Post Keynesian theory as opposed to Walrasian theory does not provide the foundations for a unique general equilibrium but claims the existence of multiple equilibrium positions. In this article, such a multiple of equilibrium positions is explained by different market constellations which are...

Post-apartheid South Africa is facing three major economic problems: (1) slack economic growth, (2) high and growing unemployment and (3) among the world's highest income inequality and poverty indices. South Africa is currently caught in a macro-economic straight-jacket of tight monetary,...

Konsolidierung heißt das finanzpolitische Gebot der Stunde. Obwohl sich dies eigentlich auf den Schuldenstand der öffentlichen Gebietskörperschaften beziehen sollte, wird landläufig die Instrumentenvariable Defizitquote zum Ziel der Konsolidierung (,Null-Defizit') erklärt. Zahlreiche...

The traditional theory of economic policy of the Tinbergen-Theil-type has come under severe criticism: in the ontological setting of the New Classical Macroeconomics based on the Rational Expectations Hypothesis (REH), economic policy is ineffective or neutral with respect to real variables. In...

German Social Democracy is faced with tremendous challenges of societal and economic changes: party dealignment, a bourgeoisifying of society, the rise of media democracy and economic and cultural globalisation. The party's reaction - a third order change in its ideological objectives and a...