Current macro-economic textbooks provide a fatally misleading description of the money supply process in modern economies. Over the past 20 years Post Keynesian authors have established conclusively that despite strictly-enforced cash reserve requirements, changes in the supply of bank deposits...

The resolution of the controversy over the microfoundations of macroeconomics is important to heterodox economics. In this essay, I argue that the controversy is due to misspecification. That is, the conventional understanding of the controversy is that it is a reductionist exercise of...

The volume of profits in an economy is a magnitude, which is out of sight of orthodox macroeconomics textbooks and effectively ignored by neoclassical economics. In contrast, Kalecki's approach brings to the forefront the sources of profits and makes possible their further analysis. The sources...

This article has adopted an open discourse in addressing pertinent concerns about the scientific existence of economics as a discipline. In doing so, some (critical) Filosofia arguments have been provided in ensuring that a well balanced approach is taken on the subject. Obviously, the approach...

Policy implications of complexity economics (CE) are investigated. CE deals with “Complex Adaptive (Economic) Systems” [CA(E)S], generally characterized by mechanisms and properties such as “emergence” of structure or some capacity of “self-organization”. With this, CE has manifold...

This article, deposited for archival purposes with Repec, contains the submission of the UK-based Association for Heterodox Economics (AHE) on the benchmarking of research assessment in economics in the UK, to a consultation organised by the Economics and Social Science Research Council (ESRC)...

Abstract: This is a prepublication version of an article which originally appeared in the World Review of Political Economy. Please cite as Freeman, A. 2010. ‘Trends in Value Theory since 1881’, World Review of Political Economy Volume 1 No. 4, Fall 2010. pp567-605. The article surveys the...

Grounded in the methodological commitments shared by various traditions in heterodox economics, this paper explores going enterprises’ cooperative actions to control markets through social networks. It is argued that 1) market institutions are created and controlled by business enterprises and...

This is a proposal to restate the theory of capital along critical Marxian lines aimed at providing a better integration of the theory of capital with the theory of money and finance. The time value of money must be properly accounted for. An analytical method is proposed to accomplish this...

The Inequality Process (IP) is a particle system model similar to that of the Kinetic Theory of Gases. The IP is a parsimonious model of competition among people for wealth. The IP explains a wide scope of stable patterns in the distribution of personal income and wealth. Econophysicists have...