Stephen Rousseas – författare

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.

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.