In our era of global finance, the theory of aggregate demand management is alive and unwell, says Amit Bhaduri. In this policy brief, Bhaduri describes what he regards as a prevalent contemporary approach to demand management. Detached from its Keynesian roots, this "vulgar" version of demand...

This short note introduces the debate on the future of economic policy and reform of capitalism, to be hosted in a new temporary section of the journal. It is essential to debate how to achieve a balance between 'bread' (economic security) and 'liberty' (political freedom), in a dynamic sense,...

Macroeconomic strategies and policies have differed significantly among Asian countries over the last fifty years, and yet some common issues recur despite their immense diversity in inherited historical initial conditions, differences in political systems, geo-political situations, location and...

The debate about how to reconcile political with economic democracy is translated in the framework of wage- and profit-led growth in this paper. The inherent tension between providing sufficient profit incentive to motivate investment by the capitalist class and maintaining electoral...

The paper examines three aspects of a financial crisis of domestic origin. The first section studies the evolution of a debt-financed consumption boom supported by rising asset prices, leading to a credit crunch and fluctuations in the real economy, and, ultimately, to debt deflation. The next...

Intersectoral and interstate conflicts over the use of limited water and energy resources are aggravating in all arid regions throughout the world, and particularly in the Aral Sea basin of Central Asia. Tremendous expansion of the irrigated areas to produce cotton starting from the 1960s led to...

Today many textbooks use the aggregate demand/aggregate supply analysis to convey the basics of Keynesian analysis of aggregate demand in conjunction with the profit maximisation postulate as characterising the aggregate supply side. However, this construction suffers from logical inconsistency,...