Sunday, October 30, 2016

Thomas Pally — James Tobin (Book Review)

Tom Pally reviews Robert W. Dimand's book on James Tobin.

Thomas Palley — Economics for Democratic and Open Societies
James Tobin
Thomas Pally | Schwartz Economic Growth Fellow at the New America Foundation

Dimond also wrote an article, "James Tobin and Modern Monetary Theory,"available at SSRN.

1 comment:

Jose Guilherme said...

However, the "modern monetary theory" referred to in the article is not MMT:

"Tobin’s emphasis on stock‐flow consistency (and his suspicion of using models with a single optimizing representative agent to investigate macroeconomic coordination), his approach to modeling economies that are self‐adjusting within a corridor of stability but not self‐adjusting for large shocks, and his concern that faster financial flows and faster price and wage adjustment may be undesirable and destabilizing remain on the agenda of modern monetary theory".