Economics for sustainable prosperity / Steven Hail.
Hail, Steven, author.
2018
HB171
Available Online

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Title Economics for sustainable prosperity / Steven Hail.
Author Hail, Steven, author.
ISBN 9783319909813 (electronic book)
3319909819 (electronic book)
9783319909806
3319909800
Published Cham, Switzerland : Palgrave Macmillan, [2018]
Copyright ©2018
Language English
Description 1 online resource.
Call Number HB171
Dewey Decimal Classification 330
Summary "Steven Hail has coalesced disparate yet interdependent conceptualizations of real world phenomena in a brilliant and crucial way to produce a blueprint for sustainable prosperity. The book is essential reading for anyone searching for an alternative to the mainstream orthodoxy that has played no small part in the creation of an ecologically unsustainable and inequitable world." --Philip Lawn, University of Newcastle, Australia; author of Resolving the Climate Change Crisis- The Ecological Economics of Climate Change "This book should be a compulsory text for all undergraduate students, high-school students, students of life, policy makers, and of course economists themselves. In an era of tumult and political crisis, this book will tighten your grip on reality." --Claire Connelly, award-winning journalist, Renegade Inc. "Dr. Hail makes a compelling case for sustainability through a modern money lens that is accessible and useful for the 99%." --Steven Grumbine, founder, Real Progressives The central argument of this book is that the foundations for sustainable prosperity lie in an approach to economic management based on modern monetary theory and a job guarantee. This approach builds on the work of Keynes, Kalecki, Minsky, Davidson, Godley and other Post- Keynesian economists--as well as research by behavioral economists including Simon, Kahneman and Loewenstein--to explore the role that a permanent, equitable job guarantee could play in building an inclusive, participatory and just society. Orthodox (neoclassical) economics, in its various forms, has failed to deliver sustainable prosperity. An important reason for this failure is its lack of realistic foundations. It misrepresents both human nature and economic institutions, and its use as a frame for the development and assessment of economic policy proposals has had disastrous consequences for social inclusion and the quality of life of millions of people. This book discusses an alternative, more realistic and more useful set of economic foundations, which could deliver the opportunity of a decent quality of life with dignity to all.-- Provided by publisher.
Bibliography, etc. Note Includes bibliographical references (pages 271-282) and index.
Access Note Access limited to authorized users.
Source of Description Online resource; title from PDF title page (viewed May 18, 2018).
Series Binzagr Institute for Sustainable Prosperity (Series)
Available in Other Form Print version 9783319909806
Linked Resources Online Access
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Intro; Preface; Contents; List of Figures; List of Tables; Chapter 1 Introduction-Searching for a New Economics; Escaping from the Old Ideas; Two Traditions; Soft and Hard Economics; Rescuing Macroeconomics; References; Chapter 2 'Real' Analysis of an Unreal World; The New 'Science' of Monetary Policy; Real Analysis of an Imaginary World; Softening up 'Keynesian Economics'; The Chicago Boy; From Soft to Super-Soft Economics; The Second Neoclassical Synthesis; In My End Is My Beginning; References; Chapter 3 New Wisdom from Old Books; Keynes and Three Other Post-Keynesians

Paul Davidson: Uncertainty and Liquidity PreferenceHyman Minsky and Financial Instability; Michal Kalecki and the Distribution of Income; References; Chapter 4 Behavioural Foundations; People as They Are Not; People as They Are; Two Cognitive Systems; Utility Theory; Anomalies with Orthodoxy; The Heuristics Approach; Prospect Theory; Reference Dependence and the Framing of Inequality; References; Chapter 5 Modern Monetary Theory; Axioms of Modern Monetary Theory; Abba Lerner's Laws of Functional Finance; MMT Basics; Fiscal Sustainability

Money, Banking, Reserves and the Money Multiplier FallacyMonetary Policy in the Real World; References; Chapter 6 Stock-Flow Consistent Monetary Economics; Accounting for Stocks and Flows; Sectoral Balances; Stock-Flow Consistent Monetary Models; A Simulation Model; A Policy Experiment; Appendix; References; Chapter 7 A Job Guarantee; Unemployment, Inequality and Well-Being; Official Unemployment Statistics; A Guaranteed Job; Phillips Curves; A Three-Part Phillips Curve; Replacing NAIRU with NAIBER; Framing a Job Guarantee; Job Satisfaction; References

Chapter 8 Conclusion-Economics for Sustainable ProsperityPositive Economics; Economics Is Not Cosmology; A Sense of Purpose; Genuine Progress; Framing MMT; Towards an Economics for Sustainable Prosperity; References; Bibliography; Index

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