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There is rising concern in Japan that unconventional monetary policy (UMP) accelerates inequality through the asset price mechanism, allowing the higher-income group to gain additional capital income. UMP has limited effectiveness in creating real wage growth and restoring demand and growth, as the overall economy has been stagnant. We revisit the issue of income inequality in Japan by using Pasinetti’s approach to measure personal income distribution and examine its effect on effective demand and functional income distribution. We implement workers’ debt-augmented Pasinetti Index (PI) as a proxy of personal income distribution, shifting from workers towards rentiers in their interpersonal lending and borrowing relations. Our empirical result with the VAR model for Japan shows that a higher PI restrains effective demand. Furthermore, higher rentier income negatively affects the wage share through decreased capacity utilization. [ABSTRACT FROM AUTHOR]

Brazil is known for its openness towards heterodoxy in economics. The country has a tradition of fostering the dissemination of structuralism and Marxism since the 1950s, as well as other heterodox approaches since the late 1980s, including post-Keynesianism. Nonetheless, much of Brazil's post-Keynesian intellectual history is yet to be formalised. This article maps the genealogy and social organisation of post-Keynesianism in Brazil through a mixed-methods study. We explore how post-Keynesian economics has been referred to in the history of economics literature, as well as offering a mapping exercise to understand how post-Keynesian economists have organised themselves in economics departments in Brazil, and through publishing in leading post-Keynesian international outlets. First, we address an intellectual genealogy of post-Keynesians in Brazil via CV analysis. Second, we provide a bibliometric analysis of co-citation networks through articles written by Brazilian researchers published in post-Keynesian journals to capture emerging themes and citation patterns. Our conclusions point to: (1) the importance of academic genealogies and postgraduate supervision in creating a local inbreeding of post-Keynesians in several Brazilian economics departments; and (2) how the Brazilian post-Keynesian community builds and expands its theoretical framework in heterogeneous ways, notably in themes related to development and dependency. [ABSTRACT FROM AUTHOR]

The supermultiplier model is gaining momentum. To become a cornerstone of modern macroeconomics, it should explain the dynamics of advanced market economies in a coherent, complete, and simple way. In particular, it is supposed to clarify the possibilities and limits of credit-driven economies, like the one observed in most advanced countries after 1995. This paper contributes to these goals by integrating the Sraffian supermultiplier with the post-Keynesian hypothesis of credit money endogeneity. This hypothesis is somehow modified when autonomous banks are able to accelerate credit above output growth, as happened after 2002. The gap between credit and output growth implies that a part of the loans is financing non-output transactions (land, old houses, shares), usually with a speculative bias. The consequences of a persistent gap are demand depression and asset inflation, as we observed after 2008. [ABSTRACT FROM AUTHOR]

The building of a theory of money consistent with the Marxian theory of value has been a recurring issue in Marxian economics. A satisfactory solution consists in the articulation of key aspects of the "monetary circuit theory" with the Marxian commodity theory, separating the monetary sphere from value, and at the same time providing a Marxist critique of the circuit theory, which reformulates crucial aspects thereof. Money is thus conceived as a particular relation that, in its basic form, enables the appropriation of commodities. Money further deploys several and more complex functions in the capitalist system: it realizes value; it enables the sharing of production between wages and surplus-value; it allows for the accumulation of capital in its various forms; and it organizes production among other functions. Additionally, the combination of such theory of money with the main theoretical categories of the Marxian approach satisfactorily explain certain phenomena, such as private and public indebtedness, taxes, public spending, and crises. For example, while the conclusions regarding public spending are similar to those of previous approaches that consider it as a complementary way of realizing value, the monetary approach modifies the standard Marxian view of taxes as a direct appropriation of surplus-value to focus instead on its function of removing money from circulation. Public debt, in turn, is still posited as a form of worker exploitation, by means of a series of chained effects on public spending, tax revenue, and money endowments. [ABSTRACT FROM AUTHOR]

We estimate a New Keynesian model incorporating two notable features: bounded rationality and the zero lower bound on the nominal interest rate. Our Bayesian estimation of a nonlinear model shows that the model with bounded rationality better fits the U.S. data than its rational expectations counterpart, and that both households and firms exhibit a substantial degree of bounded rationality. Moreover, we demonstrate that bounded rationality expands a parameter region in which the model can be estimated and weakens the power of forward guidance. [ABSTRACT FROM AUTHOR]

This article formally examines the economic impact of Israeli movement restrictions on the Palestinian economy, taking into account the distribution of economic burden among Palestinian workers and capitalists. It utilizes a model that postulates restrictions as an external third claimant on income (together with wages and profits). It highlights the importance of a political economy lens that takes social classes into consideration, both in the presented stylized facts and in the formal model. Formally, instead of assuming that capitalists passively bear the full burden of the restrictions on their profitability, the new model assumes that capitalists channel the burden to workers via the nominal wage. It also adjusts the assumption that the savings rate is homogeneous between Palestinian workers and capitalists. The article derives the new specifications for the profit rate, capacity utilization and capital accumulation, and finds that shifting the distributional impact of movement restrictions has a clear impact on the short-run equilibrium levels of capacity utilization and capital accumulation. [ABSTRACT FROM AUTHOR]

Copyright of Gazi Journal of Economics & Business is the property of Gazi Journal of Economics & Business and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Ekonomik Yaklaşim is the property of Ekonomik Yaklasim Dernegi (Ekonomik Yaklasim Association) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Starting in 2021, the current inflation process has spurred plenty of discussion in academic and policy circles. This paper studies the relationship between firms' markups and inflation during the 2021–22 inflation surge in several industrialized countries. It begins by explaining markup inflation and its critics in the context of the current debate over the sources of inflation. Then it reviews the characteristics of markup inflation within the post-Keynesian theory of markup pricing and complementing it with the Institutionalist approach to inflation that distinguishes between basic inflationary pressures and propagation mechanisms. The second part assesses markup inflation for several industrialized countries using descriptive statistics and conventional econometrics. The main contribution falls in empirically estimating markups considering the contribution of material cost and controlling for changes in capacity utilization over time. It concludes that there is some evidence pointing at markup inflation and, importantly, the existence of markup inflation leads to rejecting any wage-price spiral. [ABSTRACT FROM AUTHOR]

This article is a post-Keynesian stock flow consistent (PK-SFC) model that analyses the dynamics of an economy characterised by several — often individually studied — features of PK-SFC studies together with some innovative aspects. In particular, we investigate the income and wealth distribution between two social classes, capitalists and workers, after a period of a crisis subject to different policy scenarios. Non-financial firms but also government can undertake investments decisions and both accumulate capital. Finally, we consider the workers' and capitalists' consumption behaviour that contributes to produce (un)sustainable paths. Our model is built upon Bibi (2020, 2021) within an endogenous money framework and is calibrated using available data for major advanced economies. Simulations are conducted to question the different government fiscal policies to reduce unemployment boosting the economic activity, to obtain a more equitable distribution between social classes while obtaining those goals in a sustainable way. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to revisit the potential of the New Deal as a research context in management and organization studies and, in doing so, forward the role one of its chief architects, Harry Hopkins, played in managing the economic crisis. The exploration takes us to multiple layers that work together to form context around Hopkins including the Great Depression, the Roosevelt Administration, and ultimately, the New Deal. By raising Harry Hopkins as an exemplar of historical-narrative exclusion, the authors can advance the understanding of his role in the New Deal and how his actions produced early insights about management (e.g. modern crisis management). Design/methodology/approach: The paper experiments with the methodological assemblage of ANTi-History and microhistorical analysis that the authors call "ANTi-Microhistory" to examine the life narrative of Harry Hopkins, his early association with President Franklin D. Roosevelt and later, the New Deal. To accomplish this, the authors undertake a programme of archival research (e.g. the digital repository of The Franklin D. Roosevelt Presidential Library and Museum) and assess various materials (e.g. speeches, biographies and memoirs) from across multiple spaces. Findings: The findings suggest Harry Hopkins to be a much more powerful actor in mobilizing New Deal policies and their effect on early management thought than what was previously accepted. In the process, the authors found that because of durable associations with Roosevelt, key policy architects of the same ilk as Harry Hopkins (e.g. Frances Perkins, Henry Wallace, Lewis Douglas, and others) and their contributions have been marginalized. This finding illustrates the significant potential of little-known historical figures and how they might shed new insight on the development of the field and management practice. Originality/value: The aim is to demonstrate the potential of engaging historical research in management with the individual – Harry Hopkins – as a unit of analysis. By engaging historical research on the individual – be it well-known or obscure figures of the past – the authors are considering how they contribute to the understanding of phenomena (e.g. New Deal, Progressivism or Keynesian economics). The authors build on research that brings to focus forgotten people, communities and ideas in management studies but go further in advocating for space in the research to consider the scholarly potential of the individual. [ABSTRACT FROM AUTHOR]

This is a review article of a book celebrating Pasinetti's 90th birthday in 2020, Pasinetti and the Classical Keynesians: Nine Methodological Issues , edited by Enrico Bellino and Sebastiano Nerozzi. His demise in 2023 is, of course regrettable - but it is no excuse for giving a view of a book that was published in his lifetime. The view expressed in this article considers Pasinetti as a vintage member of the Cambridge Keynesian Group, which encompasses, in addition to those near Keynes, those second-generation scholars who also made a contribution—sometimes decisive—to various aspects of Keynesian Economics. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Economic Policy Researches / İktisat Politikası Araştırmaları Dergisi is the property of Journal of Economic Policy Researches / Iktisat Politikasi Arastirmalari Dergisi and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This article critically reviews both mainstream and Keynesian empirical studies of interest rate dynamics. It assesses the key findings of a selected number of these studies and surveys the debates between the mainstream and Keynesian schools. It also explores the debates on interest rate dynamics within the Post-Keynesian school of thought. Lastly, the article identifies the critical questions that are relevant for future empirical research. [ABSTRACT FROM AUTHOR]

This article illuminates the potential contribution of Post-Keynesian Institutionalism (PKI), especially in its Kaleckian complexion, to the debate concerning Ukraine's post-war economic recovery. It explores how Ukraine can restore its productive capacity after having lost sixty percent of its industrial potential due to the Russo-Ukraine war, juxtaposes existing approaches to financing capital formation in the country, and questions the role of foreign capital, especially foreign direct investment, in this process. The article's first section exposes the dangers associated with adopting predatory and increasingly globalized structures of money manager capitalism for financing capital accumulation in vulnerable economies such as Ukraine. The second expands the Post-Keynesian Institutionalist approach to capital formation to include emerging and developing economies. Specifically, it brings under consideration the important contribution of Michal Kalecki (1899–1970) to the analysis of capital formation in less-advanced industrialized market economies, a category to which Ukraine belongs at present. To date, this part of Kalecki's legacy has not been considered in the Post-Keynesian Institutionalist argument. Drawing on the works of Kalecki and PKI scholars, the article sketches an alternative reconstruction strategy for Ukraine. [ABSTRACT FROM AUTHOR]

This paper contributes to the still unresolved issue of the growth impact of government size by analysing a historical panel data set of 17 developed countries that ranges from 1880 to 2016. The unique feature of the long-time dimension allows for conducting a kind of natural experiment. Government size is closely related to economic-policy paradigms. The time span covers different economic policy paradigms, in particular, ‘laissez-faire’ before World War II and Keynesian economic policy after World War II. Before WW II government size is small, after WW II it is (has grown) big. Furthermore, this paper contributes to filling a gap in the literature by testing the non-linear hypothesis (Armey curve). We take particular attention to a key shortcoming of panel-data analysis – parameter or individual heterogeneity. Overall, this analysis suggests a systematic positive, albeit quite small, linear relationship of government size with economic growth. As a consequence, rather than concentrating their attention to the sheer size of government, policy makers are advised caring for an efficiently run and high)quality government sector as a prerequisite for a steady growth path. [ABSTRACT FROM AUTHOR]

We analyze optimal monetary policy and its implications for asset prices when aggregate demand has inertia. If there is a negative output gap, the central bank optimally overshoots aggregate asset prices (above their steady‐state levels consistent with current potential output). Overshooting leads to a temporary disconnect between the performance of financial markets and the real economy, but accelerates the recovery. When there is a lower bound constraint on the discount rate, good macroeconomic news is better news for asset prices when the output gap is more negative. Finally, we document that during the COVID‐19 recovery, the policy‐induced overshooting was large. [ABSTRACT FROM AUTHOR]

Neoclassical economic theories form the basis of modern economics, along with the principles of Keynesian economics. As part of economic theory, the main direction that reveals the functioning mechanism of a market economy is the neoclassical direction. In this regard, identifying the peculiarities of the relationship between the subject and method of the neoclassical direction is an urgent task, since it will make it possible to more clearly define the place of the neoclassical direction in modern economic thought, identify the theoretical basis and applicability of practical recommendations of neoclassics, in particular, more clearly define its capabilities as a theoretical basis for the formation market economy in different countries. In this article, the authors analyze the difference between neoclassical macroeconomics and microeconomics. It is shown that the microeconomic aspects of neoclassical theory have much greater theoretical and applied significance than neoclassical macroeconomics. They largely reflect real economic processes and determine the economic behavior of economic entities. The work examines, in a microeconomic aspect, the theoretical approaches of the main representatives of neoclassical theory, such as A. Marshall, L. von Mises and other representatives, to the analysis of economic processes. The authors note the importance of limit analysis, which has not only theoretical but also practical significance. The work also examines the approaches of representatives of neoclassical theory to assessing the value and price of goods and economic resources. In the real economy, markets of imperfect competition predominate, which are characterized by their own characteristics that influence the economic behavior of firms in commodity and resource markets, as evidenced by the use of marginal analysis to substantiate the position of the authors. The article assesses the views of representatives of the neoclassical school on the differences between market and planned economies. Their approach to the process of economic monopolization is characterized. [ABSTRACT FROM AUTHOR]

From 1975 onwards, James Tobin changed his interpretation of the Keynesian case that active stabilisation policy is sometimes needed to restore full employment, offering a new interpretation that drew on Keynes's General Theory and on Irving Fisher's 1933 debt-deflation theory of depressions to argue that wage and price flexibility could be destabilizing. Like Hyman Minsky and Peter Howitt, Tobin stressed the previously underappreciated Chapter 19 of The General Theory, where Keynes argued that faster adjustment of prices and money wages could be destabilising. The basis of Keynesian macroeconomics was coordination failure and instability, not irrational money illusion or an arbitrary assumption of a fixed money wage. [ABSTRACT FROM AUTHOR]

Peter Howitt is best known for his contributions to growth theory, but his work in short-run economics, which began with his Ph.D thesis and still continues, is important and deserves attention. It lies firmly in the Keynesian macro-disequilibrium tradition of Robert Clower and Axel Leijonhufvud, and for a long time has been overshadowed by New-classical and New-Keynesian orthodoxy. However, the development of agent based modelling and behavioural economics is perhaps giving disequilibrium macroeconomics a new lease on life. [ABSTRACT FROM AUTHOR]

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]

This document is an editorial introduction to the journal "Japanese Political Economy." It features two papers that discuss the development of Marxian money theory in the tradition of the Uno School. The first paper by Ehara and Imai explores the development of money theory in the Japanese Uno tradition, focusing on Kozo Uno's three-level approach to Marxian Political Economy. The second paper by Tsuyoshi Yuki examines the contributions of Unoist thinkers to the triangular debates of money theory in Japan, particularly the differences between old-Unoists and neo-Unoists. The document also includes research papers on topics such as Keynesian economics, exchange rate misalignment, and the evolution of postwar capitalism. [Extracted from the article]

In a recent article, Tom Palley begins his critique of Keynesian economics with the wellknown story of a drunkard who, when searching for his lost keys, looks not in the darkness of the nearby lawn where he misplaced them, but instead under the light cone of a lamp post because, when asked, he replies that's where the light is. This story serves as a metaphor for the field of economics attempting to understand the workings of the capitalist economy solely through the lens of Keynesian economics. However, this endeavor is ultimately futile as comprehending capitalism requires a different analytical approach: acknowledging social conflict as an essential component of capitalism's nature better addressed by Kaleckian macroeconomics. We attempt to illustrate that Palley is accurate in emphasizing the paradigmatic differences and even incommensurabilities between Keynes' monetary production paradigm and the Marxian-Kaleckian social conflict paradigm. This suggests that any classification under the umbrella term "post-Keynesianism" is misleading. However, Palley is mistaken in his assertion that this distinction aligns Keynes' economics with neoclassical (mainstream) economics, as the acceptance or rejection of social conflict is not the only fault line in terms of ontology. There are other ontological divisions that can exist. Or, to use our metaphor, the lamp post can be moved to different areas of the lawn, indicating different ontological perspectives. [ABSTRACT FROM AUTHOR]

This article analyses late 1960s' and early 1970s' policy debate on issues concerning balance of payments in Sweden. Part of this debate was the question of fiscal austerity as a tool to achieve external balance, and if it could be used without risking economic and social unrest. The aim is twofold: first to empirically shine new light on modern Swedish economic policy in a historic context. Second to theoretically explore new ways of interpreting the relationship between political thinking and economic ideas. Special focus within the second aim are the consequences of political thinking on Keynesian economic ideas as a framework of economic understanding at the time. The study is qualitative in its methods and pays attention to limits within the relationship between economic policymaking and economic expertise. The article highlights conflicting perspectives on Keynesian ideas and the heterogeneity of these perspectives among economic experts. A heterogeneity of this kind is also shown to complicate the assumed close relationship between Social Democracy and Keynesianism in a historic context. In essence, the article shows that studying policy debates in close historic detail makes for new conclusions on the development of modern economic ideas and the part political thinking plays in it. [ABSTRACT FROM AUTHOR]

At the zero lower bound (ZLB), expectations about the future path of monetary or fiscal policy are crucial. We model expectations formation under level‐k$k$ thinking, a form of bounded rationality formalized by García‐Schmidt and Woodford (2019) and Farhi and Werning (2019), consistent with experimental evidence. This process does not lead to a number of puzzling features from rational expectations models, such as the reversal puzzle, or implausible large fiscal multipliers. Optimal monetary policy at the ZLB under level‐k$k$ thinking prescribes keeping the nominal rate lower for longer, but short‐run macro‐economic stabilization is less powerful compared to rational expectations. [ABSTRACT FROM AUTHOR]

This paper will explore Canadianism and its relationship to Universal healthcare. Canadianism, a term derived for the purpose of this text, is used to conceptualize an ‘Idea’ born out of Canadian identity and Economic Nationalism during commonwealth movements of the later 20th century. The Idea is studied to understand how Canadian civil society favors Universal systems, particularly in this paper healthcare, over private initiative. This paper will assess the roots of the privatization debate and argue the rivalrous nature between Canadianism and New Public Management [NPM]. A key deliberation will be had on the significant role that ethics plays in Canadianism, and how this had success in limiting the influence of NPM on Healthcare. This paper will also examine a current ‘privatization’ case, Bill C-60, and its potential threat to Keynesian Economics’ opportunity-for-all approach to healthcare. A second key deliberation will be had on the concept of ‘Trust,’ how it informs Canadianism and why this makes Bill C-60’s discourse convoluted. Conclusively, a discussion will be had on the issues with Canadianism in healthcare discourse through considering semantics and policy growth. The limits of Canadianism will be briefly highlighted. This paper finds that Canadian is essential to comprehend when considering why healthcare reform in Canada is difficult to manage.

It is well known in the literature that there is a tension between the frequency and duration of the zero lower bound (ZLB) on the nominal interest rate and the determinacy of equilibrium. In this short paper, I show that the presence of downward nominal wage rigidity (DNWR) resolves the tension by preventing a vicious cycle of price declines and output contractions under the ZLB. Consequently, the model with DNWR can replicate the long‐lived ZLB episodes observed in the data. It also implies a plausible size of output and inflation declines at the ZLB. [ABSTRACT FROM AUTHOR]

Copyright of Polish Journal of Economics / Gospodarka Narodowa is the property of SGH Warsaw School of Economics and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

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]

Was Keynes trying to save capitalism or create "Liberal Socialism"? Jim Crotty's unique approach to this long-standing question makes his work an outstanding contribution to heterodox macro policy. Tracing Keynes's policy positions from World War I to Keynes's death in 1946, Jim combines rich historical detail with Keynes's insistence that the realism of assumptions affects the truth content of hypotheses. Jim's book can serve as a guide to policy positions to sustain full employment through the socialization of investment under conditions of class struggle. Contrary to the position that Keynes denied class conflict, there is no fundamental contradiction between Marx's assumption of class conflict and Keynes's policy positions in support of full employment through the socialization of investment. JEL Classification: E6, E11, E12 [ABSTRACT FROM AUTHOR]

We summarize the intellectual journey of James R. Crotty in this tribute. We discuss how Crotty's approach to macroeconomics based on Marxian and Keynesian insights led to a series of flexible models based on realistic assumptions that help us better understand the contradictory evolution of capitalism from the 1970s to the 2010s. The basic building blocks of Crottyian macroeconomics consist of the emphasis on macro foundations, focus on the concrete capitalist processes with their endogenous, dynamic, and conflict-ridden nature, and the centrality of money, credit, and competitive dynamics of the capitalist system. We also discuss how a study of these dynamics led to his final work on "liberal socialism" as the way to end the disruptive cycles of capitalism. We argue that those aiming to construct a solid theoretical foundation to guide the understanding, transformation, and transcending of contemporary capitalist societies would find much inspiration in Crotty's intellectual legacy. JEL Classification: E11, E12, B51 [ABSTRACT FROM AUTHOR]

This study examines the impact of government expenditure on economic growth, focusing on health, infrastructure, education, and agriculture in Tanzania. The data from 1970-2020 were analysed using the STATA software. Government expenditure on education, health, agriculture, and infrastructure sectors were the independent variables, while GDP was the dependent variable. Wagner's law of increasing state activity and Keynesian economic theory were used to guide the study. Unit root test and Johansen co-integration test were conducted. The Johansen co-integration test results indicated the absence of a long-run relationship between all explanatory variables and economic growth. However, the ARDL model revealed that government health expenditure had a low effect on economic growth compared to infrastructure, education, and agriculture expenditures; all of which had higher effects. The study recommends that more government resources be spent on substantial infrastructure. [ABSTRACT FROM AUTHOR]

Copyright of Moneta e Credito is the property of Associazione Economia Civile and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This essay responds to the critiques raised by Anke Hassel and Roberto Pedersini by focusing on four themes: the innovativeness (or not) of the growth models (GM) perspective, the need to integrate demand-side and supply-side considerations in the analysis of comparative capitalism, the relationship of the GM perspective to Post-Keynesian economics, and the role of agency and politics. [ABSTRACT FROM AUTHOR]

We propose a novel theory of intrinsic inflation persistence by introducing trend inflation and Kimball (1995)‐type aggregators of individual differentiated goods and labor in a model with staggered price‐ and wage‐setting. Under nonzero trend inflation, the non‐CES (constant elasticity of substitution) aggregator of goods and staggered price‐setting give rise to a variable real marginal cost of goods aggregation, which becomes a driver of inflation. This marginal cost consists of an aggregate of the goods' relative prices, which depends on past inflation, thereby generating intrinsic inertia in inflation. Likewise, the non‐CES aggregator of labor and staggered wage‐setting lead to intrinsic inertia in wage inflation, which enhances the persistence of price inflation. With the theory we show that inflation exhibits a persistent, hump‐shaped response to monetary policy shocks. We also demonstrate that lower trend inflation reduces inflation persistence and that a credible disinflation leads to a gradual decline in inflation and a fall in output. [ABSTRACT FROM AUTHOR]

Le regole di politica fiscale derivano da una specifica teoria macroeconomica. Originariamente, le regole sono state proposte nell’ambito della rivoluzione keynesiana. Dal 1997 regole quantitative sono state adottate dall’UE, in coerenza con la teoria macroeconomica oggi dominante. Questo articolo analizza gli effetti di regole quantitative sulla finanza pubblica italiana.

This note responds to Arne Heise's critque of my article on Keynes's denial of conflict in The General Theory. Heise's response fails to show Keynes addressed conflict and makes several meritless criticisms regarding my treatment of Keynes and Keynesianism. It also fails to recognize the purpose of my article which was to show conflict is an essential part of capitalism; conflict is absent in Keynes' magnum opus; conflict is absent in Neo- and New Keynesianism; though Kalecki introduced conflict in Keynesianism, much more remains to be done about recognizing its implications; and calling for revival of the economics of Keynes in bad times keeps policy locked in the orbit of stimulus and blocks recognition of need for policies addressing the economic consequences of conflict. [ABSTRACT FROM AUTHOR]

This article explores the connection between government budget expenditures and economic growth in Uzbekistan. It analyzes various theoretical perspectives and empirical studies on the topic, which have produced mixed results. To contribute to the understanding of this relationship in Uzbekistan, the study applies statistical analysis using the Engle-Granger Cointegration model and the Granger causality test models. The findings reveal a positive and significant correlation between government spending and GDP, indicating that increased government expenditures can contribute to economic growth. These results align with the principles of Keynesian economics and Wagner's Law. It is important to consider the country's specific context and policies when interpreting these findings. [Extracted from the article]

We study the dynamic properties of the coordinated fiscal and monetary stabilization policy in a modern monetary theory (MMT) type macrodynamic model in detail using advanced mathematical techniques and numerical simulations. The dynamic stability, instability of equilibrium points, and questions of qualitative changes at bifurcation points are investigated both mathematically and numerically. Finally, the economic implications of the analysis of this MMT type dynamic model are discussed in contrast to the more orthodox type of Keynesian stabilization policy mix model. [ABSTRACT FROM AUTHOR]

This study empirically evaluates external public debt and economic growth relationships in the Sub-Saharan African region; it anchors on the classical, neoclassical, and Keynesian economic growth theories. Given the lack of consensus amongst researchers from different countries, several research outputs on external public debt have yielded conflicting results. Based on the World Development Indicators (WDI) panel dataset for 1980– 2018, this study applies Autoregressive Distributed Lagged Model (ARDL) using balanced cross-sectional panels. The study makes a novel contribution using vector autoregression (VAR), impulse response functions (IRF), and variance decomposition to show the impact of external public debt innovation shocks on economic growth. The findings of this study support classical economists and Keynesian conflicting views on economic growth and the external public debt relationship. The results reveal a positive and statistically significant long-run relationship between external public debt and economic growth in the countries studied. A positive short-run and negative long-run relationship between economic growth and external public debt are observed in Kenya and Nigeria. These findings are consistent with the classical economist’s stance, suggesting that public debt hampers economic growth. Conversely, Keynesian propositions are confirmed in Malawi, Botswana, and Lesotho, where external public debt has a negative short-run and positive long-run impact on economic growth. Most of these countries responded differently in terms of growth, which may be attributed to the differences in financial deepening, quality of institutions governing fiscal and monetary policies, and trade openness. This study’s empirical results imply that policymakers should focus on a stable fiscal and monetary policy framework. This is possible by ensuring debt sustainability with a sound and secure macroeconomic policy environment in the selected countries. [ABSTRACT FROM AUTHOR]

The purpose of this article is to shed light on the reasons why Brazilian economist Ignacio Rangel's concept of "Projectment Economy" holds great possibilities for research into China's economic development. The article reworks the concept, offering new means of determination and validation criteria to understand Chinese socialism. Issues addressed include surmounting "Keynesian uncertainty," "creative destruction" planning, monetary sovereignty, and the "tacit adhesion pact." These are taken up as categories offering empirical support for the New Projectment Economy concept. The article concludes that the New Projectment Economy is a higher stage of development of the mode of production dominant in the new socio-economic formation that has emerged in China as a result of the economic reforms begun in 1978. [ABSTRACT FROM AUTHOR]