Real wages during the German hyperinflation are analyzed in terms of the conflict between workers' wage demands and the pricing and employment decisions of firms. This framework incorporates the wage pressure effects of expected inflation and the "wage gap" between workers' target real wage and...

Neoclassical economists suggest that the promotion of economic development requires deregulation of the financial sector, especially removal of the interest rate ceilings commonly enacted by the state in Third World countries. But this view ignores the relations between financial development,...

This paper evaluates the five most popular analytical approaches to the East Asian "miracle" economies: neoliberal, structural-institutional, "flying geese," Greater China, and dependency perspectives. Distinguishing between national and regional development visions, we specify the key forces...

Keynes' analysis of the instability of investment and the businesss cycle emphasizes the effects of uncertainty and shifting expectations on investment decisions. Keynes' focus on historical/ qualitative change and on the essentially incalculable nature of expectations in a world of uncertainty...

Investment fund money is a particular form of credit money whose nominal value is linked to the market prices of the assets held by mutual investment funds. The present paper argues — contrary to some neoclassical theorists — that investment fund money cannot (by itself) provide an...