Die Arbeit liefert zunächst eine Kritik der zentralen Argumente der modernen Makroökonomik. Hierbei werden insbesondere Aspekte der Aggregation bzw. Mikrofundierung, der Wohlfahrtsanalyse, der Rigorosität der Modellierung und der Lucas-Kritik aufgegriffen. Die vorgestellten Ergebnisse stellen...

Diese Abhandlung hat die isolierende Betrachtungsweise (ceters-paribus-Analyse) und konzeptionellen Grundlagen der aggregierten Analyse zum Gegenstand. Die Überlegungen bauen auf den Schriften von Alfred Marshall (1842-1924) und John Maynard Keynes (1883-1946) auf.

This paper presents evidence that accounting (or flow-of-fund) macroeconomic models helped anticipate the credit crisis and economic recession. Equilibrium models ubiquitous in mainstream policy and research did not. This study identifies core differences, traces their intellectual pedigrees,...

“If economists could manage to get themselves thought of as humble, competent people on a level with dentists, that would be splendid.” (Keynes, 1931). Then macroeconomics would transform into a useful and routine type of engineering, which will prevent the emerging of recessions. However,...

The paper analyzes how organized crime affects the economy through its impact on the effective demand, following the Neo-Kaleckian approach. From this perspective, the presence of organized crime, on the one hand, tends to reduce the effective demand draining resources through extortion,...

Following methodological approach proposed by Edwards, the paper estimates empirically Russia's equilibrium real exchange rate (ERER) for the period 1995–2003. ERER is defined as the relative price of non-tradables to tradables consistent with the simultaneous achievement of internal and...

Compared regionally, Republic of Macedonia has one of the highest levels of grey economy activity. According to some estimations, it accounts for about 40% of GDP. This high level of grey economy has a direct influence to the main economic indicators, categories and instruments for macroeconomic...