Eladio Febrero – författare

Presenting a robust alternative to mainstream economics, this book outlines a coherent Classical-Keynesian approach to economics – one grounded in the Classical theory of value, the Keynesian principle of effective demand, and the post-Keynesian perspective on money and finance.The chapters from an international cast of leading authors are arranged around five key topics: the Classical theory of production, prices, and income distribution; the Keynesian principle of effective demand and the supermultiplier; the Keynesian approach to monetary macroeconomics; Classical and Keynesian approaches to the history of economic thought; and input-output analysis of structural change and environmental issues. The chapters explore the dynamics of an advanced market economy, understood as a process organised according to the sequence: finance-production-distribution-spending and accumulation. It is demonstrated that in this process the economy does not gravitate around a full-employment position, that the level of activity, the composition of output, and employment are driven by growth engines located in the autonomous demand connected to output through the supermultiplier, and that money is not neutral and the growth engines require sustainable funding.This book will be essential reading for researchers in political economy, history of economic thought, economic theory, heterodox economics, and alternatives to the mainstream.

The 2008-10 financial crisis and the global recession it created is a complex phenomenon that warrants detailed examination. The various essays in this book utilise several alternative paradigms to provide a plausible explanation and a credible cure. Great detail is given to this important analysis from different theoretical perspectives, presenting a clearer understanding of what went wrong and expounding misinterpretations of current theories and practices. Fourteen insightful chapters by eminent scholars investigate the background of the crisis and draw lessons for economic theory and policy. They largely illustrate that the roots of the recession lie in the financial sector which, over the past few decades, has expanded considerably in terms of both size and complexity. They show that financial innovation has decoupled the real and financial sectors - not always to the benefit of economic stability - and argue that financial markets should be regulated more astutely in order to reinforce transparency and accountability. The book concludes that economics as a science should give proper weight to financial variables and integrate them into its models. This fascinating and thought-provoking volume will prove a challenging read for academics, students and researchers in the fields of economics, money, finance and banking, and the history of economics. It will also prove invaluable for economic policymakers at all levels.