Mark Gerard Hayes, pen-name M. G. Hayes, was a British-Irish economist and former banker. As an economist, he wrote mainly on the economics of John Maynard Keynes and on the economic implications of Catholic Social Thought. He was a Quondam Fellow in Economics of Robinson College, Cambridge, and published two books on the economics of Keynes and several scholarly articles and chapters on both his areas of research. From 2006-2016 he was the Secretary of the Post-Keynesian Economics Society. Earlier in his career, he was the principal founder and first Managing Director from 1990-1999 of Shared Interest, the British co-operative society that provides a large part of the finance behind the global Fair Trade movement.
Biography
Educated at Stonyhurst College and Clare College, Cambridge, where he read Economics, Mark Hayes began his working career as a banker with the Industrial and Commercial Finance Corporation that became 3i in 1984. He left 3i in 1988 to become the principal founder and first Managing Director of Shared Interest. After a brief period in 2001-2002 at Triodos Bank as UK Managing Director, he switched to an academic career, earning his doctorate at the University of Sunderland in 2003 under the external supervision of Malcolm Sawyer, University of Leeds. From 2003-2006 he was a Visiting Fellow at Northumbria University, during which time he wrote his first book The Economics of Keynes: A New Guide to The General Theory. He won the Helen Potter Award from the Association for Social Economics in 2006 for "the best article in the Review of Social Economy by a promising scholar of social economics", 'On the efficiency of Fair Trade'. In 2006 he became a Fellow of Robinson College, Cambridge and its Director of Studies in Economics from 2009-2014. He was also a Trustee and Senior Research Fellow of Homerton College, Cambridge from 2006-2009 and an Affiliated Lecturer in the Faculty of Economics, University of Cambridge from 2013-2015. In 2014, he moved to Durham University to become the inaugural holder of the St Hilda Chair in Catholic Social Thought and Practice in Durham's Centre for Catholic Studies, before early retirement in 2016. His second book on Keynes is John Maynard Keynes: The Art of Choosing the Right Model, was published shortly before his death.
Publications
Books
John Maynard Keynes: The Art of Choosing the Right Model
The Capital Finance of Co-operative and Community Benefit Societies
The Economics of Keynes: A New Guide to The General Theory
Investment and finance under fundamental uncertainty
2018. Sraffa's prices of production understood in terms of Keynes's state of short-term expectation, in The General Theory and Keynes for the 21st Century, Dow, Sheila Jespersen, Jesper & Tily, Geoff, Edward Elgar.
2018. Creation and Creativity, in Theology and Ecology Across the Disciplines: On Care for Our Common Home, Celia Deane-Drummond and Rebecca Artinian-Kaiser, Bloomsbury
2017. Keynes's liquidity preference and the usury doctrine: their connection and continuing policy relevance, Review of Social Economy, 75 : 400-416
2013. The state of short-term expectation, Review of Political Economy, 25, 205–24
2013. Ingham and Keynes on the Nature of Money, in Financial Crises and the Nature of Capitalist Money, Geoff Harcourt and Jocelyn Pixley, Palgrave Macmillan
2013. Effective Demand: Securing the Foundations - A Symposium, Review of Political Economy, 25, 650-78
2012. The General Theory: A Neglected Work?!, in Keynes’s General Theory For Today, Jesper Jespersen and Mogens Ove Madsen, Edward Elgar
2012. The Efficient Markets Hypothesis, in The Elgar Companion to Post Keynesian Economics, J. E. King, Edward Elgar
2012. Keynes: The Neglected Theorist, in Keynes’ General Theory: 75 Years Later, Thomas Cate, Edward Elgar
2010. The Loanable Funds fallacy: saving, finance and equilibrium, Cambridge Journal of Economics, 34, 807–20
2010. The fault line between Keynes and the Cambridge Keynesians: a review essay, Review of Political Economy, 22, 151-60
2010. Mutual Enmity: deposit insurance and economic democracy, Review of Social Economy, 68, 365-70
2009. The Post Keynesian alternative to inflation targeting, European Journal of Economics and Economic Policies, 6, 65-79
2008. Keynes’s Z function: a reply to Hartwig and Brady, Cambridge Journal of Economics, 32, 811–14
