Economic Theory Commons^™

The Gettysburg Economic Review, Volume 12, Spring 2023

Gettysburg Economic Review

No abstract provided.

Unwilling Gamblers And Loaded Dice: Considering Recession And Crisis As A Natural Effect Of Financial Capitalism, Darlene N. Moorman

The Downtown Review

Under financial capitalism, ordinary people are increasingly becoming 'unwilling gamblers' of a risky and unstable system. This paper explores the social and institutional change behind the neoliberal movement and considers how the politics and policies of neoliberalism have contributed to a certain environment of financial instability. Looking at the changing nature of the economy, the rapid expansion of the financial sector, and the persisting issue of moral hazard underlying risky and speculative behaviors among other items, reveals a financial system in which recessions and crises can be considered a natural, although not inevitable, effect.

Waqf Fund Management Through Micro Waqf Bank Program In Indonesia, Fachry Ganiardi Danuwijaya, Nurwahidin M.Ag

Journal of Strategic and Global Studies

Waqf is a muamalah activity that has a very important economic and social role in Islamic history. Waqf is one of solutions to the problem of poverty and social inequality in society. The establishment of the Micro Waqf Bank initiated by the government together with the Financial Services Authority (OJK) has played an important role as one of the new Islamic microfinance institutions in financial inclusion in Indonesia. This paper will discuss how the management of waqf funds through the Islamic Waqf Bank program based on pesantren in efforts to alleviate poverty and social inequality which has become a chronic …

The Roaring Twenties After Covid-19: Revisiting The Evidence For Europe, Alessio Terzi

Journal of New Finance

Inspired by conspicuous historical parallels, some scholars and journalists have recently postulated that GDP growth and productivity might boom in the aftermath of the Covid-19 pandemic. This paper reviews the evidence for and against the ‘Roaring 20s’ hypothesis, concluding that some countries might experience a forceful economic expansion, possibly fuelled by pent-up demand, compounding a successful digital and green transition, or leveraging an export-led model. However, a strong prolonged economic bonanza is unlikely to materialise evenly across the EU. An uneven recovery would acquiesce imbalances within the Union, and especially the euro area. As such, policymakers should avoid complacency, and …

Lessons Learned: Eric Dinallo, Maryann Haggerty

Journal of Financial Crises

Eric Dinallo was New York State Superintendent of Insurance from January 2007 through July 2009. In New York, as throughout the United States, insurance companies are regulated at the state level. In his position as Superintendent, Dinallo oversaw the insurance operating companies of American International Group (AIG) within New York. AIG’s holding company, however, was supervised at the federal level. Much of AIG’s problems came from its non-insurance subsidiary AIG Financial Products (AIGFP), which was a major presence in the market for credit default swaps (CDS), a type of derivative that was a factor behind the 2007-09 financial crisis. This …

Does Bitcoin Use Affect Crime Rates?, Kevin Keane

The Corinthian

Bitcoin is the most widely used cryptocurrency in the world because of its decentralized network that completes user-to-user transactions, eliminating the need for intermediaries. During 2017, the volume of Bitcoin transactions totaled $94.3 trillion. Bitcoin transactions are recorded in a public database called the blockchain. Although the blockchain can keep track of how many transactions there are, it can’t identify the people involved in transactions. The lack of identity increases the anonymity of Bitcoin transactions, making it less detectable when used for crime. Using the Uniform Crime Reporting’s state-level crime rate data and blockchain’s Bitcoin transaction information, I estimate the …

Incorporating Macroprudential Financial Regulation Into Monetary Policy, Aaron Klein

Journal of Financial Crises

This paper proposes two insights into financial regulation and monetary policy. The first enhances understanding the relationship between them, building on the automobile metaphor that describes monetary policy: when to accelerate or brake for curves miles ahead. Enhancing the metaphor, financial markets are the transmission. In a financial crisis, markets cease to function, equivalent to a transmission shifting into neutral. This explains both monetary policy’s diminished effectiveness in stimulating the economy and why the financial crisis shock to real economic output greatly exceeded central bank forecasts.

The second insight is that both excess leverage and fundamental mispricing of asset values …

It's Capitalism, Stupid!: The Theoretical And Political Limitations Of The Concept Of Neoliberalism, Bryant William Sculos

Class, Race and Corporate Power

This polemical essay explores the meaning and function of the concept of neoliberalism, focusing on the serious theoretical and political limitations of the concept. The crux of the argument is that, for those interested in overcoming the exploitative and oppressively destructive elements of global capitalism, opposing "neoliberalism" (even if best understood as a process or a spectrum of "neoliberalization" or simply privatization) is both insufficient and potentially self-undermining. This article also goes into some detail on the issues of health care and climate change in relation to "neoliberalism" (both conceptually and the material processes and policies that this term refers …

Public Principles And Economic Legacy, Stanley Schwartz

Channels: Where Disciplines Meet

2018 will mark the 60^th anniversary of the publication of Public Principles of Public Debt. The Nobel-prize winning economist’s first book conflicted with the Keynesian orthodoxy of the day, and added fresh ideas to an ongoing debate over the fundamentals of public debt theory. This paper seeks to outline the dialogue among leading economists surrounding public debt since the publication of Public Principles of Public Debt, examining the major schools of thought and their development. The ideas of John Maynard Keynes, James Buchanan, and Richard Barro will receive attention, without neglecting other significant contributions. The paper will …

The Gettysburg Economic Review, Volume 7, Spring 2013

Gettysburg Economic Review

No abstract provided.

The Gettysburg Economic Review, Volume 6, Spring 2012

Gettysburg Economic Review

No abstract provided.

Are All R&D Dollars Created Equal?: A Look At The Effect Of Federal Investment On Patent Success, Casey J. O'Neil

Pepperdine Policy Review

No abstract provided.

Friedrich Von Hayek: The Socialist-Calculation Debate, Knowledge Arguments, And Modern Economic Development, Cara A. Elliott

Gettysburg Economic Review

At the close of the nineteenth and the commencement of the twentieth century, socialism began to gain momentum as a large-scale movement in Europe and the United States. This popularity was supported by an increased influence of the working class in society, which put pressure for representation upon European parliaments and began to secure concrete improvements in labor protection laws. Moreover, socialist proponents looked hopefully towards the living example of the Soviet Union, which began its socialist experiment in 1917 following the success of the Bolshevik Revolution. Socialism, which found its economic grounding in the legacies of such men as …

The Gettysburg Economic Review, Volume 4, Spring 2010

Gettysburg Economic Review

No abstract provided.

Private Markets And Social Control, Lloyd D. Orr

IUSTITIA

The continuing failure of society to deal adequately with its problems has led to criticism that goes beyond the imperfections of a fundamentally sound social organization. Individual economic incentive and private markets, the basics of our economic organization, are condemned as inherently destructive of desirable social goals. It may be that such criticism is naive with respect to the basic history of economic organization and the prospects for meaningful alternatives. It also may be that the "solutions" offered are frequently more authoritarian than the critics allege the present system to be. We are still left to ponder the vital, long-standing, …