Net outward investment position of the new member states (by Julia Wörz, pp. 1-9) Countries covered Czech Republic, Hungary, Poland, Slovakia, Slovenia, Estonia, Latvia, Lithuania, Bulgaria, Romania, Croatia Topics Foreign Direct Investment Sources of growth in the CIS (by Garbis Iradian, pp....

Central banks have generally opposed targeting asset and credit market excess. This paper argues against that position. Bubbles can impose significant harm through the debt footprint effects they leave behind, and through distortions resulting from using interest rates to mitigate their...

This paper presents a theory of individual behavior in which the drive to accumulate wealth is a critical motive behind economic action. The suggested theory is fully consistent with the neoclassical approach to choice, subject only to displacing the traditional hedonistic interpretation. When...

This paper uses an evolutionary model to analyse the replication of points of view within the economics profession. The model is capable of two very different interpretations regarding the production of knowledge claims. One is labelled the "social practice" approach, while the other is labelled...

This paper seeks to expand the theory of aggregate demand so as to take account of the monetary nature of exchange. The economy is represented in terms of twin circuits of income generation and financial asset transacting. Money is not extinguished when spent, but instead partakes in these twin...

Power and conflict are issues that loom large in the work of David Gordon. They are also issues that are largely absent in conventional macroeconomics. This paper shows how these concepts can be introduced within alternative macroeconomic traditions, and it shows how their significance depends...

Low unemployment has revived concerns about accelerated inflation. This paper examines the relationship between price and nominal wage inflation. It finds that it varies by business cycle. Prior to the great oil shock of 1973, price and nominal wage inflation were unconnected in a Granger-causal...

Milton Friedman's influence on the economics profession has been enormous. In part, his success was due to political forces that have made neoliberalism the dominant global ideology, but Friedman also rode those forces and contributed to them. Friedman's professional triumph is testament to the...