Borrow it
Coverart for item
The Resource Essays on investment stagnation and financialization, Andrew Reeves Johnson

Essays on investment stagnation and financialization, Andrew Reeves Johnson

Creator
Author
Contributor
Summary
The three essays composing this manuscript examine the problem of capital accumulation from three distinct perspectives. the first essay offers a historical-dynamical view into the work of the pioneer of investment stagnation, Alvin Harvey Hansen. The essay shows that the influence of continental business-cycle theory, and notably the work of Arthur Spiethoff and Gustav Cassel, were critical to Hansen's conceptualization of stagnation as a cyclical process driven by investment spending. By means of a historical investigation into his heretical "stagnation thesis," a dynamic model of cyclical stagnation is constructed to complement Hansen's narrative arguments. The subsequent essay considers one of Hansen's most notorious students, Hyman Minsky. The essay provides an empirical assessment of the latter's "financial theory of investment," the results of which cast doubt on some of the fundamental attributes of Minsky's investment theory. It is suggested that, despite Minsky's keen attention to the relation between finance and investment, the current accumulation regime characterized by the financialization of business strategy has, in fact, undermined Minsky's canonical account of instability. The final essay addresses the question of capitalism's growth imperative by means of a circuitist growth model, as set forth in Johnson (2015). The primary conclusion reached on the basis of the formal model aligns with the theory of the growth imperative. Specifically, in the presence of financial institutions that accumulate bank capital, profits must not only be positive, but high in order that capital accumulation takes place on ever greater levels. The Appendix to this essay includes a rejoinder (Johnson 2015) written in response to a criticism on the dimensional status of loans in the model
Language
eng
Work
Publication
Extent
1 online resource (163 pages)
Note
  • "A dissertation in Economics and Mathematics."
  • Advisor: Mathew Forstater
  • Vita
Contents
  • Alvin Hansen, the stagnation thesis and cyclical stagnation
  • Financialization and Minksy's financial theory of investment
  • A Model of the growth imperative
Instance
Label
Essays on investment stagnation and financialization
Title
Essays on investment stagnation and financialization
Statement of responsibility
Andrew Reeves Johnson
Creator
Contributor
Author
Degree supervisor
Subject
Genre
Language
eng
Summary
The three essays composing this manuscript examine the problem of capital accumulation from three distinct perspectives. the first essay offers a historical-dynamical view into the work of the pioneer of investment stagnation, Alvin Harvey Hansen. The essay shows that the influence of continental business-cycle theory, and notably the work of Arthur Spiethoff and Gustav Cassel, were critical to Hansen's conceptualization of stagnation as a cyclical process driven by investment spending. By means of a historical investigation into his heretical "stagnation thesis," a dynamic model of cyclical stagnation is constructed to complement Hansen's narrative arguments. The subsequent essay considers one of Hansen's most notorious students, Hyman Minsky. The essay provides an empirical assessment of the latter's "financial theory of investment," the results of which cast doubt on some of the fundamental attributes of Minsky's investment theory. It is suggested that, despite Minsky's keen attention to the relation between finance and investment, the current accumulation regime characterized by the financialization of business strategy has, in fact, undermined Minsky's canonical account of instability. The final essay addresses the question of capitalism's growth imperative by means of a circuitist growth model, as set forth in Johnson (2015). The primary conclusion reached on the basis of the formal model aligns with the theory of the growth imperative. Specifically, in the presence of financial institutions that accumulate bank capital, profits must not only be positive, but high in order that capital accumulation takes place on ever greater levels. The Appendix to this essay includes a rejoinder (Johnson 2015) written in response to a criticism on the dimensional status of loans in the model
Cataloging source
UMK
http://library.link/vocab/creatorDate
1980-
http://library.link/vocab/creatorName
Johnson, Andrew Reeves
Degree
Ph.D.
Dissertation note
(Department of Economics and Department of Mathematics and Statistics).
Dissertation year
2018.
Granting institution
University of Missouri-Kansas City,
Illustrations
illustrations
Index
no index present
Literary form
non fiction
Nature of contents
  • dictionaries
  • bibliography
  • theses
http://library.link/vocab/relatedWorkOrContributorDate
1961-
http://library.link/vocab/relatedWorkOrContributorName
Forstater, Mathew
http://library.link/vocab/subjectName
  • Hansen, Alvin H.
  • Minsky, Hyman P
  • Stagnation (Economics)
  • Financialization
Label
Essays on investment stagnation and financialization, Andrew Reeves Johnson
Instantiates
Publication
Copyright
Note
  • "A dissertation in Economics and Mathematics."
  • Advisor: Mathew Forstater
  • Vita
Antecedent source
not applicable
Bibliography note
Includes bibliographical references (pages 155-162)
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Color
black and white
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Contents
Alvin Hansen, the stagnation thesis and cyclical stagnation -- Financialization and Minksy's financial theory of investment -- A Model of the growth imperative
Control code
1084288955
Dimensions
unknown
Extent
1 online resource (163 pages)
File format
one file format
Form of item
online
Level of compression
mixed
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other physical details
illustrations.
Quality assurance targets
not applicable
Specific material designation
remote
System control number
(OCoLC)1084288955
System details
  • The full text of the dissertation is available as an Adobe Acrobat .pdf file; Adobe Acrobat Reader required to view the file
  • Mode of access: World Wide Web
Label
Essays on investment stagnation and financialization, Andrew Reeves Johnson
Publication
Copyright
Note
  • "A dissertation in Economics and Mathematics."
  • Advisor: Mathew Forstater
  • Vita
Antecedent source
not applicable
Bibliography note
Includes bibliographical references (pages 155-162)
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Color
black and white
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Contents
Alvin Hansen, the stagnation thesis and cyclical stagnation -- Financialization and Minksy's financial theory of investment -- A Model of the growth imperative
Control code
1084288955
Dimensions
unknown
Extent
1 online resource (163 pages)
File format
one file format
Form of item
online
Level of compression
mixed
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other physical details
illustrations.
Quality assurance targets
not applicable
Specific material designation
remote
System control number
(OCoLC)1084288955
System details
  • The full text of the dissertation is available as an Adobe Acrobat .pdf file; Adobe Acrobat Reader required to view the file
  • Mode of access: World Wide Web

Subject

Genre

Library Locations

  • St. Louis Mercantile LibraryBorrow it
    1 University Blvd, St. Louis, MO, 63121, US
    38.710138 -90.311107
  • Thomas Jefferson LibraryBorrow it
    1 University Blvd, St. Louis, MO, 63121, US
    38.710138 -90.311107
  • University ArchivesBorrow it
    703 Lewis Hall, Columbia, MO, 65211, US
  • University of Missouri-St. Louis Libraries DepositoryBorrow it
    2908 Lemone Blvd, Columbia, MO, 65201, US
    38.919360 -92.291620
  • University of Missouri-St. Louis Libraries DepositoryBorrow it
    2908 Lemone Blvd, Columbia, MO, 65201, US
    38.919360 -92.291620
  • Ward E Barnes Education LibraryBorrow it
    8001 Natural Bridge Rd, St. Louis, MO, 63121, US
    38.707079 -90.311355

Library Links

Structured data from the Bibframe namespace is licensed under the Creative Commons Attribution 4.0 International License by University of Missouri-St. Louis Libraries. Additional terms may apply to data associated with third party namespaces.
Processing Feedback ...