Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/56965 
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dc.contributor.authorWray, L. Randallen
dc.date.accessioned2012-04-12T14:17:23Z-
dc.date.available2012-04-12T14:17:23Z-
dc.date.issued2011-
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
dc.language.isoengen
dc.publisher|aLevy Economics Institute of Bard College |cAnnandale-on-Hudson, NYen
dc.relation.ispartofseries|aWorking Paper |x662en
dc.subject.jelB14en
dc.subject.jelB15en
dc.subject.jelB22en
dc.subject.jelB52en
dc.subject.jelE3en
dc.subject.jelE12en
dc.subject.jelE40en
dc.subject.jelE42en
dc.subject.jelE50en
dc.subject.jelE51en
dc.subject.jelE52en
dc.subject.jelG14en
dc.subject.jelG21en
dc.subject.ddc330en
dc.subject.keywordHyman Minskyen
dc.subject.keywordKappen
dc.subject.keywordGalbraithen
dc.subject.keywordVeblenen
dc.subject.keywordcoaseen
dc.subject.keywordtheory of social costsen
dc.subject.keywordefficient markets hypothesisen
dc.subject.keywordmoneyen
dc.subject.keywordfinanceen
dc.subject.keywordsocial efficiencyen
dc.subject.keywordsocial provisioningen
dc.subject.keywordshadow banksen
dc.subject.keywordfinancial innovationen
dc.subject.keywordcasino capitalismen
dc.subject.keywordsecuritizationen
dc.subject.keywordderegulationen
dc.subject.keywordself-supervisionen
dc.titleThe financial crisis viewed from the perspective of the "social costs" theory-
dc.typeWorking Paperen
dc.identifier.ppn655724907en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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