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date: 25 November 2020

(p. 595) Index

(p. 595) Index

accounting period, definition of 469
Accumulation of Capital, The (Robinson) 36n9, 203
ad-hoc shockeries 416, 424, 431n3
age discrimination, employment-related 529t, 530, 533–4
Age of Decline (1973–89), in US 244–6
agent heterogeneity 91–2
aggregate demand 45
aggregate demand, in less-developed countries 17–8, 568–90
development strategy and policy:
overview 579–80
growth analysis and strategies 580–2, 591nn910
labor market policy 584–6
stabilization, financial, and interest rate policies 582–4, 591n11
trade policy 586–7
international capital flow policies 587–9
post-Keynesian development economics 569–71
post-Keynesian theories and models:
overview 571–2
agricultural constraint 574–7
basic model 572–3, 590nn37
capacity constraints 573–4, 590n8
fiscal constraints 578
open economies 577–8
summary 578–9
aggregate fluctuations theory see business cycle theories
Aghion, P 64
Akerlof, G 228
Albelda, R 532
Alfred Marshall Library of Economics 21
Allen, H S 184n4
“Quantum Theory, The” 120n8
Alonso, J 395, 409n10
Altonji, J 525, 527
Alvarez, L J E 459, 475
Amadeo, E J 79–80, 90
American Economic Association 1
American Economic Review, Samuelson and Solow 1960 article 28
Amsden, A H 399
Anderson, W H L 488
Andrews, P W S 36n16
Manufacturing Business 13, 451–2, 464n3
Oxford Studies in the Price Mechanism 457–9
post-Keynesian pricing approaches 94, 451–3, 463
animal spirits, use of term 30, 332, 419, 492, 505n12, 553n5
Anker, R 532
anti-Keynesian schools 363–4
Araújo, Ricardo Azevedo 294, 299, 309, 336, 339nn78, 340nn1415
“Intertemporal Pasinettian Model with Government Sector, An” 315–6
Arena, Richard 4, 74–100, 97n8, 336
Arestis, P 29–30, 35n1, 155, 158, 195–6, 200n2, 212, 219, 336, 464n7
Arrow, K 108, 137n4, 169, 524
Arrow-Debreu auctions 168–70, 178–9, 181–2, 184n3, 184n10
Artis, M 411n30
Arulampalam, W 527
Asian financial crisis (1996–97) 227
Asimakopulos, A 35n1, 77–8, 89
asymmetric information boomlet 222
Atkinson, A B 309, 320–1, 340n17
“Timescale of Economic Models: How Long is the Long Run?, The” 327
(p. 596) Australia:
Accord wages policy 518, 519
currency 145
decomposition of wage differentials studies 526–8, 526t
labor union decline 519
lack of compulsory reserve requirements 192
range of net employment discrimination, field experiment studies 529t, 530
Austrian capital theory 74, 436n35, 437n42, 488, 516
Bacharach, M O L 272
Backus, D 209
Bagchi, A K 570, 579, 581
Bahmani-Oskoee, M 409n12
Balakrishnan, P 461
balance-of-payments-constrained growth (BPCG) theory 250n9, 391–2, 400–8, 409n11, 410nn1927, 411nn2832, 562
Balassa, B 396
Balestra, P 292–5
Ball, R J 13, 454, 480, 481n7
Balogh, T 512
Bank of England:
during global financial crisis 192
quantitative easing 154
sterilization mechanism within 212
banking systems:
Godley and monetary economics 208–11
as intermediaries between government and taxpayers 146–9
Keynes’ comments on 93, 152
liability management 551–2
Minsky on debt 149
Baran, P 487, 541, 549–50, 569
Baranzini, Mauro 2, 10–1, 288–361, 338n5, 339nn78, 340n11, 341n22, 342n32, 343n36
differentiated interest rate on wealth 294
“Growth and Distribution in a Three-Class Economy” 301–2
on importance of post-Keynesianism 3
on life-cycle hypothesis and bequest motive 331–3
life-cycle model comparison with Wolff’s model 314
on mean rates of return on accumulated or intergenerational wealth 325
and Pasinetti’s theory of rate of interest 292–3
on relevance of monetary sector in real models 296
“Taxation on Intergenerational Bequests and Redistribution of Wealth in a Class-Setting” 331
Bardhan, P K 581
basic goods, use of term 113, 119n4
Bateman, B W 20
Baumol, W 11
Bayard, K 525–6
Bayoumi, T 411n30
Becker, G 333, 524
Beckerman, W 393
Bell, S 147, 570
Bendick, M, Jr 529
Benjuino, S O, “Taxation on Intergenerational Bequests and Redistribution of Wealth in a Class-Setting” 331
Bergmann, B 523, 530, 532–4
Bernanke, B 222
Bertrand, M 529
Bevan, David 309
“Savings, Inheritance and Economic Growth in the Presence of Earning Inequality” 314
Bhaduri, A 18, 26–7, 77–8, 382, 545, 590n6
Bharadwaj, K 107, 570
Bibow, J 28, 162n3
Bidard, C 342n32
Bielefeld–New School approach 365, 384–5
Bils, M 463
Bird, P, “Neoclassical and Post-Keynesian Environmental Economics” 31
Black, B 525
Blanchard, O 212, 229
Blank, R 525, 527
Blankenburg, Stephanie 4, 74–100
Blatt, J M 435n20
Blau, F 525, 528, 532
(p. 597) Blecker, Robert A 11–2, 250n9, 390–414, 408n2, 409n14, 456
Blinder, A 207, 463, 464n13, 470, 475, 524
Bliss, C 4, 51, 69nn34, 70n16
Blyth, C 34
Boggio, L 94, 108
Böhm-Bawerk, E v 60–1, 433n10
Boianovsky, M 512
Booth, A 527
Bortis, Heinrich 30–1, 332
Institutions, Behaviour and Economic Theory 2, 30
Bortkiewicz, L v 59–60, 67, 70n15, 70n17
Boulding, K 31–2, 138, 143
bounded rationality/bounded uncertainty nexus 419, 420
Boylan, T A 19–20, 22
Bradford, W 22
Bramble, T 519
Branson, W H 212
Brazilian post-Keynesian school of Economics 315
Breit, M 488
Bretton Woods 17, 409n11, 551, 556, 562, 564–5, 565n2, 571
Brierley, J A 481n4
Briggs, C 520
Brinkman, H-J 456, 461–2, 464n12
Brittan, S 524
Britto, Ronald 309, 342n32
“On Differential Saving Propensities in Two-Class Growth Models” 314
“Life-Cycle Savings in a Two-Class Growth Model, The” 314
Brown, C 528–9
Brumberg, R 323
Brunner, E 94
Bruno, M 564
Bryan, M 527
Buchanan, J 520
Buiter, W H 167, 168, 181, 184n7, 185n12, 207
Bunn, P 459
business cycle theories 12–3, 415–30
Cambridge theories:
background of 418–9, 421–4, 433n10, 434nn1219, 435nn2025, 436nn2635, 437n36
canonical equations of Cambridge theories of growth cycles 424–6, 437nn3738
nonlinear, endogenous, nonstochastic theories 416, 419, 422–6, 437n37
Minsky’s theory of crisis, critique of 416, 418, 427–30, 437nn3942
Postkeynesian, use of variation of term 430
post-Keynesian precepts 417–21, 430–1, 432nn78
Calvo restraints 176, 178–80
Cambridge Journal of Economics 23
Cambridge University, King’s College Modern Archives 290
Campa, G 291, 294
Can “It” Happen Again? (Minsky) 220
Canada:
and central banks 213
currency 145
lack of compulsory reserve requirements 192
Cannan, E 152, 162n2
capacity utilization 64–5, 79, 84, 282, 447–8, 470, 561, 572–3, 585
capitalism:
competitive capitalism 16, 550
development economics and mature capitalism 548–52
and involuntary unemployment 434n14, 502–3, 506nn2428
as monetary production economy 139–40
money manager capitalism 228
monopoly capitalism 487, 506n26, 549–51
multinational oligopolistic capitalism 540, 544, 551
sociological perspective on 552n3
stages of development 541–4 see also individual aspects and theorists
Capoglu, G 476
Carabelli, A 20–1
Carlin, W 250n11, 518
Carvalho, F 84
Caserta, M 241
(p. 598) Cashin, P 563
cash-in-advance (CIA) constraint 169–71, 184n2
causality 78, 85–8
Causes of Growth and Stagnation in the World Economy (Kaldor) 18
Cencini, A 163n12
central banks:
balance sheet table 212–4, 213t
horizontalism vs structuralism 188–9, 190–2
large-scale studies with 459–60 see also banking systems
Chakravarty, S 543–4, 570
Champernowne, D 13
chance changes 161, 163n16
Chang, H-J 587
Chang, P P 343n36, 437n38
Chang, W W 342n32
Chatterji, R 461
Chick, Victoria 7–8, 143, 152–66, 163n15, 192, 195, 241, 464n7, 548, 551
Chinn, M D 395–6
Christofides, L 527
Ciccone, R 79
circuit theory:
and liquidity preference 154–5, 157, 159–62
and money creation 211
and national accounting identities 206
and production process 209
Clarida, R 167
Clark, J B 48, 70n15
Clark, M 62
classical tradition:
and equilibrium (center of gravitation) 101–6
Sraffians’ critique of 108–9
growth path of early capitalist economies 540–1, 544–6
Say’s Law 6–7, 52, 63–4, 71n21, 89, 122–31
spending decision process 126
time preference decision 126, 136n2 see also individual theorists
class-induced markup pricing 473
Cline, W R 395
cloakroom rule 153
Clower, R 7, 36n10, 138, 139, 169–71
Coates, J 20–1
Cobb-Douglas export demand function 235
Cobb-Douglas production function 26
Cochrane, J H 184n6
Coddington, A 75
Cohen, A 25
Colander, D C 136n1, 252n21
Colinsk, J 342n32
Collected Economic Papers (Kaldor) 9
Collected Writings (Keynes) 21
Commendatore, P 297, 339n8
commercial banks 188–90, 213–4
commodities, definition of 140
commodity price fluctuations 562–3
Commons, J R 481n1
competitive capitalism 16, 550
competitor-motivated markup pricing 473
Connor, J M 482n10
conscious parallelism 446
consensus model of monetary policy 167, 173–4
consumption assets 326
Contribution to the Theory of the Trade Cycle, A (Hicks) 435n25
Convention (Lewis) 20
convertibility on demand 144–6
Copaciu, M 461
Copland, D 33
Cornwall, W 231–2, 252n23, 518
costing-oriented pricing 471–2
Cottrell, A 195, 200n1
Coutts, Ken 13–4, 443–66, 464n4, 481nn56
Cowton, C J 481n4
Craven, J 294, 343n36
Crawford, J G 33
credit money system (CSM) 297
credit money vs credit-money 160–1
credit-easing operations 213
creditworthiness 157
Cribari-Neto, F 581
Crick, W F 152
(p. 599) Cripps, Francis, Macroeconomics 207–11 see also monetary economics, Godley approach
Crotty, J 19, 516
Crouch, C 514
cumulative causation model 11–2, 36n14, 235–8, 237–8f
cumulative process theory 48
Cynamon, B Z 244
Dalziel, P 33–5, 195, 200n1, 316, 339nn78, 340n14
Daniel, W W 528
D’Arcy, P 459
Darity, W A 338n5, 342n32, 526
“Simple Analytics of Neo-Ricardian Growth and Distribution, The” 315
Dasgupta, A K 17, 544, 570, 590n7
Davidson, Paul 24, 89, 122–37, 138, 148, 228, 338n5, 394
on Blatt’s computations 435n20
as co-founder of Journal of Post Keynesian Economics 6
contribution to environmental valuation 33
critique of statement on Blatt 435n20
and ENE Approach 22
on Keynes’s monetary production economy 6–7, 76
lack of awareness of algorithmic probability theory 432n8
and macroeconomics 382–4
Money and the Real World 75–6, 223
Davis, J B 20
Dawson, P 581
Day, R 431n3
Dayioğlu, M 525
Dean, J 463
Debreu, G 108 see also Arrow-Debreu auctions
debt, money as 140–4
debt pyramid concept 148
default, definition of 144
deflation and wages policy 510–1, 519–20
Delli Gatti, D 338n5, 428
Denicolò, T F 316, 339nn78, 340n14
Denizet, J 207
deregulation of financial systems 551–2
derivative markets 551–2
Dernburg, J D 342n32
Dernburg, T F 342n32
Desai, M J 156
Descartes, Les Passions de l’ame 419, 434n12
development economics and growth 16, 539–52
overview 539–40, 552n1
and mature capitalism 548–52, 553nn78
path of economic growth 544–8, 553n6
stages of capitalist development 541–4, 543n5
and surplus 540–1, 552n3, 553n4
development economics and Keynes 16–7, 556–65
determinants of actual growth performance 561–5, 565n1
Keynes-Harrod growth theory 556–61
Dharmaraj, N 433n10, 434n13
Dillard, D 138–9, 140, 426, 429, 435n20, 437n42
direct cost pricing 471
direct foreign investment 578
discount rates, studies on 341n21
Dixon, Robert 14–5, 143, 390, 485–509, 505n14
critique of ELCC growth model 393–5
cumulative causation model 11
Dixon-Thirlwall model 235, 250nn1011, 400–7, 409n13, 410n21, 410n24
“Model of Export-Led Growth with a Balance of payments Constraint” 36n14 see also endogenous growth, Kaldorian approach
Dixon-Thirlwall model 235, 250nn1011, 400–7, 409n13, 410n21, 410n24
Domar, E 47, 553n7, 568
Domenghino, C-M 291, 298–9, 339nn78
Dougherty, C R S 291, 294, 339n7
Douglas, M 45
Dow, A C 157
Dow, Sheila 7–8, 20–2, 143, 152–66, 163n5, 192–3, 200nn13
Downward, P 443, 452, 455, 461, 469, 473, 476, 481n5
(p. 600) Drury, H 481n4
Dua, P 581
dual economy model 545–7
Dullien, S 206
Duménil, G 108, 110
Duncan-Duncan index (ID) 531
Dunlop, J T 27
Dunn, S P 432n8
Dupertuis, M-S 6, 111–2, 119n2
Durlauf, S N 64
Dutt, Amitava Krishna 16–8, 37n21, 79, 84, 94, 250n4, 382, 408n2, 568–94, 590n2, 590n8
Dutta Roy, S 586
Dymski, G A 34–5
Dynan, K E 307
Earl, P 79
Eatwell, J 77, 79, 108
Economic Journal:
Harrod rate of growth equation 17
Keynes’s article on commodity price fluctuations 562
Robinson’s article on creeping down the production function 36n9
Sraffa’s published articles 4–5, 74
A. Young’s 1928 paper 9
Economica 340n12
economics, as social provisioning process 467
Economics of Imperfect Competition, The (Robinson) 362
Edgeworth, F Y 45
effectual demands, use of term 104–5, 109
Eichner, Alfred 13, 212, 464n9, 469, 473, 476, 481n7
on bank liquidity mechanism 210
contributions to monetary analysis 203
on foresight in neoclassical model 293
Megacorp pricing model 452, 454–5, 464n11, 480
“new paradigm in economics, a” 1
surplus approach 79–80
Ein Schiffbauzycklus (Tinbergen) 436n28
elasticity pessimism 391, 395, 402, 404–5, 410n22, 411n28
Elgar Companion to Post Keynesian Economics (King) 417–8
Ellis, C 162n2, 459
emergents concept 433n9
Employment Contracts Act (New Zealand) 519
employment discrimination 524–30, 526t, 527f, 529t
employment segregation 530–2
endogenous growth, Kaldorian approach 9–11, 231–53
overview 207, 232–5
equation of motion 233–4
growth as path dependent 234–5
actual and potential rates of growth, reconciliation of 246–9, 253n29
adjustment toward sustainable equilibrium growth rate 249f
endogeneity of natural rate of growth 247f
cumulative causation model 235–8
canonical Kaldorian growth model 236–7, 237f
growth outcomes 237–8, 238f
income divergence 237–8, 238f
path dependence in actual rate of growth:
disequilibrium approach to historical contingency 239, 251n15, 252nn1718
strong path dependence I: technological lock-in and growth 241–3, 242f
strong path dependence II: institutional change and growth 243–6, 245f, 252n25
unit root in growth process 239–40, 240f
endogenous money, definition of 188
Engel’s Law 81, 564
England, P 532
EONIA (Euro OverNight Index Average) 205
Epstein, G 411n30
equilibrium (center of gravitation) 4, 6, 101–19
and classical tradition 101–6
Ricardo’s theory of value and distribution 105–6
Smith’s natural prices 101–6
and neoclassical tradition 107–8
forces of supply and demand 107–8
perfect competition 107–8
Sraffa’s theories on 102, 108–18
(p. 601) contribution to price determination 119n5
equality of global rates of profit 115–7
propositions 111–5
reallocation of labor scenarios 111, 119n2
Robinson on corn model of 119n3
Standard commodity 116–7, 119n7
uniform rates of profit 112, 119n3
unique Standard systems 109–18
Erixson, L 513
Essay on the Importance of Being Nonlinear, An (West) 424
Essays in Persuasion (Keynes) 559
Essays in the Theory of Employment (Robinson) 511–2
Euler equations 172, 177–8, 181, 183
euro 145
Ewijk, C v 338n5
ex ante investment 332, 342n33
Exercises in Economic Analysis (Robinson) 262
Fabiani, S 459, 475
Fair, R 364
fair-rate-of-return pricing 472
fallacy of composition 12, 222, 233–4, 418, 420, 423, 425–6
Fallon, P R 586
Faria, Ricardo 309, 340nn1415, 343n36
“Intertemporal Pasinettian Model with Government Sector, An” 315–6
“Pasinetti Paradox in an Intertemporal Dynamic Model, The” 315
Farrell, M 36n16
Fazi, E 291, 294, 342n32
Fazzari, S 219, 223, 244
Fedderke, J 461
Federal Reserve (US):
during global financial crisis 213
as lender of last resort viewpoint 224–5
sterilization mechanism within 212–3
Feldstein-Horioka puzzle 580
Felipe, J 25–6
Ferber, M 528, 532
Fernie, S 519
Ferri, P 428–9
fiat currencies 145–7, 375
financial instability hypothesis, Minsky approach 9, 14–5, 34, 218–29, 434n17
overview:
credit rationing 222–3
cyclical irrational expectations 220–2
theory of investment 221–2
extensions of 227–9
international economy 227–8
policy implications 224–6
critique of monetarism 224
incomes policies 226
post-1945 225
post-Great Depression 224–5
state as employer of last resort 226
tight full employment 225
financial repression 578, 583
financialized growth 244–6, 245f, 252n25, 551–2
Firpo, S 527
Fisher, F M 25–6, 239
Fisher, I 5, 68, 167–9, 174–5, 177–8, 177f, 219, 426–7, 488
FitzGerald, E V K 570
Fix, M 529
Flaschel, P 108
flat tax 333
Fleck, F H 291, 298–9, 339nn78
Flemming, J S 340n19, 341n24
flexible labor market 523, 584–6
floating exchange rates 462
Flückiger, Y 531
Folbre, N 532
Foley, D 26, 147, 307–8
Folkers, C 342n32
Fontana, Giuseppe 8, 152, 155, 157, 188–202, 200nn56, 223, 416, 431n1, 517
Forder, J 27–8
Forman, H 473
Fortin, N 527
Foundations of Economic Analysis (Samuelson) 431n5
Franke, R 108, 342n32
Frederick, Shane 341n21
“Time Discounting and Time Preference: A Critical Review” 333–5
(p. 602) Friedman, M 6–7, 15, 27, 210, 371, 517
Froeschle, C 94, 97n8
Fry, M 559
full employment 52, 63–5, 225, 486–7, 503–4, 512–4 see also individual theorists
Fullwiler, S 203, 214
fundamental identity expression 207
Furono, Y 342n32
Furtado, C 569
Galbraith, James K 31, 551
Galbraith, John K 32, 469, 549
Gale, W 108, 184n4, 308
Galí, J 167–83
Gallegati, M 338n5, 428
Garcimartín, C 395, 409n10
Garegnani, P 56, 64, 70n9, 78, 79, 84, 89, 96n4, 108–11
Gay, P 528–9
Gehrke, C 56, 59, 69n1, 71n21
gender discrimination see labor market, discrimination in
General Theory of Employment, Interest and Money, The (Keynes) 3, 6, 14, 16–7
causal-sequential notion of time 89
commodity rate of interest 67
contrasts with classical tradition 45–6
effective demand point 124–5
employment multiplier 505nn1516, 506n18
and Goodwin’s aggregate fluctuations theory 422
independent variables vs givens 91
interest rate parity theorem 77
Meeks’s research on 21–2
money supply process 156–7, 162n4
price determination 94
“Principle of Effective Demand” as basis of 122
theory of asset pricing 148
wages policy 511
General Theory of Transformational Growth (Nell) 385
Georgescu-Roegen, N 31–2
Germany:
declining price levels 519–20
decomposition of wage differentials studies 527, 527f
Gerrard, B 200n5, 416
Gertler, M 167
Gesell, S 45
Ghosh, A 564
Gini index 330
Gintis, H 411n30
glass ceiling 525–7, 527f
global financial crisis (2007–2009):
and Bank of England 192
and consensus model of monetary policy 167
and downward price flexibility as problematic 520
endogenous money and open economies 211–4
and Federal Reserve 213
interest rates 213–4
as Minsky moment 9, 218
origins in US 228
and US financialized growth episode 245–6, 245f, 252n25
use of single-period/continuation time framework 200n6
global pricing and international economic policy 455–7, 464n12
globalization 30–1, 228, 374–6, 387, 550–1
Gnos, C 152
Godley, Wynne 8, 13, 138, 431, 481n5
on goals of research 207
industrial pricing 461, 464n4
legacy of 431, 453
Macroeconomics 207, 208–11
Monetary Economics 8–9, 12, 206, 431
on price-to-unit-cost ratio 446
sectoral balances and stock-flow consistency 140
social accounting framework 138, 364–5 see also monetary economics, Godley approach
going concern concept 468–9
gold 139, 144–6
Golub, S S 210
Goodfriend, M 167
(p. 603) Goodhart, C A E 138, 158, 244
on Galí’s expressions 185n13
on global financial crisis 167
one nation, one money rule 147
on structural dynamics 284nn1517
on transverality condition 144
goods do not buy goods concept 139, 169
Goodwin, Richard M 14, 417
and Bielefeld-New School 385
cumulative causation processes 24
cyclical growth theories 4, 34, 91, 421–5, 428, 435n25, 436nn2830, 436n32
“Dynamical Coupling with Especial Reference to Markets Having Production Lags” 426
Growth Cycle, A 425–6
mentors of 36n15
Nonlinear Accelerator and the Persistence of the Business Cycle 435n21
as post-Keynesian forerunner 364
review of Hicks’s book on trade cycle 435n25
and Rosser’s economic complexity theory 24
on structural dynamics 273–6, 284nn1517
and structural dynamics theories 259–60
Gordon, W 226
government or state:
and banking systems 146–9
and income and wealth distribution 298–301, 338n4, 338n6
and Kaldor-Pasinetti Theorem 299–302
legal tender laws 145–6
state as employer of last resort 226
taxation and spending 374
taxation power 146–7 see also individual countries
Gram, H 541
Graziani, A 89, 138, 143, 152, 155, 160, 203, 209
Great Depression 422
Great Recession 245–6
Greenslade, J 459
Groenewegen, P D 118
gross domestic product (GDP):
and external debt 391
and real interest rates 559
transfer among income levels in advanced countries 330
Grossman, H 485
Growth and Income Distribution (Pasinetti) 80, 291
Growth Cycle, A (Goodwin) 425–6
Gu, G C 471
Guha, A 342n32
Gupta, K L 293, 294, 328, 342n32
Guttman, R P 203
Hahn, F H 8, 10, 21, 108, 117, 129–30, 137n4, 169, 309
Halevi, J 5, 24, 239, 550–1
Hall, R L 94, 451, 456–9, 463, 464n6, 473, 518
halting problem for Turing machines theorem 415, 419, 420–1
Hammarskjöld, D 12, 431n1, 433n11, 435n23
Hamouda, O F 36n7, 69n2, 80, 85, 215n1, 382, 417, 420, 431n1
Handbook of Economic Growth (Aghion and Durlauf) 64
Harcourt, G C 1–44, 2, 4–5, 9–11, 13, 17–8, 24–5, 29–30, 36n7, 36n11, 36nn1718, 36n20, 37n22, 69n1, 76, 80–1, 92, 119n1, 138, 215n1, 226, 239, 244, 250n1, 250n3, 260, 265, 283n4, 283n6, 283n9, 294, 302, 330, 336, 408n1, 431n1, 431n4, 436n34, 476, 481n7, 499, 505n10, 505n13, 505n16, 512, 515, 518–9, 545, 552n2, 580, 589–90, 591n9
and E A Russell 34
on equality of rate of profits and rate of interest 302
gravitation center concept 96n7
on integrated real-monetary system 77–8
Kaldor-Pasinetti-Harcourt post-Keynesian distribution theory 288–91, 295–9, 303, 337n3
on Kaldor’s Growth Laws 283n11
on microfoundations 37nn2223
on myth of complete theory 417, 420
on Nell’s work 36n13
pricing theory 452, 454, 464nn911, 480
social science imperialism 22
(p. 604) on versions of post-Keynesians 382
wolf-pack analogy 250n13
Harcourt, W 4
Harrod, R 434n18, 568
influence on Pasinetti 81
Instability Principle 66
Keynes-Harrod growth theory 556–61, 558f
natural rate of growth 9, 17, 246, 561
warranted rate of growth 47
Harrod foreign trade multiplier 233–4, 375–6, 562
Harrod-Domar equilibrium condition 288, 553n7, 569–70
Harrod-Domar growth model 26
Hart, N 24, 37n26
Hartmann, H 525
Hatch, T 471
Hawkins, P 157
Hawkins-Simon condition 103
Hayek, Friedrich August von:
critique of A Treatise of Money 67
and Keynes-Knight risk-uncertainty 433n11
Prices and Production 5, 67
Heckman, J 528
Heckscher-Ohlin-Samuelson assumptions 586–7
hedge finance 220–1, 222, 427–8
Heilbroner, R 139–40
Heinsohn, G 153
Hellerstein, J 532
Henderson, D W 212
herd mentality 587
Herr, H 519
Hertenstein, J H 481n4
Hewitson, G 200n1
Hicks, John 95, 102, 189, 197
on business cycle theory 422, 424, 428
Contribution to the Theory of the Trade Cycle, A 435n25
cumulative causation 24
International Economic Association conference 37n22
neo-classics, use of term 431n2
as Old Keynesian 376–7
on price determination 95
single-period/continuation analysis 197, 198–9
on transactions demand 163n15
Value and Capital 8, 19
Hilferding, R 161
Hill, Greg, “Immiseration of the Landlords: Rent in a Kaldorian Theory of Income Distribution, The” 304–6
Hillard, J 416
Hirschman, A O 569
history of economics, and post-Keynesian ideas 3–4, 45–9
expectations, treatment of 47–8
and integration of Keynes’s theory with classical tradition 46
and Kalecki on price markup 49
Robinson on imperfect competition 48–9
and Sraffa’s critique of neoclassical economics 48–9
Veblen on capital 48
Wicksell’s cumulative process theory 48
History of Post Keynesian Economics (King) 1–2
Hitch, C J 94, 451, 456–9, 463, 464n6
Hollander, S 104–5, 108
Holt, R P F 29–30, 31, 539
Hoover, K 184n9
Horioka, C Y 342n35
horizontalism and liquidity preference 152, 154–5, 157, 159, 162
horizontalism vs structuralism:
credit market 192–4, 194f, 200n3
financial market 194–6, 196f
reserve market 188–9, 190–2, 191f
single-period/continuation time framework 196–9
horses for courses approach 2, 30, 552, 587 see also aggregate demand, in less-developed countries
Hotelling, H 284n14
Houthakker, H S 396
Howells, P G A 155, 158, 163n14, 192, 195–6, 200nn14
Hu, S C 294, 296, 338n5, 340n15
human capital transfers 326–7, 333
Hume, David 22, 46, 434n12
Humphrey, J 532
Humphrey, T M 153
(p. 605) Hussain, M N 395, 406, 411n31, 562
Hyman Minsky Conference, Bard College 219
Hymer, S H 549, 550
hysteresis 251n19
Ichimura, S 425, 435n20
illiquid assets 127–8
imperfect competition 48–9, 175–6, 179–80, 179f, 445, 448–51, 463, 486, 586
implicity collusion 446
income and wealth distribution, Cambridge post-Keynesian theories of 288–337
overview 10–1, 288–92, 337n3
differentiated interest rate on wealth 292–5, 338n4
contributors to new research program on Cambridge equation 294
inclusion of socioeconomic classes 301–8
rent, use of term 301, 302–3
rent theory 339nn910
long-term distribution of socioeconomic classes 327–8
and Meade-Samuelson and Modigliani Dual Theorem:
applicability of 304, 307–9, 336–7
comparisons to 296, 298–9
microfoundations:
bases of class definitions 318–9
economic analysis and empirical observations 326–7, 342n28
extensions of life-cycle model 314–6
goals of line of inquiry 309–10
methodological issues 310–4
personal and functional distribution 316–26, 340n17, 340nn1920, 341nn2227
state of the art 308–9
and monetary sector 295–8
overlapping generation model and intergenerational transmission of wealth 328–35
bequest-discounting concept 333–4
life-cycle hypothesis and bequest motive 331–3, 342nn3335
and public sector 298–301, 338n4, 338n6
India:
growth and BPCG model 396
growth rate and aggregate demand 581–2, 585–6
service sector growth 553n8
Indounas, K 473
industrial pricing, post-Keynesian approaches 13, 443–64
comparison of approaches:
non-post-Keynesian approach 445
global pricing and international economic policy 446, 455–7, 464n12
post-Keynesian pricing approaches:
Andrews’s contribution 451–3
common features of 444–5
comparison to pricing under imperfect competition 448–50, 449–50t
econometric evidence on markup pricing 460–2
Eichner’s Megacorp pricing model 452, 454–5, 464nn1011, 480
Hall, Hitch, and the Oxford Research Group 451, 456, 464n6
Kalecki’s pricing approach 453–4, 464nn89
normal price hypothesis (NPH) 446–8, 447–8f, 464n4
normal(ized) unit costs (NUC) 445–6, 464n3
validation and testing of 457–62
inflation:
comparison of approaches 179–80, 377–9, 386–7
and differentiated interest rate 293
and income policies 226
Ingham, G 29–30
market-based anti-inflation policy (MAP) 516
and Phillips curve 373, 377
post-Keynesian approach 383
sellers’ inflation 510
and wages policy 510–4
Inflation, Recession and Economic Policy (Minsky) 220
inflation tax 559–60
Ingham, Geoffrey 138–9, 153
Nature of Money, The 7
inheritance taxes 330–3
instantaneous photograph concept 85–8
Institutions, Behaviour and Economic Theory (Bortis) 2, 30
interest rates:
and aggregate demand in LDCs 582–4, 591n11
differentiated interest rate on wealth 292–5, 338n4
as distribution variable 205–6
during global financial crisis 213–4
Keynes’s theories on 77, 148, 500
real interest rates and GDP 559
Wicksellian natural rate of interest 206
International Clearing Union proposal (Keynes) 564–5
International Labour Organisation (ILO) 556
International Monetary Fund:
contractionary biases in 563–4
on downward price flexibility as problematic 520
limited resources of 227
and neoclassical tradition 571
scarce currency clause 565
stabilization policies, critique of 582
study on commodity price fluctuation 563
involuntary unemployment 434n14, 502–3, 506n24
IS-LM model 363, 371, 375, 515
Izurieta, A 252n25
Jackson, C 529
Jacobs, J 532
Japan:
bequest motive 342n35
declining price levels 519–20
trade intervention in 587
Jenkins, C 514
Jespersen, J 152
Jevons, W S 107
Jo, T-H 467, 469–70
Johnson, H G 431n1, 506n18
Johnson, Lyndon 515, 516
Johnston, J 463
Jonung, C 530
Joseph, P 512–3
Journal of Economic Literature:
“new paradigm in economics, a” (Eichner and Kregel) 1
“What Are the Questions?” (Robinson) 10, 362
Journal of Post Keynesian Economics 6, 455
“Neoclassical and Post-Keynesian Environmental Economics” (Bird) 31
Jowell, R 528
Juhn, C 524
Junankar, R 552
K distribution theory 138, 142–3
Kahn, Richard F 3–4, 10, 13, 294, 419, 525
“Exercises in the Analysis of Growth” 338n4
Kaldor, Nicholas 35n2, 46, 48, 138, 154, 195, 338n5, 339n7
and aggregate demand in determining growth and distribution 578, 582, 587
and Austrian capital theory 436n35
on business cycle theory 422, 424, 436n30, 436n32
Causes of Growth and Stagnation in the World Economy 18
Collected Economic Papers 9
contributions to monetary analysis 203
critique of Cambridge growth cycle theory 423–4, 437n36
cumulative causation model 24, 91
on cycle and growth theories 283n10
distinction between Marxian and Keynesian unemployment 542–3, 547
on excess supply of money 211
and export-led growth models 396, 399
Godley’s critique of 206
Growth Laws 392
Hill’s national income equation based on 305
and K distribution theory 142–3
Kaldor-Pasinetti Theorem 288–9, 299–303, 306–8, 315–8, 327–8, 331–2, 336, 338n4
Kaldor-Pasinetti-Harcourt post-Keynesian distribution theory 288–91, 295–9, 303, 337n3
lack of structural analysis by 258
(p. 607) long-period growth models 3–4, 392–4, 410n20
long-run dynamics and stylized empirics 266–70, 283nn1011, 284nn1213
productivity dynamics 34
Review of Economic Studies 290–1
Sraffa’s critique of 60
stages of capitalist development 541–2, 547
support for Keynes’s Commod Control scheme 563
Kaldor-Pasinetti Theorem 288–9, 299–303, 306–8, 315–8, 327–8, 331–2, 336, 338n4
Kaldor-Pasinetti-Harcourt post-Keynesian distribution theory 288–91, 295–9, 303, 337n3
Kaldor-Russell-Salter Law 15, 514, 519–20
Kaldor-Trevithick reflux mechanism 195
Kalecki, Michal 14–5, 46, 48, 138
background of 485–7
“Costs and Prices” 496
“Distribution of National Income” 496
legacy of 14–5, 364, 422, 432n7
“Political Aspects of Full Employment” 15
Kaleckian economics 14–5, 90–1, 485–504
overview 485–8, 504n2
on aggregate demand 37n21
aggregate profits model 223, 227
business cycle theories 12, 34, 418, 424, 433n10
capitalist economy and involuntary unemployment 502–3, 506nn2428
and circuit theory 206
cumulative causation processes 24
cyclical growth theories 4
distinction between Marxian and Keynesian unemployment 542–3, 547
dynamic analysis 498–9
employment multiplier 493–4, 505nn1516, 506n17
equation of 143
finance motive 89
idea of expectations 47
investment and profits 371
investment multiplier 495–6, 506n18
long-run determinants 90
and macroeconomics 382
markup pricing and degree of monopoly 496–8, 506nn1922, 506n25
model modification for capitalists to consume 491–2, 505nn1012
money economy and real economy 499–502, 506n23
and Perry’s environmental economics 32
and Phillips curve 27
politics of full employment 503–4
pricing theory 49, 434n18, 453–4, 456
principle of increasing risk 487–8
profits equation 140
relationship of micro and macroeconomics 37n22
and Ricardian savings assumptions 47–8
and Rosser’s economic complexity theory 24
spending and output in short run 488–91, 505nn69
stages of capitalist development 541–3
supply constraints for LDCs 570
three-department model 26
trendless cycles 36n5
two-sector model and real wage 492–3, 505n14
Kaleckian-Keynesian framework 29–30
Kano, M 338n5
Karmel, P H 33
Karmel, T 531–2
Karmel-Maclachlan index (IP) 531–2
Kartono, B 473
Kasnakoğlu, Z 525
Kaufman, B E 481n1
Keen, S. 218
Kenyon, P 13, 452, 454, 476, 480, 481n7
Kerr, Prue 2, 10, 36n6, 36n12, 76, 257–87, 265, 283n4, 552
Keynes, John Maynard 45–6, 68, 71n24, 77, 147–8, 160, 162, 305, 429, 431
accumulation and animal spirits 491–2
on banking systems 93, 152
Bortis’s synthesis of Ricardo/Keynes 30–1
and Bretton Woods 556, 562, 564–5, 565n2
business cycle theories 12
(p. 608) change changes 161, 163n16
Commod Control scheme 562–3
and development economics 16–7, 556–65
effective demand 236
on estate duty 330
on gold as standard of value 139
on hoarding 163n7
“How to Avoid a Slump” 505n9
and Hume 434n12
on independent central bank 28
on interest rates 77, 148, 500, 504n2
investment as determinant of output and employment 502
Keynes-Harrod growth theory 556–61, 558f
lender’s risk concept 157
marginal efficiency of capital schedule 65–6, 183
and Marx 26
Minsky’s works on 504n4
monetary analysis 206
monetary production economy 47
on money rate of interest 500
and Moscow School of Probability 432n8
price theory 464n11
“Proposals for an International Clearing Union” 564
on rational behavior 20
and Rosser’s economic complexity theory 24
saving-investment identity 485–6
“Some Economic Consequences of a Declining Population” 557–8
speculative demand 487
spending decision-making process 126–8, 128f
theory of prices 5, 36n8
“(Two) Essential Properties of Interest and Money, The” 128
on unemployment 139, 502–3, 506n24, 506n27, 559
on unequal distribution of wealth 329
user cost 33
Keynes Papers, King’s College Library 21
Keynes: Philosophy, Economics and Politics (O’Donnell) 22
Keynes-Harrod growth theory 556–61, 558f
Keynesian foundations 6–7, 122–36
liquidity preference theory:
two-stage spending decision-making process 126–9, 128f
zero elasticity of production 128–30, 137n3
and Marshallian microfoundations 131–6
deriving aggregate supply function 132–5, 137nn56
Keynes’s industry supply curve 135f
marginal cost curve 133f, 137nn56
Marshallian industry supply curve 134f
propensity to consume from Marshallian micro demand curves 135–6
propensity to consume 126–7
uncertainty and liquidity revoking Say’s Law 122–31, 136n2
Kidd, M 525
Kindleberger, C 34
King, John E 9, 15, 77, 218–30, 250n2, 431n1, 487, 504n4, 510–22
on Andrews 13
Davidson’s critique of 76, 431n1
Elgar Companion to Post Keynesian Economics 417–8
ergodocity 432n8
History of Post Keynesian Economics 1–2
on interdependency of micro/macro analysis 19
on precepts of aggregate fluctuations theory 418, 423–4, 432n7, 436n35
King, M 532
King’s College Library, Keynes Papers 21
Kirby, L 430
Kirman, A P 19, 170
Klein, L R 380–1, 487
Knapp, G F 138, 145
Knight, F H 22, 433n11, 436n35
Koopmans, Tjalling, Three Essays 23
Kotlikoff, L J 307–8, 337
(p. 609) Kregel, Jan 3–5, 36n4, 45–50, 139, 295, 338n5, 421
on Cambridge business cycle theories 421–2
on comparison between Keynes and Sraffa 77
on foresight in neoclassical model 293
“Hamlet without the Prince: Cambridge Macroeconomics without Money” 295
“new paradigm in economics, a” 1
on surplus approach 84
Kriesler, Peter 1–44, 5, 16, 18–9, 24, 239, 453, 504n2, 506n19, 539–55
on interdependency of micro/macro analysis 19
on microfoundations 37n22
and Nevile 33
Krugman, P 374
Kubota, K 342n32
Kurihara, K K 435n20, 437n39
Kurz, Heinz D 4–6, 51–73, 70n7, 70n9, 70nn1214, 71n21, 79, 86–7, 94, 96n6
labor market, discrimination in 16, 523–34
employment discrimination 524–30
correspondence testing 528–9
decomposition of wage differentials studies 526–8, 526t, 527f
range of net discrimination, field experiment studies 529–30, 529t
employment segregation 530–2
policy for 533–4
labor theory of value 105–6
labor unions:
decline of 519
and great stagflation (1970s) 516, 518
and Minsky’s financial instability hypothesis 226
and UK incomes policies under Thatcher 514, 519
and wages policy 510–1
Lai, A 525
Laidler, D E W 152, 169, 182
Laing, N F 292, 294
Lal, D 571
Lamfalussy, A 393
Lancioni, R 473
Landesmann, M 275–6, 284n17
Landreth, H 136n1
Lane, P 396
Lange, O 218
Lanzafame, M 252n26
Lavoie, Marc 8–9, 32, 94, 138, 143, 152, 154, 158, 189, 192–3, 195, 200nn12, 203–17, 431n1, 479
on business cycle theory 200n3
Monetary Economics 8, 12, 206, 431
on postclassical paradigm 78–80
on post-Keynesians distanced from Sraffa 51
price theory 94
social accounting framework 364–5
on surplus approach 84, 96n4
Lawrence, R A 395
Lawson, R 471
Lawson, T 21, 23
Lee, Frederic S 13–4, 431n1, 464n3, 464n7, 464n13, 481n2, 481n6
on post-Keynesian price theory 443, 445, 451–5, 458–9, 461, 467–84
legal tender laws 145–7
Lehman Brothers 213
Leijonhufvud, A 36n10, 437n42
Lemieux, T 527
León-Ledesma, M A 252n26, 393–4, 408n3, 409n10, 581
Leontief, W 36n15, 218, 282, 385, 570
Lerner, A P 49, 437n42, 510, 516 see also Marshall-Lerner condition
Les Passions de l’ame (Descartes) 419
less-developed economies see aggregate demand, in less-developed countries; headings at development economics
Lester, R A 27
Levinson-Smith theorem 425
Lévy, D 108, 110
Levy, J 552
Levy Economics Institute, Bard College 219
Lewes, G H 433n9
Lewis, Arthur 569
“Economic Development with Unlimited Supplies of Labour” 16, 17, 545–7, 553n6
Lewis, David, Convention 20
(p. 610) Libanio, G 581
life-cycle hypothesis 309–14
life-cycle wealth, in US 308
Lim, S 532
Lindahl, E 12, 428–9, 431, 433n11, 435n23, 437n41
liquid assets, as time machines 127–31
liquidity preference theory 122–31, 128f, 137n3, 154–7, 434n17
Little, I M D 340n19, 571
living wage 520
Ljungqvist, L 184n3
loanable funds system 297–8
loans create deposits theory 152, 153–4, 162n2
Loasby, B 184n5
Locke, John 46
Lodewijks, J 552
Loewenstein, George 341n21
“Time Discounting and Time Preference: A Critical Review” 333–5
log-normal utility function 324, 341n24
Lombardini, S 258
long-run growth in open economies 11–2, 390–411
balance-of-payments-constrained growth (BPCG) model 400–3, 408n2, 408n4, 409n5, 410nn1927, 411nn2832
ELCC and BPCG
comparisons 403–4f, 403–7, 410n27, 411nn2832
export-led cumulative causation (ELCC) 390–6
simplified version 393f
export-led growth model 396–400, 409nn1516, 410n14
model with cumulative causation 398f
literature survey 392–6
Lowe, A 24, 283n7, 385
Lucas, Robert 36n11, 364, 565
anti-Keynes backlash of 6–7
cash-in-advance (CIA) constraint 170
on changes in government policy 388n1
critique of 24
on job security legislation in India 586
monetary policy and policymaking 15
potential output 64
Thirlwall’s response to critique of Keynes 565
and Walsrian auction 168
Lundberg, E 12, 422, 424, 431n1, 433n11, 435n23, 437n40
Luxemburg, R 47, 261, 266, 485, 506n25
Lysy, F 431n6
Machlup, F 27, 172, 451, 458
Maclachlan, M 531–2
Macroeconomics (Godley and Cripps) 207, 208–11
macroeconomics, reinventing of 11, 362–87
comparison of approaches:
assertion of stylized facts 380–1
Bielefeld–New School approach 365, 384–5
critique of approaches 380
Monetarists 363–4, 372, 378
Nell’s transformational growth approach 367–8, 372, 385–7
New Classicals 363, 364, 379, 380
New Consensus 364, 379–80
New Keynesians 364, 377–8, 380–1
Old Keynesians 364, 371, 372, 374, 376–7, 380
Post-Keynesians 367, 372, 375, 381–4
current schools 363–8
international issues:
balance of payments and globalization 374–6
micro-macro approach (mM), definition of 368–9
overview of optimizing 365–9
questions for:
banking and interest 372–3
effective demand 370–1
equilibrium and expectations 371–2
general purpose questions 368–9
inflation and Phillips curve 373
labor market 373
production and distribution modeling 369–70
role of history 369
role of money 372
taxation and government spending 374
(p. 611) Magee, S P 396
Malthus, T R 2, 36n3, 90–1
Manchester Guardian, Sraf a’s articles on banking crisis in Italy 4
Maneschi, A 294, 342n32
“Existence of a Two-Class Economy in the Kaldor and Pasinetti Models of Growth and Distribution, The” 328
Mankiw, N G 431
Manning, A 525
Manufacturing Business (Andrews) 13, 451–2, 464n3
Marangoni, G 341n22
Marcuzzo, M C 86
marginalist theory of value and distribution, Sraffa’s critique of 52–6, 70n6
Marglin, S A 8–9, 18, 30, 294, 382, 408n1, 590n6
Mari, C 288
Mark Twain Bank 218
market-based anti-inflation policy (MAP) 516
markup-oriented pricing 472–3
Marrelli, M 342n32
Marshall, Alfred 37n26
absence of ef ective demand in theories of 45
ceteris parius assumption 56
on definition of political economics 23
on optimizing 366
partial equilibrium methodology 46
and Pratten’s critical realism 23
on propensity to save 342n28
quantity theory of money 5
short-period prices 47
Marshall-Lerner condition 395, 401–3, 405, 409n7, 410n22, 410n26
Marx, Karl:
capital accumulation 47
classical economists, use of term 45
departments approach 142–3
gravitation mechanism as the law of value 107
and growth cycle theory 423
growth path of early capitalist economies 544–6
influence on Kalecki 502, 506nn2526
monetary theory of production 139–40, 142
organic interdependence 36n12
relative prices 70n17
schemes of production 10
Sraffa’s views on 4
surplus concept 540–1
theoretical comparisons with Galbraith 31
theoretical comparisons with Keynes 26–7
time-phased conditions 70n17
Masamichi, K 339n7
Massaro, V 85
Mastromatteo, G 338n5, 339n8
Matteuzzi, M 316, 339nn78, 340n14
Matthews, R C O 21–2, 309, 419, 433n11, 434n12
Maturity and Stagnation in American Capitalism (Steindl) 550
Mauro, P 229
Maynard’s Revenge (Taylor) 34–5
Mazumder, B 340n16
McCallum, B T 185n12, 342n32
McCandless, G 184n2, 184n8
McCombie, J S L 11, 25–6, 375, 390, 391, 394, 410n18, 562
McDermott, C J 563
McDonald, J 343n36
McKenzie, L W 108
McNabb, R 525
McNair, C J 481n4
Meade, J E 10, 290, 312, 317, 319, 327, 333, 343n36
Meade-Samuelson and Modigliani Dual Theorem:
applicability of 304, 307–9, 336–7
comparison to Kaldor-Pasinetti-Harcourt post Keynesian distribution theory 296, 298–9
equation 303–4
and rate of population growth 318
Meek, R 541
Meeks, J G T 21–2, 434n12
Megacorp pricing model 452, 454–5, 464n11, 480
Melly, B 527
Menchik, P L 342n28
Meng, X 525
(p. 612) Menzies, R G 33
Metcalfe, D 519
Metzler, L A 422
Meulen Rodgers, Y v d 525
Meurs, D 525
Michl, T 26, 307–8
Mileri-Ferretti, G M 396
Milgate, M 77, 79
Mill, J S 45, 46, 88–9, 107, 123, 433n9
Millennium Development Goals (UN) 561
Miller, P 525, 527
minimum wage 520
Minsky, Hyman P 9, 77, 429
and aggregate demand in determining growth and distribution 568
background of 218–20, 504n4
on banking systems and debt 149
Can “It” Happen Again? 220
on comparison between Keynes and Sraffa 76–7
corporate financial behavior analysis 193, 228
on creation of money 144, 148
critique of Bernanke 222
critique of Schumpeter 142
Inflation, Recession and Economic Policy 220
influence of Kalecki on 501
investment and indebtedness 587
investment and profits 371
investment financing 488, 501–2
lender’s risk concept 157
and macroeconomics 382–3
monetary analysis 206
reference to during global financial crisis 9, 218
and Rizvi 19
on stability as destabilizing 373
Stabilizing an Unstable Economy 226, 227
theory of crisis, critique of 416, 418, 427–30, 437nn3942 see also financial instability hypothesis, Minsky approach
Mirante, Amalia 2, 10–1, 288–361
Mirrlees, J 3–4, 340n11
Mises, L v 67
Mishra, T 581
Miyazaki, K 294, 342n32, 343n36
Modified Mundell-Flemming approach 374
Modigliani, Franco 10, 340n20, 342n28, 343n36
on bequests among wealthiest classes 342n28
differentiated interest rate on wealth 294
on draw-down of savings 340n20
life-cycle theory 323, 325, 371
and Old Keynesian approach 376
“Pasinetti Paradox in Neoclassical and More General Models, The” 309
and worker life-cycle savings 312 see also Meade-Samuelson and Modigliani Dual Theorem
Monadjemi, M 9
Monetarists:
and Cowles Commission approach 364
definition of 363–4
inflation 29–30
Minsky’s critique of 224
monetary policy 500
principles of 378
role of money 372
supply-side economics sub-school of 364
Monetary Economics (Godley and Lavoie) 8–9, 12, 206, 431
monetary economics, Godley approach 8–9, 203–14
features of post-Keynesian analysis 204–6
money and banking 208–11
loans create deposits theory 210–1
stock-flow coherent (SFC) approach 208–9
and open economies and financial crises 211–4
credit-easing operations 213–4
fixed exchange rate regime 212
systemic view of New Cambridge model 206–8
monetary production economy 6–7, 11, 46–7, 76–7, 139–40, 142
money, theory of 7, 138–50
overview 138
and goods do not buy goods 138–40
and liquidity and default risks on IOUs 144–9
(p. 613) and money as debt 140–4
propositions of 138
unemployment 139, 140
money and credit, post-Keynesian theories of 7–8, 152–62
definitions of 159–60
functions of money 160–1, 163n14
liquidity preference and endogenous bank money 154–5
loans create deposits theory 152, 153–4, 162n2
and monetary policy 157–9
money supply process 155–7, 162n4, 163n5
role of money 159
Money and the Real World (Davidson) 75–6, 223
money manager capitalism 228
money multiplier hypothesis 152, 153, 214, 376, 378–9, 381
Mongiovi, G 96n4
monopoly capitalism 487, 506n26, 549–51
Monti, M 158
Moore, B J 8, 152, 156, 158, 162n3, 163n14, 190, 192–3, 203–4, 294, 342n32
Moore, G E, Principa Ethica 21
Moreno-Brid, J C 391–2, 394, 401, 410n19, 410n21, 581
Morishima, M 425
Moscow School of Probability 432n8
Mückl, W J 294, 328, 339n7, 342n32
Mullainathan, S 529
multinational oligopolistic capitalism 540, 544, 551
Mumford, K 525, 527
Mundell-Flemming approach 374–5
Murphy, K 524
Myrdal, G 2, 12, 24, 392, 428, 429, 431, 433n11, 435n23, 437nn4041
Nature of Money, The (Ingham) 7
Nayyar, D 581
Neild, R 464n4
Nekarda, C 461, 463
Nell, Edward J 11, 36n13, 362–87, 479
General Theory of Transformational Growth 385
Nell’s transformational growth approach 367–8, 372, 385–7
Nelson, C R 581
neoclassical tradition:
on banking systems 152
development economics approaches 571–2, 579–80, 584–6
on employment discrimination 524
and equilibrium (center of gravitation) 107–8
Keynes’s critique of microeconomics 45–6
on purpose of economics 365
unifying closure 431n6 see also individual theorists
neoliberalism and wages policy 511, 519–20
Netherlands:
wages policy 514
Neumann, R v 433n9
Neumark, D 532
Nevile, J W 33–4, 552
New Cambridge Equation see Kaldor-Pasinetti Theorem
New Cambridge model (Godley) 206–8
New Classicals:
and ad-hoc shockeries 431n3
aggregate price levels 510–1
definition of 363–4
limitations of 380
monetary policy 500
principles of 379
rejection of Cowles Commission approach 364
New Consensus:
definition of 364
monetary policy 500
principles of 206, 379–80
New Keynesian monetary theory 8, 167–83
overview 167–8, 184n2
and failure of approximation theorem 180–2
money and Walrasian general equilibrium theory 169–71, 184nn67
scientific illusion of, critique of Galí expressions 176–80, 185nn1920
Calvo restraints 178–80
(p. 614) classical nonmonetary solution to 177f
dynamic IS (DIS) equation 178
inflation 179–80
New Keynesian inefficient allocation outcome 179f
Walrasian microfoundations and Galí’s expressions 171–6, 184n11, 185n13, 185n18, 185nn1216
dynamic IS (DIS) equation 174
frictionless markup 175–6
natural level of output 175–6
New Keynesian Phillips curve 173–5
nonpolicy and policy sectors 173–4
New Keynesians:
aggregate price levels 510–1
definition of 363
imperfect capital markets 223
limitations of 380–1
monetary policy 500
principles of 377–8
rejection of Cowles Commission approach 364
New Neoclassical Synthesis 221, 222, 228–9, 510
New Paradigm Keynesians 206
New Zealand:
labor union decline 519
lack of compulsory reserve requirements 192
Nikaido, H 110
NINJA (No Income, No Job or Assets) mortgages 228
Nixon, Richard 515, 516
Noda, T 339n7
nonergodocity, definition of 383
Nonlinear Accelerator and the Persistence of the Business Cycle (Goodwin) 435n21
nonmaximum dynamics 418
nonprobabilistic uncertainty 428, 433n11
Nordhaus, W D 13, 460–1, 464n4, 481n5
normal output, use of term 481n4
normal price hypothesis (NPH) 446–8, 447–8f
normal(ized) unit costs (NUC) 445–6
Norman, Neville R 13–4, 443–66, 481nn56
Norman-Oxonian fixed markup approach 457
Northern Rock 192
Nubbemeyer, E 464n13
Nuti, M 291, 434n13
Oaxaca, R 524–5
Ocampo, J-A 581
O’Connell, J 342n32, 343n36
O’Donnell, Rod M 20–3
Keynes: Philosophy, Economics and Politics 22
O’Donoghue, Ted 341n21
“Time Discounting and Time Preference: A Critical Review” 333–5
O’Gorman, P F 19–20, 22
Okun, A 458, 460
Old Keynesians:
absorption approach to imbalances 374
consumption and real wages 371
and Cowles Commission approach 364
definition of 363
limitations of 380
monetary systems 372
principles of 376–7
Oligopoly and Technical Progress (Sylos-Labini) 550
Oliveira, M 461
open economies:
and aggregate demand in LDCs 577–8
Godley on financial crises in 211–4 see also long-run growth in open economies
Opocher, A 70n11
Organisation for Economic Co-operation and Development (OECD):
on age discrimination legislation 533
flexible labor market, definition of 523
study on growth rate and aggregate demand in OECD countries 581
study on manufacturing pricing 461
Osiatynski, J 506n27
Oxford Research Group 451, 453–7, 459, 464n6
Oxford Studies in the Price Mechanism (Wilson and Andrews) 457–9
Palacio-Vera, A 200n5
Palaz, S 532
Palley, T 152, 189, 192, 195, 200n2, 214, 224, 244, 250n4, 252n25, 253n28, 297, 339n8, 520
Palma, G 336
Palumbo, A 250nn67, 410n20
Panico, C 93–4, 294, 338n4, 338n6, 339n8
Papadimitriou, D B 218, 226, 426
Pareto, V 62, 67
Parguez, A 138, 143, 203, 209
Paris, J 430
Park, A 459
Park, M-S 297–8, 308, 339n8
Parker, M 459
Pasinetti, Luigi 2, 66, 79, 81–2, 269, 283n5, 290–1, 294, 339n7, 342n32, 343n36, 480, 505n10
and aggregate demand in determining growth and distribution 568
causality 87
on differentiated interest rate on wealth 292–3
distinction between productive capacity and actual production 79
distribution and growth 48
Growth and Income Distribution 80, 291
on inclusion of other socioeconomic classes 301
on intergenerational approach 316
Kaldor-Pasinetti Theorem 288–9, 299–303, 306–8, 315–8, 327–8, 331–2, 336, 338n4
Kaldor-Pasinetti-Harcourt post-Keynesian distribution theory 288–91, 295–9, 303, 337n3
on Kaldor’s attempt at sectoral analysis 269
and Moscow School of Probability 432n8
as post-Keynesian forerunner 364
structural dynamics theory 4, 10, 80–3, 96n3, 259–60, 276–82, 282n1, 283n3, 283n5, 284nn1819
on Walrasian behavioural model, critique of 433n9
and worker life-cycle savings 312
Patinkin, D 102, 169, 171, 173, 177, 185n12, 185n15, 377, 437n42
Pellizzari, F 339n9
perfect barter 169
perfect competition 107–8, 137n4, 171–2, 174–5, 177, 177f, 445, 453–4, 456, 586
Perraton, J 408n2, 409n9, 410n24
Perry, N 31–3
personal and functional distribution, Cambridge post-Keynesian theories of 316–26
dispersion at death 323
draw-down of savings 322, 340n20
falls in value of holdings 321
fiscal policies of redistribution 320–1, 340n17, 340n19
intergenerational stability of classes 318–20
life-cycle accumulation of savings 325–6
long-term trends 320
portfolio composition 325, 341n26
progressive concentration of personal wealth 323
rate of population growth 317–8
transfers in donor’s lifetime 322–3
unequal distribution of bequests 325, 341n27
unequal distribution of personal income 324
varying propensities to save 324, 341nn2225
Petronoglo, B 525
Pettenati, P 296
Petty, W 80
Phelps, E 524
Phelps Brown, H 25, 321–2, 342n28
Phillips, A W H 34
Phillips, C A 152, 180
Phillips, S 564
Phillips curve 27–8, 173–5, 373, 377, 515
Physiocrats 89, 102, 540
Pierce, B 524
Pigou, A C 5, 45, 377
Pivetti, M 94, 479
Pixley, J 552
Plosser, C 581
Poincaré, H 20
Poincaré-Bendixson theorem 425, 435n25
(p. 616) Poland:
decomposition of wage dif erentials studies 527, 527f
Polanyi, K 552n3
Pollin, B 190, 200n2, 222–4, 520, 564
Polutnik, L 481n4
Polycarpou, A 527
Ponzi finance 221, 222, 224, 228, 427–8, 501
post-Keynesian economics (Vol 1), overview 1–18
distribution and growth 9–12
foundations of 3–7
and Kalecki’s legacy 14–5
less-developed economies 16–8
money and finance 7–9
pricing 13–4
wages and labor 15–6 see also Volume 2, critiques and methodology; individual chapter entries
post-Keynesianism, origin of term 1
Pratten, S 23–4, 37n26
predator state 551
Prelude to a Critique of Economic Theory (Sraffa) 4
Prescott, E C 416, 420, 431n5
Prescott-Clarke, P 528
Pressman, S 29
price theory, post-Keynesian 13–4, 467–81
and business enterprises:
overview 468–9, 481nn23
accounting practices 469
costing and pricing 470–1, 481nn46
costing-oriented pricing 471–2
markup-oriented pricing 472–3, 481n7
production and costs 469–70
going concern prices:
overview 468, 473–6, 475t
economy as whole 477–80, 482nn1112
market governance factors 476–7, 482nn910
Prices and Production (Hayek) 5, 67
Principa Ethica (Moore) 21
Principles of political economy and taxation (Ricardo) 71n21, 106, 119n7, 553n4
product line, definition of 470
product-based markup pricing 473
Production of Commodities by Means of Commodities (Sraffa) 3, 74
core distributive conflict in capitalism 95
equality of global rates of profit 115–6
intraperiod dynamics 90
prices of production 49
rate of profits 94
snapshot analogy and causality 87
propensity to consume 126–7, 135–6
propensity to save 324, 328, 336–7, 341nn2225
public sector see government or state
Pugno, M 409n6
Pullen, J 37n27
Quadrio-Curzio, A 302, 339n9
quantitative dynamic stochastic general equilibrium (DSGE) models 167–9, 206
quantitative easing (QE) 213
quantum mechanics 116–7, 120n8
Quesnay, F, Tableau Economique 89
racial discrimination see labor market, discrimination in
Rakshit, M K 570–1, 574
Ramanathan, R 294, 296, 338n5, 342n32
Ramey, V 463
Ramsey, F P 21
Ramstad, Y 481n1
Ransom, M 524, 525
Rao, V R 473, 570, 577
Rawls, John, Theory of Justice 23
Rayleigh–van der Pol equation 421, 424–5, 435n21, 435n25, 437n37
Rayner, V 459
Razmi, A 395–6
R.E. Studs, Pasinetti’s article on long-period rate of profits 10
real business cycle (RBC) model 170–1, 175, 180, 184n2, 184n11 see also business cycle theories
Realfonzono, R 152, 157, 160, 163n10, 200n1
Rehn-Meidner model 513
Reinoso, V 529
relative purchasing power (PPP) 394–6, 401–3, 405, 409n11, 411n28
(p. 617) rent theory:
and Cambridge post-Keynesian distribution theory 301–8
and relative distribution of income 339n9
Ricardian value and profits theory 48, 301
Reskin, B 532
Review of Economic Studies (Kaldor) 290–1
Riach, Peter 16, 506n19, 523–38
Ricardian Equivalence Theory 332, 342n34
Ricardo, David 2, 36n3, 59
absence of ef ective demand 45
allocation of labor and growth 109
Bortis’s synthesis of Ricardo/Keynes 30
distribution theories 46–7, 105–6, 312
growth path of early capitalist economies 544–5
on international trade 392
machinery theory 90–1
natural magnitudes 80–1
natural prices 63, 94
natural rate of profits 95
Principles of political economy and taxation 71n21, 106, 119n7, 553n4
proportional wages concept 57
relative prices 70n17
rent theory 48, 301
savings assumptions 47
standpoint 89
time-phased conditions 70n17
Rich, Judith 16, 523–38, 532
Riese, H 294
Risch, R 432n7
Rizvi, S A T 19–20, 37n23
Robbins, L 23, 37n25
Roberts, M 35n2, 234, 238
Robertson, D H 74, 155
Robinson, A 13
Robinson, Joan 302, 305, 337n2, 408n1
Accumulation of Capital, The 36n9, 203
and aggregate demand in determining growth and distribution 568
cumulative causation processes 24
distinction between Marxian and Keynesian unemployment 543, 553n5
Economics of Imperfect Competition, The 362
Essays in the Theory of Employment 511–2
Exercises in Economic Analysis 262
“Generalisation of the General Theory” 46–7
on imperfect competition 48–9
investment and profits 371
on Kaleckian economics 486, 497, 498
long-period growth models 3–4
on Marx’s schemes of reproduction 26
and Nell’s transformational growth approach 385
on philosophical dimensions of Keynes 21
post-Keynesian, definition of 2
as post-Keynesian forerunner 364
real wage 492
and Rosser’s economic complexity theory 24
on Sraffa’s corn model 119n7
on Sraffa’s production system 77–8
on state of tranquility 252n20
on structural change 260–6, 283n5, 283nn23, 283nn59
on structure of rents 302
“What Are the Questions?” 10, 362
and worker life-cycle savings 312
Robinsonian-Kaleckian-Kaldorian argument 342n33
Rochon, L P 155, 200n1, 203
Rodgers, W 525
Rogers, Colin 8, 36n10, 167–87, 184n2, 184n6, 185n14, 206
Rogoff, K 395
Romer, P 36n11, 431
Roncaglia, A 85, 87
Roos, P 532
Ros, J 382, 582
Rosenstein-Rodan, P N 570
Rosser, J B, Jr 24
Rossi, S 200n1, 341n22
Rotemberg, J 463
Rothschild, E 118, 445, 464n12, 468–9, 473, 549
Rousseas, S 224
Rowthorn, R E 17, 30, 590n2
Royal Economic Society 59
Rühl, C 96n4
Runde, J 21–2
Russell-Salter rule 34
Salter, W E G 32–4, 283n6, 514 see also Kaldor-Russell-Salter Law
Salvadori, N 52, 56, 70n9, 70nn1213, 96n6, 291, 294, 338n4, 338n6, 339n8, 342n32
Samuelson, Paul 10, 106, 342n32, 343n36, 396
American Economic Review 1960 article 28
and common empirical claims 380–1
differentiated interest rate on wealth 294
Foundations of Economic Analysis 431n5
Heckscher-Ohlin-Samuelson assumptions 586–7
on nonmaximum dynamics 418
“Pasinetti Paradox in Neoclassical and More General Models, The” 309
summing up method 25
supportive of Johnson/Nixon wage policies 515
on theories of value and distribution 106
time-phased conditions 70n17
use of Walrasian foundation 122, 136n1
and Walsrian auction 177
Saposs, D 218
Sardoni, C 26–7
Sarel, M 564
Sargent, T J 184n3
Sawyer, M 29–30, 35n1, 200n2, 219, 336, 476, 485, 487, 548
Say, Jean Baptiste 123
Say’s Law 6–7, 52, 63–4, 71n21, 89, 122–31
Scandinavian countries:
labor unions 519
wages policy 514
Scazzieri, Roberto 2, 10, 257–87
“Growth and Distribution in a T ree-Class Economy” 301–2
Schaede, U 482n10
Schianchi, Augusto, “Growth and Distribution in a T ree-Class Model: A Note” 304
Schmitt, B 163n12
Scholz, K 308
Schumpeter, Joseph 36n15, 162n2, 549
capitalist, use of term 436nn3132
on future of economics 362
on social debt 142
theory of innovations 422–3, 436n30, 436n32
Sebastiani, M 506n25
Seccareccia, M 143, 152, 297
securitization 228
Seguino, S 525
Seidman, L 516
sellers’ inflation 510
Semmler, W 108
Sen, A 119n5, 431n6, 560–1, 582
Sepehri, A 339n7
Setterfield, Mark 9–10, 35n2, 200n6, 231–56, 250n1, 251n14, 251n16, 251n19, 391, 519
demand regime (DR) and productivity regime (PR) 398–9, 409nn1516
export-led growth model 11, 393, 396–400, 409n13, 409nn1516, 410n17
on global financial crisis 200n6
Kaldor’s influence on 2
Shackle, George S L 161, 502
bounded rationality/bounded uncertainty nexus 419, 420
on firms setting of prices 451
nonprobabilistic decision theory 428
nonprobabilistic uncertainty 433n11
on philosophical dimensions of Keynes 21–2
Years of High Theory 506n18
Shaikh, A 25
Shiller, R 228
Shove, G 11
Silber, J 531
Silberston, A 459
Simon, H A 25, 419, 434n14
Simondi, S de 80
Singer, H W 569
single-period/continuation analysis 8, 188–99
and credit market 192–4, 200n3
endogenous money analysis diagram 194f
(p. 619) and financial market 194–6
endogenous money analysis diagram 196f
and reserve market 190–2
endogenous money analysis diagram 191f
single-period/continuation time framework 196–9
Sinha, Ajit 4, 6, 101–21, 119n2
Sismondi, J C L de 89, 90
Skinner, J 307
Skott, P 250n3, 338n5
Skouras, T 336
Slutsky, E 432n7
Smith, Adam 30
cost of production 49
cumulative causation model 36n6
distribution of income 71n19
division of labor 47, 54, 90–1, 232
influence of supply on demand 236
on international trade 392
natural prices 63, 101–6
price equation 103
standpoint 89, 96n2
Theory of Moral Sentiments, The 29
Wealth of Nations, The 29
Smith, P 525, 527
Smithin, J 210, 514, 516–7
Smyth, W W 437n38
social debt, Schumpeter on 142
social power relations 93
Solow, R M 25, 28, 64, 168, 207, 463, 492, 515, 561
Solow-Swan neoclassical model 580, 591nn910
Sonnenschein, H 108
Sosa-Escuedero, W 581
Soskice, D 518
South Korea:
trade intervention in 587
Spain:
2010 labor strike in 523
Spaventa, L 276
Special Drawing Rights (SDRs) 563
speculative finance 221, 222, 224, 427–8
Spencer, J 525
spending decision-making process 126–8, 128f
Spinoza 52
Sraffa, Keynes and post-Keynesianism 4–5, 51–69
and Bortkiewicz’s theories 59–60, 70n15, 70n17
effective demand 64–7
employment, output, and economic growth theory 63–9
endogenous money 67
equations without/with surplus 56–7
externalities 62–3
investment demand 65–6
and Keynes’s liquidity preference theory, critique of 67–9
and marginalist theory of value and distribution, Sraffa’s critique of 52–6, 69nn34
alternative roles of counterfactuals 53–4
capital and marginalist theory 54–6, 70n8
ceteris parius assumption 56
revival of classical approach 54, 70n6
observer vs experimenter 57–9, 70nn1213
obsolete machines 66–7
paradox of thrift 66
rate of profits 57
rejection of marginalist doctrines 65
and Say’s Law 63–4
supply and demand 61–2, 71nn1920
surrogate production function 60–1, 71n18
Sraffa, Piero 46, 48–9, 52–4, 59–62, 66–7
analysis methodology 282n1
comparison to Smith 104
critique of Austrian capital theory 437n42
critique of Hayek 5
critique of neoclassical economics 46, 48–9
Economic Journal articles by 4–5, 74
equilibrium (center of gravitation) 102, 108–18
growth path of early capitalist economies 540
Manchester Guardian articles by 4
(p. 620) and Meade-Samuelson and Modigliani dual theorem 336
and Nell’s transformational growth approach 385
own rate of interest concept 437n42
and Perry’s environmental economics 32
Prelude to a Critique of Economic Theory 4
prices of production 49
on production of commodities by means of commodities 140
Production of Commodities by Means of Commodities 3, 49, 74, 87, 90, 94, 95, 115–6
and quantum mechanics 116–7, 120n8
and Rosser’s economic complexity theory 24
and structural dynamics theories 282n1
Sraffa Papers, Wren Library, Trinity College 85, 96n5
Sraffa-Keynes synthesis 5, 74–96
overview 74–5
and Keynesian fundamentalism 75–80, 96n2
and Pasinetti’s structural dynamics theory 75, 80–3, 96n3
and Sraffa’s production system 75, 83–95, 96n4
agent heterogeneity 91–2
determination of prices 94–5
interperiod and transperiod dynamics 90–1
intraperiod dynamics 88–90
monetary analysis 92–4
snapshot analogy and causality 78, 85–8
Srinivasan, T N 571
stability of classes 318–20
Stabilizing an Unstable Economy (Minsky) 226, 227
stagnation 223, 246, 387, 487, 549–50, 558, 564–5
Stahl, H 461
Standard Keynesians 363
Steedman, I 6, 70n11, 84–5, 91, 95, 109, 298, 299, 339n7, 342n32
Stehrer, R 284n17
Steiger, O 153
Steindl, J 32, 34, 487, 549
Maturity and Stagnation in American Capitalism 550
sticky floor 525–7, 527f
Stigler, G J 416, 431n5
Stiglitz, J 304, 309, 320–1, 340n17, 342n32, 492, 565n1
stock-flow coherent (SFC) approach 204, 208–9
Stockholm School 433n11, 437n40, 486
Stone, R 270–3, 284n14
Stratton, W 471
structural economic dynamics, Cambridge tradition 10, 257–82
Goodwin on structural dynamics 273–6, 284nn1517
Kaldor on long-run dynamics and stylized empirics 266–70, 283nn1011, 284nn1213
Pasinetti on structural dynamics 276–82, 282n1, 283n3, 283n5, 284nn1819
Robinson on structural change 260–6, 283n5, 283nn23, 283nn59
Stone on disaggregate structural change analysis 270–3, 284n14
structures and dynamics 257–60, 282n1
structuralism and liquidity preference 152, 155, 156–7, 162
Struyk, R 529
Studart, R 551–2
subprime financial crisis see global financial crisis (2007–2009)
Sugahara, R 294, 309, 331–3, 339nn78
Summers, L H 184n9, 307–8, 337, 411n30
surplus approach, use of term 76, 84, 96n2, 96n4
surplus concept and development economics 540–1, 544–6
Sweden:
decomposition of wage differentials studies 527, 527f
lack of compulsory reserve requirements 192
Sweezy, P 487, 549–50
(p. 621) Sylos-Labini, Paolo 258, 277, 458, 549
Oligopoly and Technical Progress 550
Tableau Economique (Quesnay) 89
Taiwan:
decomposition of wage differentials studies 526–8, 526t
Taniguchi, K 328, 342n32
target-rate-of-return pricing 472–3, 481n7
Targetti, F 138, 283n10
Tarshis, Lorie 27, 515
“Promise T at Bounced, A?” 1
tax-based incomes policy (TIP) 15, 226, 515–6
taxes drive money concept 146–7
Taylor, Lance 37n24, 180, 214, 382, 429, 431n6, 434n17, 570–1, 577–8
Maynard’s Revenge 34–5
technological lock-in and growth 241–3, 242f
Teixeira, Joanilio Rodolpho 294, 309, 336, 339nn78, 343n36
leader of Brazilian post-Keynesian school of Economics 315
on life-cycle hypothesis and bequest motive 331–3
on public sector and Kaldor-Pasinetti Theorem 300–1
“Taxation on Intergenerational Bequests and Redistribution of Wealth in a Class-Setting” 331
Terzi, A 89
Thatcher, Margaret 514, 519
theory integration 375–6
Theory of Justice (Rawls) 23
Theory of Moral Sentiments, The (Smith) 29
Thirlwall, Anthony P 16–7, 252n26, 408n2, 556–67, 590n1
balance-of-payments-constrained growth (BPCG) model 391–2, 400–8, 409n6, 409n8, 409n11, 410n18, 410n24, 411n31, 562
Bretton Woods proposals 17
critique of ELCC growth model 393–5
Dixon-Thirlwall model 235, 250nn1011, 400–7, 409n13, 410n21, 410n24
ELCC and BPCG comparisons 411n31
on export-led growth 11–2, 36n14
on external debt to GDP 391
generalization of Harrod international multiplier 375
on growth rate and aggregate demand in OECD countries 581
on Kaldor’s Growth Laws 392–3
“Model of Export-Led Growth with a Balance of Payments Constraint” 36n14 see also endogenous growth, Kaldorian approach
Thomas, B 433n11
Thornton, J 581
Three Essays (Koopmans) 23
Thurow, L 22
Tily, G 506n23
time-to-build 418–9, 420, 426, 433n10, 434n13
Tinbergen, Jan 432n7, 433n10
Ein Schiffauzycklus 436n28
Tobin, James 342n32, 343n36
demand pressure 371
Godley’s extension of 209–10, 212
and labor market 377
on liquidity preference curve 163n9
q-theory 222, 426
study on constraints 207
Toner, P 250n5
Toporowski, Jan 14–5, 143, 219, 485–509, 504n1
Torre, D 90, 97n8
total cost pricing 471
Tract on Monetary Reform, A (Keynes) 15, 69, 559
trade liberalization 586–7
trading blocs 587
Trainor, M 525
transversality condition 144
Treatise on Money, A (Keynes) 6, 14
consumption 92, 505n11
Hayek’s critique of 67
industrial circulation period 88, 89–90
loans create deposits 152
money of account 92–3, 95
quantity theory of money 36n8
Treatise on Probability, A (Keynes) 20
Treiman, D 525
(p. 622) Trevithick, J 207
Triffin, R 581
Tugan-Baranovsky, M 485
Turner, M 529
Tymoigne, E 431n1
unemployment:
capitalist economy and involuntary unemployment 434n14, 502–3, 506n24
and Kaleckian economics 542–3, 547
Minsky’s tight full employment 225
and theory of money 139
as unjust, Keynes on 559
United Kingdom:
currency 145, 146
decomposition of wage differentials studies 526–8, 526t
flexible labor market policies 523
legislation against age discrimination 530
Royal Commission on bequests 322
United Nations:
Kalecki’s tenure with 486
Millennium Development Goals 561
United States:
Age of Decline (1973–89) 244–6
commercial bank reserves 213–4
currency 145
decline of household savings rate 343n37
decomposition of wage differentials studies 526–8, 526t
federal funds rate 205
federal minimum wage 520
financialized growth episode 244–6, 245f
as Galbraith’s predator state 551
horizontal occupational segregation in 525
origins of global financial crisis in 228
racial segregation in workforce 532
range of net employment discrimination, field experiment studies 529t, 530
unsustainability of US financialized growth episode 252n25
wealth accumulation in 308 see also Federal Reserve (US)
Vallegeas, B 143
Value and Capital (Hicks) 8, 19
van Dalen, J 461
Vaughan, R N 342n32
Veblen, Thorstein 24, 481n1
monetary theory of production 139–40, 142
as original institutionalist 1
“Preconceptions of Economic Science” 48
Velupillai, K Vela 12, 24, 415–42, 431n6, 433n10, 434n13, 435n25, 436n26, 436n34, 438n43
Verdoorn, P J 393
Verdoorn’s law 232 see also endogenous growth, Kaldorian approach
Vernengo, M 155
vertical employment segregation 525–7, 527f
Vicarelli, F 79–80
Viton, A 482n10
Vogel, L 581
Vos, R 581
Vrachimis, K 527
wages policy 15, 510–20
avoidance of deflation 510–1
early economists on 511–2
during golden age 512–4
during great stagf ation (1970s) 516–9
and neoliberalism 511, 519–20
Weintraub and tax-based incomes policy 515–6
Wald, A 107
Wallace, N 184n10, 185n19
Wallich, H 15, 226, 516
Walras, Léon:
general equilibrium theory 46, 167–70
mathematical proofs of 107–8
and New Classicals 379
theory of value 107 see also New Keynesian monetary theory
Walsh, M 473, 541
Ward, R 528
Ward-Warmedinger, M 526
Warman, F 559
Wass, V 525
Watanabe, W 342n35
Watson, I 520
Watts, M 530, 531, 532
(p. 623) Wealth of Nations, The (Smith) 29, 105
Weber, M 552n3
Weintraub, Sidney 226
analysis of product and factor market structures 6
as co-founder of Journal of Post Keynesian Economics 6
post-Keynesian macroeconomics 122, 132
tax-based incomes policy 15, 226, 515–7
Weiss, A 565n1
West, B J, Essay on the Importance of Being Nonlinear:
An 424
Wicksell, K 48, 55, 70n7, 173–4, 429, 431, 431n1, 433n11
Wicksteed, P H 37n25
Wilson, T 94, 457–9
Wittgenstein, L 51
Wolf, E N, “Life Cycle Savings and the Individual Distribution of Wealth Class” 313–4, 328–9
Wolfson, M 193, 227
Wood, A 13, 268, 452, 454, 464nn910, 476, 480, 481n7
Woodfield, A 343n36
Woodford, M 167, 181, 184n8, 463
workfare programs 226
Works Progress Administration (WPA) 226
World Bank:
contractionary biases in 563–4
and neoclassical tradition 571
on poverty levels 556
structural adjustment programs 586
Worswick, D 207, 487
Wray, L Randall 7, 138–51, 153, 192–3, 203, 209, 214, 218, 223, 226, 228, 427, 551
Yasui, T 424
Yates, A 473
Years of High Theory (Shackle) 506n18
Young, A A 9, 24, 47, 392
Zambelli, S 437n42
Zeldes, S P 307
zero elasticity of production 128–30, 137n3, 139
zero elasticity of substitution 128–30, 137n4
Zezza, G 214, 215n2
Zhu, A 564
Zveglich, J 525