One of the main components of Minsky’s work is that he took an “institutionalist” approach and argued that abstract economic theory could not be applicable in all times and places but must be institution-specific.
In this Left Out teaser, economist Pavlina Tcherneva explains the importance of Minsky's incorporation of post-Keynesian theory with an “institutionalist” recognition for the different kinds of past, current, and future economic institutions.
Our full episode with Pavlina Tcherneva on Keynes, Minsky, a federal job guarantee and much more, will release this week.
Pavlina R. Tcherneva is Associate Professor and Chair at the Department of Economics at Bard College. She is also a Research Associate at the Levy Economics Institute, and a Senior Research Scholar the Center for Full Employment and Price Stability.
She specializes in the fields of monetary theory, fiscal policy, and macroeconomic stabilization. Her research examines the impact of direct job creation on growth, income inequality, and unemployment, and in particular on women and youth. She has developed a blueprint for operationalizing her Job Guarantee proposal for the United States.
Tcherneva most recently consulted for Bernie Sanders' 2016 U.S. Presidential campaign. She frequently speaks at Central Banks around the world and has worked with economists and policymakers from different countries on developing and evaluating direct job creation schemes. She has published numerous journal articles and book chapters and her 2004 book Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey(with Forstater, eds.) is a rare collection of the lesser known works by the late Nobel Prize-winning economist.
During Summer 2006, she was a visiting scholar at the University of Cambridge Centre for Economic and Public Policy, U.K., where she immersed herself in Keynes’s collected writings and personal papers. She developed an interpretation of Keynes’s policy approach to full employment for which she was recognized by the Association for Social Economicswith the Hellen Potter Prize (2012).
She is a two-time grantee from the Institute for New Economic Thinkingfor her work on rethinking fiscal policy.