surigao City United States * Fort Washington (disambiguati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Professor
Professor (commonly abbreviated as Prof.) is an Academy, academic rank at university, universities and other tertiary education, post-secondary education and research institutions in most countries. Literally, ''professor'' derives from Latin as a 'person who professes'. Professors are usually experts in their field and teachers of the highest rank. In most systems of List of academic ranks, academic ranks, "professor" as an unqualified title refers only to the most senior academic position, sometimes informally known as "full professor". In some countries and institutions, the word ''professor'' is also used in titles of lower ranks such as associate professor and assistant professor; this is particularly the case in the United States, where the unqualified word is also used colloquially to refer to associate and assistant professors as well, and often to instructors or lecturers. Professors often conduct original research and commonly teach undergraduate, Postgraduate educa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economist
An economist is a professional and practitioner in the social sciences, social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are many sub-fields, ranging from the broad philosophy, philosophical theory, theories to the focused study of minutiae within specific Market (economics), markets, macroeconomics, macroeconomic analysis, microeconomics, microeconomic analysis or financial statement analysis, involving analytical methods and tools such as econometrics, statistics, Computational economics, economics computational models, financial economics, regulatory impact analysis and mathematical economics. Professions Economists work in many fields including academia, government and in the private sector, where they may also "study data and statistics in order to spot trends in economic activity, economic confidence levels, and consumer attitudes. They ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
