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Published on: 2010-08-03
Released on: 2010-08-03
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"Panics do not destroy capital; they merely reveal the extent to which it has been destroyed by its betrayal into hopelessly unproductive works.” (John Mills (1902). "Credit Cycles and the Origin of Commercial Panics." New York and London: D. Appleton Co.) I have been both a central banker and a market regulator. I now find myself questioning whether my early career, largely devoted to liberalising and deregulating banking and financial markets, was misguided. In short, I wonder whether I contributed - along with countless others in regulation, banking, academia and politics - to a great misallocation of capital, distortion of markets and the impairment of the real economy. We permitted the banks to betray capital into “hopelessly unproductive works”, promoting their efforts with monetary laxity, regulatory forbearance and government tax incentives that marginalised investment in “productive works”. We permitted markets to become so fragmented by off-exchange trading and derivatives that they no longer perform the economically critical functions of capital/resource allocation and price discovery efficiently or transparently. The results have been serial bubbles - debt-financed speculative frenzy in real estate, investments and commodities. Since August of 2007 we have been seeing a steady constriction of credit markets, starting with subprime mortgage back securities, spreading to commercial paper and then to interbank credit and then to bond markets and then to securities generally. While the problem is usually expressed as one of confidence, a more honest conclusion is that credit extended in the past has been employed unproductively and so will not be repaid according to the original terms. In other words, capital has been betrayed into unproductive works. Anonymous "London Banker", July 2008 Keynesian economics - New World Encyclopedia The theories forming the basis of Keynesian economics were first presented in The General Theory of Employment Interest and Money published in 1936. It was his ... - Irving Fisher - Wikipedia Irving Fisher; Born February 27 1867 Saugerties New York: Died: April 29 1947 (aged 80) New York City New York: Nationality: United States: Field: Mathematical ... Debt deleveraging and the liquidity trap: A new model ... If there is a single word that appears most frequently in discussions of the economic problems now afflicting both the US and Europe that word is surely debt. Steve Keen's Debtwatch Analysing the Collapse of the ... Teaching Economics the Pluralist Way; Steve Keen; Kingston University London; IDEAeconomics; Minsky Open Source System Dynamics debtdeflation.com/blogs Irving Fisher - Wikipedia la enciclopedia libre Su primera contribucin terica a la economa se encuentra en su tesis doctoral de 1892 "Mathematical Investigations in the Theory for Value and Prices" que ... Causes of the Great Depression - Wikipedia The causes of the Great Depression in the early 20th century have been extensively discussed by economists and remain a matter of active debate. Publications Levy Economics Institute A Post-Keynesian/Evolutionist Critique. This paper provides a critical analysis of expansionary austerity theory (EAT). The focus is on the theoretical weaknesses of ... Policies: Lessons from the Great Depression 1929 Lessons from the Great Depression Those who believe in Keynesian economics point out the importance of government intervention during economic hardships. The ... Research Steve Keen's Debtwatch Tweet; Tweet; This page lists and links to my academic papers. If you would like to support my research please click on this link: Research Funding.
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