文献一覧: 服部茂幸 (著者)

11 0 0 0 OA カレツキと貨幣経済の理論

著者: 服部茂幸
出版者: The Japanese Society for the History of Economic Thought
雑誌: 経済学史学会年報 (ISSN:04534786)
巻号頁・発行日: vol.37, no.37, pp.95-106, 1999 (Released:2010-08-05)
参考文献数: 35

Although it is often said that Kalecki discovered the General Theory independently, his economics seems to ignore monetary factors. But monetary economics in Keynes's sense does not depend on whether there is so-called money in an economic theory. Keynes shows that, when contracts of debt are circulated socially, they will become money. Kalecki also remarked this endogeneity of money. In the actual economy, however, contracts of debts will be restricted because of uncertainty. Kalecki insisted that a firm's investment may be restricted by their own savings because of increasing risk. Monetary economics must address this kind of decision-making under the condition of an uncertain economy. In this area, Kalecki has made important contributions.Kalecki emphasised that “Capitalists earn what they spend, and workers spend what they earn.” We show that Kalecki's asymmetry is based on differences in financial constraints between capitalists and workers. Because of their more relaxed financial constraints, capitalists can spend without earning, while because of their tight financial constraints, workers' consumption restricted by their wages. We can develop a Kaleckian economics through integrating monetary factors. Kalecki's asymmetry also suggests that, in the monetary economy, economic agents with relatively relaxed financial constraints can play an active role. Therefore, monetary economics in terms of Kalecki's economics must include class distinctions.

7 0 0 0 OA マネタリーベースとインフレ予想 : リフレ派経済学の幻想

著者: 服部茂幸 Shigeyuki Hattori
出版者: 同志社大学商学会
雑誌: 同志社商学 = Doshisha Shogaku (The Doshisha Business Review) (ISSN:03872858)
巻号頁・発行日: vol.71, no.5, pp.1043-1077, 2020-03-12

同志社大学商学部創立七十周年記念論文集(Special issue in commemoration of the 70th anniversary of the Faculty of Commerce)

2023-05-28 20:42:20
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6 0 0 0 OA 伸縮的な貨幣乗数と内生的貨幣供給

著者: 服部茂幸
出版者: 奈良産業大学
雑誌: 奈良産業大学産業と経済 (ISSN:09159789)
巻号頁・発行日: vol.18, no.4, pp.515-531, 2004-06-12

2011-02-24 23:43:30
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https://ci.nii.ac.jp/naid/110005859414

4 0 0 0 OA 2008年の金融危機におけるマネー・マネージャー資本主義の崩壊と再生(<特集>ハイマン・ミンスキーの経済学金融危機をどう乗り越えるか)

著者: 服部茂幸
出版者: 経済理論学会
雑誌: 季刊経済理論 (ISSN:18825184)
巻号頁・発行日: vol.52, no.3, pp.32-42, 2015-10-20 (Released:2017-09-19)

Following the financial crisis of 2008, a large number of economists have become interested in the financial instability hypothesis of Hyman P. Minsky. However, his theory of money manager capitalism is also important in thinking about the crisis. At the end of the 1980's, Minsky had already pointed out that American capitalism evolves from corporate capitalism to money manager capitalism. However, he regarded this evolution as retrogression, not progress. Money manager capitalism has been the largest cause of the poverty and the enormous inequality of income and wealth in the United States. He also pointed out that there was a possibility that a serious depression would occur in the future. The global financial crisis of 2008 can be called the realization of Minsky's prediction. Actually, we cannot regard the year 2008 as an exception, since the United States experienced a financial confusion every several years. It is the intervention of the Federal Reserve and government that have prevented this financial confusion from expanding into a financial crisis. However, today when several years have passed since the crisis, the U. S. economy seems to be recovering, as if there had been no crisis. However, current economic recovery means the revival of money manager capitalism. It is often said that the U. S. economy is recovering smoothly since the crisis. In fact, since the early 2000s, the U. S. long-term GDP growth per capita has not been different from that of Japan, whose economy is said to be stagnant due to deflation. It is true that the present U. S. unemployment rate has today been reduced to nearly 5% from its peak of 10%, but the main reason is that people who cannot find jobs have given up looking for jobs. The U. S. employment recovery is far behind that of Japan. In the era of the housing bubble, households in the U. S. borrowed money to consume and to purchase houses. But after the crisis, households have found it difficult to borrow further. The crisis ended the era of financial Keynesianism, and that delayed the U. S. economic recovery. Nevertheless, finance has shown a quick recovery. Profits or capital gains in the financial sector have already recovered and are now near the previous peak. The income and wealth of the super-rich have been restored, as finance is reinvigorated and stock prices are rising. Recovery from the current crisis is contrary to the recovery from the Great Depression in 1930s. The Great Depression and the New Deal ended the era of financial capitalism. The depression destroyed the income and wealth of the super-riches. On the other hand, the economic growth rates of the early New Deal period were very high. The unemployment rate rapidly decreased to 10% in 1936, from its peak of 23%. The U. S. economic policy, which regards the financial sector as most important, is the main cause of the revival of money manager capitalism. The framework of such an economic policy was made by the political and economic structure of the U. S. Today, the financial sector is a powerful player in U. S. politics and economic policy. The manufacturing industry has declined, and real wages are stagnant. In this situation, financial Keynesianism is almost the only model for economic growth. Sadly, the crisis ended the era of financial Keynesianism, but an alternative model has not yet founded.