In the United Kingdom the emergence of a New Labour has been closely associated with the development of the notion of the third way. Tony Blair, for example, stated that New Labour is neither old left nor new right. . . . Instead we offer a new way ahead, that leads from the centre but is...

This paper explores the probable consequences for public expenditure in the UK if Britain were to join the euro. It focuses on the effects of sterling joining the euro (and the associated implications, such as monetary policy being governed by the European Central Bank). It does not consider any...

Current monetary policy involves the manipulation of the Central Bank interest rate (the repo rate), with the specific objective of achieving the goal(s) of monetary policy. The latter is normally the inflation rate, although in a number of instances this may include the level of economic...

This paper is concerned with two issues. First, it discusses some of the main problems and inferences the methodological approach of critical realism raises for empirical work in economics, while considering an approach adopted to try to overcome these problems. Second, it provides a concrete...

This paper examines the causes of the general decline in the value of the euro by assessing the various explanations proffered in existing literature, then offering a more satisfactory explanation. The argument prevalent in the literature

Recent developments in macroeconomics, and in economic policy in general, have produced a new consensus economy-wide model, in which the stock of money does not play any causal role, but operates as a mere residual in the economic process. The absence of the stock of money in many current...