Modern forms of capitalism and the limits of its governability:

Keynes, Kalecki, Minsky and Hayek

Required Readings for both lectures:

Hayek, F.A. (1950), "Full Employment, Planning and Inflation". In: ibid., 1967: Studies in Philosophy, Politics, and Economics , Chicago: The University of Chicago Press: 270-279.

Keynes, J. Maynard (1967), The General Theory of Employment, Interest and Money , London: MacMillan, [Chapter 24].

Minsky, Hyman P. (1992), "The Financial Instability Hypothesis", Levy Economics Institute Working Paper no. 74.

Complementary readings:

Crouch, C. (2009) "Privatised Keynesianism: An Unacknowledged Policy Regime", The British Journal of Politics and International Relations , 11: 382-399.

Kalecki, M., (1943), "Political Aspects of Full Employment". In: Political Quarterly , 14(4): 322-331.

Konzelmann, Suzanne (2014), "The political economics of austerity", Cambridge Journal of Economics , 38: 701-741.

Perez, S. A. and Matsaganis, M. (2018), "The Political Economy of Austerity in Southern Europe", New Political Economy , 23: 192-207.

Stockhammer, E. (2016), "Neoliberal Growth Models, Monetary Union and the Euro Crisis. A Post-Keynesian Perspective", New Political Economy , 21: 365-379.

Modern forms of capitalism and the limits of its governability:

Keynes, Kalecki, Minsky and Hayek

Required Readings for both lectures:

Hayek, F.A. (1950), "Full Employment, Planning and Inflation". In: ibid., 1967: Studies in Philosophy, Politics, and Economics , Chicago: The University of Chicago Press: 270-279.

Keynes, J. Maynard (1967), The General Theory of Employment, Interest and Money , London: MacMillan, [Chapter 24].

Minsky, Hyman P. (1992), "The Financial Instability Hypothesis", Levy Economics Institute Working Paper no. 74.

Complementary readings:

Crouch, C. (2009) "Privatised Keynesianism: An Unacknowledged Policy Regime", The British Journal of Politics and International Relations , 11: 382-399.

Kalecki, M., (1943), "Political Aspects of Full Employment". In: Political Quarterly , 14(4): 322-331.

Konzelmann, Suzanne (2014), "The political economics of austerity", Cambridge Journal of Economics , 38: 701-741.

Perez, S. A. and Matsaganis, M. (2018), "The Political Economy of Austerity in Southern Europe", New Political Economy , 23: 192-207.

Stockhammer, E. (2016), "Neoliberal Growth Models, Monetary Union and the Euro Crisis. A Post-Keynesian Perspective", New Political Economy , 21: 365-379.

States and Markets in the institutionalist perspective

Required Readings for both lectures:

Chang, HaJoon (2002), "Breaking the mould: an institutionalist political economy alternative to the neoliberal theory of the market and the state", Cambridge Journal of Economics , 26: 539-559

Polanyi, Karl, 1957 [1944]: The Great Transformation: The Political and Economic Origins of Our Time, Boston: Beacon Press, [Chapter 5, 6, 11, 12, and 21].

Complementary readings:

Crouch, Colin (2004), "The State and Innovations in Economic Governance", Political Quarterly , 75(1): 100-116.

Schmidt, V. (2009), "Putting the Political Back Into Political Economy by Bringing the State Back in Yet Again", World Politics , 61 (3): 516-54.

Required Readings for both lectures:

Chang, HaJoon (2002), "Breaking the mould: an institutionalist political economy alternative to the neoliberal theory of the market and the state", Cambridge Journal of Economics , 26: 539-559

Polanyi, Karl, 1957 [1944]: The Great Transformation: The Political and Economic Origins of Our Time, Boston: Beacon Press, [Chapter 5, 6, 11, 12, and 21].

Complementary readings:

Crouch, Colin (2004), "The State and Innovations in Economic Governance", Political Quarterly , 75(1): 100-116.

Schmidt, V. (2009), "Putting the Political Back Into Political Economy by Bringing the State Back in Yet Again", World Politics , 61 (3): 516-54.

The conventional perspective about the economic role of the

State: welfare economics

Required Readings for the lecture:

Medema, Steven (2009), The Hesitant Hand: Taming Self-Interest in the History of Economic Ideas , New Jersey: Princeton University Press, [Chapter 3].

Complementary readings:

Akerlof, George A. (1970), The market for "lemons": quality uncertainty and the market mechanism, Quarterly Journal of Economics 84: 488-500.

Arrow, Kenneth J. (1963), Uncertainty and the welfare economics of medical care, The American Economic Review vol. 53, no. 5: 941-973.