The original Keynesian paradigm differs from the Neoclassical Synthesis and even more so from the New-Keynesian approach. In this paper, a modern framework for the original Keynesian paradigm is presented. It will highlight the key elements of the paradigm. A model is developed to determine...

Over the past several decades minimum wages have steadily gained importance. In many cases this reflects the weakness of unions which have been unable to prevent very low wages compared to the national average wage in some segments of the labour market. Changes in minimum wages can affect...

This paper presents an overview of different models which explain financial crises, with the aim of understanding economic developments during and possibly after the Great Recession. In the first part approaches based on efficient markets and rational expectations hypotheses are analyzed, which...