Paul Davidson (economist)

Paul Davidson (b. 1930, New York 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 (natural resources, international monetary system, developing countries' debt) 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 chemistry, for which he got a BSc from the University of Pennsylvania. In 1951 he worked in that same university as an instructor in physiology and chemistry. He soon 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.

He has taught economics at University of Pennsylvania, Rutgers University, Bristol University, University of Cambridge, and the University of Tennessee. He is a Visiting Scholar at the Schwartz Center For Economic Policy Analysis at the New School for Social Research and is currently an Emeritus Holly Professor of Excellence at the University of Tennessee, Knoxville. He is especially known for promoting a Post Keynesian school of macroeconomics. He and Sidney Weintraub founded the Journal of Post Keynesian Economics in 1978. He is the Editor of the Journal of Post Keynesian Economics.

Major publications

* "A Clarification of the Ricardian Rent Share", 1959, "Canadian J of Econ and Political Science"
* "Increasing Employment, Diminishing Returns, Relative Shares, and Ricardo", 1960, "Canadian J of Econ and Political Science, 1960"
* "Theories of Aggregate Income Distribution", 1960
* "More on the Aggregate Supply Function," 1962, "EJ"
* "Employment and Income Multipliers and the Price Level," 1962, "AER"
* "Public Policy Problems of the Domestic Crude Oil Industry", 1963, "AER"
* "Modigliani on the Interaction of Real and Monetary Phenomena", with E. Smolensky, 1964, "REStat"
* "Aggregate Supply and Demand Analysis", with E. Smolensky, 1964
* "Keynes's Finance Motive", 1965, "Oxford EP"
* "The Importance of the Demand for Finance", 1967, "Oxford EP"
* "A Keynesian View of Patinkin's Theory of Employment", 1967, "EJ"
* "The Valuation of Public Goods," 1968, in Garnsey and Hibbs (eds.), "Social Sciences and the Environment"
* "Money, Portfolio Balance, Capital Accumulation, and Economic Growth," 1968, "Econometrica"
* "The Demand and Supply of Securities and Economic Growth and its implications for the Kaldor-Pasinetti vs. Samuelson-Modigliani controversy", 1968, "AER"
* "A Keynesian View of the Relationship Between Accumulation, Money and the Money Wage Rate", 1969, "EJ"
* "Money and the Real World", 1972, "EJ"
* "A Keynesian View of Friedman's Theoretical Framework for Monetary Analysis," 1972, "JPE"
* "Money and the Real World", 1972
* "Money as Cause and Effect", with S. Weintraub, 1973, "EJ"
* "Market Disequilibrium Adjustments: Marshall Revisited," 1974, "Econ Inquiry"
* "Oil: Its Time Allocation and Project Independence," with L.H. Falk and H. Lee, 1974, "BPEA"
* "Post-Keynesian Monetary Theory and Inflation", 1977, in S. Weintraub (ed.), "Modern Economic Thought"
* "A Discussion of Leijonhufvud's Social Consequences of Inflation", 1977, in Harcourt (ed.), "Microfoundations of Macroeconomics"
* "The Carter Energy Proposal", 1977, "Challenge"
* "Money and General Equilibrium," 1977, "Economie Appliquee"
* "Why Money Matters: Some Lessons of the Past Half Century of Monetary Theory", 1978, "JPKE"
* "The United States Internal Revenue Service: The Fourteenth Member of OPEC?", 1979, "JPKE"
* "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"
* "Oil Conservation: Theory vs. Policy", 1979, "JPKE"
* "What Is the Energy Crisis?", 1979, "Challenge"
* "Keynes's Paradigm: A Theoretical Framework for Monetary Analysis", with J.A. Kregel, 1980, in Nell (ed.), "Growth, Property and Profits"
* "The Dual Faceted Nature of the Keynesian Revolution: The Role of Money and Money Wages in Determining Unemployment and Production Flow Prices," 1980, "JPKE"
* "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 (eds.), "The Crisis in Economic Theory"
* "Can VAT Resolve the Shortage of Savings (SOS) Distress?", 1981, "JPKE"
* "Alfred Marshall is Alive and Well in Post Keynesian Economics", 1981, "IHS Journal"
* "A Critical Analysis of the Monetarist-Rational Expectations Supply Side (Incentive) Economics Approach to Accumulation During a Period of Inflationary Expectations," 1981, "Kredit und Kapital"
* "International Money and the Real World", 1982
* "Rational Expectations: A Fallacious Foundation for Studying Crucial Decision-Making Processes", 1982, "JPKE"
* "Monetarism and Reagonomics", 1983, in S. Weintraub and Goodstein (eds.), "Reagonomics in the Stagflation Economy"
* "The Dubious Labor Market Analysis in Meltzer's Restatement of Keynes's Theory," 1983, "JEL"
* "The Marginal Product Curve Is Not The Demand Curve For Labor and Lucas' Labor Supply Function Is Not the Supply Curve for Labor", 1983, "JPKE"
* "An Appraisal of Weintraub's Work", 1983, "Eastern EJ"
* "Reviving Keynes's Revolution", 1984, "JPKE"
* "The Conventional Wisdom on Deficits Is Wrong", 1984, "Challenge"
* "Incomes Policy as a Social Institution", 1985, in Maital and Lipnowski (eds.), "Macroeconomic Conflict and Social Institutions"
* "Policies For Prices And Incomes", 1985, in Barrere (ed.), "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"
* "Liquidity and Not Increasing Returns Is The Ultimate Source of Unemployment Equilibrium", 1985, "JPKE"
* "Can Effective Demand and the Movement Towards Income Equality Be Maintained in the Face of Robotics ?", 1985, "JPKE"
* "Sidney Weintraub - An Economist of the Real World", 1985, "JPKE"
* "A Post Keynesian View of Theories and Causes of High Real Interest Rates", 1986, "Thames Papers in Political Economy"
* "Finance, Funding, Savings, and Investment", 1986, "JPKE"
* "The Simple Macroeconomics of a Nonergodic Monetary Economy vs. a Share Economy: Is Weitzman's macroeconomics too simple?", 1986, "JPKE"
* "Financial Markets, Investment, and Employment", 1988, in Matzner et al. (eds.), "Barriers to Full Employment"
* "Sensible Expectations and the Long-Run Non-Neutrality of Money", 1987, "JPKE"
* "A Modest Set of Proposals for Remedying The International Debt Problem", 1987, "JPKE"
* "Weitzman's Share Economy And The Aggregate Supply Function", 1988, in Hamouda and Smithin (eds.), "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 (ed.), "Keynes, Money, and Monetarism"
* "Prices and Income Policy: An Essay in Honor of Sidney Weintraub", 1989, in Barrere (ed.), "Money, Credit, and Prices in Keynesian Perspective"
* "Patinkin's Interpretation of Keynes and the Keynesian Cross", 1989, "HOPE"
* "Only in America: Neither The Homeless Nor The Yachtless Are Economic Problems", 1989, "JPKE"
* "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 (ed.), "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" (2 vols.), 1990-1.
* "Controversies in Post Keynesian Economics", 1991
* " A Post Keynesian Positive Contribution To `Theory'", 1991, "JPKE"
* "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 (eds.), "Economic Problems of the 1990s"
* "Money: Cause or Effect? Exogenous or Endogenous?", 1992, in Nell and Semmler (eds.), "Nicholas Kaldor and Mainstream Economics"
* "Eichner's Approach to Money and Macroeconomics", 1992, in Milberg (ed.), "The Megacorp and Macrodynamics"
* "Reforming The World's Money", 1992, "JPKE"
* "The Elephant and the Butterfly; or Hysteresis and Post Keynesian Economics", 1993, "JPKE"
* "Would Keynes Be a New Keynesian?", 1992, "Eastern EJ"
* "Asset Deflation and Financial Fragility" 1993, in Arestis (ed.), "Contemporary Issues in Money and Banking"
* "Can the Free Market Pick Winners?" (editor), 1993
* "Growth, Employment and Finance: Economic Reality and Economic Theory", (co-edited with J.A. Kregel), 1994
* "The Asimakopulos View of Keynes's General Theory", 1994, in Harcourt and Roncaglia (eds.), "Investment and Employment in Theory and Practice"
* "Monetary Theory and Policy In A Global Context With A Large International Debt" 1994, in Frowen (ed.), "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 (eds.), "Money in Motion"
* "The General Theory in An Open Economy," 1996, in Harcourt and Riach (eds.), "A Second Edition of the General Theory"
* "Reality and Economic Theory", 1996, "JPKE"
* "Are Grains of Sand In The Wheels of International Finance Sufficient To Do The Job When Boulders Are Often Required?" 1997, "EJ"
* "Post Keynesian Employment Analysis And the Macroeconomics of OECD Unemployment," 1998, "EJ".
* "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
* "Is Fixed Exchange Rates the Problem and Flexible Exchange Rates the Cure?", 2003, "Eastern EJ"
* "Is 'Mathematical Science' An Oxymoron When Used to Describe Economics?", 2003, "JPKE"
* "Setting the Record Straight on 'A History of Post Keynesian Economics'", 2004, "JPKE"
* "The Post Keynesian School", Snowden and Vane (eds.) "Modern Macroeconomics", 2005
* "What is Post Keynesianism and Who Is A Post Keynesian? Responses to Lavoie, King and Dow," 2005, "JPKE"
* "Galbraith and The Post Keynesians", 2005, "JPKE"
* "Can, Or Should, A Central Bank Inflation Target?" 2006, "JPKE"
* "Keynes and Money" in Arestis and Sawyer (eds.) "Handbook of Alternative Monetary Economics", 2006
* "Keynes, Post Keynesian Analysis, and the Open Economies of the Twenty-first Century" Arestis, McCombie and Vickerman (eds.) "Growth and Economic Development", 2006
* "Are We Making Progess 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"

econdary source

* M. Blaug (ed.) - "Who's who in economics" (3d edition), 1999
* R. Holt - [http://findarticles.com/p/articles/mi_qa3620/is_199810/ai_n8812891|http://findarticles.com/p/articles/mi_qa3620/is_199810/ai_n8812891|"Neglected prophets: Paul Davidson: The truest Keynesian?"] "Eastern Economic Journal", 1998

ee also

Post-Keynesian economics

External links

* [http://bus.utk.edu/econweb/davidson.html Paul Davidson's homepage at the Univ. of Tennessee]