The present essay addresses the epistemic difficulties involved in achieving consensus with respect to the Hayek-Keynes debate. It is argued that the debate cannot be settled on the basis of the observable evidence; or, more precisely, that the empirical implications of the relevant theories are...

On 9 July 1849, Victor Hugo pronounced his speech "destroying misery" at the French Legislative Assembly. Whether in France or in the rest of the world, no one has succeeded, except China from 1980 to 2019, before the Covid crisis.In one side, in order to share a common direction with all...

While the mainstream economics over stresses the roles played by institutions defined as formal rules and organizations, current cultural models tend to be over-subjective, focusing on values system only. We draw from accumulated choices – marginal choices conditional on partial sums of...

The purpose of this paper is to evaluate the performance of the Central Bank of Brazil's Small-Scale Structural Model (SSSM) as a supporting tool for the monetary policy decision process. The SSSM's CPI inflation projections accuracy for 1 to 3 quarters ahead was evaluated comparatively to those...

Gdp even net of obsolescence (ndp) has to be considered only as an expense (investment is an expense; consumption, export minus import, and change of stock, all these indicators are today expenses). As entrepreneur you will never manage your investments by looking only the expenses, it is clear...

The two Cambridge controversy have marked a milestone in economic thinking. By their demonstration neo-Ricardian and post-Keynesian seemed to have proven the impossibility of defining the notion of Capital and, moreover, of being able to aggregate heterogeneous Capital. It is not so.By reasoning...

In this paper, we present a quarterly model for the Danish economy while focusing on the main assumptions behind the model and the construction of the databank behind the model. The purpose of the model is to build a platform for analysing the interdependencies between the real and financial...

The COVID-19 pandemic has had systemic macroeconomic impacts due to the different lockdowns and the induced shocks to both supply and demand. A global recession of a magnitude probably worse than the 2008 global financial crisis is already underway. Like every country in the world, the...

Despite being arguably the most rigorous form of structuralist/post-Keynesian macroeconomics, stock-flow consistent models are quite often complex and difficult to deal with. This paper presents a model that, despite retaining the methodological advantages of the stock-flow consistent method, is...

The notion of Wealth is not well defined. It has been the subject of famous treaties, such as those of Anne-Marie Turgot, Auguste Léon Walras and then Adam Smith, but it has not been defined. It is very simple to check. Who's the richest? A person with a patrimony of 300 000 dollars and...