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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

  1. Stock-Flow Traps in the American Economy......................................................3
    John Eatwell and Lance Taylor
  2. Can the Fed Give Us Macroeconomic Stability? Lessons from History..............15
    Anne Mayhew
  3. New Bridges Across the Chasm: Macro and Institutional Strategies for Transitional Economies.......................................................................................................30
    David Ellerman and Joseph Stiglitz
PART II THE INTERNATIONAL CONTEXT
  1. Paradoxes of Globalization...............................................................................53
    Paul Streeten
  2. Globalization and Financial Crises: A Proposal for a New Approach
    to Macroeconomics.........................................................................................79
    Nahid Aslanbeigui
  3. Institutional Foundations of Economic Growth and Price Stability......................99
    Michele I. Naples


PART III EMPLOYMENT, DISTRIBUTION, AND EQUITY

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

PART IV MACROECONOMIC GROWTH AND THE ENVIRONMENT

  1. Debt and Deforestation ................................................................................213
    Peter Dorman
  2. 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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