Papers by Mathew Forstater
Levy Institute scholars and conference participants. The purpose of the series is to disseminate ... more Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals. The Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and economic research it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad.
SSRN Electronic Journal, 1998
Flexibility is a desirable feature of an economic system. Structural rigidities can result in slu... more Flexibility is a desirable feature of an economic system. Structural rigidities can result in sluggish growth and inflationary pressures. Many economic models, however, display considerable system flexibility because of the use of unacceptably unrealistic assumptions. The primary 'real-life' features endowing the system with flexibility are unemployment and excess capacity. While realistic, unemployment is economically costly and socially undesirable. In economic theory, there appears to be a trade-off between flexibility and realism. In reality, there appears to be a trade-off between flexibility and full employment. What has not been adequately recognized, however, is the degree to which policies are available that can promote higher levels of employment-and even full employment-without resulting in deleterious rigidity. The Importance of Flexibility The term 'flexibility' has become something of a buzzword. It is often used in different ways and its meaning can be unclear. ' Flexibility here refers primarily to the elasticity of the production system, the adaptability of the production system in the face of structural and technological changes, such as capital-or labor-saving technical innovations, changes in labor supply or the supply of natural resources, and changes in the composition of final demand. A viscous system will have trouble adapting quickly to such changes and thus may be characterized by bottlenecks in production, sluggish growth, inflationary pressures, significant structural, frictional, and technological unemployment, and stretches of underutilization of plant and equipment. Conversely, the more elastic the production system, the better the system is able to respond to structural and technical change without resulting in structural rigidities. Such a climate is more conducive to high employment economic growth without inflation.
Economie appliquée, 1994
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Keynes’s General Theory After Seventy Years, 2010
... Keynes, JM (1937) "The General Theory of Empioyment," Quarterly Journal of ... more ... Keynes, JM (1937) "The General Theory of Empioyment," Quarterly Journal of Economics51, 209-23. Keynes, J. M., 1972 [1929], "Can Lioyd George Do It?," in D. Moggridge, ed., The Collected Writings of John Maynard Keynes, Vol. ...
The Challenge of Eurocentrism, 2009
... 1981)" Makebelieve Music," in S. Vincent and E. Zweig, eds.... more ... 1981)" Makebelieve Music," in S. Vincent and E. Zweig, eds., The Poetry Readitig, San Francisco, CA: Momo's Press. Hakutani, Yoshinobu (2006) Cross-Cultural Visions in African-American Modernism, Columbus, OH: Ohio State University Press. Hammond, Phillip, and David ...
The Review of Austrian Economics, 2001
Lowe's "interpretive-structural" approach to economics has important areas of contact with Schutz... more Lowe's "interpretive-structural" approach to economics has important areas of contact with Schutzian social inquiry. Elaboration of Lowe's approach may thus play a role in the development of a phenomenological economics, while the work of Schutz and his followers can contribute to the elaboration of Lowe's interpretivestructural approach. A key issue to be worked out will be the relative importance of structural factors, or what we have here called transsubjective structures, and their relation to human motivations and behaviors.
Philosophy & Social Criticism, 2014
Taking the work of Amartya Sen as a point of departure, a case is made that there may be no singl... more Taking the work of Amartya Sen as a point of departure, a case is made that there may be no single policy with as many potential benefits as a guaranteed job at a living wage–benefits package for every person ready and willing to work. The case is outlined in 4 arguments. Along the way, numerous social and economic costs of unemployment and underemployment and benefits of full employment are catalogued. Reference is also made to how the right to employment is supported by a variety of arguments for social justice, an area in which Sen has made important contributions.
Advances in Austrian Economics, 1997
... Chapter Information: Title: Adolph Lowe and the Austrians. Author(s): Mathew Forstater. Sourc... more ... Chapter Information: Title: Adolph Lowe and the Austrians. Author(s): Mathew Forstater. Source: Volume 4 of the book series: Advances in Austrian Economics. Year: 1997. Series editor: Volume editor: Page: 157 - 173. DOI : 10.1016/S1529-2134(97)04013-1. Publisher: ...
Industrial and Labor Relations Review, 2002
Reinventing Functional Finance, 2003
Review of Social Economy, 2000
Abstract The lifework of Adolph Lowe (18931995) was greatly motivated by his struggle with the p... more Abstract The lifework of Adolph Lowe (18931995) was greatly motivated by his struggle with the problem of freedom and order. This paper explores Lowe's largely overlooked and under-examined writings on education and political philos-ophy, important components ...
Review of Political Economy, 2007
... Often Keynes did seem to admit that there are different degrees or even qualities of uncertai... more ... Often Keynes did seem to admit that there are different degrees or even qualities of uncertainty, which would not be the case under a state of total ignorance (Dequech, 20004. Dequech, D. 2000. ... View all references; Dequech, 19993. Dequech, D. 1999. ...
For over fifty years, Heilbroner's contributions to economics have inspired and educated students... more For over fifty years, Heilbroner's contributions to economics have inspired and educated students, colleagues, and lay readers perhaps more than any other single individual in the field. Thanks to Heilbroner, it cannot be said that all economists are lousy writers, neglect real world problems, or are incomprehensible to all except a small fraction residing in their ivory towers. But Heilbroner did more than write clear, beautiful prose; he challenged professional and lay readers alike to dig beneath the surface to examine the deep structures of economic and social life. In his prolific career, Heilbroner covered a wide range of subjects, including the history of ideas, methodology, economic history, and economic policy. He was a scholar of capitalism, as both a dynamic economic system and a social regime. Heilbroner was a sharp critic of mainstream economics, but one who is respected by those who have been the object of his scrutiny. His primary task, as he himself saw it, was to ask the hard questions, questions that challenged his colleagues to rethink their assumptions and premises, to make explicit their preconceptions. Heilbroner's formal introduction to economics came as an undergraduate at Harvard in the 1930s (Heilbroner, 2003). There his biggest influences were Schumpeter, Alvin Hansen, and his major professor, Seymour Harris. His tutor was Paul Sweezy. Heilbroner was at Harvard when The General Theory was published, and he often reminisced about the day the book went on sale at the Harvard Coop, followed by endless debates in the hallways among faculty and students with empurpled faces, arguing about whether saving determined investment or the other way round. His senior paper dealt with the question of how it was possible that, on the one hand, investment determines savings through changes in income and, on the other hand, investment and savings are always equal as an accounting identity. His
Journal of Black Studies, 2008
Forum for Social Economics, 2002
The Rev. Dr. Martin Luther King, Jr. wrote extensively on economic matters, especially unemployme... more The Rev. Dr. Martin Luther King, Jr. wrote extensively on economic matters, especially unemployment policy. King supported a federal job guarantee for anyone ready and willing to work. He believed it would provide employment and income security, as well as increased public and community services. Dr. King's writings on employment are reviewed and discussed. His policy proposals are just as relevant today as they were when they were first put forward some forty years ago.
... Cantillon, Richard, 1964 [1931]: Essai sur la Nature du Commerce en General, edited with an E... more ... Cantillon, Richard, 1964 [1931]: Essai sur la Nature du Commerce en General, edited with an English translation by Henry Higgs, New York: Augustus M. Kelley,. Christensen, Paul, "Driving Forces, Increasing Returns, and Ecological Sustainability", in R. Costanza (ed ...
... Often Keynes did seem to admit that there are different degrees or even qualities of uncertai... more ... Often Keynes did seem to admit that there are different degrees or even qualities of uncertainty, which would not be the case under a state of total ignorance (Dequech, 20004. Dequech, D. 2000. ... View all references; Dequech, 19993. Dequech, D. 1999. ...
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Papers by Mathew Forstater