A monetary approach that combines Chartalism, Nominalism, and Command origins of monetary systems is often deemed to have emerged only recently, while the Aristotelian approach (Commodity, Metallism, and Market origins of monetary systems) is the only one that existed until the end of the...

Nicolas Dutot (1684-1741) is an important figure for the history of economic thought, as a pioneer in monetary theory and price statistics, and for economic history as a chronicler of John Law's System. Yet until recently very little about him was known, some of it incorrect. I present extensive...

Der vorliegende Beitrag analysiert Helmedags neuste Version des Saldenmechanischen Modells (SM), mit dessen Hilfe eine angeblich langfristig bestehende, relative Konstanz der Lohnstückkosten erklärt werden soll. Die realen Lohnstückkosten steigen jedoch in der Bundesrepublik Deutschland...

In several publications, starting more than a decade ago, Peter Flaschel and co-authors have outlined the features of a 'social capitalism' as a normative alternative to the liberal and financialised capitalism of the Anglo-Saxon type, but also to the undemocratic Chinese-type of state...

We review post-Keynesian contributions to demand and growth regime analysis. First, we distinguish the Kalecki-Steindl approach and the Sraffian supermultiplier approach as relevant theoretical foundations for demand and growth regime research, with investment-driven and distribution-led growth...

The aim of the paper is to provide an overview of the current stock-flow consistent (SFC) literature. Indeed, we feel the SFC approach has recently led to a blossoming literature, requiring a new summary after the work of Dos Santos (2006) and, above all, after the publication of the main...

A feature of Kaleckian models of distribution and growth that is often overlooked is that they describe a nonlinear relation between functional income distribution and demand and growth, because the size of the multiplier is affected by redistribution from wages to profits and vice versa. This...

This paper attempts to clarify how the European economic crisis from 2007 onwards can be understood from the perspective of a Marxian monetary theory of value that emphasizes in-trinsic, structural flaws regarding capitalist reproduction. Chapter two provides an empirical description of the...

This paper critically assesses the rise of central bank independence (CBI) as an apparent success story in modern monetary economics. As to the observed rise in CBI since the late 1980s, we single out the role of peculiar German traditions in spreading CBI across continental Europe, while its...

This paper suggests that heterodox economists should not think of themselves as economists first, and only secondarily as heterodox, and must emphasize methodological issues, in particular the different assumptions (or axioms) implicit in their theories vis-àvis the mainstream. The paper argues...