Many of the lessons from foreign direct investment (FDI) research on manufacturing and extractive resource industries are applicable to FDI research on the financial sector. This paper summarizes the main findings and policy themes of FDI research, with a primary focus on the implications of FDI...

Failures are not rare in economic forecasting, probably due to the high incidence of shocks and regime shifts in the economy. Thus, there is a premium on adaptation in the forecast process, in order to avoid sequences of forecast failure. This paper evaluates a sequence of inflation forecasts in...

Contemporary mainstream normative economists assess policies in terms of their capacities to satisfy preferences, though most would concede that other factors such as freedom, rights, and justice are also relevant. Why should policy be responsive to preferences? This essay argues that the best...

The main thesis of this paper is that the ultimate cause of the current global financial crisis is to be found in the deeply flawed institutions and practices of what is often referred to as the New Financial Architecture (NFA) a globally integrated system of giant bank conglomerates and the...

The specification of the accumulation function is critical for the properties and implications of structuralist and post-Keynesian models. A large Kaleckian literature assumes that investment is relatively insensitive to variations in the utilization rate of capital, and this extension of a...

China's rapid growth and success in poverty reduction over the last three decades has inspired world-wide admiration. This paper uses a simple framework with a Kaleckian flavor to analyze structural developments in the Chinese economy, and to understand some of the distributional consequences....

This paper builds on the author's earlier work (1991, 1994, 1997a), which examines issues of agency in the Moral Sentiments and Wealth of Nations, by arguing that the emphasis, in debates about the so-called Adam Smith problem, on construing questions about human nature in terms of motives to...

The standard definition of labour value assumes that capitalists abstain from consumption during the period of replacement. The nonstandard definition of labour value assumes that capitalists consume. Both the transformation problem and the problem of an invariable measure of value are necessary...

We use the method of indirect inference, using the bootstrap, to test the Smets and Wouters model of the EU against a VAR auxiliary equation describing their data. We find that their model generates excessive variance compared with the data. But their model fits the dynamic facts quite well if...

Gegenstand dieses Aufsatzes sind die fundamentalen Probleme liberaler Argumente in den Wirtschaftswissenschaften. Anders als dies die Zyklen in der Dogmengeschichte nahelegen, erweist sich die gegenwärtige Krise des Wirtschaftsliberalismus dabei nicht als eine vorübergehende 'Rezession',...