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dc.contributor.authorWray, L. Randallen_US
dc.date.accessioned2012-04-12T14:17:23Z-
dc.date.available2012-04-12T14:17:23Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/56965-
dc.description.abstractThis paper examines the causes and consequences of the current global financial crisis. It largely relies on the work of Hyman Minsky, although analyses by John Kenneth Galbraith and Thorstein Veblen of the causes of the 1930s collapse are used to show similarities between the two crises. K.W. Kapp's social costs theory is contrasted with the recently dominant efficient markets; hypothesis to provide the context for analyzing the functioning of financial institutions. The paper argues that, rather than operating efficiently the financial sector has been imposing huge costs on the economy-costs that no one can deny in the aftermath of the economy's collapse. While orthodox approaches lead to the conclusion that money and finance should not matter much, the alternative tradition - from Veblen and Keynes to Galbraith and Minsky - provides the basis for developing an approach that puts money and finance front and center. Including the theory of social costs also generates policy recommendations more appropriate to an economy in which finance matters.en_US
dc.language.isoengen_US
dc.publisherLevy Economics Inst. Annandale-on-Hudson, NYen_US
dc.relation.ispartofseriesWorking paper, Levy Economics Institute 662en_US
dc.subject.jelB14en_US
dc.subject.jelB15en_US
dc.subject.jelB22en_US
dc.subject.jelB52en_US
dc.subject.jelE3en_US
dc.subject.jelE12en_US
dc.subject.jelE40en_US
dc.subject.jelE42en_US
dc.subject.jelE50en_US
dc.subject.jelE51en_US
dc.subject.jelE52en_US
dc.subject.jelG14en_US
dc.subject.jelG21en_US
dc.subject.ddc330en_US
dc.subject.keywordHyman Minskyen_US
dc.subject.keywordKappen_US
dc.subject.keywordGalbraithen_US
dc.subject.keywordVeblenen_US
dc.subject.keywordcoaseen_US
dc.subject.keywordtheory of social costsen_US
dc.subject.keywordefficient markets hypothesisen_US
dc.subject.keywordmoneyen_US
dc.subject.keywordfinanceen_US
dc.subject.keywordsocial efficiencyen_US
dc.subject.keywordsocial provisioningen_US
dc.subject.keywordshadow banksen_US
dc.subject.keywordfinancial innovationen_US
dc.subject.keywordcasino capitalismen_US
dc.subject.keywordsecuritizationen_US
dc.subject.keywordderegulationen_US
dc.subject.keywordself-supervisionen_US
dc.titleThe financial crisis viewed from the perspective of the "social costs" theoryen_US
dc.typeWorking Paperen_US
dc.identifier.ppn655724907en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
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