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Austrian Business Cycle Theory: A Modern Appraisal  

Andrew Young

Print publication date:
Nov 2015
Online publication date:
Dec 2015
Austrian business cycle theory (ABCT) is a body of hypotheses embodying particularly Austrian insights and assumptions. The canonical variant associated with Ludwig von Mises and Friedrich ... More

The Cambridge Post-Keynesian School of Income and Wealth Distribution  

Mauro Baranzini and Amalia Mirante

Print publication date:
Sep 2013
Online publication date:
Oct 2013
This chapter reviews and assesses the genesis and development of the Cambridge post-Keynesian school of income and wealth distribution, the foundations of which were laid in particular by ... More

Capital-Based Macroeconomics: Austrians, Keynes, and Keynesians  

John P. Cochran

Print publication date:
Nov 2015
Online publication date:
Dec 2015
The recent revival of boom-bust business cycles and the worldwide slow recovery from 2009–2012 has renewed interest in the analysis of a money-production economy developed by Keynes and ... More

Dynamics of Interventionism  

Sanford Ikeda

Print publication date:
Nov 2015
Online publication date:
Dec 2015
The “dynamics of interventionism” refers to the central contribution of Austrian economics to the analysis of government failure. This chapter outlines that contribution in the areas of ... More

Endogenous Growth  

Mark Setterfield

Print publication date:
Sep 2013
Online publication date:
Oct 2013
This chapter explores the Kaldorian approach to endogenous growth theory. The central principles of this approach are explored, including the claims that growth is (a) demand led, with ... More

Free Banking  

Kevin Dowd

Print publication date:
Nov 2015
Online publication date:
Dec 2015
This chapter provides an overview of the issues raised by free banking. A central objective is to set out the core theory of free banking, draw out its predictions, and then compare those ... More

How Sound are the Foundations of the Aggregate Production Function?  

Jesus Felipe and John McCombie

Print publication date:
Sep 2013
Online publication date:
Dec 2013
The aggregate production function, one of the most widely used concepts in macroeconomics, is also the one whose theoretical rationale is perhaps the most suspect. The aggregate production ... More

Hyman Minsky and the Financial Instability Hypothesis  

John King

Print publication date:
Sep 2013
Online publication date:
Oct 2013
During the global financial crisis of 2008–9, the name of Hyman Minsky (1919–1996) was frequently cited in the media. Minsky devoted his entire career to the problem of financial ... More

Kaleckian Economics  

Robert Dixon and Jan Toporowski

Print publication date:
Sep 2013
Online publication date:
Oct 2013
Kaleckian economics may be broadly defined as the economic theories enunciated by Michał Kalecki (1899–1970) and the extensions of those theories by economists who were influenced by him. ... More

Keynesianism and the Crisis  

Lance Taylor

Print publication date:
Sep 2013
Online publication date:
Dec 2013
Historically, financial crises have been commonplace. Why did the latest episode almost derail the world economy? The macroeconomics developed by John Maynard Keynes and his close ... More

Macroeconomics and the L-Shaped Aggregate Supply Curve  

James Forder

Print publication date:
Sep 2013
Online publication date:
Dec 2013
The “L-shaped aggregate supply curve” is routinely treated as nothing more than a primitive version of a Phillips curve. This is misleading because it is in fact a later reconstruction, ... More

Money  

Randall Wray

Print publication date:
Sep 2013
Online publication date:
Oct 2013
This chapter examines three fundamental propositions regarding money. First, money buys goods and goods buy money, but goods do not buy goods. Second, money is always debt; it cannot be a ... More

The Neoclassical Sink and the Heterodox Spiral: Why the Twin Global Crisis has not Transformed Economics  

Gary Dymski

Print publication date:
Sep 2013
Online publication date:
Dec 2013
The global financial crisis, when it first emerged in 2007–2008, appeared to be a silver bullet aimed at the heart of neoliberal macroeconomics and efficient-markets financial theory. ... More

On the Microfoundations of Macroeconomics  

Abu Rizvi

Print publication date:
Sep 2013
Online publication date:
Dec 2013
In a review of Asset Accumulation and Economic Activity by James Tobin, Hyman Minsky outlined three types of macroeconomic approaches after John Maynard Keynes: the neoclassical synthesis, ... More

Post-Keynesian Distribution of Personal Income and Pay  

James K. Galbraith

Print publication date:
Sep 2013
Online publication date:
Dec 2013
This chapter presents an approach to the analysis of the personal distribution of income and pay consistent with post-Keynesian economic analysis. Since the Keynesian tradition is ... More

Post-Keynesian Monetary Economics, Godley-Like  

Mark Lavoie

Print publication date:
Sep 2013
Online publication date:
Oct 2013
Endogenous money is a key feature of post-Keynesian monetary economics and of monetary circuit theory. This chapter highlights the contributions and the evolution of Wynne Godley’s views ... More

A Post-Keynesian Perspective on the Rise of Central Bank Independence: A Dubious Success Story in Monetary Economics  

Joerg Bibow

Print publication date:
Sep 2013
Online publication date:
Dec 2013
Central bank independence (CBI) refers to the relation between the central bank and the state, the legislature and executive. In practice, central banks typically engage in a wide range of ... More

Post-Keynesian Theories of Money and Credit: Conflicts and (some) Resolutions  

Victoria Chick and Sheila C. Dow

Print publication date:
Sep 2013
Online publication date:
Oct 2013
Four approaches to money in the macroeconomy have appropriated the name of Keynes or the label “post-Keynesian”: liquidity preference, circuit theory, and the two forms of endogenous ... More

Postkeynesian Precepts for Nonlinear, Endogenous, Nonstochastic, Business Cycle Theories  

Kumaraswamy Velupillai

Print publication date:
Sep 2013
Online publication date:
Oct 2013
The age of formal mathematics, proving the existence of nonconstructible, noncomputable, undecidable entities in economics, may, in the fullness of time, come to be seen as having occupied ... More

Reinventing Macroeconomics: What are the Questions?  

Edward J. Nell

Print publication date:
Sep 2013
Online publication date:
Oct 2013
Joan Robinson asked, “What are the Questions?” in her seventy-fifth year. Economics, she felt, was no longer focusing on the important issues; it had become bogged down in the mathematical ... More

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