Show Summary Details

Page of

PRINTED FROM OXFORD HANDBOOKS ONLINE (www.oxfordhandbooks.com). © Oxford University Press, 2018. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a title in Oxford Handbooks Online for personal use (for details see Privacy Policy and Legal Notice).

date: 12 July 2020

(p. 486) (p. 487) Index

(p. 486) (p. 487) Index

Abraham-Frois, G 158n18
absolute prices 343
absorptive approach to interdisciplinary research 145–6, 147
Abstract of a Treatise of Human Nature, An (Hume) 111
academic exclusion 51
academic finance theory 471–2
academic freedom 51–2
accounting identity studies 221–3
accumulation and distribution 152
Accumulation of Capital, The (Robinson) 36n9
Ackley, G 250, 253
Adams, G F 214, 224n4
adaptive approach to interdisciplinary research 144
Adenauer, K 270
agent-based modeling 50
agent-optimization models 450
aggregate demand 48–50, 58n5, 295
aggregate production function 25–6, 202–24
overview 202–4
accounting identity 204–10, 221–3
Cobb-Douglas production function 204–10, 225n5
cross-section data 205–9, 207f, 224nn34, 225nn67
time-series data 209–10, 214, 215–6t, 218, 224nn34, 225nn911
growth and accounting exercises, problems with 210–1
quantities and value data 211–6, 215f, 225n15
reactions to critique 217–21
simulation study 216–7
Ahamed, L 285n8
Ahluwalia, M S 371
Akerlof, G A 146, 249, 258, 320
Albin, P S 200
Alesina, A 268
Alfred Marshall Library of Economics 21–2
Aliber, R Z 460
Allen, D W 146
Allied law (Germany) 270
American Economic Association 1
American Economic Review, Samuelson and Solow 1960 article 28
American Enterprise Institute, Shadow Financial Regulatory Committee 444–5, 452n7, 453n13, 453n15
American War Labor Board 247
Andrews, D 74
Andrews, P W S 37n16
Manufacturing Business 13
Angeriz, A 315, 317
animal spirits, use of term 30, 86, 105, 108–9, 111, 295, 298, 415, 462
Anscombe, E 55
Antonopoulos, R 443
Apostles (club) 21, 101, 102
Archibald, G C 256
Arena, R 4
Arestis, Philip 30, 36n1, 84, 93n7, 172n2, 267, 285n3, 310–25, 328–9, 453n16
Argy, V 418
Aristotle, Politics 354
Arrow, Kenneth J:
General Competitive Analysis 47, 58n6
hypothesis of rationality at aggregate level 49
impossibility theorem 58n8
on risks of subprime crisis 441
“as if” methodology 247
Ascari, G 449–50
Asimakopulos, A 36n1
(p. 488) Aspromourgos, A 428n12
Asset Accumulation and Economic Activity (Tobin) 45
Atkinson, A B 370, 371
Australia, and post-Keynesian theorizing 33–4, 412–23
Committee of Economic Enquiry 421
Commonwealth Conciliation and Arbitration Commission 34, 379, 419, 427n4
economic growth 421–3
fiscal policy 428nn67
indirect tax rates 414–7
and public debt 316
inflation and incomes policies 419–21, 428n15
monetary policy 417–9, 428n10, 428n13
deregulation of financial sector 417–8
interest rates 418–9
prior to General Theory 415
minimum wage policy 413–4
Reserve Bank of Australia 417, 427n4, 428n6, 428nn1011
Vernon Committee 34, 419, 422
Babylonian mode of thought 84, 91, 302, 329
Backhouse, R 92
Bain, J 183
Baker, D 440, 452n10
balanced process of expanded reproduction 233–5, 242nn58
Ball, L 285n2
Ball, R J 13
Balogh, T 252
Bancor (world currency) 360
Bank deutscher Laender (BdL) 270
Bank for International Settlements:
Basel agreements 348, 484
Bank of England 267, 269, 279, 285n4
banking systems:
interbank credits 350
lending function 317
megabanks, too-big-to-fail protection 441
money created through 348
role in economic growth 238, 242n15
role in overall financial system 317 see also headings at central bank; individual banks
Baranovsky, T 179
Baranzini, M 2–3, 10–1
Barber, W J 254
Barbera, R J 442
bargaining, wages 246, 249, 251
Barro, R J 273–4, 297, 314, 385n3
Bartel, R D 277
Basel agreements 348, 484
Bateman, Bradley W 21, 68, 94n9, 111, 114–7, 156n1, 297
“End of Keynes and Philosophy, The?” 116
Baumgartner, S 397
Baumol, W J 11, 157n11, 395
Bayesian resolution of uncertainty 246
Bear Stearns 440
Becker, G S 146
Benham, F 413–4
Benston, G 453n13
Benthamite calculations 106, 107, 117
Berger, S 396, 400, 407n1
Bergstrom, A 424
Berner, M 370, 385n6
Berr, E 393, 395, 396, 397, 405
Bessis, F 69, 172n7
Beveridge Curves 378
Bhaduri, A 18, 27, 241
Bhatia, R J 255
Biancotti, C 385n4
Bibow, Joerg 28–9, 69, 73, 172n7, 265–89, 286n14
Bilgrami, A 51–2, 54
Binmore, K 246
Bird, P 395–6, 401, 404
“Neoclassical and Post-Keynesian Environmental Economics” 32, 392
Black, R D C 250, 441
Blair, T 440
Blankenburg, S 4
Blaug, M 83
Blecker, R A 11–2
Blinder, A S 275
Bliss, C 4, 50
Bloomsbury group 102
Bloor, David 70
Bluestone, B 369
Blyth, C 34, 423–4
Boldrin-Montrucchio theorem 58n8
Bollard, A 424
(p. 489) Boltzmann distribution 379
bond interest payments 313
Bortis, Heinrich 30–1, 326–65, 363n1
Institutions, Behaviour and Economic Theory 2, 30, 327, 339
Keynes and the Classics—Notes on the Monetary Theory of Production 338–9
Boston, J 424
Boulding, K 32, 87–8, 393
Bound, J 369
Bourdieu, P 471–2
Bourke, T 452n8
Bowles, S 149–50, 300
Box-Cox transformation 225n8
Boylan, Thomas A. 20, 22, 62–79
Bradford, P 373, 385n6
Bradford, Wylie 23, 143–61, 152, 156n1, 353
Brandolini, A 371
Bretton Woods 17, 271, 360, 382, 483
Brigden, D 413–4
Brody, A 240
Bronfenbrenner, M 223, 224n4
Brothwell, J F 94n12
Brouwer’s fixed-point theorem 56–7
Brown, A 453n16
Brown, D G 250
Brown, D J 58n7
Brown, G 440
Brown, W S 392
Bryant, W D A 152
Buchanan, M 50
Buckle, R 423–4
budget deficit 313, 316, 322
Bundesbank (Germany) 268, 285n6
Bundesbank law (Germany) 270
Bush, G H W 440
Bush, G W 440, 472–3
business cycles and institutional trend 345–6
Butlin, N G 428n5
Caballero, R 172n3
Calabresi, G 146
calculus of probability 65
Caldwell, B J 83, 85, 90–1
calibrated real business cycle analysis 223
Callan, T 449
Calomiris, C W 440, 444–6
Cambridge capital theory debates 58n8, 157n10, 202, 327, 336
Cambridge Journal of Economics 24
Campano, F 370, 385n2
Campillo, M 268
capacity liberation 188
Capital (Marx) 463
Capital and Growth (Hicks) 182, 183, 185
Capital and Time (Hicks) 186, 193n4
capital theory 81
capitalism:
and cumulative causation 355
defined 326
money-manager capitalism 443
multinational oligopolistic capitalism 16, 31, 188, 301, 392, 406, 452n5
transition to social liberalism 362–3
Carabelli, Anna 94n9, 105, 113–4, 140n2
consistent organicism in Keynes’s work 94n10
and continuity thesis 68
disagreement with Minsky 107
disagreement with O’Donnell 110, 112
on Keynes and Wittgenstein 110–1
On Keynes’s Method 104
on philosophical dimensions of Keynes 21–2, 104
reasonable, use of term 108
use of Collected Writings in doctorate research 21–2
carbon taxes 402–3
Carlin, W 250, 426
Carnap, R 70
Cartesian-Euclidian mode of thought, 329
Carvalho, F J C De 93n7, 268, 275–6
Cassidy, J 442–4
Causes of Growth and Stagnation in the World Economy (Kaldor) 18
CBI scores 266
central bank independence (CBI) 28–9, 265–85
overview 265–6
balance between democracy and effciency 278–84
policy coordination 278, 286n11
post-Keynesian criticisms of 275–8
and time-inconsistency 271–5
worldwide rise in 267–71, 285n2
(p. 490) central banks:
endogenous approach to money 305–6
focus from inflation targeting to monetary and financial stability 317
and global financial crisis 440–1
horizontalists money supply 306
independent central banks 314
and interest rates 312
CES production function 208–9, 225n8
Champernowne, D 13
Charkrabati, B K 379
Chase, R X 398, 402
Chatterjee, A 379
Chick, V 7–8, 57n1, 84, 87–8, 93n7, 172n2, 296
China:
rising surplus and growth 478f, 479–82
choice, as economic theory 145–6
Chowdhury, D R 385n6
Christensen, P P 393, 394–6
Church, A 200
circular causation 180–1, 193n7
Clark, J B 247, 330
Clarke, P 294
class interactions, predatory-prey model of 199
classical equilibrium prices 332
classificatory conception of economics 146
Clinton, W 440, 445
closed systems 84, 88, 165, 236
closed-system analysis, definition of 84
Clower, R 7, 36n10
Coase, R 443
Coates, J 21–2, 94n9, 109–11, 156n1
Cobb-Douglas production function 26, 204–10
cautions concerning 203
cross-section data 205–9, 207f, 224nn34, 225nn67
time-series data 209–10, 214, 215–6t, 218, 224nn34, 225nn911
Cochrane, J 442
Coddington, A 89, 107, 114–5
Cohen, A 25, 202
Colander, D 302
collateralized debt obligations (CDOs) 441
Collected Economic Papers (Kaldor) 9
Collected Writings (Keynes) 21–2, 93n1, 103
collective social actor models 461
Commodities Futures Modernization Act (US) 445
Community Reinvestment Act (US) 444–6
complexity theory and application to policy 24–5, 198–200
computational complexity 199–200
Conceição, P 373, 378, 382, 385n6
consumption addiction 403
consumption behavior 147
continuity thesis 67–8
Convention (Lewis) 20, 63, 71
conventional equilibrium 331
conventions, post-Keynesian economics, rationality and 20, 62–75
implications of Poincaré’s conventionalism 71–5
irrationality of 74
keynote characteristics of 72
in philosophy 69–71
role of in post-Keynesian economics 20, 62–4
and uncertainty 64–9
Cook, A 428n16
Coombs, H 414, 417, 422, 427nn34, 428n10, 428nn1415
coordination game theory 73
Copland, D 34, 427n3
Cord, R 94n17
Cornwall, J 2, 9, 10–1, 268
Cornwall, W 268
corporations:
and environmental policy 405–6
Galbraith on corporate power 32, 396
governmental regulation of 404
leverage over governments 439, 452n5
manipulative ef ect of advertising and environmental economics 396, 403
multinational oligopolistic 16, 31, 188, 301, 392, 406, 452n5
profits from emission-trading schemes 404
cost inflation 253
Costanza, R 397
cost-push fallacy 253
cost-push inflation 252, 257
Courvisanos, J 393, 401, 404–5
Coutts, K 13–4
cowboy economy 393, 394
(p. 491) Craftsman, The (Sennett) 352
Cramer, J S 217
Crawford, J G 34, 422, 427n3
Crawford, M B 55
creative reality 135
Crisis in Mainstream Economics, The (Harcourt) 330
critical realism 84, 156n3, 329
critical realism and social ontology 23–4, 162–72
overview 162–3
and nature of post-Keynesian economics 163–8
social scientif c ontology 168–71
Cross, R 193n2
Crothall, G 423
Crotty, J 19, 58n4
crowding-out theory 415–6
Crowe, C 268
cumulative causation 24, 36n14, 180–1, 193n7, 355
currencies 351, 358
Da Silva, S 442
Daly, H E 391
Dalziel, Paul 33–5, 158n18, 412–35
Money, Credit and Price Stability 427
D’Arista, J 317
Darity, W, Jr 144
Dasgupta, A K 17
Dasgupta, P 246
Daunfeldt, S-O 267
Davidson, J 249
Davidson, Paul 93n7, 141nn1516
as co-founder of Journal of Post Keynesian Economics 6
contribution to environmental valuation 33, 392, 398–400
deductivist methodology 91, 94n12
and ENE Approach 22, 125
on epistemological uncertainty 141n14
ergodic theories/models 136
on ergodicity 133, 334
as fundamentalist Keynesian scholarship approach 57n1
on hysteresis 193n2
on inflation 306
on Keynes’s monetary production economy 6–7
and monetary theory 85
on probabilities 131–2
on public investment 307n3
on public policy 294, 296, 305
rationality axioms 87
on time statistics 133
on uncertainty 133–4
uncertainty analysis 66–7, 131, 134, 200
Davis, J B 21, 68–9, 89, 91, 94n9, 112, 117, 156n1
Day, R H 198
Deakin, A 413–4
Deane, P, The Life and Times of J. Neville Keynes 100
Debelle, G 280
debt ratio 323n3
Dedman, J 428n5
deductivist methodology 91
deficit expenditures 276, 292, 296, 313, 322
degree of rational belief 126
Deininger, K 371–2, 372f, 374, 385n3
DeLong, B 442
demand:
aggregate 48–50, 58n5
effective 149, 179, 191, 338
excess 49–50, 58n7
management policies 320
demand shif inflation 257
demand-pull inflation 252
démodé industrial organization 146
Denmark:
UTIP-EHII income inequality measures 375f
Dequech, D 69, 86, 112
derivative markets 440–1
Diamond, D 447
Diewert, W E 49
Dillard, D 243n20
discretionary variations in fiscal stance 322
distribution:
and proportions 341–3
and social production 340–1
(p. 492) distributive justice theory 147–8, 342
Divisia index 211, 225n12
Dixon, Robert 11, 14–5, 224n4, 413, 420
“Model of Export-Led Growth with a Balance of payments Constraint” 36n14
Dodd-Frank Act (US) 442, 484
Dollar, D 385n3
Donicolò, V 158n18
Dore, M H I 392
dot-com episode 462, 468f, 475
Dow, Sheila 7–8, 20–2, 80–99, 93n7, 94n9, 105, 110, 426
Babylonian mode of thought 84, 91, 302, 329
critical realism 171
on environmental policy 299
on social conventions 73
Downs, A 146, 440
Doyle, C 286n11
Drakopoulos, S 85
Drazen, Edward, Econometrica 48
Drifill, J 452n9
Dubner, S J 146, 452n1
Duloy, J 415
Dunlop, J T 28, 247, 249, 251
Dunn, S P 84, 301, 329, 394
Dupertuis, M-S 6
Dutt, Amitava Krishna 16–8, 37n21, 396
Dworkin, R 157n12
Dymski, Gary A 34–5, 436–57, 452n7, 453nn1314
dynamic complexity 198–9
dynamic growth analysis 192
dynamic stochastic general equilibrium (DSGE) model 442, 449–50
Eagan, V 392
Earl, P 402–4, 426
East Asia:
control over credit allocation in 448
debt crises (1990s) 439
Easterly, W 222
Easton, B 424
Eckstein, O 255
eco-labeling 403
econometric modeling and analysis 57n2, 94n16
Econometrica (Drazen) 48
Economic and Monetary Union in Europe (EMU) 267
economic biology 179, 181, 193n8
economic growth and traverse theory 176, 185–90
economic imperialism 23, 145–6
Economic Journal:
Harrod rate of growth equation 17
Robinson’s article on creeping down the production function 36n9
Sraf a’s published articles 4–5
A. Young’s 1928 paper 9
Economic Philosophy (Robinson) 102–3
economic pluralism 50–2, 88–9, 91–2, 302
economic policy, mainstream theory of state policy and post-Keynesian approaches to 29–30, 290–307
overview 290–1
changes in Keynes’s approach 294–5
classical response 296–7
current public policy tensions in economics 305–6
environmental policy 299–300, 311
evolution of post-Keynesian economics and policy 304–5
Keynes’s policy recommendations 295
macro and micro public investments 297–8
neoclassical Keynesians and public policy 303–4
post-Keynesian critique of 293–4
post-Keynesian public policy comparison to mainstream 301–3
public policy and imperfect markets 301
public policy and uncertainty 298–9
role of states 295–6
social rationality 300–1
view of state and public policy 291–2
economic science 301–2
Economica, article on Phillips curve 424
economics, mainstream:
insularity of 438–9, 444–6
(p. 493) and mathematical formalism 90–2
economics education 27, 444
Economics of Imperfect Competition, The (Robinson) 180
Economie des conventions (French school) 69
Edgeworth, Francis Ysidro 246
effective demand 149, 179, 191, 338
effciency wage 247
effcient markets hypothesis 34–5, 441–2
Eichner, A 1, 13, 83, 93n7, 301, 307n3, 317, 400, 402
Eijffinger, S C W 268
Einstein, A 335
Elements (Euclid) 71
Elements of Economics (Tarshis) 94n18
Elgar Companion to Post Keynesian Economics (King) 393
Ellerman, D P 155
Ellis, B D 59
Eltis, W 193n4
emission-trading schemes 404–5
empirical law 203
employment see full employment
employment mechanisms 356–8
endogenous growth theory 202
Engel’s Law 149
England, R W 397
entrepreneurship 135
entropy law 32, 393–4, 396–7
Entropy Law and the Economic Process, The (Georgescu-Roegen) 393–4
environmental economics and policy 32–3, 391–406
overview 391–2
environmental policy analysis 400–6
command-and-control approach 403–4
corporate inf uence 405–6
critique of MSD and MAC functions 400–1
environmental taxes 401–3, 407n5
post-Keynesian production and consumption theory 401–2
precautionary principle 405–6
history of post-Keynesian environmental economics 392–4
lack of post-Keynesian analysis 394–6
theoretical requirements for post-Keynesian analysis 396–400
environmental policy, mainstream theory on 299–300, 311
environmental valuation 33, 299–300, 311, 392–3
epistemological issues 135–7
Epstein, B 59n9
Epstein, G A 285n3
equifinality theorem 214
equilibrium analysis 87, 175–8, 292 see also general equilibrium theory
equilibrium methods 191, 194n16
equilibrium models of business cycles 177
ergodic reality, defined 133
Ergodic/Non-Ergodic (ENE) Approach to uncertainty and irreducible uncertainty 22, 125, 130–7
epistemological issues 135–7
irreducible uncertainty 133–5
and nature of reality 132–3
nonergodicity 133–5
probability treatment 131–2
summary 138–9
uncertainty treatment 130–1
Essay on the Nature and Significance of Economic Science (Robbins) 145
Eucken, W 270
Euclid, Elements 71
Euclidian geometry 71–3
Euler’s theorem 212, 225n14
euro 267, 283, 285n1, 449
Europe:
inequality of pay studies in 377–8, 380–1, 386nn1819
need for continental aggregated data 377 see also individual countries
European Central Bank (ECB) 267, 283, 449
European Union 267, 446–7
Eurozone, and global financial crisis 437–8, 440, 446–50
neoclassical design of 448–9
austerity policy 449
Keynesian/Kaleckian critique of 449
overindebtedness 436, 447
Evans, L 424, 425
event regularities 165
(p. 494) event truth realism 91
evolution, as explanatory reduction example 54–5
evolutionary economics 181, 192
excess demand 49–50, 58n7
exchange markets 310
exchange-based approach 149, 152, 153
Expectations in Economics (Shackle) 102
experimental situations 164
explanatory reduction (ER) 53–7
exports 271, 357
external employment mechanism 356–8
externality, definition of 395
fair rate of interest 316
fallacy of composition 46, 300–1, 461, 474
Fannie Mae (FNMA) 444–5, 474, 480
Farmer, J D 50
Farrell, M 37n16
Faulkner, P 172n1
Federal Reserve System (US):
delay of implementation of predatory lending protection 445
denial of monetary policy affects inequality 380
during Great Depression 285n9
quantitative easing measures 441
and rise of CBI 267, 276–7
and subprime crisis 452n10
Feder’s dual-sector model 222
Felipe, Jesus 25–6, 202–30, 224n4, 225n5, 225n15
Fellner, W 252, 253
feminist economists 167
Fender, I 452n6
Ferguson, C E 213, 385n6
Ferguson, T 370
Ferreira, P 378
finance and money 346–52
financial circulation of money 348
financial markets and policies 310, 315–7
financial speculation 350
financialization of an economy 349–50, 439–40
Finetti, Bruno de 68
Fiscal Policy Committee (FPC) 314
Fischer, S 280
Fisher, F 25–6, 58n6, 58n8, 203, 224
Fisher, I 5, 330
Fitzgibbons, A 94n9, 115
Keynes’s Vision 94n10, 111
fixed coeffcients production functions 224
Fodor, J A 55
Fogarty, M P 250
Foley, D K 26, 50–1, 226n21
Fontana, G 8
Forbes, K 371
Forder, James 27–8, 245–64, 258, 268, 275, 285n5, 285n7, 286n12
foreign balance aspect of internal employment 360
foreign trade 357
Forstater, M 193n7, 393, 395–6, 403
Foundations of Economic Analysis (Samuelson) 182
Fox, J 442
Fratini, S M 337
Freakonomics (Levitt and Dubner) 146
freakonomics phenomenon 146, 452n1
Freddie Mac (FHLMC) 444–5, 474, 480
Freedman, C 420
French school (Economie des conventions) 69
Friedman, Milton 6–7, 15
Federal Reserve 285n9
long and variable lags 275
and Monetarism 417
monetary policy and CBI 271–2, 275, 286n13
“Should There Be an Independent Monetary Authority?” 271
view on Phillips curve 28, 245
Frowen, S 426
Fuhrer, J C 268
full employment:
assessing rate of 323n1
in capitalist economy 152, 153
and Harrodian dynamics 184–6
and inflation 257
Keynes’s view on 295
during Kondratiev upswing 361
and Lowe’s structural model 189
and organized labor 252
and productive capacity 311
and scale of economic activity 343–5
(p. 495) and wage determination 158n20 see also unemployment
Fullbrook, E 172n5
functional finance approach to fiscal policy 312–3
fundamental principles, use of term 334
G7 countries, and twin deficits hypothesis 416
Galbraith, James K 31, 366–90, 385nn12, 385n6, 386n19
Phillips curve and unemployment 259
on subprime crisis 443
“Time to Ditch the NAIRU” 259
Galbraith, John Kenneth 404
contribution to post-Keynesian economics 394
on corporate power 32, 396
cumulative causation 304–5
imperfect competition 301
on inequalities in income in advanced economies 368
wage bargaining and price setting 252
game theory 50, 58n8, 63, 69, 73, 452n2
Gandolfo, G 185, 242n16
Garcilazo, E 378, 380, 385n6
Garegnani, P 199, 327–8, 334, 336
Garnett, R F, Jr 89
Garn–St. Germain Act (US) 471
Garrone, G 94n16
Garza Cantu, V 385n6
Gehrke, C 190, 407n5
gender discrimination, in subprime crisis 453n14
General Competitive Analysis (Arrow and Hahn) 47, 58n6
general equilibrium theory:
critique of 48–50
and microfoundations 45–7
and pricing 181–2
and SMD theory 48–50, 58n7
Walrasian theory 330
General Theory of Employment, Interest and Money, The (Keynes) 3, 6, 14, 17
aggregate vs individual unit 58n5
conventions and conventional behavior 64
as exercise in persuasion 86
implications for global financial crisis 118
locus of possible points in ef ective demand 94n12
Meeks’s research on 22
personal distribution of income 367–8
radical uncertainty 64, 67–8, 69
series of assertions 107–8
state of conf dence 116
unemployment 414
Georgescu-Roegen, N 32, 393–4
Germany:
Allied law 270
Bank deutscher Laender 270
Bundesbank 267, 268, 285n6
Bundesbank law 270
CBI model 28, 283, 286n14
export policy 271, 286n14
and global financial crisis 446
hyperinflation (1920s) 461
influence of in Europe 269–70
Landeszentralbanken 270
and Maastricht Treaty 271, 283
Reichsbank 269
and spread of CBI across Europe 266, 271, 285n7
Gerrard, B 68, 86, 94n10, 105, 112, 117
Giblin, L 414, 427n3
Gilbert, M 63
Gillies, D A 68
Gintis, H 149, 300
Giovannoni, O 369, 380
Glass-Steagall Act (US) 471
global financial crisis (2007–2009), and Keynesianism 35, 458–84
contributing factors of 368, 480–2
distributive cycles in effective demand 463
finance 464–5
future implications:
finance 484
income distribution 483
international implications 483
net borrowing 482–3
Keynes’s contributions 118, 459–62
aggregate demand and stagnation 462
business cycle theory 462
collective social actor models 461
two sets of prices 460–1
(p. 496) macro accounting restrictions 463–4
macroeconomic behavior 462–3
as Minsky moment 9, 437
policy options 484
and political economy 458–9
and post-WW II economic developments in US:
asset prices 469, 469–70f
housing prices/household debt and interest rates 472–4, 472–4f
institutional changes in finance 471–2
interest and profit rates 469–71, 470f
labor productivity and Goodwin cycle 465–7, 466f
net borrowing 467–8, 468f
no steady state 474–5, 476f
US economy, international implications of 475–80
balance-of-payments (1950) 477t
net international flows as percentage of world GDP (1980–2008) 478f
total/bilateral balances of short-term capital/reserves as percentage of world GDP (1980–2008) 479f
total/bilateral current account balances as percentage of world GDP (1980–2008) 478f
global financial crisis (2007–2009), deficiencies of neoliberal macroeconomics 34–5, 436–52
overview 436–7, 451n19
argument summary 437–9
impacts in Eurozone 436, 437–8, 440, 446–50
subprime crisis 437–46, 452n5, 453n14
globalization 370, 418, 483
Gode, D K 51
Gödel’s Incompleteness Theorem 199–200
Godley, Wynne 13, 463–4, 477
Monetary Economics 8–9, 12
golden rule of capital accumulation 316
Goldsmith, A 144
Goodfriend, M 267
Goodhart, C A E 268–9, 275
Goodman, N 62
goodness of fit 26
Goodwin, R M 14, 305, 328, 423
cumulative causation processes 24
cyclical growth model 3–4, 35, 463, 465–7
equilibrium views 177
mentors of 37n15
and Rosser’s economic complexity theory 25
structural economic dynamics 192
Goodwin’s nonlinear multiplier-accelerator model 199
Gordon, D B 273–4, 314
government or state:
ability to run deficits 276
attempts to influence wages and prices 254
corporate regulation 404
expenditures of 358–9
and financialization era 439–40
incentives for innovation 33, 404–5
public policy approaches:
and imperfect markets 301
and neoclassical Keynesians 303–4
post-Keynesian compared to mainstream 301–3
role of state in 291–2
and tensions in economics today 305–6
and uncertainty 298–9
Gowdy, J M 393–4, 397
Grandmont, J M 50–1
Great Depression 269, 285n9, 294, 482–4
Great Recession 441–2
Great Transformation (Polanyi) 326, 458–9
Greece:
UTIP-EHII income inequality measures 375f
Green, J 50
Greenspan, A 445
green-technology finance corporation 405
Greenwood, D 300
Gregory, R G 428n5
Griffin, K B 258
Griffith, S 413
Grilichres, Z 220
(p. 497) Grilli, V. 268
Grodal, B 49
Groenewegen, P 413
growth and accounting exercises 210–1
growth theory 202
Grünbaum, A 72
Guillebaud, C W 332
Haack, S 170
Hagemann, H 190
Hahn, Frank H 8, 10, 21, 338
General Competitive Analysis 47, 58n6
Hahn, R 312
Hale, T 379, 385n6, 386n17
Halevi, Joseph 5, 24, 175–97, 416, 418, 421
Hall, R L 183, 223
Hamermesh, D 222
Hammarskjöld, D 12
Hamouda, O F 36n7, 83–5, 172n2, 328–9
Hancock, K 419
Hansen, L P 50, 223, 252
Harcourt, G C 2, 4–5, 9–11, 13, 17, 19, 24–6, 30, 36n7, 36n11, 37nn1718, 37n20, 37n22, 46, 93nn79, 94n19, 108, 172n8, 193n1, 193nn1112, 242nn23, 243n19, 258, 312, 323, 383, 393, 395, 400, 402, 420, 426–7, 429n16, 452n5, 462
articles on role of government in economy 416–7
on Cambridge capital theory 202, 327
on capital theory 199, 335
coherence in relation to traditions 83–4
on consumption 154
Crisis in Mainstream Economics, The 330
critique of aggregate production data 218
and E A Russell 34
on economic imperialism 156n4
on economists as social science imperialists 452n1
on financialization 350
general equilibrium theory 337
on global financial crisis 458
on growth cycle 328
horses for courses approach 85, 329, 452n3
on index number theory 156n1
on institutional arrangements 89
on interdisciplinary research 172n2
Introduction (chapter) 1–44
on Keynes’s methodological heritage 84, 86–7
on long-term constraint of global warming 395
and macro foundations of microeconomics 58nn45
“Markets, Madness and a Middle Way” 417
on Marxian views in Australian monetary policy 428n10
mathematical methods 88
on methodology 93n4
on microfoundations 37nn2223, 57n3
on Nell’s work 36n13
on neoclassical micro foundations 330
Nobel Conference paper (1986) 109
and Phillips curve 245
policy recommendations 295
on post-Keynesian development 328
on price setting and distribution of income 419
on public policy 304
social science imperialism 23
strands of post-Keynesian economics 328
wage level adjustments 379
wolf-pack analogy 193n7
Harcourt, W 4
Harris, D J 154, 240
Harris, J R 378
Harrison, B 369
Harrod, Roy:
capitalist growth process instability 238–9, 242n16
growth model 242n16
investment function 240
letter from Keynes regarding Tinbergen 57n2
long-run development theory 232
model of economic growth 327
natural rate of growth 9, 17
price system 184
role of persuasion 86
on rule-utilitarianism 102
on scope and methods 93n2
on sustainable development 361
on unemployment 185, 193n13, 254
(p. 498) Harrod-Domar growth model 27, 238–9, 242nn167
Hart, Neil 24, 37n26, 175–97, 192, 193n6, 417
Hartley, J E 45
Hartwick rule 397, 399
Hawke, G R 423
Hayek, Friedrich August von, Prices and Production 5
Hayo, B 268
Heathfield, D F 218
Hefeker, C 268
Hein, E 447
Heisenberg, W 335
Hellström, J 267
Henry, J 186
herd mentality 443
heterodox economics 88–92, 167–8, 436–52
Hewitson, G 407
Hicks, John:
Capital and Growth 182, 183, 185
Capital and Time 186
cumulative causation 24
on equilibrium methods 191, 224n1
International Economic Association conference 37n22
“Marginal Productivity and the Demand for Labour” 249
and microeconomics 46–7
on nonergodicity 67
on public policy 303
on stationary equilibrium 190
and traverse theory 176, 184–5, 192, 193n14
on uncertainty 67
Value and Capital 8, 19
wage determination 247, 256
Hildenbrand, W 49
Hillard, J 94n9
Hirsch, M 445
Hirschman, A 459, 461, 472–3
historical dominance 148
History of Post Keynesian Economics (King) 1–2
Hitch, C J 183
Holland, S 453n17
Holt, Richard P F 29–31, 93n7, 290–309, 393, 395, 403, 405
Holz, C 224n4
Home Ownership and Equity Protection Act (US) 445
Hommes, C 50
Hoover, K 57n3
horizontalists, and central banks money supply 306
Horner, F 422
housing policy 443, 444–5
Houthakker, H S 224
Howell, D 369–70
Huang, H 275
Human Abilities/Characteristics (HAC) approach to uncertainty and irreducible uncertainty 22, 125–30
irreducible uncertainty, in Keynes’s works 128–9
ontological issues 130
probability treatment 127–8
summary 137–8
uncertainty treatment 127
human action and mutability 135
Hume, David:
Abstract of a Treatise of Human Nature, An 111
analysis of convention 63
and comparison to Keynes 111, 112–3
conventions in social realm 73
inductive convention 22, 74
an irrationality of convention 74
“Of Morals” 70
and post-Keynesian analogy 106–8
Treatise of Human Nature, A 69–70
Humphrey, T M 253
hydraulic Keynesianism 89
Hymer, S 452n5
hyperinflation 269, 285 see also inflation
hysteresis 177
Iannaccone, L R 146
Iceland:
and global financial crisis 446
imperfect competition 94n13, 180, 301
impossibility theorem 58n8
Inada-Uzawa conditions 185–6, 193n14
income-generating finance process 305
incomes policies 254, 315, 320
independent central banks (ICBs) 314
India:
currency and finance commission 280–1
economy 190
industrial circulation of money 348
industrial economy structure 186–7
industrial policies 321, 322
inflation:
Davidson’s view on 306
and full employment 257
and Kaleckian-Keynesian framework 310–2, 317–20, 323
and L-shaped curve 252–4
Ingham, Geoffrey, Nature of Money, The 7
innovation, state incentives for 33, 404–5
insertive approach 146–7
institutional economists 167, 182
institutional neutrality 149
institutional-technical system 328–9
Institutions, Behaviour and Economic Theory (Bortis) 2, 30, 327, 339
interbank credits 350
interdisciplinary applications of post-Keynesian economics 23, 143–56
overview 143–5
forms of interface 145–7
justice theory 147–55
interest rates 312, 314–6, 323
intergenerational equity 392–3, 397
interindustry production models 341
internal development mechanisms 358
internal employment mechanism 356–8
internal metaphysics 171
International Monetary Clearing Unit (IMCU) 306
International Monetary Fund (IMF) 360, 478
Intriligator, M D 206, 217
investment and savings 346–52
investment function 240
investment stimulation 315
Ireland:
and global financial crisis 446
irreducible uncertainty see uncertainty and irreducible uncertainty
irrelevance of command principle 149
Isaac, J 420
Issing, O 286n13
Jaffee, D M 443–4, 453n12
Janssen, C W 57n3
Jefferson, T 172n8
Jespersen, J 85
Jevons, W S 46–7
John Maynard Keynes (Skidelsky) 100–1
Johnson, G 369
Johnson, W E 100
Jones, E 428n16
Jordan, T J 285n2
Jorgenson, D W 208–9, 220
Journal of Economic Literature:
“new paradigm in economics, a” (Eichner and Kregel) 1
“What Are the Questions?” (Robinson) 10
Journal of Post Keynesian Economics 6
Darity and Goldsmith paper on psychology in economic analysis 144
“Neoclassical and Post-Keynesian Environmental Economics” (Bird) 32, 392
Shull’s article on Federal Reserve System 277
Juglar business cycles 345–6
just wage concept 250
justice theory 147–55, 158nn1315, 158n19
Kahn, R F 3, 10, 13, 94n15, 109, 144, 414, 423
Kahneman, Daniel, Thinking, Fast and Slow 108–9
Kaldor, Nicholas 36n2, 93n7, 158n18, 193n10, 423
Causes of Growth and Stagnation in the World Economy 18
Collected Economic Papers 9
on critical realism 172n8
cumulative causation 24, 193n7, 355, 358
equilibrium concept 81, 180–1
on functional distribution 369
(p. 500) growth models 462
on interdisciplinary research 144
long-period growth models 3–4
production problems 194n15
productivity dynamics 35, 463
uncertainty of knowledge 87
on wages policy 15
Kaldor-Russell-Salter Law 15
Kalecki, Michal 14–5, 398, 400, 403
on aggregate demand 37n21
business cycle theories 12
consumption theory 232
on critical realism 172n8
cumulative causation processes 24
cumulative nature of traverse 191
cyclical growth theories 4
dynamic complexity 199
and environmental policy 402–3
equilibrium views 177
on full employment 336, 361
on functional distribution 369
imperfect competition 94n13
on interdisciplinary research 144
legacy of 14–5
on markup pricing 183
and Marx’s schemes 236–8, 242nn1314, 243n20
methodology views 90, 93n4
paradox of cost 300–1
paradox of investment 191–2
and Perry’s environmental economics 32
and Phillips curve 28
“Political Aspects of Full Employment” 15, 355
on political business cycle 35, 459
on public investments 307n3
on rate of profit 463
on real wages 320
relationship between Marx, Keynes, and Kalecki 240–1, 243n20
relationship of micro and macroeconomics 37n22, 297
and Rosser’s economic complexity theory 25
three-department model 26–7
on the traverse 194n17
trendless cycles 36n5
Kaleckian-Keynesian framework 30, 310–23
economic theory and policy:
overview 310–2
fiscal policy 312–5
industrial and regional policies 321
inflation 310–2, 317–20
labor markets 320–1
monetary and financial policies 310, 315–7
relationship to Marxian economics 240–1, 242n19
Kant, I 71, 73
Kapp, K W 395–6, 407n1
Karmel, P H 34, 253, 414, 420, 427n2, 429n16
Katzner, D W 177, 193n20
Kaufman, B E 247
Kaufman, G 440, 453n13
Kehoe, T J 49
Kelsey, J 424
Kemp, S 426
Kenyon, P 13, 400
Kerr, C 247, 251
Kerr, P 2, 10, 36n6, 36n12, 192, 242n2, 243n20, 416
Keynes, John Maynard 6–7, 106, 192, 246, 398–9, 451n19, 461, 477
Bank of England, independence of 279
banks, role of 242n15
Bortis’s synthesis of Ricardo/Keynes 30–1
business cycle theories 12
CBI model 278–84, 286n13
challenging foundations of neoclassical economics 293–4
and development economics 17
on employment 333
on financialization 350–1
ideas vs vested interests 362
imperfect competition 94n13
implications for global financial crisis 459–62
on independent central bank 28–9
irreducible uncertainty 128–9
irresponsible trade unionism 252
and macro foundations of microeconomics 58nn45
macroeconomic policies 310
(p. 501) methodological explicitness 82, 89–90, 94n4, 94n10
monetary policy and CBI 275
monetary production economy 340
multiplier theory 243n19, 334
on noneconomic concerns 395
open-system ontology 85–6
parallels to Wittgenstein 110–1
philosophical dimension of 100–18
on policy intervention 57n2
political economy 338–9
political philosophy 352–3
on probabilities 127
on public investment 297–8
on public policy 297, 302–4
on rational behavior 20
on real wages 320
relationship between Marx, Keynes, and Kalecki 26, 240–1, 243n20
role of persuasion 86
and Rosser’s economic complexity theory 25
Royal Commission on Indian Currency and Finance 280–1
on science 407n4
on scope and methods 93n2
on subjective probabilities 141n8
on sustainable development 361
theory of prices 5, 36n8
on uncertainty 64–5, 128–9, 141n9
user cost 33, 398–9
view of capitalism and Soviet-style socialism 326–7
view of Marx’s tradition 231 see also philosophical dimensions of Keynes, post-Keynesian perspectives; individual works
Keynes, John Neville 100–1
Scope and Method of Political Economy, The 101, 301
Studies and Exercises in Formal Logic 101
Keynes and the Classics—Notes on the Monetary Theory of Production (Bortis) 338–9
Keynes Papers, King’s College Library 22, 103
Keynes: Philosophy, Economics and Politics (O’Donnell) 22, 102, 104
Keynes’s Vision (Fitzgibbons) 94n10, 111
Khalil, E L 393
Kim, J 385n6
Kindleberger, C 35, 460, 473, 475
King, John E 9, 15–6, 93n5, 93n7
on Andrews 13
on critical realism 172n8
Elgar Companion to Post Keynesian Economics 393
employer of last resort 403
and ENE approach 125
History of Post Keynesian Economics 1–2
industrial relations 420
on interdependency of micro/macro analysis 19–20
on microfoundations 57n3, 58n5
objective truth 91
on post-Keynesian development 328–9
on Robinson’s view of mainstream economics 82–3
on uncertainty 67
King’s College Library, Keynes Papers 22, 103
Kirman, A P 19, 45–6, 49–50, 58n7, 193n9, 442
Kitchin business cycles 345–6
Kitov, I O 380
Knight, Frank H:
and Davidson’s work 22
and ENE approach 125, 138
epistemological uncertainty 137
and HAC approach 137
Risk, Uncertainty and Profits 65
risk and uncertainty 127, 130–2, 298
knowledge, as inverse of uncertainty 131, 132
Kondratiev business cycles 345–6, 350, 355
Koopmans, Tjalling:
exchange-based approach 149, 152, 153
means of production 149
Three Essays 23, 147–8
Koppl, R 200
Kraay, A 385n3
Kregel, J A 1, 3–5, 36n4, 57n1, 83, 86, 402
Kriesler, Peter 5, 16, 18–9, 24, 175–97, 193n3, 428n12
on Australian economics 416, 418–21
on imperfect competition 94n13
(p. 502) on interdependency of micro/macro analysis 19–20
Introduction (chapter) 1–44
on microfoundations 37n22
and Nevile 34
Phillips curve 258
published papers 417
Kronenberg, T 393, 397, 402, 403
Krugman, P 94n14, 440, 442
Krytynskaia, L 385n6, 386n16
Kuh, E 255
Kuhn, A 249
Kuhn, T S 83, 87, 221
Kum, H 374, 381–3, 385n6
Kurz, H D 4–6
Kuznets, S:
on intersectoral transition of agriculture to industry 367, 369, 384
inverted U curve 371–2, 381–2
stylized augmented curve 382f
Kuznets curve 371–2, 381–2, 382f
Kydland, F E 273
labor basics 340
labor demand function 222–3
labor economics and markets 246–9, 252, 320–1 see also wage determination
labor market flexibility 378–9
labor models 333–4
labor theory of moral value 151
labor unions 404, 483
labor value principle 338
Lager, C 407n5
laissez-faire economy 291, 292, 296
land basics 340
Landeszentralbanken (LZBs) 270
land-labor basics 340
Landström, M 267
Lange, O 188
Larquier, G de 69, 172n7
Laski, H 428n10
Latin America:
debt crises (1980s) 439
Latsis, J 69, 172n7
Lattimore, R 423, 424
Lavoie, Marc 8–9, 85, 93n7, 329, 396, 401, 420, 463
aggregate production function 218
consumer analysis 32
on interest rates 316
on Marxist economics 241
Monetary Economics 8, 12
on post-Keynesian development 328
synthesis of Harcourt-Hamouda strands 328–9
on traverse in Kaleckian models 186, 192
wage determination 258
Lawn, P 393, 396
Laws of Returns under Competitive Conditions, The (Sraffa) 327
Lawson, C 172n1
Lawson, T 85–6, 94n9, 105, 140n2, 172n1, 172n8
continuity thesis 68
contribution to economics education 23
critical realism 84, 172n1, 172n5, 329
on heterodox economics 89
on Keynes’s probability and rationality 110
on mathematical models 88
on philosophical dimensions of Keynes 21–2, 116
and Pratten 24
scientific ontology 113, 169–70
social phenomena 166, 168
Lee, F S 13–4, 213, 247, 426
Leeson, P T 146
Leeson, R 424
Leijonhufvud, A 36n10
Leith, C 314
Leontief, W 37n15, 333, 340–1
Leontief matrix 340
Leontief price system 341
Leontief-Sraffa production model 340
Lerner, A P 252, 278, 312, 414
Lester, R A 27–8, 247
Leverero, E S 337
Levine, D 68
Levine, R 222
Levitt, S D 146, 452n1
Levy, A D 275
Levy, F K 206, 224n4
(p. 503) Lewis, Arthur, “Economic Development with Unlimited Supplies of Labour” 16, 17
Lewis, David 69, 73, 452n10
Convention 20, 63, 71
Lewis, M 445
Lewis, P 172n7, 172n9
Li, H 385n3
Lianos, T P 242n19
Life and Times of J. Neville Keynes, The (Deane) 100
Lindahl, E 12
Lipsey, R G 245, 257–8
Lisbon Principles (environmental) 299
Littleboy, B 68, 112
Lo, A Y 393, 404
Loasby, B 114
logical interpretation of probability 126
logical positivism 83, 84, 85, 90–1
logical probabilities 128
logical theory 129
the long period, use of term 332
long-period equilibrium 331
long-period supply schedule 180
long-period theory 328, 340–5
long-run development theory 232
long-run fiscal stance 322
Lotka-Volterra cycles 199
Lowe, A 24, 176, 185–90, 191
L-shaped aggregate supply curve 27–8, 245–64
overview 245–6
inflation 252–4
Phillips curve, current thoughts 258–60
Phillips curve, development of 255–8
post-WW II economists 246–9
wage change and unemployment 249–52
Lucas, R:
aggregate production function 210
anti-Keynes backlash of 6–7
critique of 24, 36n11
macroeconomics, use of term 48
monetary policy and policymaking 15
natural-rate money neutrality 272
on policy intervention 45, 57n2
on use of econometric models 307n2
Luna, X de 267
Lundberg, E 12
Luxembourg Income Studies (LIS) 372, 374
Maastricht Treaty (1992) 271, 283, 285n1, 381
Macfarlane, I 428n11
Machlup, F 27–8, 247, 248
Maclaurin, W R 247–8
macro accounting restrictions 463–4
macroeconomics:
and global inequality 381–3, 383f
neoclassical tradition 45–6
policy vision from Kaleckian-Keynesian perspective 310–2
and public investments 297–8
and relationship of microeconomics 297
relationship of microeconomics to 297
and traverse theory 190–2 see also microfoundations of macroeconomics
macroeconomics and L-shaped aggregate supply curve 27–8, 245–60
overview 245–6
inflation 252–4
Phillips curve, current thoughts 258–60
Phillips curve, development of 255–8
post-WW II economists 246–9
wage change and unemployment 249–52
Magano, G 268
Mäki, U 94n8
Malthus, T R 2, 36n3
Manchester Guardian, Sraffa’s articles on banking crisis in Italy 4
Mandler, M 338
Manger, G 427n1
Mankiw, G 222, 303
Mankiw-Romer-Weil study on Solow model 222
Manual of Political Economy (Pareto) 181
Manufacturing Business (Andrews) 13
Marchionatti, R 94n16
marginal abatement cost (MAC) function 400–2
marginal product theory 247
marginal propensity to consume (MPC) 144
marginal social damage of pollution (MSD) function 400–1
Marglin, S A 8–9, 18, 30, 250, 426
market forces to level aggregate demand 310
(p. 504) Markose, S M 200
markup pricing 420
Marrelli, M 158n18
Marshall, Alfred 37n26
conception of economics 157n6
on definition of political economics 23
on economic biology and evolutionary theory 193n8
on ergodicity 335
influence on Robinson 332
as Keynes’s mentor 101, 108, 231
neoclassical economics and the traverse 179–82, 192
neoclassical model 329, 330, 337, 344–5
and Pratten’s critical realism 23–4
Principles of Economics 157n6, 179, 181
on public investments 307n3
quantity theory of money 5
Martins, N 172n8
Marx, Karl 451n19
Capital 463
capital accumulation 58n4
competitive capitalism 16
on crisis theory 346
on financialization 350
on hoarding 235
on investment 242n17
Kalecki’s interpretation of schemes of 236–8, 242nn1314, 243n20
monetary production economy 339–40
organic interdependence 36n12
path determinacy 177–9
on public policy 302
relationship between Marx, Keynes, and Kalecki 240–1, 243n20
reproduction schemes 243n19
schemes of production 10
Sraffa’s views on 4
on sustainable development 361
theoretical comparisons with Galbraith 31
theoretical comparisons with Keynes 26–7
theoretical comparisons with post-Keynesians 27
velocity of circulation of money 242n10
Marx and post-Keynesians 26–7, 231–41
overview 231–2
Kalecki’s interpretation and development of Marx’s schemes 236–8
Keynesian warranted growth rate 238–40
Marx’s multisectoral model 241
post-Keynesian views of 231–2
and recent literature 240–1
reproduction schemes 232–6
balanced process of expanded reproduction 233–5, 242nn58
role of money 235–6, 242nn912
Robinson’s view of 231–2
Marxian-Kaleckian-Keynesian model 240–1
Masciandaro, D 268
Mas-Colell, A 49, 50
Maskin, E 452n8
material welfare 146
mathematical methods 87–8, 90–2, 164–5, 166
Matteuzzi, M 158n18
Matthews, R C O 21, 22, 108–9
Matzkin, R L 58n7
Maynard Keynes: An Economist’s Biography (Moggridge) 100
Maynard’s Revenge (Taylor) 35, 458
McAnulty, J C 199
McCallum, B T 273
McCann, C R 114
McCauley, K 453n16
McCombie, John S L 11, 25–6, 202–30, 224nn45, 225n15, 226n19
McKenna, E 67
McTaggart, J M E 101
Meade, E E 268
Meade, J E 10, 428n13, 461
Means, G 183, 252
Mearman, A 392–5, 397–8, 405
Meeks, J G T 21–2, 100–23, 140n2, 156n1
as Cambridge teacher 21
continuity thesis 68
and Poincaré’s analysis 75
research on The General Theory 22
Thoughtful Economic Man 109
megabanks, too-big-to-fail protection 441
Meidner, R 378–9
Meltzer, A 440–1
Menzies, R G 34, 421
Mesner, S 393–4
(p. 505) Metcalfe, J S 193n8
methodology and critical realism 93n6, 164–5
methodology and post-Keynesian economics 20–1, 80–93
overview 80–3
approaches to 82–5
methodological issues 85–8
orthodox and heterodox economics 88–92
Michl, T 26, 226n21
microeconomics 46–7, 58n4, 203, 297–8
microeconomic foundations of macroeconomics 19–20, 45–57
aggregate demand, arbitrariness of 48–50
alternative approaches 50–3
need for 45–8, 58nn45
ontological reduction and explanatory reduction 53–7
micro-production function 203, 224
Milanovic, B 371, 379
Milbourne, R 418
Mill, J S 302
Millar, S 63
Miller, M 449
Millikan, R 63
Mini, P 353
Minsky, Hyman P 45, 105, 304, 443, 475, 477
business cycle theory 469
financial instability hypothesis 14–5, 35, 51, 317, 437, 465
as fundamentalist Keynesian scholarship approach 57n1
global financial crisis, and “Minsky moment” 9, 437
macroeconomic policies 310
on money-manager capitalism 443
on public policy approaches 305
reference to during global financial crisis 9
regulation of financial markets 317
review of Asset Accumulation and Economic Activity 45
and Rizvi 19
subjective probability interpretation of Keynes 107
on Tax-based Incomes Policy 306
Mirante, A 2, 10–1
Miron, J A 268
Mirrlees, J 3–4
Mishan, E J 395
missing-variable bias 453n14
Mitchell, J 452n6
Mitchell, W 417, 420
Mizuhara, S 68–9, 94n9, 103, 105, 116–7
modified Phillips curve 257
Modigliani, F 10, 158n18, 184
Moggridge, D 101–3, 112
Maynard Keynes: An Economist’s Biography 100
Monadjemi, M 9
Mondragon-style internal accounts 155
Monetarism and inflation 30, 311
Monetary Economics (Godley and Lavoie) 8–9, 12
monetary financing equation 347
monetary policy 275, 310, 315–7 see also Australia, and post-Keynesian theorizing; individual theorists
Monetary Policy Committee (MPC) 314, 323
monetary production economy 337–40
Monetary Theory of Production, A (Festschrift) 337
monetary value of existing forms of real and financial wealth 351
money:
creation of 349, 350
endogeneity of 305
and finance 346–52
nature of 348
role of 235–6, 242nn912, 338–9
Money, Credit and Price Stability (Dalziel) 427
money value of investment objects 351
money-manager capitalism 443
Moore, B J 8, 57n1, 101, 104, 158n18, 305–6, 398
Moore, G E, Principa Ethica 21
Moore, M 370
Morgenstern, G 452n10
Moss, S J 158n18
Muldoon, R 424
Mulligan, C B 442
multinational oligopolistic capitalism 16, 31, 188, 301, 392, 406, 452n5
multiplier theory 414–6
multisectoral model (Marx) 241
(p. 506) Munevar, D 385n6
mutability and human action 135
Myers, C A 247–9, 251
Myrdal, G 2, 12, 24, 193n7, 355
Myserson-Satterthwaite theorem 58n8
Naines, J B, Jr 199
Naqvi, K A 190
NASDAQ stock price index 379, 380f
Nash, J 246
national balance sheets 464
National Bureau of Economic Research (NBER) 465
national labor supply, use of term 386n18
natural rate of interest 312
natural-rate world of money neutrality 272
Nature of Money, The (Ingham) 7
Nell, E J 11, 36n13, 186
Nelson, E 258
Nelson, R 181, 224
neoclassical tradition:
crowding-out theory 415–6
ergodicity 335
and global financial crisis 436–52
individualist foundations of theories 48
macroeconomics approaches 45–6
perfect competition 225n15
precepts of 437
Solow-Swan model 185, 193n12, 222, 422
twin deficits hypothesis 416
neoliberalism:
efficient markets hypothesis 34–5, 441–2
neo-Ricardian approach to macroeconomics 328
neuroscience, as explanatory reduction example 55
neutrality of money concept 398
neutrality of property assignments principle 149
Nevile, John W 33–4, 192, 316, 412–35, 427n8, 428n12, 429n19
New Classicals:
on optimization problem for representative agents 45
New Keynesians:
on global financial crisis 89
monetary theory 8
precepts of 90
New York State, and US income inequality 376, 377f, 386n17
New Zealand, and post-Keynesian theorizing 33–4, 412–3, 423–7
and Blyth’s policy targets 423–4
Departments of Trade and Treasury debates 424–5
disinflation and Phillips curve 424
import licensing system 423
Whitwell’s arguments on monetary policies 425–6
New Zealand Economic Papers 425
New Zealand Institute of Economic Research 423
Newton, Isaac 71
Nocera, J 453n13
Nolan, P H 452n5
nominal rate of interest 316
nonergodic reality, defined 133
nonergodicity 20, 67, 133–5, 200
nongovernmental organizations, environmental initiatives of 404
nonprobabilistic uncertainty 127
Nordhaus, W D 13
Norman, N 13–4, 413
North American Free Trade Agreement (NAFTA) 440
Northern Rock 440
no-trade theorems 58n8
Nozick, R 157n12
Oates, W E 395
Obama, B 441, 467–8, 483, 484
O’Donnell, Rod M 22–3, 68, 94n9, 105, 113–4, 116, 124–42, 140nn23, 140n6, 140nn89, 156n1
on conventions and arbitrariness 73–4
critique of Bateman 116
disagreement with Carabelli 110, 112
disagreement with Minsky 107
Keynes: Philosophy, Economics and Politics 22, 102, 104
“Keynes’s Principles of Writing (Innovative) Economics” 109
(p. 507) mathematical methods 87
on philosophical dimensions of Keynes 21, 104, 111–3
political economy 339
use of Collected Writings in doctorate research 21–2
weak rationality, use of term 108
O’Driscoll, G P 156n2
O’Gorman, Paschal F 20, 22, 62–79
Okishio, N 240
old-age and retirement, financing of 359–60
Oldfield, G S 452n6
O’Mahony, M 222
On Keynes’s Method (Carabelli) 104
ontological elaborations 163
ontological issues:
HAC approach 130
open-system ontology 89
social ontology 162, 166–7
social scientific ontology 168–71
ontological reduction (OR) 53–7
open systems 165
open-system analysis, definition of 84, 89
Organisation for Economic Co-operation and Development (OECD) 386n16
inequality studies 369–72, 372f, 374–6, 375f
Structural Analysis data 378
Ormerod, P 453n11
orthodox economics 88–92
O’Shaughnessy, T 311
Ostrom, E 300
Oulton, N 222
Oxford Hall and Hitch inquiry 183
Pagano, U 157n6
Palley, T I 317, 328–9, 427, 439
Palma, G 459
Panico, C 158n18
Papadimitriou, D B 447
Pareto, V 181, 292
Parish, F W 254
Parry, W 141n13
partial-equilibrium analysis 248–9
Pasinetti, L L 2, 91, 158n18
on capital theory 199, 203
on distribution 342
on functional distribution 369
on interdisciplinary research 144
on interest rates 316
on Keynes and Cambridge Keynesians 328
on labor cost 152
labor model 333
long-term equilibrium model 152, 158n18, 331
on natural price and wage rate 151
principle of justice 155
on social production 340–1
structural dynamics theory 4, 10, 192
on vertically integrated sectors 397
Pasinetti natural system (PNS) 149–55, 158n20
Pasinetti Theorem 152–4
Pasinetti transformation 333, 341–2
path determinacy 177–9, 192, 420
Pen, J. 246
Penn World Table 208
Perkins, F 295
Perman, R 397, 399
Perotti, R 371
Perry, G L 254–5
Perry, Neil 32–3, 391–411
personal distribution of income and pay, post-Keynesian theories of 31, 366–85
overview 366–7
global inequality and global macroeconomics 381–3
two-way fixed effects model 382, 383f
inequality studies, data problems in 370–2, 372f
aggregation of observational units 376–81
University of Texas Inequality Project (UTIP) 372–6, 375f, 385nn710, 386nn1516
use of sectoral and regional data 372–6
personal income distribution 367–70
persuasion, role of 86
Pesaran, H 94n9, 110, 116
Peterson, W C 369
Pettenati, P 158n18
Phelps, E S 450
Phelps Brown, H 25, 90
criticism of production function analysis 223
on cross-section data 205–6, 217, 224n4
(p. 508) “Meaning of the Fitted Cobb-Douglas Function, The” 204
on time-series data 225n9
time-series data 225n9
Phillips, A W H 34, 254, 420, 424
Phillips curve:
and CBI policy 273
current thoughts 258–60
development of 255–8
Dunlop’s view of 251
Economica article on 424
Friedman’s view of 28, 245
Lipsey’s view of 245
modified Phillips curve 257
and path determinacy 420
and unemployment 259
philosophical dimensions of Keynes, post-Keynesian perspectives 21–2, 100–18
and analogy of Hume 106–8, 111, 112–3
and analogy of Wittgenstein 110–1
analysis of Keynes’s texts 104–8
early theorists on 102–3
Keynes’s early exposure to philosophy 100–2
protests against 114–5, 116
and publishing delays and rivalries 109–10, 112–3
and resort to conventions 107–8, 117–8
subjective/objective probability debate 113–4
upsurge of interest (1980s-90s) 103, 111–2
Philosophical Investigations (Wittgenstein) 110
philosophical ontology 168–9, 170
philosophy, conventions and conventionalism in 69–71
physical data, use in production function analysis 213, 216, 220, 226n19
Pierson, F C 248–9
Pigou, A C 5, 102
Piketty, T 458
Pinto, S 385n6
Pitchford, J D 427
Plowman, D 413
pluralism theory 50–2, 88, 89, 91–2, 302
Poincaré, H:
applicability to conventions in post-Keynesian economics 73–5
conventionalism and rationality 20, 71–3
conventionalism philosophy 70–1
and Euclidian geometry 71–3
as father of geometrical conventionalism 63, 70, 71
neglect of in post-Keynesian literature 63–4
Polanyi, Karl, Great Transformation, The 326, 458–9
political economy, system of 338–55
business cycles and institutional trend 345–6
finance and money 346–52
institutions and determinism of the system 340–5
monetary production economy 339–40
social liberal political philosophy 352–5
political philosophy 352–5
Politics (Aristotle) 354
Pollock, A 440
pollution, as social cost 395–6
Pontussen, J 370
Pope, R 428n13
Popper, K 70–1
portfolio-change process 305
Portugal:
UTIP-EHII income inequality measures 375f
Posen, A S 268, 271
post-Keynesian economics (Vol 2), overview 19–36
aggregate production function 25–6
economic policy 29–31
economics in Australia/New Zealand 33–4
environmental economics 32–3
and global financial crisis 34–5
influence of Marx 26–7
mainstream macroeconomics, post-Keynesian critique of 27–9
methodological issues 19–25
personal distribution in modern capitalism 31 see also Volume 1, theory and origins
post-Keynesian principles and economic policies 30–1, 326–63
(p. 509) capitalism and socialism vs social liberalism 326–7
classical-Keynesian system 338–52
business cycles and institutional trend 345–6
finance and money 346–52
long period, institutions and determinism of the system 340–5
monetary production economy 339–40
and social liberal political philosophy 352–5
socioeconomic policies in social liberal world 355–62
making of classical Keynesian political economy 327–38
transition from capitalism to social liberalism 362–3
post-Keynesianism, origin of term 1
Potts, J 426
Pratten, Stephen 23–4, 37n26, 162–74, 172n1, 172n6, 172n9
predatory-prey model of class interactions 199
Prelude to a Critique of Economic Theory (Sraffa) 4
Prescott, E C 273
Pressman, S 29, 93n7, 293, 296–7, 301, 393, 394, 404
price adjustments 181–2
price equations 341–3
price equilibrium 332
price setting and wage determination 252, 318–20, 319f
Prices and Production (Hayek) 5
primary deficit (surplus) 313
Primrose, D 407
Principa Ethica (Moore) 21
Principles of Economics (Marshall) 157n6, 179, 181
Principles of Political Economy and Taxation (Ricardo) 178
probabilistic uncertainty 127
probability:
Keynes’s philosophical problem and solution 125–7
probability-relation 126
process truth realism 91
production, social process of 340
production functions 211–6, 224n1, 225 see also aggregate production function
Production of Commodities by Means of Commodities (Sraffa) 3
productive capacity and full employment 311
profit motive 150
property rights over means 148–55
proportional dynamics models 150
proportions and distribution 341–3
Pullen, J 37n27
pure procedural justice 153
Putterman, L 158n21
quantitative easing (QE) 441
quantitative probabilities 128
quantities, use of in estimating production functions 211–6
Quantity Theory 253
Quarterly Journal of Economics (QJE), Keynes’s article on uncertainty 64–5, 67–9, 86, 107–8, 114, 118
Quiggin, J 453n11
Quigley, J M 443–5, 453n12
Quine, W V O, “Truth by Convention” 70–1
racial discrimination, in subprime crisis 453n14
radical uncertainty 64–5, 73–4
Raj, K N 190
Ram, R 222, 371
Ramirez-Gaston, P 186
Ramsey, F P 21, 68, 102, 115, 129, 141n8
Ranjan, P 370
rational-choice models 438, 450
Rawls, John:
Bradford’s critique of 353
distributive justice theory 147–55, 158nn1315, 158n19
property rights over means of production 148–9
pure procedural justice 153
reciprocity 151–2, 158n17
Second Principle of justice 151
Theory of Justice 23
Raynor, T 426
(p. 510) R.E. Studs, Pasinetti’s article on long-period rate of profits 10
Reagan, R 440, 461, 480, 483
real financing of investment equation 347
realism 85, 90–1
reality, nature of 132–3, 135
rebound effect 459
reciprocity 151
recursion theory 200
Reder, M W 157n8, 251
Reed, G C 146
regulation of financial markets 317
Rehn, G 378–9
Reichsbank (Germany) 269, 270
Reiman, J 151
Reinhart, C M 436
Reisch L 403
Reisman, D 396, 404
relative frequency theory 131–2
relative prices and quantities 341–3
renewable-energy market 398–9
representative agent models 45–6
reproduction schemes (Marx) 232–6
balanced process of expanded reproduction 233–5, 242nn58
role of money 235–6, 242nn912
research inadequacies 51–2, 54
Reserve Bank of Australia 417, 427n4, 428n6, 428nn1011
retirement, financing of 359–60
Reynolds, L G 246, 247, 248
Reynolds, P 328–9
Riach, P 16, 94n9, 413
Ricardo, David 2
Bortis’s synthesis of Ricardo/Keynes 30–1
letter to Malthus excerpt 36n3
machinery theory 178, 193n4
Principles of Political Economy and Taxation 178
Ricardo-Pasinetti vertically integrated labor model. 333
Rich, J 16
risk, quantifiable 87 see also uncertainty
Risk, Uncertainty and Profits (Knight) 65
Rizvi, S Abu Turab 19–20, 37n23, 45–61, 58n4, 58n7, 152, 193n9
Rizzo, M J 156n2
Robbins, L 23, 37n25, 156n5
Essay on the Nature and Significance of Economic Science 145
Roberts, J 49
Roberts, M 36n2
Robertson, D H 332, 350
Robertson, S D H 255
Robinson, A 13, 103
Robinson, Joan 93n7, 192–3, 332, 371, 423
Accumulation of Capital, The 36n9
and capital theory 81, 182, 199
on consumption 232
critique of aggregate production data 218
Economic Philosophy 102–3
Economics of Imperfect Competition, The 180
environmental economics 395
on equilibrium concept 331
as fundamentalist Keynesian scholarship approach 57n1
golden ages 94n15
on integrating Kalecki’s, Harrod’s, and Domar’s models 240
on interdisciplinary research 144
irresponsible trade unionism 252
long-period growth models 3
on marginal payments 248
on marginal productivity 58n8
and Marx’s economics 26, 231–2, 242n2
on philosophical dimensions of Keynes 22
post-Keynesian, definition of 2
on post-Keynesianism 82–3
on preferences over nature of work 157n6
relationship of micro and macroeconomics 297
on reproduction schemes 231
and Rosser’s economic complexity theory 25
and traverse theory 179
on uncertainty 114
uncertainty and unidirectional nature of time 299
and uncertainty of knowledge 87
“What Are the Questions?” 10
Robinsonian-Kaleckians, uncertainty and long-period analysis 328
(p. 511) Rogers, C 8, 36n10, 312
Rogoff, K S 273, 274, 436
Rollet, L 70
Romer, D 222
Romer, P 36n11
Roosevelt, Franklin D 294
Ross, A M 250–1
Rosser, J Barclay, Jr 24–5, 192, 198–201, 299, 306, 452n10
Rotheim, R J 243n20
Rothschild, K 452n5
Roubini, N 440
Rowthorn, R E 17, 30, 257, 426
Royal Commission on Indian Currency and Finance 280–1
Rubinstein, A 172n3
Rueda, D 370
Rumsfeld, D 482
Runde, J 21–2, 68–9, 73–4, 86, 94n9, 103, 105, 110, 116–7, 140n2, 140n6, 172n1, 172n7, 172n9
Russell, E A 15, 34, 101, 106, 250, 419, 420, 428n13, 429n16
Russell-Salter rule 34
Rymes, T K 275, 281
Saari, D G 56, 57
Saez, S 458
Sala-i-Martin, X 371
Salter, W E G 15, 32, 34, 158n16, 346, 379, 405, 415, 419, 422–3
Salvadori, N 158n18
Salvatore, D 370, 385n2
Samuelson, Paul 10, 427n1
American Economic Review 1960 article 28
capital-theoretic discussions 336
on empirical law 203
on equilibrium theory 183
on ergodicity 334
Foundations of Economic Analysis 94n18, 182
on mixed economy 184
modified Phillips curve 257
on Pasinetti paradox 158n18
and Phillips curve 256
on property assignments and irrelevance of command 149
on public policy 303
on Ricardo’s view of new technology and workers 178
summing up method 25
wage determination 247
S&P 500 480
Santomero, A M 256
Sardoni, Claudio 4, 26–7, 179, 231–44, 242n1, 242n4, 242n6, 242n8, 242n17
Sargent, T J 223, 277, 307n2
Sarkar, S 54
Sato, K. 155
savings and investment 346–52
Sawyer, Malcolm 30, 36n1, 84, 267, 285n3, 310–25, 329, 453n16
Say’s Law 6–7, 147, 327, 335, 338, 356, 460–1, 467
scale of economic activity and employment issues 343–5
Scandinavian countries:
as middle-range inequality countries 371
UTIP-EHII income inequality measures 375f
and wage compression 379
Scazzieri, R 2, 10
Schalling, E 268
Schandl, H 395
Schelling, Thomas, The Strategy of Conflict 63
Schull, B 277
Schultze, C L 257
Schumpeter, J A 37n15, 180
Schumpeter Prize 426
Schwartz, A 285n9
scientific ontology 168–71
Scope and Method of Political Economy, The (J N Keynes) 101, 301
Searle, J R 55
Seater, J J 256
Seccareccia, M 316
sectoral investment conditions 149
securitization 460–1
Selden, R T 254
Sen, A K 147, 157n6, 190, 193n13
Seneca, J J 392
Sennett, Richard, The Craftsman 352
sequential method 191
Setterfield, M 2, 9–11, 36n2, 192, 193n7
(p. 512) Shackle, George S L 93n7
analysis of uncertainty 66
and ENE approach 125, 138
entrepreneurship 135
Expectations in Economics 102
on mass psychology 104–5
mathematical methods 88
on philosophical dimensions of Keynes 22
probability 131–2
quantifiable risk 87
on uncertainty 114, 141n11
on uncertainty in decision making 66
wage determination 246
years of high theory 327–8
Shadow Financial Regulatory Committee (AEI) 444–5, 452n7, 453n13, 453n15
Shaikh, A 25, 209, 218, 219, 223, 224, 224n4, 226n19
Shapiro, C 320
Shaw, W D 392
Shearson–Lehman Brothers 441
Shesol, J 294–5
shifting equilibrium 190
Shiller, R J 258, 440
Shin, H S 450
Shove, G 11
Shrivastava, S 385n6
Shull, B 277
Shultz, C L 248, 251
Sidgwick, H 100, 159n23
Silberstein, M 56
Silicon Valley (California) 379
Silverstone, B 424
Simon, H A 25, 67, 203, 206, 207, 223, 224n4
simulation study (production function) 216–7
Sinha, A 4, 6
Skidelsky, Robert 81, 102, 112, 294, 352
John Maynard Keynes 100–1
skill-biased technological change 369–70
Slichter, S H 249, 250, 252
Smith, Adam 30
cumulative causation model 36n6
and neoclassical laissez-faire economy 291
and public policy approaches 302
Theory of Moral Sentiments, The 29
Wealth of Nations, The 29
Smith, B 171
Smithin, J 316
social costs concept 395–6
social event regularities 164
social inequality 438, 445–6, 449, 453n14
social liberalism 326–7, 352–5, 362–3
social production, value, and distribution 340–1
social rationality 300–1
social scientific ontology 168–71
social surplus 353
socialism, Soviet-style 326
socioeconomic policies 355–62
Soffer, B 251
Solow, Robert M 224n2
aggregate factor shares 225n16
aggregate production function 25
American Economic Review 1960 article 28
on capital theory 203
critique of time-series data 218
on defense of estimating aggregate production function 203, 220, 221
empirical analysis 211, 225n13, 449
and Kondratiev cycle 346
and Phillips curve 256, 257
on production function 225n4
on public policy 303
“Technical Change and the Aggregate Production Function” 204
on traverse 182
on unemployment and Beveridge Curves 378
on wage determination 249
Waldo analogy 226n20
Solow-Swan model 185, 193n12, 222, 422
Sonnenschein, H F 49
Sonnenschein-Mantel-Debreu (SMD) theory 19, 49–50, 58nn78, 181, 193n9
Soros, G 460, 464
Soskice, D 250, 426
Soviet-style socialism 326
space statistics 133
Spagnolo, L 385n6
Spain:
and global financial crisis 446
(p. 513) as low-inequality country 371
UTIP-EHII income inequality measures 375f
Spash, C L 393, 395, 404
Special Drawing Rights (SDRs) 478
speculative bubbles 350
sports, as explanatory reduction example 54–5
Squam Lake Report 450
Squire, L 371–2, 372f, 374, 385n3
Sraffa, Piero:
on capital theory 199
critique of Hayek 5
Economic Journal articles by 4–5
on economic processes 189–90
Laws of Returns under Competitive Conditions, The 327
letter to Asimakopulos 193n11
Manchester Guardian articles by 4
and Perry’s environmental economics 32
Prelude to a Critique of Economic Theory 4
on pricing 184, 193n14, 341
Production of Commodities by Means of Commodities 3
relationship of micro and macroeconomics 297
and Rosser’s economic complexity theory 25
Sraffa price equations 341
Sraffian Manifesto 327
Sraffian/neo-Ricardian school of thought 199
stationary equilibrium 190
statistical fractal, use of term 373
Steedman, I 6, 158n18
Stegman, T 415, 422
Steindl, J 32, 35, 93n4, 402–3, 463
Stern, N 405
Stevens, G 428n11
Stigler, G J 247
Stiglitz, J 320, 442, 447–50, 452n7, 453n18
Stillwell, J 72
Stock, J H 442
Stockhammer, E 447
Stoker, T M 49
Stone, R 461
Stove, D C 111, 113
Strategy of Conflict, The (Schelling) 63
Strotz, R H 199
structural dynamics theory 149
Studies and Exercises in Formal Logic (J N Keynes) 101
subjective theory 129, 131–2, 141nn78
subprime crisis 437–46, 440, 441 see also headings at global financial crisis
sub-Saharan Africa, income inequality surveys in 376
Summers, L H 268
Sunder, S 51
Sunley, P 157n9
sunset industries 321
supermultiplier 356–60
surplus principle of distribution 338
sustainable development 361, 397
Svensson, L 275
Swan, T 34, 37n28, 422, 427n3, 428n5 see also Solow-Swan model
Sweezy, P 179
Swiss National Bank 267
Sylos-Labini, Paolo 183–4, 210
Tabellini, G 268
Taft, C H 248
Tarshis, Lorie 28
Elements of Economics 94n18
“Promise That Bounced, A?” 1
Tax-based Incomes Policy (TIP) 306
taxes, effect on economy 292, 296, 314
Taylor, Lance 35, 37n24, 458–85
Maynard’s Revenge 35, 458
Taylor rule on interest rates 316
Taylor-series expansion equation 206
Tcherneva, P R 403
technological change 150, 189, 211, 225n13, 301
technological obsolescence 404–5
technological-institutional system equilibrium 331–2
Temple, J R W 220
Temporary Equilibrium Method 182, 183
temporary money creation 350
Tesfatsion, L 50
Theil, H, and T statistic 366, 373–4, 378–9, 385nn710
Theory of Justice (Rawls) 23
(p. 514) Theory of Moral Sentiments, The (Smith) 29
Thinking, Fast and Slow (Kahneman) 108–9
Thirlwall, Anthony P 11–2, 16–7, 224n4
“Model of Export-Led Growth with a Balance of Payments Constraint” 36n14
This Time It’s Different (Reinhart and Rogoff) 436
Thoughtful Economic Man (Meeks) 109
Three Essays (Koopmans) 23, 147–8
three-equation model 241
Thurow, L 23, 156n4
Tietmeyer, H 285n6, 311
Tilley, G 323n2
time statistics 133
time-inconsistency and central bank independence 271–5
timeless equilibrium 87
Tinbergen, J 57n2, 110
TIP (Tax-based Incomes Policy) 306
Tobin, James:
Asset Accumulation and Economic Activity 45
on microfoundations counterrevolution 48
on public policy 303
on SMD theory 49
Todaro, M P 378
Togati, T D 93n3
topology 72
Toporowski, J 14–5
Törnqvist approximation 225n12
Torr, C 407n2
Townshend, H 102
Tract on Monetary Reform, A (Keynes) 15, 280–2, 307n1, 460
trade unionism 252
transfer payments 313
transmutable reality 135
traverse theory, post-Keynesian 24, 175–93
overview 175–6
further developments in 192–3
Hicksian classical theory 184–5
historical antecedents of 178–9
Lowe and economic growth theory 185–90
and macroeconomics 190–2
Marshall and neoclassical tradition 179–82
modern context of 182–4
traverse vs equilibrium 176–8
Treatise of Human Nature, A (Hume) 69–70
Treatise on Money, A (Keynes) 6, 14, 36n8, 193n5, 281, 305, 352
Treatise on Probability, A (Keynes) 20, 67, 85–6, 93n1, 102, 104, 114, 125, 307n1
Triffin, R 477–8, 483
Trigg, A B 243n19
Tsuru, S 243n18
Turing, A M 200
Turner, H A 255
Turnovsky, S J 427
twin deficits hypothesis 416
Twomey, P 393, 405
uncertainty:
conceptualization of 124
and conventions 64–9, 73–4
in decision making 305
independence of 130, 141n10
of knowledge 87
numerical and nonnumerical 140n5
and public policy 298–9
radical uncertainty 64–5, 73–4
role of 328 see also probability
uncertainty analysis 66–7, 200
uncertainty and irreducible uncertainty 22–3, 124–40
ergodic/nonergodic (ENE) approach 130–7, 138–9
epistemological issues 135–7
irreducible uncertainty 133–5
and nature of reality 132–3
nonergodicity 133–5
probability treatment 131–2
uncertainty treatment 130–1
human abilities/characteristics (HAC) approach 125–30, 137–8
irreducible uncertainty, in Keynes’s works 128–9, 140n5
ontological issues 130
probability treatment 127–8
uncertainty treatment 127
underemployment 323n1
unemployment:
assessing rate of 323n3
(p. 515) classical response to 296
effects of 296
Harrod’s view on 185, 193n13, 254
neoclassical views on 297
and Phillips curve 259
and real wages 311
and wage determination 249–52
United Kingdom:
and neoliberal deregulation 440
pay inequality trends in 375
subprime crisis 440, 446
United Nations Industrial Development Organization (UNIDO):
Industrial Statistics database (UTIP-UNIDO) 381–3, 383f
United States:
Commodities Futures Modernization Act 445
Community Reinvestment Act 444–6
deficit for foreign trade and services 481
Dodd-Frank Act 442, 484
Garn–St. Germain Act 471
Glass-Steagall Act 471
and global financial crisis:
capital-account surplus 437
debt payment obligations 436
factors contributing to 480–2
failure of regulation 446
stagnation 447
subprime crisis 437–46
Home Ownership and Equity Protection Act 445
industrial capacity of 483
inequality of pay, comparisons to Europe 377–8
inequality studies in 369–70, 376, 379, 380f
national labor supply, use of term 386n18
pay equality and unemployment in 380, 381f
pay inequality trends in 375
sectoral and regional data sets for 376, 377f, 379–80, 380f, 386n10, 386n17, 386n19
stagflation (1970s) 461
Treasury Department 441
University of Texas Inequality Project (UTIP) 31, 372–6, 385nn710
Estimated Household Income Inequality (EHII) data 374–6, 375f, 386nn1516
Industrial Statistics database (UTIP-UNIDO) 381–3, 383f
US Congress and subprime crisis 445
utopian economics 443
Uy, M 448
Uzawa, H 56
Value and Capital (Hicks) 8, 19
value data 84, 211–6, 219, 223
value-added data 210
Vanekian economy 155
Varian, H 117
“Varieties of Capitalism” literature 370
Varoufakis, Y 447, 453n17
Veblen, T B 1, 24, 191
Velupillai, K V 12, 25, 57, 200
vertically integrated production models 340
Viner, J 252
virtual identity 225n15
volume of output 202
Wade, M 67
wage compression 378–9
wage determination:
and bargaining 246, 249, 251
efficiency wage 247
just wage concept 250
and price setting 252, 318–20, 319f
Wakeley, T 402–4
Waldo (Solow analogy) 221–3, 226n20
Wallace, N 277
Wallich, H 15
Wallis, K F 217
Wallison, P J 444, 446
Walras, Léon 70, 181, 329, 330, 335
Walrasian auctioneer 182
(p. 516) Walrasian general equilibrium 49, 181, 330, 438, 448–9
Walsh, C E 274
Walters, A A 203
Walters, B 84, 217, 329
Wan, H Y 203
Wang, Q 385n6, 386n16
warranted growth rate 238–40
Washington Consensus policies 356
Watson, M W 442
Watts, M 417, 420
weak vs strong sustainability debate 397–9
Weale, M 286n11
wealth, forms of holding 360
Wealth of Nations, The (Smith) 29
Webb, B 249
Webb, S 249
weight of argument 140n6
Weil, D N 222
Weintraub, E R 48, 54, 57n3
Weintraub, S 6, 15, 57n1, 341
Whinston, M 50
Whitehead, A N 101, 111
Whitehouse, M 450
Whittington, G 154
Whitwell, J 425–6
Wibe, S 218
Wicksteed, P H 37n25, 248
Williamson, O E 300
Wilson, D S 55
Wilson, T A 255
Winnett, A 392–3, 397, 400
Winslow, T 105, 111
Winter, S 181, 224
Wittgenstein, L 101
Philosophical Investigations 110–1
Wood, A 13, 369
Woodford, M 442
Wooding, P 423
Wootton, B 250
World Bank 360
world currency 360
World Institute for Development Economics Research (WIDER) 371, 385n4
Worswick, G D N 259
Wray, L R 7, 277, 306, 443, 447
Wren-Lewis, S 314
Wyly, E 445
Yarlagadda, S 379
Yellen, J 249, 320
Young, A A 9, 24, 191
Young, D 254, 329
Young, F 84
Young, J T 392
Zanetti, J 424–5
Zannoni, D 67
Zeuthen, F 246
Zou, H-f 385n3