PAUL DAVIDSON is Visiting Scholar at the New School for Social Research, Bernard Schwartz Center For Economic Policy Analysis, USA. He has previously held Professorships at the University of Pennsylvania, Rutgers University and the University of Tennessee. He is Editor of the Journal of Post Keynesian Economics, a former member of Brookings Economics Panel, and is the author, co-author or editor of twenty-two books and more than 200 articles. His books include Money and the Real World, Post Keynesian Macroeconomic Theory, International Money and the Real World: Economics for a Civilized Society, and Financial Markets, Money and the Real World.