The severity of the financial and economic crisis which started in 2007 cannot be understood without examining the medium- to long-run developments in the world economy since the early 1980s. The following long-run causes for the crisis can be identified: inefficient regulation of financial...

The "Goodwin pattern" - an anti-clockwise rotation in real activity x wage share space recurring at intervals that correspond roughly to the duration of business cycles - is an enduring feature of high-frequency dynamics in capitalist economies. It is well known that the centre or focus of this...

Post-Keynesians in general, and Geoff Harcourt in particular, have always laid much emphasis on incomes policies, which allow policy-makers to implement expansionary demand-side policies and ensure price stability. Mainstream economics, instead, gives little, if any, relevance to incomes...

Post-Keynesians in general, and Geoff Harcourt in particular, have always laid much emphasis on incomes policies, which allow policy-makers to implement expansionary demand-side policies and ensure price stability. Mainstream economics, instead, gives little, if any, relevance to incomes...

The paper aims at explaining the ineffectiveness of the tripartite social pact of July 1993 (the so-called July Protocol) in fostering growth, further to curbing inflation and favouring employment. In the light of labour productivity dynamics, wage moderation after 1993 appears as a significant...

This paper considers the Great Inflation of the 1970s in Japan and Germany. From 1975 onward these countries had low inflation relative to other large economies. Traditionally, this success is attributed to stronger discipline on the part of Japan and Germany’s monetary authorities - for...