In a new textbook, economist Lance Taylor makes his case for what he calls structuralist economics. It directly challenges mainstream economics' reliance on assumptions about how consumers and businesses act, and tries to ground economic theory in everyday reality. We discuss his theories, based...

Macroeconomic analysis is rather hard for a diverse and vast country like India. At any rate a simple model with few equations is unlikely to be meaningful. This paper explores the possibility of putting together several models in order to shed some light on factors that limit economic growth of...

The first two sections of the paper are devoted to a combination of Kuznets and structuralist stories, where we ask how the agricultural/nonagricultural terms of trade and income distribution must adjust to permit both savings and investment and commodity market balance to be assured. It will be...

Beyond Reforms presents the contributions of some United Nations Economic Commission for Latin America and the Caribbean (ECLAC) analysts as well as research articles prepared for the Commission. It reviews long-term growth and development patterns and focuses on macroeconomic vulnerability and...

We introduce the results of a non-parametric estimate of the US wage-Phillips Curve into a simplified version of the model of the wage-price spiral by Flaschel and Krolzig (2008). Making use of Okun’s law, the non-linearity in the wage inflation-employment relation translates into a...

It is now widely agreed that mainstream macroeconomics is irrelevant and that there is need for a more useful and realistic economic analysis that can provide a better understanding of the ongoing global financial and economic crisis. Lance Taylor’s book exposes the unrealistic assumptions of...