This innovative book focuses on the current global financial crisis and the inadequacies of the economic theories being used to guide policy. In so doing, it tackles the economic theories that have been used firstly to understand its causes and thereafter to contain the damage it has brought. The contributors bring together different perspectives from across the entire spectrum of economic opinion to examine what is likely to be the single most important economic problem of our time. The unifying feature is that all of the authors disagree with the standard mainstream neo-classical models being applied in attempting to comprehend what has gone on and then, more importantly, to devise policies to bring this recession to an end. The problems that modern macroeconomics may have caused in being the basis for economic policy are addressed, and it is concluded that the deepening problems found in economies across the developed world are not due to governments having refused to take the advice of their economic advisors, but are in many respects due to their actually having taken this advice. Suggesting alternative ways of understanding how economies work so that other types of policies might be used instead, this book will prove a fascinating read not just for scholars and policy-makers concerned with our macroeconomic and financial problems but for anyone interested in deepening their understanding of our contemporary economic debate.
List of figures and tables
Introduction by Steven Kates 1
1 The ordinary economics of an extraordinary crisis by Peter J. Boettke and William J. Luther 14
2 Did Bernanke's 'creditism' aggravate the financial crisis of 2008? by Tim Congdon 26
3 Toward a new sustainable economy by Robert Costan 40
4 Looking at the crisis through Marx - or is it the other way about? by Ben Fine 51
5 Incentive divergence and the global financial crisis by J. Patrick Gunning 65
6 The microeconornic foundations of macroeconomic disorder: an Austrian perspective on the Great Recession of 2008 by Steven Horwitz 96
7 The crisis in economic theory: the dead end of Keynesian economics by Steven Kates 112
8 The coming depression and the end of economic delusion by Steve Keen 127
9 Reflections on the global financial crisis by J. E. King 143
10 An Islamic economic perspective on the global financial crisis by Mervyn Lewis 159
11 Bankers gone wild: the Crash of 2008 by Robert E. Prasch 184
12 The governance of financial transactions by Martin Ricketts 207
13 Excess debt and asset deflation by Jan Toporowski 221
14 An institutionalist perspective on the global financial crisis by Charles J. Whalen 235
15 Minsky, the global money-manager crisis, and the return of big government by L. Randall Wray 260
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