Evolutionary Financial Macroeconomics

1st Edition

Giorgos Argitis

Published September 25, 2019
Reference - 136 Pages
ISBN 9781138059962 - CAT# Y331588
Series: Routledge Critical Studies in Finance and Stability


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Thorstein Veblen and Hyman Minsky are seminal thinkers who place great importance on the interaction between processes that link finance and financial markets with economic and social evolution. This book makes a contribution to the recontextualisation of the habitual, non-evolutionary and laissez-faire macroeconomic theory and policy, thus exposing the relevant contribution of the macro-theories of Veblen and Minsky.

The book starts with an elucidation of Veblen’s cultural theory of insufficient private demand, waste and financial fragility and instability. It shows how speculative and parasitic leverage engenders solvency illusions and risk, pecuniary efficiency, low quality liability structures and socially destructive boom-bust cycles. Minsky’s creative destruction liquidity processes and coordination failures of cash flow escalate the aforementioned path-dependent developments and explosive dynamics of capitalist economies. The main themes of the book are the cultural, evolutionary and holistic vision of macroeconomics, the evolving habits of mind, routines and financial institutions, the speculative, manipulated and unstable financial markets, as well as the financial macroeconomic destabilizing effects of pecuniary and parasitic consumption and investment.

This book will be of great interest to researchers, intellectuals and students pursuing economics and finance.

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