Fri 2010-06-18 10:24 EDT
The Progressive Economics Forum >> Remembering Wynne Godley
Progressive economists everywhere should say a thank you this week to Wynne Godley, who passed away May 13...His final major volume (published by Palgrave in 2007) was a tour de force of heterodox macro theory, co-written with Canada's (and the PEF's) own Marc Lavoie: Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth. Like Minsky, he can say ``I told you so'' to the whole neoclassical profession - although unlike Minsky, Godley could do this while he was still alive...His work exploring the implications of basic macro identities (such as the basic but oft-ignored fact that all sector deficits in the economy have to sum to zero in equilibrium, and hence not all sectors can be paying down debt simultaneously - someone must be increasing their debt to keep the money flowing) has influenced heterodox writers of all stripes...