In this paper we demonstrate that the Post-Keynesian Two-Gap Model merits its destiny as a ghost in economic discussions not only as a result of the well-known neoclassical criticism on its assumptions but also because of its general inconsistency. If adjusted for this inconsistency the Two-Gap...

This keynote reflects on the phased-out original neoclassical research program and the dominance of originally heterodox issues and questions, all beyond the 'optimality and equilibrium of the market economy', in modern cutting-edge economic research. This provides opportunities for heterodoxies...

This contribution focuses on a coherent new way of thinking about the macroeconomy in terms of both economic theory and economic policies. The central bank should focus on financial stability; for fiscal policy in the short term and in the long term to address demand issues is very important....

This is a review article of A 'Second Edition' of the General Theory Vols 1 and 2 edited by G.C. Harcourt and P.A. Riach (London: Routledge, 1997).

The Great Recession and the financial crisis of 2007-09 prompted ca lls for fundamental reforms of economic theory. The role of theory in economics and in recent economic events is considered in light of two recen t books: the sociologist Richard Swedberg's The Art of Social Theory and the...

Do capitalists really want a recovery? Can they afford it? On the face of it, the question sounds silly: of course capitalists want a recovery; how else can they prosper? According to the textbooks, both mainstream and heterodox, capital accumulation and economic growth are two sides of the same...

Economic, financial and social commentators from all directions and persuasion are obsessed with the prospect of recovery. The world remains mired in a deep, prolonged crisis, and the key question seems to be how to get out of it. The purpose of our paper is to ask a very different question that...

Economic, financial and social commentators from all directions and of various persuasions are obsessed with the prospect of recovery. The world remains mired in a deep, prolonged crisis, and the key question seems to be how to get out of it. The purpose of our paper is to ask a very different...

Behavioral economics, the analysis of economic decisions, has made enormous progress over the last decades and became accepted as a major field in economics. How is behavioral economics to be compared to the neoclassical model? As a revision of the neoclassical model enhancing the set of...

Economists and lawyers are badly divided on issues concerning tying and bundling. Permissivie and prohibitive attitudes are changing radically in the literature and in the legal practice. After a short discurse on the notions, we introduce the basic ideas, theories and debates according to...