On the new Cambridge school
A simple macroeconomic model may be used to enunciate some of the key propositions of the "New Cambridge School" (NCS), and especially to identify and emphasize their breaks with Keynes' vision of the economic system. The penultimate section of the paper contains a simplified version of the NCS view of the relationship between the budget deficit and the trade deficit. For ease of exposition I deal only with real magnitudes and neglect time lags throughout.
Godley Moves in Mysterious Ways: The Craft of Economic Judgment in Post-war Britain
Economists are not memorialized in monuments. Wynne Godley is the exception, his likeness is cast in bronze upon Coventry Cathedral as archangel Michael (‘St Michael’s Victory over the Devil’, 1958) in a sculpture by his father-in-law Jacob Epstein. On his passing, Godley was remembered in obituaries in the major British broadsheets, that recalled his dotted career, his engagement with the arts, his grace as a host and his tragic family history.1 At the venerable age of 75, Godley penned an essay to the London Review of Books on his battles, four decades earlier, with an abusive psychoanalyst (Godley 2001). If one were to write Godley’s biography (and I know of no such plans) the defining features of his character would be taken from this autobiographical account: a search for his true voice, and as he took many public roles, a nagging fear that he might disappoint such responsibilities. The tensions that made up the intimate structures of his psychoanalytic self help also to describe his approach to economics: an anxious affirmation of voice and judgment.
Essays on money and inflation
Information, money and the macro-economics of inflation the influence of money on economic activity - a survey of some recurrent problems expectations, adjustment and the dynamic response of income to policy changes the Philips curve, expectations and incomes policy on Wicksell's theory of price level dynamics simultaneous fluctuations in prices and output - a business cycle approach the influence of money on real income and inflation - a simple model with some empirical tests for the United States, 1953-72 some current issues concerning the international aspects of inflation price and output fluctuations in an open economy the current inflation - the problem of explanation and the problem of policy Thomas Tooke on monetary reform.