The aim of this paper is to provide an interpretation of the so-called profits-investments puzzle, in the theoretical framework of the monetary theory of production (MTP) and with reference to ‘radical’ Institutional issues. In methodological terms, the exercise provided here is designed to...

Dans cet article, nous proposons une relecture de la théorie du fonctionnement du marché du travail de Gunnar Myrdal. En opposition avec la vision commune de son temps (ce qu’il appelle « l’économie de l’équilibre »), Myrdal soutient qu’une économie de marché dérégulée...

In contemporary non-mainstream economic debate, it is widely thought that the functioning of a market economy needs a set of rules (i.e. institutions) which bind agents in their behaviour, allowing efficient outcomes. This idea is contrary to the General Equilibrium Model (GEM) where markets are...

The aim of this paper is to study the effect of emulation within a basic schema of the monetary theory of production (MTP). A theoretical model is presented, where workers set their target level of consumption based on the comparison with other workers taken as reference. It is shown that...

This paper deals with the Webbs’ analysis of the labour market. It is divided into two parts. In the first part, starting from their approach to economic theory, where the plurality of motivations underlying agents’ behaviour is stressed, it is argued that – in line with their reflections...