Marc Lavoie is Professor in the Department of Economics at the University of Ottawa, where he has taught for 35 years. He is also a Research Fellow at the Macroeconomic Research Institute of the Hans Böckler Foundation in Düsseldorf and a Research Associate at the Broadbent Institute in Toronto. Lavoie has published close to 200 articles or book chapters in a wide variety of fields, in particular macroeconomics and monetary economics. With Wynne Godley he has written Monetary Economics: An Integrated Approach to Money, Income, Production and Wealth (2007) and with Mario Seccareccia, he has authored the Canadian edition of the Baumol and Blinder first-year textbook (2009). He has recently edited Wage-led Growth: An Equitable Strategy for Economic Recovery (2013, with E. Stockhammer), which deals with the effects of rising income inequality and the drift towards lower wage shares, and also In Defense of Post-Keynesian and Heterodox Economics (2013, with F. Lee). His latest work is Post-Keynesian Economics: New Foundations (2014), which is an exhaustive account of post-Keynesian economic analysis.
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A Comment on Summers and Stansbury
While many countries throughout the world have faced severe financial crises over the last decades, and while the Japanese stagnation and the 1997 Asian financial crisis did induce some additional interest for the introduction of banking and finance in macroeconomic theory, it is only with the advent of the US subprime financial crisis that macroeconomic and monetary theories put forward by mainstream economists have started to be questioned.
Amid the ongoing research interest in questions of inequality, it is important to examine the question of access to housing — and how that has changed over the decades. The specific question I have sought to answer, here, is whether the real cost (measured against income) of buying the average home has risen.
Some fundamental Keynesian and Post-Keynesian insights, with an analysis of possible mechanisms to achieve a sustained recovery.
Featuring this expert
Marc Lavoie discusses the methodological foundations of heterodox economics, and offers a very different model of money and credit, firms and pricing, consumer theory, effective demand and employment and growth theories.
This workshop has the dual aim to expose mathematicians to new research problems in economics and economists to new techniques and developments in mathematics.