In a recent paper in this Journal, Ed Nell presented a theory of circulation intended to unify 'the theories of money, production, and effective demand'. The current comment uses a very simple leakage and injection approach to arrive at some of Nell's results. In doing so, we are able to correct...

Paul Krugman tells the story of the Capitol Hill baby-sitting co-op as a means of introducing readers to the economics of recessions. This story, like many others in economics, is a wonderful teaching device in undergraduate courses. We take the story from where Krugman stops and develop it by...

The Turkish pension system began experiencing some structural and fiscal difficulties in the mid-1990s: increasing dependency ratio (e.g., number of beneficiaries per active contributors) and budget transfers to close the deficit in the system. These trends resulted in a crisis in the system,...

1. Introduction -- 2. Economic ideas before Adam Smith -- 3. Adam Smith -- 4. Thomas Robert Malthus -- 5. David Ricardo -- 6. Rationalistic subjectivism : the economics of Bentham, Say, and Senior -- 7. Political economy of the poor : the ideas of William Thompson and Thomas Hodgskin -- 8. Pure...

The aggregate demand and supply graph is a staple in undergraduate macroeconomics courses. The foundations of this model and questions it addresses are often different from radical economics. The current article develops an alternative to the aggregate demand and supply framework. In the...