All Outputs (44)

Working paper no.39: Finance and crisis: Marxian, institutionalist and circuitist approaches
Working Paper
circuitist approaches. Leeds

Most mainstream neoclassical economists completely failed to anticipate the crisis which broke in 2007 and 2008. There is however a long tradition of economic analysis which emphasises how growth in a capitalist economy leads to an accumulation of te... Read More about Working paper no.39: Finance and crisis: Marxian, institutionalist and circuitist approaches.

Working paper no. 41: Factors generating and transmitting the crisis: Functional distribution of income
Working Paper
Michell, J. (2014). Working paper no. 41: Factors generating and transmitting the crisis: Functional distribution of income. Leeds

The distribution of income between capital and labour has, until very recently, been ignored by the majority of the economics profession. At the same time, the rate of wage growth has systematically lagged the growth of productivity, leading to a fal... Read More about Working paper no. 41: Factors generating and transmitting the crisis: Functional distribution of income.

Pseudo-Goodwin cycles in a Minsky model
Working Paper
Stockhammer, E., & Michell, J. (2014). Pseudo-Goodwin cycles in a Minsky model

Goodwin cycles result from the dynamic interaction between a profit-led demand regime and a reserve army effect in income distribution. The paper proposes the concept of a pseudo-Goodwin cycle. We define this as a counter-clockwise movement in output... Read More about Pseudo-Goodwin cycles in a Minsky model.

Do shadow banks create money? 'Financialisation' and the monetary circuit
Working Paper
Michell, J. (2016). Do shadow banks create money? 'Financialisation' and the monetary circuit

The rise of the shadow banking system is viewed throught the lens of Graziani's Monetary Theory of Production. Graziani's categories of 'initial finance' and 'final finance' are used to analyse the new forms of credit created in the shadow banking se... Read More about Do shadow banks create money? 'Financialisation' and the monetary circuit.