Skip to main content

Introduction

  • Chapter

Abstract

In December 2009, when Gennaro Zezza was visiting him in the Northern Ireland home of his daughter Eve, Wynne Godley asked Zezza to help compile a list of papers which at the time he felt were his most important contributions. The volume, titled Collected Writings, contained eight papers. The list was then sent to Marc Lavoie, who suggested to add a couple of papers, the paper which is now Chapter 2 of this volume and a paper written with Francis Cripps, ‘A Formal Analysis of the Cambridge Policy Group Model’, published in Economica in 1976, as it was thought that these two papers would help understand the evolution and the continuity in Godley’s thought. These suggestions were accepted, and Wynne Godley was to write a one-page introduction for each of the chosen papers. The project was left aside for a while, until Wynne Godley passed away on May 13, 2010.

Keywords

  • Current Account
  • Capital Gain
  • Full Employment
  • Macroeconomic Model
  • Current Account Balance

These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

This is a preview of subscription content, access via your institution.

Buying options

Chapter
USD   29.95
Price excludes VAT (USA)
  • DOI: 10.1057/9780230353848_1
  • Chapter length: 18 pages
  • Instant PDF download
  • Readable on all devices
  • Own it forever
  • Exclusive offer for individuals only
  • Tax calculation will be finalised during checkout
eBook
USD   119.00
Price excludes VAT (USA)
  • ISBN: 978-0-230-35384-8
  • Instant PDF download
  • Readable on all devices
  • Own it forever
  • Exclusive offer for individuals only
  • Tax calculation will be finalised during checkout
Softcover Book
USD   159.99
Price excludes VAT (USA)
Hardcover Book
USD   159.99
Price excludes VAT (USA)

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  • Bell, S.A. (2003) ‘Common Currency Lessons from Europe: Have Member States Forsaken Their Economic Steering Wheels.’ In L.P. Rochon and M. Seccareccia (eds), Dollarization: Lessons from Europe and the Americas (London: Routledge), pp. 70–91.

    Google Scholar 

  • Bezemer, D.J. (2009) ‘“No One Saw This Coming”: Understanding Financial Crisis Through Accounting Models.’ University Library of Munich, MPRA Paper n. 15767.

    Google Scholar 

  • Bezemer, D.J. (2011) ‘The Credit Crisis and Recession as a Paradigm Test.’ Journal of Economic Issues 45 (1) (March): 1–18.

    CrossRef  Google Scholar 

  • Coutts, K.J., W. Godley and W.D. Nordhaus (1978) Industrial Pricing in the United Kingdom (Cambridge: Cambridge University Press).

    Google Scholar 

  • Dos Santos, C.H. and G. Zezza (2008) ‘A Simplified, “Benchmark”, Stock-Flow Consistent Post-Keynesian Growth Model’, Metroeconomica 59 (3): 441–478.

    CrossRef  Google Scholar 

  • European Commission, I.M.F., O.E.C.D., United Nations and World Bank (2009) System of National Accounts 2008, New York, available at http://unstats.un.org/unsd/nationalaccount/docs/SNA2008.pdf

    Google Scholar 

  • Godley, W. (1996)‘Money, Finance and National Income Determination: An Integrated Approach.’ Working Paper No. 167, The Levy Economics Institute of Bard College.

    Google Scholar 

  • Godley, W. (1998) ‘Money and Credit in a Keynesian Model of Income Determination.’ Working Paper No. 242, The Levy Economics Institute of Bard College.

    Google Scholar 

  • Godley, W. (1999) ‘Money and Credit in a Keynesian Model of Income Determination.’ Cambridge Journal of Economics, 23 (4) (July): 393–411.

    CrossRef  Google Scholar 

  • Godley, W., M.l Anyadike-Danes and K.J. Coutts (1987) ‘IS-LM and Real Stock Flow Models: A Prelude to Applied Macroeconomic Modelling.’ Department of Applied Economics working paper.

    Google Scholar 

  • Godley, W. and M. Anyadike-Danes (1989) ‘Real Wages and Employment: a Sceptical View of Some Recent Empirical Work.’ Manchester School of Economic and Social Studies 57 (2) (June): 172–187.

    CrossRef  Google Scholar 

  • Godley, W. and F. Cripps (1976) ‘A Formal Analysis of the Cambridge Economic Policy Group Model.’ Economica 43 (September): 335–348.

    CrossRef  Google Scholar 

  • Godley, W. and F. Cripps (1983) Macroeconomics (London: Fontana).

    Google Scholar 

  • Godley, W. and M. Lavoie (2003) ‘Two-Country Stock-Flow-Consistent Macroeconomics Using a Closed Model within a Dollar Exchange Regime.’ Working Paper No. 10, Centre for Financial Analysis and Policy, University of Cambridge.

    Google Scholar 

  • Godley, W. and M. Lavoie (2007) Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth (Basingstoke: Palgrave Macmillan).

    Google Scholar 

  • Godley, W. and W.D. Nordhaus (1972) ‘Pricing in the Trade Cycle’, Economic Journal 82 (September): 853–882.

    CrossRef  Google Scholar 

  • Godley, W. and A. Shaikh (1998) ‘An Important Inconsistency at the Heart of the Standard Macroeconomic Model.’ Working Paper No. 236, The Levy Economics Institute of Bard College.

    Google Scholar 

  • Godley, W. and G. Zezza (1986) ‘A Simple Real Stock Flow Monetary Model of the Italian Economy.’ Working paper, University of Cambridge, Department of Applied Economics.

    Google Scholar 

  • Kaldor, N. (1966) ‘Marginal Productivity and the Macro-Economic Theories of Distribution.’ Review of Economic Studies 33 (October): 309–319.

    CrossRef  Google Scholar 

  • Kelton, S.A. and L.R. Wray (2009) ‘Can Euroland Survive?’ Public Policy Brief No. 106, The Levy Economics Institute of Bard College.

    Google Scholar 

  • Kinsella, S., M. Greiff and E.J. Nell (2011) ‘Income Distribution in a Stock-FlowConsistent Model with Education and Technological Change.’ Eastern Economic Journal 37 (1): 134–149.

    CrossRef  Google Scholar 

  • Daniel B. Klein and Pedro R. Romero (2007) ‘Model Building versus Theorizing: the Paucity of Theory in the Journal of Economic Theory.’ Econ Journal Watch 4 (2) (May): 241–271.

    Google Scholar 

  • Lavoie, M. (1987) ‘Monnaie et production: une synthèse de la théorie du circuit’, Économies et Sociétés 21 (9) (September): 65–101.

    Google Scholar 

  • Lavoie, M. and W. Godley (2000) ‘Kaleckian Models of Growth in a Coherent Stock-Flow Monetary Framework: a Kaldorian View.’ Working Paper No. 242, The Levy Economics Institute of Bard College.

    Google Scholar 

  • Macedo e Silva, A.C. and C.H. Dos Santos (2011) ‘Peering Over the Edge of the Short Period? the Keynesian Roots of Stock-Flow Consistent Macroeconomic Models.’ Cambridge Journal of Economics 35 (1): 105–124.

    CrossRef  Google Scholar 

  • Martin, B. (2008) ‘Fiscal Policy in a Stock-Flow Consistent Model: a Comment.’ Journal of Post Keynesian Economics 30 (3) (Summer): 649–668.

    CrossRef  Google Scholar 

  • Schlicht, E. (2006) ‘Public Debt a Private Wealth: Some Equilibrium Considerations.’ Metroeconomica 57 (4) (November): 494–520.

    CrossRef  Google Scholar 

  • Seppecher, P. (2011) ‘Flexibilité des salaries et instabilité macroéconomique (un modèle multi-agents avec monnaie endogène).’ Working paper.

    Google Scholar 

  • Shaikh, A. (1974) ‘Laws of Production and Laws of Algebra: the Humbug Production Function.’ Review of Economics and Statistics 56 (1) (February): 115–120.

    CrossRef  Google Scholar 

  • Taylor, L. (2004) Reconstructing Macroeconomics; Structuralist Proposals and Critiques of the Mainstream (Cambridge, MA: Harvard University Press).

    Google Scholar 

  • Van Treeck, T. (2009) ‘A Synthetic, Stock-Flow Consistent Macroeconomic Model of Financialisation.’ Cambridge Journal of Economics 33 (3) (May): 467–493.

    CrossRef  Google Scholar 

  • Wood, A. (1975) A Theory of Profits (Cambridge: Cambridge University Press).

    Google Scholar 

  • Zezza, G. and C.H. Dos Santos (2004) ‘The Role of Monetary Policy in Post-Keynesian Stock-Flow Consistent Growth Models.’ In M. Lavoie and M. Seccareccia (eds), Central Banking in the Modern World: Alternative Perspectives (Cheltenham: Edward Elgar), pp. 183–208.

    Google Scholar 

Download references

Authors

Editor information

Editors and Affiliations

Copyright information

© 2012 Palgrave Macmillan, a division of Macmillan Publishers Limited

About this chapter

Cite this chapter

Lavoie, M., Zezza, G. (2012). Introduction. In: Lavoie, M., Zezza, G. (eds) The Stock-Flow Consistent Approach. Palgrave Macmillan, London. https://doi.org/10.1057/9780230353848_1

Download citation