Böhm-Bawerk defines the rate of interest as the ratio of intertemporal goods prices, but cannot show the emergence of interest as a financial market price. The alleged efficiency ofroundabout production methods is ill-suited to derive a uniform rate of return of capital. Time preference may...

This major Handbook consists of 29 contributions that explore the full range of exciting and interesting work on money and finance currently taking place within heterodox economics. There are many themes and facets of alternative monetary and financial economics but two major ones can be identified.

Old OCA theory recommends to unite homogenous countries so that their macroeconomic interrelations do not pose severe stabilisation problems. New OCA theory rightly criticizes the 1960s flavour of the old approach and believes in the endogenous emergence of an OCA if countries use the facilities...

Die Neukeynesianische Makroökonomie (NKM) beruht auf dem Dogma, dass jegliche Makroökonomie vollständig aus den Optimierungsbedingungen der Mikroökonomie hervorgehen müsse. Das Grundmodell geht von den intertemporalen Entscheidungen der Haushalte über Arbeitsangebot und Konsumnachfrage...