In this paper, we examine the labor market during the Great Recession and find some startling features underlying the stagnation and decline of 2007-10. The population in the labor force has stagnated while the population that is out of the labor force has grown sharply. For the first time since...

This paper uses a set of simple Post Keynesian models of growth and distribution to provide a systematic analysis of how growth affects income distribution through a number of alternative channels, thereby making possible a more complete analysis of the interaction between growth and...

The interaction between income distribution, accumulation, employment, and the utilization of capital is central to macroeconomic models in the "heterodox" tradition. This article examines the stylized pattern of these variables using U.S. data for the period after 1948. We look at the trends...

Until the 1970s, the idea that workers had a right to a job was a subject of lively debate, at least among progressives. The dominance of the neoclassical perspective since that time has all but eliminated discussion of such a right. In this paper, we argue that a Post Keynesian understanding of...

Many argue that the current recession is the product of a temporary stock market wobble. This paper argues that the U.S. economy confronts deeper-seated problems concerning the aggregate demand generation process. For two decades, these problems have been obscured by a range of demand...

This paper responds to the criticism that many heterodox economists, who want to be labeled as Post Keynesians, are rejected by my defining Post Keynesian theory as limited to those theories that adopt Keynes's analytical framework of aggregate demand and supply functions derived from the...

This paper argues that inflation targeting, in the manner proposed by the "new consensus" in macroeconomics, is not a socially desirable monetary policy strategy and is not compatible with Keynes's political economy. Inflation targeting is likely to cause distributional changes that benefit...

In the debate on monetary policy strategies on the two sides of the Atlantic, it is now almost commonplace to contrast the Fed and the European Central Bank (ECB) by pointing out the flexibility and capacity to adjust of the former and the rigidity and extreme caution of the latter, and its...

The present article offers a fundamental critique of fiscal policy as it is understood in theory and exercised in practice. Two specific demand-side stabilization methods are examined here: conventional pump priming and the new designation of fiscal policy effectiveness found in the new...

This paper examines the macroeconomic effects of competition. The Kaleckian view of these effects is considered along with the neoclassical, with special attention paid to the degree of monopoly and its effect on investment. Both the product and price competition of firms are examined, and the...