Post-Keynesian economics is a school of economic thought with its origins in The General Theory of John Maynard Keynes, with subsequent development influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor, Sidney Weintraub, Paul Davidson, Piero Sraffa and Jan Kregel. Historian Robert Skidelsky argues that the post-Keynesian school has remained closest to the spirit of Keynes' original work. It is a heterodox approach to economics.
Business cycles are intervals of expansion followed by recession in economic activity. A recession is sometimes technically defined as 2 quarters of negative GDP growth, but definitions vary; for example, in the United States, a recession is defined as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales." The changes in economic activity that characterize business cycles have implications for the welfare of the broad population as well as for private institutions. Typically business cycles are measured by examining trends in a broad economic indicator such as Real Gross Domestic Production.
Nouriel Roubini is a Turkish-born Iranian-American economic consultant, economist, and writer. He is a Professor Emeritus since 2021 at the Stern School of Business of New York University.
Johan Gustaf Knut Wicksell was a leading Swedish economist of the Stockholm school. His economic contributions would influence both the Keynesian and Austrian schools of economic thought. He was married to the noted feminist Anna Bugge.
Stephen Samuel Roach is an American economist. He serves as senior fellow at Yale University’s Jackson Institute for Global Affairs, and a senior lecturer at the Yale School of Management. He was formerly chairman of Morgan Stanley Asia, and chief economist at Morgan Stanley, the New York City-based investment bank. In 2009, Dirk Bezemer, a Professor of Economics at the University of Groningen in the Netherlands, noted that Roach was one of the earliest to have predicted the 2008 global financial crisis.
The Austrian business cycle theory (ABCT) is an economic theory developed by the Austrian School of economics about how business cycles occur. The theory views business cycles as the consequence of excessive growth in bank credit due to artificially low interest rates set by a central bank or fractional reserve banks. The Austrian business cycle theory originated in the work of Austrian School economists Ludwig von Mises and Friedrich Hayek. Hayek won the Nobel Prize in Economics in 1974 in part for his work on this theory.
Willem Hendrik Buiter CBE is an American-British economist. He spent most of his career as an academic, teaching at various universities. More recently, he was Chief Economist at Citigroup.
Hyman Philip Minsky was an American economist, a professor of economics at Washington University in St. Louis, and a distinguished scholar at the Levy Economics Institute of Bard College. His research attempted to provide an understanding and explanation of the characteristics of financial crises, which he attributed to swings in a potentially fragile financial system. Minsky is sometimes described as a post-Keynesian economist because, in the Keynesian tradition, he supported some government intervention in financial markets, opposed some of the financial deregulation of the 1980s, stressed the importance of the Federal Reserve as a lender of last resort and argued against the over-accumulation of private debt in the financial markets.
Dean Baker is an American macroeconomist who co-founded the Center for Economic and Policy Research (CEPR) with Mark Weisbrot. Baker has been credited as one of the first economists to have identified the 2007–08 United States housing bubble.
Kurt Richebächer was born in Karlsruhe, Germany. He studied business economics in Berlin and completed is doctoral at the University of Heidelberg in 1945. He began his career as a journalist, before becoming an international banker and economist. He considered himself a follower of the Austrian School of Economics and was best known for his newsletter, "The Richebächer Letter," which at various times also circulated as "Currencies & Credit Markets."
Branko Milanović is a Serbian-American economist. He is most known for his work on income distribution and inequality.
The Tinbergen Institute is a joint institute for research and education in economics, econometrics and finance of the VU University Amsterdam, the University of Amsterdam, and the Erasmus University Rotterdam. The institute was founded in 1987 and is named after the Dutch economist Jan Tinbergen, a Nobel prize-winning professor at the Erasmus University Rotterdam.
Jakob Brøchner Madsen is an economist, professor and former financial analyst and deputy chief economist. He was one of few economists who predicted the IT bubble in 2001 and the housing bubble in 2006 and the global financial crisis. In 2006 he and Jens Kjaer Sørensen wrote: "The bursting of this housing bubble will have a severe impact on the world economy and may even result in a recession."
The Great Recession was a period of marked general decline observed in national economies globally, i.e. a recession, that occurred from late 2007 to 2009. The scale and timing of the recession varied from country to country. At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression. One result was a serious disruption of normal international relations.
Fred Harrison is a British author, economist, economic commentator, and corporate policy advisor, notable for his stances on land reform and belief that an overreliance on land, property, and mortgages weakens economic structures and makes companies vulnerable to economic collapse. Dirk Bezemer, a Professor of Economics at the University of Groningen in the Netherlands, noted that Harrison was one of the earliest to have predicted the 2008 global financial crisis. In 2005 Harrison commented: "The next property market tipping point is due at end of 2007 or early 2008 ... The only way prices can be brought back to affordable levels is a slump or recession.”
William R. White is a Canadian economist who was the chairman of the Economic and Development Review Committee at the Organisation for Economic Co-operation and Development (OECD) from 2009 to 2018. He is famous for flagging the wild behaviour in the debt markets before the global storm hit in 2008. In 2009, Dirk Bezemer, a Professor of Economics at the University of Groningen in the Netherlands, noted that White was one of the earliest to have predicted the 2008 global financial crisis.
Following the global financial crisis of 2007–2008, there was a worldwide resurgence of interest in Keynesian economics among prominent economists and policy makers. This included discussions and implementation of economic policies in accordance with the recommendations made by John Maynard Keynes in response to the Great Depression of the 1930s, most especially fiscal stimulus and expansionary monetary policy.
Wynne Godley was an economist famous for his pessimism about the British economy and his criticism of the British government. In 2007, he and Marc Lavoie wrote a book about the "Stock-Flow Consistent" model, an analysis that predicted the global financial crisis of 2008. Dirk Bezemer argues that Godley was notable for predicting the nature of the Great Recession of the late 2000s well in advance, and for doing so on the basis of a formal model.
The 2007–2008 financial crisis, or Global Financial Crisis (GFC), was a severe worldwide economic crisis that occurred in the early 21st century. It was the most serious financial crisis since the Great Depression (1929). Predatory lending targeting low-income homebuyers, excessive risk-taking by global financial institutions, and the bursting of the United States housing bubble culminated in a "perfect storm".
Klaas Henderikus Willem Knot is a Dutch economist and central banker who is the current President of the Dutch central bank De Nederlandsche Bank (DNB). In this capacity he serves as a member of the Governing Council of the European Central Bank (ECB), as well as of the Board of Governors of the International Monetary Fund (IMF). Knot also holds a position as Professor in Monetary Stability at the University of Amsterdam and honorary professor at the University of Groningen.
