This paper argues that institutionally rich stock-flow consistent modelsthat is, models in which economic agents are identified with the main social categories/institutional sectors of actual capitalist economies, the short period behavior of these agents is thoroughly described, and the period...

Many heterodox strands of thought share both a concern with the study of different phases or growth regimes in the history of capitalism and the use of formal short-run models as an analytical tool. This text suggests that: (1) this strategy is potentially misleading; (2) that the stock-flow...

This paper reviews the recent literature on economics and culture to investigate whether and how it considers the context. It first describes how culture reentered the economic literature from 1990s onwards. It then presents empirical studies on the relation between culture, institutions and...

Das Verhältnis zwischen Markt und privater Macht ist spannungsreich. Die Vorstellung einen "herrschaftsfreien" Marktes, auf dem alle Macht ausgeschaltet ist, ist naiv, allein schon deshalb, weil das Eigentum eine große Machtbasis darstellt, an der eine liberale Gesellschaft nicht rütteln...

The state of contemporary economics had been a subject of discussion even before the most recent global financial crisis. The one-sidedness of the discipline has frequently been lamented and calls are often made for its pluralisation. Nevertheless, there is neither a consensus over the form of...

The pluralism debate in economics that has been going on for two decades has not yet been able to provide an exhaustive answer to the question of how to deal meaningfully with the phenomenon of a real plurality of paradigms, theories and methods in a fragmented scientific community....

Pluralism in economics appears to be a double-edged sword: we need more than one theory to grasp and explain the entire economic world, yet a plurality of possible explanations undermines the aspiration of the economic discipline to provide 'objective knowledge' in the singular of the 'one world...

Wie ließe sich die große Vielfalt an funktionalen Geldsystemen systematisch erfassen und übersichtlich darstellen? Und, weil viele monetäre Wirkungsweisen umstritten sind, konkreter: Wie müsste eine grundlegende Wissensordnung zu Geldsystemen aufgebaut sein, damit sie für die untereinander...

The paper offers a view of Geoff Harcourt's - b. 1931 in Melbourne; d. 2021 in Sydney - life trajectory as an Australian economist educated and active in the Cambridge UK tradition. His main contributions - to the Cambridge capital debates, history of economic thought and post-Keynesian economics...

Much of macroeconomic theorizing rests on assumptions that define the short-run output adjustment of a mass-production economy. The demand effect of investment on output, assumed much faster than its supply effect, works through employment expanding pari passu with changes in capacity...