Keynes's theory of investment and the economic cycle is set out. Against this theory it is argued that the current monetary policy framework is not credible. Rather, given its implicit endorsement of financial liberalisation, it is, and has proved, deeply dangerous. Keynes advocated policies...

The aim of this paper is to provide a Post-Keynesian view to economic theory as an alternative to traditional theory. Keynesian economics consists of an approach to economics derived mainly from the work of Keynes. It is grounded on the fields of observations of stylized facts of the economy and...

Who Listened? Unappreciated Teachings of New Institutional Economics Related to the Financial Crisis of 2008 Who was listening before the Financial Crisis of 2008 to Arrow's warnings and the teachings of Coase? Due to transaction costs, incomplete foresight and bounded rationality not all risks...

The paper argues that beyond the deviations of the long-term interest rate the monetary authority may cause, it is the rate determined by the market conventional expectations that prevails eventually. Lasting influence requires the authority to be capable of changing the market conventional...

This study aims to track insider trading activities prior to announcement of merger and acquisition deals in Istanbul Stock Exchange. 35 companies and 50 deals are examined for the period 2002 -2013 and significant average abnormal returns one months to twelve months prior to the dissemination...

Small, open developing economies in general, and small island developing states (SIDS) in particular, have specific macroeconomic characteristics due both to their openness and their small size. Small size means they can never have fully independent capital-intensive domestic economies, so to...

Die andauernde Finanzkrise hat tief iegende Probleme des ökonomischen Mainstreams offengelegt und lässt Forderungen nach einer Erneuerung des ökonomischen Denkens lauter werden. Die Autoren beschreiben die Kritik am Status quo und gehen dabei auf die Vorwürfe von Einseitigkeit, blinden...

This paper reviews the recent literature on economics and culture to investigate whether and how it considers the context. It first describes how culture reentered the economic literature from 1990s onwards. It then presents empirical studies on the relation between culture, institutions and...

Das Verhältnis zwischen Markt und privater Macht ist spannungsreich. Die Vorstellung einen "herrschaftsfreien" Marktes, auf dem alle Macht ausgeschaltet ist, ist naiv, allein schon deshalb, weil das Eigentum eine große Machtbasis darstellt, an der eine liberale Gesellschaft nicht rütteln...

Ever since the beginnings of classical political economy in the early nineteenth century, economics has faced culturally based criticism from a long line of literary authors. This paper argues that the old literary criticisms are still relevant and can provide useful guidelines for economic...