The New Palgrave Dictionary of Economics

Living Edition
| Editors: Palgrave Macmillan

Wynne Godley

  • Gennaro ZezzaEmail author
  • Alan Shipman
Living reference work entry
DOI: https://doi.org/10.1057/978-1-349-95121-5_3097-1

Abstract

The chapter provides a brief biography of Wynne Godley (1926–2010), a British economist who informed the discussion of economic policy in the United Kingdom and later the United States. Godley was the main contributor to the development of the stock-flow-consistent approach to macroeconomics, setting out models based on rigorous accounting which allowed him to anticipate (ahead of more orthodox forecasters) adverse developments in the UK economy in the 1970s and 1980s, as well as the global recessions of 2001 and 2007–2009.

JEL Classification

B31 B50 E12 
This is a preview of subscription content, log in to check access.

Bibliography

  1. Bezemer, D.J. 2010. Understanding financial crisis through accounting models. Accounting, Organizations and Society 35 (7): 676–688.CrossRefGoogle Scholar
  2. Coutts, K., W. Godley, and W. Nordhaus. 1978. Industrial pricing in the United Kingdom, DAE monograph 26. Cambridge: Cambridge University Press.Google Scholar
  3. Cripps, F., and W. Godley. 1976. A formal analysis of the Cambridge Economic Policy Group model. Economica 43 (172): 335–348.CrossRefGoogle Scholar
  4. Cripps, F., and M. Lavoie. 2017. Wynne Godley (1926–2010). In The Palgrave companion to Cambridge economics, ed. R.A. Cord, 929–953. London: Palgrave Macmillan.CrossRefGoogle Scholar
  5. Dafermos, Y., M. Nikolaidi, and G. Galanis. 2017. A stock-flow-fund ecological macroeconomic model. Ecological Economics 131: 191–207.CrossRefGoogle Scholar
  6. Godley, W. 1992. Maastricht and all that. London Review of Books 14 (9): 3–4.Google Scholar
  7. Godley, W. 1999. Seven unsustainable processes: Medium-term prospects and policies for the United States and the world. Annandale on Hudson: Levy Institute.Google Scholar
  8. Godley, W. 2000. Wynne Godley. In A biographical dictionary of dissenting economists, ed. P. Arestis and M. Sawyer, 232–240. Cheltenham: Edward Elgar.Google Scholar
  9. Godley, W. 2001. Saving Masud Khan. London Review of Books 23 (4): 3–7.Google Scholar
  10. Godley, W., and F. Cripps. 1983. Macroeconomics. Oxford: Oxford University Press.Google Scholar
  11. Godley, W., and M. Lavoie. 2007a. A simple model of three economies with two currencies: The eurozone and the USA. Cambridge Journal of Economics 31: 1–23.CrossRefGoogle Scholar
  12. Godley, W., and M. Lavoie. 2007b. Monetary economics: An integrated approach to credit, money, income, production and wealth. Basingstoke: Palgrave Macmillan.CrossRefGoogle Scholar
  13. Godley, W., and W. Nordhaus. 1972. Pricing in the trade cycle. Economic Journal 82 (327): 853–882.CrossRefGoogle Scholar
  14. Godley, W., and R. Rowthorn. 1994. Appendix: The dynamics of public sector deficits and debt. In Unemployment in Europe, ed. J. Michie and J. Grieve Smith, 199–206. London: Academic.Google Scholar
  15. Jackson, T., and P. Victor. 2015. Towards a stock-flow consistent ecological macroeconomics. New York: United Nations Environment Program. Retrieved from http://unepinquiry.org/wp-content/uploads/2015/04/Towards_a_Stock-Flow_Consistent_Ecological_Macroeconomics.pdf
  16. Matthews, R.C.O. 1968. Why has Britain had full employment since the war? Economic Journal 78 (311): 555–569.CrossRefGoogle Scholar
  17. Neild, R. 1963. Pricing and employment in the trade cycle, NIESR occasional paper XXI. Cambridge: Cambridge University Press.Google Scholar
  18. Rowthorn, R. 1977. Conflict, inflation and money. Cambridge Journal of Economics 1 (3): 215–239.Google Scholar
  19. Rowthorn, R., and J. Wells. 1987. De-industrialisation and foreign trade. Cambridge: Cambridge University Press.Google Scholar
  20. Schlefer, J. 2013. Embracing Wynne Godley, an economist who modeled the crisis. New York Times, September 10.Google Scholar
  21. Shipman, A. 2019. Wynne Godley: A biography. London: Palgrave Macmillan.CrossRefGoogle Scholar
  22. Singh, A. 1977. UK industry and the world economy: A case of de-industrialisation? Cambridge Journal of Economics 1 (2): 113–136.CrossRefGoogle Scholar

Copyright information

© The Author(s), under exclusive license to Springer Nature Limited 2020

Authors and Affiliations

  1. 1.University of Cassino and Southern LazioCassinoUK
  2. 2.Levy Economics Institute of Bard College, Annandale on HudsonNew YorkUSA
  3. 3.Open UniversityLondonUK

Section editors and affiliations

  • Matías Vernengo
    • 1
  1. 1.Bucknell UniversityLewisburgUSA