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Dear colleagues,
this is to announce the publication of:
(a) a new book by Paul Davidson
(b) a set of volumes edited (among others) by Geoff Harcourt on
critical assessments by leading economists of Joan Robinson.
(c) the Palgrave archive edition of Joan Robinson Writings on
Economics introduced (among others) by Geoff Harcourt.
Best wishes,
Giuseppe
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FINANCIAL MARKETS, MONEY AND THE REAL WORLD
by Paul Davidson
UK Publication Hardback 1 84064 740 X
Paul Davidson investigates why the 1990s was a decade of
financial crises that almost precipitated a global market crash. He
explores the reasons why the global economy still struggles with
the aftermath of these crises and discusses the possibility that
volatile financial markets in the future will have real impacts on
whole industries and national economic systems. This book
explains why the primary function of financial markets is to
create liquidity. It then demonstrates that a liquid market can not
be efficient, and an efficient market cannot be liquid.
The long-run neutrality of money presumption prevents mainstream
economic theory from explaining why financial markets can have
permanent effects on the real economy. The author rejects this
neutral money axiom by explaining how the provision of liquidity by
financial markets permanently impacts upon the real economy. He
goes on to develop five key points, applicable to an entrepreneurial
economy, which can be utilized to develop policies to
promote a civilized society in the 21st century.
Please note that you can visit the author's website at:
http://econ.bus.utk.edu/Davidson.html
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 vs. 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 21st Century Index
The publisher sent copies of the manuscript to several people for
endorsements. Here are the replies:
from Peter L. Bernstein, author of the best seller AGAINST THE
GODS:
""book should be a classic in ecoonomics....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."
From Larry Elliott, Financial Editor, The Guardian:
"Throughout the long dark years of laissez-faire triumphalism, Paul
Davidson lovingly tended the eternal flame of Keynes and ensured
that it never went out. There is no better qualified economist to
explain-as this book does- why Keynes is still relevant to a world
pock-marked with financial crises, poverty, and unemployment that
have resulted from neglecting his profound insights."
From John Kenneth Galbraith:
"Professor Paul Davidson has long been a major avenue to the
economic reality and the controlling economic ideas, especially
that have come into professional discussion with and since John
Maynard Keynes. This is a major contribution, deserving close
attention of economists and all who seek accomplished guidance. I
strongly recommend it".
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(b) John Robinson. Critical Assessments of leading Economists,
5 vols, edited by Prue Kerr with the collaboration of G.C. Harcourt,
Routledge, 2002, General introduction by Prue Kerr and G.C.
Harcourt
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(c) the Palgrave archive edition of Joan Robinson Writings on
Economics, 7 vols, Palgrave 2002. Introduction by G.C.
Harcourt and Prue Kerr. Bibliography of the writings of Joan
Robinson by Maria Cristina Marcuzzo and Bibliography of
Secondary sources by Prue Kerr.
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