Contents: 1. Keynes, You Should be Alive Today! 2. Keynes’s Principle of Effective Demand 3. Uncertainty and Reality in Economic Models 4. Investment: Illiquid Real Capital versus Liquid Assets 5. Why Liquidity Preference? 6. Financial Markets, Liquidity and Fast Exits 7. Planned Investment, Planned Savings, Liquidity and Economic Growth 8. Complicating the Picture: Money and International Liquidity 9. Trade Imbalances and International Payments 10. International Liquidity and Exchange Rate Stability 11. If Markets are Efficient Why Has There Been so Much Volatility in Financial Markets? 12. Exchange Rates and the Tobin Tax 13. The Plumbers’ Solution to Destabilizing International Capital Flows 14. The Architectural Solution: Reforming the World’s Money 15. The Economy and the Twenty-first Century Index
Paul Davidson, Holly Chair of Excellence Emeritus, University of Tennessee, US and Founding Editor of the Journal of Post Keynesian Economics
‘Financial Markets, Money and the Real World by Paul Davidson is an
informed and informative study of why the 1990s experienced a
series of financial crises with terrible repercussions that
reverberated throughout the global market. Focusing on the central
role that domestic and international financial markets play in
affecting the economic growth rate, and offering prescriptions to
improve worldwide economic viability in the 21st century, Financial
Markets, Money and the Real World is highly practical, forward
thinking, and strongly recommended reading for students of
economics in general, and the interactive, interdependent global
financial markets in particular.'
*Library Bookwatch/Midwest Book Review*
'In Financial Markets, Money and the Real World Professor Davidson
lucidly and persuasively sums up his major insights into the
working of "non-ergodic" (uncertain) economic systems. It is
essential reading for those who wish to understand why financial
markets have become so volatile and are puzzled to know what to do
about it. It is refreshing to read an author who writes so much in
the spirit of Keynes and who is able and willing to develop
Keynes's ideas creatively and apply them imaginatively to the
understanding and management of today's globalized economy.'
*Lord Skidelsky, University of Warwick, UK*
'This book should be a classic in economics. Paul Davidson combines
dazzling clarity and a passion for economic truth and common sense
in illuminating the dark thickets surrounding today's free
enterprise system. Professional economists and concerned citizens
should both pay heed to this fine book.'
*Peter L. Bernstein, Peter L. Bernstein Inc., US*
'Professor Paul Davidson has long been a major avenue to the
economic reality and the controlling economic ideas, especially
those that have come into professional discussion with and since
John Maynard Keynes. This is a major contribution, deserving the
close attention of economists and all who seek accomplished
economic guidance. I strongly recommend it.'
*John Kenneth Galbraith, Harvard University, US*
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