The idea of an exogenous money supply—controlled entirely through central bank interventions—was a fundamental tenet of monetarism and New Classical economics. Post Keynesians have developed an extensive literature arguing that the money supply is in fact endogenous—that market forces...

The U.S. economy faces enormous questions and challenges as it attempts to recover from the col-lapse of 2008-09. Some of the most pressing questions are a series of longer-term, structural chal-lenges: Can we establish a growth engine driven by something other than financial bubbles? Can we...

Drawing on data from the Current Population Survey (CPS), David Neumark (2002) finds that living wage laws have brought substantial wage increases for a high proportion of workers in cities that have passed these laws. He also finds that living wage laws significantly reduce employment...

In a new study by Yelowitz “Santa Fe’s Wage Ordinance and the Labor Market,” dated September 23, 2005 (published by the Employment Policies Institute) Yelowitz claims to have demonstrated that the Santa Fe living wage ordinance is responsible for significant, negative consequences for...

This study focuses on the employment effects of military spending versus channeling some significant part of the military budget into alternative purposes.  We begin by introducing the basic input-output modeling technique for considering issues such as these in a systematic way. We then...

Drawing on data from the Current Population Survey (CPS), David Neumark (2002) finds that living wage laws have brought substantial wage increases for a high proportion of workers in cities that have passed these laws. He also finds that living wage laws significantly reduce employment...