2,236 results on '"Post-Keynesian economics"'
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2. The Bielefeld School of economics, Post Keynesian economics, and dynamic complexity
- Author
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Rosser, J. Barkley, Jr. and Rosser, Marina V.
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- 2023
- Full Text
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3. Post Keynesian Economics : Key Debates and Contending Perspectives
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Therese Jefferson, John E. King, Therese Jefferson, and John E. King
- Subjects
- Economics, Keynesian economics, Economics--Sociological aspects, Economics--History
- Abstract
This erudite book offers an extensive overview of the key debates taking place amongst Post Keynesian economists, acknowledging the vital contribution Post Keynesian scholarship has made to theoretical and policy discourse in the 21st century.Bringing together distinguished experts from across the globe, Post Keynesian Economics: Key Debates and Contending Perspectives discusses the profound questions of heterodox economic theory and the far-reaching implications for economic policy. Chapters consider the relationship between Post Keynesianism and other schools of heterodox economics; modern monetary theory and its links to Post Keynesian economics; as well as exploring issues of gender, race, climate change, and the growth of inequality in the distribution of income and wealth. In a time of global financial and political uncertainty, this book presents alternative views on monetary theory and policy, providing a much-needed antidote to ongoing economic debates.This book will be of great interest to students, academics and researchers focussing on heterodox economics, Post Keynesian economics, and the history of economic thought. Highlighting the critical relationships between finance, politics and sociology, this book will also be beneficial to academics and researchers interested in sociology, politics and political science.
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- 2024
4. Post-Keynesian Economics : New Foundations
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Marc Lavoie and Marc Lavoie
- Subjects
- Keynesian economics
- Abstract
Students in economics are ever more distressed by the disconnect between mainstream economics and the real world. This book shows how post-Keynesian economics constitutes a coherent heterodox alternative, based on realistic assumptions and the integration of the financial and real sides of the economy, with an emphasis on the many paradoxes that arise in a truly macroeconomic analysis.The book is a considerably revised and updated version of the widely used and frequently cited 2014 edition. It provides a comprehensive account of post-Keynesian theory and policy. Topics covered include its methodological foundations, consumer theory and choice under fundamental uncertainty, firms and pricing, money and credit, effective demand and employment, growth theory, open-economy issues, inflation theory. It also links with ecological economics. Scholars of economics, particularly post-Keynesian and heterodox economists, will find this comprehensive look at the field a necessary addition to their libraries, while students and instructors will find it a perfect text for any class on post-Keynesian economics.
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- 2022
5. Elgar encyclopedia of post-Keynesian economics
- Author
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Kramer, W.
- Subjects
Elgar Encyclopedia of Post-Keynesian Economics (Nonfiction work) -- Rochon, Louis-Philippe -- Elgar, E. -- Rossi, Sergio ,Books -- Book reviews ,Library and information science ,Literature/writing - Abstract
Elgar encyclopedia of post-Keynesian economics, ed. by Louis-Philippe Rochon and Sergio Rossi. E. Elgar, 2023. 474p bibl ISBN 9781788973922 cloth, $305.00; ISBN 9781788973939 ebook, $65.00 (CC) 60-3093 Orig In their [...]
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- 2023
6. Post-Keynesian Economics: New Foundations by Marc Lavoie Chapter 1: Essentials of Heterodox and Post-Keynesian Economics.
- Author
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King, John
- Subjects
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HETERODOX economics , *ECONOMIC sociology , *ATOMISM , *HOLISM , *MACROECONOMICS - Abstract
Marc Lavoie's very long (74-page), very stimulating and sometimes very provocative first chapter has the title 'Essentials of heterodox and post-Keynesian economics'. It deals with an extremely broad range of issues in economic methodology and in the sociology (broadly defined) of different schools of thought in economics, in addition to providing a substantial discussion of theoretical and policy questions. Space constraints prevent me from dealing with many of these very interesting and occasionally contentious propositions. Instead I shall confine my contribution to an assessment of Marc's position on the heterodox and orthodox schools of thought (sections 1.2 and 1.3, pp. 4–16); on the related question of 'atomism versus holism' (section 1.3.3, pp. 17–24); on the different post-Keynesian strands, with particular reference to his treatment of Hyman Minsky, Piero Sraffa and Michał Kalecki (section 1.4.3, pp. 40–46); and on the important question of whether we should adopt a 'narrow tent' or 'broad tent' definition of post-Keynesianism (section 1.4.4, pp. 46–49). [ABSTRACT FROM AUTHOR]
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- 2023
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7. Post-Keynesian Economics: New Foundations, by Marc Lavoie Chapter 5: Effective Demand and Employment.
- Author
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Kriesler, Peter
- Subjects
- *
KEYNESIAN economics , *EMPLOYMENT statistics , *LABOR market , *WAGES , *FISCAL policy , *EMPLOYMENT - Abstract
This article examines Chapter 5 'Effective Demand and Employment' in Post-Keynesian Economics: New Foundations by Marc Lavoie. This chapter covers one of the most distinctive contributions of the post-Keynesians, and one of its most profound insights. Analysis of effective demand and employment is a crucial and distinct foundation of post-Keynesian economics. Identifying the determinants of the level of employment and output represent one of the most significant contributions of post-Keynesian analysis. This is in total contrast to mainstream theory, according to which the level of output and employment are determined in the labour market, with labour seen as just another commodity, and the wage rate playing the role of the price equating supply and demand for labour. For post-Keynesians, the main determinant of the level of output and employment is the level of effective demand rather than the wage rate. Their views on the labour markets, taking into account segmented labour markets and efficiency wages, are considered. The determinants of profits and the profit share play important roles in the determination of employment and output. It is argued that fiscal policy plays a vital role in economic stabilisation, and that the typical arguments regarding its limitations are incorrect. [ABSTRACT FROM AUTHOR]
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- 2023
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8. Post-Keynesian Economics: New Foundations, by Marc Lavoie Chapter 4: Credit, Money and Central Banks.
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Kappes, Sylvio and Rochon, Louis-Philippe
- Subjects
- *
KEYNESIAN economics , *CENTRAL banking industry , *REAL economy , *MACROECONOMICS , *MONETARY theory - Abstract
This article focuses on an analysis of chapter 4 of Lavoie's magnus opus, Post-Keynesian Economics: New Foundations. It is the opening chapter of the macroeconomic section of the book. As we argue, following Keynes's 'monetary theory of production', but also in line with Schumpeter, starting the discussion over macroeconomics with money makes sense. It is impossible, in post-Keynesian economics, to discuss the real economy independently of the monetary side of the analysis. In this sense, money and production, and debt, are linked within an endogenous money framework. This article covers and discusses all aspects of this chapter. [ABSTRACT FROM AUTHOR]
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- 2023
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9. Whalen, Charles J.: Reforming capitalism for the common good: essays in institutional and post-Keynesian economics
- Author
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Scott, R.H., III
- Subjects
Reforming Capitalism for the Common Good: Essays in Institutional and Post-Keynesian Economics (Essay collection) -- Whalen, Charles J. ,Books -- Book reviews ,Library and information science ,Literature/writing - Abstract
Whalen, Charles J. Reforming capitalism for the common good: essays in institutional and post-Keynesian economics. E. Elgar, 2022. 400p bibl index ISBN 9781803926285 cloth, $160.00; ISBN 9781803926292 ebook, contact publisher [...]
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- 2023
10. Post-Keynesian Economics: New Foundations, by Marc Lavoie Chapter 6: Accumulation and Capacity.
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Brochier, Lídia
- Subjects
- *
KEYNESIAN economics , *INCOME distribution , *AGGREGATE demand , *PARADOX - Abstract
This article reviews the chapter on growth and distribution of the 2022 edition of the book Post-Keynesian Economics: New Foundations by Marc Lavoie. The review goes through most of the chapter's main topics, including the main classes of growth and distribution models along post-Keynesian lines and the criticism and extensions of these models. It stresses the macroeconomic paradoxes that result from the relation between aggregate demand and either income distribution or debt dynamics in these models. The review also addresses the new additions to the chapter, among which the recent contributions on the controversy on the convergence towards the normal capacity utilization rate and the non-capacity creating autonomous demand growth models, and Lavoie's new section on wealth and personal income distribution. At last, the review discusses three issues raised by the chapter's reading: the relation between realism and complexity for a model's calibration, the consequences of abstracting the financial side of growth models, and how we address financial issues in growth and stock-flow consistent (SFC) models. The chapter reviewed is balanced and constructive; it critically informs the reader and provides a good map of the post-Keynesian literature on growth and distribution, addressing the canons while bringing novelty. [ABSTRACT FROM AUTHOR]
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- 2023
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11. Post-Keynesian Economics: New Foundations by Marc Lavoie Chapter 8: Inflation Theory.
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Braga, Julia and Serrano, Franklin
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KEYNESIAN economics , *PRICES , *UNEMPLOYMENT statistics , *PRICE inflation , *WAGE increases - Abstract
The conflicting claims approach to the theory of inflation so thoroughly surveyed and well presented in Chapter 8 of Lavoie's [(2022). Post-Keynesian Economics. New Foundations. Cheltenham, UK: Edward Elgar Publishing] book is deservedly becoming increasingly consensual among heterodox (and even some notable mainstream) macroeconomists. However, the relevance of a concept (and the very existence of) a single NAIRU (Non-Accelerating Inflation Rate of Unemployment) derived consistently from the very premises of the conflicting claims approach is still very controversial. In this review article, we will be to argue that a NAIRU is not really useful for the conflicting claims approach. The key aspects explored here are: (1) the different roles of hysteresis in the output and labor markets; (2) the assumptions concerning real profit markups of firms; and (3) the extent to which money wage increases actually incorporate past (or expected) inflation. We also add some remarks regarding the role of changes in international commodity prices and nominal exchange rates that further illustrate the necessary relation between conflicting claims inflation and the theory of distribution and relative prices. [ABSTRACT FROM AUTHOR]
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- 2023
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12. Post-Keynesian Economics: New Foundations by Marc Lavoie Chapter 3: Theory of the firm.
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Canale, Rosaria Rita
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KEYNESIAN economics , *THEORY of the firm , *CAPITALISM , *ECONOMIC systems - Abstract
This article represents a systematic presentation of the post-Keynesian alternative to mainstream economic theory. It places observation of reality at the centre of the investigation and derives — through an in-depth examination of post-Keynesian literature — an analytical model capable of interpreting the behaviour of firms in a capitalistic market economy. The chapter on which this article focuses is in a book covering the core elements of this heterodox model, which creates a coherent framework for investigating and interpreting the workings of an economic system that approximates reality. [ABSTRACT FROM AUTHOR]
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- 2023
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13. Post-Keynesian Economics: New Foundations by Marc Lavoie Chapter 2: Theory of Choice.
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Drakopoulos, Stavros A.
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HETERODOX economics , *PRICES , *KEYNESIAN economics , *RATIONAL choice theory - Abstract
This work presents and discusses chapter two of Marc Lavoie's book Post-Keynesian Economics: New Foundations. It begins by analysing the concepts of uncertainty and rationality which are extremely important for the post Keynesian approach, and for economic theorizing in general. The notions of fundamental uncertainty and the closely related concept of procedural rationality, are employed in order to build the foundations of a theory of household choice. It proceeds by investigating the repercussions of the theory in a lexicographic/hierarchical analytical framework. In this framework, groups consume different goods depending on their respective needs, income effects are more important than substitution effects, and price competition has a secondary role. It is also shown that Lavoie's approach does not only draw from the work of Keynes and other major post-Keynesian theorists, but also utilizes contributions from other strands of heterodox economics, thus providing an agenda for a possible theoretical synthesis. [ABSTRACT FROM AUTHOR]
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- 2023
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14. Compatibility and complementarity between institutional and post-Keynesian economics: a literature review with a particular focus on methodology
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Eduardo Fernández Huerga, Ana Pardo Fanjul, Ana Isabel Salvador Chamorro, Economia Aplicada, and Facultad de Ciencias Economicas y Empresariales
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Economics and Econometrics ,Sociology and Political Science ,Critical realism ,econom ,Babylonian approach ,Post-Keynesian economics ,Institutional economics ,Methodology ,Finance ,Economía - Abstract
[EN] The objective of this article is to carry out a review of the links between institutional and post-Keynesian economics, in order to raise the possible compatibility and even complementarity between the two branches of economic thought. To this end, we first review the question of compatibility from the perspective of institutional economics and then from the post-keynesian standpoint. Next, methodological issues are addressed by presenting the essential elements that characterize post-keynesian and institutional methodology (and internal debates in this regard) and then by describing the areas of compatibility between the two. The final section presents the main conclusions and summarizes the basic elements that could constitute a theoretical framework of synthesis between institutional and post-keynesian economics. SI Publicación en abierto financiada por el Consorcio de Bibliotecas Universitarias de Castilla y León (BUCLE), con cargo al Programa Operativo 2014ES16RFOP009 FEDER 2014-2020 DE CASTILLA Y LEÓN, Actuación:20007-CL - Apoyo Consorcio BUCLE
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- 2023
15. The future of post-Keynesian economics: post-Keynesian economics at 50.
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Rochon, Louis-Philippe
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KEYNESIAN economics - Abstract
This article discusses the future of post-Keynesian economics by considering three angles: i) the future of post-Keynesian economics as an institution or as a school of thought; ii) the future of post-Keynesian theory; and finally, iii) the future of post-Keynesian within the profession. My conclusion is fairly positive overall, although the place of post-Keynesian economics within the profession is certainly not enviable. [ABSTRACT FROM AUTHOR]
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- 2023
16. Introduction to Post-Keynesian Economics: New Foundations by Marc Lavoie.
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Kappes, Sylvio and Rochon, Louis-Philippe
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NATURAL resources ,ECONOMICS education ,MACROECONOMICS ,KEYNESIAN economics ,HETERODOX economics - Published
- 2023
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17. Post-Keynesian economics and social policy: equality of opportunity or equality of place?
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Guevara Castañeda, Camilo Andrés
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KEYNESIAN economics ,SOCIOECONOMICS ,SOCIAL policy ,EQUALITY ,POOR people ,MACROECONOMICS - Abstract
This article shows that post-Keynesian economics is more closely tied to the proposal of equality of place rather than that of equality of opportunity. More precisely, it advocates for the approach of utilizing equality of place as a means to attain equality of opportunity. These are two conceptions of social policy. Equality of opportunity distinguishes between poor and non-poor, and state intervention is focused on poor people. This mode of intervention promotes individuals' improvements in human capital, assuming that the poor can reach the position they want through a competitive process. In contrast, the idea of equality of place is intertwined with the concept of decommodification and supply-side subsidies. It envisions a scenario in which markets might not ensure that people can access fundamental rights. Consequently, it suggests an alternate role for state intervention. Because some heterodox and post-Keynesian authors have identified with the principle of equality of opportunity, it is important to clarify the nature of the relationship between social policy and post-Keynesian economics. The principle of equality of place can provide a framework of social policy that is consistent with the tenets of the post-Keynesian tradition. [ABSTRACT FROM AUTHOR]
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- 2024
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18. Post-Keynesian Economics: New Foundation. Theory of the Firm
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Canale, R. R.
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theory of the firm ,Post-Keynesian economics ,monopoly power ,theory of the firm, Post-Keynesian economics, competition, monopoly power ,competition - Published
- 2023
19. Post-Keynesian Economics: New Foundations, by Marc Lavoie Chapter 7: Open Economy Macroeconomics.
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Guttmann, Robert
- Subjects
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KEYNESIAN economics , *FREE trade , *MACROECONOMICS , *COMPARATIVE advantage (International trade) , *INTERNATIONAL trade , *BALANCE of payments , *CONCEPT mapping , *MONEY supply - Abstract
Reviewing Marc Lavoie's comprehensive and well-structured discussion of open-economy macroeconomics allows us to revisit some key Post-Keynesian contributions and confirm their continued relevance to our understanding of international economic, financial and monetary relations. In the process Lavoie draws a consistently sharp contrast with standard-theory concepts and models, much of it organized around his elaboration of endogenous money in an international context and modern trade flows embedded in a highly globalized and financialized world economy which have little to do with comparative advantage. He thereby provides us with a conceptual road map for a meta-economic revolution which recognizes that the world economy has a growth dynamic all of its own rather than being just the sum of its parts, the two-hundred or so national economies connected to each other through their balance of payments and exchange rates. [ABSTRACT FROM AUTHOR]
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- 2023
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20. Post-Keynesian Economics for the Future : Sustainability, Policy and Methodology
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Jesper Jespersen, Finn Olesen, Mikael R. Byrialsen, Jesper Jespersen, Finn Olesen, and Mikael R. Byrialsen
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- Keynesian economics, Sustainability--Government policy, Sustainability--Economic aspects
- Abstract
This timely book provides 15 chapters of cutting-edge academic work related to Post-Keynesian economics for the future. This includes stock-flow consistent modelling and analyses of the key challenges associated with the economic policies of sustainability.The first part highlights the important challenges of understanding the increasingly disrupted macroeconomic system of global supply chains, fluctuating inflation and unsustainable development in an uncertain and unpredictable economic environment.These changes call for an updated analytical framework at the global and national levels. For this purpose, the expert contributors firstly present a stock-flow consistent model framework to analyse these new conditions in order to achieve sustainable development in the future. The next sections contain contributions offering a renewed understanding of key macroeconomic phenomena such as Keynes's fundamental uncertainty and principle of effective demand in an increasingly unstable economic and political system. Following chapters discuss how to re-establish and coordinate a demand-led and sustainable growth path using unconventional fiscal and monetary policy in an unpredictable global environment. The book contains important updates of macroeconomic theory and method, and presents a number of empirical case-studies. It will be an indispensable read for scholars and students interested in the development within Post-Keynesian theory, policy and methodology. It will also be informative for civil servants working in the Treasury or banking sectors, and policymakers in public and private institutions making decisions for the future in an uncertain economic environment.
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- 2024
21. On the Theoretical and Institutional Roots of Post-Keynesian Economics.
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Rochon, Louis-Philippe
- Subjects
- *
KEYNESIAN economics , *INSTITUTIONAL economics - Abstract
This article explores both the institutional and theoretical roots of post-Keynesian economics, treated separately. I argue that while there seems to be two accounts of the institutional roots, each emphasize a different narrative and can be reconciled. As for the theoretical roots, I argue that 'everything started with the Accumulation of Capital' — Joan Robinson's so-called Magnum Opus. The book contains all the elements of what characterizes post-Keynesian economics today. [ABSTRACT FROM AUTHOR]
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- 2023
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22. Elgar Encyclopedia of Post-Keynesian Economics
- Author
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Louis-Philippe Rochon, Sergio Rossi, Louis-Philippe Rochon, and Sergio Rossi
- Subjects
- Keynesian economics--Encyclopedias
- Abstract
This Encyclopedia is an invaluable reference book for post-Keynesian and heterodox economics. It consists of 300 entries, written by 180 different authors. The volume includes entries on key concepts of interest to post-Keynesians as well as descriptions of some of the seminal books in the post-Keynesian tradition. It will interest both students and scholars of heterodox economics, as well as policy makers around the world looking for a better alternative to mainstream economic policies at national and international levels in the aftermath of the global financial crisis that burst in 2008 and the COVID-19 pandemic crisis that began in 2020.Key Features:Offers a non-conventional understanding of economic analysis on a number of key economic topicsProvides a deep and convincing criticism of orthodox thinkingExplains how money, banking and finance are crucial elements of economics todayAddresses the roots of the 2008 global financial crisisPoints out the importance of sound economic policiesPresents the essence of the subject matter conciselyThis comprehensive reference work will be a key tool to students, scholars, policy makers and anyone else seeking to understand the world economy through the important lens of post-Keynesian thought.
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- 2023
23. Neo-Marxism and Post-Keynesian Economics : From Kalecki to Sraffa and Joan Robinson
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Ludo Cuyvers and Ludo Cuyvers
- Subjects
- Marxian economics, Keynesian economics, Economics--History
- Abstract
Piero Sraffa and Joan Robinson, both iconic Cambridge economists, were highly influenced by the economic theory of Karl Marx, and integrated important elements of Marx's economic system into their theories. This book argues, based on published and unpublished documents, that the work of Sraffa and Robinson can in fact be considered as essentially post-Keynesian neo-Marxist. The first part of the book reviews the intellectual development of several key thinkers to this neo-Marxist current in economic thought: Kalecki, Steindl, Baran and Sweezy. Part One and Part Two separately examine Robinson and Sraffa's works and questions how they fit into this specific neo-Marxist current, either building on it (in Robinson's case), or following another direction (in Sraffa's case). Part Three observes Robinson's theory of economic growth and its relationship to the views of Marx and Kalecki. Overall, Cuyvers demonstrates how their thought processes share characteristics with neo-Marxist key ideological ideas, such as stating or implying the labour theory of value as either redundant or wrong, emphasising the role of class struggle in the distribution of income and rejecting Marx's falling rate of profits. Following on from ideas briefly introduced in Cuyvers's Economic Ideas of Marx's Capital (2017), this book will particularly appeal to readers interested in the history of economic thought, the work of Sraffa, Robinson and Marx, post-Keynesian economics and neo-Marxism.
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- 2022
24. Post-Keynesian economics and Marxian economics
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Jelle Versieren
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Philosophy ,History ,Economics - Abstract
The intellectual origins of Marxian economics differ in a significant degree from Keynes’s contributions. Moreover, a researcher has to take into account that both Karl Marx and John Maynard Keynes were not exclusively economists. Both scholars took intensive courses in philosophy during their formative years. Both men only became focused on economics during their later professional life. Discerning the difference in intellectual cultures between authoritarian and semi-developed Prussia in the 1840s and liberal-imperialist Great Britain at the turn of the twentieth century is of the utmost importance for understanding the contrasts between these two men in terms of paradigmatic outlook, conceptual thinking and terminology.
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- 2023
25. The Not-So-Dismal Science.
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Sonti, Samir
- Subjects
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NEOCLASSICAL school of economics , *BUSINESS cycles , *HETERODOX economics , *ECONOMIC history , *LABOR economics - Abstract
In I Reforming Capitalism for the Common Good: Essays in Institutional and Post-Keynesian Economics i , Charles Whalen provides much needed historical perspective on these alternative currents within the discipline and compellingly demonstrates the ongoing value of heterodox economics. Reforming Capitalism for the Common Good: Essays in Post-Keynesian Economics By Whalen, Charles J.. Indeed, upon reading the Wisconsin institutionalist's work, Keynes wrote that "there seems to be no other economist with whose general way of thinking I feel myself in such general accord.". [Extracted from the article]
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- 2023
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26. Some supplementary explanations on Microfoundations
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Shiozawa, Yoshinori
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- 2023
- Full Text
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27. The ecological crisis and post-Keynesian economics : bridging the gap?
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Huwe, Vera and Rehm, Miriam
- Subjects
Soziologie, Sozialwissenschaften ,Wirtschaftswissenschaften - Abstract
This paper investigates whether post-Keynesian economics is well-equipped to address the ecological crisis we face today. The major crisis of our times has three interrelated dimensions: ecological over-shoot, socio-economic inequality and a growth imperative built into the economic system. We argue that the main building blocks of post-Keynesian thought – in contrast to neoclassical approaches – are well-placed for addressing the ecological crisis if reconfigured accordingly, and that such a development will likely be very fruitful. Yet, we identify the growth effects of reducing inequality, the capi-talist growth imperative and political power from wealth concentration and incumbent industries as the main contradictions between post-Keynesian theory and fossil phase-out. While the first of these may be overcome with adequate industrial and regulatory policy, the second would require a fundamental transformation. This, in turn, is impeded by the third. We argue that more attention should be paid to resolving the residual contradictions and indicate advances in the broader Political Economy and Ecological Economics literature that may serve as a starting point, in particular focusing on human needs.
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- 2022
28. Neo-Marxism and post-Keynesian economics : from Kalecki to Sraffa and Joan Robinson
- Author
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Ludo Cuyvers
- Subjects
Economics - Abstract
Piero Sraffa and Joan Robinson, both iconic Cambridge economists, were highly influenced by the economic theory of Karl Marx, and integrated important elements of Marx’s economic system into their theories. This book argues, based on published and unpublished documents, that the work of Sraffa and Robinson can in fact be considered as essentially post-Keynesian neo-Marxist.
- Published
- 2022
29. Wage- or Profit-Led Regime? The Case of Poland
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Dominik Kaczmarski
- Subjects
wage-led growth ,bhaduri-marglin model ,post-keynesian economics ,neo-kaleckian model ,Economics as a science ,HB71-74 - Abstract
This study aims to investigate whether the Polish economy operates under a wage-led or profit-led economic regime. By analysing how changes in income distribution affect consumption, investment, and net exports, insights are gained into the nature of the economic regime, facilitating evidence-based policy formulation and fostering sustainable economic development in the country. The long-term impact of an increase in the profit share on economic growth is found to be significantly negative, giving rise to the conclusion that the Polish economy was in a wage-led regime from 2001 to 2022. The estimated total marginal effect of an increased profit share on output, including multiplier mechanisms, is –0.22.
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- 2024
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30. Book Review: Reforming Capitalism for the Common Good: Essays in Institutional and Post-Keynesian Economics , by Charles J. Whalen.
- Author
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Hodgson, Geoffrey M.
- Subjects
KEYNESIAN economics ,CAPITALISM ,COMMON good ,INSTITUTIONAL economics ,ESSAYS ,NEOCLASSICAL school of economics - Published
- 2023
- Full Text
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31. A global race to the bottom: The neo-Goodwinian aggregative-systems estimation of income distribution and capacity utilization interactions
- Author
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Tanadej Vechsuruck
- Subjects
Panel Data Analysis ,Post-Keynesian Economics ,Neo-Goodwinian Model ,Distributive-Demand Dynamics ,Globalization ,Political science ,Economic theory. Demography ,HB1-3840 - Abstract
The neoliberal reforms since the 1980s have resulted in rapid globalization paralleled by worsening income distribution. In this paper, I first show that most countries worldwide (58 of 81) have experienced a decline in the labor share of income, or the wage share, during 1950-2019. Second, I estimate the demand and distributive regimes from 81-country panel data based on the neo-Goodwinian model. At the global level, the short-run estimation shows that the distributive regime appears to be Marxian/profit-squeeze and the demand regime exhibits profit-led. I further separate the estimation into two groups: advanced and developing countries. The estimation still confirms the profit-led/profit-squeeze regimes in both groups, even though the demand and distributive regimes are stronger in advanced economies. In the long run, the results reveal a global race to the bottom: a decline in the long-run wage share. Neither positive nor negative gain is founded on capacity utilization in advanced and developing countries.
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- 2024
- Full Text
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32. Radical uncertainty and the effect of transport infrastructure on land prices
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NESTOR GARZA PUENTES and JENIFER GARZA
- Subjects
Monetary circuit ,post-Keynesian economics ,urban economics ,bus rapid transport ,urban land market ,metropolization ,Economics as a science ,HB71-74 - Abstract
ABSTRACT Most contributions in the academic literature identify a positive effect of transport infrastructure on land prices. However, their short-run dynamics has not been routinely analyzed. One of the reasons for this lack of research is because neoclassical urban land economics models underlie, in some cases implicitly, most of the available literature on the topic. In this theory, land values converge to their long-term trends regardless of short-term shocks. We build upon post-Keynesian monetary circuit theory to design a spatial urban economics testing framework, building upon the contributions of Abramo (2011) and Alfonso (2007, 2017). In this tradition, short-term shocks have long-term effects on the spatial distribution of land values due to radical uncertainty. Our case study is Transmetro, a Bus Rapid Transit (BRT) project in Barranquilla (Colombia). We use static and dynamic panel-estimation to test the short-run dynamics of spatial land price adjustments during 2000-2010, including the construction and delivery years 2006-2010. This case study offers a good assessment opportunity because of featuring prominent problems and delays. We find volatile short-run adjustments that run counter to neoclassical predictions, while resembling spatial land price adjustments exposed to radical uncertainty.
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- 2023
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33. The impossible quartet in a demand led growth-supermultiplier model for a small open economy
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JOSÉ LUIS OREIRO and JULIO FERNANDO COSTA SANTOS
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Post-Keynesian economics ,growth and distribution ,Sraffian supermutiplier ,simulation models ,Economics as a science ,HB71-74 - Abstract
ABSTRACT The aim of this paper is to investigate the long run sustainability of a growth path led by multiple non-creating capacity autonomous expenditures in a demand led-supermultiplier model for a small open economy. Using two different models the results show that it is impossible to have in the same model long-term economic growth driven by the non-capacity creating component of domestic demand, exogenous income distribution, long-run balance between productive capacity and aggregate demand and balance of payments equilibrium. Economic viability of the balanced-growth path demands growth to be led by exports, at least for small open economies.
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- 2023
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34. Growth drivers in emerging capitalist economies: building blocks for a post-Keynesian analysis and an empirical exploration of the years before and after the Global Financial Crisis
- Author
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Jungmann, Benjamin
- Published
- 2023
- Full Text
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35. Teaching heterodox macroeconomics
- Author
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Ettore Gallo and Maria Cristina Barbieri Goes
- Subjects
post-Keynesian economics ,Keynes ,Kalecki ,Teaching ,heterodox approaches ,Political science ,Economic theory. Demography ,HB1-3840 - Abstract
This contribution examines recent developments in post-Keynesian macroeconomics teaching through an analysis of five textbooks: Blecker and Setterfield (2019), Hein (2014; 2023), and Lavoie (2014; 2022). The focus is on Hein’s latest book, Macroeconomics after Kalecki and Keynes (2023), which aims to provide a comprehensive and teachable post-Keynesian macroeconomic model, by covering topics such as effective demand, policy coordination, distribution and growth, finance-dominated capitalism, and ecological constraints. The review discusses Hein’s textbook in a comparative way, highlighting points of strength and aspects that should be explored further, particularly (but not related to) the field of climate change and environmental constraints to growth. Overall, it is argued that Hein's book contributes to the literature on post-Keynesian economics and provides a valuable resource for undergraduate and graduate students in the field.
- Published
- 2023
- Full Text
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36. Book review on Hiroyasu Uemura, Japanese Institutionalist Post-Keynesians Revisited: inheritance from Marx, Keynes and Institutionalism Springer, 2023
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Nishi, Hiroshi
- Published
- 2023
- Full Text
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37. Sectoral distribution of FDI and employment: Evidence from post- transitional European countries
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Josifidis Kosta and Supić Novica
- Subjects
fdi ,employment ,economic sectors ,post-transitional european countries ,post-keynesian economics ,Economic theory. Demography ,HB1-3840 - Abstract
This paper examines, from the perspective of Post-Keynesian economics, the effects of Foreign Direct Investment (FDI) on the employment rate in 18 post-transitional European countries from 1995 to 2021. Using a two-step system Generalised Method of Moments (GMM) panel data estimator, we test the hypothesis that the employment impact of investment depends on the interaction of FDI and domestic investment in terms of crowding-in and crowding-out relationships, assuming that this relationship is sensitive to the sectoral distribution of FDI stock. Our findings suggest that the reallocation of FDI inflows from the manufacturing sector to the less labour intensive financial and information and communication technology (ICT) sectors tends to reduce the employment effect of FDI both directly and indirectly by reducing the magnitude of the crowding- in effect of FDI on domestic investment. The outcome of our study is of great interest to economic policy makers. If foreign investment displaces domestic investment and reduces employment in high value-added sectors, policies intended to attract foreign capital could be challenged and undermined. Otherwise, if foreign and domestic investment in sectors with high added value are complementary, it justifies policies aimed at attracting foreign investment.
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- 2023
- Full Text
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38. Post-Keynesian Financialised growth models as an alternative to Varieties of Capitalism: (in)stability, institutions and taxonomic method
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Juan Barredo-Zuriarrain, Jon Las Heras Cuenca, and Carlos Rodriguez González
- Subjects
arative political economy ,growth models ,Varieties of Capitalism ,post-Keynesian economics ,institutions ,Commerce ,HF1-6182 ,Economic theory. Demography ,HB1-3840 - Abstract
This article evaluates the potential of the Post-Keynesian literature on growth models to gain influence over the Varieties of Capitalism approach within Comparative Political Economy. It shows that the future analytical strength of the latter approach depends, primarily, on the ability to consolidate macroeconomic principles consistent with a dynamic reality. On the other hand, Post-Keynesian macroeconomic foundations allow financialised growth models to capture the importance of power struggles in long-term growth as well as to integrate crises as recurrent and inherent phenomena to capitalist economies. That said, Post-Keynesian challenge to become a beacon within CPE lies on moving beyond country-based analyses towards the construction of a systematic association between, on the one hand, the institutional aspects shared between countries and, on the other hand, their classification on growth models.
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- 2023
- Full Text
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39. A Classical-Post Keynesian critique on neoclassical environmentally-adjusted multifactor productivity
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GIULIO GUARINI
- Subjects
Classical-Post-Keynesian economics ,environmentally-adjusted multifactor productivity ,eco-innovation ,Economics as a science ,HB71-74 - Abstract
ABSTRACT The aim of the article is to critically analyze Environmentally-Adjusted Multifactor Productivity (EAMP), by considering the Classical-Post-keynesian environmental framework Ecological Macroeconomics, integrated with the Evolutionary Environmental Economics. The paper introduces EAMP as rooted in in neoclassical economics and derived from Cobb-Douglas function with natural resources built by Solow (1974). I present theoretical critiques of EAMP’s neoclassical assumptions by developing perspectives from heterodox Ecological Macroconomics literature. Finally, I discuss the shortcomings of EAMP’s conceptual framework, making specific reference to the policy debate on Porter Hypothesis. The article puts in evidence how the assumptions of constant returns to scale, perfect competition and perfect input substitutability seriously alter the meaning and promise of sustainability policy. The analysis indicates that EAMP is a poor instrument to study complex issues regarding the promotion and effectiveness of green innovations and should therefore be abandoned to face the great challenges regarding the process of ecological transformation.
- Published
- 2023
- Full Text
- View/download PDF
40. How do inequalities in cultural engagement impact on economic growth?
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Dorpalen, Brenda Denise
- Published
- 2022
- Full Text
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41. Neo-Marxism and Post-Keynesian Economics: From Kalecki to Sraffa and Joan Robinson.
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B, Muh Ridwan, Purwaningrum, Indria Sari, Nurmitananda, Muhammad Naufal Hamdani, and Utama, Reski
- Published
- 2024
- Full Text
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42. Property Rights with Respect to Modern Money: A Libertarian Justification
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Lennart Ackermans
- Subjects
property rights ,libertarianism ,money ,Post-Keynesian economics ,credit ,theory of money ,Philosophy (General) ,B1-5802 - Abstract
The traditional Lockean justification of property rights has been argued to be no longer valid in a world in which much wealth does not derive from acquisitions of natural resources, and in which much property, such as money, is intangible. This means that libertarians need to reconsider whether and why property rights are justified for objects that fall outside of the scope of the Lockean justification. This paper gives a justification of property rights in relation to modern money, which uses the self-ownership principle as its central premise. Since modern money is a form of credit, I start with a justification of credit property rights. I then consider both money under gold convertibility and present-day fiat systems, showing that the justification of credit property rights remains valid under these conditions.
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- 2022
43. Social processes of oppression in the stratified economy and Veblenian feminist post Keynesian connections.
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Todorova, Zdravka
- Subjects
SOCIAL processes ,OPPRESSION ,CULTURAL imperialism ,SOCIAL stratification ,FEMINISTS ,KEYNESIAN economics ,SOCIAL reproduction - Abstract
Conceptions of social stratification and oppression should be central to post Keynesian inquiry. The article takes a Veblenian feminist view to discuss aspects of oppression in economies of stratification and outlines connections to areas of post Keynesian economics. The article is structured around "five faces of oppression" delineated by political theorist Iris Young: exploitation, violence, powerlessness, cultural imperialism, and marginalization. The paper reframes those based on a conception of evolving social processes and diverse economic relations, and employs Veblen's theory of surplus and stratification, which has a broad understanding of domination that goes beyond capital accumulation. The article provides illustrations of these interconnected aspects of oppression, and discusses how each is co-opted today. The article presents specific connections to post Keynesian economic analysis and concludes by highlighting the potential of post Keynesian economics for social justice. [ABSTRACT FROM AUTHOR]
- Published
- 2024
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44. The Great Transformation
- Author
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Gareth Dale, Rochon, L-P, and Rossi, S
- Subjects
economic policy ,financial crises ,economic crises ,heterodox economics ,post-Keynesian economics ,macroeconomics - Abstract
This Encyclopedia is an invaluable reference book for post-Keynesian and heterodox economics. It consists of 300 entries, written by 180 different authors. The volume includes entries on key concepts of interest to post-Keynesians as well as descriptions of some of the seminal books in the post-Keynesian tradition. It will interest both students and scholars of heterodox economics, as well as policy makers around the world looking for a better alternative to mainstream economic policies at national and international levels in the aftermath of the global financial crisis that burst in 2008 and the COVID-19 pandemic crisis that began in 2020.
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- 2023
45. Reforming capitalism for the common good: essays in institutional and post-Keynesian economics.
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Scott III, R. H.
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CAPITALISM ,NONFICTION - Published
- 2023
46. Financialisation and Income Distribution in Australia: Theory and Evidence
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Reinhard, Joey Arnold
- Subjects
Sraffian economics ,Income Distribution ,Heterodox economics ,financialisation ,post-Keynesian economics ,Australian political economy - Abstract
While rising income inequality and financialisation are widely recognised as prominent features of advanced capitalist economies, theoretical explanations of these phenomena, and how they interact, have varied significantly. Many of these explanations involve the construction of all-encompassing cross-country narratives, which result in a lack of analytical specificity. By framing inequality through the lens of the functional distribution of income, and focusing on the case study of Australia, this thesis aims to paint a detailed picture of what the financialisation-income distribution nexus can look like in practice. The key theoretical approach adopted is a Sraffian model of financialisation, which proposes that an increase in the relative size of the financial sector, higher financial sector productivity, and reduced labour bargaining power, lead to a fall in the wage share of income. This model is synthesised with other heterodox perspectives in order to establish a nuanced understanding of the key historical events that have driven the financialisation process in Australia. In doing so, this thesis seeks to disentangle Australia’s experience of financialisation and a falling wage share from the ambiguity of neoliberalism, deregulation, and globalisation.
- Published
- 2023
47. Uma crítica pós-keynesiana clássica à produtividade multifatorial ajustada ao meio ambiente
- Author
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Giulio GUARINI
- Subjects
Classical-Post-Keynesian economics ,produtividade multifatorial ajustada ao meio ambiente ,ecoinovação ,Sociology and Political Science ,Political Science and International Relations ,eco-innovation ,environmentally-adjusted multifactor productivity ,General Economics, Econometrics and Finance ,Economia clássico-pós-keynesiana - Abstract
The aim of the article is to critically analyze Environmentally-Adjusted Multifactor Productivity (EAMP), by considering the Classical-Post-keynesian environmental framework Ecological Macroeconomics, integrated with the Evolutionary Environmental Economics. The paper introduces EAMP as rooted in in neoclassical economics and derived from Cobb-Douglas function with natural resources built by Solow (1974). I present theoretical critiques of EAMP’s neoclassical assumptions by developing perspectives from heterodox Ecological Macroconomics literature. Finally, I discuss the shortcomings of EAMP’s conceptual framework, making specific reference to the policy debate on Porter Hypothesis. The article puts in evidence how the assumptions of constant returns to scale, perfect competition and perfect input substitutability seriously alter the meaning and promise of sustainability policy. The analysis indicates that EAMP is a poor instrument to study complex issues regarding the promotion and effectiveness of green innovations and should therefore be abandoned to face the great challenges regarding the process of ecological transformation. RESUMO O objetivo do artigo é analisar criticamente a Produtividade Multifatorial Ajustada ao Meio Ambiente (PMAMA), considerando o aspecto ambiental clássico-pós-keynesiano, integrado à Economia Ambiental Evolucionária. O artigo apresenta a PMAMA enraizada na economia neoclássica e derivada da função Cobb-Douglas com recursos naturais construída por Solow (1974). Apresento críticas teóricas aos pressupostos neoclássicos da PMAMA desenvolvendo perspetivas da literatura heterodoxa da Macroeconomia Ecológica. Por fim, discuto as deficiências da estrutura conceitual da PMAMA fazendo referência específica ao debate político sobre a Hipótese de Porter. O artigo evidencia como as premissas de retornos constantes de escala, concorrência perfeita e substitutibilidade perfeita de insumos alteram seriamente o significado e a promessa da política de sustentabilidade. A análise indica que a PMAMA é um instrumento pobre para estudar questões complexas sobre a promoção e eficácia das inovações verdes e, portanto, deve ser abandonado para enfrentar os grandes desafios do processo de transformação ecológica.
- Published
- 2023
48. Falling labour share and the anaemic growth in Portugal : a post-keynesian econometric analysis
- Author
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Alcobia, João and Barradas, Ricardo
- Subjects
Generalised Method of Moments Estimator ,Portugal ,Economic Growth ,Post-Keynesian Economics ,Labour Share - Abstract
In recent decades, the labour share has experienced a downward trend in Portugal that has occurred at the same time as a weaker and anaemic growth pattern. This seems to suggest that the fall in the labour share represents an important constraint on Portuguese economic growth, which does not support the orthodox claims around wage restraint policies as a necessary condition to improve macroeconomic performance due to their positive effects on private investment through higher profits and on net exports through lesser unit labour costs and a corresponding rise in competitiveness. This study assesses the relationship between labour share and economic growth by performing a time series econometric analysis focused on Portugal from 1970 to 2020. Findings show that labour share positively impacts economic growth in Portugal, which is in line with heterodox claims and particularly with post-Keynesian economics on the beneficial effects on private consumption played by the growth of wages. Findings also confirm that the Portuguese economy follows a wage-led growth regime instead of a profit-led growth regime; that is, a rise in wages boosts economic growth because its beneficial effect on private consumption more than compensates for a prejudicial effect on private investment and on net exports. The study points out the urgent need to adopt public policies to support the growth of wages to avoid more decades of dismal growth and a new ‘secular stagnation’ in Portugal. info:eu-repo/semantics/publishedVersion
- Published
- 2022
49. From export boom to private debt bubble: A macroeconomic policy regime assessment of Canada's shifting growth regime in the neoliberal era
- Author
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Klassen, Theodore J.
- Subjects
Canada ,E60 ,private debt ,growth regimes ,O51 ,financialization ,ddc:330 ,E11 ,E12 ,post-Keynesian economics ,F62 ,macroeconomic policy regime ,E65 - Abstract
This paper examines the emergence of private debt-led growth in Canada since the Global Financial Crisis (GFC) by means of a growth regimes and macroeconomic policy regime assessment. Examining each of the four business cycles in the 1983-2020 period, roughly encompassing the entirety of the neoliberal period, results demonstrate the emergence of a 'rising' weakly export-led growth regime in the early 1990s, a shift to a 'falling' weakly export-led regime by 2001, and a turn to a debt-led private demand regime since the GFC. The macroeconomic policy regime then identifies the structural changes and policy factors which have contributed to Canada's shifting growth regime. While price competitiveness played an important role in the first three cycles, it failed to re-establish an export-led regime in the postGFC period due to decreased non-price competitiveness. Instead, the post-GFC combination of negative real interest interests which encouraged the accumulation of private debt and fiscal policy which ex post did not address the negative financial balances of the household sector supported the turn to private debt-led growth.
- Published
- 2023
50. Review of Political Economy at 35.
- Author
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Rochon, Louis-Philippe
- Subjects
MARXIAN economics ,ECONOMIC forecasting ,HISTORY of economics ,ECONOMIC history ,BEHAVIORAL economics ,UNEMPLOYMENT - Abstract
The lead article in the first issue of the I Review of Political Economy i , published 35 years ago, in 1989, was "How to Reduce Unemployment", by 1969 Nobel Laureate, Jan Tinbergen. The Future of Political Economy This special issue celebrating the 35th anniversary of I ROPE i focuses on the "future of political economy" - most appropriate for a journal with "political economy" in its title. Collectively, I am hoping that the articles in this special issue celebrating the 35th anniversary of the I Review of Political Economy i will inspire future research on both the history and future of post-Keynesian economics and political economy. The current aims and scope read like this: The I Review of Political Economy i is a double-blind peer-reviewed journal welcoming constructive and critical contributions in all areas of political economy, including Behavioural economics, Ecological economics, Feminist economics, Institutional economics, Kaleckian economics, Marxian economics, Polanyian economics, Post-Keynesian economics, Schumpeterian economics, Sraffian economics, as well as in the tradition of the theory of the Monetary Circuit. [Extracted from the article]
- Published
- 2023
- Full Text
- View/download PDF
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