The Creation and Circulation of Endogenous Money: A Circuit Dynamique Approach, Rochon, Louis-Philippe, pp. 1-22.
The Creation and Circulation of Endogenous Money: A Circuit Dynamique Approach
A theoretical model of the circuit school approach to endogenous money is described.. The analysis emphasis a number of important variables, such as the role of commercial banks, the ex nihilo creation of money, its circulation and ultimate destruction. A theory of banking decisions consistent with the monetary circuit and with Keynes’s analysis of uncertainty is also presented, along with comparison of the circuit approach with Post Keynesian theory. , J. Econ. Issues, March, 1999, 33(1), pp. 1-22, Kalamazoo College, Kalamazoo, Michigan, U.S.A.
Central Bank Independence: Reassessing the Measurements
Attempts to test the hypothesis that central bank independence lowers inflation have not produced a way of assessing measures of independence. In practice a measure is often treated as good if and only if it confirms the hypothesis. The most well known measures are much less similar than is often supposed, further suggesting that there is no agreed, empirical and measurable content to the notion of independence. One is forced to the conclusion that attempts to test the independence hypothesis have failed to follow scientific procedures, and therefore that there is no empirical support for it., J. Econ. Issues, March, 1999, 33(1), pp. 23-40, Balliol College, Oxford, United Kingdom.
Champlin, Dell P. and Knoedler, Janet T.
Restructuring by Design: Government’s complicity in Corporate Restructuring
The narrative of corporate restructuring as necessary and inevitable hinges on the notion that the job losses and other unfortunate consequences of restructuring are the result of impersonal market forces over which businesses and governments have no control. This paper explores the extent of government complicity in corporate restructuring by examination of federal antitrust and economic development policies. Belief in the inevitability of restructuring is at odds with the actual record of the past 30 years., J. Econ. Issues, March, 1999, 33(1), pp. 41-58) , Eastern Illinois University, Charleston, Illinois, U.S.A. and Bucknell University, Lewisburg, Pennsylvania, U.S.A.
Buchanan, Neil H.
Taxes, Saving, and Macroeconomics
In response to calls for policies to raise the U.S. saving rate, proposals are once again being offered in Congress to change the tax base from income to consumption. Beyond important issues of upward redistribution of income, such plans will not work as expected. They are based on a misunderstanding of the concept of "saving" in the U.S. economy, are unlikely to increase saving and higher saving, even if it occurred would be unlikely to increase investment. The crowding-out logic is based on limited evidence and inadequate theory., J. Econ. Issues, March., 1999, 33(1), pp. 59-76, University of Wisconsin, Milwaukee, Wisconsin, U.S.A.
Greer, Mark R.
Assessing the Soothsayers: An Examination of the Track Reocrd of Macroeconomic Forecasting
The one-year forecasts issued by professional economists and published at the beginning of each year in the Wall Street Journal are subjected to a directional accuracy test. The test finds that the mean forecast of the panel correctly predicted the actual direction of change in macroeconomic variables 49 percent of the time, which is just below the directional accuracy rate that would be expected from random guessing. In light of the positivist philosophy of science to which underlies mainstream economics, these findings raise disturbing questions., J. Econ. Issues, March, 1999, 33(1), pp. 77-94, Dowling College, Oakdale, New York, U.S.A.
Schaniel, William C. and Neale, Walter C.
Quasi commodities in the First and Third Worlds
Marx and Polanyi put commodities and fictitious commodities at the center of analyses of markets. We argue that there are goods and services that have only some of the characteristics of commodities and are thus neither full nor fictitious commodities. We call them quasi commodities. How they re-fitted into markets depends on decisions made by each society, with important consequences for itself and for analyses. We analyze several cases: medical care in the Unite States, the quasi commodity treatment of land and labor in India, and the cross-cultural flax trade in pre-colonial New Zealand., J. Econ Issues, March, 1999, 33(1), pp. 95-116, State University of West Georgia, Carrollton, Georgia, U.S.A. and University of Tennessee, Knoxville, Tennessee, U.S.A.
Keaney, Michael and Lorimer, A.R.
Clinical Effectiveness in the National Health Service in Scotland
The clinical effectiveness agenda was launched in 1996 in the British National Health Service. This paper describes how it came to be formulated, and what it means in practice. It is argued that it contains two conflicting agendas: one essentially democratic, the other not so. The relationship between these is explored in the context of the wider political climate. In conclusion, measures supporting the extension of democratic participation are advanced in preference to a narrow cost focus driven by the increasingly widespread employment of neoclassical economic analysis, to the detriment of both patients and the wider public. , J. Econ. Issues, March, 1999, 33(1), pp. 117-140, University of Glasgow, Glasgow, Scotland.
van Staveren, Irene
Chaos Theory and Institutional Economics: Metaphor or Model?
This paper describes parallels between institutional thought and chaos theory. These parallels occur at the symbolic level through the icons produced by chaos theory, but also at the level of modeling. This is illustrated by a case study on household provisioning in Ecuador under conditions of economic crisis and structural adjustment. Chaos theoretic modeling appears to contribute to institutional analysis by simulating the role of institutions as the economy’s "balancing wheel." Unlike the case with conventional economic models the simulation does not constrain the analysis but adds to it. , J. Econ Lit., March, 1999, 33(1): pp. 141-168, Erasmus University, Rotterdam, The Netherlands
The "Compulsive Shift" to Institutional Concerns in Recent Labor Economics
This paper reviews the historical development of labor economics with particular emphasis on the role of institutionalist methods and foci in that development. The institutionalist approach flourished in labor economics through World War II, after which changes in the employment relation combined with changes in the broader field of economics to drive labor economics toward abstraction and logical deduction. More recent changes in the U.S. economy and in the employment relation have made the mainstream approach less appropriate for labor analyses, precipitating a return to the institutionalist methods of the earlier era., J. Econ. Issues, March, 1999, 33(1), pp. 169-181, Colorado State University, Fort Collins, Colorado, U.S.A.
Last Updated on: November 16, 1999