Philip Arestis

This book examines the economic challenges facing the United States, the United Kingdom, and the European Monetary Union and discusses the macroeconomic policies pursued by their authorities in detail. It highlights a range of unsuccessful monetary and fiscal policies to establish financial stability and reduce inflation. By assessing the current threats to economic growth and stability, alternative ways in which governments and central banks can create coordinated responses and deliver better economic and social outcomes are outlined. The implications of Artificial Intelligence and cryptocurrencies are also discussed. This book offers a practical framework for realistic modern economic policy that produces economic and environmental sustainability. It will be relevant to students, academics, researchers, and policymakers interested in the political economy, international economics, and economic policy.

This book provides a much-needed re-examination of monetary and fiscal policies, their application in the real world and their potential for macroeconomic policy in the 21st century. It provides a detailed discussion and critique of the 'new consensus' in macroeconomics along with the monetary and fiscal policies encapsulated within it. The authors argue that monetary policy is an ineffective means of controlling inflation and, if not used properly, can also have detrimental effects on the supply-side of the economy. They further contend that fiscal policy remains a potent instrument for influencing aggregate demand. Using detailed analysis the authors emphasise the role of capacity constraints as possible inflation barriers and argue against the NAIRU as a labour market phenomenon. The book concludes by critically examining the economic policies of the European Economic and Monetary Union.Written by two of the leading scholars in the field, this provocative new volume is concise, well argued and rich in new insights. It will interest all those concerned with the current problems and future development of monetary and fiscal policy.

European economic and monetary union continues to be the subject of intense controversy, and the launch of a single currency in January 1999 served to concentrate this debate around one issue: is the euro in the interests of Europe? This pertinent book attempts to address this contentious question.The authors offer a sustained argument that the single currency as currently implemented does not promise to deliver prolonged growth. They contend that the economic impact of the euro, and its accompanying institutions, is likely to be destabilising and deflationary; that the political impact is profoundly undemocratic and that the social consequences are likely to be deleterious. They do not reject the concept of a single currency but are highly critical of policy arrangements such as the Stability and Growth Pact which govern the euro. The authors propose alternative policy and institutional arrangements within which the euro should be embedded. They demonstrate that these would have the benefits of a single currency whilst avoiding many of the potential costs identified by detractors. EMU will continue to cause huge changes in the social and economic sphere of Europe. This book does not attempt to polarise the debate by simply advocating for or against the euro, but instead puts the situation into context, identifies potential problems and proposes possible remedies. It will be required reading for economists, political scientists, politicians and policymakers.

This work applies a post-Keynesian perspective to the financial problems of economic development, restructuring in Eastern Europe and the creation of a single market in the European Union.

In these twelve essays, spanning fifteen years, Victoria Chick develops a distinctive view of macroeconomics (especially the economics of Keynes) and monetary theory. By careful and rigorous analysis in which nothing is taken for granted, she uncovers the implicit assumptions of economic theory and argues, in a variety of contexts, that differences of economic method and the influence of the stylised facts are decisive forces, both in the construction of theories and in appraising their contemporary relevance.

In these twelve essays, spanning fifteen years, Victoria Chick develops a distinctive view of macroeconomics (especially the economics of Keynes) and monetary theory. By careful and rigorous analysis in which nothing is taken for granted, she uncovers the implicit assumptions of economic theory and argues, in a variety of contexts, that differences of economic method and the influence of the stylised facts are decisive forces, both in the construction of theories and in appraising their contemporary relevance.

This collection of major new essays offers a full range of alternative ways of looking at the economy. The alternatives adopted here focus on the post-Keynesian body of thought. The essays offered here represent a serious challenge to the prevailing orthodoxies and demand new ways of thinking about economics.

This collection of major new essays offers a full range of alternative ways of looking at the economy. The alternatives adopted here focus on the post-Keynesian body of thought. The essays offered here represent a serious challenge to the prevailing orthodoxies and demand new ways of thinking about economics.