While much attention has been focused on the financial woes of the US economy in the wake of the Great Recession, this chapter focuses on an important real sector imbalance: the failure of real wages to keep pace with productivity growth over the past three decades. This imbalance is shown to...

This chapter argues that, while much attention has been paid to developments in the financial sector as causes of the Great Recession, the ultimate cause of the crisis was, in fact, longer term trends in the real economy. Specifically, it is argued that the tendency for real wages to grow slower...

Aggregate structural macroeconomic analysis (ASMA) is frequently criticised for being ad hoc and justified (if at all) only as a pragmatic expedient. This paper argues instead that ASMA is consistent with the principles of well-established bodies of social theory. Appeal to these principles...

Aggregate structural macroeconomic modelling (ASMM) is frequently criticized for being ad hoc and justified (if at all) only as a pragmatic expedient. This paper argues instead that ASMM is consistent with the principles of well-established bodies of social theory. Appeal to these principles...

During a distinguished career, Basil Moore has made numerous important contributions to macroeconomics and monetary economics, and is renowned as the progenitor of the "horizontalist" analysis of endogenous money. More recently, he has embraced complexity theory as part of an ongoing effort to...