This article reviews recent developments in the economic theory of individual decision making under risk. Since the 1950s it has been known that individual choices violate the standard model of expected utility in predictable ways. Considerable research effort has now been devoted to the project of developing a superior descriptive model. Following an overview of non-expected utility theories which distinguishes between "conventional" and "non-conventional" approaches, the paper seeks to assess these alternative models in terms of empirical success (using laboratory and field data) and theoretical usefulness. The closing sections reflect on some new directions emerging in this literature.

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Developments in Non-expected Utility Theory: The Hunt for a Descriptive Theory of Choice under Risk

Enclosed is a copy of the Board of Governors’ Semiannual Agenda of Regulations for the period August 1, 1980 through February 1, 1981. The Semiannual Agenda provides you with information on those regulatory matters that the Board now has under consideration or anticipates considering over the next six months, and is divided into three parts: (1) regulatory matters that the Board had considered during the previous six months on which final action has been taken; (2) regulatory matters that have been proposed for public comment and that require further Board consideration; and (3) regulatory matters that the Board may consider over the next six months.

Federal Reserve Bank of New Yorkの制定せる財務諸表様式について

The History of Economic Analysis

Veblen has been claimed and rejected both by sociologists and economists as being one of theirs. He enriched and attacked both disciplines, as he did so many others: philosophy, history, social psychology, politics, and linguistics. Because he took all knowledge as necessary and relevant to adequate understanding, Veblen was a holistic analyst of the social process. First published in 1904, this classic analysis of the U.S. economy has enduring value today. In it, Veblen posited a theory of business fluctuations and economic growth which included chronic depression and inflation. He predicted the socioeconomic changes that would occur as a result: militarism, imperialism, fascism, consumerism, and the development of the mass media as well as the corporate bureaucracy. Douglas Dowd's introduction places the volume within the traditions of both macroeconomics and microeconomics, tracing Veblen's place among social thinkers, and the place of this volume in the body of his work.

Theory of business enterprise

Over the past decades financial investment of non-financial businesses has been rising and accumulation of capital goods has been declining. The first part of the paper offers a novel theory to explain this phenomenon. Financialization, the shareholder revolution and the development of a market for corporate control have shifted power to shareholders and thus changed management priorities, leading to a reduction in the desired growth rate. In the second part the link between accumulation and financialization is tested econometrically by means of a time series analysis of aggregate business investment for USA, UK, France, and Germany. Extensive test of robustness are performed. For the first three countries evidence that confirms the negative effect of financialization on accumulation is found. (author's abstract)

Financialisation and the slowdown of accumulation

This innovative book demonstrates that it is possible to construct a coherent alternative to neoclassical economics based on the contributions of post-Keynesian and Kaleckian economists. It identifies elements from the non-orthodox traditions, in particular from the neo-Ricardian school, that can be welded into a convincing alternative theoretical framework.

Foundations of Post-Keynesian Economic Analysis

Introduction Balance Sheets, Transaction Matrices and The Monetary Circuit The Simplest Model with Government Money Government Money with Portfolio Choice Long-Term Bonds, Capital Gains and Liquidity Preference Introducing the Open Economy A Simple Model with Private Bank Money Time, Inventories, Profits and Pricing A Model with PrivateBank Money, Inventories and Inflation A Model with both Inside and Outside Money A Growth Model Prototype Open Economy with Flexible Prices and Exchange Rates General Conclusion

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Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth

Contents: Preface 1. Essentials of Heterodox and Post-Keynesian Economics 2. Theory of Choice 3. Theory of the Firm 4. Credit, Money and Central Banks 5. Effective Demand and Employment 6. Accumulation and Capacity 7. Open-Economy Macroeconomics 8. Inflation Theory 9. Concluding Remarks Index

Post-Keynesian Economics: New Foundations

(1984). The Endogenous Flow of Credit and the Post Keynesian Theory of Money. Journal of Economic Issues: Vol. 18, No. 3, pp. 771-797.

The Endogenous Flow of Credit and the Post Keynesian Theory of Money

The subprime financial crisis that started in 2007 and which became the global financial crisis challenges economists and policy-makers to reconsider the theories and policies that had gradually been accepted as conventional wisdom over the last thirty years. It is widely recognized that the global financial crisis has called into question the efficiency and stability of unregulated financial markets. This chapter argues that it has also demonstrated the limitations and even falsehood of the claim that wage moderation, accompanied by more flexible labour markets as well as labour institutions and laws more favourable to employers, will ultimately make for a more stable economy and a more productive and dynamic economic system.

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Marc Lavoie

Papers

Foundations of Post-Keynesian Economic Analysis

Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth

Post-Keynesian Economics: New Foundations

The Endogenous Flow of Credit and the Post Keynesian Theory of Money

Wage-led growth: Concept, theories and policies