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The Capitalist Economy as a Credit Economy

In: Towards a General Theory of Deep Downturns: Presidential Address from the 17th World Congress of the International Economic Association in 2014

Author

Listed:
  • Joseph E. Stiglitz

    (Columbia University)

Abstract

Since excessive credit expansions have preceded many deep downturns, particularly important is an understanding of finance, the credit creation process and banking, which in a modern economy are markedly different from the way envisioned in more traditional models.

Suggested Citation

  • Joseph E. Stiglitz, 2016. "The Capitalist Economy as a Credit Economy," International Economic Association Series, in: Towards a General Theory of Deep Downturns: Presidential Address from the 17th World Congress of the International Economic Association in 2014, chapter 3, pages 47-60, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-137-58691-9_4
    DOI: 10.1007/978-1-137-58691-9_4
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    Cited by:

    1. Dosi, G. & Pereira, M.C. & Roventini, A. & Virgillito, M.E., 2017. "When more flexibility yields more fragility: The microfoundations of Keynesian aggregate unemployment," Journal of Economic Dynamics and Control, Elsevier, vol. 81(C), pages 162-186.
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    3. repec:hal:spmain:info:hdl:2441/9d007rc2q9huruni0kde2vr73 is not listed on IDEAS

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