The Queen of England famously asked her economic advisers why none of them had seen "it" (the global financial crisis) coming. Obviously, the answer is complex, but it must include reference to the evolution of macroeconomic theory over the postwar period - from the "Age of Keynes" through the...

The Queen of England famously asked her economic advisers why none of them had seen it (the global financial crisis) coming. Obviously, the answer is complex, but it must include reference to the evolution of macroeconomic theory over the postwar period - from the Age of Keynes, through the...

This paper explores the Marxian genetic root of the multiplier in order to clarify its foundations and validity conditions. Though the analysis is restricted to the first two volumes of Capital and the early contributions by Kalecki in the 1930s, we argue that we can draw from these works...

In countries where tools of economic control are immature and disabled due to totalitarian systems, macroeconomic analyses for aggregate quantities and relationships, such as total consumption, investment, and government expenditures represents a difficult task. The practice of aggregation...

The paper introduces a portfolio-based Keynesian dynamic stochastic general disequilibrium model. It is an endogenous phase-switching macroeconomic model of risky investment where the rational expectation is applied in the financial market with three financial instruments of stocks, credits, and...

The paper is on one of the best Macroeconomics teachers and a finest Marxists of our time, who is none other than Professor Patnaik. The reading is neither decisive nor trivial to understand the contribution of a behemoth personality, nonetheless, presents a humble perception of some of his work...

The Kaleckian and Harrodian approaches to growth frequently arrive at antagonisticpositions with respect to key issues in heterodox macrodynamics, including the treatment of the rate of capacity utilization and the very nature of the long-run growthprocess. Nevertheless, this paper is devoted to...

The thesis developed in this paper is that contrary to the claims of its proponents, the main supply-side consequence of neoliberalism was to zap labour, institutionalize worker insecurity, and install an `incomes policy based on fear' in the US economy. Like any successful incomes policy, this...

For developed market economies, the corona crisis is a new type of crisis, but this crisis has parallels to economies at other times, and to crises at other places. We discuss some mechanisms from the traditional macro literature, and from the literature on macroeconomics for developing...

We outline and simulate a stylised post-Keynesian two country stock-flow consistent model to demonstrate the interconnection of three of the main features/outcomes of finance-dominated capitalism, namely worsening income distribution for the bottom 90% households, the rise of international...