We tackle the issue of the possible instability of the Kaleckian distribution and growth model. Distinguishing between Keynesian and Harrodian instability, we review various mechanisms that have been proposed by critics of the Kaleckian model to tame Harrodian instability while bringing back the...

This paper analyzes the newer Kaleckian models of growth and distribution and the criticisms that have been addressed to them by neo-Marxian and neo-Ricardian authors. The models discussed assume overhead labor costs and target return pricing. The main issues are the form of the investment...

Hyper-vertically integrated sectors and their natural prices, as presented by L. L. Pasinetti (1988), are reexamined in a slightly different framework and with the help of a very simple three-industry model. It is shown that, while Pasinetti's analysis takes into account basic commodities and...

This paper presents a Keynesian model which describes three countries trading merchandise and financial assets with one another. It is initially assumed that all three countries have independent fiscal policies but that two of the countries share a currency, hence the model can be used to make a...

The purpose of this note is to reconsider the puzzle arising from a theory of endogenous credit-money: if the supply of bank credit is the source of bank deposits, what would occur when the supply of bank deposits exceeds the demand for deposits? It has recently been argued that changes in...