In Michal Kalecki's work, aggregate profits are shown to be the sum of gross investment, the government budget deficit, the export surplus, and the difference between capitalist consumption and worker savings. In his 1979 paper, Weintraub suggested that the consumption coefficient, the ratio of...

The emergence of the New Consensus in monetary policy has been followed by a renewal of interest in central banks’ operating procedures, and specifically in the role of open market operations. There is a general view that overnight interest rates are most effectively controlled by standing or...

This paper reviews the recently published PhD thesis of Hyman P. Minsky, summarising its main contributions to methodology and microeconomics. These are aspects of economics with which Minsky is not usually associated, but which lie at the foundation of his later work. They include critical...

The paper responds to a note by Robert Dixon that in an earlier paper we had mistakenly argued that Weintraub's consumption coefficient enhances Kalecki's model and helps to elucidate trends in the secular and functional distributions of income. We demonstrate the conditions under which our...

Compared to GDP,the value of the stock markets is much lower in Europe than in the United States or in Asia. But would Europe benefit from a stock market more in line with values around the world? The author raises some controversial issues.

In Kalecki's business cycle theory a fall in the rate of profit plays a key role in the onset of recession, causing a fall in investment. This paper shows how the falling rate of profit is an eventual corollary of the steady rate of capital accumulation, which Keynes saw as the key to securing...

This paper examines the conditions under which privatisation has been associated with capital market inflation in early and contemporary capitalism. It is argued that this association with capital market inflation creates an unstable financial structure. The lack of private financial...

Prospects for the European Monetary Union are inevitably affected by the theoretical presuppositions of the observer. The most common approach, the theory of optimal currency areas, postulates that traded goods are produced by labour and the exchange rate between 'national' currencies is the...

The work is an obituary of Tadeusz Kowalik, the doyen of Polish political economists, who died in Warsaw on July 30th, 2012. In the English-speaking world Kowalik is best known as the last surviving collaborator of Micha? Kalecki, an advisor to the Polish trade union Solidarity during the 1980s,...

This paper looks at the recent expansion of European banks in the developing countries. It argues that no specific European influence is apparent in emerging markets, other than a declining financial interest in former colonies. Actual developments in emerging markets are determined by domestic...