While Kaleckian authors tend to find that economies are in a wage-led demand regime, Goodwinian authors tend to find that economies are in a profit-led demand regime. This paper avoids econometric technicalities and provides instead a historical perspective, going back to the empirical study of...

This article presents different theoretical elements that share some heterodox ideas. This elements reside in four intricate areas: rationality of the individual, the theory of prices, the kaleckian model of growth, and the integration of the real with the monetary sector. Despite the...

The paper questions the wide-spread assertion that non-orthodox schools of thought in economics have only one thing in common – their rejection of mainstream (neoclassical) economics. The author shows by contrast that heterodox currents share some fundamental analytical insights. The paper...

Fears of deflation and long-term stagnation have become more commonplace since the Great Recession. Yet, within the mainstream, economists are divided into two camps: those who see the benefits of downward wage and price adjustment, as a private sector stabilizer, and those who fear deflationary...

The paper questions the wide-spread assertion that non-orthodox schools of thought in economics have only one thing in common – their rejection of mainstream (neoclassical) economics. The author shows by contrast that heterodox currents share some fundamental analytical insights. The...

We present a simple stock-ow consistent (SFC) model to discuss some recent claims made by Angel Asensio in the Journal of Post Keynesian Economics regarding the relationship between endogenous money theory and the liquidity preference theory of the rate of interest. We incorporate Asensio's...

This paper deploys a simple stock-flow consistent (SFC) model in order to examine various contentions regarding fiscal and monetary policy. It follows from the model that if the fiscal stance is not set in the appropriate fashionthat is, at a well-defined level and growth ratethen full...

This paper sets out a rigorous basis for the integration of Keynes-Kaleckian macroeconomics (with constant or increasing returns to labor, multipliers, mark-up pricing, etc.) with a model of the financial system (comprising banks, loans, credit money, equities, etc.), together with a model of...

This paper presents a stock-flow consistent growth model which is set in the Post-Keynesian tradition. A key feature of the model, however, is that real government expenditures grow at a rate which is compatible over the long period with a constant rate of unemployment (at the "natural rate of...

We tackle the issue of the possible instability of the Kaleckian distribution and growth model and the consequences for the endogeneity of the equilibrium rate of capacity utilization and for the paradox of thrift and the paradox of costs. Distinguishing between Keynesian and Harrodian...