메뉴 건너뛰기




Volumn 2, Issue 1, 2014, Pages 1-19

The neoclassical sink and the heterodox spiral: Political divides and lines of communication in economics

Author keywords

Eurozone crisis; Neoclassical and heterodox approaches to economics; Political divide; Power; Subprime crisis

Indexed keywords


EID: 84940662138     PISSN: 20495323     EISSN: 20495331     Source Type: Journal    
DOI: 10.4337/roke.2014.01.01     Document Type: Article
Times cited : (12)

References (91)
  • 3
    • 84940680317 scopus 로고    scopus 로고
    • section, October 15. Accessed on December 22
    • Arrow, Kenneth (2008), ‘Risky Business,’ The Guardian, online ‘Comment is free’ section, October 15. Accessed on December 22, 2011 at http://www.guardian.co.uk/commentisfree/cifamerica/2008/oct/15/kenneth-arrow-economy-crisis.
    • (2008) Risky Business, the Guardian, Online ‘Comment is free’
    • Arrow, K.1
  • 4
    • 80052294798 scopus 로고    scopus 로고
    • Better Horses for Tougher Courses,’ The Manchester School, Supplement
    • Ascari, Guido (2011), ‘Macroeconomic Models: Better Horses for Tougher Courses,’ The Manchester School, Supplement, pp. 17–20.
    • (2011) ‘Macroeconomic Models , pp. 17-20
    • Ascari, G.1
  • 8
    • 67650489492 scopus 로고    scopus 로고
    • American Enterprise Institute website. Accessed on December 11
    • Calomiris, Charles W. (2007), ‘Not (Yet) a “Minsky Moment”,’ American Enterprise Institute website. Accessed on December 11 at http://www.aei.org/docLib/20071010_Not(Yet)AMinskyMoment.pdf.
    • (2007) Not (Yet) a “Minsky Moment,’
    • Calomiris, C.W.1
  • 11
    • 84866636036 scopus 로고    scopus 로고
    • In the World of Banks, Bigger can be Better
    • October 20
    • Calomiris, Charles W. (2009b), ‘In the World of Banks, Bigger can be Better,’ Wall Street Journal, October 20.
    • (2009) Wall Street Journal
    • Calomiris, C.W.1
  • 17
    • 84940649473 scopus 로고    scopus 로고
    • San Francisco: California Research Coalition, November
    • CRC (California Reinvestment Coalition) (2002), Inequities in California’s Subprime Mortgage Market, San Francisco: California Research Coalition, November.
    • (2002) Inequities in California’s Subprime Mortgage Market
  • 18
    • 58949083484 scopus 로고    scopus 로고
    • Community Reinvestment Association of North Carolina, Empire Justice Center, Massachusetts Affordable Housing Alliance, Neighborhood Economic Development Advocacy Project, Ohio Fair Lending Coalition and Woodstock Institute, San Francisco: California Reinvestment Coalition
    • CRC (California Reinvestment Coalition), Community Reinvestment Association of North Carolina, Empire Justice Center, Massachusetts Affordable Housing Alliance, Neighborhood Economic Development Advocacy Project, Ohio Fair Lending Coalition and Woodstock Institute (2008), Paying More for the American Dream: The Subprime Shakeout and its Impact on Lower-Income and Minority Communities, San Francisco: California Reinvestment Coalition.
    • (2008) Paying More for The American Dream: The Subprime Shakeout and Its Impact on Lower-Income and Minority Communities
  • 19
    • 77950540588 scopus 로고    scopus 로고
    • Keynes in both Fresh and Salt Water,’ The Economists’ Voice, April
    • Da Silva, Sergio (2010), ‘Comment on Mulligan: Keynes in both Fresh and Salt Water,’ The Economists’ Voice, April.
    • (2010) ‘Comment on Mulligan
    • Da, S.1
  • 20
    • 0011975908 scopus 로고
    • The Transition from Classical to Neoclassical Economics: A Scientific Revolution
    • De Vroey, Michel (1975), ‘The Transition from Classical to Neoclassical Economics: A Scientific Revolution,’ Journal of Economic Issues, 9(3), 415–439.
    • (1975) Journal of Economic Issues , vol.9 , Issue.3 , pp. 415-439
    • De, V.1
  • 21
    • 47749120440 scopus 로고
    • Financial Intermediation as Delegated Monitoring
    • Diamond, Douglas (1984), ‘Financial Intermediation as Delegated Monitoring,’ Review of Economic Studies, 51, 393–414.
    • (1984) Review of Economic Studies , vol.51 , pp. 393-414
    • Diamond, D.1
  • 23
    • 80053086786 scopus 로고    scopus 로고
    • Limits of Policy Intervention in a World of Neoliberal Mechanism Designs: Paradoxes of the Global Crisis
    • Dymski, Gary A. (2011), ‘Limits of Policy Intervention in a World of Neoliberal Mechanism Designs: Paradoxes of the Global Crisis,’ Panoeconomicus, 58(3), 285–308.
    • (2011) Panoeconomicus , vol.58 , Issue.3 , pp. 285-308
    • Dymski, G.A.1
  • 24
    • 84940641239 scopus 로고    scopus 로고
    • The Neoclassical Sink and the Heterodox Spiral: Why the Twin Global Crisis has not Transformed Economics
    • G.C. Harcourt and Peter Kreisler, Critiques and Methodology, Oxford: Oxford University Press
    • Dymski, Gary A. (2013a), ‘The Neoclassical Sink and the Heterodox Spiral: Why the Twin Global Crisis has not Transformed Economics,’ in G.C. Harcourt and Peter Kreisler (Eds), Oxford Handbook of Post-Keynesian Economics, Vol. 2: Critiques and Methodology, Oxford: Oxford University Press, pp. 436–457.
    • (2013) Oxford Handbook of Post-Keynesian Economics , vol.2 , pp. 436-457
    • Dymski, G.A.1
  • 26
    • 49149149088 scopus 로고
    • Banking in the Theory of Finance
    • Fama, Eugene (1980), ‘Banking in the Theory of Finance,’ Journal of Monetary Economics, 6(1), 39–57.
    • (1980) Journal of Monetary Economics , vol.6 , Issue.1 , pp. 39-57
    • Fama, E.1
  • 27
    • 33947415388 scopus 로고    scopus 로고
    • Risk and the Use of Ratings,’ BIS Quarterly Review, June
    • Fender, Ingo and Janet Mitchell (2005), ‘Structured Finance: Complexity, Risk and the Use of Ratings,’ BIS Quarterly Review, June, 67–87.
    • (2005) ‘Structured Finance: Complexity , pp. 67-87
    • Fender, I.1    Mitchell, J.2
  • 31
    • 84960275367 scopus 로고
    • G.C. Harcourt, edited by Prue Kerr, The Social Science Imperialists, London: Routledge and Kegan Paul
    • Harcourt, Geoffrey C. (1982), ‘Conclusion: The Social Science Imperialists,’ in G.C. Harcourt, edited by Prue Kerr, The Social Science Imperialists, London: Routledge and Kegan Paul, pp. 377–393.
    • (1982) Conclusion: The Social Science Imperialists , pp. 377-393
    • Harcourt, G.C.1
  • 32
    • 58549092385 scopus 로고    scopus 로고
    • The Theoretical and Political Importance of the Economics of Keynes: Or, What Would Marx and Keynes have Made of the Happenings of the Past 30 Years and More?
    • Mathew Forstater, Gary Mongiovi, and Stephen Pressman, New York: Routledge
    • Harcourt, Geoffrey C. (2007), ‘The Theoretical and Political Importance of the Economics of Keynes: or, What Would Marx and Keynes have Made of the Happenings of the Past 30 Years and More?’, in Mathew Forstater, Gary Mongiovi, and Stephen Pressman (Eds), Post Keynesian Macroeconomics: Essays in Honour of Ingrid Rima, New York: Routledge, pp. 56–69.
    • (2007) Post Keynesian Macroeconomics: Essays in Honour of Ingrid Rima , pp. 56-69
    • Harcourt, G.C.1
  • 33
    • 79957595847 scopus 로고    scopus 로고
    • The Crisis in Mainstream Economics
    • Available at
    • Harcourt, Geoffrey C. (2010), ‘The Crisis in Mainstream Economics,’ Real-World Economics Review, 53, 47–52. Available at http://www.paecon.net/PAEReview/.
    • (2010) Real-World Economics Review , vol.53 , pp. 47-52
    • Harcourt, G.C.1
  • 34
    • 85012203375 scopus 로고    scopus 로고
    • Price Theory and Multinational Oligopoly: Kurt Rothschild and Stephen Hymer Revisisted
    • Manoj Kumar Sanyal, Mandira Sanyai, and Shahina Amin, Hyderabad: Orient Blackswan
    • Harcourt, Geoffrey C. and H.P. Nolan (2009), ‘Price Theory and Multinational Oligopoly: Kurt Rothschild and Stephen Hymer Revisisted,’ in Manoj Kumar Sanyal, Mandira Sanyai, and Shahina Amin (Eds), Post-Reform Development in Asia: Essays for A.K. Bagchi, Hyderabad: Orient Blackswan, pp. 263–288.
    • (2009) Post-Reform Development in Asia: Essays for A.K. Bagchi , pp. 263-288
    • Harcourt, G.C.1    Nolan, H.P.2
  • 35
    • 77954913090 scopus 로고    scopus 로고
    • Macroeconomic Policy Mix, Employment and Inflation in a Post-Keynesian Alternative to the New Consensus Model
    • Hein, Eckhard and Engelbert Stockhammer (2010), ‘Macroeconomic Policy Mix, Employment and Inflation in a Post-Keynesian Alternative to the New Consensus Model,’ Review of Political Economy, 22, 317–354.
    • (2010) Review of Political Economy , vol.22 , pp. 317-354
    • Hein, E.1    Stockhammer, E.2
  • 36
    • 84940657195 scopus 로고    scopus 로고
    • Greenspans Folly,’
    • September
    • Hirsch, Michael (2008), ‘Greenspan’s Folly,’ Newsweek, September 16.
    • (2008) Newsweek , pp. 16
    • Hirsch, M.1
  • 37
    • 0002219618 scopus 로고
    • The Multinational Corporation and the Law of Uneven Development
    • in Jagdish N. Bhagwati (Ed.), London: Macmillan
    • Hymer, Steven H. (1972), ‘The Multinational Corporation and the Law of Uneven Development,’ in Jagdish N. Bhagwati (Ed.), Economics and World Order, London: Macmillan, pp. 113–140.
    • (1972) Economics and World Order , pp. 113-140
    • Hymer, S.H.1
  • 39
    • 58149244804 scopus 로고    scopus 로고
    • Housing Subsidies and Homeowners: What Role for Government-Sponsored Enterprises?
    • Jaffee, Dwight M, and John M. Quigley (2006), ‘Housing Subsidies and Homeowners: What Role for Government-Sponsored Enterprises?’, Brookings Papers on Urban Affairs, 6(1), 103–150.
    • (2006) Brookings Papers on Urban Affairs , vol.6 , Issue.1 , pp. 103-150
    • Jaffee, D.M.1    Quigley, J.M.2
  • 44
    • 78649560353 scopus 로고    scopus 로고
    • The Economic Crisis is a Crisis for Economic Theory
    • Kirman, Alan (2010), ‘The Economic Crisis is a Crisis for Economic Theory,’ CESifo Economic Studies, 56(4), 498–535.
    • (2010) Cesifo Economic Studies , vol.56 , Issue.4 , pp. 498-535
    • Kirman, A.1
  • 51
    • 84940680325 scopus 로고    scopus 로고
    • Eric Maskin on Economic Theory and Financial Crisis
    • July 4. Accessed on December 22
    • Maskin, Eric (2010), ‘Eric Maskin on Economic Theory and Financial Crisis,’ interview by Sophie Roel, July 4. Accessed on December 22, 2011 at http://thebrowser.com/interviews/eric-maskin-on-economic-theory-and-financial-crisis.
    • (2010) Interview by Sophie Roel
    • Maskin, E.1
  • 53
    • 80052296735 scopus 로고    scopus 로고
    • A Discipline not a Science,’ The Manchester School, Supplement
    • Miller, Marcus (2011), ‘Macroeconomics: A Discipline not a Science,’ The Manchester School, Supplement, 21–24.
    • (2011) ‘Macroeconomics , pp. 21-24
    • Miller, M.1
  • 54
    • 8744316980 scopus 로고    scopus 로고
    • Uncertainty and the Institutional Structure of Capitalist Economies
    • Minsky, Hyman (1996), ‘Uncertainty and the Institutional Structure of Capitalist Economies,’ Journal of Economic Issues, 30(2), 357–368.
    • (1996) Journal of Economic Issues , vol.30 , Issue.2 , pp. 357-368
    • Minsky, H.1
  • 58
    • 0001022384 scopus 로고
    • Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates
    • Mundell, Robert A. (1963), ‘Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates,’ Canadian Journal of Economic and Political Science, 29(4), 475–485.
    • (1963) Canadian Journal of Economic and Political Science , vol.29 , Issue.4 , pp. 475-485
    • Mundell, R.A.1
  • 59
    • 84940659874 scopus 로고
    • An Exposition of Some Subtleties in the Keynesian System
    • Mundell, Robert A. (1964), ‘An Exposition of Some Subtleties in the Keynesian System,’ Weltwirtschaftliches Archiv, Bd. 93, 301–313.
    • (1964) Weltwirtschaftliches Archiv, Bd , vol.93 , pp. 301-313
    • Mundell, R.A.1
  • 60
    • 0040518655 scopus 로고    scopus 로고
    • On the History of the Mundell–Fleming Model
    • Mundell, Robert A. (2001), ‘On the History of the Mundell–Fleming Model,’ IMF Staff Papers, 47 (Special issue), 215–228.
    • (2001) IMF Staff Papers , vol.47 , pp. 215-228
    • Mundell, R.A.1
  • 61
    • 84940680328 scopus 로고    scopus 로고
    • New York Times, December 23
    • Nocera, Joe (2011), ‘The Big Lie,’ New York Times, December 23.
    • (2011) The Big Lie
    • Nocera, J.1
  • 62
    • 0042208631 scopus 로고    scopus 로고
    • Making Markets for Structured Mortgage Derivatives
    • Oldfield, George S. (2000), ‘Making Markets for Structured Mortgage Derivatives,’ Journal of Financial Economics, 57, 445–471.
    • (2000) Journal of Financial Economics , vol.57 , pp. 445-471
    • Oldfield, G.S.1
  • 66
    • 84940670635 scopus 로고    scopus 로고
    • Annandale-on-Hudson, NY: Levy Economics Institute of Bard College, October
    • Picks Up Speed,’ Working Paper No. 693, Annandale-on-Hudson, NY: Levy Economics Institute of Bard College, October.
    • Picks up Speed,’ Working Paper No. 693
  • 67
    • 75149126066 scopus 로고    scopus 로고
    • Refounding Capitalism
    • Phelps, Edmund S. (2009), ‘Refounding Capitalism,’ Capitalism and Society, 4(3), 1–12.
    • (2009) Capitalism and Society , vol.4 , Issue.3 , pp. 1-12
    • Phelps, E.S.1
  • 68
    • 84940680330 scopus 로고    scopus 로고
    • mimeo, American Enterprise Institute, The American – A Magazine of Ideas, August 6. Accessed on December 11
    • Pollock, Alex (2007), ‘Subprime Bust Expands,’ mimeo, American Enterprise Institute, The American – A Magazine of Ideas, August 6. Accessed on December 11 at american.com,http://american.com/archive/2007/august-0807/subprime-bust-expands.
    • (2007) Subprime Bust Expands
    • Pollock, A.1
  • 69
    • 55549131942 scopus 로고    scopus 로고
    • Compensation and Incentives in the Mortgage Business, Economists’
    • Quigley, John M. (2008), ‘Compensation and Incentives in the Mortgage Business,’ Economists’ Voice, 5(6), 1–3.
    • (2008) Voice , vol.5 , Issue.6 , pp. 1-3
    • Quigley, J.M.1
  • 70
    • 0345648612 scopus 로고
    • Price Theory and Oligopoly
    • Rothschild, Kurt (1947), ‘Price Theory and Oligopoly,’ Economic Journal, 57, 299–320.
    • (1947) Economic Journal , vol.57 , pp. 299-320
    • Rothschild, K.1
  • 71
    • 84881863281 scopus 로고    scopus 로고
    • blog entry, July 30
    • Roubini, Nouriel (2007), ‘Are we at the Peak of a Minsky Credit Cycle?’, blog entry, July 30. Accessed at http://www.economonitor.com/nouriel/2007/07/30/are-we-at-the-peak-of-aminsky-credit-cycle/.
    • (2007) Are We at the Peak of a Minsky Credit Cycle?
    • Roubini, N.1
  • 72
    • 0004179594 scopus 로고    scopus 로고
    • 2nd Edn, Princeton: Princeton University Press
    • Shiller, Robert J. (2005), Irrational Exuberance, 2nd Edn, Princeton: Princeton University Press.
    • (2005) Irrational Exuberance
    • Shiller, R.J.1
  • 74
    • 0000845892 scopus 로고
    • Why Financial Structure Matters
    • Stiglitz, Joseph E. (1988), ‘Why Financial Structure Matters,’ Journal of Economic Perspectives, 2(4), 121–126.
    • (1988) Journal of Economic Perspectives , vol.2 , Issue.4 , pp. 121-126
    • Stiglitz, J.E.1
  • 75
    • 0040436074 scopus 로고    scopus 로고
    • Toward a General Theory of Wage and Price Rigidities and Economic Fluctuations
    • Stiglitz, Joseph E. (1999), ‘Toward a General Theory of Wage and Price Rigidities and Economic Fluctuations,’ American Economic Review, 89(2), 75–81.
    • (1999) American Economic Review , vol.89 , Issue.2 , pp. 75-81
    • Stiglitz, J.E.1
  • 76
    • 0038569694 scopus 로고    scopus 로고
    • Information and the Change in Paradigm in Economics
    • Stiglitz, Joseph E. (2002), ‘Information and the Change in Paradigm in Economics,’ American Economic Review, 92(3), 460–505.
    • (2002) American Economic Review , vol.92 , Issue.3 , pp. 460-505
    • Stiglitz, J.E.1
  • 78
    • 79960032862 scopus 로고    scopus 로고
    • Rethinking Macroeconomics: What Failed, and How to Repair it
    • Stiglitz, Joseph E. (2011a), ‘Rethinking Macroeconomics: What Failed, and How to Repair it,’ Journal of the European Economic Association, 9(4), 591–645.
    • (2011) Journal of the European Economic Association , vol.9 , Issue.4 , pp. 591-645
    • Stiglitz, J.E.1
  • 79
    • 80053498310 scopus 로고    scopus 로고
    • The Failure of Macroeconomics in America
    • Stiglitz, Joseph E. (2011b), ‘The Failure of Macroeconomics in America,’ China and the World Economy, 19(5), 17–30.
    • (2011) China and the World Economy , vol.19 , Issue.5 , pp. 17-30
    • Stiglitz, J.E.1
  • 80
    • 33846109529 scopus 로고    scopus 로고
    • Has the Business Cycle Changed and Why?
    • in Mark Gertler and Kenneth Rogoff, Cambridge, MA: MIT Press
    • Stock, James H. and Mark W. Watson (2002), ‘Has the Business Cycle Changed and Why?’, in Mark Gertler and Kenneth Rogoff (Eds), NBER Macroeconomics Annual 2002, Volume 17, Cambridge, MA: MIT Press, pp. 159–218.
    • (2002) NBER Macroeconomics Annual 2002 , vol.17 , pp. 159-218
    • Stock, J.H.1    Watson, M.W.2
  • 82
  • 84
    • 84879036836 scopus 로고    scopus 로고
    • A Modest Proposal for Overcoming the Euro Crisis
    • Annandale-on-Hudson, NY: Levy Economics Institute of Bard College
    • Varoufakis, Yanis and Stuart Holland (2011), ‘A Modest Proposal for Overcoming the Euro Crisis,’ Policy Note, 2011/3, Annandale-on-Hudson, NY: Levy Economics Institute of Bard College.
    • (2011) Policy Note, 2011/3
    • Varoufakis, Y.1    Holland, S.2
  • 85
    • 77951740164 scopus 로고    scopus 로고
    • Conversation or Monologue? On Advising Heterodox Economists
    • Vernengo, Mattias (2010), ‘Conversation or Monologue? On Advising Heterodox Economists,’ Journal of Post Keynesian Economics, 32(3), 389–396.
    • (2010) Journal of Post Keynesian Economics , vol.32 , Issue.3 , pp. 389-396
    • Vernengo, M.1
  • 88
    • 84875546277 scopus 로고    scopus 로고
    • Crisis Compels Economists to Reach for New Paradigm
    • Whitehouse, Mark (2009), ‘Crisis Compels Economists to Reach for New Paradigm,’ Wall Street Journal, November 4, A1.
    • (2009) Wall Street Journal, November , vol.4 , pp. 1
    • Whitehouse, M.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.