Wage policy and the structure of collective bargaining systems have been neglected in the political and conomic discussions that centered around the European Monetary Union (EMU) to an amazing extent. Collective bargaining is one of the very few issues that have been explicitly excluded from the...

In a most recent textbook on employment theory Landmann/Jerger 1999), there is no mention of a distinct post Keynsian employment theory. This is the more surprising as the post Keynesian employment theory offers a truly macro- economic approach to the determination of the aggregate level of...

The public budget has always been a much debated object at the political level as well as in academia. This is not surprising as it mirrors the political intentions and ideologies of those running the government on the one hand and taking into account that economics is a multiparadigmatic...

Germany has experienced a period of extreme nominal and real wage moderation since the mid 1990s. Contrary to the expectations of liberal economists this has failed to improve Germany’s mediocre economic performance. However, Germany is now running substantial current account surpluses. One...

New Consensus Models (NCMs) have been criticised by Post-Keynesians (PKs) for a variety of reasons. The paper presents a model that synthesises several of the PK arguments. The model consists of three classes: rentiers, firms and workers. It has a short-run inflation barrier derived from...

We discuss the effects of rising shareholder power on distribution and capital accumulation in a Kaleckian model. Increasing shareholder power is associated with decreasing managements’ animal spirits, on the one hand, and increasing dividends distributed to shareholders, on the other hand. In...