jsmithin


John Smithin

Photo of John Smithin

Department of Economics

Professor

Office: Vari Hall, 1110
Phone: (416) 736-2100 Ext: 33623
Email: jsmithin@yorku.ca


John Smithin is Professor of Economics in the Department of Economics and the Schulich School of Business, York University, Toronto, Canada. He previously held teaching appointments at the University of Calgary and Lanchester Polytechnic (now Coventry University) in England. In the academic year 1995/1996 he was elected Bye Fellow at Robinson College, Cambridge. He holds a PhD and MA from McMaster University, and BA (Hons) from the City of London Polytechnic (now London Metropolitan University). John Smithin's research interests are in the fields of monetary theory, macroeconomic policy, and the philosophy of money and finance. He is the author or editor of Essays in the Fundamental Theory of Monetary Economics and Macroeconomics (2013), Money, Enterprise and Income Distribution (2009), Controversies in Monetary Economics (2003, 1994), What is Money? (2000) , Macroeconomic Policy and the Future of Capitalism (1996), Macroeconomics after Thatcher and Reagan (1990), and Keynes and Public Policy after Fifty Years (1988).

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Degrees

Ph.D. in Economics, McMaster University
M.A. in Economics, McMaster University
B.A. (Honours) in Economics, City of London Polytechnic

Appointments

Schulich School of Business
Books

Publication
Year

Barrows, D. and J. Smithin, Fundamentals of Economics for Business (second edition) Toronto & Singapore: Captus Press & World Scientific Publishing, 2009.

2009

Smithin, J., Money, Enterprise and Income Distribution: Towards a Macroeconomic Theory of Capitalism, London & New York: Routledge, 2009.

2009

Barrows, D. and J. Smithin, Fundamentals of Economics for Business, Toronto: Captus Press, 2006.

2006

Barrows, D. and J. Smithin, Notes on Monetary Economics, Macroeconomics and International Finance (abridged from Fundamentals of Economics for Business), Toronto: Captus Press, 2006.

2006

Smithin, J. Controversies in Monetary Economics: Revised Edition, Cheltenham: Edward Elgar, 2003.
-------- Chinese translation by Yongming Lui, Shanghai: Shangai University of Finance and Economics Press (SHUPE),2004.

2003

Georgakopoulos, T., Paraskevopoulos, C.C. and J. Smithin (eds), Globalization and Economic Growth: A Critical Evaluation, Toronto: APF Press, 2002.

2002

Smithin, J. (ed.) What is Money?, London & New York: Routledge, 2000.

2000

Cohen, A.J., Hagemann, H., and J. Smithin (eds), Money, Financial Institutions and Macroeconomics, Boston: Kluwer Academic Publishers, 1997.

1997

Smithin, J., Macroeconomic Policy and the Future of Capitalism: The Revenge of the Rentiers and the Threat to Prosperity, Aldershot: Edward Elgar, 1996.

1996

Smithin, J., Controversies in Monetary Economics: Ideas, Issues, and Policy, Aldershot: Edward Elgar, 1994.

1994

Georgakopoulos, T., Paraskevopoulos C.C., and J. Smithin (eds), Economic Integration Between Unequal Partners, Aldershot: Edward Elgar, 1994.

1994

Smithin, J., Macroeconomics after Thatcher and Reagan: The Conservative Policy Revolution in Retrospect, Aldershot: Edward Elgar, 1990.

1990

Hamouda, O.F, and J. Smithin (eds), Keynes and Public Policy after Fifty Years, volume I, Economics and Policy, Aldershot & New York: Edward Elgar and New York University Press, 1988.

1988

Hamouda, O.F. and J. Smithin (eds), Keynes and Public Policy after Fifty Years, volume II, Theories and Method, Aldershot & New York: Edward Elgar and New York University Press, 1988.

1988

Book Chapters

Publication
Year

Smithin, J. "Max Weber's 'last theory of capitalism' and heterodox approaches to money and finance", in H. Ganssmann (ed.), New Approaches to Monetary Theory: Interdisciplinary Perspectives, London, Routledge, 2011, 67-82.

2011

Smithin, J. “The importance of money and debt-credit relationships in the enterprise economy”, in H. Bougrine and M. Seccareccia (eds), Introducing Macroeconomic Analysis: Issues, Questions, and Competing Views, Toronto: Esmond Montgomery Publications, 2010, 49-60.

2010

Smithin, J. “Teaching the new consensus model of ‘modern monetary economics’ from a critical perspective: pedagogical issues”, in G. Fontana and M. Setterfield (eds), Macroeconomic Theory and Macroeconomic Pedagogy, London: Palgrave, 2009, 255-72.

2009

Smithin, J. “Economics and politics”, in Z.V. David and P.A. Nungovitch (eds), Contributions of the Moravian Brethren to America, New York: The Publishing House of the Czechslovak Society of Arts and Sciences, 2008, 141-56.

2008

Smithin, J. “Aggregate demand and supply”, in M. Forstater, G. Mongiovi and S. Pressman, (eds) Post Keynesian Macroeconomics: Essays in Honour of Ingrid Rima, London & New York: Routledge, 2007, 108-28.

2007

Marterbauer M. and J. Smithin, “Políticas monetaria y fiscal con dinero endógeno, bajo regímenes cambiarios alternatives” in N. O. Levy-Orlik and M.G. Mántey de Anguiano (eds), Politicas Macroeconomicas para Paises en Desarrollo, Mexico City: Porrua, 2007, 245-65.

2007

Smithin, J. “The theory of interest rates”, in P. Arestis and M. Sawyer (eds), A Handbook of Alternative Monetary Economics, Cheltenham: Edward Elgar, 2006, 273-290.

2006

Smithin, J., “Interest rate operating procedures and income distribution”, in M. Lavoie and M. Seccareccia (eds), Central Banking in the Modern World: Alternative Perspectives, Cheltenham: Edward Elgar, 2004, 57-69.

2004

Smithin, J., “Macroeconomic theory, (critical) realism and capitalism”, in P.A. Lewis (ed.) Transforming Economics: Perspectives on the Critical Realist Project, London & New York: Routledge, 2004, 53-75.

2004

Smithin, J., “Inflation”, in J.E.King (ed), The Elgar Companion to Post Keynesian Economics, Cheltenham: Edward Elgar, 2003, 186-91.

2003

Smithin, J., “Interest rates, profits and economic growth”, in E.J. Nell and M. Forstater (eds), Reinventing Functional Finance: Transformational Growth and Full Employment Cheltenham: Edward Elgar, 2003, 211-23.

2003

Marterbauer, M. and J. Smithin, “The ‘balanced budget multiplier’ for the small open economy in a currency union, or for a province in a federal state”, in L-P. Rochon and M. Seccareccia (eds), Dollarization: Lessons from Europe and the Americas, London & New York: Routledge, 2003, 101-12.

2003

Smithin, J., “Aggregate demand, effective demand, and aggregate supply in the open economy”, in P. Arestis, M. Desai and S.C. Dow (eds), Money, Macroeconomics and Keynes: Essays in Honour of Victoria Chick (volume one), London & New York: Routledge, 2002, 50-62.

2002

Smithin, J., “Phillips curve”, in B. Snowdon and H.R. Vane (eds), An Encylopedia of Macroeconomics Cheltenham: Edward Elgar, 2002, 581-85.

2002

Smithin, J., “Foreword”, in C.C. Paraskevopoulos, A.A. Kintis and A.J. Kondonassis (eds) Globalization and the Political Economy of Trade Policy, Toronto: APF Press, 2001, ix.

2001

Smithin, J., “International monetary arrangements”, in R.P.F. Holt and S. Pressman (eds), A New Guide to Post Keynesian Economics, London & New York:: Routledge, 2001, 114-25.

2001

Smithin, J., “Monetary autonomy and financial integration”, in L.-P. Rochon and M. Vernengo (eds), Credit, Interest Rates and the Open Economy: Essays on Horizontalism, Cheltenham, Edward Elgar, 2001, 243-55.

2001

Smithin, J., “Macroeconomic policy for a post-conservative era: can and should demand management policies be resuscitated?”, in H. Bougrine (ed.), The Economics of Public Spending: Debts, Deficits and Economic Performance, Cheltenham: Edward Elgar, 2000, 57-77.

2000

Smithin, J., “What is money?: introduction”, in J. Smithin (ed.) What is Money?, London New York: Routledge, 2000, 1-15.

2000

Smithin, J., and B.M. Wolf, “A world central bank?”, in J. Grieve-Smith and J. Michie (eds), Global Instability: The Political Economy of World Economic Governance, London & New York: Routledge, 1999, 212-26.

1999

Smithin, J., “Fundamental issues in monetary economics”, in S.G. Dahiya (ed.), The Current State of Economic Science, volume II, Microeconomics, Macroeconomics, Monetary Economics, Rohtak: Spellbound Publications PVT, 1999, 1075-91.

1999

Smithin, J., “International money and finance”, in P. O’Hara (ed.), Encyclopedia of Political Economy, London & New York, Routledge, 1999, 567-70.

1999

Paraskevopoulos, C.C., Paschakis, J., and J. Smithin, “Financial integration between Canada and the USA: an empirical analysis”, in C.C. Paraskevopoulos, R. Grinspun and G. Eaton (eds), Economic Integration in the Americas, Aldershot: Edward Elgar, 1996, 9-20.

1996

Smithin, J., “Real interest rates, inflation, and unemployment”, in B.K. MacLean and L. Osberg (eds), The Unemployment Crisis: All for Nought?, Montreal and Kingston: McGill-Queen’s University Press, 1996, 39-55.

1996

Smithin, J., “Econometrics and the ‘facts of experience’”, in I.H. Rima (ed.) Measurement, Quantification, and Economic Analysis: Numeracy in Economics, London & New York: Routledge 1995, 363-78.

1995

Smithin, J. “Geldpolitik und demokratie” in C. Thomasberger (ed.), Europaische Geldpolitik zwischen Marktzwangen und Neuen Institutionellen Regelungen: Zur Politischen Okonomie der Europaische Wahrungintegration, Marburg: Metropolis-Verlag, 1995, 73-96.

1995

Smithin, J. and B.M. Wolf, “The macroeconomic and microeconomic consequences of alternative exchange rate regimes: implications for European monetary union”, in T. Georgakopoulos, C.C. Paraskevopoulos and J. Smithin (eds), Economic Integration Between Unequal Partners, Aldershot: Edward Elgar, 1994, 243-51.

1994

Smithin, J., “La pensee monetaire de Milton Friedman face aux theories contemporaines” in M. Lavoie and M. Seccareccia (eds), Milton Friedman et son ouvre, Montreal: Presses de l' Universite de Montreal, 1993, 83-99.

1993

Smithin, J., “Monetary economics after financial restructuring”, in I.H. Rima (ed.), The Political Economy of Global Restructuring, volume II, Trade and Finance, Aldershot: Edward Elgar, 1993, 220-3.

1993

Smithin, J., “European monetary arrangements and national economic sovereignty”, in A. Amin and M. Dietrich (eds), Towards a New Europe?: Structural Change in the European Economy Aldershot: Edward Elgar, 1991, 191-211.

1991

Smithin, J.,“A neglected monetary-standard alternative: gold-commodity bi-metallism: comment” (on a paper by A.G. Hart), in O.F. Hamouda, R. Rowley and B.M. Wolf (eds), The Future of the International Monetary System, Aldershot: Edward Elgar, 1989, 210-11.

1989

Book Reviews

Publication
Year

Smithin, J., Review of Fletcher, Dennis Robertson: Essays on his Life and Work (2007), Eastern Economic Journal 35, 2, Spring 2009, 269-71.

2007

Smithin, J., Review of Fletcher, Understanding Dennis Robertson: The Man and His Work (2000), Eastern Economic Journal 28, 3, Summer 2002, 440-42.

2002

Smithin, J., Review of Caprio and Vittas, Reforming Financial Systems: Historical Implications for Policy (1997), Banking and Finance Law Review 14, 3, May/June, 1999, 621-24.

1999

Smithin, J., Review of Epstein and Gintis, Macroeconomic Policy after a Conservative Era (1995), Scottish Journal of Political Economy 44, 5, November 1997, 596.

1997

Smithin, J., Review of Groenewegen, A Soaring Eagle: Alfred Marshall 1842-1924 (1995), Eastern Economic Journal 122, 2, Spring 1996, 242-44

1996

Smithin, J., Review of Dow and Saville, A Critique of Monetary Policy: Theory and British Experience (1988; 1990); Earl, Monetary Scenarios: A Modern Approach to Financial Systems (1990), and Laidler, Taking Money Seriously and Other Essays (1990), Review of Political Economy 5, 3, July 1993, 395-99.

1993

Smithin, J., Review of Hicks, A Market Theory of Money (1989), Eastern Economic Journal 17, 3, September, 1991, 377-79.

1991

Smithin, J., Review of Layard and Calmfors, The Fight Against Unemployment (1987), Eastern Economic Journal 14, 3, July-September 1988, 287-89.

1988

Smithin, J., Review of Kaldor, Economics Without Equilibrium (1985); and Dow, Macroeconomic Thought: A Methodological Approach (1985), Canadian Journal of Economics 20, 1, February 1987, 192-95.

1987

Journal Articles

Publication
Year

Smithin, J. “Interest and profit”, Chinese Business Review 8, 6, June 2009, 1-13.
---- reprinted in T. Cate (ed.) Keynes's General Theory after Seventy-Five Years, Cheltenham: Edward Elgar, forthcoming.

2009

Mongiovi, G., Pressman, S. and J. Smithin, “John Derek Pheby: October 24, 1949 – October 21, 2008”, Review of Political Economy 21, 2, April 2009, 191-93.

2009

Atesoglu, H.S. and J. Smithin, “Canadian monetary policy and the US federal funds rate”, Applied Economics Letters 15, 11, September 2008, 899-904.

2008

Smithin, J., “The rate of interest, monetary policy, and the concept of ‘thrift’”, International Journal of Political Economy 32, 2, Summer 2008, 26-48.
Abstract: This article examines several aspects of monetary policy. Much of the discussion involves the work of prominent economist John Maynard Keynes, who developed the concepts of thrift, spending multipliers and the marginal efficiency of capital. The history and development of some Keynesian concepts are presented. Reconciliation of monetary theories such as the real rate of interest and the concepts of endogenous money and credit creation are investigated. Contemporary debates and critiques of Keynes's work are also presented.
[go to paper]

2008

Kam, E. and J. Smithin “’Unequal partners: the role of international financial flows and the exchange rate regime’," Journal of Economic Asymmetries 5, 1, June 2008,125-37.

2008

Smithin, J. “A real interest rule for monetary policy?”, Journal of Post Keynesian Economics 30, 1 Fall 2007, 101-118.
Abstract: This paper examines four alternative types of guidelines for monetary policy: (1) stabilizing the real policy rate of interest at a "low" level, (2) pegging the nominal policy rate, (3) employing a standard monetary policy reaction function to target inflation, and (4) invoking the notion of a "fair" rate of interest. The case defended here is that the first of these alternatives, an attempt to stabilize the real policy rate at some "low" level, is the best option for monetary policy. It is also the most consistent with the traditional Keynesian advocacy of cheap moneya?”"we intend to retain control of our domestic rate of interest, and keep it as low as suits our own purposes."
[go to paper]

2007

Atesolgu, H.S. and J. Smithin, “Un modelo macroeconomico simple," Economia Informa, 346, May-June 2007, 105-119.

2007

Atesoglu, H.S. and J. Smithin, “Inflation targeting in a simple macroeconomic model”, Journal of Post Keynesian Economics 28, 4, Summer 2006, 673-688.

2006

Atesoglu, H.S. and J. Smithin, “Real wages, productivity, and economic growth in the G7, 1960-2002”, Review of Political Economy, 18, 2, April 2006, 1-11.

2006

Kam, E. and J. Smithin “Notas sobre el dinero, credito y banca en el proceso de desarrollo economico”, Economia Informa, 337, November-December 2005, 6-16.

2005

Smithin, J. “The real rate of interest, the business cycle, economic growth and inflation: an alternative theoretical perspective”, Journal of Economic Asymmetries, 2, 2, December 2005, 1-19.

2005

Smithin, J., “Keynes, Friedman and Chicago: a review essay”, Journal of Economic Studies 31, 1, February 2004, 76-88.

2004

Kam, E., and J. Smithin, “Monetary policy and demand management for the small open economy in contemporary conditions with (perfectly) mobile capital”, Journal of Post Keynesian Economics 26, 4, Summer 2004, 679-94.

2004

Smithin, J., “Can we afford to pay for social programs?”, Studies in Political Economy 71/72, Autumn/Winter, 2003, 163-76.

2003

Smithin, J., “Interest parity, purchasing power parity, ‘risk premia’ and Post Keynesian economic analysis”, Journal of Post Keynesian Economics 25, 2, Winter, 2003, 219-35.

2003

Paraskevopoulos, C.C., and J. Smithin, “Integracion economica y financiera: implicaciones sobre la politica fiscal y social de una nacion”, Revista Economica de Castilla La Mancha 1,Segundo Semestre 2002, 197-209.
----- revised and up-dated version of “Economic and financial integration: implications for nationally-based public policy”, in C.C. Paraskevopoulos (ed.), Global Trading Arrangements in Transition, Cheltenham: Edward Elgar, 1998, 3-10.

2002

Lau, J.Y.F., and J. Smithin, “The role of money in capitalism”, International Journal of Political Economy 32, 3, Fall 2002 (2004), 5-22.

2002

Smithin, J., “Profit, the rate of interest, and ‘entrepreneurship’ in contemporary capitalism”, Kurswechsel 2/01, July 2001, 89-100.
------- Spanish translation in Cuestiones Economicas 18, 1, Primer Cuatrimester 2002, 191-208.

2001

Smithin, J., “Money and national sovereignty in the global economy”, Eastern Economic Journal 25, 1, Winter 1999, 49-61.

1999

Dow, S.C. and J. Smithin, “The structure of financial markets and the ‘first principles’ of monetary economics”, Scottish Journal of Political Economy 46, 1, February 1999, 72-90.

1999

Paschakis, J. and J. Smithin, “Exchange risk and the supply-side effects of real interest rate changes”, Journal of Macroeconomics 20, 4, Fall 1998, 703-20.

1998

Smithin, H. and J. Smithin, “Spolecna mena: nove moznosti, nebo hrozba?”, Novy Domov 25, August 1998.

1998

Smithin, J., “An alternative monetary model of inflation and growth”, Review of Political Economy 9, 4, October 1997, 395-409.

1997

Smithin, J., “Hicks on Keynes and Thornton”, Canadian Journal of Economics (Special Issue, Part 1) 29, April 1996, S235-41.

1996

Paschakis, J., Paraskevopoulos, C.C. and J. Smithin, “Is monetary sovereignty an option for the small open economy?”, North American Journal of Economics and Finance 7, 1, Spring 1996, 5-18.

1996

Smithin, J., “The crisis in academic economics”, PKSG Newsletter 4, January 1996, 02-04.

1996

Smithin, J., “Cause and effect in the relationship between budget deficits and the rate of interest”, Economies et Societies – Monnaie et Production 28, 1-2, January-February, 1994, 151-69.

1994

Smithin, J. “Do nothing to halt fragile recovery”, Town Crier (Newmarket: ON), March 03, 1994.

1994

MacKinnon, K.T. and J. Smithin “An interest rate peg, inflation and output”, Journal of Macroeconomics 15, 4, Fall 1993, 769-85.

1993

Smithin, J. and B.M. Wolf, “What would be a ‘Keynesian’ approach to currency and exchange rate issues?”, Review of Political Economy 5, 3, July 1993, 365-83.

1993

Dow, S.C. and J. Smithin, “Free banking in Scotland, 1695-1845”, Scottish Journal of Political Economy 39, 4, November 1992, 374-90.

1992

Smithin, J., “La composicion del gasto publico y la eficacia de la politica fiscal”, Hacienda Publica Espanola 117, 1/1991, 171-09.
----- Spanish translation of “The composition of government expenditures and the effectiveness of fiscal policy” in J.D. Pheby (ed.), New Directions in Post Keynesian Economics, Aldershot: Edward Elgar, 1989, 209-227.
----- French translation in P. Paquette and M. Seccareccia (eds), Les pieges de l'austerite: dette nationale et prosperite economique: alternatives a l'orthodoxie, Montreal and Grenoble: Presses de l'Universite de Montreal and Presses Universitaires de Grenoble, 1993, 200-17

1991

Smithin, J., “Empirical and conceptual problems in contemporary macroeconomics”, British Review of Economic Issues 12, 27, June 1990, 73-95.

1990

Smithin, J., “Hicksian monetary economics and contemporary financial innovation”, Review of Political Economy 1, 2, July 1989, 192-207.

1989

Smithin, J., “On flexible wage policy”, Economies et Societies - Oeconomia 22, 3, March 1988, 135-53.

1988

Hamouda, O.F. and J. Smithin, “Rational behaviour with deficient foresight”, Eastern Economic Journal 14,3, July-September, 1988, 277-85.

1988

Hamouda, O.F. and J. Smithin, “Some remarks on ‘uncertainty and economic analysis’”, Economic Journal 98, 1, March 1988, 59-64.

1988

Smithin, J. and P.N.V. Tu, “Disequilibrium adjustment in a ‘classical’ macroeconomic model: a note”, Zeitschrift fur Nationalokonomie 47, 2, 1987, 98-102.

1987

Lemche, S.Q. and J. Smithin, “Nominal wage contracts and the economics of Keynes (abstract)," The Bulletin of the History of Economics Society 7, 1, Summer 1986, 2.

1986

Smithin, J. “The length of the production period and effective stabilization policy”, Journal of Macroeconomics 8, 1, Winter 1986, 55-62.

1986

Smithin, J. “On the definition of involuntary unemployment in Keynes’s General Theory: a note”, History of Political Economy 17, 2, Summer 1985, 219-22.

1985

Smithin, J. “The market mechanism versus the historical process as the source of economic controversy”, Economic Notes 14, 1, 1985, 169-76.

1985

Smithin, J., “Financial innovation and monetary theory”, Three Banks Review 144, December 1984, 26-38.

1984

Smithin, J., “Medio and Musu’s Keynesian analysis of money wage changes: a comment”, Economic Notes 12, 3, 1984, 167-70

1984

Smithin, J., “A note on the welfare cost of perfectly anticipated inflation”, Bulletin of Economic Research 35, 1, May 1983, 65-69.

1983

Smithin, J., “Two ‘contradictions’ in the economic and social development of the Soviet bloc”, Kosmas: Journal of Czechoslovak and Central European Studies 1, 2, Winter 1982, 51-62.

1982

Forthcoming

Publication
Year

Smithin, J. Essays in the Fundamental Theory of Monetary Economics and Macroeconomics, Singapore: World Scientific Publishing, forthcoming.

Smithin, J., “Inflation”, in J.E.King (ed), The Elgar Companion to Post Keynesian Economics (second edition), Cheltenham: Edward Elgar, forthcoming.

Kam, E. and J. Smithin, “¿Capitalismo en un sólo país?: Una re-valoración de los sistemas mercantilistas desde el punto de vista financiero”, in N.O. Levy Orlik and T.S. López González (eds), Las Instituciones Financieras y el Crecimiento Económico en el Contexto de la Dominación del Capital Financiero y la Globalización:¿Financiamiento del Desarrollo Crisis Financieras? Mexico City: UNAM, forthcoming.


Other

Publication
Year

Economic growth: free trade, public finance, and the paradox of thrift.
Review of Keynesian Economics, 2(4), 2014, pp.456-63.
Abstract: Coming Soon!
[go to paper]

Keynes’s theories of money and banking in the Treatise and General Theory.
Review of Keynesian Economics, 1(2), 2013, pp.242-56.
Abstract: Coming Soon!
[go to paper]

A re-habilitation of the theory of effective demand from chapter 3 of Keynes’s General Theory (1936).
International Journal of Political Economy, 42(1), 2013, pp.6-24.
Abstract: Coming Soon!
[go to paper]

A simple theory of banking and the relationship between the commercial banks and the central bank.
(with Eric Kam)
Journal of Post Keynesian Economics, , 34(3): 545-49. (with Eric Kam)
Abstract: This note provides an explanation of the relationship between the nominal and real lending rates of the commercial banks and central bank policy rates. It suggests that "a real interest rate rule" on the part of the central bank would influence the real lending rate perceived by commercial banks and their borrowers, and could affect the real economy via this route. There is a negative theoretical relationship between the inflation adjusted "real" lending rate and the rate of inflation itself.
[go to paper]



John Smithin is Professor of Economics in the Department of Economics and the Schulich School of Business, York University, Toronto, Canada. He previously held teaching appointments at the University of Calgary and Lanchester Polytechnic (now Coventry University) in England. In the academic year 1995/1996 he was elected Bye Fellow at Robinson College, Cambridge. He holds a PhD and MA from McMaster University, and BA (Hons) from the City of London Polytechnic (now London Metropolitan University). John Smithin's research interests are in the fields of monetary theory, macroeconomic policy, and the philosophy of money and finance. He is the author or editor of Essays in the Fundamental Theory of Monetary Economics and Macroeconomics (2013), Money, Enterprise and Income Distribution (2009), Controversies in Monetary Economics (2003, 1994), What is Money? (2000) , Macroeconomic Policy and the Future of Capitalism (1996), Macroeconomics after Thatcher and Reagan (1990), and Keynes and Public Policy after Fifty Years (1988).

Degrees

Ph.D. in Economics, McMaster University
M.A. in Economics, McMaster University
B.A. (Honours) in Economics, City of London Polytechnic

Appointments

Schulich School of Business

All Publications


Book Chapters

Publication
Year

Smithin, J. "Max Weber's 'last theory of capitalism' and heterodox approaches to money and finance", in H. Ganssmann (ed.), New Approaches to Monetary Theory: Interdisciplinary Perspectives, London, Routledge, 2011, 67-82.

2011

Smithin, J. “The importance of money and debt-credit relationships in the enterprise economy”, in H. Bougrine and M. Seccareccia (eds), Introducing Macroeconomic Analysis: Issues, Questions, and Competing Views, Toronto: Esmond Montgomery Publications, 2010, 49-60.

2010

Smithin, J. “Teaching the new consensus model of ‘modern monetary economics’ from a critical perspective: pedagogical issues”, in G. Fontana and M. Setterfield (eds), Macroeconomic Theory and Macroeconomic Pedagogy, London: Palgrave, 2009, 255-72.

2009

Smithin, J. “Economics and politics”, in Z.V. David and P.A. Nungovitch (eds), Contributions of the Moravian Brethren to America, New York: The Publishing House of the Czechslovak Society of Arts and Sciences, 2008, 141-56.

2008

Smithin, J. “Aggregate demand and supply”, in M. Forstater, G. Mongiovi and S. Pressman, (eds) Post Keynesian Macroeconomics: Essays in Honour of Ingrid Rima, London & New York: Routledge, 2007, 108-28.

2007

Marterbauer M. and J. Smithin, “Políticas monetaria y fiscal con dinero endógeno, bajo regímenes cambiarios alternatives” in N. O. Levy-Orlik and M.G. Mántey de Anguiano (eds), Politicas Macroeconomicas para Paises en Desarrollo, Mexico City: Porrua, 2007, 245-65.

2007

Smithin, J. “The theory of interest rates”, in P. Arestis and M. Sawyer (eds), A Handbook of Alternative Monetary Economics, Cheltenham: Edward Elgar, 2006, 273-290.

2006

Smithin, J., “Interest rate operating procedures and income distribution”, in M. Lavoie and M. Seccareccia (eds), Central Banking in the Modern World: Alternative Perspectives, Cheltenham: Edward Elgar, 2004, 57-69.

2004

Smithin, J., “Macroeconomic theory, (critical) realism and capitalism”, in P.A. Lewis (ed.) Transforming Economics: Perspectives on the Critical Realist Project, London & New York: Routledge, 2004, 53-75.

2004

Smithin, J., “Inflation”, in J.E.King (ed), The Elgar Companion to Post Keynesian Economics, Cheltenham: Edward Elgar, 2003, 186-91.

2003

Smithin, J., “Interest rates, profits and economic growth”, in E.J. Nell and M. Forstater (eds), Reinventing Functional Finance: Transformational Growth and Full Employment Cheltenham: Edward Elgar, 2003, 211-23.

2003

Marterbauer, M. and J. Smithin, “The ‘balanced budget multiplier’ for the small open economy in a currency union, or for a province in a federal state”, in L-P. Rochon and M. Seccareccia (eds), Dollarization: Lessons from Europe and the Americas, London & New York: Routledge, 2003, 101-12.

2003

Smithin, J., “Aggregate demand, effective demand, and aggregate supply in the open economy”, in P. Arestis, M. Desai and S.C. Dow (eds), Money, Macroeconomics and Keynes: Essays in Honour of Victoria Chick (volume one), London & New York: Routledge, 2002, 50-62.

2002

Smithin, J., “Phillips curve”, in B. Snowdon and H.R. Vane (eds), An Encylopedia of Macroeconomics Cheltenham: Edward Elgar, 2002, 581-85.

2002

Smithin, J., “Foreword”, in C.C. Paraskevopoulos, A.A. Kintis and A.J. Kondonassis (eds) Globalization and the Political Economy of Trade Policy, Toronto: APF Press, 2001, ix.

2001

Smithin, J., “International monetary arrangements”, in R.P.F. Holt and S. Pressman (eds), A New Guide to Post Keynesian Economics, London & New York:: Routledge, 2001, 114-25.

2001

Smithin, J., “Monetary autonomy and financial integration”, in L.-P. Rochon and M. Vernengo (eds), Credit, Interest Rates and the Open Economy: Essays on Horizontalism, Cheltenham, Edward Elgar, 2001, 243-55.

2001

Smithin, J., “Macroeconomic policy for a post-conservative era: can and should demand management policies be resuscitated?”, in H. Bougrine (ed.), The Economics of Public Spending: Debts, Deficits and Economic Performance, Cheltenham: Edward Elgar, 2000, 57-77.

2000

Smithin, J., “What is money?: introduction”, in J. Smithin (ed.) What is Money?, London New York: Routledge, 2000, 1-15.

2000

Smithin, J., and B.M. Wolf, “A world central bank?”, in J. Grieve-Smith and J. Michie (eds), Global Instability: The Political Economy of World Economic Governance, London & New York: Routledge, 1999, 212-26.

1999

Smithin, J., “Fundamental issues in monetary economics”, in S.G. Dahiya (ed.), The Current State of Economic Science, volume II, Microeconomics, Macroeconomics, Monetary Economics, Rohtak: Spellbound Publications PVT, 1999, 1075-91.

1999

Smithin, J., “International money and finance”, in P. O’Hara (ed.), Encyclopedia of Political Economy, London & New York, Routledge, 1999, 567-70.

1999

Paraskevopoulos, C.C., Paschakis, J., and J. Smithin, “Financial integration between Canada and the USA: an empirical analysis”, in C.C. Paraskevopoulos, R. Grinspun and G. Eaton (eds), Economic Integration in the Americas, Aldershot: Edward Elgar, 1996, 9-20.

1996

Smithin, J., “Real interest rates, inflation, and unemployment”, in B.K. MacLean and L. Osberg (eds), The Unemployment Crisis: All for Nought?, Montreal and Kingston: McGill-Queen’s University Press, 1996, 39-55.

1996

Smithin, J., “Econometrics and the ‘facts of experience’”, in I.H. Rima (ed.) Measurement, Quantification, and Economic Analysis: Numeracy in Economics, London & New York: Routledge 1995, 363-78.

1995

Smithin, J. “Geldpolitik und demokratie” in C. Thomasberger (ed.), Europaische Geldpolitik zwischen Marktzwangen und Neuen Institutionellen Regelungen: Zur Politischen Okonomie der Europaische Wahrungintegration, Marburg: Metropolis-Verlag, 1995, 73-96.

1995

Smithin, J. and B.M. Wolf, “The macroeconomic and microeconomic consequences of alternative exchange rate regimes: implications for European monetary union”, in T. Georgakopoulos, C.C. Paraskevopoulos and J. Smithin (eds), Economic Integration Between Unequal Partners, Aldershot: Edward Elgar, 1994, 243-51.

1994

Smithin, J., “La pensee monetaire de Milton Friedman face aux theories contemporaines” in M. Lavoie and M. Seccareccia (eds), Milton Friedman et son ouvre, Montreal: Presses de l' Universite de Montreal, 1993, 83-99.

1993

Smithin, J., “Monetary economics after financial restructuring”, in I.H. Rima (ed.), The Political Economy of Global Restructuring, volume II, Trade and Finance, Aldershot: Edward Elgar, 1993, 220-3.

1993

Smithin, J., “European monetary arrangements and national economic sovereignty”, in A. Amin and M. Dietrich (eds), Towards a New Europe?: Structural Change in the European Economy Aldershot: Edward Elgar, 1991, 191-211.

1991

Smithin, J.,“A neglected monetary-standard alternative: gold-commodity bi-metallism: comment” (on a paper by A.G. Hart), in O.F. Hamouda, R. Rowley and B.M. Wolf (eds), The Future of the International Monetary System, Aldershot: Edward Elgar, 1989, 210-11.

1989

Book Reviews

Publication
Year

Smithin, J., Review of Fletcher, Dennis Robertson: Essays on his Life and Work (2007), Eastern Economic Journal 35, 2, Spring 2009, 269-71.

2007

Smithin, J., Review of Fletcher, Understanding Dennis Robertson: The Man and His Work (2000), Eastern Economic Journal 28, 3, Summer 2002, 440-42.

2002

Smithin, J., Review of Caprio and Vittas, Reforming Financial Systems: Historical Implications for Policy (1997), Banking and Finance Law Review 14, 3, May/June, 1999, 621-24.

1999

Smithin, J., Review of Epstein and Gintis, Macroeconomic Policy after a Conservative Era (1995), Scottish Journal of Political Economy 44, 5, November 1997, 596.

1997

Smithin, J., Review of Groenewegen, A Soaring Eagle: Alfred Marshall 1842-1924 (1995), Eastern Economic Journal 122, 2, Spring 1996, 242-44

1996

Smithin, J., Review of Dow and Saville, A Critique of Monetary Policy: Theory and British Experience (1988; 1990); Earl, Monetary Scenarios: A Modern Approach to Financial Systems (1990), and Laidler, Taking Money Seriously and Other Essays (1990), Review of Political Economy 5, 3, July 1993, 395-99.

1993

Smithin, J., Review of Hicks, A Market Theory of Money (1989), Eastern Economic Journal 17, 3, September, 1991, 377-79.

1991

Smithin, J., Review of Layard and Calmfors, The Fight Against Unemployment (1987), Eastern Economic Journal 14, 3, July-September 1988, 287-89.

1988

Smithin, J., Review of Kaldor, Economics Without Equilibrium (1985); and Dow, Macroeconomic Thought: A Methodological Approach (1985), Canadian Journal of Economics 20, 1, February 1987, 192-95.

1987

Books

Publication
Year

Barrows, D. and J. Smithin, Fundamentals of Economics for Business (second edition) Toronto & Singapore: Captus Press & World Scientific Publishing, 2009.

2009

Smithin, J., Money, Enterprise and Income Distribution: Towards a Macroeconomic Theory of Capitalism, London & New York: Routledge, 2009.

2009

Barrows, D. and J. Smithin, Fundamentals of Economics for Business, Toronto: Captus Press, 2006.

2006

Barrows, D. and J. Smithin, Notes on Monetary Economics, Macroeconomics and International Finance (abridged from Fundamentals of Economics for Business), Toronto: Captus Press, 2006.

2006

Smithin, J. Controversies in Monetary Economics: Revised Edition, Cheltenham: Edward Elgar, 2003.
-------- Chinese translation by Yongming Lui, Shanghai: Shangai University of Finance and Economics Press (SHUPE),2004.

2003

Georgakopoulos, T., Paraskevopoulos, C.C. and J. Smithin (eds), Globalization and Economic Growth: A Critical Evaluation, Toronto: APF Press, 2002.

2002

Smithin, J. (ed.) What is Money?, London & New York: Routledge, 2000.

2000

Cohen, A.J., Hagemann, H., and J. Smithin (eds), Money, Financial Institutions and Macroeconomics, Boston: Kluwer Academic Publishers, 1997.

1997

Smithin, J., Macroeconomic Policy and the Future of Capitalism: The Revenge of the Rentiers and the Threat to Prosperity, Aldershot: Edward Elgar, 1996.

1996

Smithin, J., Controversies in Monetary Economics: Ideas, Issues, and Policy, Aldershot: Edward Elgar, 1994.

1994

Georgakopoulos, T., Paraskevopoulos C.C., and J. Smithin (eds), Economic Integration Between Unequal Partners, Aldershot: Edward Elgar, 1994.

1994

Smithin, J., Macroeconomics after Thatcher and Reagan: The Conservative Policy Revolution in Retrospect, Aldershot: Edward Elgar, 1990.

1990

Hamouda, O.F, and J. Smithin (eds), Keynes and Public Policy after Fifty Years, volume I, Economics and Policy, Aldershot & New York: Edward Elgar and New York University Press, 1988.

1988

Hamouda, O.F. and J. Smithin (eds), Keynes and Public Policy after Fifty Years, volume II, Theories and Method, Aldershot & New York: Edward Elgar and New York University Press, 1988.

1988

Journal Articles

Publication
Year

Smithin, J. “Interest and profit”, Chinese Business Review 8, 6, June 2009, 1-13.
---- reprinted in T. Cate (ed.) Keynes's General Theory after Seventy-Five Years, Cheltenham: Edward Elgar, forthcoming.

2009

Mongiovi, G., Pressman, S. and J. Smithin, “John Derek Pheby: October 24, 1949 – October 21, 2008”, Review of Political Economy 21, 2, April 2009, 191-93.

2009

Atesoglu, H.S. and J. Smithin, “Canadian monetary policy and the US federal funds rate”, Applied Economics Letters 15, 11, September 2008, 899-904.

2008

Smithin, J., “The rate of interest, monetary policy, and the concept of ‘thrift’”, International Journal of Political Economy 32, 2, Summer 2008, 26-48.
Abstract: This article examines several aspects of monetary policy. Much of the discussion involves the work of prominent economist John Maynard Keynes, who developed the concepts of thrift, spending multipliers and the marginal efficiency of capital. The history and development of some Keynesian concepts are presented. Reconciliation of monetary theories such as the real rate of interest and the concepts of endogenous money and credit creation are investigated. Contemporary debates and critiques of Keynes's work are also presented.
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2008

Kam, E. and J. Smithin “’Unequal partners: the role of international financial flows and the exchange rate regime’," Journal of Economic Asymmetries 5, 1, June 2008,125-37.

2008

Smithin, J. “A real interest rule for monetary policy?”, Journal of Post Keynesian Economics 30, 1 Fall 2007, 101-118.
Abstract: This paper examines four alternative types of guidelines for monetary policy: (1) stabilizing the real policy rate of interest at a "low" level, (2) pegging the nominal policy rate, (3) employing a standard monetary policy reaction function to target inflation, and (4) invoking the notion of a "fair" rate of interest. The case defended here is that the first of these alternatives, an attempt to stabilize the real policy rate at some "low" level, is the best option for monetary policy. It is also the most consistent with the traditional Keynesian advocacy of cheap moneya?”"we intend to retain control of our domestic rate of interest, and keep it as low as suits our own purposes."
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2007

Atesolgu, H.S. and J. Smithin, “Un modelo macroeconomico simple," Economia Informa, 346, May-June 2007, 105-119.

2007

Atesoglu, H.S. and J. Smithin, “Inflation targeting in a simple macroeconomic model”, Journal of Post Keynesian Economics 28, 4, Summer 2006, 673-688.

2006

Atesoglu, H.S. and J. Smithin, “Real wages, productivity, and economic growth in the G7, 1960-2002”, Review of Political Economy, 18, 2, April 2006, 1-11.

2006

Kam, E. and J. Smithin “Notas sobre el dinero, credito y banca en el proceso de desarrollo economico”, Economia Informa, 337, November-December 2005, 6-16.

2005

Smithin, J. “The real rate of interest, the business cycle, economic growth and inflation: an alternative theoretical perspective”, Journal of Economic Asymmetries, 2, 2, December 2005, 1-19.

2005

Smithin, J., “Keynes, Friedman and Chicago: a review essay”, Journal of Economic Studies 31, 1, February 2004, 76-88.

2004

Kam, E., and J. Smithin, “Monetary policy and demand management for the small open economy in contemporary conditions with (perfectly) mobile capital”, Journal of Post Keynesian Economics 26, 4, Summer 2004, 679-94.

2004

Smithin, J., “Can we afford to pay for social programs?”, Studies in Political Economy 71/72, Autumn/Winter, 2003, 163-76.

2003

Smithin, J., “Interest parity, purchasing power parity, ‘risk premia’ and Post Keynesian economic analysis”, Journal of Post Keynesian Economics 25, 2, Winter, 2003, 219-35.

2003

Paraskevopoulos, C.C., and J. Smithin, “Integracion economica y financiera: implicaciones sobre la politica fiscal y social de una nacion”, Revista Economica de Castilla La Mancha 1,Segundo Semestre 2002, 197-209.
----- revised and up-dated version of “Economic and financial integration: implications for nationally-based public policy”, in C.C. Paraskevopoulos (ed.), Global Trading Arrangements in Transition, Cheltenham: Edward Elgar, 1998, 3-10.

2002

Lau, J.Y.F., and J. Smithin, “The role of money in capitalism”, International Journal of Political Economy 32, 3, Fall 2002 (2004), 5-22.

2002

Smithin, J., “Profit, the rate of interest, and ‘entrepreneurship’ in contemporary capitalism”, Kurswechsel 2/01, July 2001, 89-100.
------- Spanish translation in Cuestiones Economicas 18, 1, Primer Cuatrimester 2002, 191-208.

2001

Smithin, J., “Money and national sovereignty in the global economy”, Eastern Economic Journal 25, 1, Winter 1999, 49-61.

1999

Dow, S.C. and J. Smithin, “The structure of financial markets and the ‘first principles’ of monetary economics”, Scottish Journal of Political Economy 46, 1, February 1999, 72-90.

1999

Paschakis, J. and J. Smithin, “Exchange risk and the supply-side effects of real interest rate changes”, Journal of Macroeconomics 20, 4, Fall 1998, 703-20.

1998

Smithin, H. and J. Smithin, “Spolecna mena: nove moznosti, nebo hrozba?”, Novy Domov 25, August 1998.

1998

Smithin, J., “An alternative monetary model of inflation and growth”, Review of Political Economy 9, 4, October 1997, 395-409.

1997

Smithin, J., “Hicks on Keynes and Thornton”, Canadian Journal of Economics (Special Issue, Part 1) 29, April 1996, S235-41.

1996

Paschakis, J., Paraskevopoulos, C.C. and J. Smithin, “Is monetary sovereignty an option for the small open economy?”, North American Journal of Economics and Finance 7, 1, Spring 1996, 5-18.

1996

Smithin, J., “The crisis in academic economics”, PKSG Newsletter 4, January 1996, 02-04.

1996

Smithin, J., “Cause and effect in the relationship between budget deficits and the rate of interest”, Economies et Societies – Monnaie et Production 28, 1-2, January-February, 1994, 151-69.

1994

Smithin, J. “Do nothing to halt fragile recovery”, Town Crier (Newmarket: ON), March 03, 1994.

1994

MacKinnon, K.T. and J. Smithin “An interest rate peg, inflation and output”, Journal of Macroeconomics 15, 4, Fall 1993, 769-85.

1993

Smithin, J. and B.M. Wolf, “What would be a ‘Keynesian’ approach to currency and exchange rate issues?”, Review of Political Economy 5, 3, July 1993, 365-83.

1993

Dow, S.C. and J. Smithin, “Free banking in Scotland, 1695-1845”, Scottish Journal of Political Economy 39, 4, November 1992, 374-90.

1992

Smithin, J., “La composicion del gasto publico y la eficacia de la politica fiscal”, Hacienda Publica Espanola 117, 1/1991, 171-09.
----- Spanish translation of “The composition of government expenditures and the effectiveness of fiscal policy” in J.D. Pheby (ed.), New Directions in Post Keynesian Economics, Aldershot: Edward Elgar, 1989, 209-227.
----- French translation in P. Paquette and M. Seccareccia (eds), Les pieges de l'austerite: dette nationale et prosperite economique: alternatives a l'orthodoxie, Montreal and Grenoble: Presses de l'Universite de Montreal and Presses Universitaires de Grenoble, 1993, 200-17

1991

Smithin, J., “Empirical and conceptual problems in contemporary macroeconomics”, British Review of Economic Issues 12, 27, June 1990, 73-95.

1990

Smithin, J., “Hicksian monetary economics and contemporary financial innovation”, Review of Political Economy 1, 2, July 1989, 192-207.

1989

Smithin, J., “On flexible wage policy”, Economies et Societies - Oeconomia 22, 3, March 1988, 135-53.

1988

Hamouda, O.F. and J. Smithin, “Rational behaviour with deficient foresight”, Eastern Economic Journal 14,3, July-September, 1988, 277-85.

1988

Hamouda, O.F. and J. Smithin, “Some remarks on ‘uncertainty and economic analysis’”, Economic Journal 98, 1, March 1988, 59-64.

1988

Smithin, J. and P.N.V. Tu, “Disequilibrium adjustment in a ‘classical’ macroeconomic model: a note”, Zeitschrift fur Nationalokonomie 47, 2, 1987, 98-102.

1987

Lemche, S.Q. and J. Smithin, “Nominal wage contracts and the economics of Keynes (abstract)," The Bulletin of the History of Economics Society 7, 1, Summer 1986, 2.

1986

Smithin, J. “The length of the production period and effective stabilization policy”, Journal of Macroeconomics 8, 1, Winter 1986, 55-62.

1986

Smithin, J. “On the definition of involuntary unemployment in Keynes’s General Theory: a note”, History of Political Economy 17, 2, Summer 1985, 219-22.

1985

Smithin, J. “The market mechanism versus the historical process as the source of economic controversy”, Economic Notes 14, 1, 1985, 169-76.

1985

Smithin, J., “Financial innovation and monetary theory”, Three Banks Review 144, December 1984, 26-38.

1984

Smithin, J., “Medio and Musu’s Keynesian analysis of money wage changes: a comment”, Economic Notes 12, 3, 1984, 167-70

1984

Smithin, J., “A note on the welfare cost of perfectly anticipated inflation”, Bulletin of Economic Research 35, 1, May 1983, 65-69.

1983

Smithin, J., “Two ‘contradictions’ in the economic and social development of the Soviet bloc”, Kosmas: Journal of Czechoslovak and Central European Studies 1, 2, Winter 1982, 51-62.

1982

Forthcoming

Publication
Year

Smithin, J. Essays in the Fundamental Theory of Monetary Economics and Macroeconomics, Singapore: World Scientific Publishing, forthcoming.

Smithin, J., “Inflation”, in J.E.King (ed), The Elgar Companion to Post Keynesian Economics (second edition), Cheltenham: Edward Elgar, forthcoming.

Kam, E. and J. Smithin, “¿Capitalismo en un sólo país?: Una re-valoración de los sistemas mercantilistas desde el punto de vista financiero”, in N.O. Levy Orlik and T.S. López González (eds), Las Instituciones Financieras y el Crecimiento Económico en el Contexto de la Dominación del Capital Financiero y la Globalización:¿Financiamiento del Desarrollo Crisis Financieras? Mexico City: UNAM, forthcoming.


Other

Publication
Year

Economic growth: free trade, public finance, and the paradox of thrift.
Review of Keynesian Economics, 2(4), 2014, pp.456-63.
Abstract: Coming Soon!
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Keynes’s theories of money and banking in the Treatise and General Theory.
Review of Keynesian Economics, 1(2), 2013, pp.242-56.
Abstract: Coming Soon!
[go to paper]

A re-habilitation of the theory of effective demand from chapter 3 of Keynes’s General Theory (1936).
International Journal of Political Economy, 42(1), 2013, pp.6-24.
Abstract: Coming Soon!
[go to paper]

A simple theory of banking and the relationship between the commercial banks and the central bank.
(with Eric Kam)
Journal of Post Keynesian Economics, , 34(3): 545-49. (with Eric Kam)
Abstract: This note provides an explanation of the relationship between the nominal and real lending rates of the commercial banks and central bank policy rates. It suggests that "a real interest rate rule" on the part of the central bank would influence the real lending rate perceived by commercial banks and their borrowers, and could affect the real economy via this route. There is a negative theoretical relationship between the inflation adjusted "real" lending rate and the rate of inflation itself.
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