Despite being arguably the most rigorous form of structuralist/post-Keynesian macroeconomics, stock-flow consistent models are quite often complex and difficult to deal with. This paper presents a model that, despite retaining the methodological advantages of the stock-flow consistent method, is...

This paper relates Keynes’s discussions of money, the state theory of money, financial markets, investors’ expectations, uncertainty, and liquidity preference to the dynamics of government bond yields for countries with monetary sovereignty. Keynes argued that the central bank can influence...

“The real world does not understand the language of rationality and optimality that scientists would like to talk, nor it follows the music of efficiency and dynamic equilibrium as economists would like to play, rather spontaneously dances to the tunes of fear, pain, hunger, dignity, trust,...

After 10 years of abstinence from the European Monetary Union, should the UK be seriously thinking about joining the Eurozone? Especially in view of the European Central Bank's improved reputation as a crisis manager in the wake of the financial crisis, could EMU represent a safe haven for the...

An understanding of, and an intervention into, the present capitalist reality requires that we put together the insights of Karl Marx on labor, as well as those of Hyman Minsky on finance. The best way to do this is within a longer-term perspective, looking at the different stages through which...

According to the mainstream view, labour market institutions (LMI) are the key determinants of unemployment in the medium run. The actual empirical explanatory power of measures for labour market institutions, however, has been called into question recently (Baker et al 2005, Baccaro and Rei...

Crisis clearly distinguishes itself from the large mass of economic phenomena through its provocative force, which fuels theoretical discourse. The more harmful, the more generous the energies it deploys and consumes for explanatory and obstacle overcoming purposes. The result is that every...

After 10 years of abstinence from the European Monetary Union, should the UK be seriously thinking about joining the Eurozone? Especially in view of the European Central Bank s improved reputation as a crisis manager in the wake of the financial crisis, could EMU represent a safe haven for the...

A big government sector is indispensable for the normal operations of modern capitalist economy. However, the very success of the big government institutions encourages private investors to engage in excessive risk-taking activities, leading to growing financial fragility and frequent financial...

La tesis central del presente ensayo es que un proceso exitoso de desarrollo capitalista nacional en el contexto de un mercado mundial caracterizado por la existencia de múltiples monedas nacionales y dividido en países desarrollados hegemónicos del Primer Mundo y países subdesarrollados...