Showing 1 - 10 of 17
This paper provides an institutional-analytical account of changes in the structure of the US Phillips curve (PC) during the post-war period. It does so by restoring conflict and power to the forefront of macro theory and, in particular, the wage- and price-setting behaviour of workers and...
Persistent link: https://www.econbiz.de/10014278530
Empirical studies of income distribution and aggregate demand using a structural modeling approach typically find that demand is wage-led in most large, advanced economies. These studies have been criticized for estimating the individual equations for consumption, investment, and net exports...
Persistent link: https://www.econbiz.de/10012668954
The varieties of capitalism (VoCs) approach has the potential to transform economics. It implicitly emphasizes the plasticity of economies, whereby their character and outcomes are significantly a matter of choice. This paper augments VoCs theory to include a distinction between varieties and...
Persistent link: https://www.econbiz.de/10014278464
This paper argues for broadening the application of hysteresis to institutions, policy lockin, psychology, identity, and economic ideas. Hysteresis is an element of historical processes, and the real world is historical. That explains why hysteresis is pervasive and important. Hysteresis should...
Persistent link: https://www.econbiz.de/10014329433
Keynes' General Theory was a massive step forward relative to classical economics, but it was also a step backward in its denial of the conflictual nature of capitalism. There is need to understand Keynes' technical contributions regarding the workings of monetary economies, but also need to...
Persistent link: https://www.econbiz.de/10014329437
Neoliberalism is a political economic philosophy that consists of two claims, one economic and the other political. The economic claim is free market laissez-faire economies are the best way to organize economic activity as they generate efficient outcomes that maximize well-being. The political...
Persistent link: https://www.econbiz.de/10014329444
This paper links the super-multiplier to Keynesian macroeconomics, showing it to be the most Keynesian of growth perspectives. Next, the paper shows that the super-multiplier is a micro-economically coherent theory of investment and capital accumulation. Firms' decisions regarding capital...
Persistent link: https://www.econbiz.de/10012154136
This paper discusses the evolution of money and the monetary system. The origins of money debate is framed in terms of functionalism versus chartalism. Endogenous Schumpeterian dynamics apply to the evolution of money and monetary systems, and those dynamics are supportive of the functionalist...
Persistent link: https://www.econbiz.de/10012154137
This paper provides a critique of zero lower bound (ZLB) economics which has become the new orthodoxy for explaining stagnation. ZLB economics is an extension of pre-Keynesian economics which attributes macroeconomic dysfunction to rigidities and market imperfections. The ZLB is the latest...
Persistent link: https://www.econbiz.de/10012154142
This paper argues the mainstream economics profession is threatened by theories of the financial crisis and ensuing stagnation that attribute those events to the policies recommended and justified by the profession. Such theories are existentially threatening to the dominant point of view....
Persistent link: https://www.econbiz.de/10012154145