We model the interaction between capitalists and entrepreneurs as a dynamic game. The open-loop Nash equilibrium and the closed-loop Nash equilibrium are distinguished. The purpose is to answer some questions that have arisen in the development of profit-led versus wage-led growth models. We...

The institutional combination of illiquid assets and demand deposit banking is regarded as vulnerable to collapse because of the impatience of depositors. We suggest that the mechanism of fully backed central bank money is a means of redress.

We model the interaction between capitalists and entrepreneurs as a dynamic game. The open-loop Nash equilibrium and the closed-loop Nash equilibrium are distinguished. The purpose is to answer some questions that have arisen in the development of profit-led versus wage-led growth models. We...

Exegetical study of the economics of Hayek and Keynes are active research industries in the form of the neo-Austrian and Post-Keynesian research programmes respectively. Often it would appear that these efforts would benefit from an underlying methodological orientation. It is our argument that...

The relationship between organizations and environment is examined within the context of General Systems Theory. It is argued that the policy problem confronting the modern organization is to cope with environmental turbulence. Three modes of coping with fundamental uncertainty are identified....