This paper argues that the thinking of John Maynard Keynes remains highly relevant to an understanding of the financial collapse of 2007--8 and for policy measures to enable the world to escape from the 'great recession'. The essay explains the role of uncertainty in Keynes's theory, and the...

This paper reviews the recently published PhD thesis of Hyman P. Minsky, summarising its main contributions to methodology and microeconomics. These are aspects of economics with which Minsky is not usually associated, but which lie at the foundation of his later work. They include critical...

The paper responds to a note by Robert Dixon that in an earlier paper we had mistakenly argued that Weintraub's consumption coefficient enhances Kalecki's model and helps to elucidate trends in the secular and functional distributions of income. We demonstrate the conditions under which our...

Prospects for the European Monetary Union are inevitably affected by the theoretical presuppositions of the observer. The most common approach, the theory of optimal currency areas, postulates that traded goods are produced by labour and the exchange rate between 'national' currencies is the...

This paper examines the recent proposal to eliminate the limited liability of company owners, in the context of the overall composition of the financial liabilities of firms. The traditional neo-classical view of the firm holds that the relative price of different financing only affects the way...

Weintraub's consumption coefficient, the ratio of total consumer expenditure to income from employment, helps to elucidate trends in the sectoral and functional distributions of income. It simplifies and adds precision to Kaleckian macroeconomics by showing how distributions of income affect the...