The aim of this paper is to describe by means of a simple Lotka-Volterra model the financial vulnerability of corporate sector. This should allow us to soften Lavoie's criticism of Minsky's «Financial Instability Hypothesis» which is based on the so-called «paradox of debt».

Are Institutional and post-Keynesian economists converging on a shared approach to understanding Modern Monetary Theory (MMT)? The literature suggests growing recognition that post-Keynesians and Institutionalists share a common intellectual history, conceptual frameworks, and overlapping...

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....

It is frequently claimed that the economic and financial crises in the Eurozone peripheral countries depend on different, country-specific causes. In one case the crisis would depend on a real estate bubble (Ireland, Spain), in another on deceitful government manipulating the national accounts...

In this paper, I try to show and emphasise how China has adopted alternative economic policies in the transition and in the evolution of its financial system. In fact, the step by step or gradualism approach followed is in contrast to the fashionable idea that indiscriminately prescribes...

This important volume brings together 22 major essays written by A.P. Thirlwall over the last 30 years in the field of macroeconomics, and in particular on multiplier analysis, unemployment, inflation, growth and the balance of payments.

According to neoclassical economic theory, there is a negative relationship between real wages, and the level of output and employment. Therefore, neoclassical theory tends to favor policy measures that seek to diminish real wages and deregulate the labor market, explaining that poor economic...

This article concentrates on the development of Post-Keynesian economics since 1950s, which is one of contemporary streams of keynesian thought. Post-Keynesian economics aims at building a new paradigma in economics on the bases of the original theories of J. M. Keynes and its perfecting by an...

Central bankers fear deflation but this is incomprehensible within the standard AS/AD framework based on a real wealth effect. This framework is amended by introducing debt effects that reduce aggregate demand when prices fall, as emphasised long ago by Keynes, Kalecki and Fisher, thus showing...

This article aims in general at further fulfilling the ambition of green economics to be a holistic paradigm synthesising and integrating a diverse set of heterodox economic approaches and philosophies. In particular, it addresses the current lack of macroeconomic and more specifically...