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Please use this identifier to cite or link to this item: http://hdl.handle.net/1959.13/802692

Title
There is no financial crisis so deep that cannot be dealt with by public spending
Author/Creator
Juniper, James;  Mitchell, William
Institution
The University of Newcastle. Research Division, Centre of Full Employment and Equity (CofFEE)
Description
This paper aims to explain the current world financial crisis in terms of an understanding of modern monetary macroeconomics, which specifically includes all countries where the government has sovereignty in the issue of the currency. The paper shows that the prevailing orthodoxy in macroeconomics has failed and that the belief that markets self-equilibrate at levels that are remotely socially acceptable is erroneous. Further, the paper shows that markets do not self-regulate in ways that avoid major financial upheavals and these crises have profound impacts on the real economy. In particular, the body of literature that is built upon the belief that fiscal policy should only be a passive support to an inflation targeting monetary policy is shown to be highly damaging to the long-term growth prospects of modern monetary economies.
Relation
Labour Underutilisation, Skills Shortages and Social Inclusion: Incorporating the 10th Path to Full Employment Conference and 15th National Conference on Unemployment. Labour Underutilisation, Skills Shortages and Social Inclusion: Incorporating the 10th Path to Full Employment Conference and 15th National Conference on Unemployment: Proceedings (Callaghan, N.S.W. 4-5 December, 2008) p. 64-77
Relation
http://e1.newcastle.edu.au/coffee/conferences/2008/index.cfm
Date
2008
Publisher
Centre of Full Employment and Equity, University of Newcastle
Keyword(s)
world financial crisis;  markets;  self-equilibration;  self-regulation;  monetary policy;  long-term growth
Resource Type
conference paper
Identifier
http://hdl.handle.net/1959.13/802692
Identifier
ISBN:9780980503548
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Reviewed
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"There is no financial crisis so deep that cannot be dealt with by public spending"
 
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