Money and Government · The Past and Future of Economics by Skidelsky, Robert -- Read -- Imperial Library of Trantor

Index

Cover Title Page Copyright Page Dedication Contents List of Figures Preface Introduction

i. Unsettled Issues ii. The Culprits iii. A Brief Sketch of the Book Appendix I.1: Ideas, Vested Interests and Cycles

Part One: History of Economic Thought

1. The Mysteries of Money: A Short History

i. The Classical Dichotomy ii. The Origins of Money iii. The Value of Money iv. Creditors and Debtors v. The Origins of the Quantity Theory of Money vi. The Demand for Money vii. Money, the Great Deceiver viii. Conclusion

2. The Fight for the Gold Standard

i. Prelude to the Gold Standard: the British Recoinage Debate of the 1690s ii. Nineteenth-century Monetary Debates: An Overview iii. Bullionists versus the ‘Real Bills’ Doctrine iv. Currency School versus Banking School v. Bimetallism vi. How Did the Gold Standard Actually Work?

3. The Quantity Theory of Money: From History to Science

i. The Quantity Theory of Money: The Two Branches ii. Fisher’s Santa Claus iii. Knut Wicksell’s Credit Money version of the QTM iv. Was Wicksell a Quantity Theorist? v. Conclusion Appendix 3.1: Fisher’s Equation

4. Theories of the Fertile and Barren State

i. Introduction ii. The Fertile State of the Mercantilists iii. The Wasteful State of the Political Economists iv. The Victorian Fiscal Constitution v. The Persistence of Mercantilism vi. Conclusion

Part Two: The Rise, Triumph and Fall of Keynes

5. Keynes’s Intervention

i. The Trouble with Money ii. The Problem with Fiscal Policy iii. The Macmillan Committee iv. The General Theory of Employment, Interest, and Money v. Policy Implications vi. Conclusion Appendix 5.1: Contrast Between the Classical and Keynesian Models Appendix 5.2: The Fiscal Multiplier

6. The Keynesian Ascendancy

i. Keynesianism Ascendant ii. Full Employment Keynesianism: 1945–60 iii. Growth Keynesianism: 1960–70 iv. Reasons for the Strength of the Boom v. Stagflation Keynesianism: 1970–76 vi. Great Britain: the End of the Keynesian Road

7. The Theory and Practice of Monetarism

i. Keynes and the Classics ii. The Neo-classical Synthesis iii. The Emergence of the Counter-orthodoxy iv. Monetarism v. The Monetarist Experiment: 1976–85 vi. Monetarism’s Fiscal Legacy vii. From Friedman to the New Consensus: 1985–2008 viii. Conclusion Appendix 7.1: IS/LM, the Keynesian Teaching Tool Appendix 7.2: The Modelling of Expectations Appendix 7.3: The Central Bank Reaction Function

Part Three: Macroeconomics in the Crash and After, 2007–

8. The Disablement of Fiscal Policy

i. The Fiscal Crisis of the State ii. The British Debate iii. Austerity: A Comparative Assessment iv. Conclusion Appendix 8.1: Monetary Financing of the Deficit

9. The New Monetarism

i. Pre-crash Monetary Orthodoxy ii. Why Quantitative Easing? iii. Quantitative Easing Programmes, 2008–16 iv. How was QE Meant to Work? v. Assessment vi. Conclusion Appendix 9.1: A Note on Tim Congdon

10. Distribution as a Macroeconomic Problem

i. The Indifference of Mainstream Theory to Inequality ii. The Microeconomics of Distribution iii. Distribution and the Macroeconomy iv. The Modern Under-consumptionist Story v. Conclusion

11. What Was Wrong with the Banks?

i. Pre-crash Orthodoxy ii. Theory iii. Understanding Banking: Some Essential Terms iv. Loosening the Regulatory Noose v. Financial Innovation vi. Conclusion Appendix 11.1: Why Didn’t the Credit Ratings Agencies Do Their Job?

12. Global Imbalances

i. Introduction ii. A Pre-crash Bird’s-eye View iii. Some Basic Theory iv. Current Account Imbalances as a Cause of Meltdown? v. Saving Glut versus Money Glut vi. Banking Imbalances vii. Conclusion

Part Four: A New Macroeconomics

13. Reinventing Political Economy

i. Introduction ii. What Should Governments Do and Why? iii. A New Macroeconomic Constitution iv. The Inflation Problem v. Making Banking Safe vi. Inequality vii. Hyper-globalization and its Discontents viii. Reforming Economics

Notes Bibliography Index