Endogenous money is a core component of post-Keynesian economics, but it has not been fully integrated into its macroeconomics. To do so requires replacing the accounting truism that ex post expenditure equals ex post income with the endogenous money insight that ex post expenditure equals ex...

Modern economic theory does not provide a sound foundation on which to build econophysics. Pivotal concepts like utility maximization, perfect competition, and diminishing marginal productivity are empirically and logically flawed. Physicists should not use any of these in econophysics, and...

Edited by two experts in the field, this timely collection comprises seminal works concerning the relationship between energy as it is understood in physics, and economic theory. Topics covered include material on foundational issues, the history of thought, energy as a driver of growth, entropy...

We consider a simple model of rational agents competing in a single product market described by simple linear demand curve. Contrary to accepted economic theory, the agents' production levels synchronise in the absence of conscious collusion, leading to a downward spiraling of market total...

The Circuitists are a largely European school of economic thought that argue that a monetary economy is fundamentally different to a barter system, and that therefore money cannot be simply modelled as the n+1th good in a Walrasian general equilibrium system. However, while the School has made...

Bruun and Heyn-Johnsen (2009) state the paradox that economics has failed to provide a satisfactory explanation of how monetary profits are generated, even though the generation of a physical surplus is an established aspect of non-neoclassical economics. They emphasise that our ability to...

Steedman's 'Questions for Kaleckians' is rightly critical of the lack of attention paid by Kaleckian economists to the input-output nature of production. However, his conclusions about Kaleckian mark-up pricing and the irrelevance of dynamics are incorrect, for three reasons. First, his...

It is somewhat common for heterodox economists to come to the defense of neoclassical microeconomic theory. This is due to many reasons, but perhaps the commonest one is ignorance. It seems that most heterodox economists are not aware of the many critiques or that as a collective they completely...