Hyman Minsky is best known for his work in the area of financial economics, and especially for his financial instability hypothesis. In recent years, some authors have also recognized his advocacy of the “employer of last resort” as part of his “big government” intervention to help...

The recent reform of the federal welfare system is meant to encourage recipients to leave welfare and enter the workforce. If the reform is successful there are likely to be effects felt throughout the low-- skilled end of the labor market. As former welfare recipients enter the labor market,...

With all the talk in Europe about “Islam” and “Muslim culture” it is surprising how little hard-core empirical evidence exists on the compatibility of “Muslim culture” with positive patterns of political, social, and ecological development in the world system in the 1980s, 1990s, and...

The article analyses further develops the neo-dependency approach already presented by the same author and looks at recent time series trends in the structure of international capital penetration, international savings, and the dynamics of “unequal transfer” and their effects on social...

Public opinion surveys conducted since 1977 in Japan are usually interpreted as showing decreasing support among the Japanese population for Official Development Assistance (ODA), and possibly, the Ministry of Foreign Affairs and the Cabinet Office of Japan have justified recent cuts in ODA...

In this paper, we investigate the consequences of the rise in educational attainment on the US generational accounts. We build on the 1995 accounts of Gokhale and al. (1999) and disaggregate them per schooling level. We show that low skill newborns are characterized by a negative generational...

The recession under way in the European Union and the threat of deflation have spawned increasing frequent calls for modification of the Stability and Growth Pact. The present article confirms the negative correlation of the rate of real output growth with that of increase in current public...

This paper looks at the history of money and its modern form from a scientific and mathematical point of view. The approach here is to emphasize simplicity. A straightforward model and algebraic formula for a large economy analogous to the ideal gas law of thermodynamics is proposed. It may be...

This paper tests the stability of the U.S. federal intertemporal budget constraint over the postwar period. The implied equilibrium budget path is estimated and used to determine which component of the budget has greater responsibility for the recent intertemporal violations.

This paper investigates the feasibility of measuring the efficacy of programs designed to move welfare recipients into jobs using administrative records on individual program participation linked with state records on individual earnings. Like many states, Missouri collects quarterly earnings...