The term 'animal spirits' has returned to academic and public discourse in a way which departs significantly from the original use of the term by Keynes. The new behavioural economics literature uses the term to refer to a range of behaviour which falls outside what is normally understood as...

We reformulate the traditional AS-AD growth model of the Neoclassical Synthesis (stage I) with a Taylor policy rule replacing the conventional LM-curve, with gradually adjusting wages as well as prices, and with perfect foresight on current inflation rates and an adaptively revised notion of an...

It is the purpose of this paper to elaborate on the argument that formalism is non-neutral; analyses which today would be described as informal turn into something quite different when formalised. The reasons for non-neutrality refer to the choice of assumptions or axioms, the choice of method,...

The Keynesian theory aims at issues that authorities are able to interact with the economy, to face crises and to administrate dysfunctions on the economy. The Keynesian theory uses the demand side effect and not the supply side effect on the economy. The government and the authorities provide...

Chapter 1. Market Mechanism: Stabilizing or Destabilizing?- Chapter 2. Artificial Wicksell–Keynes Model 3 Agent’s Behaviors -- Chapter 4. Steady State Equilibrium -- Chapter 5. Parameter Tuning for Baseline -- Chapter 6. Simulation Results and Discussions -- Chapter 7. The Mechanism of...

This paper presents a classical-Keynesian one sector model of labor-constrained growth that explains secular stagnation as the result of structural change. Structural change is defined as an exogenous increase in the employment share of stagnant activities, which exhibit no or low labor...

William Stanley Jevons’s “Sunspot Theory” of business cycles related the number of spots on the sun to economic activity, primarily through the weather and agriculture, but also through psychological components like optimism and uncertainty. The theory is widely discredited, but John...