One of the most troubling developments in recent years has been widening income inequality in the United States and elsewhere. We argue Post Keynesian Institutionalism (PKI) provides insight into the causes of increasing income inequality and our contribution is threefold. First, we compare PKI...

Despite unprecedented lender-of-last-resort efforts by the Federal Reserve and the Treasury Department, the U.S. economy continues to be plagued by high levels of unemployment and foreclosures. Although several proposals to address these problems have been developed, their reactive nature limits...

Most economists agree that the effect of foreclosures on the housing market in the United States has been an important reason for recent macroeconomic stagnation. This paper considers the federal government's poor performance in helping homeowners renegotiate their mortgages to be a collective...

Adam Smith is well known for his description of how actions taken to further one's self-interest may benefit society. However, Smith emphasized that forbearance, which is the exercise of self-restraint while pursuing personal gain, is a necessary condition for the "invisible hand" to promote the...