The purpose of this article is to provide a post-keynesian analytical framework for evaluating the impact of minimum wages on employment. After describing briefly the post-keynesian macroeconomic theory of the labour market, emphasis is then placed on the critical second-round productivity...

According to the New Consensus in monetary economics, monetarism is dead and central bankers target low inflation rates by acting upon short-term real rates of interest. Yet, this synthesis hinges on variants of the long-run vertical Phillips curve originally proposed by Milton Friedman, the...