Thirlwall's Law (Thirlwall, 1979) considers that growth can be constrained by the balance-of-payments when the current account is in permanent deficit. The law focuses on external imbalances as impediments to growth and does not consider the case where internal imbalances emerging from budget...

Thirlwall's Law considers that growth can be constrained by the balance-of-payments when the current account is in permanent deficit. The Law focuses on external imbalances as impediments to growth and does not consider the case where internal imbalances (budget deficits or public debt) can also...

Post-Keynesians in general, and Geoff Harcourt in particular, have always laid much emphasis on incomes policies, which allow policy-makers to implement expansionary demand-side policies and ensure price stability. Mainstream economics, instead, gives little, if any, relevance to incomes...

I develop a model of monopolistic competition in which I distinguish between niche markets and mass markets, in the spirit of Holmes and Stevens, 2014. Firms choose between entering a small niche market with high markups or a large mass market with low markups. Entry costs and other distortions...