This paper compares Marx's economics with those by Sraffa, Keynes, Kalecki and Minsky. The paper takes an "ex post" view on the matter and rather looks at the output side of the respective authors, but not at the input side. This means no attempt is made at studying in a systematic way, if and...

Over the past two decades there has been a revival of Georg Friedrich Knapp's "state money" approach, also known as chartalism. The modern version has come to be called Modern Money Theory. Much of the recent research has delved into three main areas: mining previous work, applying the theory to...

This working paper examines the legacy of Keynes’s General Theory of Employment, Interest, and Money (1936) on the occasion of the 70th anniversary of its publication and the 60th anniversary of Keynes’s death. The paper incorporates some of the latest research by prominent followers of...

This working paper examines the legacy of Keynes's General Theory of Employment, Interest, and Money (1936), on the occasion of the 70th anniversary of the publication of Keynes's masterpiece and the 60th anniversary of his death. The paper incorporates some of the latest research by prominent...

Teaching economics differently summarises how we have taught introductory micro and macroeconomics and what we have learned from that teaching experience over the last 40 years. We explain why teaching both economic theories that celebrate and those that criticise capitalism – together in one...

This paper investigates Oskar Lange’s 1938 article, “The Rate of Interest and the Optimum Propensity to Consume”, with the intention of providing a thorough interpretation of this rather obscure work. We explore in depth Lange’s theory of interest and its relationship with both Keynes’...

This paper presents an overview of different models which explain financial crises, with the aim of understanding economic developments during and possibly after the Great Recession. In the first part approaches based on efficient markets and rational expectations hypotheses are analyzed, which...

Keynes, following the tradition of Marx, argued that all values are created by labour and profits. However, functional income distribution between wages and profits is explained differently. In Marx's explanation of functional income distribution, wages are given as a basket of goods needed for...