The relation between religion, economy and the country became a major topic in the development of public welfare systems. Humans are political creatures that have the potential to realise the level of moral conscience to meet the needs of a better life, but humans as spiritual beings must have a...

In this paper, the impact of global financial crisis on India’s Gross Domestic Product (GDP) is investigated upon in an aggregate demand framework using quarterly data for the period from Q2 of 1996 to Q1 of 2010. GDP, consumption expenditure, capital formation and export were found to be...

According to neoclassical economic theory, there is a negative relationship between real wages, and the level of output and employment. Therefore, neoclassical theory tends to favor policy measures that seek to diminish real wages and deregulate the labor market, explaining that poor economic...

To study the aggregate demand for narrow and broad money for the Brazilian economy in its most recent period, 1970 to 1983, a basic model was developed. From this model, which is a restricted one, an unrestricted del was derived. Using information from both models, the unrestrited model was used...

This paper focuses on Keynes’s exposition of the Principle of Effective Demand and its generalised mathematical representation – the basis of a Z-D type model. It elaborates on Keynes’s algebraic formulation in the General Theory, relying on interpreters who contributed to the...

The last events which took place after the 1st January 2007 and Romania’s admission in the European Union imply a sustainable and continuous economic growth, in order to reduce economic and social disparities between our country, EU average and other EU members, through a mobilization of the...

Recent Post-Keynesian proposals for an economic policy to overcome stagnation and mass unemployment also stress the necessity of incomes policy without precisely specifying the role of such a policy. Starting from the theories of distribution by Kalecki and Kaldor this paper therefore tries to...

This paper depicts the negative impact of a falling labour share caused by reduced bargaining power of workers on aggregate demand and employment. Contrary to standard New Keynesian models, the presence of consumers not participating in financial markets (rule of thumb consumers) causes an...

Despite the distinctive character of the Austrian approach to “microfoundations for macroeconomics”, the literature on free banking contains a number of arguments which make use of game-theoretic concepts and models such as the well-known Prisoner´s Dilemma model. While there can be no...

Capital-based business cycle theory identifies monetary mismanagement as a major source of economy-wide distortions in the intertemporal allocation of resources by focusing on the relative-price effects - and the corresponding quantity adjustments - of a monetary disturbance, as compared to...