GDAE

New Thinking in Macroeconomics
Social, Institutional, and Environmental Perspectives

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Edited by

Jonathan M. Harris and Neva R. Goodwin

The Global Development and Environment Institute, Tufts University, USA

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Contents

Preface by Neva R. Goodwin....................................................................................xi
Introduction by Jonathan M. Harris.......................................................................xxiii

PART I NATIONAL INSTITUTIONS AND POLICIES

Stock-Flow Traps in the American Economy......................................................3
John Eatwell and Lance Taylor
Can the Fed Give Us Macroeconomic Stability? Lessons from History..............15
Anne Mayhew
New Bridges Across the Chasm: Macro and Institutional Strategies for Transitional Economies.......................................................................................................30
David Ellerman and Joseph Stiglitz

PART II THE INTERNATIONAL CONTEXT

Paradoxes of Globalization...............................................................................53
Paul Streeten
Globalization and Financial Crises: A Proposal for a New Approach
to Macroeconomics.........................................................................................79
Nahid Aslanbeigui
Institutional Foundations of Economic Growth and Price Stability......................99
Michele I. Naples

PART III EMPLOYMENT, DISTRIBUTION, AND EQUITY

The Micro-Foundations of High Unemployment in Developed
Countries: Are Labor Market Rigidities the Problem? ....................................123
David R. Howell
Can a Rising Tide Raise All Boats? Evidence from the Kennedy-Johnson
and Clinton-Era Expansion ............................................................................150
L. Randall Wray
Housing and Homelessness in a Globalizing Economy ....................................182
Dorene Isenberg

PART IV MACROECONOMIC GROWTH AND THE ENVIRONMENT

Debt and Deforestation ................................................................................213
Peter Dorman
Reconciling Growth and Environment ...........................................................229
Jonathan M. Harris and Neva R. Goodwin

Afterword: A Japanese Social Initiative – The Relevant View ..................................250
John Kenneth Galbraith

Index ....................................................................................................................253

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Global Development And Environment Institute
Tufts University
Medford , MA 02155 USA
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email: gdae@tufts.edu