Consumption theory has always been a neglected eld in Post Keynesian economics, whereas it is at the center of New Keynesian economics. This paper investigates similarities and dierences between the two approaches. I will show that the newer mainstream models indeed give results that are fairly...

Consumption theory has always been a neglected field in post-Keynesian economics, whereas it is at the center of New Keynesian economics. This paper investigates similarities and differences between the two approaches. I will show that the newer mainstream models indeed give results that are...

In this paper, by utilizing the Poincaré–Bendixson theory and the Hopf bifurcation theory, we analyze both rigid-price and flexible-price nonlinear disequilibrium Keynesian macroeconomic systems, prove the existence of a persistent business cycle and derive the conditions for global...

Some papers, for reasons which remain at least partially obscure, leave a persistent trace in intellectual history. Such is the case with Keynes’ paper “Economic Possibilities for our Grandchildren”, although it never attracted much attention within the economic profession, besides...

We analyse the effects of interest rate variations on the rates of capacity utilisation, capital accumulation and profit in a simple post-Kaleckian distribution and growth model. This model gives rise to different potential accumulation regimes depending on the values of the parameters in the...

Focussing on the long-run effects of 'financialisation' and increasing shareholder power in a simple Post-Kaleckian endogenous growth model, we examine the effects of increasing shareholder power on the demand regime, on the productivity regime, and on the overall regime of the model. Under...

In a Kaleckian distribution and growth model with workers' debt we examine the short- and long-run effects of three stylized facts of 'finance-dominated capitalism': a fall in animal spirits of the firm sector with respect to real investment in capital stock, re-distribution of income at the...

(1) Earth Endogenous System?(hereunder, the EES) is perfectly economic policy-orientation while a system for national accounts (the SNA, 1993, 2008, the UN) and other international organizations (e.g., OECD, EU, ILO, and so on) are all records-orientation. The author proves in the EES a fact...

In this paper, we set up a model of economic growth which deals with Keynesian unemployment, from non-Walrasian/Keynesian perspectives, investigate the possibility of persistent “growth cycles” generated and analyze the effects of flexibility of (real) wages on the long-run economic...

Growth of aggregate demand at any given private saving rate depends on growth of private investment, export surplus and budget deficit. Slower growth of private investment in the mid-1970s has triggered stagnation trends in Europe's developed economies, caused mainly by inadequate aggregate...