Events at CERGE-EI
Tuesday, 19 May, 2015 | 16:00 | Special Event
Lecture "The Global Crisis, Keynes's Solutions, and Small Open Economies"
The Embassy of Bosnia and Herzegovina and CERGE-EI invite you to a special lecture titled "The Global Crisis, Keynes's Solutions, and Small Open Economies" by Fikret Čaušević, professor at the University of Sarajevo.
The lecture will be held on Tuesday, 19 May, 2015 from 4 pm at CERGE-EI, Politických vězňů 7, Prague 1.
Please confirm your attendance by filling in a short registration form.
Fikret Čaušević, PhD is currently affiliated with the School of Economics and Business, University of Sarajevo as a Professor of Economics and International Finance. He specializes in international finance, financial markets and institutions, monetary and fiscal policy, labor market analysis, foreign trade and national competitiveness analysis, privatization and transition.
During his lecture, Prof. Čaušević will introduce his new book entitled "The Global Crisis of 2008 and Keynes's General Theory".
- The book describes the international context and some of the factors that have weakened the influence of Keynesian economic thought. It illustrates economic responses offered by the new Keynesian school and the alternative perspective on the global crisis presented by the monetary circuit theory, with a special emphasis on Minsky's financial instability hypothesis.
- The authors present a commentary on Keynes's General Theory with an emphasis on his theory of the scarcity of capital, his analysis of the change in the structure of costs, and straightforward recommendation for a policy marked by very low interest, which he felt was needed to maintain full employment.
- Additionally, the book discusses major changes in the cost structure of globally active companies, resulting from the extremely intense international capital flows over the last three decades. The authors point out the need to redefine the open economy macroeconomics model, switching it from a world consisting of two major developed open economies to one consisting of two major open economies, one of which is developed and the other is developing.
