Debt, Innovations, and Deflation: The Theories of Veblen, Fisher, Schumpeter, and Minsky

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Edward Elgar Publishing, Aug 29, 2008 - Business & Economics - 191 pages
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Analyzes the deflation theories of Thorstein Veblen, Irving Fisher, Joseph A Schumpeter, and Hyman Minsky. In so doing, this work develops a paradigm for understanding the phenomenon of deflation. It also provides a re-examination of the literature and th
 

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Contents

Introduction
1
STATEMENT OF PURPOSE
4
OVERVIEW OF CHAPTERS
8
How Deflation Became a Monetary Policy Issue
12
CONTROLLING WORLD WAR II INFLATION
13
POSTWAR PENTUP DEMAND INFLATION GIVES WAY TO MILD DEFLATION
15
19501952
16
VIET NAM WAR INFLATION
17
FISHER ON DEBT AND STOCK PRICES IN THE 1920S
90
FISHERS DEBTDEFLATION THEORY OF DEPRESSIONS
96
THE GREAT DEPRESSION
101
REMEDIES
103
THE DEBTDEFLATION THEORY AND FISHERS EARLIER WRITINGS
105
RECENT INTERPRETATIONS AND MODIFICATIONS OF FISHERS THEORY
106
Innovations Debt and Deflation in Schumpeters Theory
107
DEBT INNOVATIONS AND DEFLATION IN SCHUMPETERS BUSINESS CYCLES
108

GREENSPANS PREEMPTIVE STRIKES AGAINST INCIPIENT INFLATION
18
MONETARY POLICY AND THE NEW ECONOMY
19
THE EMERGENCE OF DEFLATIONARY CONCERNS
20
DEFLATION DISAPPEARS IN 2004
32
SUMMARY OF DEFLATION CONCERNS
33
Monetary Theories of Deflation
38
THE QUANTITY THEORY OF MONEY
39
SMITH AND MILL
43
MONETARY THEORIES OF BUSINESS CYCLES
51
Debt Innovations and Deflation in Veblens Theory
55
THEORY OF DEBT DEFLATION AND CHRONIC DEPRESSION
60
REMEDIES FOR CHRONIC DEPRESSION
70
HISTORICAL SETTING OF VEBLENS CREDITINFLATION THEORY
74
CREDITINFLATION AND FINANCIAL STABILITY IN THE NEW ORDER
77
Fishers DebtDeflation Theory of Great Depressions
83
FROM PROSPERITY TO CRISIS AND DEPRESSION
84
INVALIDATED AND REVALIDATED
85
SCHUMPETERS AND VEBLENS THEORIES
112
SCHUMPETER ON FISHERS DEBTDEFLATION THEORY
115
SCHUMPETERS ANALYSES OF DEBT AND DEPRESSION
117
PREVENTION AND REMEDIES
121
FOCUS ON INFLATION IN LATER WORKS
125
Minskys Financial Instability Hypothesis and DebtDeflation
136
THEORETICAL TIES WITH OTHER ECONOMISTS
137
THE POSTWORLD WAR II ECONOMY
139
MINSKYS FINANCIAL INSTABILITY HYPOTHESIS
142
THE EVOLUTION OF BIG GOVERNMENT
155
A MINSKIAN MODIFICATION OF FISHERS DEBTDEFLATION THEORY
157
Deflation Theories and Recent Deflation Concerns
159
COMPARATIVE SUMMATION OF THE DEFLATION THEORIES
160
INSIGHTS INTO RECENT CONCERNS ABOUT DEFLATION
172
Bibliography
179
Index
185
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