Re: generational accounting/kotlikoff/henwood

["Alain PARGUEZ, editor of the Collection Monnaie et production" <MSECCARE@xxxxxxxxxxxxxxxxxx>]

>From Alain PARGUEZ, editor of the Collection "Monnaie et Production" of the
journal ECONOMIES ET SOCIETES of the INSTITUT DE SCIENCES MATHEMATIQUES ET
ECONOMIQUES APPLIQUEES, 14 rue Corvisart, Paris 75013 FRANCE.
Dear PKers,
     Given the very interesting debate over the issue of the role of rentier
and financial capital in affecting government policy decisions, I wish to
announce a forthcoming issue of MONNAIE ET PRODUCTION on the topic: "Financial
Markets and Central Banks, or the Self-Imposed Scarcity". This Vol. X of our
collection of ECONOMIES ET SOCIETES will address four major questions:
     1. What is the true role of financial markets; how can they be integrated
into a theoretical model of the monetary capitalist economy?
     2. What are the aspects of the domination of financial markets? Can we
find the proof of this domination in the outrageous level of real interest
rates and in the pressures on government to impose dramatic cuts in their
expenditures? Why are financial markets so obsessed with the public debt; how
can they impose their will on governments?
     3. The third questions addresses the crucial role of central banks in the
increasing power of rentier capitalism. What is the effective role of central
banks in the determination of interest rates? Is it true that they can just
have an impact on very short-term rates? Are they not, instead, the ultimate
support, if not the source, of financial capitalist pressures for higher
income?
     4. We are thus led to a last question: is there any theory behind the
policy of central banks and the fiscal policies of governments who jeopardize
growth and welfare for the sake of the so-called "stability of financial
markets"? If there is no theory at all, it is a pure ideological choice and we
are confronted with a last question: how can we mitigate or put an end to the
supremacy of rentier capital?
     All these questions require an answer which cannot obviously be addressed
by using a mainstream conventional framework. This Vol. X, like all the other
volumes of the collection, is open to all those who strive to address the true
problem of contemporary economies using a consistent non-conventional theore-
tical frameworks, whatever they may be Post Keynesians/Kaleckians, Keynesians
proper, Neo-Ricardians, Neo-Institutionalists, Marxists, Circuitists, etc.
     If you are interested in these questions, the contributions should not
exceed 30 pages and, of course, our journal accepts papers written in English.
They should be sent to myself at the INSTITUT DE SCIENCES MATHEMATIQUES ET
ECONOMIQUES APPLIQUEES, 14 rue Corvisart, Paris 75013 FRANCE, and the deadline
is June 30, 1995 so that I shall have time to send the papers to the referees
according to the usual journal procedure. Could you, as soon as possible, mail
me your agreement to participate in the volume directly at the above-mentioned
address?
      Hoping that some of you will be interested in writing an important
contribution to the issue and will want to continue to develop some of the very
useful analyses already exposed informally on the PK Network.
      All the best wishes and have a nice day!
                                                      Alain PARGUEZ
                                                      ISMEA, Paris


P.S.: Those of you that may wish to have a look at previous issues, see for
      instance Vol. IX of "Monnaie et production" which appeared as ECONOMIES
      ET SOCIETES, (January/February, 1994).