{"id":2230,"date":"2011-10-26T10:22:19","date_gmt":"2011-10-26T14:22:19","guid":{"rendered":"http:\/\/www.multiplier-effect.org\/?p=2230"},"modified":"2011-10-26T10:29:47","modified_gmt":"2011-10-26T14:29:47","slug":"finance-matters","status":"publish","type":"post","link":"https:\/\/blogs.bard.edu\/multiplier-effect\/finance-matters\/","title":{"rendered":"Finance Matters"},"content":{"rendered":"<p>Today in the <em><a href=\"http:\/\/www.newyorker.com\/online\/blogs\/johncassidy\/2011\/10\/where-is-the-new-keynes.html\">New Yorker<\/a><\/em> John Cassidy asks &#8220;where is the new Keynes&#8221;?\u00a0 Where, in other words, are the new ideas that have emerged from this historic economic crisis?\u00a0 While there is nothing, he insists, comparable to a new Keynesianism, there has been a rediscovery of some &#8220;important ideas.&#8221;\u00a0 The first:<\/p>\n<blockquote><p>1. <strong>Finance matters.<\/strong> This lesson might seem obvious to the man in the street, but many economists somehow managed to forget it. Two who didn\u2019t were Hyman Minsky and Wynne Godley, both of who were associated with the Levy Institute for Economics at Bard College. Minksy\u2019s now-famous \u201cFinancial Instability Hypothesis\u201d <a href=\"http:\/\/www.levyinstitute.org\/pubs\/wp74.pdf\">can be found here<\/a>, and one of Godley\u2019s warnings about excessive household debt <a href=\"http:\/\/www.levyinstitute.org\/pubs\/sevenproc.pdf\">can be found here<\/a>. (It is from 1999!)<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Today in the New Yorker John Cassidy asks &#8220;where is the new Keynes&#8221;?\u00a0 Where, in other words, are the new ideas that have emerged from this historic economic crisis?\u00a0 While there is nothing, he insists, comparable to a new Keynesianism, there has been a rediscovery of some &#8220;important ideas.&#8221;\u00a0 The first: 1. Finance matters. This [&hellip;]<\/p>\n","protected":false},"author":202,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,111,25],"tags":[],"class_list":["post-2230","post","type-post","status-publish","format-standard","hentry","category-financial-crisis","category-financial-reform","category-levy-institute"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts\/2230","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/users\/202"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/comments?post=2230"}],"version-history":[{"count":14,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts\/2230\/revisions"}],"predecessor-version":[{"id":2245,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts\/2230\/revisions\/2245"}],"wp:attachment":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/media?parent=2230"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/categories?post=2230"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/tags?post=2230"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}