Showing 1 - 10 of 48
Die gegenwärtige Finanzkrise ist weithin al seine "Minsky-Krise" interpretiert worden. Dieser Artikel vertritt die These, dass diese Interpretation irreführend ist. Die in Minsky Hypotheser finanzieller Instabilität identifizierten Prozesse haben eine wichtige Rolle bei der Entstehung der...
Persistent link: https://www.econbiz.de/10009304909
Persistent link: https://www.econbiz.de/10011373196
This paper explores lock-in and lock-out via economic policy. It argues policy decisions may near-irrevocably change the economy's structure, thereby changing its performance. That causes changed economic outcomes concerning distribution of wealth, income and power, which in turn induces...
Persistent link: https://www.econbiz.de/10011572435
This paper introduces the notion of monetary disorder. The underlying theory rests on a twin circuits view of the macro economy. The idea of monetary disorder has relevance for understanding the experience and consequences of the recent decade-long period of monetized large budget deficits and...
Persistent link: https://www.econbiz.de/10014546844
This paper presents a new formulation of conflict inflation labeled the "pass-through" approach, which contrasts with the existing "pressure balance" approach. The model generates Phillips styled inflation - unemployment dynamics that are a hybrid of Keynesian and NAIRU dynamics. Conflict...
Persistent link: https://www.econbiz.de/10014546893
Post Keynesian (PK) growth models typically fail to model unemployment. That shows up in the absence of any equilibrium condition requiring the growth of employment equal effective labor supply growth. Consequently, the models can have an imploding or exploding unemployment rate. The underlying...
Persistent link: https://www.econbiz.de/10011891349
Economic theory is prone to hysteresis. Once an idea is adopted, it is difficult to change. In the 1970s, the economics profession abandoned the Keynesian Phillips curve and adopted Milton Friedman's natural rate of unemployment (NRU) hypothesis. The shift was facilitated by a series of lucky...
Persistent link: https://www.econbiz.de/10011891354
This paper reconstructs the income - expenditure (IE) model to include a distinction between government purchases of output versus government production. The distinction has important consequences for output and employment multipliers. The paper also extends the IE model to incorporate a...
Persistent link: https://www.econbiz.de/10011891358
This paper examines the effects of managerial pay on the Post Keynesian model of growth and distribution. Introducing managerial pay explains why economies may exhibit both wage- and profit-led characteristics in response to changed incomedistribution. Second, managerial pay undoes Pasinetti's...
Persistent link: https://www.econbiz.de/10009306637
This paper develops a neo-Kaleckian endogenous growth model that incorporates aggregate supply - demand balance and balance between labor force and employment growth. The paper explicitly models income distribution which is a critical channel whereby unemployment affects investment and growth....
Persistent link: https://www.econbiz.de/10009306639