Mary Mellor, in a recent book, points out the social nature of money, as opposed to the traditional view according to which money is the outcome of individuals’ optimization. Claudio Sardoni argues that Mellor's view of money is not satisfactory. In particular, he questions Mellor's notion of...

Included in this volume are papers which are recognized as some of the foundations of post-Keynesian Economics, analysing problems set in historical time and starting from 'real world' observations. The book reflects Geoff Harcourt's contribution to economic debate over more than three decades....

This paper studies the effects of an (exogenous) increase of nominal wages on profits, output, and growth. Inspired by an article by Michał Kalecki (1991), who concentrated on the effects on total profits, the paper develops a model that explicitly considers the dynamics of demand, prices,...

This paper contributes to the debate on income growth and distribution from a nonmainstream perspective. It looks, in particular, at the role that the degree of capacity utilization plays in the process of growth of an economy that is not perfectly competitive. The distinctive feature of the...

Contents: Part I From the 1920s to the early postwar period 1. Introduction -- 2. Banks and the quantity theory: Wicksell and Fisher -- 3. Money and banking in the process of change: Schumpeter and Robertson -- 4. Banks, debt and deflation in the Great Depression -- 5. Keynes on banks in a...