balances approach of Wynne Godley, combined with the modern money theory (MMT) approach derived from the work of Innes, Knapp … Imbalances ; Sectoral Balances Approach ; Modern Money Theory ; Debt Cancellation ; Global Financial Crisis ; Euro Crisis ; EMU … ; State Theory of Money ; Functional Finance …

The standard Walrasian equilibrium theory requires that the marginal value product of production factor such as labor … theory allegedly fills this gap by encompassing apparent disequilibrium phenomena in the neoclassical equilibrium framework …. Taking up Lucas and Prescott (1974) as a primary example, we show that the neoclassical search theory cannot explain the …

The standard Walrasian equilibrium theory requires that the marginal value product of production factor such as labor … theory allegedly fills this gap by encompassing apparent disequilibrium phenomena in the neoclassical equilibrium framework …. Taking up Lucas and Prescott (1974) as a primary example, we show that the neoclassical search theory cannot explain the …

F.A. Hayek's realistic economic theory has been replaced by the formalistic use of equilibrium models that bear little …