Apparent 'gaps' in productivity between Canadian and U.S. manufacturing industries raise policy, theoretical and measurement issues. At a low level, one asks if such gaps are 'just'artifactual - a problem of measurement error. At a high level, issues of capital theory are involved. I position...

This paper surveys the wreckage of modern monetary theory and policy which follow from the disappearance of the modern quantity theory of money, and its empirical counterpart, the modern stock of fiat money.2 In order of significance, the consequences are (1) the disappearance of any optimum...

It is now increasingly established that Central Banks exercise control over nominal and real magnitudes, in regimes where banks desire to hold zero reserves, not by altering the stock of reserves nor by fixing interest rates but rather by operating upon the spreads or the relative price of...

Part of Introduction: Two attributes characterise Classical Economics (The content of one of Professor Hollander’s works so titled explains what I mean by such a phrase). The first, a matter of prediction, is that populations and capitals grow relative to land, that land is exogenous and...