This paper commemorates the centenary of Kalecki's birth through a consideration of how Kalecki's macroeconomic analysis of capitalist economies should be adapted in light of changes in such economies over the fifty years since the major elements of Kalecki's analysis of capitalism were put into...

In this paper, we are concerned with three sets of arguments concerning the relationship between macroeconomics and the distribution of income. In the first main section we argue that in so far as the NAIRU (non accelerating inflation rate of unemployment) is seen as a barrier to the achievement...

The NAIRU (non accelerating inflation rate of unemployment) is generally viewed as a supply-side determined short run equilibrium rate of unemployment. Aggregate demand plays no essential part in the determination of the equilibrium rate of unemployment. In those models from which a NAIRU is...

This paper proposes an alternative stability and growth pact among European Union (EU) governments that would underpin the introduction of a single currency and a "single market" within the EU. The alternative pact embraces a number of new aspects of integration within the EU that are based on a...

This paper explores some of the links between macroeconomic policy and industrial strategy. The perspective of the present paper is to emphasis the role of the output and investment activities of enterprises rather than the general focus on the labour market in the determination of economic...

This paper examines the causes of the general decline in the value of the euro by assessing the various explanations proffered in existing literature, then offering a more satisfactory explanation. The argument prevalent in the literatureCthat the decline in value of the euro is due to AU.S....

It has been argued that the eurozone will face considerable economic difficulties. These will take a number of forms, two of which could qualify as "crises." First, the euro was launched at a time when unemployment levels were high (10 percent of the workforce) and disparities in the experience...

The euro was adopted as legal tender, albeit in a virtual form, by 11 countries of the European Union on January 1, 1999, with the intention that notes and coins denominated in euros would be introduced and the national currencies would be phased out during the first six months of that year and...

It is often asserted that, whatever role Keynesian policies may have played in underpinning the long post war boom, those policies are no longer relevant. In contrast this paper seeks to reassert the need for Keynesian policies in order to secure full employment. In doing so, as will be seen...

This paper is concerned with the question of the relevance of the NAIRU for policy formulation. However, that question leads to the following consideration. The estimates for the NAIRU are based on the econometric estimation of models of the economy. Particular models are used and particular...