In conventional economic theory, a trade-off supposedly exists between social justice and economic efficiency. In reality, market and other economic institutions are dominated by power relations, so that the sponsorship of social justice is a productive factor. Neo-liberal economic policies, by...

Over the past few years, a new 'geographical' economics has emerged, focused on the spatial agglomeration of industry and the long-run convergence of regional incomes. Several leading names are associated with this 'geographical turn,' including Paul Krugman, Michael Porter, Robert Barro, and W....

We consider the relative effects of globalisation and regionalism in the context of recent developments in the world economy. We extend and advance the work of Chortareas and Pelagidis using the recently updated Penn World Tables data. This allows consideration of the recent 'golden era' of...

The literature on the theoretical and empirical aspects of the relationship between finance and economic growth is both substantial and extensive. The same cannot be said on the relationship between financial development and poverty reduction--an equally important aspect. In this study, we visit...

This paper focuses on an alternative perspective on inflation to that of the non-accelerating inflation rate of unemployment (NAIRU). It indicates that there are no automatic forces leading to a level of aggregate demand consistent with constant inflation. Inflationary pressures arise from...

This paper proposes an alternative stability and growth pact to the one which accompanied the introduction of the euro in January 1999. The latter is part of the third stage of economic and monetary union and, will govern the economic policies of the member countries which have joined the single...

This paper questions the practice of representing the endogenous money supply by means of a 'horizontal' money supply curve, implicitly contrasted with the conventional 'vertical' (stock) supply curve. What is drawn as a horizontal curve is strictly a locus between a continually shifting stock...