This paper explores the Marxian genetic root of the multiplier in order to clarify its foundations and validity conditions. Though the analysis is restricted to the first two volumes of Capital and the early contributions by Kalecki in the 1930s, we argue that we can draw from these works...

This article explores the Marxian roots of the multiplier in order to clarify its foundations and validity conditions. The authors argue that from Marx’s analysis of the evolution of institutions and technology of exchange crucial insights may be derived. In the light of this analysis Kalecki...

We examine the role of expectations in a model aimed to explain financial fluctuations. The model restates the core of Minsky’s financial instability hypothesis, focusing on the role of expectations. The hypotheses concerning the process of formation and revision of expectations are discussed...

We examine the role of expectations in a model aimed to explain financial fluctuations. The model restates the core of Minsky's financial instability hypothesis, focusing on the role of expectations. The hypotheses concerning the process of formation and revision of expectations are discussed in...

In the attempt to answer three (interrelated) questions, we concentrate on a crucial step in Goodwin’s (RMG) life: his move from Cambridge, Mass. to Cambridge, UK. Why did RMG not get a permanent position at Harvard? How did RMG reach the decision to settle down in Cambridge, UK? Why was it...

This paper extends Goodwin’s growth cycle model by assuming both differential savings propensities and disequilibrium in the goods market. It is shown that both modifications entail an increase in the dimensionality of the dynamical system of the model. By applying the existence part of the...