Start Date
27-4-2012 3:50 PM
End Date
27-4-2012 4:20 PM
Document Type
Presentation
Description
The talk examines the causes and consequences of the current global financial crisis. K.W. Kapp’s “social costs” theory is contrasted with the recently dominant “efficient markets” hypothesis to provide the context for analyzing the functioning of financial institutions. Rather than operating “efficiently,” the financial sector has been imposing huge costs on the economy—costs that no one can deny in the aftermath of the economy’s collapse. While orthodox approaches lead to the conclusion that money and finance should not matter much, the alternative tradition—from Veblen and Keynes to Galbraith and Minsky—provides the basis for developing an approach that puts money and finance front and center. Including the theory of social costs also generates policy recommendations more appropriate to an economy in which finance matters.
Repository Citation
Wray, L. Randall, "The Financial Crisis Viewed from the Perspective of the Social Cost Theory" (2012). Social Cost Workshop. 6.
https://corescholar.libraries.wright.edu/social_cost_workshop/2012/april27/6
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Apr 27th, 3:50 PM
Apr 27th, 4:20 PM
The Financial Crisis Viewed from the Perspective of the Social Cost Theory
The talk examines the causes and consequences of the current global financial crisis. K.W. Kapp’s “social costs” theory is contrasted with the recently dominant “efficient markets” hypothesis to provide the context for analyzing the functioning of financial institutions. Rather than operating “efficiently,” the financial sector has been imposing huge costs on the economy—costs that no one can deny in the aftermath of the economy’s collapse. While orthodox approaches lead to the conclusion that money and finance should not matter much, the alternative tradition—from Veblen and Keynes to Galbraith and Minsky—provides the basis for developing an approach that puts money and finance front and center. Including the theory of social costs also generates policy recommendations more appropriate to an economy in which finance matters.
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Social Cost Workshop 2012
The Financial Crisis Viewed from the Perspective of the Social Cost Theory
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Presenter Information
L. Randall Wray, University of Missouri – Kansas City and Levy Economics Institute
Start Date
27-4-2012 3:50 PM
End Date
27-4-2012 4:20 PM
Document Type
Presentation
Description
The talk examines the causes and consequences of the current global financial crisis. K.W. Kapp’s “social costs” theory is contrasted with the recently dominant “efficient markets” hypothesis to provide the context for analyzing the functioning of financial institutions. Rather than operating “efficiently,” the financial sector has been imposing huge costs on the economy—costs that no one can deny in the aftermath of the economy’s collapse. While orthodox approaches lead to the conclusion that money and finance should not matter much, the alternative tradition—from Veblen and Keynes to Galbraith and Minsky—provides the basis for developing an approach that puts money and finance front and center. Including the theory of social costs also generates policy recommendations more appropriate to an economy in which finance matters.
Repository Citation
Wray, L. Randall, "The Financial Crisis Viewed from the Perspective of the Social Cost Theory" (2012). Social Cost Workshop. 6.
https://corescholar.libraries.wright.edu/social_cost_workshop/2012/april27/6
DOWNLOADS
Since September 05, 2019
Included in
Business Commons, Economic Theory Commons
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The Financial Crisis Viewed from the Perspective of the Social Cost Theory
The talk examines the causes and consequences of the current global financial crisis. K.W. Kapp’s “social costs” theory is contrasted with the recently dominant “efficient markets” hypothesis to provide the context for analyzing the functioning of financial institutions. Rather than operating “efficiently,” the financial sector has been imposing huge costs on the economy—costs that no one can deny in the aftermath of the economy’s collapse. While orthodox approaches lead to the conclusion that money and finance should not matter much, the alternative tradition—from Veblen and Keynes to Galbraith and Minsky—provides the basis for developing an approach that puts money and finance front and center. Including the theory of social costs also generates policy recommendations more appropriate to an economy in which finance matters.
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