Peter Howitt is best known for his contributions to growth theory, but his work in short- run economics, which began with his Ph.D thesis and still continues, is important and deserves attention. It lies firmly in the Keynesian macro-disequilibrium tradition of Clower and Leijonhufvud, and for a...

This paper argues that the natural rate of unemployment hypothesis, in which equilibrium unemployment is determined by 'structural' variables alone, is wrong: it is both implausible and inconsistent with the evidence. Instead, equilibrium unemployment is haunted by hysteresis. The curious...

The American Post Keynesians - those who attach importance to the Big P and the absence of a dash between post and Keynesian - claim to be Keynes's most literal interpreters, or the truest Keynesians (HOLT ET AL., 1998, p. 17). This paper compares the Post Keynesian interpretation of the...

The American Post Keynesians - those who attach importance to the "Big P" and the absence of a dash between "post" and "Keynesian" - claim to be Keynes's most literal interpreters, or the "truest" Keynesians (HOLT ET AL., 1998, p. 17). This paper compares the Post Keynesian interpretation of the...

A.W.H. Phillips is little known to the economics profession today, except at the creator of the Phillips curve. Bollard's engaging biography tells the story of a provincial New Zealander and practical engineer, who emerges as a hero in World War II, and plots a spectacular rise from 3rd class...

The American Post Keynesians – those who attach importance to the ‘Big P’ and the absence of a dash between ‘post’ and ‘Keynesian’ – claim to be Keynes’s most literal interpreters, or the ‘truest’ Keynesians (HOLT ET AL., 1998, p. 17). This paper compares the Post Keynesian...

This paper examines how variable output and profit share jointly determine investment and saving, while the difference between investment and saving determines the changes in output and profit share. Analysis of the resulting pair of differential equations yields novel implications for the...

This article underlines the restrictive perspective of the neo-keynesian research program of "microdoundations of unemployment", compared to the keynesian project of a general theory which would marginalize the classical cases. This neo-keynesian program has first restricted the interpretation...

Peter Howitt is best known for his contributions to growth theory, but his work in short- run economics, which began with his Ph.D thesis and still continues, is important and deserves attention. It lies firmly in the Keynesian macro-disequilibrium tradition of Clower and Leijonhufvud, and for a...