Financial Markets in Perspective

Introduction.- Part I: Guggenheim Prize Lecture.- The Myth of Money as a Veil.- Part II: Financial History.- British Investment Trusts 1868 to 1928: Portfolio Diversification and the Beginnings of Institutional Investment.- Early Reflections on the Democratization of Organized Markets and Their Regulations.- Keynes as Trader in Commodity Futures.- High-Frequency Trading and the Material Political Economy of Finance.- Part III: Lessons from History and Great Economists.- Marx and Hayek on “Real” Versus “Less Real”: Explanations for the Fragility of Capitalism.- Financial Instability and Crises in Keynes’s Monetary Thought.- Debt and Debt Management: Reflections on a Fable by Kalecki.- Part IV: Income Distribution and the Social Roots of Economic Crisis.- Desperation by Consent: Inequality and Financial Crises.- Inequality, Economic Policy and Household Credit in the US: The Roots of Unsustainable Finance.- Profitability, Stimulus Policy and Finance.- Part V: Today’s Macroeconomics Confronts Economic Crises.- Some Reflections on Financial Instability in Macro Agents-Based Models: Genealogy and Objectives.- Financial Instability and Frictions: Can DSGE Models Finally Address the Critical Issues?.- Instability and Structural Dynamics in the Macroeconomy: A Policy Framework.