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According to Stephen Rousseas, economics cannot be separated from
politics. Here, he provides theoretical background and insight into
the ideology of supply-side economics, commonly referred to as
Reaganomics. As a Post Keynesian, Rousseas is critical of
supply-side economics and the Reagan administration's attempt to
counter-revolutionise the demand-side economics of the earlier
twentieth century. Originally published in 1982, this title is
ideal for students of Economics and Politics, as well as the
general reader interested in the subject.
During the past five years, crises in the US savings and loan
industry, commercial banks, and other financial institutions have
borne out the ideas that Rousseas expressed in the first edition.
His main theme stresses the role of innovation in the financial
sector of the economy and its implications for control of the money
supply and credit, as well as the larger issue of macroeconomic
policy. He holds a Post-Keynesian view of an elastic and endogenous
money supply that is largely founded on the "general liquidity
thesis" of the Radcliffe Committee. Indeed, the elasticity of the
credit structure is even greater than the Radcliffe Committee
originally claimed. Tables and charts are revised through 1990, and
the text has been revised accordingly. An expanded preface to the
revised edition makes this book very relevant to contemporary
problems and policy.
During the past five years, crises in the US savings and loan
industry, commercial banks, and other financial institutions have
borne out the ideas that Rousseas expressed in the first edition.
His main theme stresses the role of innovation in the financial
sector of the economy and its implications for control of the money
supply and credit, as well as the larger issue of macroeconomic
policy. He holds a Post-Keynesian view of an elastic and endogenous
money supply that is largely founded on the "general liquidity
thesis" of the Radcliffe Committee. Indeed, the elasticity of the
credit structure is even greater than the Radcliffe Committee
originally claimed. Tables and charts are revised through 1990, and
the text has been revised accordingly. An expanded preface to the
revised edition makes this book very relevant to contemporary
problems and policy.
According to Stephen Rousseas, economics cannot be separated from
politics. Here, he provides theoretical background and insight into
the ideology of supply-side economics, commonly referred to as
Reaganomics. As a Post Keynesian, Rousseas is critical of
supply-side economics and the Reagan administration's attempt to
counter-revolutionise the demand-side economics of the earlier
twentieth century. Originally published in 1982, this title is
ideal for students of Economics and Politics, as well as the
general reader interested in the subject.
According to Stephen Rousseas, economics cannot be separated from
politics. Here, he provides theoretical background and insight into
the ideology of supply-side economics, commonly referred to as
Reaganomics. As a Post Keynesian, Rousseas is critical of
supply-side economics and the Reagan administration s attempt to
counter-revolutionise the demand-side economics of the earlier
twentieth century. Originally published in 1982, this title is
ideal for students of Economics and Politics, as well as the
general reader interested in the subject. "
For the three decades that we have had monetary policy as we know
it today, there have been two major schools of monetary thought -
the neoclassical Keynesians and the monetarists. In this book
Stephen Rousseas presents a critical overview of some of the
central themes of Post Keynesian monetary economics. As Rousseas
sees it, Post Keynesian monetary economics rejects the neoclassical
and monetarist apporaches in large part by reversing the causal
arrow of the quantity theory of money. The money supply is seen as
a function of nominal income rather than the other way around; in
other words, this is an endogenous theory of the money supply.
Rousseas argues that the problem of financial innovations needs to
be incorporated into the theory of an endogenous money supply - and
he attempts to do this. Further, in a discussion of the policy
implications of Post Keynesian monetary economics, he argues that
an incomes policy by itself cannot be made to work without recourse
to selective credit controls.
This work offers a post-Keynesian critique of monetarism and of
contemporary Keynesian theory, calling for a return to the ideas of
John Maynard Keynes. The book's primary emphasis is on the
endogeneity of the money supply and on the financial innovations
that have served to limit the effectiveness of monetary policy. It
calls for the addition of a selective control over the flow of
credit in the economy as an addition to the conventional Keynesian
contrcyclical tools for keeping the economy at full employment,
along with a recognition that inflation is a function of money
wages and not the aggregate supply or money.
Capitalism and Catastrophe questions whether there are processes in
advanced capitalism that lead inevitably to systemic collapse. The
author challenges those Marxian theories based on a set of
historically evolving 'internal contradictions' derived from a
purely dialectical analysis of capitalism. In Part I he focuses on
the controversy surrounding Rosa Luxemburg's theories of
imperialism and capital accumulation, and on Marx's treatment of
science and technology in the Grundrisse. In Part I I he critically
examines neo- and non-Marxian theories of advanced capitalism, in
particular the work of Jurgen Habermas regarding the problem of
political legitimation in advanced capitalism. Professor Rousseas
argues that Marxists have severely underestimated the resilience of
the capitalist system, which must be taken into account by any
theory of political economy relevant to the twentieth century.
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