Prof Malcolm Sawyer

Position:

Emeritus Professor of Economics

Email: m.c.sawyer@lubs.leeds.ac.uk
Telephone: +44 (0)113 343 4484
Fax: + 44 (0) 113 343 4465
Location: G.24
Website: mcsawye1.wix.com/ecoms-1
Category: Academic, Economics

Profile

Qualifications

MSc Econ, University of London
BA Mathematics, University of Oxford

Experience

2010 to date: Emeritus Professor of Economics, University of Leeds

Principal Investigator, EU funded project Financialisation Economy Society and Sustainable Development (running December 2011 to November 2016)

2005-2008: Pro- Dean for Learning and Teaching, Faculty of Business, University of Leeds

1991 - 2010: Professor of Economics, University of Leeds

1978-1990: Reader and then Professor of Economics, University of York

1974-1975: Administrator, Organisation for Economic Co-operation and Development, Paris

1968-1977: Lecturer in Economics, University College London

1998 to date: Senior Visiting Fellow, Jerome Levy Economics Institute, USA

1997: Research Fellow, Jerome Levy Economics Institute, USA

2008 Visiting scholar, University of Massachusetts, Amherst, USA

1998-2003: Member, Council of Royal Economic Society

1986 to date: Managing editor, International Review of Applied Economics

1993 to date: Co-editor, International Papers in Political Economy

1985: Consultant to O.E.C.D., EU, National Institute for Economic and Social ResearchEditor, New Directions in Modern Economics for Edward Elgar Publishing

 

 

 

Responsibilities

Principal Investigator, EU funded project Financialisation Economy Society and Sustainable Development (running December 2011 to November 2016)

Research

(i) Fiscal policy, and the economics of austerity, developing the need for active budgetary policies. Monetary policy including critique of inflation targeting and the development of alternative approaches to monetary policy and its objectives

(ii) Financialisation and the role of the financial sector, including the evolution of financial systems and the impacts of financialisation on the real economy and society.

(iii) Analysis of the European single currency, with particular focus on the development of an alternative policy framework for the euro.

(iv) The development of Post Keynesian/Kaleckian  macro-economics,

(v) The economics of Michal Kalecki, with particular reference to his analyses of money and of inflation, and the development of his and others’ ideas on the role of endogenous money in an industrialised economy.

 (vi) The intellectual and institutional obstacles to full employment.

My recent papers are available on:

http://mcsawye1.wix.com/ecoms-1

http://leeds.academia.edu/MalcolmSawyer

Teaching

PhD supervision

Publications

Books

(with P. Arestis), Re-examining Monetary and Fiscal Policies in the Twenty First Century, Aldershot: Edward Elgar, 2004, pp. 210

(with P. Arestis and A Brown)¸ The Euro: Evolution and Prospects, 2001, Aldershot: Edward Elgar, pp. 152

Edited Books

(with P. Arestis) (ed), Economic Policies, Governance and the New Economics, Basingstoke: Palgrave Macmillan, forthcoming

(with P. Arestis),(ed), The Euro Crisis¸ Basingstoke: Palgrave Macmillan 978-0-230-36750-0

(with P. Arestis)  (ed), New Economics as Mainstream Economics, Basingstoke: Palgrave Macmillan,  978-0-230-29877-4

(with P. Arestis) (ed.), 21st Century Keynesian Economics, Basingstoke: Palgrave Macmillan, ISBN: 9780230236011, 2010

(with G.Fontana, J.McCombie), Macroeconomics, Finance and Money, Essays in Honour of Philip Arestis, Basingstoke: Palgrave, ISBN 978-0-230-22906-8

(with P. Arestis), Path Dependency and Macroeconomics, Basingstoke: Palgrave, ISBN 978-0-230-23600-4 

(with J. Creel), Current Thinking on Fiscal Policy, Basingstoke: Palgrave Macmillan, ISBN 978-0-230-20249-8

(with P. Arestis) (ed.), Critical Essays on the Privatisation Experience, Basingstoke: Palgrave Macmillan, ISBN 978-0-230-22252-6

(with P. Arestis) (ed), Political Economy of Latin America: Recent Economic Performance, Basingstoke: Palgrave Macmillan

(with P. Arestis) (ed), Alternative Perspectives on Economic Policies in the European Union, Basingstoke: Palgrave Macmillan,  ISBN 0230018912

(with P. Arestis) (ed.), A Handbook Of Alternative Monetary Economics, Cheltenham: Edward Elgar, ISBN, 1 84376 915 8, 512 pp.

(with P. Arestis), Financial Liberalization : Beyond Orthodox Concerns, Basingstoke: Palgrave Macmillan, ISBN 033399759X

(with P. Arestis), The Rise of the Market : Critical Essays on the Political Economy of Neo Liberalism, Aldershot: Edward Elgar, 2004

(with P. Arestis), Neo Liberal Economic Policy: Critical Essays, Aldershot: Edward Elgar, 2004

 Articles

‘Alternative economic policies for the Economic and Monetary Union’, Contributions to Political Economy, vol. 32, forthcoming

‘Endogenous money, circuits, and financialization’,  Review of Keynesian Economics, Vol. 1 No. 2, Summer 2013, pp. 230–241

(with P. Arestis), ‘The 'New Economics' and Policies for Financial Stability’, International Review of Applied Economics¸26:2, 147-160

(with P. Arestis), ‘The ongoing euro crisis’, Challenge, vol. 54, no. 6 pp. 6-13

‘Interview with Malcolm Sawyer’, Intervention: European Journal of Economics and Economic Policies, vol. 9(1), pp.5-12 (reprinted in S. Ederer, E. Hein, T. Niechoj, S, Reiner, A. Truger and Till van Treeck (eds.) Interventions 17 interviews with Unconventional Economists Marburg: Metropolis-Velag, 2012

‘UK fiscal policy after the global financial crisis’, Contributions to Political Economy vol. 30, 13–29

‘The tragedy of UK fiscal policy’, Cambridge Journal of Economics , vol. 36, no. 1, pp. 205-221

‘Path dependency and the interdependence of demand and supply in macroeconomics’, Intervention vol. 8(2), pp.277-293

‘The Kaleckian analysis of demand-led growth’ Metroeconomica, vol. 63, no. 1 pp. 7-28

‘Budget deficits and reductions in inequality for economic prosperity: a Kaleckian analysis’, Revista Lebret, no. 2 December 2010 (ISSB 2145-5996), pp.31-46

(with P. Arestis), ‘The economic policies of the political economy of the Australian patriot and Cambridge economist’,  Intervention 8 (1), 2011, 129 – 145

‘UK fiscal policy after the financial crisis’, Contributions to Political Economy, vol. 30, pp.13-29

(with G. Fontana), ‘Fiscal austerity: dire news from the British Isles’ Challenge, vol. 54, no. 2, pp.42-60

(with P. Arestis), ‘The Design Faults of the Economic and Monetary Union’, Journal of Contemporary European Studies, vol. 19(1), pp. 19-30

(with P. Arestis), ‘A new paradigm for macroeconomic policy’, International Journal of Public Policy, vol. 7, nos1/2/3, pp.22-39

(with P. Arestis), ‘Abschied vom Euro?’ WSI Mitteilungen, Vol. 64 (2011), issue 6 (June), (Special issue on European Economic Policies edited by Claus Schäfer and Achim Truger), pp. 263-269

“‘It’ Keeps Happening: Post Keynesian Views on the Financial Crisis and the Great Recession”, in Symposium on The Global Financial Crisis and the Current Economic Recession: Alternative Views of Key Issues”, History of Economic Ideas, Issue 1, 2011, pp.149-164

‘Crises and paradigms in macroeconomics’, Intervention 7 (2), 2010, 283 – 302

(with P. Arestis), ‘The problems of the Economic and Monetary Union: is there any escape?’, The Journal  of Economic Analysis (2010), vol. 1 no. 1 pp. 1-14

(with P. Arestis), ‘What Monetary Policy After the Crisis?’ , Review of Political Economy, (2010) vol 22: 4, 499 -515

‘Public Private Partnerships, the levels of public investment and the New Member States’, Transitional Studies Review, vol. 17, no. 3, pp. 494-512

(with P. Arestis) ‘New consensus macroeconomics and inflation targeting: Keynesian critique, Economia e Sociedade, Campinas, 17, Número especial, pp. 629–654.

(with P. Arestis), ‘The return of fiscal policy’, Journal of Post Keynesian Economics, Spring 2010, Vol. 32, No. 3 327-346

(with D. Spencer), ‘Labour supply, employment and unemployment in macroeconomics: a critical appraisal of orthodoxy and an heterodox alternative’, Review of Political Economy, Volume 22, Number 2, 263–279, April 2010

‘Fiscal and interest rate policies in the ‘New Consensus Framework’ : a different perspective’, Journal of Post Keynesian Economics vol. 31(4), 2009 pp. 549-565

‘Interest rates and inflation : what are the links ?’, Intervention

(with Philip Arestis), ‘Are the European Central Bank and Bank of England Macroeconomic Models Consistent with the New Consensus in Macroeconomics?’, Ekonomia, Winter 2008, vol. 11 no.2 pp.51-69

(with Philip Arestis), ‘The New Consensus Macroeconomics: An Unreliable Guide for Policy’, Revista Análise Econômica, vol. 26, no. 50, September/2008 pp. 275-297

‘Neither new nor Keynesian: A critique of the new Keynesian programme’, METU Studies in Development, vol. 35, no. 1 (June 2008), pp. 61-80

(with Philip Arestis), ‘A critical reconsideration of the foundations of monetary policy in the new consensus macroeconomics framework’, Cambridge Journal of Economics, 2008, 32 (5), 761–779

(with Philip Arestis), ‘Economic and Monetary Union and the post 2004 member countries’, Ekonomia

(with David Spencer), ‘On the definition of involuntary unemployment’ Journal of Socio-Economics, vol. 37, no. 2, pp. 718-735

(with Philip Arestis), ‘Economic and monetary union: the problematic nature of its economic policy’, Journal of Financial Transformation, 19, pp. 106-111

‘Fiscal policy under new Labour’, Cambridge Journal of Economics, vol. 31, no.6, pp. 885-900

(with P. Arestis and M. Baddeley), ‘The relationship between capital stock, unemployment and wages in nine EMU countries’, Bulletin of Economic Research, vol. 57, no. 2, pp.125-148

(with Philip Arestis), ‘Fiscal policy matters’, Public Finance, vol. 54, pp.133-153

(with P. Arestis), ‘The nature and role of monetary policy when money is endogenous’, Cambridge Journal of Economics, vol. 30, no. 6, pp.847-860

 ‘A Kaleckian analysis of monetary policy’, Intervention, vol. 3, no. 2 (2006) pp.331-350

‘Inflation targeting and central bank independence: we are all Keynesians now! or are we?’, Journal of Post Keynesian Economics / Summer 2006, Vol. 28, No. 4 pp. 639-652

(with P. Arestis) ‘On the main ingredients of the European Economic and Monetary Union’, International Journal of Political Economy, vol. 34, no. 2, pp. 5-18

(with P. Arestis), ‘Aggregate demand, conflict and capacity in the inflationary process’, Cambridge Journal of Economics, vol. 29, no. 6, pp. 959-974

‘Employer of Last Resort : A response to my critics’, Journal of Economic Issues, vol. 39, no. 1, pp. 256-264

(with P. Arestis), ‘On the effectiveness of monetary and fiscal policy’, Review of Social Economics, vol. 62, no.4, pp. 441-463

(with P. Arestis),  ‘On fiscal policy and budget deficits’ Intervention, Journal of Economics, Vol. 1 (2004), No. 2, pp.61-74

(with P. Arestis), ‘Can monetary policy affect the real economy ?’, European Review of Economics and Finance, vol. 3, no. 3, pp. 9-32

‘La Private Finance Initiaive nel Regno Unito: una lettura critica’, Economia Publica, vol. 34, no. 2, 2004, pp. 39-56

(with P. Arestis) ‘European Union must end the Stability and Growth Pact and reform the European Central Bank’, Ekonomia, vol. 6 no. 1, pp. 95-111

‘Employer of last resort : could it deliver full employment and price stability ?’, Journal of Economic Issues, December 2003, vol. 37, pp.881-908

(with P. Arestis), ‘The potential of financial transactions taxes’ in P. Arestis and M. Sawyer (eds), Economic Policies, Governance and the New Economics, Basingstoke: Palgrave Macmillan, forthcoming

‘The problematic nature of the Economic and Monetary Union’ in Sebastiano Fadda and Pasquale Tridico (eds.),  Financial crisis, labour market and institutions, London: Routledge pp.79-97

‘The contradictions of balanced structural government budget’ in H. Herr, T. Niechoj, C. Thomasberger, A Truger, and T.l van Treeck (eds), From crisis to growth?The challenge of imbalances and debt, Metropolis Verlag, Marburg

(with P. Arestis), ‘Can the Euro Survive After the European Crisis?’ in P. Arestis and M. Sawyer,(ed), The Euro Crisis¸ Basingstoke: Palgrave Macmillan pp.1-34

‘Macroeconomic Policies for Prosperity’ in Nikolaos Karagiannis, Zagros Madjd-Sadjadi & Swapan Sen (eds.), The US Economy and Neoliberalism: Alternative Strategies and Policies, London & New York: Routledge, forthcoming

‘Progressive approaches to budget deficits’, in O. Onaran, T. Niechoj, E. Stockhammer, A. Truger, and T. van Treeck (eds), Stabilising an unequal economy? Public debt, financial regulation, and income distribution, Marburg: Metropolis Verlag, pp.143-159 978-3-89518-878-7

(with P. Arestis), ‘The Effectiveness of Fiscal Policy in the Levy Institute's Stock-Flow Model’ in Dimitri Papadimitriou and Gennaro Zezza (eds.), Contributions to Stock-Flow Modeling Essays in Honor of Wynne Godley, Basingstoke: Palgrave Macmillan, ISBN 9780230294455

‘Re- thinking macroeconomic Policies’ in C. Gnos and L-P Rochon (eds.), Credit, Money and Macroeconomic Policy, Aldershot: Edward Elgar, 2011 ISBN 978 1 84844 067 8, pp. 268-288

(with P. Arestis), ‘Economic Theory and Policies: New Directions After Neo-Liberalism, Philip Arestis and Malcolm Sawyer (ed), New Economics as Mainstream Economics, Basingstoke: Palgrave Macmillan, pp.1-38 978-0-230-29877-4

‘Budget deficits, public debt and the level of public investment’ in M. Florio (ed), Public Investment, Growth and Fiscal Constraints: Challenges for the EU New Member States, Aldershot: Edward Elgar, pp. 3-24, ISBN,  978 1 84980 457 8

‘Re-structuring the financial sector to reduce its burden on the economy’ in P. Arestis, R. Sobreira and Jose Luis Oreiro (eds), The Recent Financial Crisis, Financial Regulation and Global Impact: Volume 1: The Financial Crisis: Origins and Implications, Basingstoke: Palgrave Macmillan, pp.114-136, ISBN 978-0-230-27159-3

(with P. Arestis), ‘21st Keynesian Economic Policy’ in P. Arestis and M. Sawyer (eds.), 21st Century Keynesian Economics,  Basingstoke: Palgrave Macmillan, 2010, pp.81-119 ISBN: 9780230236011

‘The central core of heterodox macroeconomics’ in J. Goldstein and M. Hillard (eds), Heterodox Macroeconomics: Keynes, Marx and globalization, London: Routledge

‘Philips’ curve, independence of central banks and inflation targetting’ in G.Fontana, J.McCombie, M. Sawyer (eds), Macroeconomics, Finance and Money, Essays in Honour of Philip Arestis, Basingstoke: Palgrave, pp.126-138 ISBN 978-0-230-22906-8

(with P. Arestis), ‘Path Dependence and Demand-Supply Interactions in Macroeconomic Analysis’  in P. Arestis and M. Sawyer (eds), Path Dependency and Macroeconomics, Basingstoke: Palgrave, pp. 1-36 ISBN 978-0-230-23600-4

‘The continuing relevance of fiscal policy’, in J. Creel and M. Sawyer (eds), Current Thinking on Fiscal Policy, Basingstoke: Palgrave Macmillan 978-0-230-20249-8

(with P. Arestis) ‘The intertemporal budget constraint and the sustainability of budget deficits’, in J. Creel and M. Sawyer (eds), Current Thinking on Fiscal Policy, Basingstoke: Palgrave Macmillan 978-0-230-20249-8

‘Theoretical approaches to the explanation of privatisation’ in Marica Frangakis, Christoph Hermann, Jörg Huffschmid and Károly Lóránt (eds.),  Privatisation against the European Social Model. A critique of  European Policies and Proposals for Alternatives. Palgrave Macmillan ISBN 9780230224094 2009

(with W. Dymarski and D. Brzica), ‘Privatisation in the industrial sector’ in Marica Frangakis, Christoph Hermann, Jörg Huffschmid and Károly Lóránt (eds.),  Privatisation against the European Social Model. A critique of  European Policies and Proposals for Alternatives. Palgrave Macmillan ISBN 9780230224094 2009

‘Kalecki on the Causes of Unemployment and Policies to Achieve Full Employment’ in Philip Arestis and John McCombie (eds), Unemployment: Past and Present, ISBN 978-0-230-20244-3, Basingstoke: Palgrave, pp.7-28

‘Teaching macroeconomics when the endogeneity of money is taken seriously’ in G. Fontana and M. Setterfield (eds.), Macroeconomic Theory and Macroeconomic Pedagogy, Basingstoke: Palgrave Macmillan, 2009, ISBN 978-0-230-20203-0, pp.131-143

(with P. Arestis), ‘Financial Liberalisation: the current state of play’ in P. Arestis and J. Eatwell (eds.) Issues in Finance and Industry, Basingstoke: Palgrave Macmillan ISBN 978-0-230-55360-6, pp. 74-93

‘Macroeconomic Policy, Investment and Innovation’ in Blandine Lapeerche and Dimitri Urunidis (eds.), Powerful Finance and Innovation Trends in a High-Risk Economy, ISBN 9780230553590, Basingstoke: Palgrave Macmillan, pp.35-49

‘Kalecki and the multiplier’ in L-P Rochon (ed), The Keynesian Multipler, London: Routledge, pp.153-167

(with P. Arestis), ‘Price and wage determination and the inflation barrier: moving beyond the Phillips curve’ in C. Gnos and L-P. Rochon (eds.), Monetary Policy and Financial Stability: A Post-Keynesian Agenda, Cheltenham : Edward Elgar, pp. 30-44

(with P. Arestis), ‘Can the euro area play a stabilizing role in balancing global imblances ?’ in Jörg Bibow and Andrea Terzi (eds.), Euroland: Global Player or Global Drag?, Basingstoke: Palgrave Macmillan, ISBN 978-0-230-50056-3, pp. 53-71

‘Private Finance Initiative and Public Private Parternships: the key issues’ in P. Arestis and M. Sawyer (eds.), Critical Essays on the Privatisation Experience, Basingstoke: Palgrave Macmillan, pp.39-74

(with Philip Arestis), ‘Perspectives on economic policy in the Economic and Monetary Union’ in Eckhard Hein, Jan Priewe, Achim Truger (eds.) European Integration in Crisis ISBN 978-3-89518-610-3 (October 2007)

‘The foundations of monetary policy in the new consensus framework: a partial critique’ in P. Arestis (ed.) Is There a New Consensus in Macroeconomics, Basingstoke: Palgrave, pp. 82-96

(with P. Arestis), ‘Endogenous growth theory: a partial critique’ in P. Arestis, J.   McCombie, and R. Vickerman., (eds.), Growth and Economic Development edited by pp.116-164, Aldershot: Edward Elgar

(with P. Arestis), Macroeconomic policy in the UK under new Labour: the end of boom and bust? in P. Arestis, E. Hein and E. le Heron (eds.) Aspects of Modern Monetary Policy¸Basingstoke: Palgrave Macmillan

‘Money, interest rates and unemployment: changes in Keynes’s analysis from Treatise to General Theory’ in  Fernando Ferrari Filho (ed.), Teoria Geral, setenta anos depois: Ensaios sobre Keynes e Teoria Pós-Keynesiana, pp. 85-112

(with P. Arestis), ‘Macroeconomic policy and the European constitution’ in  P. Arestis and M. Sawyer (eds), Alternative Perspectives on Economic Policies in the European Union, Basingstoke: Palgrave Macmillan,  ISBN 0230018912, pp. 1-36

‘Kalecki on money and finance’ in P. Arestis and M. Sawyer (eds.), A Handbook Of Alternative Monetary Economics, Cheltenham: Edward Elgar, ISBN, 1 84376 915 8, pp.172-187

(with P.Arestis), ‘Monetary policy when money is endogenous’ in M. Setterfield (ed.), Complexity, Endogenous Money and Macroeconomic Theory: Essays in Honour of Basil J.Moore, Edward Elgar: Cheltenham, pp.221-235  ISBN 1 843 769875

(with P. Arestis), ‘ Alternatives for the policy framework of the euro’ in Growth and Cohesion in the European Union: The Impact of Macroeconomic Policy edited by William Mitchell, Joan Muysken and Tom Van Veen, Cheltenham: Edward Elgar, ISBN 1 84542 611 8, pp. 57-73

(with P. Arestis), ‘The case for fiscal policy’ in P.G. Berglund and M. Vernengo (eds.) The Means to Prosperity: Fiscal Policy Reconsidered, London : Routledge, ISBN 0-415-70156-2,  pp.19-38

(with P. Arestis), ‘Reflections on the experience of the euro: lessons for the Americas’ in M. Vernengo (ed.), Monetary Integration and Dollarization: No Panacea, Aldershot: Edward Elgar, ISBN 1-84376-896-8, pp. 13-27

(with P. Arestis), ‘Interest rates and the real economy’ in C. Gnos and L-P Rochon (eds), Post-Keynesian Principles of Economic Policy, Aldershot: Edward Elgar, ISBN 1-84376-724-4, pp.3-20

(with Philip Arestis, Michelle Baddeley) ‘Capital stock, unemployment and wages in selected EMU countries’, in Wages, Employment, Distribution and Growth - International Perspectives edited by Eckhard Hein, Arne Heise, Achim Truger, Basingstoke: Palgrave Macmillan, pp. 49-66, ISBN 1 4039 4962 X