Paul Davidson (economist)
Paul Davidson is an American macroeconomist who has been one of the leading spokesmen of the American branch of the post-Keynesian school in economics. He is a prolific writer and has actively intervened in important debates on economic policy from a position that is very critical of mainstream economics.
Life and work
Davidson did not originally choose economics as a profession. His primary training was in both chemistry and biology, for which he received B.Sc. degrees from Brooklyn College in 1950. He was a graduate student in biochemistry at the University of Pennsylvania, but switched to economics, receiving his MBA from the City University of New York in 1955, and completing his PhD at the University of Pennsylvania in 1959.Davidson is Holly Professor of Excellence, Emeritus at the University of Tennessee in Knoxville. He is a Visiting Scholar at the Schwartz Center For Economic Policy Analysis at the New School. Besides the University of Pennsylvania, the University of Tennessee, and the New School, Davidson has taught economics at Rutgers University, Bristol University, and the University of Cambridge. In the early 1960s he worked at Continental Oil Company.
Davidson and Sidney Weintraub founded the Journal of Post Keynesian Economics in 1978. Davidson continues as editor of that journal. He is also a contributor to the Center for Full Employment and Stability. The contains more biographical information about him, as well as a list of his publications, with links to a few.
Major publications
- Theories of Aggregate Income Distribution, 1960
- Aggregate Supply and Demand Analysis, with E. Smolensky, 1964
- "The Valuation of Public Goods," 1968, in Garnsey and Hibbs, Social Sciences and the Environment
- Money and the Real World, 1972
- "Market Disequilibrium Adjustments: Marshall Revisited," 1974, Econ Inquiry
- "Post-Keynesian Monetary Theory and Inflation", 1977, in S. Weintraub, Modern Economic Thought
- "A Discussion of Leijonhufvud's Social Consequences of Inflation", 1977, in Harcourt, Microfoundations of Macroeconomics
- "The Carter Energy Proposal", 1977, Challenge
- "Money and General Equilibrium," 1977, Economie Appliquee
- "Post Keynesian Approach to the Theory of Natural Resources", 1979, Challenge
- "Monetary Policy, Regulation and International Adjustments," with M.A. Miles, 1979, Economies et Societies
- "What Is the Energy Crisis?", 1979, Challenge
- "Keynes's Paradigm: A Theoretical Framework for Monetary Analysis", with J.A. Kregel, 1980, in Nell, Growth, Property and Profits
- "Keynes's Theory of Employment, Expectations and Indexing", 1980, Revista de Economia Latinoamericana
- "Post Keynesian Economics: Solving the Crisis in Economic Theory", 1981, in Bell and Kristol, The Crisis in Economic Theory
- "Alfred Marshall is Alive and Well in Post Keynesian Economics", 1981, IHS Journal
- "A Critical Analysis of the Monetarist-Rational Expectations Supply Side Economics Approach to Accumulation During a Period of Inflationary Expectations," 1981, Kredit und Kapital
- International Money and the Real World, 1982
- "Monetarism and Reagonomics", 1983, in S. Weintraub and Goodstein, Reagonomics in the Stagflation Economy
- "The Conventional Wisdom on Deficits Is Wrong", 1984, Challenge
- "Incomes Policy as a Social Institution", 1985, in Maital and Lipnowski, Macroeconomic Conflict and Social Institutions
- "Policies For Prices And Incomes", 1985, in Barrere, Keynes Today
- "Financial Markets and Williamson's Theory of Governance: Efficiency vs. Concentration vs. Power", with G.S. Davidson, 1984, Quarterly Review of Economics and Business
- "A Post Keynesian View of Theories and Causes of High Real Interest Rates", 1986, Thames Papers in Political Economy
- "Financial Markets, Investment, and Employment", 1988, in Matzner et al., Barriers to Full Employment
- "Weitzman's Share Economy And The Aggregate Supply Function", 1988, in Hamouda and Smithin, Keynes and Public Policy After Fifty Years
- "Endogenous Money, The Production Process, And Inflation Analysis", 1988, Economie Appliquee
- "A Technical Definition of Uncertainty and the Long Run Non- Neutrality of Money", 1988, Cambridge JE
- Economics for a Civilized Society, with G. Davidson, 1988
- "Keynes and Money" 1989, in Hill, Keynes, Money, and Monetarism
- "Prices and Income Policy: An Essay in Honor of Sidney Weintraub", 1989, in Barrere, Money, Credit, and Prices in Keynesian Perspective
- "Patinkin's Interpretation of Keynes and the Keynesian Cross", 1989, HOPE
- "The Economics of Ignorance Or Ignorance of Economics?", 1989, Critical Review
- "Shackle and Keynes vs. Rational Expectations Theory on the Role of Time, Liquidity, and Financial Markets" 1990, in S. Frowen, Unknowledge and Choice in Economics
- "Liquidity Proposals for a New Bretton Woods Plan", 1990, in Barrere, Keynesian Economic Policies
- "On Thirlwall's Law", 1990, Revista de Economia Politica
- Collected Writings of Paul Davidson, 1990–1.
- Controversies in Post Keynesian Economics, 1991
- "Is Probability Theory Relevant For Choice Under Uncertainty?: A Post Keynesian Perspective", 1991, JEP
- "What Kind of International Payments System Would Keynes Have Recommended for the Twenty-First Century?" 1991, in Davidson and Kregel, Economic Problems of the 1990s
- "Money: Cause or Effect? Exogenous or Endogenous?", 1992, in Nell and Semmler, Nicholas Kaldor and Mainstream Economics
- "Eichner's Approach to Money and Macroeconomics", 1992, in Milberg, The Megacorp and Macrodynamics
- "Asset Deflation and Financial Fragility" 1993, in Arestis, Contemporary Issues in Money and Banking
- Can the Free Market Pick Winners?, 1993
- Growth, Employment and Finance: Economic Reality and Economic Theory,, 1994
- "The Asimakopulos View of Keynes's General Theory", 1994, in Harcourt and Roncaglia, Investment and Employment in Theory and Practice
- "Monetary Theory and Policy In A Global Context With A Large International Debt" 1994, in Frowen, Monetary Theory and Monetary Policy
- Post Keynesian Macroeconomic Theory: a foundation for successful economic policies for the Twenty-first Century, 1994
- Economics For A Civilized Society, with Greg Davidson, 1996.
- "What Are The Essential Characteristics of Post Keynesian Monetary Theory?", 1996, in G. Deleplace and E. J. Nell, Money in Motion
- "The General Theory in An Open Economy," 1996, in Harcourt and Riach, A Second Edition of the General Theory
- "Is a Plumber Or A Financial Architect Needed to End Global International Liquidity Problems?", 2000, World Development
- Financial Markets, Money and the Real World, 2002
- "The Post Keynesian School", Snowden and Vane Modern Macroeconomics, 2005
- "Can, Or Should, A Central Bank Inflation Target?" 2006, JPKE
- "Keynes and Money" in Arestis and Sawyer Handbook of Alternative Monetary Economics, 2006
- "Keynes, Post Keynesian Analysis, and the Open Economies of the Twenty-first Century" Arestis, McCombie and Vickerman Growth and Economic Development, 2006
- "Are We Making Progress Towards A Civilized Society?", 2007, JPKE
- John Maynard Keynes, 2007
- "How To Solve The U.S. Housing Problem and Avoid A Recession: A Revived HOLC and FTC", Schwartz Center For Economic Policy Analysis: Policy Note, 2008.
- "Securitization, Liquidity, and Market Failure", 2008, Challenge
- "Is The Current Financial Distress Caused By The Sub Prime Mortgage Crisis A Minsky moment? Or Is It The Result of Attempting To Securitize Illiquid Non Commercial Mortgage Loans?", 2008, JPKE
- The Keynes Solution: The Path to Global Economic Prosperity, 2009