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Table of Contents
1 Cover
4 Figures and tables Figures Tables
7 2 Money matters 2.1 Modelling the origins of fiat money in Minsky 2.2 Modelling modern fiat money in Minsky 2.3 The logic of credit’s role in aggregate demand 2.4 Negative credit, economic crises and economic policy 2.5 An integrated view of deficits and credit 2.6 A Modern Debt Jubilee 2.7 Taming ‘the roving cavaliers of credit’ 2.7.1 ‘The pill’ 2.7.2 Jubilee shares 2.7.3 Entrepreneurial equity loans 2.8 Shifting the monetary paradigm Notes
8 3 Our complex world 3.1 A complex systems model of economic instability 3.2 Complexity and the impossibility of microfoundations 3.3 The macrofoundations of macroeconomics Notes
9 4 Economics, energy and the environment 4.1 Our unsustainable future 4.2 Revolution by revulsion Notes
10 5 The Neoclassical disease Notes
11 6 Conclusion: Be the change 6.1 Your contrarian education in economics Notes
12 References
13 Index
List of Tables
1 Chapter 2Table 2.1 Economic performance of major periods in post-Second World War USATable 2.2 A Moore Table showing expenditure IS income for a three-sector economyTable 2.3 The Moore Table for Loanable FundsTable 2.4 The Moore Table for bank-originated money and debtTable 2.5 Magnitude of credit and duration of negative credit in the USA’s major ec...
2 Chapter 4Table 4.1 Extract from Nordhaus’s table 5: breakdown of economic activity by vulner...
List of Illustrations
1 Chapter 2Figure 2.1. Money enables the butter maker to buy a gun without the gun maker having to want...Figure 2.2. The State as the conduit for fiat money transfers where money is the State...Figure 2.3. Modelling the initiation of a monetary economy in Minsky. See http://www....Figure 2.4. Growth of coins and the economy from an initial minting of 1,000 coins. See http...Figure 2.5. The fundamental monetary operations of the government. See http://www.profstevek...Figure 2.6. US government debt and deficits over the past 120 yearsFigure 2.7. US unemployment and inflation 1960–1990Figure 2.8. The relationship between credit and unemploymentFigure 2.9. Private debt and credit in the USA since 1834Figure 2.10. The banking sector’s view of a mixed fiat-credit economy. See http://www....Figure 2.11. An integrated view of government deficits and private sector credit. See http://...Figure 2.12. Margin debt and the stock market’s cyclically-adjusted price-to-earnings ...Figure 2.13. Accounting for a Modern Debt Jubilee. See http://www.profstevekeen.com/minsky/Figure 2.14. Change in household credit and change in house prices (correlation 0.64)
2 Chapter 3Figure 3.1. The cyclical interaction of grass and cowsFigure 3.2. A predator-prey model in Minsky, using sharks and fish. See http://www.pr...Figure 3.3. Lorenz’s model of aperiodic cycles in the weather. See http://www.profste...Figure 3.4. The Keen-Minsky model and the ‘intermittent route to chaos’...Figure 3.5. Declining cycles in employment and inflation, while private debt rises
3 Chapter 4Figure 4.1. The basic principle of a heat engine: Work can be done if TH...Figure 4.2. The correlation between change in global energy consumption and change in global...Figure 4.3. A simple energy-based model with resource depletion and waste production. See ht...Figure 4.4. Estimates of the total impact of climate change plotted against the assumed clim...
4 Chapter 6Figure 6.1. Simple population growth as an integral equation in Minsky. See http://ww...
Guide
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