It has been argued that aggregate-supply/aggregate-demand (AS/AD) models suffer from an inconsistency because they assume that firms set price and adjust quantity for the AD curve and are profit-maximizing price takers for the AS curve. It is shown that this inconsistency is rife in intermediate...

This paper argues that A. P. Thirlwall's formalization of N. Kaldor's model of agriculture-industry interaction is deficient in its structural specification and its disequilibrium dynamics, and the inferences that Thirlwall draws regarding the role of agriculture in providing a home market for...

This paper develops a general framework in the form of an underdetermined model in which alternative models of North-South trade and development can be looked upon as providing alternative "closures." Several such models, drawing on neoclassical, neo-Marxian, neo-Keynesian, neo-Kaleckian, and...

This note examine's Clower's recent criticisms of Keynes' theory of effective demand and argues that Keynes added much to Marshallian theory when he extended to the aggregate level, that his theory does have implications for unemployment without requiring wage rigidity, that his theory does not...

This paper defends the Aggregate-Supply/Aggregate-Demand framework against recent criticisms by Barro and others. Using four models - a neoclassical-synthesis Keynesian, a monetarists mark 1, a rational expectation/new classical, and a Kaleckian/post-Keynesian - based on this framework, it is...

This short, concise work examines alternative paths to economic development-with special reference to the Indian context-from a broad general perspective that relies on theoretical analysis and historical, contemporary development experience, simplified for the non-specialist reader. It first...

A model of North-South trade is developed in which TNCs invest in the South to produce a good competing directly with the Northern good. It implies that the liberalization of direct foreign investment to the South increases the long-run equilibrium rate of both Northern and Southern growth....