We show that the interest rate cannot both coordinate the savings plans of borrowers and lenders and equal the marginal product of capital.

We offer an explanation, drawn from first principles, of the belief that the consumption needs of the asset-poor are best met by debt contracts, whereas equity arrangements are tailored to the financing requirements of poor entrepreneurs.

We recommend a Bretton Woods system along structural lines. A key component of the case is the substitution of the money transmission mechanism by the credit transmission mechanism. We suggest that the real exchange rate be the variable of cooperation between countries that are free to set...

Two agendas of the heterodox economics programme; the stock-flow consistent models pioneered by Wynne Godley, and the monetary circuit approach researched in France and Italy are discussed. The objective is to present a coherent account of two innovations in payments mechanisms: deposit-creating...

Low-denomination coins are ceasing to be accepted as a medium of exchange in India, according to Romar Correa.

Keynes was a member of the Bloomsbury group, a group that took its credo in some measure from the philosophy of G.E. Moore. However Keynes was unable to follow through the implications of this early influence into his economics cumbered as he was with his ‘Marshallian baggage’....

The relationship between organizations and environment is examined within the context of General Systems Theory. It is argued that the policy problem confronting the modern organization is to cope with environmental turbulence. Three modes of coping with fundamental uncertainty are identified....

Exegetical study of the economics of Hayek and Keynes are active research industries in the form of the neo-Austrian and Post-Keynesian research programmes respectively. Often it would appear that these efforts would benefit from an underlying methodological orientation. It is our argument that...

The distinction between costs and prices aggregates into the conflict between wages and profits in a macro-accounting framework. We exploit the Godley and Lavoie (2007) framework to derive a dynamical system in the variables. Deflation in at least one price is both necessary and sufficient for...