This paper explores the Marxian genetic root of the multiplier in order to clarify its foundations and validity conditions. Though the analysis is restricted to the first two volumes of Capital and the early contributions by Kalecki in the 1930s, we argue that we can draw from these works...

We examine the role of expectations in a model aimed to explain financial fluctuations. The model restates the core of Minsky’s financial instability hypothesis, focusing on the role of expectations. The hypotheses concerning the process of formation and revision of expectations are discussed...

In the attempt to answer three (interrelated) questions, we concentrate on a crucial step in Goodwin’s (RMG) life: his move from Cambridge, Mass. to Cambridge, UK. Why did RMG not get a permanent position at Harvard? How did RMG reach the decision to settle down in Cambridge, UK? Why was it...

This paper extends Goodwin’s growth cycle model by assuming both differential savings propensities and disequilibrium in the goods market. It is shown that both modifications entail an increase in the dimensionality of the dynamical system of the model. By applying the existence part of the...

This paper aims to clarify the controversial concept of “weight of argument” as introduced by Keynes in the Treatise of Probabilities and explicitly resumed in crucial passages of the General Theory (GT), in order to assess its influence on the theoretical framework and methodological...

This paper explores the interaction between the Great recession triggered by the US subprime mortgages crisis and the twin crisis of macroeconomics. We argue that a major determinant of the subprime crisis and its dire consequences has been an approach to economics that is unable to deal with...

The Great Recession triggered by the subprime mortgage crisis raised serious questions on the responsibility of the economists as intellectuals, advisors and decision makers. This essay focuses on the responsibility of the academic economist in his role of researcher, teacher, divulgator,...

The increased scrutiny of investors regarding the non-financial aspects of corporate performance have placed portfolio managers in the position of having to weigh the benefits of “holding the market” against the cost of having positions in companies that are subsequently found to have...

This experimental study aims to clarify to what extent and in which direction investors react to CSR (Corporate Social Responsibility) initiatives meant to upgrade the ethical standards of firms beyond the minimal requirements of law. Subjects in the laboratory were invited to invest their...

This paper aims to establish systematic relationships between the two rapidly growing research streams on the socio-economic determinants of happiness and health. Although they have been pursued quite independently by different communities of researchers, empirical evidence points to very...