This paper is a contribution to a symposium mutually reviewing papers on Keynes's principle of effective demand as set out in The General Theory, by Allain (2009. Effective demand and short-term adjustments in the General Theory, Review of Political Economy, vol. 21, 1–22), Hartwig (2007....

This paper is a contribution to a symposium mutually reviewing papers on Keynes's principle of effective demand as set out in The General Theory, by Allain (2009. Effective demand and short-term adjustments in the General Theory, Review of Political Economy, vol. 21, 1–22), Hartwig (2007....

This paper focuses on Keynes’s exposition of the Principle of Effective Demand and its generalised mathematical representation – the basis of a Z-D type model. It elaborates on Keynes’s algebraic formulation in the General Theory, relying on interpreters who contributed to the...

There has long been a discussion about the employment impact of minimum wages and this discussion has recently been renewed with the introduction of an economy-wide, binding minimum wage in Germany in 2015. In traditional reasoning, based on the allocational approach of modern labour market...

This paper develops a neo-Kaleckian endogenous growth model that incorporates aggregate supply - demand balance and balance between labor force and employment growth. The paper explicitly models income distribution which is a critical channel whereby unemployment affects investment and growth....

There has been a long discussion about the employment impact of minimum wages and this discussion has recently been renewed with the introduction of an economy-wide, binding minimum wage in Germany in 2015. In traditional reasoning, based on the allocational approach of modern labour market...

The paper investigates the role played by Friedman's interpretation of the Brazilian inflation in his 1967 formulation of the natural rate hypothesis and in his 1976 discussion of indexation and other institutional arrangements in the face of chronic inflation. It is argued that, as an empirical...