著者
鍋島 直樹
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.48, no.4, pp.75-85, 2012-01-20 (Released:2017-04-25)

Nowadays, mainstream macroeconomics has evolved into a new framework, which is labeled "new consensus macroeconomics", by integrating research results both of new classicals and of new Keynesians. It is said that oppositions between schools of thought over the analytical framework have nearly disappeared within mainstream macroeconomics today. It is notable that the new consensus recognizes the exogeneity of the shortterm interest rate and the endogeneity of the money supply. Nevertheless, the new consensus model exhibits strong classical features. In the model, the longrun equilibrium of the economy is exclusively determined by the supply-side factors, and effective demand has no influence on it. Therefore, in the long-run, monetary policy only impacts on the rate of inflation and doesn't improve the levels of production and employment. Further, proponents of the new consensus accept Wicksell's concept of the "natural rate of interest", and they consider that the departure of the market rate of interest from the natural rate gives rise to the movement of the aggregate price level. In addition, they inherit Wicksell's idea that the natural rate of interest acts as a center of gravitation. In contrast, Post Keynesian economists argue that aggregate demand not only determines the short-run output, but also plays a crucial role in directing the long-run growth path of the economy. Hence government economic policies have lasting effects on the real economy. Furthermore, Post Keynesians deny the existence of a unique natural rate of interest, and they maintain that the interest rate determined by monetary factors constitutes a center of gravitation. We can regard the rivalry between the new consensus and the Post Keynesian views as a modern manifestation of the rivalry between "real analysis" and "monetary analysis" that has shaped the history of economics. Today, Post Keynesian economics makes great contributions to the theoretical foundation of monetary analysis that believes capitalist economies inherently contain monetary and financial instability.
著者
鍋島 直樹
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.46, no.4, pp.15-24, 2010-01-20

J. M. Keynes argued that money is not neutral both in the short-run and in the long-run, therefore it influences on real economic activities such as production and employment. Post Keynesian economists inherit his ideas, and try to develop his original theory. This paper clarifies the essence of Keynesian revolution, and explores the direction of an alternative economic theory and policy by reviewing recent developments in Post Keynesian monetary economics. The core of Keynesian economics lies in its nature of a "monetary theory of production". The theory suggests that money plays a part of it own and affects motives and decisions. Keynes made clear that aggregate demand sufficient to generate full employment is not guaranteed even in a competitive economy with perfectly flexible wages and prices. The cause of unemployment equilibrium in a monetary economy is the existence of money which is a nonproducible asset held for the purpose of liquidity. One of the main themes in Post Keynesian economics is the endogeneity of money supply. Following the pioneer study by N. Kaldor, many Post Keynesian economists have elaborated the theory of endogenous money supply. The theory has been a cornerstone of Post Keynesian economics until now. Although the "horizontalist" approach and the "structuralist" approach are different in their nature each other, together they provide a more general theory of endogenous money. Today, the "new consensus" in macroeconomics also accepts the view that the interest rate is exogenous and money is endogenous. Nevertheless, there are significant differences between Post Keynesian monetary theory and the new consensus. The latter still retains the axiom of the long-run neutrality of money and monetary policy. In contrast, Post Keynesians consider that aggregate demand not only determines the level of production and employment in the short-run, but also influences on the long-run growth path of the economy. Hence, they maintain that monetary policy can have permanent real effects.
著者
鍋島 直樹
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.7-18, 2015-10-20 (Released:2017-09-19)

Many people view the outbreak of the severe financial crisis of 2007-8 as confirming Minsky's "financial instability hypothesis". Nevertheless, those who interpret this financial crisis as a "Minsky crisis" don't get a majority even among heterodox economists who believe that the capitalist growth process is inherently unstable. One of the reason is that there are still various theories of economic crisis in the strands of heterodox economics. Therefore, heterodox economists' assessments on Minsky's theory aren't also uniform. Some indicate the limitations of Minsky's perspective. For example, many Marxian economists often point out that Minsky finds the source of instability of a capitalist economy exclusively in the financial sector of the economy and he pays little attention to the contradictions and crises of capitalist economies that result from factors located in the real sector. But economic crises don't necessarily always occur by only one cause. In many case, crises occur because of the complex interaction of plural factors. Further, the form of a crisis may depend on the institutional structure of the economic system at a particular time and place. In order to grasp the nature of economic crises that occur taking various forms each time, we need a comprehensive theoretical framework that integrates perspectives of schools of heterodox economics. We will be able to construct such a framework for the first time by the animated cross-fertilization between various strands of heterodox economics. Since their advent in the late 1960s, American radical economists have done a lot of valuable attempts toward a synthesis of heterodox economics. They have inherited the intellectual capital of Marxian, Keynesian and American institutional schools, and sought to construct an alternative framework to the neoclassical orthodoxy through the integration of those ideas. In addition to the analysis of the real aspect of the economy, they have also achieved many rich results in the analysis of financial instability of a capitalist economy. This paper reviews American radical economists' critical assessments of Minsky's financial instability hypothesis, and examines their interpretations of the current crisis. With these considerations, I explore the possibility of a synthesis of heterodox theories of economic crisis.
著者
田村 公江 鍋島 直樹 柿本 佳美 細谷 実 川畑 智子 荒谷 大輔
出版者
龍谷大学
雑誌
萌芽研究
巻号頁・発行日
2006

本研究は、性をめぐる学術的研究を踏まえて現代の日本社会における望ましい性のあり方を検討すること、そして市民を読者対象とする著書を出版することを目的としている。今年度は最終年度にあたるので、青年の性意識調査を手がけるグループAを理論的考察を行うグループBが補佐する形で調査データの分析を行い、調査に協力してくれた青年層の人々に役に立つ情報発信の準備を行った。なおグループAの連携研究者として竹中健(札幌市立大非常勤講師、社会学)が加わった。詳細は以下のとおり。1.インタビューデータの整理合計29本(1本あたり90〜120分)のインタビューデータを、インタビュー協力者のプライバシー保護、及び、公開意志の尊重に留意して整理し、『青年の性意識/インタビュー決定稿』として仕上げた。これは、(1)固有名詞を伏せるマスキングを行い、(2)それに対するインタビュー協力者の本人チェックを要請し、さらに、(3)本人チェックに基づいてデータを書き換えるという3重の作業を経て獲得されたものである。このような厳重な作業を経て獲得されたデータは非常に貴重なものであり、性という領域についてはこれまでに殆ど例がないものである。このデータは『青年の性意識/インタビュー決定稿』というタイトルを付けて保存され、今後の学術的研究、及び出版のために役立てられる。2.研究会年度内に3回の研究会を実施して、アンケート及びインタビューの、(1)データ整理の進め方、(2)考察に関する編集方針について協議した。日程は、1回目が9月1日、2日、2回目が12月18日、3回目が2月16日である。3.出版企画インタビューに基づく図書『インタビュー「大学生の性意識」』(仮題)の出版企画を、出版社に打診しつつ作成した。第一部では10人前後のインタビュー協力者を選んで比較的詳しく紹介し、第二部では、論文及びコラム形式で青年層が抱える諸問題を考察するという2部構成とした。第二部の考察に際してはアンケートデータも取り入れる。この図書は、青年層の多様な現状を伝えると共に、青年層が抱えている困難を抜き出して解決策を提案するものとなるはずである。年度末に執筆分担を決め、執筆を開始した。