Template-Type: ReDIF-Article 1.0
Author-Name: David Levine 
Author-X-Name-First: David 
Author-X-Name-Last: Levine 
Title: Knowing and Acting: on uncertainty in economics 
Abstract:
  Economists who speak of uncertainty tend to attribute it to the
 objective, external, world, which they sometimes describe as being
 uncertain. However plausible this way of speaking about uncertainty, it
 also causes problems. This essay explore some of these problems, which
 have to do with what it means to attribute uncertainty to the state of the
 world, particularly to bring in the flow of 'historical' time. The essay
 advances the idea that uncertainty be understood not as an intrinsic
 attribute of the flow of time, but in connection with a specific moment in
 human history and the situation in which individuals find themselves at
 that moment. The essay focuses attention on the status of the subject of
 agent in economics, and the conditions under which knowing and acting are
 possible. Special emphasis is placed on the implications for knowing and
 acting on the distinction between traditional and modern society. 
Journal: Review of Political Economy 
Pages: 5-17 
Issue: 1 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000016 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000016
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:1:p:5-17




Template-Type: ReDIF-Article 1.0
Author-Name: David Andrews 
Author-X-Name-First: David 
Author-X-Name-Last: Andrews 
Title: Sraffa on 'The Present Position of Economics' 
Abstract:
Journal: Review of Political Economy 
Pages: 19-36 
Issue: 1 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000017 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000017
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:1:p:19-36




Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Kliman 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Kliman 
Title: Technological Disemployment in the Neoclassical Model 
Abstract:
Journal: Review of Political Economy 
Pages: 37-49 
Issue: 1 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000018 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000018
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:1:p:37-49




Template-Type: ReDIF-Article 1.0
Author-Name: Donald George 
Author-X-Name-First: Donald 
Author-X-Name-Last: George 
Title: Self-management and Ideology 
Abstract:
  The paper discusses the ideological basis of self-management. It
 considers whether self-management, as an economic system, is consistent
 with ideologies of Marxism, Anarchism, and Democracy. It goes on to
 consider the political question as to which groups are likely to oppose
 and which to support the introduction of self-management into a modern
 society. 
Journal: Review of Political Economy 
Pages: 51-62 
Issue: 1 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000019 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000019
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:1:p:51-62




Template-Type: ReDIF-Article 1.0
Author-Name: Ernesto Screpanti 
Author-X-Name-First: Ernesto 
Author-X-Name-Last: Screpanti 
Title: Richard Murphy Goodwin, 1913-1996 
Abstract:
Journal: Review of Political Economy 
Pages: 63-66 
Issue: 1 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000020 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000020
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:1:p:63-66




Template-Type: ReDIF-Article 1.0
Author-Name: Sergio Nistico 
Author-X-Name-First: Sergio 
Author-X-Name-Last: Nistico 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 67-72 
Issue: 1 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000021 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000021
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:1:p:67-72




Template-Type: ReDIF-Article 1.0
Author-Name: Henk Plasmeijer 
Author-X-Name-First: Henk 
Author-X-Name-Last: Plasmeijer 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 72-76 
Issue: 1 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000022 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000022
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:1:p:72-76




Template-Type: ReDIF-Article 1.0
Author-Name: Richard Holt 
Author-X-Name-First: Richard 
Author-X-Name-Last: Holt 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 76-78 
Issue: 1 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000023 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000023
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:1:p:76-78




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Williams 
Author-X-Name-First: Michael 
Author-X-Name-Last: Williams 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 78-84 
Issue: 1 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000024 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000024
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:1:p:78-84




Template-Type: ReDIF-Article 1.0
Author-Name: Young Back Choi 
Author-X-Name-First: Young Back 
Author-X-Name-Last: Choi 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 84-88 
Issue: 1 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000025 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000025
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:1:p:84-88




Template-Type: ReDIF-Article 1.0
Author-Name: Tidings Ndhlovu 
Author-X-Name-First: Tidings 
Author-X-Name-Last: Ndhlovu 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 88-91 
Issue: 1 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000026 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000026
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:1:p:88-91




Template-Type: ReDIF-Article 1.0
Author-Name: Christian Gehrke 
Author-X-Name-First: Christian 
Author-X-Name-Last: Gehrke 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 91-96 
Issue: 1 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000027 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000027
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:1:p:91-96




Template-Type: ReDIF-Article 1.0
Author-Name: John Murray 
Author-X-Name-First: John 
Author-X-Name-Last: Murray 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 97-99 
Issue: 1 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000028 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000028
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:1:p:97-99




Template-Type: ReDIF-Article 1.0
Author-Name: Maria Cristina Marcuzzo 
Author-X-Name-First: Maria Cristina 
Author-X-Name-Last: Marcuzzo 
Title: Erratum 
Abstract:
Journal: Review of Political Economy 
Pages: 101-101 
Issue: 1 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000029 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000029
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:1:p:101-101




Template-Type: ReDIF-Article 1.0
Author-Name: Hannah Kettler 
Author-X-Name-First: Hannah 
Author-X-Name-Last: Kettler 
Title: The Emergence of Concentrated Ownership Structures in East Germany: the implications for enterprise restructuring 
Abstract:
  In the transitional economies of East and Central Europe, privatization
 is widely considered essential for transforming the large state-owned
 enterprises. However, eager to expose the public enterprises to 'hard
 budget constraints', economists have neglected the importance of who the
 owners are. Studies of ownership structures and post-privatization
 restructuring in east Germany provide evidence that ownership matters for
 transformation success. The adoption of west German institutions in the
 east and the sale of state industrial property in concentrated shares to
 'insider' investors seem to have created good conditions for the long-term
 committed investments essential for the rebuilding of tangible and
 intangible assets in east German enterprises. However, the control
 structures of a sample of enterprises reveal a wide range of investment
 strategies between types of corporate investors. Just as legal and
 financial institutions set constraints on ownership structure, the
 ownership structure sets constraints on the range of investment choices.
 Whether committed investments occur will depend on constrained strategic
 decisions of the new private owners. 
Journal: Review of Political Economy 
Pages: 117-149 
Issue: 2 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000031 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000031
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:2:p:117-149




Template-Type: ReDIF-Article 1.0
Author-Name: Chris Doucouliagos 
Author-X-Name-First: Chris 
Author-X-Name-Last: Doucouliagos 
Title: Unemployment and Workers' Control 
Abstract:
  The relationship between democratic workers' control and unemployment is
 explored. When unemployment arises from labor market distortions, market
 imperfections, or from information imperfections, labor-managed firms are
 superior to capitalist firms. The firm's governance and decision making
 structures then play an instrumental role in the level of unemployment.
 However, when involuntary unemployment arises from effective demand
 failures, then workers' control may not be able to maintain or to restore
 full employment. In such cases, collective and coordinated efforts are
 needed to reduce the level of involuntary unemployment. 
Journal: Review of Political Economy 
Pages: 151-179 
Issue: 2 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000032 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000032
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:2:p:151-179




Template-Type: ReDIF-Article 1.0
Author-Name: Daniele Besomi 
Author-X-Name-First: Daniele 
Author-X-Name-Last: Besomi 
Title: Statics and dynamics in harrod's trade cycle 
Abstract:
Journal: Review of Political Economy 
Pages: 181-209 
Issue: 2 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000033 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000033
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:2:p:181-209




Template-Type: ReDIF-Article 1.0
Author-Name: J. Barkley Rosser 
Author-X-Name-First: J. Barkley 
Author-X-Name-Last: Rosser 
Author-Name: Marina Vchershnaya Rosser 
Author-X-Name-First: Marina Vchershnaya 
Author-X-Name-Last: Rosser 
Title: Schumpeterian Evolutionary Dynamics and the Collapse of Soviet-Bloc Socialism 
Abstract:
  The problem of the collapse of socialism within the former Soviet bloc is
 examined from the perspective of a Schumpeterian view of technological
 change and discontinuous evolutionary dynamics. The Schumpeterian
 mechanism of 'creative destruction' was frustrated in the traditional
 socialist system with revolutionary technological changes tending not to
 be adopted. In largely capitalist economies Schumpeter saw these as being
 adopted in clusters at critical points in long waves, but planned
 socialism substantially reduces such cycles for output, if not quite as
 much for investment. The crisis of Soviet-style socialism came with the
 attempt to leap to the higher 'technique cluster' of information
 technologies and broke down in the effort to do so as political changes
 reflected conflict between the production requirements of that technology
 with the central control of the planned socialist system. 
Journal: Review of Political Economy 
Pages: 211-223 
Issue: 2 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000034 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000034
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:2:p:211-223




Template-Type: ReDIF-Article 1.0
Author-Name: Heather Boushey 
Author-X-Name-First: Heather 
Author-X-Name-Last: Boushey 
Author-Name: Steven Pressman 
Author-X-Name-First: Steven 
Author-X-Name-Last: Pressman 
Title: The Economic Contributions of David M. Gordon 
Abstract:
  Throughout his too brief career, David Gordon made many contributions to
 economics. His social structure of accumulation model sought to explain
 the economic performance of the US based upon whether institutional
 structures are conducive to profitability and growth. His work in labour
 economics sought to explain slow productivity and wage growth in the US.
 And his work in macroeconomics sought to compare and test different
 macroeconometric models. Throughout all his work, David sought to develop
 a radical alternative to mainstream economics and to build enduring
 radical institutions. 
Journal: Review of Political Economy 
Pages: 225-245 
Issue: 2 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000035 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000035
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:2:p:225-245




Template-Type: ReDIF-Article 1.0
Author-Name: David Andrews 
Author-X-Name-First: David 
Author-X-Name-Last: Andrews 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 247-251 
Issue: 2 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000036 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000036
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:2:p:247-251




Template-Type: ReDIF-Article 1.0
Author-Name: Richard Holt 
Author-X-Name-First: Richard 
Author-X-Name-Last: Holt 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 251-252 
Issue: 2 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000037 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000037
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:2:p:251-252




Template-Type: ReDIF-Article 1.0
Author-Name: Mozaffar Qizilbash 
Author-X-Name-First: Mozaffar 
Author-X-Name-Last: Qizilbash 
Title: Needs, Incommensurability and Well-being 
Abstract:
  Some have argued for the priority of needs in moral and development
 theory, on the grounds that people have conflicting and incommensurable
 values and conceptions of the good. In this paper, I concentrate on one
 version of this view, that due to John Rawls. Rawls' view is that a
 person's advantage should be evaluated in terms of certain primary goods
 which are citizens' needs. I outline a variation on James Griffin's
 account of well-being, which involves certain values that make any human
 life better&#x2014;prudential values. I argue that such values are
 commensurable, and that the account is consistent with pluralism. The
 discussion supports and helps us to understand various criticisms of
 Rawls. It also suggests that one argument for the priority of needs in
 development theory is invalid. 
Journal: Review of Political Economy 
Pages: 261-276 
Issue: 3 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/751245295 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/751245295
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:3:p:261-276




Template-Type: ReDIF-Article 1.0
Author-Name: Louis-Philippe Rochon 
Author-X-Name-First: Louis-Philippe 
Author-X-Name-Last: Rochon 
Title: Keynes's Finance Motive: a re-assessment. Credit, liquidity preference and the rate of interest 
Abstract:
  This paper attempts to reconcile Keynes's post-General Theory writings on
 the finance motive with the horizontalist approach, as advocated by Moore,
 Lavoie, Kaldor and many proponents of the Franco-Italian Circuit school.
 It is argued here that, as Keynes felt himself lsquo;gradually getting
 into an outside positionrsquo; with respect to the General
 Theory&#x2014;which he saw as a transition away from classical
 theory&#x2014;he came to adopt many aspects of the horizontalist position
 as well as that of the circuit approach, including the exogeneity of the
 rate of interest and the view that rates do not necessarily increase
 during economic expansions. Keynes's post-General Theory writings
 therefore reject the theory of liquidity preference of the General Theory.
 It is suggested that, in their attempt to construct an alternative to
 orthodox monetary thought, post-Keynesians should abandon the confines of
 the General Theory, and focus instead on the views Keynes developed after
 the General Theory. 
Journal: Review of Political Economy 
Pages: 277-293 
Issue: 3 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/751245296 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/751245296
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:3:p:277-293




Template-Type: ReDIF-Article 1.0
Author-Name: JesUs Zaratiegui 
Author-X-Name-First: JesUs 
Author-X-Name-Last: Zaratiegui 
Title: Twin Brothers in Marshallian Thought: Knowledge and organization 
Abstract:
  The development of Marshallian thought in the realm of business theory
 has contributed to the appearance of a new branch of economic theory:
 Industrial Organization, as pioneered by Stigler. This theory relies, to a
 large degree, on the idea that a mutually beneficial relationship is
 produced in the industrial environment between the creation of new
 information and the organizational improvement of related firms. This
 symbiosis between knowledge and organization is the driving principle
 behind the 'industrial districts' which Marshall announced a century ago,
 and is most recently embodied in the contemporary industrial clusters such
 as Silicon Valley. However, Marshall distances himself from his
 equilibrium model when dealing with the issues of obtaining and managing
 information within the firm itself, creating a weak link in his own
 argument. 
Journal: Review of Political Economy 
Pages: 295-312 
Issue: 3 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/751245297 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/751245297
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:3:p:295-312




Template-Type: ReDIF-Article 1.0
Author-Name: Clive Beed 
Author-X-Name-First: Clive 
Author-X-Name-Last: Beed 
Author-Name: Cara Beed 
Author-X-Name-First: Cara 
Author-X-Name-Last: Beed 
Title: Realism and a Christian Perspective on Economics 
Abstract:
  Beed & Beed (1996a) argued that a Christian philosophy and methodology
 provide an alternative mode of thinking about economic matters than is
 provided by secular economics. The Christian view is shown here to be a
 form of realism, having affinity with the metaphysical realism propounded
 by Trigg (1989, 1993), but differing from the critical realism of Bhaskar
 (1989, 1994) and others, advocated by Lawson (1997) in economics. A brief
 history and outline of realism are presented so it is clear what is being
 compared with the Christian position. This is followed by comparison of
 Christian realism with metaphysical and critical realism. Some
 illustrations of how Christian realism might be applied to economic
 questions are developed to show how it differs from the way in which
 secular forms of realism might analyse the same questions. Applying
 Christian realism to socio-economic matters requires an interdependent and
 normative approach in the context of a given metaphysical worldview. It
 takes the analysis of economic questions into territory unfamiliar to
 secular economics and which the latter may well reject as not being
 economics. 
Journal: Review of Political Economy 
Pages: 313-333 
Issue: 3 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/751245298 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/751245298
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:3:p:313-333




Template-Type: ReDIF-Article 1.0
Author-Name: Emily Northrop 
Author-X-Name-First: Emily 
Author-X-Name-Last: Northrop 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 351-358 
Issue: 3 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/751245299 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/751245299
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:3:p:351-358




Template-Type: ReDIF-Article 1.0
Author-Name: Wendy Harcourt 
Author-X-Name-First: Wendy 
Author-X-Name-Last: Harcourt 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 358-360 
Issue: 3 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/751245300 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/751245300
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:3:p:358-360




Template-Type: ReDIF-Article 1.0
Author-Name: Lawrence Moss 
Author-X-Name-First: Lawrence 
Author-X-Name-Last: Moss 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 360-368 
Issue: 3 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/751245301 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/751245301
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:3:p:360-368




Template-Type: ReDIF-Article 1.0
Author-Name: Andrej Susjan 
Author-X-Name-First: Andrej 
Author-X-Name-Last: Susjan 
Author-Name: Marko Lah 
Author-X-Name-First: Marko 
Author-X-Name-Last: Lah 
Title: Inflation in the Transition Economies: the post-Keynesian view 
Abstract:
  The article deals with the relevance of post-Keynesian theory of conflict
 inflation for the transition economies. While the conflict inflation
 theory does not have any explanatory tower for the performance of
 socialist economies and for their immediate post-socialist behaviour. it
 becomes relevant in later phases of their transition. The reason lies in
 the development of labour market institutions and in the establishment of
 collective bargaining. The inflation rate is determined by the real wage
 aspiration gap and by the bargaining power of the capital and labour side.
 The pervasive role of the state in setting target wage guidelines and a
 weak position of employers' organizations and trade unions as typical
 features of transitional tripartism lead to a relatively low rate of
 conflict inflation. However, this type of inflation is not responsive to
 monetarist anti-inflationary measures, which successfully cured the
 hyperinflationary tendencies in early transitional stages.
 Conflicting-claims inflation requires a more delicate approach. based on
 incomes policy measures and growth incentives. 
Journal: Review of Political Economy 
Pages: 381-393 
Issue: 4 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000038 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000038
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:4:p:381-393




Template-Type: ReDIF-Article 1.0
Author-Name: John Smithin 
Author-X-Name-First: John 
Author-X-Name-Last: Smithin 
Title: An Alternative Monetary Model of Inflation and Growth 
Abstract:
  This paper presents a simple model of a monetary economy in which
 production takes time and is financed by loans from financial
 intermediaries such as banks. The model is an example of a pure credit
 economy, but does not contain the contentious Wicksellian construct of a
 natural rate of interest. Rather, the main determining factor of economic
 outcomes is the struggle over income distribution between finance
 (Keynes's rentiers), industry, and labour. The model yields a number of
 macroeconomic results, some of which are sharply at variance with those
 obtained in more orthodox or mainstream, models. In particular, a
 structural long-term Phillips-curve type relationship emerges in
 inflation-growth space, for some demand-side and monetary policy changes.
 In addition, the model is also able to identify other circumstances in
 which the opposite cases of either stagflation or non-inflationary growth
 can occur. 
Journal: Review of Political Economy 
Pages: 395-409 
Issue: 4 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000039 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000039
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:4:p:395-409




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Williams 
Author-X-Name-First: Michael 
Author-X-Name-Last: Williams 
Author-Name: Geert Reuten 
Author-X-Name-First: Geert 
Author-X-Name-Last: Reuten 
Title: The Contradictory Imperatives of Welfare and Economic Policy in the Mixed Economy 
Abstract:
  The abstract basis of the polity-economy relation is examined in order to
 comprehend the current economic limitations upon feasible politics. It is
 argued that contemporary mixed-economies have a deontological
 (rights/obligations based) rather than a consequentialist (outcomes-based)
 legitimation, expressing the conflict between the imperatives of the
 market-regulated capitalist economy and free will. Yet the state has to be
 concerned with the right to the particular existence of individuals,
 neglected by the logic of the economy. The mixed economy is thus shown to
 he contradictory, and policy to be concerned with the management of the
 manifestations of contradiction that cannot he overcome without radical
 social transformation. The contradictions of economic and social policy
 are shown to manifest the domination of the value form over the effective
 allocation of resources to the production and distribution of useful
 objects in the capitalist economy. Oft alluded to but rarely argued for,
 both the assumption of the separation of polity and economy and the
 cyclical development of policy over time can then be accounted for. The
 paper explains the inadequacies of rational choice theories of policy with
 a narrowly instrumental view of human agency&#x2014;both the 'new' welfare
 economics and the 'new political economy'. 
Journal: Review of Political Economy 
Pages: 411-431 
Issue: 4 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000040 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000040
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:4:p:411-431




Template-Type: ReDIF-Article 1.0
Author-Name: David Prychitko 
Author-X-Name-First: David 
Author-X-Name-Last: Prychitko 
Title: Expanding the Anarchist Range: a critical reappraisal of Rothbard's contribution to the contemporary theory of anarchism 
Abstract:
  Anarchism is usually conceived as a libertarian rejection of the state
 combined with a socialist rejection of the market. The ideal anarchist
 system would be self-managed and comprehensively planned. Murray Rothbard,
 a member of the Austrian School of economics, disagreed lie argued that
 anarchism would work only as a free-market capitalist economy without a
 state. The present paper examines, and rejects, Rothbard's
 welfare-economics case against the state and also his theoretical case
 against self-managed enterprise, Rothbardian, right-wing anarchism
 correctly argues that contemporary left-wing anarchist theory (best
 represented by Murray Bookchin) is flawed because it fails to recognize
 the 'knowledge problem' that occurs when markets for the means of
 production are abolished. But Rothbard's corresponding call for the
 necessity of 'anarcho-capitalism' does not persuade. While the present
 paper affirms, with Rothbard, that anarchism must be market-based, it also
 seeks to expand the range of firms that operate within a market-anarchist
 system, from the capitalist enterprises championed by the Right to the
 self-managed and cooperative enterprises championed by the Left. 
Journal: Review of Political Economy 
Pages: 433-455 
Issue: 4 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000041 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000041
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:4:p:433-455




Template-Type: ReDIF-Article 1.0
Author-Name: Alfredo Saad-Filho 
Author-X-Name-First: Alfredo 
Author-X-Name-Last: Saad-Filho 
Title: Concrete and Abstract Labour in Marx's Theory of Value 
Abstract:
  This paper presents an alternative reading of Marx's theory of value,
 which overcomes the dichotomy between production and circulation that
 characterizes several other approaches. This reading recognises that the
 subject of Capital is the capitalist economy, and it considers the
 relationship between labour and value from the viewpoint of the
 normalisation, synchronisation and homogenisation of labour. The formal
 possibility of existence of valueless money is discussed. 
Journal: Review of Political Economy 
Pages: 457-477 
Issue: 4 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000042 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000042
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:4:p:457-477




Template-Type: ReDIF-Article 1.0
Author-Name: J. R. Presley 
Author-X-Name-First: J. R. 
Author-X-Name-Last: Presley 
Author-Name: J. G. Sessions 
Author-X-Name-First: J. G. 
Author-X-Name-Last: Sessions 
Title: Real Business Cycles: sectoral versus aggregate shocks and the elasticity of demand for income in terms of work effort 
Abstract:
  Real business cycle theory asserts that technological shocks are a major
 root cause of cyclical fluctuation, but has yet to explain how a sector
 technological change impacts upon other sectors of the economy to produce
 aggregate fluctuations in output. This paper suggest that an appropriate
 analytical framework with which to address the issue may be derived from
 the long forgotten concept of the elasticity of demand for income in terms
 of work effort. Our contention is that the concept could be usefully
 employed by contemporary real business cycle theorists to explain the
 macroeconomic repercussions of sectoral changes. 
Journal: Review of Political Economy 
Pages: 479-483 
Issue: 4 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000043 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000043
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:4:p:479-483




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Williams 
Author-X-Name-First: Michael 
Author-X-Name-Last: Williams 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 485-493 
Issue: 4 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000044 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000044
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:4:p:485-493




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Baker 
Author-X-Name-First: Peter 
Author-X-Name-Last: Baker 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 493-496 
Issue: 4 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000045 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000045
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:4:p:493-496




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Donoghue 
Author-X-Name-First: Mark 
Author-X-Name-Last: Donoghue 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 496-501 
Issue: 4 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000046 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000046
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:4:p:496-501




Template-Type: ReDIF-Article 1.0
Author-Name: Steven Pressman 
Author-X-Name-First: Steven 
Author-X-Name-Last: Pressman 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 501-506 
Issue: 4 
Volume: 9 
Year: 1997 
X-DOI: 10.1080/09538259700000047 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259700000047
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:9:y:1997:i:4:p:501-506




Template-Type: ReDIF-Article 1.0
Author-Name: Massimo Pivetti 
Author-X-Name-First: Massimo 
Author-X-Name-Last: Pivetti 
Title: Monetary versus Political Unification in Europe. On Maastricht as an exercise in 'vulgar' political economy 
Abstract:
  The original conceptions of the EMU project widely recognized that
 removal of capital controls and centralization of monetary policy in
 Europe could but be envisaged at the end of a more advanced process of
 political integration. The Delors report and the Maastricht Treaty
 departed markedly from this view, which has been replaced by a concept of
 monetary integration as a 'catalyst' or 'stepping stone' to political
 integration. Such a concept is criticized in the present article and the
 contention is put forward that capital control, by allowing a country to
 have the appropriate rate of interest, may allow it to achieve such goals
 as a more equitable distribution of income, high levels of employment and
 continuous improvements in the standard of living, as well as a low rate
 of inflation. Only if these goals ceased to represent national concerns
 and became instead overall European concerns, would it make sense for
 individual countries not to struggle to preserve their monetary and fiscal
 autonomy. But undiluted support for a regime of free international capital
 mobility is not going to be easily disposed of, unless eventual
 emancipation from current orthodoxy goes so far as to question some of its
 very foundations. 
Journal: Review of Political Economy 
Pages: 5-26 
Issue: 1 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000045 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000045
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:1:p:5-26




Template-Type: ReDIF-Article 1.0
Author-Name: Christof Ruhl 
Author-X-Name-First: Christof 
Author-X-Name-Last: Ruhl 
Author-Name: David Laidler 
Author-X-Name-First: David 
Author-X-Name-Last: Laidler 
Title: Perspectives on Modern Macroeconomic Theory and Its History: an interview with David Laidler 
Abstract:
  David Laidler's writings on monetary theory and policy are notable not
 only for their clarity and insight but also for their appreciation of the
 relevance of hte history of our discipline to current debates. The
 following interview surveys the field of modern macroeconomics from the
 perspective of one of its most thoughtful practitioners. The interview was
 conducted at the University of Western Ontario on 28 November and 21
 Decemberr 1995. 
Journal: Review of Political Economy 
Pages: 27-56 
Issue: 1 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000046 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000046
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:1:p:27-56




Template-Type: ReDIF-Article 1.0
Author-Name: G. Michael Winkler 
Author-X-Name-First: G. Michael 
Author-X-Name-Last: Winkler 
Author-Name: Eva Pichler 
Author-X-Name-First: Eva 
Author-X-Name-Last: Pichler 
Title: Wage Parity and Patterns of Unionization 
Abstract:
  This paper is concerned with the microfoundation of union structure. We
 investigate whether two (groups of) workers within the same firm do better
 by forming separate unions, or by forming an encompassing union. Our main
 assumption is that 'wage parity' holds: the firm knows ex ante that it
 cannot pay different wages to equal workers. Therefore, wage concessions
 to one group of workers carry over to the other group. We show that in
 this case, workers will always form the encompassing union. This result is
 in sharp contrast to the work of Horn & Wolinsky (1988), who investigated
 the same question yet assumed the possibility of 'wage discrimination':
 firms may pay different wages to workers. Their main result states that
 the structure of unionization depends on the qualities of the production
 function: if workers are complements, they benefit from forming separate
 unions. If they are substitutes, higher wages are obtained in an
 encompassing union. Our results deviate from Horn & Wolinsky's (1988)
 findings as we reject the possibility that the firm pays different wages
 to equal workers. With 'wage parity', an externality arises that weakens
 the separate union's bargaining power: if one groups asks for higher
 wages, the firm can argue that its position in negotiations with the other
 group would be prejudiced. As a consequence, workers are never worse off
 by forming the encompassing union. 
Journal: Review of Political Economy 
Pages: 57-71 
Issue: 1 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000047 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000047
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:1:p:57-71




Template-Type: ReDIF-Article 1.0
Author-Name: Steve Keen 
Author-X-Name-First: Steve 
Author-X-Name-Last: Keen 
Title: Answers (and Questions) for Sraffians (and Kaleckians) 
Abstract:
  Steedman's 'Questions for Kaleckians' is rightly critical of the lack of
 attention paid by Kaleckian economists to the input-output nature of
 production. However, his conclusions about Kaleckian mark-up pricing and
 the irrelevance of dynamics are incorrect, for three reasons. First, his
 rendition of a Kaleckian model with constant mark-ups is only
 conditionally stable. Secondly, there is ample evidence that Kaleckian
 mark-ups should vary inversely with sectoral profitability. Thirdly, given
 variable mark-ups, and the other factors which must be considered in a
 general multisectoral dynamical analysis of capitalism, it is almost
 inevitable that the fixed points of such a system will be unstable.
 Long-run conditions are therefore not equilibrium ones, and limitations on
 mark-ups, etc, derived from equilibrium analysis are not applicable. The
 Kaleckian focus upon the process of price setting is therefore justified
 in both the short and long term, although this analysis should, as
 Steedman asserts, be carried out in the context of explicitly
 multisectoral models. 
Journal: Review of Political Economy 
Pages: 73-87 
Issue: 1 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000048 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000048
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:1:p:73-87




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Prasch 
Author-X-Name-First: Robert 
Author-X-Name-Last: Prasch 
Title: Corporate Strategy and the American Standard of Living: reviewing David Gordon's Fat and Mean 
Abstract:
Journal: Review of Political Economy 
Pages: 89-96 
Issue: 1 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000049 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000049
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:1:p:89-96




Template-Type: ReDIF-Article 1.0
Author-Name: Tim Koechlin 
Author-X-Name-First: Tim 
Author-X-Name-Last: Koechlin 
Title: Fat, Mean and Profitable 
Abstract:
Journal: Review of Political Economy 
Pages: 97-106 
Issue: 1 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000050 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000050
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:1:p:97-106




Template-Type: ReDIF-Article 1.0
Author-Name: Dova Poma 
Author-X-Name-First: Dova 
Author-X-Name-Last: Poma 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 107-110 
Issue: 1 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000051 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000051
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:1:p:107-110




Template-Type: ReDIF-Article 1.0
Author-Name: Christine Rider 
Author-X-Name-First: Christine 
Author-X-Name-Last: Rider 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 110-114 
Issue: 1 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000052 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000052
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:1:p:110-114




Template-Type: ReDIF-Article 1.0
Author-Name: Sheila Dow 
Author-X-Name-First: Sheila 
Author-X-Name-Last: Dow 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 114-117 
Issue: 1 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000053 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000053
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:1:p:114-117




Template-Type: ReDIF-Article 1.0
Author-Name: Gary Mongiovi 
Author-X-Name-First: Gary 
Author-X-Name-Last: Mongiovi 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 117-120 
Issue: 1 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000054 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000054
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:1:p:117-120




Template-Type: ReDIF-Article 1.0
Author-Name: William Brown 
Author-X-Name-First: William 
Author-X-Name-Last: Brown 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 120-123 
Issue: 1 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000055 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000055
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:1:p:120-123




Template-Type: ReDIF-Article 1.0
Author-Name: Alan Dyer 
Author-X-Name-First: Alan 
Author-X-Name-Last: Dyer 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 123-126 
Issue: 1 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000056 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000056
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:1:p:123-126




Template-Type: ReDIF-Article 1.0
Author-Name: Ingrid Kubin 
Author-X-Name-First: Ingrid 
Author-X-Name-Last: Kubin 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 126-127 
Issue: 1 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000057 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000057
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:1:p:126-127




Template-Type: ReDIF-Article 1.0
Author-Name: J. S. L. McCombie 
Author-X-Name-First: J. S. L. 
Author-X-Name-Last: McCombie 
Title: 'Are There Laws of Production': an assessment of the early criticisms of the 
Abstract:
  This paper traces the development of the Cobb-Douglas production function
 from its inception in 1927 and critically assesses its early hostile
 reception. Further econometric evidence is also presented on these issues.
 Some of the criticisms were easily dealt with, but other more serious ones
 remained and, although equally relevant today, have been all but
 forgotten. The original regressions of Cobb and Douglas using time-series
 data produced some spectacularly good fits, with the estimates of the
 output elasticities being virtually identical to the relevant factor
 shares. (This was erroneously argued by Douglas, and others following him,
 as providing strong empirical support for the neoclassical marginal
 productivity theory of distribution.) It is shown that these results
 collapse once account is taken of the existence of either outliers or
 technical change, or both. There is some evidence that Douglas himself
 realised this and his emphasis subsequently shifted to cross-industry
 regressions. However, an important critique by Phelps Brown in 1957,
 formalised later by Simon & Levy, demonstrated that all that was being
 estimated was an accounting identity. This criticism was later generalised
 by Shaikh to time-series estimations. These critiques have been largely
 brushed aside and ignored in the literature. If they had not been, there
 would perhaps be a greater appreciation of just how flimsy is the
 theoretical basis of the production function. 
Journal: Review of Political Economy 
Pages: 141-173 
Issue: 2 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000023 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000023
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:2:p:141-173




Template-Type: ReDIF-Article 1.0
Author-Name: Ralf Eriksson 
Author-X-Name-First: Ralf 
Author-X-Name-Last: Eriksson 
Title: Was Keynes a Realist? 
Abstract:
  Lawson (1989a) has interpreted Keynes as a philosophical realist,
 adhering to the view that the economy has a constant inner structure.
 Against this it is claimed below that, although Keynes speaks about
 realism, it is not in this sense, but in the common sense way of referring
 to actually observable entities of an economic model. In addition, it can
 be shown that Keynes's views can be interpreted as
 instrumentalist&#x2014;he emphasises characteristics such as usefulness
 and convenience, besides and instead of truth. Thus, truth and truthlike
 concepts do not, in Keynes's thinking, have the paramount position that
 they have in realist philosophy. 
Journal: Review of Political Economy 
Pages: 175-197 
Issue: 2 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000024 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000024
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:2:p:175-197




Template-Type: ReDIF-Article 1.0
Author-Name: Dimitri Papadimitriou 
Author-X-Name-First: Dimitri 
Author-X-Name-Last: Papadimitriou 
Author-Name: L. Randall Wray 
Author-X-Name-First: L. Randall 
Author-X-Name-Last: Wray 
Title: The Economic Contributions of Hyman Minsky: varieties of capitalism and institutional reform 
Abstract:
  The work of Hyman Minsky represents an important link between Post
 Keynesians and Institutionalists. This essay begins with a brief summary
 of Minsky's early work, including his well-known financial instability
 hypothesis and his policy proposals designed to reform the financial
 system. It then moves on to discuss other proposals that are less well
 known, and developed after the publication of his Stabilizing an Unstable
 Economy (1986) book. One of them in all the work of Minsky is his demand
 that theory be institution-specific. Because there are a variety of
 possible types of economies, theory must be appropriate to the specific
 economy under analysis. His analysis concerned an evolving, developed,
 big-government capitalist economy with complex and long-lived financial
 arrangements. His policy recommendations were designed to promote a
 successful, democratic form of capitalism given these financial
 arrangements. These policies would have to 'constrain' instability through
 creation of institutional 'ceilings and floors' while at the same time
 addressing the behavioral changes induced by reduction of instability. The
 policies would also have to promote rising living standards, expansion of
 democratic principles, and enhancement of security for the average
 household. 
Journal: Review of Political Economy 
Pages: 199-225 
Issue: 2 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000025 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000025
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:2:p:199-225




Template-Type: ReDIF-Article 1.0
Author-Name: Warren Samuels 
Author-X-Name-First: Warren 
Author-X-Name-Last: Samuels 
Title: On the Labour Theory of Value as a Theory of Value: a note 
Abstract:
Journal: Review of Political Economy 
Pages: 227-232 
Issue: 2 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000026 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000026
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:2:p:227-232




Template-Type: ReDIF-Article 1.0
Author-Name: Kamran Nayeri 
Author-X-Name-First: Kamran 
Author-X-Name-Last: Nayeri 
Title: The World Economic and Social Situation on the Eve of the 21st Century: a review essay 
Abstract:
  This review essay offers a critical assessment of the world economic and
 social situation through an examination of two recent books by the United
 Nations. It outlines the contours of the world economic crisis and makes
 some suggestions about its probable causes. Next, the policy responses to
 these conditions are critically examined. Finally, it is argued that
 social progress presupposes economic growth, but economic growth is not a
 sufficient condition for social progress. 
Journal: Review of Political Economy 
Pages: 233-244 
Issue: 2 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000027 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000027
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:2:p:233-244




Template-Type: ReDIF-Article 1.0
Author-Name: Christian Gehrke 
Author-X-Name-First: Christian 
Author-X-Name-Last: Gehrke 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 245-251 
Issue: 2 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000028 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000028
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:2:p:245-251




Template-Type: ReDIF-Article 1.0
Author-Name: William Oliver Coleman 
Author-X-Name-First: William Oliver 
Author-X-Name-Last: Coleman 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 251-252 
Issue: 2 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000029 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000029
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:2:p:251-252




Template-Type: ReDIF-Article 1.0
Author-Name: David Andrews 
Author-X-Name-First: David 
Author-X-Name-Last: Andrews 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 252-255 
Issue: 2 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000030 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000030
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:2:p:252-255




Template-Type: ReDIF-Article 1.0
Author-Name: F. Cameron Maclachlan 
Author-X-Name-First: F. Cameron 
Author-X-Name-Last: Maclachlan 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 255-259 
Issue: 2 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000031 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000031
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:2:p:255-259




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Dunn 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Dunn 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 259-264 
Issue: 2 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000032 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000032
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:2:p:259-264




Template-Type: ReDIF-Article 1.0
Author-Name: Colin Rogers 
Author-X-Name-First: Colin 
Author-X-Name-Last: Rogers 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 264-269 
Issue: 2 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000033 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000033
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:2:p:264-269




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Perelman 
Author-X-Name-First: Michael 
Author-X-Name-Last: Perelman 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 269-271 
Issue: 2 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000034 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000034
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:2:p:269-271




Template-Type: ReDIF-Article 1.0
Author-Name: Man-Seop Park 
Author-X-Name-First: Man-Seop 
Author-X-Name-Last: Park 
Title: The Cambridge Theory of Income Distribution: a partial critique 
Abstract:
  In a multi-sector setting, the Cambridge theory of income
 distribution&#x2014;the argument that the condition of accumulation
 determines normal income distribution&#x2014;requires the assumption of
 balanced growth for its unambiguous meaning. But consideration of
 investment behaviour at the sectoral level, without assuming identical
 sectoral investment behaviour, reveals incompatibility between balanced
 growth at normal utilisation and uniformity in the rates of profit. This
 result supplements some criticisms recently made by Sraffian authors. 
Journal: Review of Political Economy 
Pages: 277-298 
Issue: 3 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000035 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000035
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:3:p:277-298




Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Hoover 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Hoover 
Author-Name: Kevin Salyer 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Salyer 
Title: Technology Shocks or Coloured Noise? Why real-business-cycle models cannot explain actual business cycles 
Abstract:
  Typically real-business-cycle models are assessed by their ability to
 mimic the covariances and variances of actual business cycle data.
 Recently, however, advocates of RBC models have used them to fit the
 historical path of real GDP using the Solow residual as a driving process.
 We demonstrate that the success of RBC models at matching historical GDP
 data does not confirm the validity of RBC models. Through simulations we
 demonstrate that the Solow residual does not carry useful information
 about technology shocks and that the RBC model does not add incremental
 information about GDP. RBC models fit historical GDP data entirely because
 the Solow Residual is itself just a noisy measure of GDP. 
Journal: Review of Political Economy 
Pages: 299-327 
Issue: 3 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000036 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000036
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:3:p:299-327




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Palley 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Palley 
Title: Macroeconomics with Conflict and Income Distribution 
Abstract:
  This paper presents a Post Keynesian model explaining the determination
 of employment and income distribution. A major innovation is the
 incorporation of the insider-outsider description of labor markets into a
 macro framework. This introduces power and conflict into the macro
 process. Microeconomic bargaining considerations are central to
 macroeconomic outcomes. Endogenous government deflicits can sustain
 profitability in an otherwise contractionary environment. Firm level
 profit maximization may not produce macroeconomic profit maximization
 because firms fail to internalize the effects of economic activity on
 profitability. 
Journal: Review of Political Economy 
Pages: 329-342 
Issue: 3 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000037 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000037
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:3:p:329-342




Template-Type: ReDIF-Article 1.0
Author-Name: David Levine 
Author-X-Name-First: David 
Author-X-Name-Last: Levine 
Title: Justice and Economic Democracy 
Abstract:
  This paper explores the relationship between justice and democracy with
 special reference to economic democracy. Those who favor greater economic
 democracy sometimes equate justice with democracy, seeing in greater
 democracy the key to a more just society. The author presents a critique
 of this idea, arguing that greater democracy does not mean greater
 justice, but can easily lead in the opposite direction. The equation of
 justice with democracy is often linked to communitarian ideals that
 subordinate the individual to the group, and to concepts of politics that
 blur the distinction between private and public, political and economic.
 The paper explores the significance of group life for economic justice,
 the concept of politics appropriate to normative theory in political
 economy, and the problematic ideal of government that derives from
 equating justice, democracy and government. The paper considers both
 workplace democracy and the democratization of economic policy making. 
Journal: Review of Political Economy 
Pages: 343-363 
Issue: 3 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000038 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000038
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:3:p:343-363




Template-Type: ReDIF-Article 1.0
Author-Name: Elizabeth Durbin 
Author-X-Name-First: Elizabeth 
Author-X-Name-Last: Durbin 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 365-371 
Issue: 3 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000039 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000039
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:3:p:365-371




Template-Type: ReDIF-Article 1.0
Author-Name: Gregory Nowell 
Author-X-Name-First: Gregory 
Author-X-Name-Last: Nowell 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 372-374 
Issue: 3 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000040 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000040
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:3:p:372-374




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Hants Mathews 
Author-X-Name-First: Peter Hants 
Author-X-Name-Last: Mathews 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 374-380 
Issue: 3 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000041 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000041
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:3:p:374-380




Template-Type: ReDIF-Article 1.0
Author-Name: Nancy Dubose 
Author-X-Name-First: Nancy 
Author-X-Name-Last: Dubose 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 380-382 
Issue: 3 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000042 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000042
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:3:p:380-382




Template-Type: ReDIF-Article 1.0
Author-Name: Jeff Konz 
Author-X-Name-First: Jeff 
Author-X-Name-Last: Konz 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 382-387 
Issue: 3 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000043 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000043
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:3:p:382-387




Template-Type: ReDIF-Article 1.0
Author-Name: Lynn Turgeon 
Author-X-Name-First: Lynn 
Author-X-Name-Last: Turgeon 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 387-390 
Issue: 3 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000044 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000044
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:3:p:387-390




Template-Type: ReDIF-Article 1.0
Author-Name: Gary Mongiovi 
Author-X-Name-First: Gary 
Author-X-Name-Last: Mongiovi 
Title: Introduction 
Abstract:
Journal: Review of Political Economy 
Pages: 397-397 
Issue: 4 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000059 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000059
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:4:p:397-397




Template-Type: ReDIF-Article 1.0
Author-Name: Giuseppe Ciccarone 
Author-X-Name-First: Giuseppe 
Author-X-Name-Last: Ciccarone 
Title: Prices and Distribution in a Sraffian Credit Economy 
Abstract:
  Sraffa's suggestion regarding the monetary determination of the rate of
 profits raises two fundamental questions addressed by this paper: (i) can
 the money rates of interest be envisaged as variables set by the financial
 system independently of the real sector of the economy? (ii) How can they
 determine the general rate of profits and so allow for the determination
 of natural prices and income distribution? To elaborate on the intuition
 that the competitive process must link the rate of profits earned in the
 financial sector (and ruled by the intermediaries' margin) to that earned
 in the production sector, a long-period credit economy is constructed.
 Unlike previous attempts, the system of equations describing such an
 economy leaves Sraffa's (1960) original price equations unaffected. If
 certain fairly unrestrictive conditions are met, the solution of this
 system is shown to exist and to be economically meaningful, hence
 supporting Sraffa's hint that the rates of interest are free to determine
 the rate of profits outside of the system of production. 
Journal: Review of Political Economy 
Pages: 399-413 
Issue: 4 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000060 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000060
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:4:p:399-413




Template-Type: ReDIF-Article 1.0
Author-Name: Heinz Kurz 
Author-X-Name-First: Heinz 
Author-X-Name-Last: Kurz 
Author-Name: Neri Salvadori 
Author-X-Name-First: Neri 
Author-X-Name-Last: Salvadori 
Title: Reverse Capital Deepening and the Numeraire: a note 
Abstract:
  This note discusses the implication of reverse capital deepening for
 neoclassical theory, placing special emphasis on the role of the
 numeraire. It is shown that under certain assumptions, specified in the
 note, a supply function of capital can be built up that is independent of
 the demand function. The supply of capital is given in terms of the
 consumption unit. Reverse capital deepening is reflected in upward sloping
 segments of the corresponding demand function. A change in numeraire,
 while generally affecting the shape of the demand function, does not
 affect the stability property of equilibrium, because it will also affect
 the shape of the supply function. Hence, what matters is not whether the
 demand function is upward sloping or not, but whether it cuts the supply
 function from above or from below. This property, however, is preserved
 with a change in the numeraire. 
Journal: Review of Political Economy 
Pages: 415-426 
Issue: 4 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000061 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000061
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:4:p:415-426




Template-Type: ReDIF-Article 1.0
Author-Name: Christian Bidard 
Author-X-Name-First: Christian 
Author-X-Name-Last: Bidard 
Author-Name: Guido Erreygers 
Author-X-Name-First: Guido 
Author-X-Name-Last: Erreygers 
Title: Sraffa and Leontief on Joint Production 
Abstract:
  This paper shows that results obtained in the Sraffian literature on
 joint production are relevant for input&#x2014;output economists working
 in the tradition of Leontief. We concentrate upon the 'adjustment'
 property, i.e. the ability of a system to cope with any variation in final
 demand. We identify a number of systems which possess the adjustment
 property, with special attention to economies using fixed capital goods. 
Journal: Review of Political Economy 
Pages: 427-446 
Issue: 4 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000062 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000062
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:4:p:427-446




Template-Type: ReDIF-Article 1.0
Author-Name: Christian Lager 
Author-X-Name-First: Christian 
Author-X-Name-Last: Lager 
Title: On the Notion of the Rate of Profit 
Abstract:
  This paper aims at a clarification of the classical notion of the rate of
 profit with respect to the process of gravitation towards long period
 positions. It is demonstrated that some existing definitions of that rate,
 in particular 'synchronic' rates of profit which are based on a
 revaluation of either the costs of production or of the value of outputs,
 do not exhibit the relevant feature of a measure for the profitability of
 a production process as they fail to serve as an indicator for diverting
 liquid funds from less to more profitable employments. It is argued that
 all elements of profits or losses including those which result from the
 expected revaluation of capital or outputs respectively are to be taken
 into account. Hence the 'diachronic' rate of profit is the proper measure
 which guides the decisions of producers or capitalists to utilise one or
 another method of production or to withdraw capital from less profitable
 employments and invest into promising activities. That rate is uniform in
 any arbitrage equilibrium, and is not a distinguishing characteristic of
 long-run positions. The definition of the rate of profit is conditional on
 individual expectations of future prices and is therefore either not
 operable or is not general. 
Journal: Review of Political Economy 
Pages: 447-458 
Issue: 4 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000063 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000063
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:4:p:447-458




Template-Type: ReDIF-Article 1.0
Author-Name: Graham White 
Author-X-Name-First: Graham 
Author-X-Name-Last: White 
Title: Disequilibrium Pricing and the Sraffa&#x2014;Keynes Synthesis 
Abstract:
  Research over the last 10 to 15 years on the possibility of a
 Sraffa&#x2014;Keynes synthesis has, in part, been concerned with
 clarifying the concept of a normal rate of capacity utilization, as well
 as its role in price determination and its interdependence with relative
 prices. This paper examines some of the key implications of the
 interdependence between the normal rate of capacity utilization and
 relative prices for disequilibrium pricing, specifically, target return
 pricing. In particular, the question arises as to consistency between the
 idea of a normal rate of utilization interpreted as a profit-maximizing
 choice by producers and the notion of a predetermined target rate of
 return. Interestingly, this issue of consistency raises the possibility
 that far from conceiving of the Post-Keynesian and Sraffian approaches to
 price theory as incompatible, they may instead be seen more appropriately
 as representing an alternatively short-run and long-run focus on the
 pricing decision. This view also carries with it implications about the
 role for demand and supply conditions in disequilibrium pricing, where
 this role takes the form of movements in demand relative to capacity
 within and between sectors affecting relative prices. 
Journal: Review of Political Economy 
Pages: 459-475 
Issue: 4 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000064 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000064
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:4:p:459-475




Template-Type: ReDIF-Article 1.0
Author-Name: B. Davis John 
Author-X-Name-First: B. Davis 
Author-X-Name-Last: John 
Title: Sraffa's Early Philosophical Thinking 
Abstract:
  This paper investigates a number of aspects of Piero Sraffa's early
 philosophical thinking by placing him within the historical materialist
 tradition of reasoning about the relation of ideas to the historical
 process. It first distinguishes Alfred Marshall's views about the
 historical development of ideas by addressing Marshall's responses to the
 criticisms of William Cunningham of the English Historical School.
 Marshall's concept of economics as a universal engine of discovery was
 rejected by Sraffa in his early writings. Sraffa's critique of Marshall is
 then argued to lead to two early philosophical commitments on Sraffa's
 part: that deductivist modes of explanation are inappropriate in economics
 and that economics aims to explain the underlying structures of causal
 interaction that had been the concern of the classical political
 economists. The paper closes with brief remarks on how Sraffa's later
 philosophical thinking might be approached. 
Journal: Review of Political Economy 
Pages: 477-491 
Issue: 4 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000065 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000065
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:4:p:477-491




Template-Type: ReDIF-Article 1.0
Author-Name: Nerio Naldi 
Author-X-Name-First: Nerio 
Author-X-Name-Last: Naldi 
Title: Some Notes on Piero Sraffa's Biography, 1917-1927 
Abstract:
  This paper examines the early years of Piero Sraffa's career. Its purpose
 is to present new information that may improve our undersranding of his
 life and work and to integrate or rectify what is already contained in the
 biographical essays published during the fast two decades with new data
 emerging from his personal papers at the Wren Library of Trinity College
 and from other&#x2014;often related&#x2014;sources. 
Journal: Review of Political Economy 
Pages: 493-515 
Issue: 4 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000066 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000066
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:4:p:493-515




Template-Type: ReDIF-Article 1.0
Author-Name: Gennady Shkliarevsky 
Author-X-Name-First: Gennady 
Author-X-Name-Last: Shkliarevsky 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 517-521 
Issue: 4 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000067 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000067
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:4:p:517-521




Template-Type: ReDIF-Article 1.0
Author-Name: Alan Isaac 
Author-X-Name-First: Alan 
Author-X-Name-Last: Isaac 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 521-527 
Issue: 4 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000068 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000068
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:4:p:521-527




Template-Type: ReDIF-Article 1.0
Author-Name: Lynn Turgeon 
Author-X-Name-First: Lynn 
Author-X-Name-Last: Turgeon 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 527-530 
Issue: 4 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000069 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000069
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:4:p:527-530




Template-Type: ReDIF-Article 1.0
Author-Name: Ingrid Rima 
Author-X-Name-First: Ingrid 
Author-X-Name-Last: Rima 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 530-532 
Issue: 4 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000070 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000070
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:4:p:530-532




Template-Type: ReDIF-Article 1.0
Author-Name: Luiz Paula 
Author-X-Name-First: Luiz 
Author-X-Name-Last: Paula 
Author-Name: Joao Sicsu 
Author-X-Name-First: Joao 
Author-X-Name-Last: Sicsu 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 532-535 
Issue: 4 
Volume: 10 
Year: 1998 
X-DOI: 10.1080/09538259800000071 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259800000071
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:10:y:1998:i:4:p:532-535




Template-Type: ReDIF-Article 1.0
Author-Name: Mathew Forstater 
Author-X-Name-First: Mathew 
Author-X-Name-Last: Forstater 
Title: Working Backwards: Instrumental analysis as a policy discovery procedure 
Abstract:
  Following up on suggestions of Adolph Lowe, the paper draws on the work
 of Peirce, Polya and Michael Polanyi to elaborate the notion of Lowe's
 instrumental analysis as a policy discovery procedure. It is argued that
 such an interpretation of Lowe's instrumentalism may contribute to the
 formulation of effective practical policies. It is also argued in the
 paper that this interpretation throws light on some issues concerning
 markets and planning that relate to the debate on socialist calculation
 that has been revived in the name of the 'knowledge problem' by
 contemporary Austrian economists. In particular, it is argued that Lowe's
 Instrumentalism brings to the fore the role of discovery and
 creativity-which are central to Austrian conceptions of entrepreneurial
 activity in the market-in policy formulation. In this sense Lowe's work
 may be seen as an antecedent to more recent work in planning that
 critiques-and promotes nonessentialist alternatives to-optimal or rational
 planning. 
Journal: Review of Political Economy 
Pages: 5-18 
Issue: 1 
Volume: 11 
Year: 1999 
X-DOI: 10.1080/095382599107147 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382599107147
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:11:y:1999:i:1:p:5-18




Template-Type: ReDIF-Article 1.0
Author-Name: Elizabeth Webster 
Author-X-Name-First: Elizabeth 
Author-X-Name-Last: Webster 
Title: Kalecki's ceteris paribus Dynamics 
Abstract:
  Kalecki's macrodynamic models should be regarded as a form of ceteris
 paribus dynamics which follow through the logical consequences of given
 behavioural relationships taken in isolation from unrelated events. His
 models are not mechanistic but rather attempts to isolate the systematic
 forces within the economy. If we accept this, two important conclusions
 can be drawn from his models. First, we can see that it is not possible to
 stabilise the economy at any given level. Fluctuations are an inherent
 feature of the market economy. Secondly, the trend or centre of
 gravitation level of activity is determined by the level of exogenous
 expenditures such as the stable portion of capitalists' consumption, net
 exports and net government spending Artificially stimulating investment
 does not affect it. Only two behavioural postulates are required for these
 outcomes. Both may be justified given the context of market uncertainty. 
Journal: Review of Political Economy 
Pages: 19-32 
Issue: 1 
Volume: 11 
Year: 1999 
X-DOI: 10.1080/095382599107156 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382599107156
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:11:y:1999:i:1:p:19-32




Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Kliman 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Kliman 
Author-Name: Ted McGlone 
Author-X-Name-First: Ted 
Author-X-Name-Last: McGlone 
Title: A Temporal Single-system Interpretation of Marx's Value Theory 
Abstract:
  This paper presents an interpretation of the quantitative dimension of
 Marx's value theory in which prices and values are determined
 interdependently and within historical time. This interpretation is then
 shown to refute allegations that his value theory suffers from internal
 inconsistencies. Among the issues considered are Marx's law of the falling
 rate of profit, the alleged redundancy of value, value determination under
 joint production, and the 'transformation problem.' The 'single-system'
 interpretation of values and prices as interdependent eliminates the
 alleged inconsistencies that pertain to magnitude; the 'temporal'
 interpretation of value and price magnitudes as determined in historical
 time eliminates the alleged inconsistencies that pertain to determination. 
Journal: Review of Political Economy 
Pages: 33-59 
Issue: 1 
Volume: 11 
Year: 1999 
X-DOI: 10.1080/095382599107165 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382599107165
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:11:y:1999:i:1:p:33-59




Template-Type: ReDIF-Article 1.0
Author-Name: Elias Khalil 
Author-X-Name-First: Elias 
Author-X-Name-Last: Khalil 
Title: Institutions, Naturalism and Evolution 
Abstract:
  The paper recasts old and new institutionalist economics (OIE and NIE) in
 light of naturalism. While OIE views institutions as 'paradigms' which
 define the nature of the actor, NIE views institutions as 'conventions'
 which act as insubstantial traits, i.e. products of optimization subject
 to constraint. While the two conceptions are different, they are not
 alternatives: each one is a special theory limited to one kind of
 institution. In addition, the paper critically assesses the limits of OIE
 with regard to the theory of evolution of paradigms. The paper advances a
 developmentalist perspective of institutions which parallels non-Darwinian
 biological theory. 
Journal: Review of Political Economy 
Pages: 61-81 
Issue: 1 
Volume: 11 
Year: 1999 
X-DOI: 10.1080/095382599107174 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382599107174
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:11:y:1999:i:1:p:61-81




Template-Type: ReDIF-Article 1.0
Author-Name: Mary King 
Author-X-Name-First: Mary 
Author-X-Name-Last: King 
Author-Name: Lisa Saunders 
Author-X-Name-First: Lisa 
Author-X-Name-Last: Saunders 
Title: An Interview with Marianne Ferber: Founding feminist economist 
Abstract:
  Marianne Ferber, a 75 year old professor emerita at the University of
 Illinois, Urbana-Champaign, has been a central figure in developing both
 the literature and the institutions of feminist economics. She was one of
 the first and most effective scholars to challenge Gary Becker's analysis
 of the economics of the family. Her textbook, The Economics of Women, Men
 and Work , co-authored with Francine Blau and Anne Winkler, is the
 standard for courses on women in the economy. Her 400 page annotated
 bibliography, Women and Work, Paid and Unpaid , published in 1987, is the
 definitive source on economic research on women's work published up to
 that point. Her anthology, Beyond Economic Man: feminist theory and
 economics , co-edited with Julie Nelson, is the first to pull together the
 exciting new work being done by people who have an explicitly feminist
 perspective on economics. She was a member of the Committee on the Status
 of Women in the Economics Profession in the 1970s, a founding member of
 the International Association for Feminist Economics (IAFFE) and for 1995
 and 1996 served as IAFFE's president. This interview was conducted in
 January 1998. 
Journal: Review of Political Economy 
Pages: 83-98 
Issue: 1 
Volume: 11 
Year: 1999 
X-DOI: 10.1080/095382599107183 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382599107183
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:11:y:1999:i:1:p:83-98




Template-Type: ReDIF-Article 1.0
Author-Name: John Kemp 
Author-X-Name-First: John 
Author-X-Name-Last: Kemp 
Author-Name: Ted Wilson 
Author-X-Name-First: Ted 
Author-X-Name-Last: Wilson 
Title: Monetary Regime Transformation: The scramble to gold in the late nineteenth century 
Abstract:
  The late nineteenth century saw a movement among nation states which led
 to the widespread adoption of an international gold standard. So far,
 research has failed to demonstrate any specific qualities of gold that
 would explain its selection in preference to systems based upon silver or
 bimetallism. Neither has it proved possible to account for this choice in
 terms of any specific events in the historical record. The movement
 appears to have occurred almost without volition. In this paper it is
 suggested that the adoption of a 'socio-economic regime' such as the gold
 standard might be explainable by an approach similar to that put forward
 to explain 'technological' lock-in, where dominance can arise as a result
 of the culmination of a series of individual, small and perhaps
 unidentifiable accidents of history. 
Journal: Review of Political Economy 
Pages: 125-149 
Issue: 2 
Volume: 11 
Year: 1999 
X-DOI: 10.1080/095382599107084 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382599107084
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:11:y:1999:i:2:p:125-149




Template-Type: ReDIF-Article 1.0
Author-Name: John Henry 
Author-X-Name-First: John 
Author-X-Name-Last: Henry 
Title: Property Rights, Markets and Economic Theory: Keynes versus Neoclassicism - again 
Abstract:
  This essay has two main objectives. Initially, I specify the relationship
 between neoclassical theory and the property rights regime on which that
 theory rests. In this portion of the argument I show that the property
 rights consistent with neoclassical theory are inconsistent with those of
 a monetary (or capitalist) economy-the economy the theory purports to
 explain. Further, I specify several contradictions in the theory itself
 when it attempts to examine rational resource allocation, money and the
 labor market. Secondly, I show that Keynes's General Theory rests on a
 fundamentally different foundation than that of neoclassicism. His views
 on money, the labor market, equilibrium, etc. are in radical opposition to
 those of orthodoxy. In addition, his theory does not share the same
 position on property rights. Because of these considerations, Keynes
 cannot be understood by those economists holding the neoclassical
 perspective. 
Journal: Review of Political Economy 
Pages: 151-170 
Issue: 2 
Volume: 11 
Year: 1999 
X-DOI: 10.1080/095382599107093 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382599107093
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:11:y:1999:i:2:p:151-170




Template-Type: ReDIF-Article 1.0
Author-Name: Donald Katzner 
Author-X-Name-First: Donald 
Author-X-Name-Last: Katzner 
Title: Hysteresis and the Modeling of Economic Phenomena 
Abstract:
  Three definitions of hysteresis in dynamic economic models are considered
 in order of their increasing ability to project history onto the present
 in a significant way. The third of these definitions is based on the
 substitution of 'historical' for 'logical' time in the model's dynamic
 structure. 
Journal: Review of Political Economy 
Pages: 171-181 
Issue: 2 
Volume: 11 
Year: 1999 
X-DOI: 10.1080/095382599107101 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382599107101
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:11:y:1999:i:2:p:171-181




Template-Type: ReDIF-Article 1.0
Author-Name: Enrico Sergio Levrero 
Author-X-Name-First: Enrico Sergio 
Author-X-Name-Last: Levrero 
Title: Worker Bargaining Power and Real Wages from 1870 to 1913: Phelps Brown reconsidered 
Abstract:
  This paper discusses Phelps Brown's claims that (1) real wages in the
 long run cannot be explained by a theory where distribution is determined
 by the relative worker bargaining position, and (2) changes in real wages
 would be strictly linked to changes in the average product per worker. 
Journal: Review of Political Economy 
Pages: 183-203 
Issue: 2 
Volume: 11 
Year: 1999 
X-DOI: 10.1080/095382599107110 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382599107110
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:11:y:1999:i:2:p:183-203




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Donoghue 
Author-X-Name-First: Mark 
Author-X-Name-Last: Donoghue 
Title: William Thomas Thornton on Trade Union Efficacy: A fraction too much friction 
Abstract:
  William T. Thornton's contribution to developments in late nineteenth
 century political economy is generally associated with his criticism of
 John Stuart Mill's 'supply and demand' theory of value and his attack on
 Henry Fawcett's version of the wage fund doctrine. In a Fortnightly Review
 article (published in May and June 1869) on Thornton's book, On Labour,
 Mill publicly deferred to Thornton's criticism of the wage fund doctrine
 but did not accept his criticism of the theory of value. There is another
 aspect of Mill's review article, however, which historians of economic
 thought seem to have overlooked: his enthusiastic discussion of Thornton's
 treatment of trade union efficacy and industrial co-partnership. The
 question explored in this paper is whether Thornton's work on labour
 relations, trade union efficacy and cooperativism helped shape Mill's own
 thinking on these subjects during the 1860s. We begin by documenting
 Thornton's views on trade unionism and then examine Mill's evolving
 sympathy toward trade unions-an important feature of his social reform
 program. It is sometimes claimed that nineteenth century economists tended
 to ignore the role played by trade unions in industrial society. This
 paper points out that Mill and Thornton, two leading economists during the
 second half of the nineteenth century, did not oppose trade unions and
 were favourably impressed with the advantages for society of labour
 combinations. Nonetheless, they looked forward to the gradual supplanting
 of the system of collective bargaining by 'higher' cooperation. 
Journal: Review of Political Economy 
Pages: 205-219 
Issue: 2 
Volume: 11 
Year: 1999 
X-DOI: 10.1080/095382599107129 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382599107129
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:11:y:1999:i:2:p:205-219




Template-Type: ReDIF-Article 1.0
Author-Name: J. E. King 
Author-X-Name-First: J. E. 
Author-X-Name-Last: King 
Title: Introduction 
Abstract:
Journal: Review of Political Economy 
Pages: 251-255 
Issue: 3 
Volume: 11 
Year: 1999 
X-DOI: 10.1080/095382599106968 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382599106968
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:11:y:1999:i:3:p:251-255




Template-Type: ReDIF-Article 1.0
Author-Name: Wlodzimierz Brus 
Author-X-Name-First: Wlodzimierz 
Author-X-Name-Last: Brus 
Title: Great Debt and a Few Grievances: A note on Michal Kalecki as my adopted mentor 
Abstract:
  The aim of this note is to examine briefly the influence Kalecki exerted
 on the author's way of thinking as a political economist. It is therefore
 a highly subjective piece, written with the benefit of hindsight. The
 great debt the author feels he owes Kalecki derives from Kalecki's
 uncompromising rejection of any kind of dogmatism. This trait appears both
 in Kalecki's seminal analysis of the macroeconomics of capitalism and in
 his attempt to work out a theory of growth of a socialist economy. In both
 cases one of the most inspiring features of Kaleckian economics was its
 constant awareness of the need to combine rationality with a full
 appreciation of its socio-political consequences. The author's
 'grievances' focus on Kalecki's insufficient attention to microeconomics,
 and hence to the role of market mechanisms and the supply side of the
 economy. 
Journal: Review of Political Economy 
Pages: 257-260 
Issue: 3 
Volume: 11 
Year: 1999 
X-DOI: 10.1080/095382599106977 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382599106977
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:11:y:1999:i:3:p:257-260




Template-Type: ReDIF-Article 1.0
Author-Name: Jerzy Osiatynski 
Author-X-Name-First: Jerzy 
Author-X-Name-Last: Osiatynski 
Title: Michal Kalecki, 1899-1970: Some nostalgic memories 
Abstract:
Journal: Review of Political Economy 
Pages: 261-266 
Issue: 3 
Volume: 11 
Year: 1999 
X-DOI: 10.1080/095382599106986 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382599106986
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:11:y:1999:i:3:p:261-266




Template-Type: ReDIF-Article 1.0
Author-Name: Ignacy Sachs 
Author-X-Name-First: Ignacy 
Author-X-Name-Last: Sachs 
Title: Learning Political Economy with Michal Kalecki 
Abstract:
  This is a brief memoir of Kalecki as a teacher and collaborator, together
 with a discussion of his approach to the economics of development and an
 assessment of his contribution and its influence on subsequent thinking. 
Journal: Review of Political Economy 
Pages: 267-272 
Issue: 3 
Volume: 11 
Year: 1999 
X-DOI: 10.1080/095382599106995 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382599106995
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:11:y:1999:i:3:p:267-272




Template-Type: ReDIF-Article 1.0
Author-Name: Brian Tew 
Author-X-Name-First: Brian 
Author-X-Name-Last: Tew 
Title: Kalecki's ''Essays in the Theory of Economic Fluctuations'' 
Abstract:
  This paper compares Kalecki's 1939 book, 'Essays in the Theory of
 Economic Fluctuations' with the analysis of Keynes in the 'General Theory'
 and subsequent articles. It argues that the work of Kalecki lends strong
 support to Keynes's crusade against contemporary macroeconomic theory;
 where Keynes and Kalecki differed, it was generally due to the Keynesian
 assumption of perfect competition, which Kalecki rejected. 
Journal: Review of Political Economy 
Pages: 273-282 
Issue: 3 
Volume: 11 
Year: 1999 
X-DOI: 10.1080/095382599107002 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382599107002
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:11:y:1999:i:3:p:273-282




Template-Type: ReDIF-Article 1.0
Author-Name: David Worswick 
Author-X-Name-First: David 
Author-X-Name-Last: Worswick 
Title: Armaments and Full Employment 
Abstract:
  Michal Kalecki was in Oxford during the war and wrote the keynote essay
 in The Economics of Full Employment , six studies in applied economics,
 prepared at the Oxford University Institute of Statistics, and published
 in 1944. His essay is about the use of fiscal and monetary policy to
 achieve full employment in a capitalist economy. A year earlier he had
 written an article warning that full employment policies might encounter
 resistance from business leaders and industrialists. In the 1950s Kalecki,
 who had returned to Poland, appeared to change his view whether full
 employment under capitalism was a worthy and feasible objective. Two
 lectures on Armaments and the Business Cycle which he gave in 1955, throw
 light on this change of view, but they did not appear in English until the
 series of volumes of his Collected Works started to come out in the 1990s.
 The present note considers the arguments deployed in the lectures, and
 goes on to re-examine his original fears of political resistance. It
 concludes that he was right to stress such resistance, but argues that
 changes in the structure of capitalist economies in the past half-century
 have altered the nature of the politcal constraints. 
Journal: Review of Political Economy 
Pages: 283-290 
Issue: 3 
Volume: 11 
Year: 1999 
X-DOI: 10.1080/095382599107011 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382599107011
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:11:y:1999:i:3:p:283-290




Template-Type: ReDIF-Article 1.0
Author-Name: Julio Lopez 
Author-X-Name-First: Julio 
Author-X-Name-Last: Lopez 
Author-Name: Tracy Mott 
Author-X-Name-First: Tracy 
Author-X-Name-Last: Mott 
Title: Kalecki Versus Keynes on the Determinants of Investment 
Abstract:
  This paper explores the differences between the investment theories of
 Michal Kalecki and John Maynard Keynes. We argue that Kalecki's ideas (and
 empirical support for them) are necessary for Keynes's arguments regarding
 the determination of the level of effective demand. Kalecki's theory of
 the role of finance in investment also provides a fuller understanding of
 the importance of liquidity concerns for Keynesian theory and connects the
 theory of effective demand to the logic of capitalism. 
Journal: Review of Political Economy 
Pages: 291-301 
Issue: 3 
Volume: 11 
Year: 1999 
X-DOI: 10.1080/095382599107020 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382599107020
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:11:y:1999:i:3:p:291-301




Template-Type: ReDIF-Article 1.0
Author-Name: Malcolm Sawyer 
Author-X-Name-First: Malcolm 
Author-X-Name-Last: Sawyer 
Title: The Kaleckian Analysis and the New Millennium 
Abstract:
  This paper commemorates the centenary of Kalecki's birth through a
 consideration of how Kalecki's macroeconomic analysis of capitalist
 economies should be adapted in light of changes in such economies over the
 50 years since the major elements of Kalecki's analysis of capitalism were
 put into place. The main elements of Kalecki's analysis, in terms of the
 key assumptions which he made, are outlined, and how well these
 assumptions have survived is discussed. The next three sections consider
 globalisation, the growth in the importance of financial markets and the
 relationship between the real and the financial sectors, and the changing
 relationship between workers and business (and the associated changes in
 industrial relations practice and law) as areas where there have been
 major changes in the past three decades and where Kalecki's analysis may
 need to be modified to encapsulate those changes. 
Journal: Review of Political Economy 
Pages: 303-319 
Issue: 3 
Volume: 11 
Year: 1999 
X-DOI: 10.1080/095382599107039 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382599107039
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:11:y:1999:i:3:p:303-319




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Zak 
Author-X-Name-First: Paul 
Author-X-Name-Last: Zak 
Title: Kaleckian Lags in General Equilibrium 
Abstract:
  The relationship between production lags and business cycles has a long
 history in economics, but was first analyzed rigorously by Michal Kalecki
 in 1935. In a linear delay differential equation model, Kalecki showed
 that production delays can endogenously generate cycles. Whether this
 result holds in general equilibrium has been an open question. An answer
 is provided by examining the effect of Kaleckian lags in the Solow and
 Cass-Koopmans growth models. It is shown that such models do produce
 endogenous cycles, confirming that Kalecki's model relating lags to cycles
 holds in general equilibrium settings. 
Journal: Review of Political Economy 
Pages: 321-330 
Issue: 3 
Volume: 11 
Year: 1999 
X-DOI: 10.1080/095382599107048 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382599107048
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:11:y:1999:i:3:p:321-330




Template-Type: ReDIF-Article 1.0
Author-Name: Ian Steedman 
Author-X-Name-First: Ian 
Author-X-Name-Last: Steedman 
Title: Distribution, Prices and Choice of Technique in Kaleckian Theory 
Abstract:
  A Kaleckian mark-up theory of pricing implies a trade-off frontier
 between mark-ups and wages, with the result that mark-ups and wages cannot
 all be independently determined-by whatever processes. Wages in different
 industries are just as much in conflict as are wages and mark-ups. The way
 in which relative commodity prices change in response to changes in
 relative mark-ups may be 'counter-intuitive'. When a choice of technique
 is allowed for-and it must be-Kaleckian theory is found to give much
 greater scope for the simultaneous use of alternative production processes
 in a given industry than does a 'Sraffian' analysis; there are
 'switchcurves' rather than mere 'switchpoints'. Techniques which would
 appear to be dominated (economically irrelevant) in a 'Sraffian' analysis
 might in fact be utilized in a Kaleckian system. This result re-emerges
 when foreign trade is considered-and it must be considered in Kaleckian
 theory. It is found once again that wages and mark-ups cannot be
 independently determined. The central issue here, however, is just how the
 patterns of production location and trade are taken to be determined
 within the Kaleckian markup theory of pricing. 
Journal: Review of Political Economy 
Pages: 331-340 
Issue: 3 
Volume: 11 
Year: 1999 
X-DOI: 10.1080/095382599107057 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382599107057
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:11:y:1999:i:3:p:331-340




Template-Type: ReDIF-Article 1.0
Author-Name: Graham White 
Author-X-Name-First: Graham 
Author-X-Name-Last: White 
Title: Rethinking Kalecki on the Trend and Cycle 
Abstract:
  This paper examines Kalecki's explanation of investment in his 1968 paper
 'Trend and business cycles reconsidered' and his idea on the relationship
 between the long-run trend and the business cycle. An important aspect of
 that explanation is a comparison between actual and the so-called
 'standard' rate of profit. However, when the influence of the cycle on
 entrepreneurs' views of normal capacity utilization is allowed for, the
 role of divergences between actual and standard profit rates in the
 investment process becomes less clear. Exogenous influences on fixed
 capital investment, particularly innovation, may then become more
 important, especially in triggering those movements in investment that are
 at the centre of Kalecki's explanation of the cycle. This suggests a much
 closer link, via innovation, between the cycle and the long-run trend. 
Journal: Review of Political Economy 
Pages: 341-353 
Issue: 3 
Volume: 11 
Year: 1999 
X-DOI: 10.1080/095382599107066 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382599107066
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:11:y:1999:i:3:p:341-353




Template-Type: ReDIF-Article 1.0
Author-Name: Jan Toporowski 
Author-X-Name-First: Jan 
Author-X-Name-Last: Toporowski 
Title: Kalecki and the Declining Rate of Profit 
Abstract:
  In Kalecki's business cycle theory a fall in the rate of profit plays a
 key role in the onset of recession, causing a fall in investment. This
 paper shows how the falling rate of profit is an eventual corollary of the
 steady rate of capital accumulation, which Keynes saw as the key to
 securing full employment. The decline in the rate of profit may be avoided
 by a shift to increasingly capital-intensive techniques of production, or
 greater government indebtedness or foreign trade imbalances. It is
 suggested that these disequilibrating factors lie behind the success of
 rapidly growing capitalist economies in the second half of the 20th
 century. 
Journal: Review of Political Economy 
Pages: 355-371 
Issue: 3 
Volume: 11 
Year: 1999 
X-DOI: 10.1080/095382599107075 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382599107075
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:11:y:1999:i:3:p:355-371




Template-Type: ReDIF-Article 1.0
Author-Name: Edwin Dickens 
Author-X-Name-First: Edwin 
Author-X-Name-Last: Dickens 
Title: A Political-Economic Critique of Minsky's Financial Instability Hypothesis: The case of the 1966 financial crisis 
Abstract:
  According to Minsky's financial instability hypothesis, financial crises
 are caused by increasing debt burdens. The purpose of this paper is to
 argue instead that financial crises are caused by class and intra-class
 conflict. The 1966 financial crisis is particularly significant, from the
 perspective of Minsky's financial instability hypothesis, because it
 divides the postwar Golden Age of US capitalism from the current period of
 recurrent financial crises. After showing that increasing debt burdens do
 not account for the 1966 financial crisis, this paper explains the 1966
 financial crisis in terms of class and intra-class conflict. 
Journal: Review of Political Economy 
Pages: 379-398 
Issue: 4 
Volume: 11 
Year: 1999 
X-DOI: 10.1080/095382599106850 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382599106850
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:11:y:1999:i:4:p:379-398




Template-Type: ReDIF-Article 1.0
Author-Name: Gerald Epstein 
Author-X-Name-First: Gerald 
Author-X-Name-Last: Epstein 
Title: A Comment on Dickens 
Abstract:
  There are two separate, but related aspects to Edwin Dickens' paper. One
 concerns a specific historical event: what caused the financial crisis of
 1966? The second draws out the implications of this case for the general
 theory of financial instability developed most notably by Hyman Minsky and
 applied by Martin Wolfson to the 1966 financial crisis. Dickens' study is
 fascinating, both for the detailed, - indeed, almost blow by blow -
 description of the unfolding action, and also for the unique theoretical
 interpretation he brings to the events. This paper has made me think in
 new ways about issues such as the etiology of financial crises, and the
 interactions between private interests and the Federal Reserve. One of the
 many things I very much liked about this paper was Dickens' method of
 using very detailed historical analysis of a specific event, discussed
 with detailed knowledge of the financial institutions and markets of the
 time, which he then placed in a broader context of historical events all
 in the process of shedding light on an important theoretical issue in
 macroeconomics. While Dickens' theoretical and historical analyses are
 very impressive, the empirical evidence for Dickens' assertions could be
 stronger. 
Journal: Review of Political Economy 
Pages: 399-405 
Issue: 4 
Volume: 11 
Year: 1999 
X-DOI: 10.1080/095382599106869 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382599106869
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:11:y:1999:i:4:p:399-405




Template-Type: ReDIF-Article 1.0
Author-Name: Martin Wolfson 
Author-X-Name-First: Martin 
Author-X-Name-Last: Wolfson 
Title: Financial Instability and the Credit Crunch of 1966 
Abstract:
  In an article in this journal, Edwin Dickens criticizes the financial
 instability hypothesis of Hyman Minsky. He contends that ''financial
 instability theorists'' explain the financial crisis in the US in 1966 as
 due to the forced sale of securities by commercial banks, but that the
 1966 crisis was not due to such sales. Therefore, he says that Minsky's
 financial instability hypothesis is contradicted. In contrast, this
 article argues that the 1966 crisis was initiated by the sale of
 securities by banks, but that such a development was not due to increased
 financial fragility, and thus was not a necessary aspect of the financial
 instability hypothesis. While the specifics of the 1966 crisis are
 somewhat of an exception, the general pattern of financial crisis in the
 postwar period in the US is powerfully explained by Minsky's financial
 instability hypothesis. 
Journal: Review of Political Economy 
Pages: 407-414 
Issue: 4 
Volume: 11 
Year: 1999 
X-DOI: 10.1080/095382599106878 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382599106878
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:11:y:1999:i:4:p:407-414




Template-Type: ReDIF-Article 1.0
Author-Name: L. Randall Wray 
Author-X-Name-First: L. Randall 
Author-X-Name-Last: Wray 
Title: The 1966 Financial Crisis: Financial instability or political economy? 
Abstract:
  The credit crunch of 1966 has long been recognized as the first
 significant postwar financial crisis, and it was the first verification of
 the ''financial instability hypothesis'' that Minsky had been developing
 since the late 1950s. In the midst of the robust post-war expansion, the
 Fed tightened monetary policy to the point at which profitability of
 financial institutions was threatened. The Fed was forced to intervene to
 save the muni bond market, which in effect validated practices that were
 stretching liquidity. As a result of Fed intervention, the economy
 continued to expand, new financial practices emerged and were validated,
 leverage ratios increased, memories of the Great Depression faded, and
 markets came to expect that big government and the Fed would come to the
 rescue as needed. That 1966 crisis was only a minor speedbump on the road
 to Minskian fragility - a transformation from a ''robust'' financial
 system toward the current ''fragile'' financial system. 
Journal: Review of Political Economy 
Pages: 415-425 
Issue: 4 
Volume: 11 
Year: 1999 
X-DOI: 10.1080/095382599106887 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382599106887
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:11:y:1999:i:4:p:415-425




Template-Type: ReDIF-Article 1.0
Author-Name: Edwin Dickens 
Author-X-Name-First: Edwin 
Author-X-Name-Last: Dickens 
Title: Financial Instability, Crises and the Endogeneity Of Money: A rejoinder 
Abstract:
Journal: Review of Political Economy 
Pages: 427-430 
Issue: 4 
Volume: 11 
Year: 1999 
X-DOI: 10.1080/095382599106896 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382599106896
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:11:y:1999:i:4:p:427-430




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Merrett 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Merrett 
Title: The Political Economy of Water Abstraction Charges 
Abstract:
  An important economic instrument in the management of a river catchment's
 water resources is the charges made by government for the abstraction of
 water from ground and surface sources. Abstraction charges are a form of
 rent. However, the classical theory of differential rent has limited
 application to abstraction prices because that theory's assumption of
 competition in the supply of the natural resource does not hold in this
 case. Here, the property rights of individual households and of
 institutions to draw water are assigned by a state monopoly. In order to
 understand the specific and contingent practices of government in
 different countries, a taxonomy of charge-setting principles is proposed.
 This paper sets out six principal fields of action for sustainable water
 resource planning and, in that context, recommends full incentive charging
 as the basis of catchment policy. 
Journal: Review of Political Economy 
Pages: 431-442 
Issue: 4 
Volume: 11 
Year: 1999 
X-DOI: 10.1080/095382599106904 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382599106904
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:11:y:1999:i:4:p:431-442




Template-Type: ReDIF-Article 1.0
Author-Name: Annalisa Rosselli 
Author-X-Name-First: Annalisa 
Author-X-Name-Last: Rosselli 
Title: The Origin of the Political Economy of Money 
Abstract:
  The rise of classical political economy has certainly marked a change in
 the way economic theory dealt with monetary issues, as it combined the
 microeconomic knowledge of the problems of metallic circulation with a
 macroeconomic analysis of the causes of monetary disturbances (balance of
 payments disequilibria, monetary policy). For the first time monetary
 theory was put on a sound theoretical footing. However, the belief of
 classical political economists in the self-correcting properties of
 markets, translated into their policy prescriptions, has given rise to
 interpretations that charge classical political economists of naivety: in
 their desire to subject all markets to the laws of supply and demand, they
 would have advocated a commodity-money and used the same analytical tools
 for the markets of commodities as well for money. The paper argues that
 there is no ground for such allegation. Rather, by looking into the works
 of Ricardo and Thornton, it is argued that supply and demand play a
 limited role in the explanation of monetary variables, since causality
 relationships are carefully specified and the need for an institution that
 'made the market function' is forcefully advocated. 
Journal: Review of Political Economy 
Pages: 443-454 
Issue: 4 
Volume: 11 
Year: 1999 
X-DOI: 10.1080/095382599106913 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382599106913
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:11:y:1999:i:4:p:443-454




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Parsons 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Parsons 
Title: Economics and Reality: A philosophical critique of transcendental realism 
Abstract:
  In Economics and Reality Tony Lawson seeks to criticise and offer an
 alternative to mainstream economic theorising. The book draws upon the
 work of Bhaskar, advocating a form of realism termed transcendental
 realism, in opposition to the empirical realism taken to underpin
 mainstream theorising. However, the specific objections advanced by Lawson
 against empirical realism are frequently confused and confusing. Lawson's
 own appeal to structures suffers from lack of definition, and empirical
 realism seems more applicable to Keynesian, not mainstream, economics. The
 claim that the social sciences can be modelled on the natural sciences is
 not particularly illuminating. 
Journal: Review of Political Economy 
Pages: 455-466 
Issue: 4 
Volume: 11 
Year: 1999 
X-DOI: 10.1080/095382599106922 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382599106922
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:11:y:1999:i:4:p:455-466




Template-Type: ReDIF-Article 1.0
Author-Name: Vivian Walsh 
Author-X-Name-First: Vivian 
Author-X-Name-Last: Walsh 
Title: Smith After Sen 
Abstract:
  This paper makes the claim that it is possible to distinguish two phases
 in the revival of classical theory during the twentieth century. The first
 phase was severely minimalist, and looked back to David Ricardo for
 inspiration, reinterpreting his work in terms of present day concepts and
 formal methods. The second phase, on the other hand, seeks an enriched
 present day classicism, and is appropriately inspired by the work of Adam
 Smith. It is argued that already, before the beginning of the new
 millenium, deeply significant work has been done which, once examined from
 the present point of view, can be seen to herald the arrival of elements
 of second stage classical theory. Thus certain contributions of Amartya
 Sen can be seen to cast new light on the work of Adam Smith, and to link
 up with the ideas of other theorists like Luigi Pasinetti whose work has
 had features characteristic of second phase classical theory. 
Journal: Review of Political Economy 
Pages: 5-25 
Issue: 1 
Volume: 12 
Year: 2000 
X-DOI: 10.1080/095382500106795 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382500106795
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:12:y:2000:i:1:p:5-25




Template-Type: ReDIF-Article 1.0
Author-Name: James Hartley 
Author-X-Name-First: James 
Author-X-Name-Last: Hartley 
Title: Does the Solow Residual Actually Measure Changes in Technology? 
Abstract:
  Real business cycle models purport to explain the business cycle as the
 result of technological change. This paper shows that the commonly used
 measure of technological change, the Solow residual, does not capture
 changes in the technology of the production function. The model used in
 this paper is within the framework of models described in Hansen & Sargent
 (1990, 1991). Technological change is modeled as a change in the value of
 one of the 'deep' technology parameters in the production function. The
 Solow residual is incapable of capturing the effects of this sort of
 technological change. There is no consistent relationship between the
 direction and size of a technological change and the sign and size of the
 Solow residual. The Solow residual often moves in the wrong direction,
 e.g. a negative technological shock causes a positive residual. Even when
 the Solow residual has the right sign, its size is not consistent with the
 size of the technological shock, e.g. a larger positive change in
 technology does not necessarily cause a larger positive Solow residual. 
Journal: Review of Political Economy 
Pages: 27-44 
Issue: 1 
Volume: 12 
Year: 2000 
X-DOI: 10.1080/095382500106803 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382500106803
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:12:y:2000:i:1:p:27-44




Template-Type: ReDIF-Article 1.0
Author-Name: Stavros Ioannides 
Author-X-Name-First: Stavros 
Author-X-Name-Last: Ioannides 
Title: Austrian Economics, Socialism and Impure Forms of Economic Organisation 
Abstract:
  Modern supporters of the Austrian school of economics maintain that their
 critical stance towards impure forms of economic organisation - such as
 the mixed economy - grew out of the arguments of Mises and Hayek during
 the socialist calculation debate of the 1930s. The paper assesses the two
 theorists, contributions in the debate and argues that their ideas cannot
 provide the basis for a general rejection of impure forms of economic
 organisation. First of all, and contrary to most modern Austrians, who
 consider the contributions of Mises and Hayek as essentially consistent,
 it is argued that Hayek's critique of socialism is much more effective
 than Mises' as it rests on his concept of tacit knowldge and on an
 evolutionary account of the emergence of capitalist institutions. However,
 the paper goes on to argue that, if Hayek's critique of state intervention
 is to have any relevance for contemporary capitalist economies, it must be
 in a position to show the non-viability not only of a fully centrally
 planned economy of the Soviet type but also of the mixed economy. It is
 argued that it is precisely in this that Hayek's evolutionism fails, for
 his teleological approach is not persuasive in ruling out the possibility
 of impure forms of capitalism in a manner that is consistent with truly
 evolutionary - i.e. non-teleological - ideas. 
Journal: Review of Political Economy 
Pages: 45-71 
Issue: 1 
Volume: 12 
Year: 2000 
X-DOI: 10.1080/095382500106812 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382500106812
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:12:y:2000:i:1:p:45-71




Template-Type: ReDIF-Article 1.0
Author-Name: D. P. T. Young 
Author-X-Name-First: D. P. T. 
Author-X-Name-Last: Young 
Title: Firms' Market Power, Endogenous Preferences and the Focus of Competition Policy 
Abstract:
  Conventional neoclassical views of dominance are generally restricted to
 a concern for a firm's market power seen in terms of the ability to raise
 and maintain prices above their marginal costs of production. A prime
 example of this approach is the application of dominant firm price
 leadership models, which has led to a restricted theoretical perception of
 the nature of market power and to an incomplete view of the social costs
 of monopoly power. This paper argues that a broader conception of a firm's
 market power leads to a quite different perspective on its conduct. In
 particular, if we allow dominance to involve the ability to influence
 product demand patterns, then the theoretical analysis of firm behaviour
 changes significantly. Specifically, it implies the endogeneity of
 preferences which, it is argued, represents an important alternative to
 mainstream analysis. It is suggested that we need to consider a firm's
 dominance not so much in terms of its pricing in the context of a
 particular market structure but to focus on its ability to gain advantage
 over its rivals in terms of 'creating' an asymmetry in the demand for its
 products. This has important implications for competition policy, for it
 suggests a need to concentrate on the 'power' of firms and less on the
 effects of a change in market structure. Likewise, we need to reconsider
 the adequacy of defining markets in terms of product demand
 characteristics. 
Journal: Review of Political Economy 
Pages: 73-87 
Issue: 1 
Volume: 12 
Year: 2000 
X-DOI: 10.1080/095382500106821 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382500106821
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:12:y:2000:i:1:p:73-87




Template-Type: ReDIF-Article 1.0
Author-Name: Steven Pressman 
Author-X-Name-First: Steven 
Author-X-Name-Last: Pressman 
Author-Name: Gale Summerfield 
Author-X-Name-First: Gale 
Author-X-Name-Last: Summerfield 
Title: The Economic Contributions of Amartya Sen 
Abstract:
  This paper examines the major economic contributions of Amartya Sen.
 Sen's contributions fall into three main areas: a philosophical critique
 of traditional economic assumptions, an attempt to build a more realistic
 economic science based on the notion of entitlements and human
 capabilities, and a long series of practical contributions to welfare
 economics that follow from the capabilities approach - how to measure
 poverty and inequality better, how to understand famine and hunger, the
 importance of gender in economic development, and the differences between
 economic development and economic growth. The paper concludes with a brief
 assessment of the significance of Sen's work. 
Journal: Review of Political Economy 
Pages: 89-113 
Issue: 1 
Volume: 12 
Year: 2000 
X-DOI: 10.1080/095382500106830 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382500106830
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:12:y:2000:i:1:p:89-113




Template-Type: ReDIF-Article 1.0
Author-Name: Tony Aspromourgos 
Author-X-Name-First: Tony 
Author-X-Name-Last: Aspromourgos 
Title: Is an Employer-of-Last-Resort Policy Sustainable? A review article 
Abstract:
  A radical proposal to address decisively the problem of mass involuntary
 unemployment, by way of a government committing itself to stand ready as
 'employer of last resort', has recently been put forward by L. Randall
 Wray and others. To the question of how such large-scale policies would be
 financed, there has been a suggestion that issuing outside money would
 suffice. This review employs some simple modelling to show the limits to
 'printing money' as a means of financing such an employment policy. The
 review also critically scrutinizes the claim that the policy can
 simultaneously act as an antiinflationary device, as well as some other
 aspects of the proposals. 
Journal: Review of Political Economy 
Pages: 141-155 
Issue: 2 
Volume: 12 
Year: 2000 
X-DOI: 10.1080/095382500406477 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382500406477
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:12:y:2000:i:2:p:141-155




Template-Type: ReDIF-Article 1.0
Author-Name: Nerio Naldi 
Author-X-Name-First: Nerio 
Author-X-Name-Last: Naldi 
Title: Keynes on the Nature of Capital: An interpretation of The General Theory's Chapter 16 
Abstract:
  Chapter 16 of The General Theory contains an analysis designed to
 interpret the long-run effects of saving decisions and capital
 accumulation on employment and aggregate income. In a discussion aimed at
 providing a basis for this analysis, Keynes argued that the concept of
 roundaboutness&#x2014;or average period of production&#x2014;did not
 provide a general explanation of the origin of the return on capital and
 was not a general description of capital itself. The alternative view put
 forward by Keynes described capital as a set of heterogeneous commodities
 yielding a return according to their scarcity. 
Journal: Review of Political Economy 
Pages: 157-169 
Issue: 2 
Volume: 12 
Year: 2000 
X-DOI: 10.1080/095382500406486 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382500406486
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:12:y:2000:i:2:p:157-169




Template-Type: ReDIF-Article 1.0
Author-Name: Ingrid Rima 
Author-X-Name-First: Ingrid 
Author-X-Name-Last: Rima 
Title: Sectoral Changes in Employment: An eclectic perspective on 'good' jobs and 'poor' jobs 
Abstract:
  The linkage Keynes established between the volume of employment that
 business firms require to make a particular number of jobs available
 provides an operational perspective about the way in which labor markets
 work. The aggregate supply or Z function is, in fact, a job offer curve.
 The most significant insight to derive from this curve is that job offers
 are inseparable from the economy's aggregate expenditure (or demand)
 level. This interdependency of aggregate supply and aggregate demand is
 necessary to understand the functioning of labor markets in the real
 world. This paper argues that a disaggregated model which encapsulates the
 economy's price-taking and price-making sectors offers a promising
 analytical tool to gain perspective about 'good jobs' and 'poor jobs' in
 post-Fordist economies. It is maintained that the sectoral deployment of
 workers reflects whether employing firms, as price-makers, can capture the
 increasing returns inherent in modern technology. 
Journal: Review of Political Economy 
Pages: 171-190 
Issue: 2 
Volume: 12 
Year: 2000 
X-DOI: 10.1080/095382500406495 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382500406495
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:12:y:2000:i:2:p:171-190




Template-Type: ReDIF-Article 1.0
Author-Name: Lars Magnusson 
Author-X-Name-First: Lars 
Author-X-Name-Last: Magnusson 
Author-Name: Jan Ottosson 
Author-X-Name-First: Jan 
Author-X-Name-Last: Ottosson 
Title: State Intervention and the Role of History - state and private actors in Swedish network industries 
Abstract:
  Three main theoretical positions towards state intervention and
 regulation are discussed in relation to the case of Swedish
 infrastructure. The positive, the normative, and the political transaction
 cost approaches are examined in relation to the historic development of
 regulatory systems in civil aviation, railroads, and telecommunications.
 The authors show that governance regimes have historical roots, and
 develop differently due to policies implemented by state agencies. Three
 points are illuminated with a view to the interaction between state and
 private actors in the transport and communication sector. First, the role
 and function of the state agencies as well as the political system itself
 point to the need for a more refined analysis of state action. The active
 role of state agencies is also discussed emphasizing the difference
 between political decisions and the implementation of such decisions.
 Second, the role of a historical perspective is discussed, arguing that it
 makes possible a better understanding of the reasons behind choices of
 particular strategies. Finally, there might be good reason to expect the
 state either to act solely as a rent seeker, or as a promoter of optimal
 solutions. 
Journal: Review of Political Economy 
Pages: 191-205 
Issue: 2 
Volume: 12 
Year: 2000 
X-DOI: 10.1080/095382500406503 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382500406503
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:12:y:2000:i:2:p:191-205




Template-Type: ReDIF-Article 1.0
Author-Name: Harilaos Mertzanis 
Author-X-Name-First: Harilaos 
Author-X-Name-Last: Mertzanis 
Title: Capacity Utilization, Foreign Portfolio Investment and International Debts and Deficits 
Abstract:
  This paper develops a long-run equilibrium growth model, in the tradition
 of Keynes, Kalecki and Steindl, involving international capital flows
 between a debtor and a creditor country, and in which capacity utilization
 is variable. This latter assumption implies that the shares of savings by
 capitalists and workers will vary with capacity utilization. Profit rates
 will also vary with capacity utilization rates, so that the establishment
 of a common warranted rate of growth requires that the rates of profit in
 the creditor and the debtor countries must vary inversely. The long-run
 equilibrium shares of ownership of the two stocks of capital must
 therefore vary as the utilization rates vary. Taking the international
 interest rate as given, steady growth in each country at near full
 employment is shown to be accommodated, to some extent, through variations
 in the degree of capacity utilization. Even if income distribution remains
 unchanged, the variability of capacity utilization allows the existence of
 a range of growth rates consistent with the long-run equilibrium
 conditions of the model. 
Journal: Review of Political Economy 
Pages: 207-218 
Issue: 2 
Volume: 12 
Year: 2000 
X-DOI: 10.1080/095382500406512 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382500406512
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:12:y:2000:i:2:p:207-218




Template-Type: ReDIF-Article 1.0
Author-Name: Costas Lapavitsas 
Author-X-Name-First: Costas 
Author-X-Name-Last: Lapavitsas 
Title: On Marx's Analysis of Money Hoarding in the Turnover of Capital 
Abstract:
  The formation of money hoards, which underpins the demand for money, is
 typically treated by mainstream monetary theory as originating in the
 motives of the rational individual. In contrast, Marx's discussion of
 money hoarding treats hoard formation as a necessary tendency of
 capitalist production and circulation rather than as a result of the
 individual's predilections. Based on Marx's analysis, this article
 identifies several structural reasons for money hoard formation in the
 circuit of capital. It is also shown that Marx's discussion, despite its
 insight, suffers from a technical error in analysing the overlapping of
 production and circulation time in the circuit, and in drawing the
 implications for hoarding. Finally, it is argued that the broader
 significance of capitalist money hoarding lies in the foundations it
 provides for the emergence of the credit system. 
Journal: Review of Political Economy 
Pages: 219-235 
Issue: 2 
Volume: 12 
Year: 2000 
X-DOI: 10.1080/095382500406521 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382500406521
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:12:y:2000:i:2:p:219-235




Template-Type: ReDIF-Article 1.0
Author-Name: J. E. King 
Author-X-Name-First: J. E. 
Author-X-Name-Last: King 
Title: Introduction to an Unpublished Note by Nicholas Kaldor & Joan Robinson 
Abstract:
Journal: Review of Political Economy 
Pages: 261-265 
Issue: 3 
Volume: 12 
Year: 2000 
X-DOI: 10.1080/09538250050127436 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250050127436
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:12:y:2000:i:3:p:261-265




Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Kaldor 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Kaldor 
Author-Name: Joan Robinson 
Author-X-Name-First: Joan 
Author-X-Name-Last: Robinson 
Title: PROFIT MARGINS INQUIRY: Note on alternative hypotheses as to the determination of Profit Margins 
Abstract:
Journal: Review of Political Economy 
Pages: 267-271 
Issue: 3 
Volume: 12 
Year: 2000 
X-DOI: 10.1080/09538250050127445 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250050127445
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:12:y:2000:i:3:p:267-271




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Flaschel 
Author-X-Name-First: Peter 
Author-X-Name-Last: Flaschel 
Author-Name: Reiner Franke 
Author-X-Name-First: Reiner 
Author-X-Name-Last: Franke 
Title: An Old-Keynesian Note on Destabilizing Price Flexibility 
Abstract:
  Tobin's (1975) macrodynamic model on 'recession and depression' is
 extended by introducing two separate adjustment rules for money wages and
 the price level. It turns out that sluggish prices and, under an
 additional assumption, also sticky wages are favourable for local
 stability of the long-run equilibrium, while a high degree of flexibility
 tends to be destabilizing. In addition, a disposition to cyclical
 behaviour is indicated. 
Journal: Review of Political Economy 
Pages: 273-283 
Issue: 3 
Volume: 12 
Year: 2000 
X-DOI: 10.1080/09538250050127454 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250050127454
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:12:y:2000:i:3:p:273-283




Template-Type: ReDIF-Article 1.0
Author-Name: Jean-Francois Renaud 
Author-X-Name-First: Jean-Francois 
Author-X-Name-Last: Renaud 
Title: The Problem of the Monetary Realization of Profits in a Post Keynesian Sequential Financing Model: Two solutions of the Kaleckian option 
Abstract:
  In a Post Keynesian theoretical framework with sequential financing, two
 solutions to the problem of the monetary realization of profits are
 presented. Both of these are consistent with the Kaleckian view, according
 to which actual profits arise from the present expenditure of their
 anticipated amount. These two solutions form the basis for a theoretical
 reconsideration of the relationships among the creation of money,
 consumption, savings and investment. 
Journal: Review of Political Economy 
Pages: 285-303 
Issue: 3 
Volume: 12 
Year: 2000 
X-DOI: 10.1080/09538250050127463 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250050127463
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:12:y:2000:i:3:p:285-303




Template-Type: ReDIF-Article 1.0
Author-Name: Lisa Saunders 
Author-X-Name-First: Lisa 
Author-X-Name-Last: Saunders 
Author-Name: Mary King 
Author-X-Name-First: Mary 
Author-X-Name-Last: King 
Title: An Interview with Barbara Bergmann: Leading feminist economist 
Abstract:
  Barbara Bergmann, Emerita Professor of Economics at both the American
 University and the University of Maryland, has been a leader in the
 development and establishment of feminist economics, in scholarly, policy
 and organizational capacities. Professor Bergmann is particularly known
 for her crowding model of discrimination. She is the author of an
 excellent, accessible undergraduate textbook, The Economic Emergence of
 Women (1986) . She has authored several policy-oriented books, including
 In Defense of Affirmative Action (1996a), Saving Our Children from
 Poverty: what the United States can learn from France (1996b) , and What
 Child Care System for America? (2000). Professor Bergmann is past
 president of the Society for the Advancement of Socioeconomics, the
 Eastern Economic Association and the International Association for
 Feminist Economics. She received her PhD in economics from Harvard in
 1959. This interview was conducted at the ASSA meetings in Chicago on 4
 January 1998. 
Journal: Review of Political Economy 
Pages: 305-316 
Issue: 3 
Volume: 12 
Year: 2000 
X-DOI: 10.1080/09538250050127472 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250050127472
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:12:y:2000:i:3:p:305-316




Template-Type: ReDIF-Article 1.0
Author-Name: Marc Lombard 
Author-X-Name-First: Marc 
Author-X-Name-Last: Lombard 
Title: Restrictive Macroeconomic Policies and Unemployment in the European Union 
Abstract:
  This paper looks at the impact the European integration process has had
 on the unemployment level of European Union member countries. While the
 persistence of relatively high unemployment in Europe is often attributed
 to supply-side factors, such as the rigidities of the labour market, this
 study contends that the major cause for the rise of unemployment in the EU
 has been the very macroeconomic policies of the EU itself. The paper
 argues that the continuous pursuit of deflationary policies and the
 macroeconomic constraint imposed first by the membership of the European
 Monetary System and, secondly, by the convergence criteria of the
 Maastricht Treaty, have been the real impediments to reducing
 unemployment. 
Journal: Review of Political Economy 
Pages: 317-332 
Issue: 3 
Volume: 12 
Year: 2000 
X-DOI: 10.1080/09538250050127481 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250050127481
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:12:y:2000:i:3:p:317-332




Template-Type: ReDIF-Article 1.0
Author-Name: Russell Smyth 
Author-X-Name-First: Russell 
Author-X-Name-Last: Smyth 
Author-Name: Dic Lo 
Author-X-Name-First: Dic 
Author-X-Name-Last: Lo 
Title: Theories of the Firm and the Relationship between Different Perspectives on the Division of Labour 
Abstract:
  This paper explores the tension between the organisational learning,
 market and hierarchies rationales for the firm. It is not clear, from the
 organisational learning and market-hierarchies literatures, what role
 exists for the different approaches. The paper suggests that this reflects
 the fact that each paradigm is premised on a particular notion of the
 division of labour but, at the same time, does not recognise that the
 division of labour is multifaceted. The paper suggests one possible
 approach to reconcile the various rationales for the firm. To do this, the
 different paradigms are placed in the context of different growth patterns
 that support different conceptions of the division of labour. 
Journal: Review of Political Economy 
Pages: 333-349 
Issue: 3 
Volume: 12 
Year: 2000 
X-DOI: 10.1080/09538250050127490 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250050127490
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:12:y:2000:i:3:p:333-349




Template-Type: ReDIF-Article 1.0
Author-Name: Ingrid Rima 
Author-X-Name-First: Ingrid 
Author-X-Name-Last: Rima 
Title: The Pillars of Economic Understanding: A review essay 
Abstract:
Journal: Review of Political Economy 
Pages: 351-358 
Issue: 3 
Volume: 12 
Year: 2000 
X-DOI: 10.1080/09538250050127508 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250050127508
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:12:y:2000:i:3:p:351-358




Template-Type: ReDIF-Article 1.0
Author-Name: Don Goldstein 
Author-X-Name-First: Don 
Author-X-Name-Last: Goldstein 
Title: Hostile Takeovers as Corporate Governance? Evidence from the 1980s 
Abstract:
  The notion that hostile takeovers must play a key role in corporate
 governance, by bringing purportedly efficient financial market pressures
 to bear on poorly performing managers, often underlies proposals for
 financial sector reform. This paper tests the most influential explanation
 of takeovers, the free cash flow theory of debt-financed restructuring,
 against a comprehensive sample of large U.S. hostile takeovers from the
 years 1978-89. The tests provide little support for the free cash flow
 hypothesis: that over-retention of corporate resources, relative to
 investment opportunities, would distinguish targets from other companies.
 Firms with less debt are more likely to have been taken over. But this and
 closely related evidence is more consistent with the idea that the
 takeover and credit markets underwent a period of speculative overheating.
 Thus the role played by hostile takeovers in the corporate restructuring
 of the 1980s does not suggest that facilitating such activity should be a
 goal of present day financial reforms, in Europe or elsewhere 
Journal: Review of Political Economy 
Pages: 381-402 
Issue: 4 
Volume: 12 
Year: 2000 
X-DOI: 10.1080/09538250050175091 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250050175091
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:12:y:2000:i:4:p:381-402




Template-Type: ReDIF-Article 1.0
Author-Name: Riccardo Bellofiore 
Author-X-Name-First: Riccardo 
Author-X-Name-Last: Bellofiore 
Author-Name: Guglielmo Forges Davanzati 
Author-X-Name-First: Guglielmo Forges 
Author-X-Name-Last: Davanzati 
Author-Name: Riccardo Realfonzo 
Author-X-Name-First: Riccardo 
Author-X-Name-Last: Realfonzo 
Title: Marx Inside the Circuit: Discipline device, wage bargaining and unemployment in a sequential monetary economy 
Abstract:
  The aim of this paper is to show that Marxian labour theory of value can
 be consistently interpreted in terms of the monetary circuit model, where
 firms need initial finance to start production and where the money supply
 is endogenous. In contrast to the recently revived Marxian monetary
 models, in particular the New Interpretation, it is argued here that
 although the money wage is bargained for on the labour market, the real
 wage is determined by firms' choices, since firms autonomously determine
 the structure of production and hence real consumption for the working
 class as a whole. This does not mean that firms are able to set the real
 wage without economic and social constraints. Starting from our circuitist
 reading of the labour theory of value and distribution, a model is
 developed in order to determine the level of employment and income
 distribution, on the assumptions that (i) the industrial reserve army
 affects wage bargaining and labour effort and that (ii) workers react to
 the failure of their expectations on the real wage by reducing their work
 intensity. In this context, it is shown that firms may increase their
 share of profits over time only be means of innovations. 
Journal: Review of Political Economy 
Pages: 403-417 
Issue: 4 
Volume: 12 
Year: 2000 
X-DOI: 10.1080/09538250050175109 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250050175109
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:12:y:2000:i:4:p:403-417




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Dunn 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Dunn 
Title: Fundamental Uncertainty and the Firm in the Long Run 
Abstract:
  Oliver Williamson claims that bounded rationality and 'behavioural
 uncertainty' are principal factors influencing market-based transaction
 costs. Post Keynesian economists typically distinguish between ergodic and
 non-ergodic processes with the latter providing a technical definition of
 'fundamental uncertainty'. Often, the salience of this fundamental
 uncertainty has been ignored or conflated with bounded rationality and
 behavioural uncertainty. Consequently, the richness and distinctness of
 such concepts is much diminished. This paper shows that while bounded
 rationality is a key behavioural assumption that may account for the
 existence of high market-based transaction costs in an ergodic world, and
 thus for the emergence of firms as distinct modes of economic
 organisation, it may do so only in the short run. I demonstrate, however,
 that non-ergodicity can be used to explain the existence of transaction
 costs and thus firms in the long run. 
Journal: Review of Political Economy 
Pages: 419-433 
Issue: 4 
Volume: 12 
Year: 2000 
X-DOI: 10.1080/09538250050175118 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250050175118
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:12:y:2000:i:4:p:419-433




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Williams 
Author-X-Name-First: Michael 
Author-X-Name-Last: Williams 
Title: Why Marx Neither Has Nor Needs a Commodity Theory of Money 
Abstract:
  This paper argues, contrary to the standard interpretation, that money in
 Marx's theory is tied neither to bullion nor to any commodity basis. It is
 rather the sole social form of value autonomous from use-value. This is
 demonstrated by reference to Marx's account of the social functions of
 money, and by showing that to subsume 'money' under 'commodity' commits a
 category mistake within Marx's system. My argument is conceptual rather
 than historical. It seeks to locate, not to deny, the role of 'gold' in
 Marx's monetary theory. It has relevance to contemporary debates about the
 need for some new 'gold-standard' to sustain the international monetary
 system. 
Journal: Review of Political Economy 
Pages: 435-451 
Issue: 4 
Volume: 12 
Year: 2000 
X-DOI: 10.1080/09538250050175127 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250050175127
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:12:y:2000:i:4:p:435-451




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Flaschel 
Author-X-Name-First: Peter 
Author-X-Name-Last: Flaschel 
Title: Keynes-Marx and Keynes-Wicksell Models of Monetary Growth: A framework for future analysis 
Abstract:
  This paper reconsiders and generalizes a dichotomizing two-sector real
 growth model of Marglin which claims that the steady state of capitalist
 economies is plagued by secular inflation. We show that this implication
 need not be true from the perspective of a more general steady state
 analysis and that the Marglin model can be embedded into a general
 Keynes-Marx-Friedman or Keynes-Wicksell framework where money is
 superneutral, where therefore inflation is due solely to excessive
 monetary growth, where the private sector is basically asymptotically
 stable and where there is a steady state rate of employment that differs
 from the 'natural' rate of employment of monetarist models of inflation.
 We consider this model a benchmark model that requires equally general
 alternatives if the above implications are to be rejected. 
Journal: Review of Political Economy 
Pages: 453-468 
Issue: 4 
Volume: 12 
Year: 2000 
X-DOI: 10.1080/09538250050175136 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250050175136
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:12:y:2000:i:4:p:453-468




Template-Type: ReDIF-Article 1.0
Author-Name: James Forder 
Author-X-Name-First: James 
Author-X-Name-Last: Forder 
Title: The Theory of Credibility and the Reputation-bias of Policy 
Abstract:
  The theory of policy credibility has been influential in both the design
 of monetary policymaking institutions and in the implementation of policy.
 In particular, the idea that 'reputation' is important has been widely
 accepted. However, careful attention to the assumptions and implications
 of the theory reveals many sources of doubt as to its empirical value.
 First, the theory is implausible and, even if taken seriously, does not
 point to many of the conclusions frequently supposed to be based on it.
 Second, evidence suggests the theory is false. Third, even policymakers
 who profess themselves concerned about the maintenance of credibility do
 not behave consistently in the way the theory says they should. Although
 many policy proposals ostensibly based on the theory of credibility
 therefore seem to lack persuasive support, the idea of credibility still
 poses a danger to effective policymaking since it creates motives for
 excessively contractionary policy. Although it is frequently asserted that
 monetary policy can have no long-term effects on economic performance, the
 idea that a loss of 'reputation' will have lasting detrimental effects
 appears to motivate much policy. In the absence of convincing arguments
 that reputation - in its technical sense - is important, this would seem
 to be undesirable and probably dangerous. 
Journal: Review of Political Economy 
Pages: 5-25 
Issue: 1 
Volume: 13 
Year: 2001 
X-DOI: 10.1080/09538250150210559 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250150210559
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:13:y:2001:i:1:p:5-25




Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Philip 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Philip 
Title: Marxism, Neoclassical Economics and the Length of the Working Day 
Abstract:
  The intention of this paper is to provide an insight into historical and
 contemporary conflict over the length of the working day by utilizing a
 particular interpretation of Marx's theory of surplus-value.
 Epistemological priority is given to labour time in examining conflict
 over distribution and working conditions. Historical and recent evidence
 is brought to bear to demonstrate the relevance of this conflict in the
 context of recent debate over working hours in the EU in general and the
 UK in particular. 
Journal: Review of Political Economy 
Pages: 27-39 
Issue: 1 
Volume: 13 
Year: 2001 
X-DOI: 10.1080/09538250150210568 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250150210568
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:13:y:2001:i:1:p:27-39




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Prasch 
Author-X-Name-First: Robert 
Author-X-Name-Last: Prasch 
Title: The Economic Contributions of Robert A. Mundell 
Abstract:
  This is the second in a series of articles surveying the contributions of
 recent recipients of the Nobel Memorial Prize in Economics. The 1999
 recipient of the prize, Robert A. Mundell, has made important
 contributions in several fields, including the theory of the monetary and
 fiscal policy mix, the monetary approach to the balance of payments, the
 theory of optimal currency areas and supply-side economics. This paper
 provides an overview and critical evaluation of these contributions. 
Journal: Review of Political Economy 
Pages: 41-58 
Issue: 1 
Volume: 13 
Year: 2001 
X-DOI: 10.1080/09538250150210577 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250150210577
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:13:y:2001:i:1:p:41-58




Template-Type: ReDIF-Article 1.0
Author-Name: Theodore Burczak 
Author-X-Name-First: Theodore 
Author-X-Name-Last: Burczak 
Title: Profit Expectations and Confidence: Some unresolved issues in the Austrian/Post-Keynesian debate 
Abstract:
  Austrian and Post-Keynesian economists both continue to make important
 contributions to subjectivism in economics. Yet, as the ongoing debate
 between members of the two schools demonstrates, Austrians and
 Post-Keynesians have very different views about the possibility of
 intertemporal coordination in a market economy. This paper returns to the
 debate between Hayek and Keynes in order to respond to a contemporary
 Austrian critique of Keynes's theory of expectations. The paper shows that
 the fundamental difference between the two schools ultimately boils down
 to the nature of conventional expectations and the question of confidence.
 If the conventional expectation holds to assume the future will look
 enough like the present to give investors confidence in their decisions,
 Hayek's arguments about the possibility of intertemporal coordination
 merit attention. If, however, this convention does not hold, as Keynes
 thought was sometimes likely, the self-regulating potential of a market
 economy is called into question. 
Journal: Review of Political Economy 
Pages: 59-80 
Issue: 1 
Volume: 13 
Year: 2001 
X-DOI: 10.1080/09538250150210586 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250150210586
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:13:y:2001:i:1:p:59-80




Template-Type: ReDIF-Article 1.0
Author-Name: Roger Koppl 
Author-X-Name-First: Roger 
Author-X-Name-Last: Koppl 
Author-Name: William Butos 
Author-X-Name-First: William 
Author-X-Name-Last: Butos 
Title: Confidence in Keynes and Hayek: Reply to Burczak 
Abstract:
  We agree with Burczak's identification of the crucial issues. We disagree
 with his interpretation of them. We expand our defense of the claim that
 Keynes was a rationalist. We introduce the "horizon principle" to critize
 Keynes' dichotomy between short-term and long-term expectations. We
 question the statistical simile guiding some Post Keynesian dsiscussions
 of uncertainty. We point to the role of evolution in shaping conventions
 that fit the economic environment in a world with novel events. We think
 the evidence favors our view over Burczak's. Finally, we put in a plea for
 framing the issues in a way that facilitates empirical testing. 
Journal: Review of Political Economy 
Pages: 81-86 
Issue: 1 
Volume: 13 
Year: 2001 
X-DOI: 10.1080/09538250150210595 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250150210595
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:13:y:2001:i:1:p:81-86




Template-Type: ReDIF-Article 1.0
Author-Name: Theodore Burczak 
Author-X-Name-First: Theodore 
Author-X-Name-Last: Burczak 
Title: Response to Butos & Koppl: Expectations, exogeneity, and evolution 
Abstract:
Journal: Review of Political Economy 
Pages: 87-90 
Issue: 1 
Volume: 13 
Year: 2001 
X-DOI: 10.1080/09538250150210603 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250150210603
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:13:y:2001:i:1:p:87-90




Template-Type: ReDIF-Article 1.0
Author-Name: Warren Samuels 
Author-X-Name-First: Warren 
Author-X-Name-Last: Samuels 
Title: Some Problems in the Use of Language in Economics 
Abstract:
Journal: Review of Political Economy 
Pages: 91-100 
Issue: 1 
Volume: 13 
Year: 2001 
X-DOI: 10.1080/09538250150210612 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250150210612
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:13:y:2001:i:1:p:91-100




Template-Type: ReDIF-Article 1.0
Author-Name: Jochen Runde 
Author-X-Name-First: Jochen 
Author-X-Name-Last: Runde 
Title: On Stephen Parsons' Philosophical Critique of Transcendental Realism 
Abstract:
  This paper replies to Stephen Parsons' critique of Tony Lawson's
 Economics and Reality recently published in this journal. The topics
 addressed include Lawson's critique of empirical realism; Lawson's
 definition of 'structures'; theories of truth; the relationship between
 mainstream economics and empirical realism; and the possibility of
 naturalism . 
Journal: Review of Political Economy 
Pages: 101-114 
Issue: 1 
Volume: 13 
Year: 2001 
X-DOI: 10.1080/09538250150210621 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250150210621
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:13:y:2001:i:1:p:101-114




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Parsons 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Parsons 
Title: A Response to the Claim 'There is no Problem for Transcendental Realism Here' 
Abstract:
  My review of Tony Lawson's book Economics and Reality sought to clarify
 the nature of transcendental realism (TR) and indicate disagreements with
 its claims. I thank Jochen Runde for taking the time and trouble to
 respond to my review. Reading Runde's response made me aware that various
 points in my initial review were possibly not as clearly formulated as
 they could have been. I am thankful for the opportunity to remedy this
 deficiency. I would like this response to be as constructive as possible.
 To facilitate this, I will formulate a series of questions regarding areas
 where I still feel clarification of the TR position would be beneficial. 
Journal: Review of Political Economy 
Pages: 115-123 
Issue: 1 
Volume: 13 
Year: 2001 
X-DOI: 10.1080/09538250150210630 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250150210630
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:13:y:2001:i:1:p:115-123




Template-Type: ReDIF-Article 1.0
Author-Name: S. Abu Turab Rizvi 
Author-X-Name-First: S. Abu Turab 
Author-X-Name-Last: Rizvi 
Title: Preference Formation and the Axioms of Choice 
Abstract:
  Standard economic arguments assume that individual preferences satisfy
 particular axioms of choice (e.g. transitivity or acyclicity). At the same
 time, preferences are taken as given for purposes of analysis. However,
 since preferences are formed, the process of formation will affect the
 preferences created. This article argues that the process of preference
 formation will not generally result in preferences satisfying the axioms
 of choice. This result follows from considering preference formation as an
 intrapersonal version of Sen's Paretian Liberal paradox. This result
 requires a number of conditions, which are re-interpreted in the setting
 of individual preference formation and are shown to be reasonable. Several
 plausible examples show that the impossibility arises in uncontrived and
 natural situations. The article then outlines the relation of these
 arguments to other concerns about preference rankings. It concludes that
 the burden carried in economics and in other disciplines by standard
 preference rankings or utility functions is misplaced: such rankings are
 likely to be available to individuals in straightforward circumstances. On
 the other hand, these conclusions buttress arguments for a conception of
 preferences that is richer than is possible in standard economics. 
Journal: Review of Political Economy 
Pages: 141-159 
Issue: 2 
Volume: 13 
Year: 2001 
X-DOI: 10.1080/09538250120036619 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250120036619
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:13:y:2001:i:2:p:141-159




Template-Type: ReDIF-Article 1.0
Author-Name: Heinz Kurz 
Author-X-Name-First: Heinz 
Author-X-Name-Last: Kurz 
Author-Name: Neri Salvadori 
Author-X-Name-First: Neri 
Author-X-Name-Last: Salvadori 
Title: Sraffa and von Neumann 
Abstract:
  This paper discusses the relationship between Piero Sraffa's 1960 book
 and John von Neumann's 1937 paper on economic growth in the light of some
 of the material contained in Sraffa's unpublished papers and
 correspondence. It is argued that the two contributions share a similar
 outlook and exhibit conceptual parallels; in fact, they can both be said
 to belong to the 'classical' approach to the theory of value and
 distribution. The latter is characterized, among other things, by an
 asymmetric treatment of the distributive variables, the rate of return on
 capital and the real wage rate. Sraffa's papers show that when he came
 across the von Neumann model in the mid-1940s his own analysis was already
 quite advanced, including his analysis of joint production. The paper also
 contains an exchange of letters between John Richard Hicks and Sraffa on
 some of the issues dealt with in the latter's book. 
Journal: Review of Political Economy 
Pages: 161-180 
Issue: 2 
Volume: 13 
Year: 2001 
X-DOI: 10.1080/09538250120036628 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250120036628
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:13:y:2001:i:2:p:161-180




Template-Type: ReDIF-Article 1.0
Author-Name: Rod Cross 
Author-X-Name-First: Rod 
Author-X-Name-Last: Cross 
Author-Name: Douglas Strachan 
Author-X-Name-First: Douglas 
Author-X-Name-Last: Strachan 
Title: Three Pillars of Conventional Wisdom 
Abstract:
  This paper considers three pillars of contemporary economic wisdom that
 form part of the so-called 'Washington consensus': that free markets work
 best; that price stability is a good thing; and that deregulated financial
 markets work best. We argue that these propositions apply in certain
 circumstances, but do not have general validity. After discussing the
 circumstances in which these propositions do not hold we suggest how the
 conventional policy wisdom should be revised. 
Journal: Review of Political Economy 
Pages: 181-200 
Issue: 2 
Volume: 13 
Year: 2001 
X-DOI: 10.1080/09538250120036637 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250120036637
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:13:y:2001:i:2:p:181-200




Template-Type: ReDIF-Article 1.0
Author-Name: Steve Fleetwood 
Author-X-Name-First: Steve 
Author-X-Name-Last: Fleetwood 
Title: Causal Laws, Functional Relations and Tendencies 
Abstract:
  This paper draws upon critical realism to argue that the widespread use
 of functional relations and laws in economics is misconceived. This
 misconception stems from the inappropriate use of a deductivist mode of
 theorising; an empirical realist ontology; and a notion of causality as
 mere regularity or constant conjunction, all of which are associated with
 functional relations and laws. Not only does critical realism identify the
 cause of the misconception, it sustains an alternative causal/explanatory
 mode of theorising; a stratified ontology; a notion of causality as
 powers; and an alternative notion of law as tendency. Marx's ideas on the
 tendencies to employment and unemployment are used as an example of
 economic theory consistent with these alternatives. 
Journal: Review of Political Economy 
Pages: 201-220 
Issue: 2 
Volume: 13 
Year: 2001 
X-DOI: 10.1080/09538250120036646 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250120036646
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:13:y:2001:i:2:p:201-220




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Tomass 
Author-X-Name-First: Mark 
Author-X-Name-Last: Tomass 
Title: Incommensurability of Economic Paradigms: A case study of the monetary theories of Mises and Marx 
Abstract:
  Influenced by postmodern philosophy, economists have held that
 substantive propositions made by rival schools of economics are parts of
 'incommensurable paradigms'. The incommensurability thesis implies that
 one cannot cross evaluate or adjudicate between substantive propositions
 made within rival paradigms. This paper provides a framework to examine
 the tenets of the incommensurability thesis through a comparative case
 study of the rival monetary theories of Ludwig von Mises and Karl Marx.
 Section 1 presents the case for the incommensurability of economic
 paradigms as postmodernists and their predecessors assert. It defines
 three elements that constitute an economic paradigm&#x2014; starting
 points, methodological procedures, and conceptual schemes. Sections 2, 3
 and 4 examine whether the three paradigmatic elements in the monetary
 theories of Mises and Marx are incommensurable. Section 5 concludes by
 drawing implications for paradigm (in)commensurability. 
Journal: Review of Political Economy 
Pages: 221-243 
Issue: 2 
Volume: 13 
Year: 2001 
X-DOI: 10.1080/09538250120036655 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250120036655
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:13:y:2001:i:2:p:221-243




Template-Type: ReDIF-Article 1.0
Author-Name: Rodolfo Signorino 
Author-X-Name-First: Rodolfo 
Author-X-Name-Last: Signorino 
Title: On the Limits to the Long-Period Method in Classical Economics: A note 
Abstract:
  On a first reading of Theory of Production, Kurz & Salvadori (1995)
 appear to confine the empirical domain of the long-period models of the
 classical theory of value and distribution to stationary economies with
 non-constant returns to scale and to growing economies with constant
 returns to scale. Such a reading is shown to be untenable since it merges
 the two levels of exploring the extension of a model and of testing a
 theoretical hypothesis. Conversely, the way Kurz & Salvadori tackle the
 problems of price dynamics and returns to scale in growing economies is
 shown to be compatible with what appears to be Sraffa's (implicit)
 strategy of research. 
Journal: Review of Political Economy 
Pages: 245-251 
Issue: 2 
Volume: 13 
Year: 2001 
X-DOI: 10.1080/09538250120036664 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250120036664
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:13:y:2001:i:2:p:245-251




Template-Type: ReDIF-Article 1.0
Author-Name: Anna Carabelli 
Author-X-Name-First: Anna 
Author-X-Name-Last: Carabelli 
Author-Name: Nicolo De Vecchi 
Author-X-Name-First: Nicolo 
Author-X-Name-Last: De Vecchi 
Title: Hayek and Keynes: From a common critique of economic method to different theories of expectations 
Abstract:
  The methodological positions of Hayek and Keynes contain striking
 similarities. Both authors opposed empiricist approaches to economics that
 assign priority to mere observation as the source of knowledge. Both
 emphasised intentionality, motivation and human agency. Notwithstanding
 this common ground, they had different conceptions of how beliefs are
 formed and had different explanations of thought and action in economics.
 Hayek grounded his explanation on an evolutionary theory of the mind, i.e.
 on psychological premises, whereas Keynes based his view of belief
 formation on probable reasoning, where probability is a logical concept.
 Starting from psychological premises Hayek maintained that individuals act
 rationally only by following rules. As a consequence, he considered
 conventional expectations to be the primary guide for agents in economic
 life. Keynes agreed that conventional expectations actually guide economic
 behaviour, but he maintained that they are justified only in situations of
 total ignorance. In conditions of limited knowledge, agents can base their
 action on reasonable expectations, independently of conventions. Moreover,
 agents&#x2014;particularly those institutions responsible for economic
 policy&#x2014;ought to shun conventional behaviour in order to counteract
 its negative social consequences. We argue that Keynes's theory of
 expectations is well grounded upon his theory of logical probability.
 Hence his advocacy of discretionary policy is rationally justified. 
Journal: Review of Political Economy 
Pages: 269-285 
Issue: 3 
Volume: 13 
Year: 2001 
X-DOI: 10.1080/09538250120055140 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250120055140
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:13:y:2001:i:3:p:269-285




Template-Type: ReDIF-Article 1.0
Author-Name: Louis-Philippe Rochon 
Author-X-Name-First: Louis-Philippe 
Author-X-Name-Last: Rochon 
Title: Cambridge's Contribution to Endogenous Money: Robinson and Kahn on credit and money 
Abstract:
  It is often claimed by American Post Keynesians that the theories of
 endogenous money originated in the mid-1950s as a result of articles
 published by Nicholas Kaldor and Hyman Minsky. This paper offers another
 possibility. It argues that, in the mid-1950s, both Joan Robinson and
 Richard Kahn offered insights into the workings of a credit economy that
 have been largely ignored by Post Keynesians and that are consistent with
 Post Keynesian monetary theory. 
Journal: Review of Political Economy 
Pages: 287-307 
Issue: 3 
Volume: 13 
Year: 2001 
X-DOI: 10.1080/09538250120055159 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250120055159
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:13:y:2001:i:3:p:287-307




Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Cronin 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Cronin 
Title: Productive and Unproductive Capital: A mapping of the New Zealand system of national accounts to classical economic categories, 1972-95 
Abstract:
  New Zealand has gained considerable international attention for the
 neo-liberal economic reform programme it enacted from the mid-1980s; this
 programme has served as a model for similar reform elsewhere. Within the
 neoclassical framework of the reformers, the programme has produced many
 improvements to the economy. Such fundamental indicators as lower
 inflation, lower budget deficits and higher economic growth are cited as
 evidence of the improved economic conditions. Yet unemployment remains
 high, real interest rates are among the highest in the world, nominal
 interest rates and business confidence fluctuate considerably, and the
 balance of payments is deteriorating. Using a classical framework, this
 paper examines the neo-liberal reform of the New Zealand economy to see if
 there are alternative explanations for the persistence of these problems.
 The methodology developed by Shaikh & Tonak (1994) is used to map official
 national accounts data to classical economic categories for the 1972 to
 1995 period. This approach is compared with earlier attempts at estimating
 classical economic categories for New Zealand. This classical view of the
 economic reforms is compared with the conventional view. The paper's main
 results are that there was a large increase in unproductive economic
 activity associated with the economic reforms in New Zealand; that the
 improvement in economic fundamentals emphasised by the reformers reflects
 this growth of unproductive activity; and that the persistence of other
 economic indicators is related to the ongoing weakness of productive
 activity. 
Journal: Review of Political Economy 
Pages: 309-327 
Issue: 3 
Volume: 13 
Year: 2001 
X-DOI: 10.1080/09538250120055168 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250120055168
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:13:y:2001:i:3:p:309-327




Template-Type: ReDIF-Article 1.0
Author-Name: Ghassan Dibeh 
Author-X-Name-First: Ghassan 
Author-X-Name-Last: Dibeh 
Title: Time Delays and Business Cycles: Hilferding's model revisited 
Abstract:
  This paper develops a Marxian model of the business cycle based on
 Hilferding's theory of disproportionality in capital accumulation in a
 two-sector economy. The disproportionality arises from the existence of
 time delays in production generated by the differential capital intensity
 in the two sectors. The time delays produce an asymmetric price structure
 that causes overproduction and crisis. The model is constructed using
 delay-differential equations. Numerical simulations show that the model
 produces an economy-wide business cycle phenomenon. The domain of the time
 delay parameter is investigated, and shows that the model produces a wide
 variety of dynamics from monotonic convergence to explosive oscillations.
 Moreover, the solution shows that intersectoral investment flows transmit
 the instability in capital accumulation and that longer time delays
 produce higher cycle amplitudes. 
Journal: Review of Political Economy 
Pages: 329-341 
Issue: 3 
Volume: 13 
Year: 2001 
X-DOI: 10.1080/09538250120055177 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250120055177
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:13:y:2001:i:3:p:329-341




Template-Type: ReDIF-Article 1.0
Author-Name: Matias Vernengo 
Author-X-Name-First: Matias 
Author-X-Name-Last: Vernengo 
Title: Sraffa, Keynes and 'The Years of High Theory' 
Abstract:
  This paper argues that Shackle's interpretation of 'the years of high
 theory' is flawed. Shackle (1967) sees Sraffa's critique of the
 Marshallian theory of value only as a step in the development of the
 theory of imperfect competition. In the same vein, Shackle reduces the
 message of Keynes's General Theory to the claim that unemployment results
 from the existence of uncertainty and irrational expectations. Thus,
 Shackle leaves open the possibility that both Sraffa's critique of
 Marshall and Keynes's theory of effective demand do not question the
 internal coherence of neoclassical theory, but instead merely assert that
 market imperfections render it irrelevant for the analysis of the real
 world. This paper argues, in contrast, that the theories of Sraffa and
 Keynes should be interpreted as radical departures from marginalism, and
 represent a return to the surplus approach of classical political economy. 
Journal: Review of Political Economy 
Pages: 343-354 
Issue: 3 
Volume: 13 
Year: 2001 
X-DOI: 10.1080/09538250120055186 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250120055186
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:13:y:2001:i:3:p:343-354




Template-Type: ReDIF-Article 1.0
Author-Name: Fabio Ravagnani 
Author-X-Name-First: Fabio 
Author-X-Name-Last: Ravagnani 
Title: Notes on a Mischaracterization of the Classical Theory of Value 
Abstract:
  This paper discusses the widespread view that the classical determination
 of relative prices is closely connected to the study of the conditions
 allowing for the 'reproduction' of the economy. It is argued that this
 view obscures the generality of Sraffa's contribution and, furthermore,
 that it does not provide a solid criterion for distinguishing the
 classical from the marginalist approach to the theory of value. 
Journal: Review of Political Economy 
Pages: 355-363 
Issue: 3 
Volume: 13 
Year: 2001 
X-DOI: 10.1080/09538250120055173 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250120055173
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:13:y:2001:i:3:p:355-363




Template-Type: ReDIF-Article 1.0
Author-Name: Duncan Foley 
Author-X-Name-First: Duncan 
Author-X-Name-Last: Foley 
Title: Value, Distribution and Capital: A review essay 
Abstract:
Journal: Review of Political Economy 
Pages: 365-381 
Issue: 3 
Volume: 13 
Year: 2001 
X-DOI: 10.1080/09538250120055195 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250120055195
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:13:y:2001:i:3:p:365-381




Template-Type: ReDIF-Article 1.0
Author-Name: Deborah Figart 
Author-X-Name-First: Deborah 
Author-X-Name-Last: Figart 
Title: Wage-setting under Fordism: The rise of job evaluation and the ideology of equal pay 
Abstract:
  The use of job evaluation techniques during the Fordist period has been
 relatively neglected by political economists. Widely adopted in the 1940s
 by the large manufacturing firms that constituted the dynamic sector of
 industry, job evaluation helped to restructure relations between
 management and labor. As mass production replaced craft production,
 employers sought to pay their workers on the basis of 'deskilled' job
 content. Job evaluation was also a not-so-subtle repudiation of bargaining
 power, determining 'the rate for the job' on the basis of internal
 hierarchies and market wage surveys rather than collective negotiations.
 However, the practice of job evaluation also rested on a theory of wage
 determination that set wages according to the principle of equal pay for
 equal work. That is, wages were based on the attributes of the job rather
 than the individual incumbent. The process of reconciling equal pay as
 ideology with preexisting gender wage disparities resulted in a narrow
 definition of equal work. 
Journal: Review of Political Economy 
Pages: 405-425 
Issue: 4 
Volume: 13 
Year: 2001 
X-DOI: 10.1080/0953825012009935 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825012009935
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:13:y:2001:i:4:p:405-425




Template-Type: ReDIF-Article 1.0
Author-Name: Antonella Stirati 
Author-X-Name-First: Antonella 
Author-X-Name-Last: Stirati 
Title: Inflation, Unemployment and Hysteresis: An alternative view 
Abstract:
  This paper integrates ideas concerning the influence of the interest rate
 on the rate of profits with an analysis of inflation and its relation with
 unemployment. Inflation is regarded, as in Kaleckian contributions, as
 resulting from inconsistent claims on income, but the approach taken leads
 to different conclusions concerning the effects of inflation (or
 deflation) on income distribution, and the circumstances giving rise to
 acceleration of inflation. The approach followed in the paper also
 provides explanations of phenomena that have appeared 'puzzling',
 particularly the association of different unemployment rates with stable
 inflation, and the persistence of high rates of unemployment. 
Journal: Review of Political Economy 
Pages: 427-451 
Issue: 4 
Volume: 13 
Year: 2001 
X-DOI: 10.1080/09538250120099944 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250120099944
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:13:y:2001:i:4:p:427-451




Template-Type: ReDIF-Article 1.0
Author-Name: George Argitis 
Author-X-Name-First: George 
Author-X-Name-Last: Argitis 
Title: Intra-capitalist Conflicts, Monetary Policy and Income Distribution 
Abstract:
  This paper investigates Marx's monetary analysis of the role of the
 interest rate in the distribution of surplus-value. It is argued that Marx
 allowed the interest rate to directly influence the distribution of
 surplus-value between enterprise profit and interest. Moreover, he thought
 the interest rate to be subject to the conflict between industrial and
 money capitalists. Recent developments in Sraffian and neo-Marxian
 literature provide the foundations for a Marxian analytical framework that
 allows intra-capitalist conflict, monetary policy and the interest rate to
 affect the intra-capitalist and the inter-class income distribution. 
Journal: Review of Political Economy 
Pages: 453-470 
Issue: 4 
Volume: 13 
Year: 2001 
X-DOI: 10.1080/09538250120099953 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250120099953
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:13:y:2001:i:4:p:453-470




Template-Type: ReDIF-Article 1.0
Author-Name: David Laibman 
Author-X-Name-First: David 
Author-X-Name-Last: Laibman 
Title: Non-constant Returns, Pareto Optimality and Competitive Equilibrium 
Abstract:
  Competitive equilibrium is not Pareto optimal if returns to scale are not
 constant, except in special and accidental circumstances. This result is
 demonstrated using a classical production model; it holds quite generally
 and independently of all other sources of Pareto inefficiency, such as
 externalities, imperfect information and quantity constraints. It
 establishes a general and ubiquitous basis for critique of the 'invisible
 hand' ideology, which still dominates both the textbooks and wider reaches
 of social thought. 
Journal: Review of Political Economy 
Pages: 471-481 
Issue: 4 
Volume: 13 
Year: 2001 
X-DOI: 10.1080/09538250120099962 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250120099962
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:13:y:2001:i:4:p:471-481




Template-Type: ReDIF-Article 1.0
Author-Name: Bernard Walters 
Author-X-Name-First: Bernard 
Author-X-Name-Last: Walters 
Author-Name: David Young 
Author-X-Name-First: David 
Author-X-Name-Last: Young 
Title: Critical Realism as a Basis for Economic Methodology: A critique 
Abstract:
  This paper considers the claim that critical realism provides a
 convincing critique of mainstream economics and offers a sound
 methodological basis for an alternative approach. It argues that critical
 realism presents a tendentious definition of positivism and a
 characterisation of mainstream economics that is misleading, and that it
 misrepresents the nature and purpose of the work of Hume and modern Humean
 philosophers. It also argues that critical realism's bold ontological
 claims lack epistemological support. The paper concludes that critical
 realism does not provide a compelling basis for economic methodology. 
Journal: Review of Political Economy 
Pages: 483-501 
Issue: 4 
Volume: 13 
Year: 2001 
X-DOI: 10.1080/09538250120099971 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250120099971
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:13:y:2001:i:4:p:483-501




Template-Type: ReDIF-Article 1.0
Author-Name: Gary Mongiovi 
Author-X-Name-First: Gary 
Author-X-Name-Last: Mongiovi 
Title: The Cambridge Tradition in Economics: An interview with G. C. Harcourt 
Abstract:
  Geoffrey Colin Harcourt has devoted a long and fruitful career to the
 development of themes associated with the Cambridge and Post-Keynesian
 traditions in economics. He is perhaps best known for his survey of the
 Cambridge capital theory debates (1972); but he has written widely on
 growth and investment, on effective demand, on pricing and distribution,
 and on the history of economics in the twentieth century. He has also
 written extensively on policy (2001a) and was a 'back room boy' for the
 Australian Labor Party for many years. During the Vietnam War, Harcourt
 was a leader of the anti-war movement in South Australia. The following
 interview focuses on the evolution of, and prospects for, the Cambridge
 tradition that stems from the work of John Maynard Keynes, Piero Sraffa,
 Joan Robinson, Richard Kahn, Nicholas Kaldor and Michal Kalecki. The
 interview took place in Professor Harcourt's rooms in Jesus College,
 Cambridge, on 5 September 2000. 
Journal: Review of Political Economy 
Pages: 503-521 
Issue: 4 
Volume: 13 
Year: 2001 
X-DOI: 10.1080/09538250120099980 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250120099980
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:13:y:2001:i:4:p:503-521




Template-Type: ReDIF-Article 1.0
Author-Name: David Levine 
Author-X-Name-First: David 
Author-X-Name-Last: Levine 
Title: Political Economy and the Idea of Development 
Abstract:
  This paper explores the questions: what are the main organizing concepts
 of the older political economy of Smith and Marx; and how do they differ
 from those typical of more recent work in political economy? Special
 emphasis is placed on the importance of an idea of development in the
 older political economy, and on how that idea has been replaced in the
 newer political economy by notions of power and interest. The paper
 considers how the absence of a concept of development in the newer
 versions of political economy limits the scope and depth of these
 versions. Recent criticism of the idea of development is also considered.
 In light of this criticism, the paper considers weaknesses in the concept
 of development in the older political economy. However, rather than fully
 accepting the critique of the idea of development, the paper suggests that
 weaknesses in the classical construction can be corrected by paying closer
 attention to how we understand the ends of the development process. 
Journal: Review of Political Economy 
Pages: 523-536 
Issue: 4 
Volume: 13 
Year: 2001 
X-DOI: 10.1080/0953825012009999 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825012009999
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:13:y:2001:i:4:p:523-536




Template-Type: ReDIF-Article 1.0
Author-Name: William Miles 
Author-X-Name-First: William 
Author-X-Name-Last: Miles 
Title: The Barings Crisis in Argentina: The role of exogenous European money market factors 
Abstract:
  The Barings crisis of 1890 was a wrenching financial crash and recession
 for Argentina. The episode is similar in many respects to the balance of
 payments difficulties in emerging markets during the 1990s. In particular,
 it serves as an example of the dangers of investment that is exogenous to
 the capital-importing, developing country, as opposed to investment driven
 by country-specific conditions. While some external factors, such as
 competition among European merchant banks, have been examined for their
 role in pushing capital into the South American nation, no paper has yet
 examined the specific conditions in European money markets as the boom
 began. This paper fills that gap. An examination of financial variables
 reveals that returns were low and financial investment opportunities few
 in England, which motivated capital to leave the country. This situation
 resembles the early 1990s, when interest rates were low in the USA and
 Japan, and capital went to emerging markets in search of higher
 compensation. Likewise, British interest rates and other indicators were
 low in the 1880s, providing motives for capital to go abroad. These
 incentives were sufficiently strong that warning signs from Argentina were
 ignored, thus leading to the crash. 
Journal: Review of Political Economy 
Pages: 5-29 
Issue: 1 
Volume: 14 
Year: 2002 
X-DOI: 10.1080/09538250120102741 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250120102741
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:14:y:2002:i:1:p:5-29




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Dalziel 
Author-X-Name-First: Paul 
Author-X-Name-Last: Dalziel 
Title: New Zealand's Economic Reforms: An assessment 
Abstract:
  New Zealand's economic policy between 1984 and 1996 is often hailed as an
 example of comprehensive supply-side reform that successfully improved the
 performance of a weak economy. In contrast, this paper presents
 statistical evidence to show that: (1) New Zealand sacrificed a large
 volume of real per capita gross domestic product after 1987; (2) its
 average unemployment rate increased substantially after 1988; (3) labour
 productivity growth declined after 1992; and (4) the per capita real
 income of low-income households in 1996 was more than 3% lower in absolute
 terms than it had been in 1984. The paper concludes that the economic
 reform programme did not achieve the objectives expected at its launch. 
Journal: Review of Political Economy 
Pages: 31-46 
Issue: 1 
Volume: 14 
Year: 2002 
X-DOI: 10.1080/09538250120102750 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250120102750
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:14:y:2002:i:1:p:31-46




Template-Type: ReDIF-Article 1.0
Author-Name: Mathew Forstater 
Author-X-Name-First: Mathew 
Author-X-Name-Last: Forstater 
Title: Bones for Sale: 'Development', environment and food security in East Africa 
Abstract:
  Maasai pastoralism has been characterized historically by highly
 developed herd and rangeland management techniques and social and cultural
 institutions at the intra- and inter-community levels that have provided
 security against shocks such as drought, crop failure and epidemic
 disease. Key to pastoral production was that herd management and milk
 production were the domain of the individual domestic units--the household
 or the homestead--while rights to pasture and water resources were
 communal so as to guarantee access to both dry and wet season grazing. It
 is this combination of individual and communal resources and inter- and
 intra-community relations that enabled pastoralism to thrive for
 millennia. It will be argued that the failure of colonial and neocolonial
 'development' policies to recognize these key features of Maasai
 pastoralism has been at the root of both the crisis of land degradation
 and the undermining of Maasai and East African food security. 
Journal: Review of Political Economy 
Pages: 47-67 
Issue: 1 
Volume: 14 
Year: 2002 
X-DOI: 10.1080/09538250120102769 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250120102769
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:14:y:2002:i:1:p:47-67




Template-Type: ReDIF-Article 1.0
Author-Name: Carolyn Heinrich 
Author-X-Name-First: Carolyn 
Author-X-Name-Last: Heinrich 
Author-Name: Jeffrey Wenger 
Author-X-Name-First: Jeffrey 
Author-X-Name-Last: Wenger 
Title: The Economic Contributions of James J. Heckman and Daniel L. McFadden 
Abstract:
  This paper analyzes the economic contributions of Daniel L. McFadden and
 James J. Heckman, who were awarded the Nobel Prize in economic science in
 2000. McFadden's analytical work on discrete choices and related theory
 brings economic tools to bear on policy questions that previously had not
 been empirically investigated. The multinomial logit and similar models
 developed by McFadden enable researchers to empirically model factors that
 affect individual choices (e.g. of travel mode, occupation or employment,
 and residential location) with discrete outcomes. Heckman's research on
 selective samples demonstrates the difficulty of achieving generalizable
 results in analyses of choice-based behavior. In addition, his work on the
 evaluation of social programs has challenged conventional beliefs about
 the infallibility of experimental evaluation results and explored the
 limits and potential of non-experimental methodologies in a range of
 social science applications. 
Journal: Review of Political Economy 
Pages: 69-89 
Issue: 1 
Volume: 14 
Year: 2002 
X-DOI: 10.1080/09538250120102778 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250120102778
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:14:y:2002:i:1:p:69-89




Template-Type: ReDIF-Article 1.0
Author-Name: Flavio Comim 
Author-X-Name-First: Flavio 
Author-X-Name-Last: Comim 
Title: The Scottish Tradition in Economics and the Role of Common Sense in Adam Smith's Thought 
Abstract:
  This essay examines the notion of a 'Scottish Tradition' and the role of
 common sense in Adam Smith's thought. It is a contribution to the
 contemporary literature on the 'Scottish Approach' and on the historical
 investigation of Adam Smith's intellectual background. It argues that a
 notion of common sense was behind Smith's view of science and that it may
 provide an epistemological foundation for the Scottish Tradition. The
 essay attempts to show how the notion of common sense may be seen as a way
 of emphasising the role of reason and judgement in the conceptualisation
 of phenomena with pragmatic and aesthetic content. 
Journal: Review of Political Economy 
Pages: 91-114 
Issue: 1 
Volume: 14 
Year: 2002 
X-DOI: 10.1080/09538250120102787 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250120102787
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:14:y:2002:i:1:p:91-114




Template-Type: ReDIF-Article 1.0
Author-Name: Tamotsu Nakamura 
Author-X-Name-First: Tamotsu 
Author-X-Name-Last: Nakamura 
Title: 'The Principle of Increasing Risk': Kalecki's investment theory revisited 
Abstract:
  This paper reformulates Kalecki's investment models based on 'the
 principle of increasing risk'. First, it is shown that in his model risk
 can be interpreted as a conditional probability of bankruptcy of a firm,
 or the 'hazard rate' in reliability theory. Secondly, a simple static
 Kaleckian investment model is developed based on this interpretation. In
 the model, a slightly modified Kaleckian optimality condition for
 investment holds. It is also shown that, as Kalecki correctly pointed out,
 the principle of falling marginal efficiency of capital (or investment) is
 not required to obtain a finite level of investment. Finally, I consider
 sequential investment in an intertemporal model. In this model, a modified
 version of the Kaleckian optimality condition determines investment. In
 addition, as Kalecki emphasized, his increasing risk limits the level of
 investment even without increasing and convex adjustment costs associated
 with investment, by which the finite rate of investment is derived in the
 macroeconomics literature. 
Journal: Review of Political Economy 
Pages: 115-123 
Issue: 1 
Volume: 14 
Year: 2002 
X-DOI: 10.1080/09538250120102796 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250120102796
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:14:y:2002:i:1:p:115-123




Template-Type: ReDIF-Article 1.0
Author-Name: Sergio Cesaratto 
Author-X-Name-First: Sergio 
Author-X-Name-Last: Cesaratto 
Title: The Economics of Pensions: A non-conventional approach 
Abstract:
  This paper examines two alternative pension systems, pay-as-you-go
 (PAYGS) and the capitalisation system (CS) in the light of alternative
 economic theories. It starts from a critical discussion of the
 insurance-fiction model of PAYGS proposed by Samuelson in 1958. The pros
 and cons of that model are illustrated by taking into consideration the
 non-orthodox views of Keynes, Lerner, Pechman, de Finetti and Eisner.
 Next, the paper investigates the relationship between CS and the
 marginalist capital theory. It is shown that, interpreted in a
 neoclassical framework, CS presents endogenous mechanisms of adjustment to
 demographic shocks. The problems of the transition between PAYGS and CS
 are then examined. The paper then discusses some main features of the
 current US policy debates on the Social Security system. Finally, the
 alleged advantages of a wider adoption of CS are criticised in the light
 of the Keynesian theory of effective demand reinforced by the Sraffian
 criticism of neoclassical capital theory. 
Journal: Review of Political Economy 
Pages: 149-177 
Issue: 2 
Volume: 14 
Year: 2002 
X-DOI: 10.1080/09538250220126492 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250220126492
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:14:y:2002:i:2:p:149-177




Template-Type: ReDIF-Article 1.0
Author-Name: Korkut Erturk 
Author-X-Name-First: Korkut 
Author-X-Name-Last: Erturk 
Title: Revisiting the Old Theory of Cyclical Growth: Harrod, Kaldor cum Schumpeter 
Abstract:
  This paper advances two main arguments. First, it argues that Harrodian
 instability can be thought of as the motor force of long period expansions
 and contractions. This means that the virtuous cycle of an ever-increasing
 growth rate during the upturn of a long cycle can be seen as a process of
 runaway expansion, caused by an actual growth rate above the warranted
 rate. Likewise, the vicious cycle of an ever-deepening downsizing can be
 interpreted as resulting from an actual growth rate below the warranted
 rate. Secondly, by showing how a revised Harrodian model can yield a limit
 cycle in the rate of accumulation, the paper argues that the turning
 points in these long cycles can be explained by a nonlinear Kaldorian
 savings function and a variable scrapping rate. 
Journal: Review of Political Economy 
Pages: 179-192 
Issue: 2 
Volume: 14 
Year: 2002 
X-DOI: 10.1080/09538250220126500 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250220126500
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:14:y:2002:i:2:p:179-192




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Dietrich 
Author-X-Name-First: Michael 
Author-X-Name-Last: Dietrich 
Title: The Contested Sovereignty of the Firm 
Abstract:
  This paper suggests that the firm can be analysed as a regulated system
 of contested sovereignty. The economic literature on the firm is
 categorised in terms of four different perspectives on sovereignty
 identified using the twin factors of power and authority. But rather than
 any single perspective being identified as analytically superior, it is
 argued that a system of contested sovereignty should be based on all four
 perspectives. Following this, a Polanyi-inspired analysis of firm
 regulation is presented in which the regulation of the firm emerges to
 control the costs of free markets. However, this regulation depicts firm
 sovereignty as complex and contested rather than simply an optimal
 response to market failures. 
Journal: Review of Political Economy 
Pages: 193-209 
Issue: 2 
Volume: 14 
Year: 2002 
X-DOI: 10.1080/09538250220126519 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250220126519
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:14:y:2002:i:2:p:193-209




Template-Type: ReDIF-Article 1.0
Author-Name: Hansjorg Klausinger 
Author-X-Name-First: Hansjorg 
Author-X-Name-Last: Klausinger 
Title: A Note on the Stability of Full Employment 
Abstract:
  This note investigates the stability properties of the Keynesian
 macro-model under the assumption of slow adjustment of nominal wages and
 expectations of inflation. First, the stability conditions of the
 'flexible-interest-rate regime' are related to those derived by Cagan
 (1956) and Tobin (1975), emphasising the potentially destabilising effect
 of wage flexibility. Then, taking the restriction of a zero floor to the
 nominal interest rate into account it is shown that the model exhibits
 'corridor stability'. From this follows the conjecture that increasing the
 rate of steady-state inflation makes it 'more probable' that the system
 returns to full-employment after a shock of given size. 
Journal: Review of Political Economy 
Pages: 211-225 
Issue: 2 
Volume: 14 
Year: 2002 
X-DOI: 10.1080/09538250220126528 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250220126528
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:14:y:2002:i:2:p:211-225




Template-Type: ReDIF-Article 1.0
Author-Name: Bingyuang Hsiung 
Author-X-Name-First: Bingyuang 
Author-X-Name-Last: Hsiung 
Author-Name: J. Patrick Gunning 
Author-X-Name-First: J. Patrick 
Author-X-Name-Last: Gunning 
Title: Ronald Coase's Method of Building More Realistic Models of Choice 
Abstract:
  This paper argues that Ronald Coase's major contributions to economic
 theory are best understood in terms of the distinct method he used to
 build more realistic models of choice. We call his method the
 benchmark-comparison method. It consists of building models of choice and
 then using them as benchmarks in the further investigation of economic
 interaction, either by comparing the benchmark models with observed
 interaction or by building additional models of choice, which may
 themselves function as benchmarks. The paper first describes the method
 then demonstrates how Coase used it in his two most famous papers. We go
 on to show how an understanding of the method confirms Coase's own
 statements about the continuity of his thought. Finally, we assess Coase's
 critique of Milton Friedman's positivist methodology and discuss a recent
 paper on Coase's methodology. 
Journal: Review of Political Economy 
Pages: 227-239 
Issue: 2 
Volume: 14 
Year: 2002 
X-DOI: 10.1080/09538250220126537 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250220126537
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:14:y:2002:i:2:p:227-239




Template-Type: ReDIF-Article 1.0
Author-Name: Sven Larson 
Author-X-Name-First: Sven 
Author-X-Name-Last: Larson 
Title: Uncertainty and Consumption in Keynes's Theory of Effective Demand 
Abstract:
  Keynesian uncertainty normally exercises influence over effective demand
 via private investment. This paper expands the scope of influence of
 uncertainty to comprise private consumption as well. When private spending
 is explicitly made subject to uncertainty the individual consumer is
 forced to take active steps to make the future predictable. Contracted,
 sticky money prices are key tools in the consumer's efforts to keep
 uncertainty at a minimum and match earnings with consumption costs.
 However, even if prices are successfully contracted there is still need
 for preparedness against contingencies. Consumers therefore regulate their
 propensity to consume with reference to their confidence in the future:
 the propensity to consume is high when confidence is strong and low when
 confidence is weak. Because of its effect on the propensity to consume,
 consumer confidence exercises a significant influence on macroeconomic
 activity in general. 
Journal: Review of Political Economy 
Pages: 241-258 
Issue: 2 
Volume: 14 
Year: 2002 
X-DOI: 10.1080/09538250220126546 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250220126546
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:14:y:2002:i:2:p:241-258




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Donoghue 
Author-X-Name-First: Mark 
Author-X-Name-Last: Donoghue 
Title: The Economic Writings of William Thomas Thornton: A review article 
Abstract:
  The Economic Writings of William Thomas Thornton makes available numerous
 out-of-print books and articles by an important economist whose work has,
 until recently, been neglected by historians of economic thought. The
 collection, which is by no means complete, helps cement Thornton's
 reputation and restores his rightful place in the history of economics.
 This article discusses the collection's main strengths and weaknesses, and
 draws particular attention to the contemporary relevance of Thornton's
 work in the light of recent controversies surrounding his place in the
 annals of economic science, and to certain aspects of his successful East
 India Company career. 
Journal: Review of Political Economy 
Pages: 259-267 
Issue: 2 
Volume: 14 
Year: 2002 
X-DOI: 10.1080/09538250220126555 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250220126555
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:14:y:2002:i:2:p:259-267




Template-Type: ReDIF-Article 1.0
Author-Name: Heather Boushey 
Author-X-Name-First: Heather 
Author-X-Name-Last: Boushey 
Title: Reworking the Wage Curve: Exploring the consistency of the model across time, space and demographic group 
Abstract:
  This paper extends Blanchflower & Oswald's (1994) work on the wage curve
 to the 50 largest metropolitan areas in the United States. The wage curve
 is more elastic in US metropolitan areas than prior research shows for the
 nation as a whole, and the wage curve varies over the business cycle,
 becoming more elastic in periods of higher unemployment. The most striking
 finding is that black workers have a more elastic wage curve than do white
 workers. Estimating the wage curve with the non-employment rate, a measure
 of underemployment, shows elasticities that are substantially higher than
 for wage curves estimated with the unemployment rate. This trend further
 increases the negative effects on pay for blacks, who are more likely than
 white workers to be underemployed. 
Journal: Review of Political Economy 
Pages: 293-311 
Issue: 3 
Volume: 14 
Year: 2002 
X-DOI: 10.1080/09538250220147859 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250220147859
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:14:y:2002:i:3:p:293-311




Template-Type: ReDIF-Article 1.0
Author-Name: David Spencer 
Author-X-Name-First: David 
Author-X-Name-Last: Spencer 
Title: Shirking the Issue? Efficiency wages, work discipline and full employment 
Abstract:
  This paper assesses recent neoclassical and radical contributions to the
 analysis of unemployment as a labour disciplinary device, in particular,
 those of Shapiro & Stiglitz and Bowles & Gintis. These authors share a
 common set of premises, notably on the conception of the effort decision,
 that present severe obstacles to the understanding of productivity
 constraints on full employment. The models of Shapiro & Stiglitz and
 Bowles & Gintis identify a specific 'asymptote problem' in which the
 achievement of full employment immediately triggers infinite (and hence
 unsustainable) wage increases. The premise that workers find work
 subjectively costly to perform effectively rules out the possibility for
 full employment. But this view fails to take into account the actual
 constitution of work motives. To the extent that work effort may be
 induced independently of dismissal threats, high work intensity may in
 fact be undermined by high unemployment. By taking work avoidance as
 given, the labour extraction literature forecloses consideration of the
 possibilities offered by alternative work organisation for removing
 unemployment as a worker disciplinary device. 
Journal: Review of Political Economy 
Pages: 313-327 
Issue: 3 
Volume: 14 
Year: 2002 
X-DOI: 10.1080/09538250220147868 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250220147868
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:14:y:2002:i:3:p:313-327




Template-Type: ReDIF-Article 1.0
Author-Name: Fikret Adaman 
Author-X-Name-First: Fikret 
Author-X-Name-Last: Adaman 
Author-Name: Pat Devine 
Author-X-Name-First: Pat 
Author-X-Name-Last: Devine 
Title: A Reconsideration of the Theory of Entrepreneurship: A participatory approach 
Abstract:
  The aim of this paper is to further the understanding of the relationship
 between entrepreneurial success and organisational form. The role of
 entrepreneurship in the neoclassical, Austrian and competence theory
 approaches is analysed and five recurring themes are identified: the tacit
 nature of knowledge relevant for entrepreneurial activity; the presence of
 tacit knowledge at both the individual and organisational levels; the
 articulation of tacit knowledge through social processes; the distinction
 between the entrepreneur and the capitalist; and the motivation for
 engaging in entrepreneurial activity. Characteristics of the
 organisational context that emerge as necessary for entrepreneurial
 success are set out, an organisational framework promoting generalised
 participation in entrepreneurial activity is outlined and this is then
 evaluated in comparison with a capitalist system. 
Journal: Review of Political Economy 
Pages: 329-355 
Issue: 3 
Volume: 14 
Year: 2002 
X-DOI: 10.1080/09538250220147877 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250220147877
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:14:y:2002:i:3:p:329-355




Template-Type: ReDIF-Article 1.0
Author-Name: Harvey Gram 
Author-X-Name-First: Harvey 
Author-X-Name-Last: Gram 
Title: Comment on 'Capacity Utilization, Foreign Portfolio Investment and International Debts and Deficits' 
Abstract:
  The linear structure of the model in Mertzanis (2000) points to errors in
 his Table 1. In a number of cases, inequality constraints on the model's
 endogenous variables are violated. Satisfying all constraints imposes
 restrictions on the model's parameters. The focus here is on wage shares
 which must be restricted to ensure a meaningful solution. Depending on
 savings propensities, full utilization of capital at a higher interest
 rate may require higher rather than lower wage shares in one or both
 countries. 
Journal: Review of Political Economy 
Pages: 357-377 
Issue: 3 
Volume: 14 
Year: 2002 
X-DOI: 10.1080/09538250220147886 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250220147886
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:14:y:2002:i:3:p:357-377




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Hans Matthews 
Author-X-Name-First: Peter Hans 
Author-X-Name-Last: Matthews 
Author-Name: Andreas Ortmann 
Author-X-Name-First: Andreas 
Author-X-Name-Last: Ortmann 
Title: An Austrian (Mis)Reads Adam Smith: A critique of Rothbard as intellectual historian 
Abstract:
  Murray Rothbard's posthumous Economic Thought Before Adam Smith is
 notable for its vilification of 'the quiet Scottish professor.' While
 there is little disagreement that Smith was, at best, an ambivalent
 champion of free markets, Rothbard's indictment of him as a proto-Marxist
 is less than persuasive. We argue that Rothbard's book suffers from
 logical flaws, selective and incomplete textual evidence, a
 misunderstanding of Das Adam Smith Problem and the relevant literature,
 and an unawareness of modern incentive-based theories of the firm and
 state anticipated in Book V of The Wealth of Nations. 
Journal: Review of Political Economy 
Pages: 379-392 
Issue: 3 
Volume: 14 
Year: 2002 
X-DOI: 10.1080/09538250220147895 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250220147895
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:14:y:2002:i:3:p:379-392




Template-Type: ReDIF-Article 1.0
Author-Name: Steven Pressman 
Author-X-Name-First: Steven 
Author-X-Name-Last: Pressman 
Author-Name: Gale Summerfield 
Author-X-Name-First: Gale 
Author-X-Name-Last: Summerfield 
Title: Sen and Capabilities 
Abstract:
Journal: Review of Political Economy 
Pages: 429-434 
Issue: 4 
Volume: 14 
Year: 2002 
X-DOI: 10.1080/0953825022000009889 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825022000009889
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:14:y:2002:i:4:p:429-434




Template-Type: ReDIF-Article 1.0
Author-Name: Des Gasper 
Author-X-Name-First: Des 
Author-X-Name-Last: Gasper 
Title: Is Sen's Capability Approach an Adequate Basis for Considering Human Development? 
Abstract:
  Sen's capability approach (SCA) has supported valuable work on Human
 Development (HD). It has brought attention to a much wider range of
 information on people's freedoms and well-being than in most earlier
 economic planning; but it also has troubling features and requires
 modification and enrichment. This paper first identifies the approach's
 components, the contributions of the HD Reports, and the doubts about
 whether SCA has a sufficient conception of human personhood to sustain
 work on HD beyond finding indices superior to GDP. It then examines SCA's
 central concepts. The concepts of capability and functioning lead us to
 consider both possibilities and outcomes, but their definition and use has
 been confusing. Besides Sen's opportunity concept of 'capability' we must
 distinguish skills and potentials; and distinguish levels and types of
 'functioning'. To understand both consumerism and what can motivate and
 drive more humanly fulfilling development, we must elaborate different
 aspects and sources of 'well-being' and the content and requirements of
 'agency', more than in Sen's chosen strategy. SCA's priority category of
 opportunity-capability must be read as a measure of personal advantage
 relevant in many public policy situations, rather than as a theory of
 well-being; and its concept of freedom must be partnered by concepts of
 reason and need. 
Journal: Review of Political Economy 
Pages: 435-461 
Issue: 4 
Volume: 14 
Year: 2002 
X-DOI: 10.1080/0953825022000009898 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825022000009898
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:14:y:2002:i:4:p:435-461




Template-Type: ReDIF-Article 1.0
Author-Name: Mozaffar Qizilbash 
Author-X-Name-First: Mozaffar 
Author-X-Name-Last: Qizilbash 
Title: Development, Common Foes and Shared Values 
Abstract:
  There is considerable common ground among various positions--involving
 needs, capabilities, prudential values and basic goods--in the literature
 about advantage and development. The well-known debate about the relative
 merits of various spaces relating to advantage, associated with Amartya
 Sen, has tended to obscure this point. Differences among the relevant
 positions often have to do with the context in which they are developed,
 or strategies involved in dealing with common foes, rather than any
 fundamental divergence in values. The various lists of the components of
 advantage that these positions offer can, to some degree, be seen as
 relating to different levels in our concern about the quality of life. To
 this degree, they can be reconciled, and Sen's capability approach simply
 highlights an important level. Furthermore, both differences, as well as
 convergence, in the various lists, may be consistent with shared values. 
Journal: Review of Political Economy 
Pages: 463-480 
Issue: 4 
Volume: 14 
Year: 2002 
X-DOI: 10.1080/0953825022000009906 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825022000009906
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:14:y:2002:i:4:p:463-480




Template-Type: ReDIF-Article 1.0
Author-Name: John Davis 
Author-X-Name-First: John 
Author-X-Name-Last: Davis 
Title: Capabilities and Personal Identity: Using Sen to explain personal identity in Folbre's 'structures of constraint' analysis 
Abstract:
  Folbre's 'structures of constraint' analysis treats women as socially
 embedded in 'multiple, often contradictory positions, because they belong
 to multiple groups'. This paper addresses the problem of women's multiple
 collective identities by arguing that Sen's capability framework offers a
 means of explaining how women can maintain coherent personal identities.
 Using Sen's real opportunities sense of capabilities, the paper argues
 that women can acquire personal identities apart from their multiple
 collective identities if they acquire the specific capability of being
 able, freely and successfully, to negotiate their multiple group
 involvements. Folbre's list of policies for a more egalitarian family is
 reconsidered from this perspective. 
Journal: Review of Political Economy 
Pages: 481-496 
Issue: 4 
Volume: 14 
Year: 2002 
X-DOI: 10.1080/0953825022000009915 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825022000009915
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:14:y:2002:i:4:p:481-496




Template-Type: ReDIF-Article 1.0
Author-Name: Severine Deneulin 
Author-X-Name-First: Severine 
Author-X-Name-Last: Deneulin 
Title: Perfectionism, Paternalism and Liberalism in Sen and Nussbaum's Capability Approach 
Abstract:
  The aim of the paper is to analyse the theoretical foundations of human
 development policies as found in Sen's and Nussbaum's capability approach
 to development, and to examine to what extent undertaking policies
 according to the capability approach respects people's freedom to pursue
 their own conception of the good. The paper argues that policies
 undertaken according to the capability approach have to be guided by a
 perfectionist conception of the good; that is, they cannot avoid promoting
 one certain conception of the human good. Such a perfectionist conception
 of the human good, and the policies ensuing from it, has often been
 qualified as paternalist, depriving the human being of choosing her own
 conception of the good. The paper examines to what extent those fears of
 paternalism that seem to underlie policies guided by a perfectionist
 account of the good are legitimate, and to what extent the capability
 approach can escape those charges of paternalism and respect each person's
 freedom to pursue the human good as she conceives it. 
Journal: Review of Political Economy 
Pages: 497-518 
Issue: 4 
Volume: 14 
Year: 2002 
X-DOI: 10.1080/0953825022000009924 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825022000009924
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:14:y:2002:i:4:p:497-518




Template-Type: ReDIF-Article 1.0
Author-Name: Edward Nell 
Author-X-Name-First: Edward 
Author-X-Name-Last: Nell 
Title: On Realizing Profits in Money 
Abstract:
  A basic if neglected step in monetary theory is to show that a given
 amount of money will enable all transactions to take place in money. But
 if the money advanced is no more than current costs, how are profits to be
 realized in money? The answer requires tracing the pattern of circulation,
 which, in turn depends on the structure of production and distribution.
 The sectors have different patterns of interdependence, so imply different
 sequences of transactions. Borrowing is costly, so the amount of money
 must be minimized. These issues have been brought into focus in the
 interesting article of J-F Renaud. 
Journal: Review of Political Economy 
Pages: 519-530 
Issue: 4 
Volume: 14 
Year: 2002 
X-DOI: 10.1080/0953825022000009933 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825022000009933
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:14:y:2002:i:4:p:519-530




Template-Type: ReDIF-Article 1.0
Author-Name: Georgios Sotirchos 
Author-X-Name-First: Georgios 
Author-X-Name-Last: Sotirchos 
Title: Automata, Joint Production and the Labour Theory of Value 
Abstract:
  In the case of semi-automatic production systems, the theorem by
 Fillipini & Fillipini (1981) does not specify sufficient conditions for
 positive labour values. An additional condition sufficient for the
 positivity of labour values in semi-automatic production systems is
 introduced and interpreted. 
Journal: Review of Political Economy 
Pages: 531-538 
Issue: 4 
Volume: 14 
Year: 2002 
X-DOI: 10.1080/0953825022000009942 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825022000009942
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:14:y:2002:i:4:p:531-538




Template-Type: ReDIF-Article 1.0
Author-Name: J. Barkley Rosser 
Author-X-Name-First: J. Barkley 
Author-X-Name-Last: Rosser 
Title: A Nobel Prize for Asymmetric Information: The economic contributions of George Akerlof, Michael Spence and Joseph Stiglitz 
Abstract:
  This paper reviews the research related to the asymmetric information of
 George Akerlof, Michael Spence and Joseph Stiglitz, for which they jointly
 received the 2001 Nobel Prize in Economics. After recounting their overall
 careers, the history of the asymmetric information idea is presented and
 their key papers are discussed. This is followed by an examination of
 various applications of the concept, including in industrial organization
 and microeconomic dynamics, efficiency wage theories of unem ployment,
 credit market rationing theory, and issues of economic development and
 global stability. The degree to which these latter theories can be
 considered to be truly Keynesian is also considered. 
Journal: Review of Political Economy 
Pages: 3-21 
Issue: 1 
Volume: 15 
Year: 2003 
X-DOI: 10.1080/09538250308445 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250308445
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:15:y:2003:i:1:p:3-21




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Setterfield 
Author-X-Name-First: Mark 
Author-X-Name-Last: Setterfield 
Title: Supply and Demand in the Theory of Long-run Growth: Introduction to a symposium on demand-led growth 
Abstract:
  Recent developments in growth theory have encouraged a revisionist
 interpretation of the field. According to this interpretation long-run
 growth should be, and always has been, interpreted as a supply-side
 process. The focus of this symposium is the macro-economics of demand-led
 growth. As a precursor to the contributions that follow, two central
 insights of demand-led growth theory are highlighted. First, chronic
 effective demand problems create a role for aggregate demand in
 determining the utilization rates of productive resources, even in the
 long run. Second, the demand-led actual rate of growth influences both the
 accumulation and productivity of factor inputs, and hence the economy's
 potential rate of growth. 
Journal: Review of Political Economy 
Pages: 23-32 
Issue: 1 
Volume: 15 
Year: 2003 
X-DOI: 10.1080/09538250308440 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250308440
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:15:y:2003:i:1:p:23-32




Template-Type: ReDIF-Article 1.0
Author-Name: Sergio Cesaratto 
Author-X-Name-First: Sergio 
Author-X-Name-Last: Cesaratto 
Author-Name: Franklin Serrano 
Author-X-Name-First: Franklin 
Author-X-Name-Last: Serrano 
Author-Name: Antonella Stirati 
Author-X-Name-First: Antonella 
Author-X-Name-Last: Stirati 
Title: Technical Change, Effective Demand and Employment 
Abstract:
  Ricardo and Marx saw technological change as a possible cause of
 long-period unemployment. Neoclassical and Schumpeterian economists regard
 technological unem ployment as a transitory phenomenon. This paper argues
 that the capital critique (i) demolishes the neoclassical claim that
 market mechanisms will restore full employment whenever workers are
 displaced by technical change, and (ii) rehabilitates the old Ricardian
 argument that automatic compensation factors are generally absent. The
 neo-Schumpeterian notion of autonomous investment is also rejected, in
 favour of the view that, in the long period, all investment is induced. By
 extending Keynes's theory of effective demand to the long period through a
 model based on the supermultiplier, this paper suggests that the ultimate
 engines of growth are located in the autonomous components of effective
 demand--exports, government spending and autonomous con sumption.
 Technical change plays a role in the accumulation process through its
 effects on consumption patterns and the material input requirements.
 However, the impact of technical change is now seen to depend upon
 circumstances such as income distribution, the availability of bank
 liquidity and exchange rate policy. 
Journal: Review of Political Economy 
Pages: 33-52 
Issue: 1 
Volume: 15 
Year: 2003 
X-DOI: 10.1080/09538250308444 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250308444
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:15:y:2003:i:1:p:33-52




Template-Type: ReDIF-Article 1.0
Author-Name: Marc Lavoie 
Author-X-Name-First: Marc 
Author-X-Name-Last: Lavoie 
Title: Kaleckian Effective Demand and Sraffian Normal Prices: Towards a reconciliation 
Abstract:
  Sraffians and Kaleckians alike reject the belief that higher rates of
 accumulation need be associated with lower real wage rates or higher
 propensities to save. The rejection of this proposition is mainly based on
 the endogeneity of the rate of capacity utilization, both in the short and
 the long run. This endogeneity often relies on a discrepancy between the
 realized and the normal rates of profit, or between the realized and the
 target rate of capacity utilization, a discrepancy which some authors
 believe is unwarranted in long run analysis. Various models that eliminate
 this divergence are outlined. In all these models, the normal rate of
 profit itself is taken as an endogenous variable. In the first two models,
 the normal rate of profit depends either on the realized profit rate or
 the rate of interest. Supply-led results may then reappear in long run
 analysis. In the last model, one introduces the possibility of a
 divergence between the rate of return as assessed and targeted by firms,
 and the rate of return that is actually incorporated into prices. This
 divergence arises because of the bargaining power of workers and their
 real wage resistance. Under these conditions, the demand-led results of
 the Kaleckian tradition are recovered in a model with definite solutions. 
Journal: Review of Political Economy 
Pages: 53-74 
Issue: 1 
Volume: 15 
Year: 2003 
X-DOI: 10.1080/09538250308443 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250308443
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:15:y:2003:i:1:p:53-74




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Palley 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Palley 
Title: Pitfalls in the Theory of Growth: An application to the balance of payments constrained growth model 
Abstract:
Journal: Review of Political Economy 
Pages: 75-84 
Issue: 1 
Volume: 15 
Year: 2003 
X-DOI: 10.1080/09538250308441 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250308441
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:15:y:2003:i:1:p:75-84




Template-Type: ReDIF-Article 1.0
Author-Name: Christian Gehrke 
Author-X-Name-First: Christian 
Author-X-Name-Last: Gehrke 
Title: On the Transition from Long-period to Short-period Equilibria 
Abstract:
  The paper examines the contributions of Myrdal, Lindahl, Hicks and Hayek
 that initiated the transition from the traditional long-period method to
 the methods of 'intertemporal' and 'temporary equilibria' in neoclassical
 general equilibrium analyses. It is shown that in the early contributions
 the idea of a tendency towards a long-period position was not completely
 abandoned, and that the new 'dynamic' equilibrium concepts were conceived
 by some of their originators as useful analytical devices for studying
 transitions between long-period equilibria only. 
Journal: Review of Political Economy 
Pages: 85-106 
Issue: 1 
Volume: 15 
Year: 2003 
X-DOI: 10.1080/09538250308439 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250308439
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:15:y:2003:i:1:p:85-106




Template-Type: ReDIF-Article 1.0
Author-Name: Stefano Perri 
Author-X-Name-First: Stefano 
Author-X-Name-Last: Perri 
Title: The Counterfactual Method of Marx's Theory of Surplus 
Abstract:
  The aim of this paper is to show that Marx supports his theory of surplus
 value by developing a counterfactual argument, that is, by comparing the
 'normal' state of a capitalist economy against a hypothetical state in
 which no surplus is produced. Marx then divides his analysis of value into
 three successive steps. The first deals with the production of new value
 in the sphere of production; the second with the process of creation of
 surplus value, both in the sphere of production and in the sphere of
 circulation; and the third with the process of equalisation of the rate of
 profit, which is accomplished via capitalist competition in the sphere of
 circulation. The paper proposes a formalisation of the three-step analysis
 and of the counterfactual argument. Marx's three-step analysis is shown to
 be a scientific analysis of the hidden connections between social
 relations (expressed in labour flows) and commodity exchange; thus it is
 not a useless detour. 
Journal: Review of Political Economy 
Pages: 107-124 
Issue: 1 
Volume: 15 
Year: 2003 
X-DOI: 10.1080/09538250308438 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250308438
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:15:y:2003:i:1:p:107-124




Template-Type: ReDIF-Article 1.0
Author-Name: Ernesto Screpanti 
Author-X-Name-First: Ernesto 
Author-X-Name-Last: Screpanti 
Title: Value and Exploitation: A counterfactual approach 
Abstract:
  A deconstruction of the Marxian theories of value and exploitation is
 attempted by arguing, first, that the labour theory of value is logically
 and methodologically inconsistent as a basis for a theory of capitalist
 exploitation and, second, that it is founded on an ontology of the social
 being which is not plausibly justified. A counterfactual model economy is
 then built, called Utopia, in which the workers receive the whole net
 output while commodities exchange at labour values. This model is used as
 a benchmark to evaluate a capitalist economy where commodities exchange at
 production prices and workers are exploited. It is shown that the factor
 of exploitation can be expressed as a ratio between the labour commanded
 by, and the labour contained in, the net output, or between the value
 added produced in a capitalist economy and that produced in Utopia. The
 resulting theory of exploitation entails a weak ontology of the social
 being, expressing a worker's point of view. 
Journal: Review of Political Economy 
Pages: 155-171 
Issue: 2 
Volume: 15 
Year: 2003 
X-DOI: 10.1080/0953825032000064869 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825032000064869
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:15:y:2003:i:2:p:155-171




Template-Type: ReDIF-Article 1.0
Author-Name: Mirghani Ahmed 
Author-X-Name-First: Mirghani 
Author-X-Name-Last: Ahmed 
Author-Name: Robert Scapens 
Author-X-Name-First: Robert 
Author-X-Name-Last: Scapens 
Title: The Evolution of Cost-based Pricing Rules in Britain: An institutionalist perspective 
Abstract:
  This paper illustrates how an institutionalist perspective can help us
 understand the development of cost-based pricing rules in Britain. It
 explores the historical development of rule-based procedures, such as
 absorption costing and the cost allocation systems used by trade
 associations and government departments in the first half of the last
 century. The intention is to identify the institutional rationalities that
 underpinned the evolution of these supposedly 'irrational' practices. A
 case study of British Printers in the early years of the 20th century
 illustrates how a rule-based system, collectively designed and built
 around costing knowledge was used to promote stability and certainty in a
 chaotic market. Similarly, the cost-based rules introduced and
 administered by the British Government during the First and Second World
 Wars were used to control overpricing and profiteering, and hence cost
 measurement was seen as instrumental in bringing stability and control to
 a market that was operating in an apparently unacceptable way. In the
 post-war period, however, similar cost-based pricing rules and cost
 allocations procedures were implicated in a variety of restrictive
 practices. 
Journal: Review of Political Economy 
Pages: 173-191 
Issue: 2 
Volume: 15 
Year: 2003 
X-DOI: 10.1080/0953825032000064878 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825032000064878
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:15:y:2003:i:2:p:173-191




Template-Type: ReDIF-Article 1.0
Author-Name: Pasquale Commendatore 
Author-X-Name-First: Pasquale 
Author-X-Name-Last: Commendatore 
Title: On the Post Keynesian Theory of Growth and 'Institutional' Distribution 
Abstract:
  The neo-Pasinetti model proposed by Nicholas Kaldor in 1966 represents a
 significant theoretical departure from the canonical Post Keynesian
 approach to growth and distribution. The most incisive objection to this
 model, originally raised by Paul Davidson, questions Kaldor's 'valuation
 theorem', which assigns to the rate of interest the role of equilibrating
 the goods market. An alternative model is proposed here that reconciles
 the equilibrating role of income distribution with the traditional Post
 Keynesian approach to distribution. Two extensions of this model are
 discussed. The first supposes that financial capitalists and workers have
 different propensities to save out of dividends and capital gains. The
 second allows for international capital movements in the context of a
 two-country economy. It is shown that the equilibrium rate of profits and
 the long-run pattern of income distribution depend on firms' and
 households' portfolio and saving decisions, on the degree of financial
 market imperfection and on the corporate system of ownership and control
 in which shareholders happen to operate. A rationale for shareholders'
 indifference between consumption out of dividends and capital gains is
 also provided. 
Journal: Review of Political Economy 
Pages: 193-209 
Issue: 2 
Volume: 15 
Year: 2003 
X-DOI: 10.1080/0953825032000064887 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825032000064887
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:15:y:2003:i:2:p:193-209




Template-Type: ReDIF-Article 1.0
Author-Name: Ron Ayres 
Author-X-Name-First: Ron 
Author-X-Name-Last: Ayres 
Author-Name: Manuela Torrijos Simon 
Author-X-Name-First: Manuela Torrijos 
Author-X-Name-Last: Simon 
Title: Education, Poverty and Sustainable Livelihoods in Tamil Nadu: Inequalities, opportunities and constraints 
Abstract:
  Education has the potential to enable people to enhance their
 capabilities and functionings and can contribute to the achievement of
 sustainable livelihoods. The evidence for rural Tamil Nadu indicates a
 complex relationship between education and poverty. Educational attainment
 is strongly correlated with gender and caste and this study reveals that
 educational exclusion is related to a range of economic, spatial,
 institutional, social and cultural structures and processes. Statistical
 correlations, however, provide only partial insight into a complex
 problem. This study highlights the importance of the underlying conditions
 of life, the existential realities of different socio-economic groups and
 the contradictions and tensions families face in making decisions about
 education. Entitlements and livelihood opportunities need to be analysed
 holistically and the paper concludes with an assessment of the role of
 education in poverty alleviation and a number of policy suggestions. 
Journal: Review of Political Economy 
Pages: 211-229 
Issue: 2 
Volume: 15 
Year: 2003 
X-DOI: 10.1080/0953825032000064896 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825032000064896
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:15:y:2003:i:2:p:211-229




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Boylan 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Boylan 
Author-Name: Paschal O'Gorman 
Author-X-Name-First: Paschal 
Author-X-Name-Last: O'Gorman 
Title: Economic Theory and Rationality: A Wittgensteinian interpretation 
Abstract:
  In this paper we invoke Wittgenstein's later philosophy to facilitate a
 number of methodological reflections on Paul Davidson's concept of
 transmutability. We argue that, while Davidson addresses the economic
 implications arising from his distinction between immutable and
 transmutable theories of external economic reality, he does not explore
 the more fundamental methodological implications of the concepts contained
 in his distinction, particularly that of transmutability. Transmutability
 is more fundamental and pervasive than Davidson had anticipated and
 presents a number of challenges to economic methodology and economic
 theorizing. Methodologically, the challenges require the consideration of
 new philosophical perspectives along with the fundamental reconsideration
 of widely accepted and influential modes of reasoning in economics. We
 respond to these challenges by invoking Wittgenstein's later philosophy to
 challenge the dominance of J. S. Mill's rationale for the immutability of
 economic laws; to motivate the empirical study of complex transformative
 processes; and to undermine the reductionist neoclassical theory of
 rationality. 
Journal: Review of Political Economy 
Pages: 231-244 
Issue: 2 
Volume: 15 
Year: 2003 
X-DOI: 10.1080/0953825032000064904 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825032000064904
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:15:y:2003:i:2:p:231-244




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Perlman 
Author-X-Name-First: Mark 
Author-X-Name-Last: Perlman 
Title: Robert H. Nelson on Romanism, Protestantism and American Economics: A review essay 
Abstract:
Journal: Review of Political Economy 
Pages: 245-255 
Issue: 2 
Volume: 15 
Year: 2003 
X-DOI: 10.1080/0953825032000064913 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825032000064913
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:15:y:2003:i:2:p:245-255




Template-Type: ReDIF-Article 1.0
Author-Name: Giuseppe Fontana 
Author-X-Name-First: Giuseppe 
Author-X-Name-Last: Fontana 
Title: Post Keynesian Approaches to Endogenous Money: A time framework explanation 
Abstract:
  Over the last two decades, work on the Post Keynesian theory of
 endogenous money has been flourishing, and has prompted a rethinking of
 the complex nature of money in modern economies. At the heart of the
 debate between what have now been labelled the accommodationist (or
 horizontalist) approach and the structuralist approach to endogenous money
 are the issues of the slope of the supply curves of reserves and of credit
 money, respectively. Using the distinction between a single period
 analysis and a continuation analysis, similarities and differences between
 those approaches are explained, and the suggestion is then made for
 retaining and re-interpreting them into a more general theory. 
Journal: Review of Political Economy 
Pages: 291-314 
Issue: 3 
Volume: 15 
Year: 2003 
X-DOI: 10.1080/09538250308431 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250308431
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:15:y:2003:i:3:p:291-314




Template-Type: ReDIF-Article 1.0
Author-Name: Vivian Walsh 
Author-X-Name-First: Vivian 
Author-X-Name-Last: Walsh 
Title: Sen after Putnam 
Abstract:
  Modern classical economic theory, originally austere and minimalist (as
 in Sraffa and Neumann), has entered a second, more enriched phase.
 Inspired by Adam Smith, Amartya Sen has drawn out the moral implications
 of formal classical models. But Sen remains open to neoclassical attack on
 the grounds that science must be value free. In his book The Collapse of
 the Fact/Value Dichotomy and Other Essays , Hilary Putnam rebuts the view
 that "fact is fact and value is value and never the twain shall meet".
 This paper explores consequences of this argument for classical theory. It
 explains the nature and significance of the entanglement of facts,
 analysis and values; and the impact of this entanglement on the concept of
 rationality, on capability theory, on the relationship between human needs
 and Sraffa basics, on Pasinetti's transformational growth, and on Sen's
 analysis of the disabled and most wretched. Supporting Sen's approach to
 human development, it opens the possibility of an enriched classical
 analysis, which can absorb Martha Nussbaum's analysis of tragedy using a
 logically and morally coherent political economy. 
Journal: Review of Political Economy 
Pages: 315-394 
Issue: 3 
Volume: 15 
Year: 2003 
X-DOI: 10.1080/09538250308434 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250308434
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:15:y:2003:i:3:p:315-394




Template-Type: ReDIF-Article 1.0
Author-Name: Hilary Putnam 
Author-X-Name-First: Hilary 
Author-X-Name-Last: Putnam 
Title: For Ethics and Economics without the Dichotomies 
Abstract:
Journal: Review of Political Economy 
Pages: 395-412 
Issue: 3 
Volume: 15 
Year: 2003 
X-DOI: 10.1080/09538250308432 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250308432
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:15:y:2003:i:3:p:395-412




Template-Type: ReDIF-Article 1.0
Author-Name: Martha Nussbaum 
Author-X-Name-First: Martha 
Author-X-Name-Last: Nussbaum 
Title: Tragedy and Human Capabilities: A response to Vivian Walsh 
Abstract:
Journal: Review of Political Economy 
Pages: 413-418 
Issue: 3 
Volume: 15 
Year: 2003 
X-DOI: 10.1080/09538250308435 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250308435
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:15:y:2003:i:3:p:413-418




Template-Type: ReDIF-Article 1.0
Author-Name: Harvey Gram 
Author-X-Name-First: Harvey 
Author-X-Name-Last: Gram 
Title: Openness versus Closedness in Classical and Neoclassical Economics 
Abstract:
  In contrast to Neoclassical general equilibrium theory, the Classical
 theory of value is open with respect to both the distribution of income
 and the composition of output. For this reason, a Sen-inspired theory of
 capabilities, insofar as it can be used to explain or determine income
 distribution and output composition, finds a natural home within the
 Classical theory of value. 
Journal: Review of Political Economy 
Pages: 419-425 
Issue: 3 
Volume: 15 
Year: 2003 
X-DOI: 10.1080/09538250308433 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250308433
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:15:y:2003:i:3:p:419-425




Template-Type: ReDIF-Article 1.0
Author-Name: John King 
Author-X-Name-First: John 
Author-X-Name-Last: King 
Title: Introduction 
Abstract:
Journal: Review of Political Economy 
Pages: 453-456 
Issue: 4 
Volume: 15 
Year: 2003 
X-DOI: 10.1080/0953825032000121405 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825032000121405
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:15:y:2003:i:4:p:453-456




Template-Type: ReDIF-Article 1.0
Author-Name: Roger Backhouse 
Author-X-Name-First: Roger 
Author-X-Name-Last: Backhouse 
Title: Concentric circles of limits to the rate of accumulation: an interpretation of Joan Robinson's theory of economic dynamics 
Abstract:
  In addition to her well-known contributions to the theory of capital,
 Joan Robinson provided, in her Accumulation of Capital and Essays in the
 Theory of Economic Growth, a theory about the determinants of the rate of
 growth. The growth rate was limited by entrepreneurs' animal spirits.
 Within that constraint, growth might be further limited by the inflation
 barrier, which could occur either because of a floor to real wages or
 because of full employment. This paper provides a series of simple dynamic
 models that illustrate these situations, drawing attention to this
 neglected aspect of her work and making it easier to compare her work with
 the monetary growth models produced by her neoclassical contemporaries. 
Journal: Review of Political Economy 
Pages: 457-466 
Issue: 4 
Volume: 15 
Year: 2003 
X-DOI: 10.1080/0953825032000121414 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825032000121414
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:15:y:2003:i:4:p:457-466




Template-Type: ReDIF-Article 1.0
Author-Name: Fletcher Baragar 
Author-X-Name-First: Fletcher 
Author-X-Name-Last: Baragar 
Title: Joan Robinson on Marx 
Abstract:
  This paper examines Joan Robinson's writings on Marx in order, first, to
 elucidate the nature of her interpretation of Marx, and, secondly, to
 consider the significance of Marx for her own research agenda. By focusing
 on the topics of value theory, effective demand and accumulation, the
 paper argues that Robinson's numerous criticisms of Marx are best viewed
 as being constructive, rather than destructive. She not only drew upon
 Marx for inspiration, but also endeavoured to pull Marx back into a
 position of prominence within economics so that his contributions can be
 put to use by those seeking to augment our understanding of capitalism. 
Journal: Review of Political Economy 
Pages: 467-482 
Issue: 4 
Volume: 15 
Year: 2003 
X-DOI: 10.1080/0953825032000121423 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825032000121423
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:15:y:2003:i:4:p:467-482




Template-Type: ReDIF-Article 1.0
Author-Name: Claude Gnos 
Author-X-Name-First: Claude 
Author-X-Name-Last: Gnos 
Author-Name: Louis-Philippe Rochon 
Author-X-Name-First: Louis-Philippe 
Author-X-Name-Last: Rochon 
Title: Joan Robinson and Keynes: finance, relative prices and the monetary circuit 
Abstract:
  Joan Robinson's views on credit and money are discussed only rarely. Of
 late, however, some Post-Keynesians have sought to revive these views,
 claiming that Robinson was one of the original contributors to the theory
 of endogenous money, post Keynes. This paper has two objectives. First, it
 seeks to develop Robinson's views on credit, money and finance and to show
 that not only did she have a clear understanding of the theory of
 endogenous money, but that she also held views akin to the theory of the
 monetary circuit. Second, the paper addresses Robinson's dismissal of the
 problem of relative prices and the conventional theory of value. Once
 again, it shows that Robinson's position is connected closely with the
 model of the monetary circuit as a basis of her theory of accumulation. 
Journal: Review of Political Economy 
Pages: 483-491 
Issue: 4 
Volume: 15 
Year: 2003 
X-DOI: 10.1080/0953825032000121432 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825032000121432
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:15:y:2003:i:4:p:483-491




Template-Type: ReDIF-Article 1.0
Author-Name: Harvey Gram 
Author-X-Name-First: Harvey 
Author-X-Name-Last: Gram 
Title: Joan Robinson: classical revivalist or neoclassical critic? 
Abstract:
  The capital controversy began with Joan Robinson's famous critique of the
 aggregate production function. She chose to include only the 'negative'
 part in the second volume of her Collected Economic Papers. The
 'constructive' part, which had attracted so much attention in subsequent
 discussions of reswitching and reverse capital deepening, was peripheral
 to her concern with the role of realized expectations in neoclassical
 theory. The splitting of her famous paper into two parts raises a
 question. In the context of the capital controversy, should Joan Robinson
 be remembered as a classical economist in modern dress, or should she be
 remembered mainly as a critic of neoclassical theory? 
Journal: Review of Political Economy 
Pages: 493-508 
Issue: 4 
Volume: 15 
Year: 2003 
X-DOI: 10.1080/0953825032000121441 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825032000121441
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:15:y:2003:i:4:p:493-508




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Groenewegen 
Author-X-Name-First: Peter 
Author-X-Name-Last: Groenewegen 
Title: On re-reading Joan Robinson's 'On re-reading Marx' 
Abstract:
  This paper offers some reflections inspired by a re-reading of Joan
 Robinson's On Re-reading Marx on the 50th anniversary of its initial
 publication. Robinson wrote the pamphlet in the light of Sraffa's
 Introduction to Ricardo's Works and Correspondence, which suggested to her
 that the concept of the rate of profit was essentially the same in
 Ricardo, Marx, Marshall and Keynes. In addition to the connections among
 Ricardo, Marx, Marshall and Keynes, Robinson also addresses the issues of
 equilibrium and time, and the dogmatism of Marxism. 
Journal: Review of Political Economy 
Pages: 509-519 
Issue: 4 
Volume: 15 
Year: 2003 
X-DOI: 10.1080/0953825032000121450 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825032000121450
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:15:y:2003:i:4:p:509-519




Template-Type: ReDIF-Article 1.0
Author-Name: Claudia Heller 
Author-X-Name-First: Claudia 
Author-X-Name-Last: Heller 
Title: Technical progress in Joan Robinson's view: an attempt at systematisation and formalisation 
Abstract:
  This paper deals with Joan Robinson's contributions to the issue of
 technical progress and her attempts at treating this subject in accordance
 with the Keynesian theory of employment and income distribution, mainly in
 the long run. The paper aims to review this aspect of her work and to
 establish a systematisation and a formalisation of her approach. At the
 same time, the paper exposes the problems she faced&#x2014;but did not
 always solve. Looking through her main contributions, the paper concludes
 that she used different criteria for the classification of innovations and
 that they depended on the specific situations described by the models in
 which she used the classification. 
Journal: Review of Political Economy 
Pages: 521-544 
Issue: 4 
Volume: 15 
Year: 2003 
X-DOI: 10.1080/0953825032000121469 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825032000121469
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:15:y:2003:i:4:p:521-544




Template-Type: ReDIF-Article 1.0
Author-Name: Maria Cristina Marcuzzo 
Author-X-Name-First: Maria Cristina 
Author-X-Name-Last: Marcuzzo 
Title: Joan Robinson and the three cambridge revolutions 
Abstract:
  Joan Robinson's association with three Cambridge
 'revolutions'&#x2014;imperfect competition, effective demand and capital
 theory&#x2014;is examined in the context of her personal and intellectual
 partnership with Richard Kahn, John Maynard Keynes and Piero Sraffa.
 Initially, imperfect competition appeared to have successfully extended
 marginal analysis to all market forms. It also allowed Richard Kahn and
 Joan Robinson to persuade Keynes to present the main argument of The
 General Theory in terms of aggregate demand and aggregate supply. By the
 early 1950s, however, Joan Robinson had rejected the Marshallian
 methodology and had become a strenuous censor of neoclassical theory. In
 this paper the origin of her critique is traced to her reading of Sraffa's
 Introduction to Ricardo's Principles. 
Journal: Review of Political Economy 
Pages: 545-560 
Issue: 4 
Volume: 15 
Year: 2003 
X-DOI: 10.1080/0953825032000121478 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825032000121478
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:15:y:2003:i:4:p:545-560




Template-Type: ReDIF-Article 1.0
Author-Name: Alex Millmow 
Author-X-Name-First: Alex 
Author-X-Name-Last: Millmow 
Title: Joan Robinson's disillusion with economics 
Abstract:
  In her last public comments on the state of economics, Joan Robinson made
 some extraordinary remarks that conveyed profound pessimism and
 theoretical nihilism. To account for the bleakness of Robinson's later
 views on economics and economic policy this article examines her last
 decade. These years were marked by an array of reverses to the causes she
 espoused. While ill health and a propensity to be provocative coloured her
 disposition, her comment about economic theory disintegrating in her hands
 was not made casually; it was, rather, an acknowledgement that her project
 to integrate Keynes with the classical surplus theory had failed. This
 acknowledgement crystallised into her rejection of the long-period
 equilibrium interpretation of Keynes's theory of unemployment. At the end
 of her life Robinson was willing only to embrace the more traditional
 short-period Keynesian model grounded in uncertainty and expectations. 
Journal: Review of Political Economy 
Pages: 561-574 
Issue: 4 
Volume: 15 
Year: 2003 
X-DOI: 10.1080/0953825032000121487 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825032000121487
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:15:y:2003:i:4:p:561-574




Template-Type: ReDIF-Article 1.0
Author-Name: Ingrid Rima 
Author-X-Name-First: Ingrid 
Author-X-Name-Last: Rima 
Title: From profit margins to income distribution: Joan Robinson's odyssey from marginal productivity theory 
Abstract:
  The point of departure for this paper is a 1941 Note on profit margins
 co-authored by Joan Robinson and Nicholas Kaldor that remained unpublished
 until 2000. Robinson's reviews of Henry Clay's The Problem of Industrial
 Relationships, Bresciani Turroni's The Economics of Inflation, and Roy
 Harrod's Towards a Dynamic Economics, along with her 1965 Cambridge
 Inaugural Lecture, may be interpreted as analogous documents that develop
 her critique of neoclassical wage theory and identify the money wage as
 the economy's 'key' price. These publications were critical steps toward
 the wage mark-up hypothesis and Post-Keynesian support of incomes policy
 to contain inflation. Robinson's Harrod review anticipated her later ideas
 about economic growth. With Kalecki's notion of 'the degree of monopoly'
 and her own concept of neo-mercantilism (from the Inaugural Lecture),
 these themes are nascent in the Robinson-Kaldor Note on profit margins. 
Journal: Review of Political Economy 
Pages: 575-586 
Issue: 4 
Volume: 15 
Year: 2003 
X-DOI: 10.1080/0953825032000121496 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825032000121496
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:15:y:2003:i:4:p:575-586




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Streeten 
Author-X-Name-First: Paul 
Author-X-Name-Last: Streeten 
Title: Joan Robinson: a personal note 
Abstract:
Journal: Review of Political Economy 
Pages: 587-588 
Issue: 4 
Volume: 15 
Year: 2003 
X-DOI: 10.1080/0953825032000121504 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825032000121504
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:15:y:2003:i:4:p:587-588




Template-Type: ReDIF-Article 1.0
Author-Name: A. M. C. Waterman 
Author-X-Name-First: A. M. C. 
Author-X-Name-Last: Waterman 
Title: Joan Robinson as a teacher 
Abstract:
Journal: Review of Political Economy 
Pages: 589-596 
Issue: 4 
Volume: 15 
Year: 2003 
X-DOI: 10.1080/0953825032000121513 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825032000121513
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:15:y:2003:i:4:p:589-596




Template-Type: ReDIF-Article 1.0
Author-Name: Morris Altman 
Author-X-Name-First: Morris 
Author-X-Name-Last: Altman 
Title: The Nobel Prize in behavioral and experimental economics: a contextual and critical appraisal of the contributions of Daniel Kahneman and Cernon Smith 
Abstract:
  Daniel Kahneman and Vernon Smith were the joint recipients of the 2002
 Nobel Prize in Economics. Kahneman's work challenges the assumption that
 individuals behave in a manner consistent with conventional economic
 wisdom. He maintains that individuals tend to be systematically error
 prone and possibly irrational. Smith, on the other hand, developed
 experiments and experimental environments to test hypotheses emanating
 from the conventional economic wisdom. Smith finds that, in spite of
 Kahneman's work, economic agents are rational and that economies are
 efficient. These differing views are discussed and placed in the context
 of the methodological and public policy debates in economics. 
Journal: Review of Political Economy 
Pages: 3-41 
Issue: 1 
Volume: 16 
Year: 2004 
X-DOI: 10.1080/0953825032000145445 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825032000145445
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:16:y:2004:i:1:p:3-41




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Palley 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Palley 
Title: Asset-based reserve requirements: reasserting domestic monetary control in an era of financial innovation and instability 
Abstract:
  This paper argues for developing a new system of financial regulation
 based upon asset-based reserve requirements (ABRRs). Such a system
 represents a shift in regulatory focus away from the traditional concern
 with the liability side of financial intermediaries' balance sheets. ABRRs
 have both significant macroeconomic and microeconomic advantages. At the
 macroeconomic level, they can provide policy makers with additional policy
 instruments. This is particularly useful in light of recent concerns about
 the dangers of asset price inflation and the potential need to target
 asset prices. They can also help restore the traction of monetary policy
 at a time when banks are becoming a smaller part of the financial
 landscape. At the microeconomic level, they can be used to discourage
 excessive risk taking by financial intermediaries. Finally, they can also
 raise considerable seignorage. To be fully effective, a system of ABRRs
 should be applied to all financial intermediaries. 
Journal: Review of Political Economy 
Pages: 43-58 
Issue: 1 
Volume: 16 
Year: 2004 
X-DOI: 10.1080/0953825032000145454 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825032000145454
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:16:y:2004:i:1:p:43-58




Template-Type: ReDIF-Article 1.0
Author-Name: Engelbert Stockhammer 
Author-X-Name-First: Engelbert 
Author-X-Name-Last: Stockhammer 
Title: Is there an equilibrium rate of unemployment in the long run? 
Abstract:
  This paper examines the existence and stability of a long-run equilibrium
 rate of unemployment in a Post-Keynesian growth model and contrasts it
 with the NAIRU model. In the latter the equilibrium rate of unemployment
 determines unanticipated inflation in the short run and actual
 unemployment and output in the long run. The real balance effect plays the
 pivotal role in the transition from the short run to the long run. For the
 Keynesian model we take the Marglin-Bhaduri (1990) model as our starting
 point and complement it by Okun's Law for the labor market and a wage
 curve type of relation for distribution. The distinction between wage-led
 and profit-led growth regimes in the Marglin-Bhaduri model turns out to be
 crucial for the long-run equilibrium rate of unemployment. In the
 profit-led regime, there is a stable equilibrium rate of unemployment
 that, NAIRU-like, determines growth. In the wage-led regime, however, the
 equilibrium rate of unemployment is not stable. The long run is thus but a
 succession of short-run equilibria. Therefore the goods market dominates
 the labor market even in the long run. 
Journal: Review of Political Economy 
Pages: 59-77 
Issue: 1 
Volume: 16 
Year: 2004 
X-DOI: 10.1080/0953825032000145463 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825032000145463
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:16:y:2004:i:1:p:59-77




Template-Type: ReDIF-Article 1.0
Author-Name: David Levine 
Author-X-Name-First: David 
Author-X-Name-Last: Levine 
Title: Poverty, capabilities and freedom 
Abstract:
  The idea of poverty has played a central role in political economy since
 the first pages of the Wealth of Nations, where Adam Smith distinguishes
 between what he calls the civilized and savage states of man. Classical
 economists connected the idea of poverty to the idea of subsistence, and
 the idea of subsistence to the capacity to maintain a way of life of a
 particular kind, appropriate to the occupant of a well-defined position in
 society. The attempt to define poverty in this way runs into difficulty,
 however, in a modern rather than subsistence-based economy. In this essay,
 the idea of capabilities is developed in a specific direction to suggest a
 way of thinking about poverty suitable to a modern society. Poverty is
 defined as the opposing pole to freedom, and freedom is linked to
 creativity in work. Creativity in work is considered the exercise of a
 human capability, specifically the capability to do skilled labor. Poverty
 results, then, either when this capability does not develop, or when the
 opportunity to exercise it is unavailable. 
Journal: Review of Political Economy 
Pages: 101-115 
Issue: 1 
Volume: 16 
Year: 2004 
X-DOI: 10.1080/0953825032000145481 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825032000145481
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:16:y:2004:i:1:p:101-115




Template-Type: ReDIF-Article 1.0
Author-Name: Ricardo Azevedo Araujo 
Author-X-Name-First: Ricardo Azevedo 
Author-X-Name-Last: Araujo 
Author-Name: Joanilio Rodolpho Teixeira 
Author-X-Name-First: Joanilio Rodolpho 
Author-X-Name-Last: Teixeira 
Title: A Pasinettian approach to international economic relations: the pure labor case 
Abstract:
  In this paper, the pure labor version of Pasinetti's model of structural
 change and economic dynamics is extended to consider international
 economic relations. The conditions for full employment, full expenditure
 of national income and trade balance equilibrium are established along
 with solutions for the systems of physical quantities and prices in an
 open economy. Analytical results concerning the benefits of international
 trade and learning are studied with formal rigor. Then static and dynamic
 aspects of the principle of comparative cost advantages are analyzed
 considering the determinants of the level of specialization and
 international prices. 
Journal: Review of Political Economy 
Pages: 117-129 
Issue: 1 
Volume: 16 
Year: 2004 
X-DOI: 10.1080/0953825032000145490 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825032000145490
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:16:y:2004:i:1:p:117-129




Template-Type: ReDIF-Article 1.0
Author-Name: Man-Seop Park 
Author-X-Name-First: Man-Seop 
Author-X-Name-Last: Park 
Title: Credit money and Kaldor's 'institutional' theory of income distribution 
Abstract:
  This paper combines two major contributions by Kaldor: the view that the
 supply of money, ensuing mainly from bank credit, is endogenous, and the
 framework which assigns a crucial role to the saving and investment
 behaviour of corporations in determining the general rate of profit (the
 neo-Pasinetti theorem). Bank loans are introduced as another means of
 financing investment by firms, in addition to retained profits and the new
 issuance of shares. The proposed model provides a convenient framework in
 which two different approaches in the money-endogeneity view are
 classified. Kaldor's neo-Pasinetti theorem is shown to hold for only one
 of these approaches and is then extended to include the influence of
 banks. 
Journal: Review of Political Economy 
Pages: 79-99 
Issue: 1 
Volume: 16 
Year: 2004 
X-DOI: 10.1080/0953825032000145472 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825032000145472
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:16:y:2004:i:1:p:79-99




Template-Type: ReDIF-Article 1.0
Author-Name: Giuseppe Ciccarone 
Author-X-Name-First: Giuseppe 
Author-X-Name-Last: Ciccarone 
Title: Finance and the Cambridge equation 
Abstract:
  A profit-making financial system is introduced into the Pasinetti model
 of growth and distribution with the aim of showing that Pasinetti's
 formulation implicitly incorporated a well-defined theory of finance. In a
 golden age, the financial sector must set the rates of interest below the
 rate of profit to compensate for the remuneration of risks of enterprise
 generated by expectations realized in the broad, but not at the level of
 individual firms. If there exists a relationship between investment and
 finance, intermediaries contribute to the determination of the rates of
 profit and growth. Their decisions may not allow a competitive economy to
 return to the golden age once pushed away from it. 
Journal: Review of Political Economy 
Pages: 163-177 
Issue: 2 
Volume: 16 
Year: 2004 
X-DOI: 10.1080/0953825042000183172 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825042000183172
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:16:y:2004:i:2:p:163-177




Template-Type: ReDIF-Article 1.0
Author-Name: Tony Aspromourgos 
Author-X-Name-First: Tony 
Author-X-Name-Last: Aspromourgos 
Title: Sraffian research programmes and unorthodox economics 
Abstract:
  This paper provides an overview of the main currents in the development
 of the intellectual project inaugurated by Piero Sraffa's Production of
 Commodities by Means of Commodities. Five research programmes are detailed
 (together with some further extensions): the nature and significance of
 long-period equilibria; the Cambridge Growth Equation and the monetary
 determination of interest, as alternative theories of distribution; the
 Sraffa-Keynes synthesis; and the critique of marginalism. The paper also
 sketches the relations between the Sraffian project and other unorthodox
 strands in economics. Future prospects for orthodoxy and non-orthodoxy are
 canvassed. A substantial literature survey is included. Some day economics
 may become a science. (attributed to J.M. Keynes, 1932: Rymes, 1989, p.
 83) 
Journal: Review of Political Economy 
Pages: 179-206 
Issue: 2 
Volume: 16 
Year: 2004 
X-DOI: 10.1080/0953825042000183181 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825042000183181
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:16:y:2004:i:2:p:179-206




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Setterfield 
Author-X-Name-First: Mark 
Author-X-Name-Last: Setterfield 
Title: Financial fragility, effective demand and the business cycle 
Abstract:
  A shifting equilibrium model of effective demand is constructed, in which
 the state of long run expectations is non-constant, and is affected by the
 disappointment of short-run expectations. It is shown that this model
 gives rise to cumulative expansions/contractions in nominal income.
 Changes in the financial fragility of households and firms in the course
 of these expansions/contractions are then allowed for, together with
 commercial bank reactions to changing financial fragility. It is shown
 that turning points in the expansions/contractions of nominal income can
 arise, resulting in a model of aggregate fluctuations in which the
 business cycle is aperiodic and of no fixed amplitude. 
Journal: Review of Political Economy 
Pages: 207-223 
Issue: 2 
Volume: 16 
Year: 2004 
X-DOI: 10.1080/0953825042000183190 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825042000183190
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:16:y:2004:i:2:p:207-223




Template-Type: ReDIF-Article 1.0
Author-Name: Eyup Ozveren 
Author-X-Name-First: Eyup 
Author-X-Name-Last: Ozveren 
Title: Variations on a Schumpeterian theme: democracy, capitalism and civilizations in a turbulence zone 
Abstract:
  Since the fall of the Berlin Wall, debates over the future of democracy
 and capitalism have not only gained a new momentum but also a new
 direction. These debates are yet to be linked with a renewed concern over
 the fate of civilizations. In this paper, Joseph Schumpeter's scheme of
 analysis as proposed in his Capitalism, Socialism, and Democracy is the
 point of departure for an analytical framework to assess the prospects of
 democracy, capitalism and civilization in the 21st century. A global
 dimension of analysis is superimposed upon the original Schumpeterian
 scheme; civilization, capitalism and democracy are then conceptualized as
 layers of a tripartite pyramid that represents the system whose historical
 development and prospects we wish to understand. Afterwards, the
 prospective relationships among different layers as this historical system
 approaches its own limits are explored. This modified Schumpeterian
 perspective provides a basis for arguing that what the future holds in
 store for us may be the exact opposite of liberal utopia. 
Journal: Review of Political Economy 
Pages: 225-237 
Issue: 2 
Volume: 16 
Year: 2004 
X-DOI: 10.1080/0953825042000183208 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825042000183208
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:16:y:2004:i:2:p:225-237




Template-Type: ReDIF-Article 1.0
Author-Name: William Butos 
Author-X-Name-First: William 
Author-X-Name-Last: Butos 
Author-Name: Roger Koppl 
Author-X-Name-First: Roger 
Author-X-Name-Last: Koppl 
Title: Carabelli & de Vecchi on Keynes and Hayek 
Abstract:
  Carabelli & De Vecchi dispute competing interpretations of Keynes and
 Hayek, including ours. They mistakenly impute to us the view that Keynes
 was inconsistent. They deny that Keynes had a subjectivist theory of
 expectations by noting his rationalist philosophy. We agree that Keynes
 had a rationalist philosophy, but deny that this implies an objectivist
 theory of economic expectations. We persist in viewing Keynes as a
 subjectivist regarding expectations. This short paper reviews these issues
 and a few other contentious matters regarding Keynes and Hayek. 
Journal: Review of Political Economy 
Pages: 239-247 
Issue: 2 
Volume: 16 
Year: 2004 
X-DOI: 10.1080/0953825042000183217 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825042000183217
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:16:y:2004:i:2:p:239-247




Template-Type: ReDIF-Article 1.0
Author-Name: Anna Carabelli 
Author-X-Name-First: Anna 
Author-X-Name-Last: Carabelli 
Author-Name: Nicolo De vecchi 
Author-X-Name-First: Nicolo 
Author-X-Name-Last: De vecchi 
Title: On Hayek and Keynes once again: a reply to Butos & Koppl 
Abstract:
  This note responds to Butos & Koppl's comment on Carabelli & De Vecchi
 (2001a). We acknowledge the many points of agreement between our own views
 on Keynes and Hayek and those of Butos & Koppl (especially as regards
 Hayek). Here we clarify some points of ours which have been challenged by
 Butos & Koppl, and introduce new arguments in support of our
 interpretation of Keynes's rationalism. 
Journal: Review of Political Economy 
Pages: 249-256 
Issue: 2 
Volume: 16 
Year: 2004 
X-DOI: 10.1080/0953825042000183226 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825042000183226
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:16:y:2004:i:2:p:249-256




Template-Type: ReDIF-Article 1.0
Author-Name: Christopher Brown 
Author-X-Name-First: Christopher 
Author-X-Name-Last: Brown 
Title: Does income distribution matter for effective demand? Evidence from the United States 
Abstract:
  This article examines the influence of income distribution in the
 determination of effective demand in the US. A simple model is developed
 to simulate the effects of changing income inequality on the aggregate
 propensity to consume. The simulation results illustrate that income
 inequality has a substantial negative impact on consumption when household
 spending is assumed to be income-constrained. Econometric evidence is
 presented that rising private sector wage inequality had a dampening
 effect on the time path of consumption in the United States between 1978
 and 2000. The methodology entails time series estimation of consumption
 specifications with a measure of income inequality (the Theil index)
 included among the explanatory variables. The argument is made that,
 ceteris paribus, rising income inequality creates a need for greater
 reliance on debt to sustain a given level of household spending. 
Journal: Review of Political Economy 
Pages: 291-307 
Issue: 3 
Volume: 16 
Year: 2004 
X-DOI: 10.1080/0953825042000225607 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825042000225607
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:16:y:2004:i:3:p:291-307




Template-Type: ReDIF-Article 1.0
Author-Name: Jochen Hartwig 
Author-X-Name-First: Jochen 
Author-X-Name-Last: Hartwig 
Title: Keynes's multiplier in a two-sectoral framework 
Abstract:
  This paper endeavours to reinterpret one of the most fundamental concepts
 of macroeconomics: the Keynesian investment multiplier. The multiplier is
 not interpreted as a dynamic process (or quantity reaction of output) nor
 as a logical relation (or ratio) between income and investment
 expenditure, but as an equilibrium condition that prescribes the
 proportionality between the two 'departments' of the economy (the
 consumption-goods and the investment-goods sector) necessary for
 'completely successful reproduction'. The Marxian concept of reproduction
 schemes is combined with Keynes's 'fundamental psychological law' (which
 states that the marginal propensity to consume is positive and less than
 unity) to derive this result. This 'structural' view of the multiplier is
 then used to analyse questions relating to economic growth, capital
 accumulation and structural change. 
Journal: Review of Political Economy 
Pages: 309-334 
Issue: 3 
Volume: 16 
Year: 2004 
X-DOI: 10.1080/0953825042000225616 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825042000225616
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:16:y:2004:i:3:p:309-334




Template-Type: ReDIF-Article 1.0
Author-Name: Claude Gnos 
Author-X-Name-First: Claude 
Author-X-Name-Last: Gnos 
Title: Is ex-ante ex-post analysis irrelevant to Keynes's theory of employment? 
Abstract:
  Ex-ante ex-post analysis has become a standard tool in macroeconomics.
 Yet Keynes dismissed it. We argue that Keynes's dismissal of ex-ante
 ex-post analysis is not an oddity but an indication of the originality of
 his theory of employment compared to standard macroeconomics. First, the
 principle of effective demand does not amount to a process that determines
 employment and income at the point of intersection of the traditionally
 defined ex ante supply and demand functions. Second, the finance motive
 allowed Keynes to confirm the identity of aggregate supply and demand
 already asserted in The General Theory. This latter conclusion is
 puzzling, however, since the principle of effective demand presupposes the
 possibility of a discrepancy between supply and demand. We suggest that
 Keynes's theory of employment is linked to a theory of income distribution
 whereby profits are a redistributed share of factor income which is
 transferred to firms when prices exceed factor costs. The identity and the
 equilibrium condition then relate to separate measurements of income and
 output, factor cost and prices. 
Journal: Review of Political Economy 
Pages: 335-345 
Issue: 3 
Volume: 16 
Year: 2004 
X-DOI: 10.1080/0953825042000225625 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825042000225625
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:16:y:2004:i:3:p:335-345




Template-Type: ReDIF-Article 1.0
Author-Name: Rosaria Rita Canale 
Author-X-Name-First: Rosaria Rita 
Author-X-Name-Last: Canale 
Title: A post-Keynesian model of output, employment and monetary demand 
Abstract:
  This paper presents a simple model based on three broad Post-Keynesian
 hypotheses: (1) the economic process develops over time; (2) money is
 endogenous; and (3) producers are price setters. To make the analysis
 easier we also assume (4) that firms are vertically integrated. Producers
 assess the expected demand and ask banks for credit in order to start
 production; banks create credit at the request of producers to finance the
 wage bill; workers buy goods sold by firms; firms must repay banks the
 amount borrowed plus interest and earn a target rate of profit. Since
 firms have created only as much purchasing power as they have advanced to
 workers in the form of the wage fund, equilibrium requires that there is
 an amount of autonomous monetary demand equal to profits and interest.
 Furthermore, in order to make the value of supply equal to the value of
 effective demand, firms will employ the number of workers necessary to
 create the purchasing power which, when added to the anticipated
 autonomous demand, enables all costs to be covered and the planned rate of
 profits to be attained. 
Journal: Review of Political Economy 
Pages: 347-360 
Issue: 3 
Volume: 16 
Year: 2004 
X-DOI: 10.1080/0953825042000225634 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825042000225634
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:16:y:2004:i:3:p:347-360




Template-Type: ReDIF-Article 1.0
Author-Name: Claudio Sardoni 
Author-X-Name-First: Claudio 
Author-X-Name-Last: Sardoni 
Title: The contribution of Gerald Shove to the development of Cambridge Economics 
Abstract:
  Frank Gerald Shove was a close friend of Keynes and the other
 protagonists of the economic debates in Cambridge during the 1920s and
 1930s. Shove's influence on those debates is not well documented because
 he published little and had all his notes destroyed after his death. This
 paper looks at Shove's most significant contributions to the debates of
 the 1930s. Attention is concentrated on the debates over increasing
 returns and imperfect competition. Shove emphasized the complexity of
 economic phenomena and the need to develop tools to deal with it. He found
 his analytical and methodological inspiration in Marshall's work. This
 position led him to clash with younger economists, in particular Joan
 Robinson, whose work on imperfect competition and whose efforts to achieve
 rigorous and 'precise' results failed, in his view, to capture the working
 of actual markets. The final section of the paper discusses the similarity
 of Shove's methodological outlook to that of Keynes. Both were well aware
 of the need to go beyond Marshall, but they wanted to retain the richness,
 complexity and realism of Marshall's approach. 
Journal: Review of Political Economy 
Pages: 361-375 
Issue: 3 
Volume: 16 
Year: 2004 
X-DOI: 10.1080/0953825042000225643 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825042000225643
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:16:y:2004:i:3:p:361-375




Template-Type: ReDIF-Article 1.0
Author-Name: M. C. Howard 
Author-X-Name-First: M. C. 
Author-X-Name-Last: Howard 
Author-Name: J. E. King 
Author-X-Name-First: J. E. 
Author-X-Name-Last: King 
Title: The economic contributions of Paul Sweezy 
Abstract:
  This paper offers a critical appraisal of the work of Paul M. Sweezy
 (1910-2004). After a brief biographical summary, the following sections
 deal with Sweezy's early writings; his book, The Theory of Capitalist
 Development; his thinking on socialism; his contribution as an historian
 of events and of ideas; the Monopoly Capital, co-authored with Paul Baran;
 and Sweezy's work after the death of Baran in 1964. The paper concludes
 with an assessment of Sweezy's significance, and a comprehensive
 bibliography of his writings. 
Journal: Review of Political Economy 
Pages: 411-456 
Issue: 4 
Volume: 16 
Year: 2004 
X-DOI: 10.1080/0953825042000271624 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825042000271624
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:16:y:2004:i:4:p:411-456




Template-Type: ReDIF-Article 1.0
Author-Name: Bharati Basu 
Author-X-Name-First: Bharati 
Author-X-Name-Last: Basu 
Author-Name: Felix Famoye 
Author-X-Name-First: Felix 
Author-X-Name-Last: Famoye 
Title: Domestic violence against women, and their economic dependence: A count data analysis 
Abstract:
  In examining the relation between violence against women and women's
 economic dependence, existing literature treats the incidents of violence
 either as a binary or as a continuous variable. However, the incidents of
 violence is a count variable and, quite often, data on the number of
 violent incidents is categorized. This paper estimates the relation
 between violence against women and economic dependence by using a
 categorized negative binomial regression model. The model is suitable for
 categorized count data and thus provides a more accurate estimation of the
 relation than what is provided in the literature. Data analyses in this
 paper show that less economic dependence of women is associated with less
 violence. 
Journal: Review of Political Economy 
Pages: 457-472 
Issue: 4 
Volume: 16 
Year: 2004 
X-DOI: 10.1080/0953825042000256685 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825042000256685
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:16:y:2004:i:4:p:457-472




Template-Type: ReDIF-Article 1.0
Author-Name: Pascal Ughetto 
Author-X-Name-First: Pascal 
Author-X-Name-Last: Ughetto 
Title: Demand-side issues of the service economy 
Abstract:
  This paper examines the relevance of the demand-side approach to the
 development of a service economy. Its starts by addressing some concerns
 about the possibility of creating a growth regime based on services.
 Discussion has mainly focused on the increasing share of services in
 consumer spending; but equally important is the fact that most
 products--goods and services alike--integrate a significant
 service-to-the-client dimension. The paper considers the costs incurred by
 strategies that aim to create value for the client and that require the
 existence of a purchasing power likely to validate them. 
Journal: Review of Political Economy 
Pages: 473-483 
Issue: 4 
Volume: 16 
Year: 2004 
X-DOI: 10.1080/0953825042000256694 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825042000256694
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:16:y:2004:i:4:p:473-483




Template-Type: ReDIF-Article 1.0
Author-Name: David Colander 
Author-X-Name-First: David 
Author-X-Name-Last: Colander 
Author-Name: Richard Holt 
Author-X-Name-First: Richard 
Author-X-Name-Last: Holt 
Author-Name: Barkley Rosser 
Author-X-Name-First: Barkley 
Author-X-Name-Last: Rosser 
Title: The changing face of mainstream economics 
Abstract:
  This article argues that economics is currently undergoing a fundamental
 shift in its method, away from neoclassical economics and into something
 new. Although that something new has not been fully developed, it is
 beginning to take form and is centered on dynamics, recursive methods and
 complexity theory. The foundation of this change is coming from economists
 who are doing cutting edge work and influencing mainstream economics.
 These economists are defining and laying the theoretical groundwork for
 the fundamental shift that is occurring in the economics profession. 
Journal: Review of Political Economy 
Pages: 485-499 
Issue: 4 
Volume: 16 
Year: 2004 
X-DOI: 10.1080/0953825042000256702 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825042000256702
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:16:y:2004:i:4:p:485-499




Template-Type: ReDIF-Article 1.0
Author-Name: Marek Szyd&#x142;owski 
Author-X-Name-First: Marek 
Author-X-Name-Last: Szyd&#x142;owski 
Author-Name: Adam Krawiec 
Author-X-Name-First: Adam 
Author-X-Name-Last: Krawiec 
Title: A note on Kaleckian lags in the Solow model 
Abstract:
  Building on a contribution by Paul Zak, we consider the modified Solow
 model with a time lag introduced in the Kaleckian spirit. This model
 produces endogenous cycles that can be interpreted as economic
 fluctuations. For reasonable parameter values it can generate empirically
 relevant cyclic variations in output. We prove the existence of a Hopf
 bifurcation and a limit cycle solution in the model. We find that there is
 only one solution with a period longer than the production lag.
 Additionally we calculate the period of this cycle. 
Journal: Review of Political Economy 
Pages: 501-506 
Issue: 4 
Volume: 16 
Year: 2004 
X-DOI: 10.1080/0953825042000256711 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825042000256711
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:16:y:2004:i:4:p:501-506




Template-Type: ReDIF-Article 1.0
Author-Name: Mark White 
Author-X-Name-First: Mark 
Author-X-Name-Last: White 
Title: Preaching to the choir: A response to Kaplow and Shavell's Fairness Versus Welfare 
Abstract:
  This note is a critical response to Louis Kaplow and Steven Shavell's
 recent treatise on law and economics, Fairness Versus Welfare, in which
 they argue that legal decision-making should be conducted with the sole
 goal of welfare-maximization. After a brief summary of the book, this
 paper focuses on three primary problems with its contents and approach.
 First, the tautological nature of the authors' argument, which they
 acknowledge but downplay is discussed. Second, it is argued that while the
 authors give lip-service to 'tastes for fairness,' they refuse to
 acknowledge the implications of such preferences for their conclusions and
 then minimize their possible importance. Finally, this paper addresses
 what is possibly the most disappointing aspect of this work: the
 arrogance, condescension, and intolerance displayed throughout the book
 toward those with dissenting views. 
Journal: Review of Political Economy 
Pages: 507-515 
Issue: 4 
Volume: 16 
Year: 2004 
X-DOI: 10.1080/revpoe0953825042000271720 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/revpoe0953825042000271720
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:16:y:2004:i:4:p:507-515




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Hans Matthews 
Author-X-Name-First: Peter Hans 
Author-X-Name-Last: Matthews 
Title: Paradise lost and found? The econometric contributions of Clive W. J. Granger and Robert F. Engle 
Abstract:
  This paper provides a non-technical and illustrated introduction to the
 econometric contributions of the 2003 Nobel Prize winners, Robert Engle
 and Clive Granger, with a special emphasis on their implications for
 heterodox economists. 
Journal: Review of Political Economy 
Pages: 1-28 
Issue: 1 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/0953825042000313780 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825042000313780
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:1:p:1-28




Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Trigg 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Trigg 
Author-Name: Frederic Lee 
Author-X-Name-First: Frederic 
Author-X-Name-Last: Lee 
Title: Pasinetti, Keynes and the multiplier 
Abstract:
  This paper explores the relationship between the Keynesian multiplier and
 Pasinetti's model of pure production. Key assumptions of Pasinetti's model
 are its multisectoral structure, the definition of all income as a reward
 to labouring activities and, as a consequence, the operation of a pure
 labour theory of value. A translation between these models is effected by
 introducing investment as an exogenous determinant. By drawing from Keynes
 to apply his concept of the wage unit, it is possible to aggregate from
 Pasinetti's multisectoral model to a genuinely macroeconomic multiplier.
 This provides a way of using the scalar Keynesian multiplier without
 making the restrictive one-commodity assumption. In addition, this formal
 demonstration enhances our understanding of the relationship between the
 wage unit and the labour theory of value. Finally, critics have argued
 that Pasinetti downgrades the importance of institutional analysis; in
 contrast, the derivation of a scalar Keynesian multiplier contributes to
 an understanding of how relevant Pasinetti's approach is to the analysis
 of a monetary production economy. 
Journal: Review of Political Economy 
Pages: 29-43 
Issue: 1 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/0953825042000313799 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825042000313799
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:1:p:29-43




Template-Type: ReDIF-Article 1.0
Author-Name: Yasushi Suzuki 
Author-X-Name-First: Yasushi 
Author-X-Name-Last: Suzuki 
Title: Uncertainty, financial fragility and monitoring: Will Basle-type pragmatism resolve the Japanese banking crisis? 
Abstract:
  This paper argues that the naive adoption of an Anglo-American approach
 to the management of credit risk as the prescription for Japan's prolonged
 financial slump would amount to a very risky strategy. The neoclassical
 arguments for the adoption of Basle-type pragmatism and the adoption of
 Anglo-American financial norms neglect the important question of how to
 manage Japanese lenders' uncertainty, which affects their assessment of
 credit risk. We point out that an ill-planned transition without
 mechanisms for diversifying risk and uncertainty has encouraged herd
 behavior in lending. We also argue that Japan's traditional rent-based
 mode of financial intermediation and monitoring performed important
 functions, including the incubation of new enterprises, and should have
 been retained in alternative form rather than abandoned. 
Journal: Review of Political Economy 
Pages: 45-61 
Issue: 1 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/0953825042000313807 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825042000313807
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:1:p:45-61




Template-Type: ReDIF-Article 1.0
Author-Name: Sandye Gloria-Palermo 
Author-X-Name-First: Sandye 
Author-X-Name-Last: Gloria-Palermo 
Author-Name: Giulio Palermo 
Author-X-Name-First: Giulio 
Author-X-Name-Last: Palermo 
Title: Austrian economics and value judgments: a critical comparison with Neoclassical Economics 
Abstract:
  This article points out the limits of Austrian economics as far as the
 passage from positive to normative economics is concerned. We propose a
 comparison with neoclassical economics and discuss the different
 theoretical solutions adopted by these two schools of thought in their
 legitimization of the normative discourse. The bridge from positive to
 normative economics is analyzed as resting upon two interdependent
 pillars, one of a technical nature, the other of an ethical one. In
 neoclassical theory, these two pillars are, respectively, the Pareto
 principle and the so-called minimal benevolence principle. In the case of
 Austrian economics, they are the coordination principle and a set of value
 judgments considered to be 'quasi-universal'. One problem for Austrian
 economics is that the coordination principle turns out to be incompatible
 with process analysis, the latter being a central tenet of the Austrian
 theory. A second problem, which creates serious difficulties for both
 schools, has to do with distribution. Our thesis is that whereas the
 neoclassical solution of the distributive problem is formally consistent
 (although deeply unrealistic), the Austrian solution is theoretically
 untenable and based on strong, although implicit, value judgments. 
Journal: Review of Political Economy 
Pages: 63-78 
Issue: 1 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/0953825042000313816 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825042000313816
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:1:p:63-78




Template-Type: ReDIF-Article 1.0
Author-Name: Bryan Caplan 
Author-X-Name-First: Bryan 
Author-X-Name-Last: Caplan 
Author-Name: Edward Stringham 
Author-X-Name-First: Edward 
Author-X-Name-Last: Stringham 
Title: Mises, bastiat, public opinion, and public choice 
Abstract:
  The political economy of Ludwig von Mises and Frederic Bastiat has been
 largely ignored even by their admirers. We argue that Mises' and Bastiat's
 views in this area were both original and insightful. While traditional
 public choice generally maintains that democracy fails because voters'
 views are rational but ignored, the Mises-Bastiat view is that democracy
 fails because voters' views are irrational but heeded. Mises and Bastiat
 anticipate many of the most effective criticisms of traditional public
 choice to emerge during the last decade and point to many avenues for
 future research. 
Journal: Review of Political Economy 
Pages: 79-105 
Issue: 1 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/0953825042000313825 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825042000313825
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:1:p:79-105




Template-Type: ReDIF-Article 1.0
Author-Name: Amartya Sen 
Author-X-Name-First: Amartya 
Author-X-Name-Last: Sen 
Title: Walsh on Sen after Putnam 
Abstract:
  This note responds to Vivian Walsh's 2003 essay, in this journal, on
 aspects of my work. 
Journal: Review of Political Economy 
Pages: 107-113 
Issue: 1 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/0953825042000313834 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825042000313834
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:1:p:107-113




Template-Type: ReDIF-Article 1.0
Author-Name: Ernesto Screpanti 
Author-X-Name-First: Ernesto 
Author-X-Name-Last: Screpanti 
Title: Guglielmo Carchedi's 'art of fudging' explained to the people 
Abstract:
  In this note, I present a criticism of Guglielmo Carchedi's synthesis of
 the Temporal Single System (TSS) approach to value theory. My main
 criticisms are as follows. First, Carchedi adopts an essentialist, and
 indeed rather mystical, interpretation of Marx's value theory; second, his
 notion of 'labour-value' turns out to be just a redefinition of 'price',
 which has nothing to do with the labour embodied; third, his
 transformation procedure is inconsistent with the reproduction conditions
 that Carchedi himself assumes. 
Journal: Review of Political Economy 
Pages: 115-126 
Issue: 1 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/095382504200031843 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/095382504200031843
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:1:p:115-126




Template-Type: ReDIF-Article 1.0
Author-Name: Guglielmo Carchedi 
Author-X-Name-First: Guglielmo 
Author-X-Name-Last: Carchedi 
Title: Sapiens nihil affirmat quod non probat 
Abstract:
  This paper responds to Ernesto Screpanti's critique of Guglielmo
 Carchedi's approach to Marx's transformation procedure. It argues that
 there is no logical inconsistency in that procedure once one introduces
 time, rather than denying it as Marx's critics do. Further, it examines
 Screpanti's critique and argues that, while Marx's algebra is correct,
 Screpanti's own 'refutation' of Marx is invalid because it balances
 neither in physical nor in algebraic terms. It finally examines some old
 critiques which, while presented by Screpanti as novel, are well-known
 acquaintances which have already been shown to be invalid. Two conclusions
 are reached. First, Screpanti concedes that the circularity critique does
 not hold when time is introduced in the analysis and, second, Screpanti's
 critique is an attempt to vindicate a method of inquiry (simultaneism)
 which is unsuited to understanding what really matters, a temporal
 situation, i.e. reality. 
Journal: Review of Political Economy 
Pages: 127-139 
Issue: 1 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/0953825042000313852 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/0953825042000313852
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:1:p:127-139




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Dunn 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Dunn 
Author-Name: Steven Pressman 
Author-X-Name-First: Steven 
Author-X-Name-Last: Pressman 
Title: The Economic Contributions of John Kenneth Galbraith 
Abstract:
  Galbraith's principal theoretical contribution is foreshadowed in
 American capitalism and unfolds more clearly into view in his trilogy The
 Affluent Society, The New Industrial State and Economics and the Public
 Purpose. His thesis is that the economic ideas that once explained a world
 of poverty have not adjusted to a world of affluence dominated by the
 modern corporation. His main themes are the concentration of economic
 power in the large corporation and the social and environmental imbalance
 that results from the large corporation. Galbraith attempts to tease out
 the implications of the uneven development of modern affluence and
 outlines an emancipatory case for social change. 
Journal: Review of Political Economy 
Pages: 161-209 
Issue: 2 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/09538250500067254 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500067254
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:2:p:161-209




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Perlman 
Author-X-Name-First: Mark 
Author-X-Name-Last: Perlman 
Author-Name: Morgan Marietta 
Author-X-Name-First: Morgan 
Author-X-Name-Last: Marietta 
Title: The politics of social accounting: public goals and the evolution of the national accounts in Germany, the United Kingdom and the United States 
Abstract:
  National social statistics have become one of the pervasive institutions
 of modern economics and politics. However, less is known about the origins
 of national accounting and the disagreements over its fundamental purpose
 and design. Modern national accounts emerged in attempts by German
 statistical entrepreneurs to understand the industrial economy and harness
 production in the service of national goals. In the American context
 national accounts emerged as a means for measuring social welfare, but
 evolved in the direction of the German and then British efforts at
 maximizing war production during the Second World War. The origins and
 evolution of social accounting in the German, British and American
 contexts illustrate the competing public goals served by our institutional
 choices. Different normative purposes, driven by new national goals, may
 require institutional change. 
Journal: Review of Political Economy 
Pages: 211-230 
Issue: 2 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/09538250500067262 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500067262
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:2:p:211-230




Template-Type: ReDIF-Article 1.0
Author-Name: Oscar de-Juan 
Author-X-Name-First: Oscar 
Author-X-Name-Last: de-Juan 
Title: Paths of accumulation and growth: Towards a Keynesian long-period theory of output 
Abstract:
  According to the principle of effective demand, the equilibrium level of
 aggregate output is a multiple of the expected autonomous demand for the
 period under consideration. Aggregate demand matches aggregate supply in
 equilibrium, but the equilibrium may and usually does lie below the output
 corresponding to full capacity and full employment. However, in the long
 term firms are presumed to use capacity at the normal or desired degree.
 Can the principle of effective demand be extrapolated to conclude that the
 rate of growth of output will depend on the expected rate of growth of
 autonomous demand? A positive answer would be a significant step towards a
 Keynesian long-period theory of output. This paper attempts to make an
 advance in that direction. Starting from a 'prospective accelerator' that
 incorporates expected increases in autonomous demand and takes account of
 an excess of capacity in order to eliminate it, this paper shows that the
 path of autonomous demand determines both the actual and the warranted
 rates of growth. 
Journal: Review of Political Economy 
Pages: 231-252 
Issue: 2 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/09538250500067270 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500067270
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:2:p:231-252




Template-Type: ReDIF-Article 1.0
Author-Name: Ghassan Dibeh 
Author-X-Name-First: Ghassan 
Author-X-Name-Last: Dibeh 
Title: A Kaleckian model of business cycle synchronization 
Abstract:
  A non-linear, two-country Kaleckian model of the business cycle was
 developed for investigating business cycle synchronization. The model
 includes three components: a country-specific business cycle-generating
 equation, a transmission mechanism and time delays in the transmission
 mechanism. The model constructed is a non-linear delay-differential
 equation system. Solutions to the model without time delays in
 transmission are derived using the averaging method. The solutions show
 that the model produces limit cycles representing business cycles. The
 model with time delays in transmission is then solved numerically in order
 to investigate the role played by the coupling strength and coupling delay
 in transforming otherwise independent country-specific cycles into a
 synchronized business cycle. The degree of synchronization of the business
 cycle is shown to be positively related to the coupling strength.
 Moreover, coupling delays above a certain threshold play a desynchronizing
 role. 
Journal: Review of Political Economy 
Pages: 253-267 
Issue: 2 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/09538250500067304 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500067304
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:2:p:253-267




Template-Type: ReDIF-Article 1.0
Author-Name: Howard Petith 
Author-X-Name-First: Howard 
Author-X-Name-Last: Petith 
Title: Marx's analysis of the falling rate of profit in the first version of Volume III of capital 
Abstract:
  This paper provides an analysis of the Hodgskin section of Theories of
 Surplus Value and the general law section of the first version of Volume
 III of Capital. It then considers Part III of Volume III, the evolution of
 Marx's thought and various interpretations of his theory in the light of
 this analysis. It is suggested that, as late as the 1870s, Marx had hoped
 to be able to provide a demonstration that the rate of profit must fall.
 The main conclusions are that (1) Marx's major attempt to show that the
 rate of profit must fall occurred in the general law section, (2) Part III
 does not contain a demonstration that the rate of profit must fall and (3)
 Marx was never able to demonstrate that the rate of profit must fall and
 he was aware of this. 
Journal: Review of Political Economy 
Pages: 269-290 
Issue: 2 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/09538250500067312 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500067312
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:2:p:269-290




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Lewis 
Author-X-Name-First: Paul 
Author-X-Name-Last: Lewis 
Title: Structure, agency and causality in post-revival Austrian economics: tensions and resolutions 
Abstract:
  This paper aims to illustrate the benefits that accrue from critical
 realism's sustained, explicit reflection about ontological issues. The
 paper pursues this aim by examining the work of radical subjectivist
 Austrian economists as it has developed since the post-1974 revival in the
 fortunes of the Austrian school, focusing in particular on their account
 of the generation of socio-economic order in decentralized market
 economies. Ambiguities and tensions can be discerned in the radical
 subjectivist account of the causal forces at work in the market process.
 It is argued that the conceptual resources required for resolving those
 tensions and ambiguities are to be found in critical realism. The final
 section of the paper draws out some of the broader implications of the
 suggested resolution for radical subjectivist Austrian economics. 
Journal: Review of Political Economy 
Pages: 291-316 
Issue: 2 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/09538250500067320 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500067320
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:2:p:291-316




Template-Type: ReDIF-Article 1.0
Author-Name: Davide Gualerzi 
Author-X-Name-First: Davide 
Author-X-Name-Last: Gualerzi 
Title: Stiglitz on Globalization and Development with an Eye to Keynes 
Abstract:
  Joseph Stiglitz has laid out many of the issues central to the debate on
 globalization in a compelling story in a recent influential book.
 Globalization has become a contentious issue because the economic policies
 advocated for and, at times, almost imposed upon developing countries by
 international organizations such as the International Monetary Fund, the
 World Bank and the World Trade Organization are based on misconceptions
 about how market systems work. Market fundamentalism underlies the entire
 policy framework of the Washington Consensus. The limits of this approach
 are nowhere clearer than in the examples presented by developing and
 transition economies. Many policy missteps could have been avoided by
 adopting the main insights of traditional Keynesian theory, the basic
 lessons of which remain valid, even if it has been largely excised from
 the IMF's recipe book. The results of 20 years of market fundamentalism
 make it clear that globalization and development are distinct issues and
 that the former does not necessarily entail the latter. In order to
 understand how they are connected we need to supplement macroeconomic
 analysis with studies of how international economic integration comes
 about. 
Journal: Review of Political Economy 
Pages: 317-329 
Issue: 2 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/09538250500067338 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500067338
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:2:p:317-329




Template-Type: ReDIF-Article 1.0
Author-Name: Neri Salvadori 
Author-X-Name-First: Neri 
Author-X-Name-Last: Salvadori 
Title: Introduction 
Abstract:
Journal: Review of Political Economy 
Pages: 345-348 
Issue: 3 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/09538250500147056 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500147056
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:3:p:345-348




Template-Type: ReDIF-Article 1.0
Author-Name: Marcello De Cecco 
Author-X-Name-First: Marcello 
Author-X-Name-Last: De Cecco 
Title: Sraffa's lectures on Continental banking: A preliminary appraisal 
Abstract:
  Piero Sraffa delivered a course of lectures on Continental banking to
 Cambridge undergraduates in the spring term of 1929 and 1930. He wrote
 extensive lecture notes, from which this paper reconstructs the structure
 and contents of the course. Sraffa emphasised the differences between the
 British and Continental, particularly German, banking systems, stressing
 the importance of the relations between banks and industry on the
 Continent. He also underlined the different roles played by central banks
 in the two systems. The lectures are particularly interesting for the
 light they throw on large German banks in the 1920s and on the eve of
 their great crisis. The role of the allies in trying to reconstruct the
 German banking system after the defeat of Germany on lines which would
 weaken the banks' links with industry is brought into relief, as are the
 Allies' reduction of the Reichsbank's role as lender of last resort. Due
 attention is paid to the role of foreign capital in German banking in the
 1920s and to the crucial impact of the drying up of this resource at the
 end of the 1920s. 
Journal: Review of Political Economy 
Pages: 349-358 
Issue: 3 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/09538250500147072 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500147072
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:3:p:349-358




Template-Type: ReDIF-Article 1.0
Author-Name: Rodolfo Signorino 
Author-X-Name-First: Rodolfo 
Author-X-Name-Last: Signorino 
Title: Piero Sraffa's lectures on the advanced theory of value 1928-31 and the rediscovery of the classical approach 
Abstract:
  Sraffa's Lectures on the Advanced Theory of Value 1928-1931 and his two
 preparatory Notes of summer and November 1927 provide a wealth of
 material, up to now unpublished, for a reconstruction of the early stage
 of his inquiry into the cognate fields of pure economic theory and its
 history. The three manuscripts show that in the late 1920s Sraffa rejected
 the Marshallian constant-cost interpretation of classical economics, an
 interpretation to which he had adhered in his 1925 and 1926 papers.
 Moreover, in the Lectures, Sraffa presents for the first time his own
 interpretation of classical economics based on the concepts of surplus,
 physical real costs and asymmetric treatment of distributive variables. 
Journal: Review of Political Economy 
Pages: 359-380 
Issue: 3 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/09538250500147080 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500147080
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:3:p:359-380




Template-Type: ReDIF-Article 1.0
Author-Name: Mathieu Marion 
Author-X-Name-First: Mathieu 
Author-X-Name-Last: Marion 
Title: Sraffa and Wittgenstein: Physicalism and constructivism 
Abstract:
  After a brief review of facts and hypotheses concerning Piero Sraffa's
 intellectual exchanges with the philosopher Ludwig Wittgenstein and their
 content, a brief presentation of some of the basic ideas of Productions of
 Commodities by Means of Commodities is given, on the basis of which I
 argue, first, that Sraffa's 'objectivism' in economics is closely related
 to the 'physicalism' towards which Wittgenstein moved soon after his
 return to Cambridge and, secondly, that the mathematics of that book are
 in line with Wittgenstein's constructivist stance, as it is already found
 in his Tractatus Logico-Philosophicus. 
Journal: Review of Political Economy 
Pages: 381-406 
Issue: 3 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/09538250500147114 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500147114
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:3:p:381-406




Template-Type: ReDIF-Article 1.0
Author-Name: Giorgio Napolitano 
Author-X-Name-First: Giorgio 
Author-X-Name-Last: Napolitano 
Title: Sraffa and Gramsci: A recollection 
Abstract:
Journal: Review of Political Economy 
Pages: 407-412 
Issue: 3 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/09538250500147148 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500147148
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:3:p:407-412




Template-Type: ReDIF-Article 1.0
Author-Name: Heinz Kurz 
Author-X-Name-First: Heinz 
Author-X-Name-Last: Kurz 
Author-Name: Neri Salvadori 
Author-X-Name-First: Neri 
Author-X-Name-Last: Salvadori 
Title: Representing the production and circulation of commodities in material terms: On Sraffa's objectivism 
Abstract:
  The paper discusses Sraffa's interpretation of the classical economists
 and, following their lead, his elaboration of an objectivist,
 surplus-based theory of value and distribution. The emphasis is on the
 twin concepts of physical real costs and social surplus on the one hand
 and that of a circular flow of production on the other. In order to
 determine relative prices within such an analytical scheme, the tool of
 simultaneous equations is indispensable. It is then argued that fixed
 capital turned out to be a formidable obstacle: whereas the circulating
 part of capital allows one to entertain the idea of a material-cum-value
 transmigration into the product, this idea loses much of its appeal with
 regard to the durable part. Sraffa eventually overcame the difficulty in
 terms of the joint-products approach. 
Journal: Review of Political Economy 
Pages: 413-441 
Issue: 3 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/09538250500147189 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500147189
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:3:p:413-441




Template-Type: ReDIF-Article 1.0
Author-Name: Christian Gehrke 
Author-X-Name-First: Christian 
Author-X-Name-Last: Gehrke 
Title: Bringing the edition of Ricardo's works to completion: The making of the General Index, 1951-73 
Abstract:
  The paper documents the gestation of the General Index to Piero Sraffa's
 edition of The Works and Correspondence of David Ricardo. The available
 documents suggest that Sraffa made every effort to bring the editorial
 task he had been entrusted with to completion without sacrificing his
 standards of precision. They also show that he had good reasons for
 rejecting earlier versions of the General Index. 
Journal: Review of Political Economy 
Pages: 443-464 
Issue: 3 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/09538250500147221 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500147221
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:3:p:443-464




Template-Type: ReDIF-Article 1.0
Author-Name: Ian Steedman 
Author-X-Name-First: Ian 
Author-X-Name-Last: Steedman 
Title: The comparative statics of industry-level produced-input-use in HOS trade theory 
Abstract:
  We consider the industry-level use of inputs, per unit of gross output,
 in a Heckscher-Ohlin-Samuelson model in which not only land and labour but
 the two produced commodities are used as inputs. The rate of interest is
 zero throughout and all the standard assumptions are made. When
 alternative equilibria are compared, the use of land (of labour) is always
 lower when the real rent (real wage) is higher. But even the assumption of
 Hicksian substitution everywhere does not permit comparable conclusions
 concerning the use of produced inputs. This is because a produced input
 can never become more expensive relative to all three other inputs (unlike
 a primary input). 
Journal: Review of Political Economy 
Pages: 465-470 
Issue: 3 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/09538250500147254 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500147254
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:3:p:465-470




Template-Type: ReDIF-Article 1.0
Author-Name: Sergio Nistico 
Author-X-Name-First: Sergio 
Author-X-Name-Last: Nistico 
Author-Name: Giorgio Rodano 
Author-X-Name-First: Giorgio 
Author-X-Name-Last: Rodano 
Title: Reflections on Sraffa's Legacy in Economics: A review essay 
Abstract:
  This paper reviews Heinz D. Kurz's edited collection of Critical Essays
 on Piero Sraffa's Legacy in Economics. Besides providing an evaluation of
 the various contributions to the volume, the paper discusses some broad
 issues such as the notion of 'price' emerging from Sraffa's Production of
 Commodities, the role of demand in Sraffa's theory, the classical approach
 to political economy, the Hayek-Keynes-Sraffa debate and the capital
 controversy. 
Journal: Review of Political Economy 
Pages: 471-487 
Issue: 3 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/09538250500147304 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500147304
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:3:p:471-487




Template-Type: ReDIF-Article 1.0
Author-Name: Giancarlo Bertocco 
Author-X-Name-First: Giancarlo 
Author-X-Name-Last: Bertocco 
Title: The Role of credit in a Keynesian monetary economy 
Abstract:
  This paper describes the features of a monetary economy on the basis of
 Keynes's distinction between a real exchange economy and a monetary
 economy. In The General Theory, Keynes identifies the reasons for the
 non-neutrality of money by highlighting the store of wealth function of
 money; this approach has been adopted by most Keynesian economists. The
 aim of this paper is to show that such an approach only partially explains
 the reasons for money non-neutrality and that important elements which
 demonstrate the relevance of monetary variables emerge when the means of
 payment function of money is considered. Investigating the role of this
 function requires that we deal explicitly with how spending decisions are
 financed. The paper argues that the market for credit must be considered
 separately from the market for money, and that a viable credit theory can
 be built from Keynes's post-General Theory writings. 
Journal: Review of Political Economy 
Pages: 489-511 
Issue: 4 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/09538250500252740 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500252740
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:4:p:489-511




Template-Type: ReDIF-Article 1.0
Author-Name: Leonardo Vera 
Author-X-Name-First: Leonardo 
Author-X-Name-Last: Vera 
Title: Can Recession Feed Inflation? A Conflicting Claims Framework 
Abstract:
  This paper develops a rationale for the recession-induced inflation
 hypothesis. Within a conflicting claims framework we present a model in
 which both price leaders and organized workers set their nominal prices on
 the basis of a desired profit rate and a real wage target respectively. We
 argue that an absolute cost advantage in concentrated industries (for
 instance in fixed costs) may provide oligopolistic leaders sufficient
 margin to raise prices and restore a desired level of profitability during
 a recession. The resultizng unstable income distribution will set off an
 inflationary spiral if the firm's advantage in selling its output imparts
 an upward bias to the flexibility of input prices (specifically wages).
 Taking into consideration different scenarios for workers' bargaining
 power we present a simple simulation experiment to analyze the inflation
 and real wage paths of the economy after a negative output shock. When we
 endogenize output, we show that for a high degree of the bargaining power,
 output is likely to converge to a higher steady-state value. 
Journal: Review of Political Economy 
Pages: 513-531 
Issue: 4 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/09538250500252799 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500252799
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:4:p:513-531




Template-Type: ReDIF-Article 1.0
Author-Name: David Dequech 
Author-X-Name-First: David 
Author-X-Name-Last: Dequech 
Title: Confidence and alternative Keynesian methods of asset choice 
Abstract:
  This article elaborates the analysis of asset choice proposed by Keynes
 and later adopted by Post Keynesians such as Paul Davidson and Hyman
 Minsky. The article incorporates the essential aspects of the theory of
 confidence presented in Dequech (1999), first into an investigation of the
 relation between confidence and the liquidity premium and then into the
 broader theory of asset choice. Keynes considered two methods of
 determining planned investment expenditures: one method is based on the
 comparison between the marginal efficiency of capital and the interest
 rate; the other is based on the comparison between the demand price and
 the supply price of a particular capital good. Both methods can be
 generalized for asset choice, with investment as a particular case. The
 article refines and develops these two methods so as to specify more
 precisely the influence of confidence and speculation on the determination
 of liquidity premia and hence on the several assets' profitability. 
Journal: Review of Political Economy 
Pages: 533-547 
Issue: 4 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/09538250500252922 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500252922
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:4:p:533-547




Template-Type: ReDIF-Article 1.0
Author-Name: Costas Lapavitsas 
Author-X-Name-First: Costas 
Author-X-Name-Last: Lapavitsas 
Title: The Emergence of Money in Commodity Exchange, or Money as Monopolist of the Ability to Buy 
Abstract:
  Money's emergence in commodity exchange remains an unresolved issue
 within economic theory. Current general equilibrium models offer an
 explanation that rests on the economic advantages of a universally
 accepted means of exchange that is partly established through social
 custom. These models neither fully explain money's unique ability to buy,
 nor theorise the customary practices required for money's emergence. They
 are dominated by Menger's earlier analysis of money's emergence, which
 pays more attention to the social foundations of money but is still
 hampered by Austrian individualism. An alternative explanation is given
 here, drawing on Marx's theory of value but involving a thorough reworking
 of it. An analytical process is established through which money finally
 emerges as monopolist of the ability to buy. Particular social custom,
 whose determinants are consistent with the social underpinnings of
 commodity exchange, plays a vital role in money's emergence. 
Journal: Review of Political Economy 
Pages: 549-569 
Issue: 4 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/09538250500252823 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500252823
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:4:p:549-569




Template-Type: ReDIF-Article 1.0
Author-Name: G. R. Steele 
Author-X-Name-First: G. R. 
Author-X-Name-Last: Steele 
Title: Psychology, social evolution and liberalism: a Hayekian trinity 
Abstract:
  The work of Friedrich Hayek describes an extensive political economy,
 with explicit consideration of the psychological limits to human
 understanding, the market as a mechanism of information gathering and
 social coordination, and the relationship between market processes and the
 free society, where moral and political issues are relevant within a
 framework of continuous adaptation. Although the survival characteristics
 of social institutions largely defy rational enquiry, political liberalism
 secures the diversity that is necessary for evolutionary social
 adaptation. 
Journal: Review of Political Economy 
Pages: 571-586 
Issue: 4 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/09538250500253466 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500253466
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:4:p:571-586




Template-Type: ReDIF-Article 1.0
Author-Name: Steve Fleetwood 
Author-X-Name-First: Steve 
Author-X-Name-Last: Fleetwood 
Title: A critical realist reply to Walters & Young 
Abstract:
  In a contribution to this journal, Bernard Walters & David Young offer a
 brief sketch of critical realism and three objections to it. This reply
 starts with three points of clarification to their sketch before going on
 to tackle their objections. 
Journal: Review of Political Economy 
Pages: 587-600 
Issue: 4 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/09538250500253482 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500253482
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:4:p:587-600




Template-Type: ReDIF-Article 1.0
Author-Name: Bernard Walters 
Author-X-Name-First: Bernard 
Author-X-Name-Last: Walters 
Author-Name: David Young 
Author-X-Name-First: David 
Author-X-Name-Last: Young 
Title: Further Reflections on Critical Realism 
Abstract:
  We deal with the main points of Fleetwood's response to our earlier paper
 and argue that our main contentions remain intact. Critical Realism (CR)
 remains epistemologically weak; its claims for the usefulness of
 explanatory power are unconvincing; and, in particular, it provides little
 help in assessing rival theories. Furthermore, its appreciation of
 alternative theoretical accounts is underdeveloped because of the tendency
 to use broad ontological claims to delineate a preferred type of theory.
 Finally, we argue that the further elaboration of CR by Fleetwood serves
 to illuminate rather than ameliorate its shortcomings. 
Journal: Review of Political Economy 
Pages: 601-607 
Issue: 4 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/09538250500254043 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500254043
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:4:p:601-607




Template-Type: ReDIF-Article 1.0
Author-Name: Angelo Reati 
Author-X-Name-First: Angelo 
Author-X-Name-Last: Reati 
Title: Value and exploitation: a comment 
Abstract:
  This paper comments on a recent paper by Ernesto Screpanti (2003), in
 this journal, on Marxian theories of value and exploitation. The paper
 argues, in opposition to Screpanti, that the labour theory of value is the
 most suitable foundation for a realistic and historically determined
 vision of society; that labour values provide a unique coherent conceptual
 framework for understanding the nature of profit; that the inconsistency
 of labour values is only apparent, as it disappears with a judicious
 choice of numeraire; and that prices of production explain much less than
 labour values and are therefore an inadequate substitute for the latter. 
Journal: Review of Political Economy 
Pages: 609-617 
Issue: 4 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/09538250500255750 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500255750
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:4:p:609-617




Template-Type: ReDIF-Article 1.0
Author-Name: Ernesto Screpanti 
Author-X-Name-First: Ernesto 
Author-X-Name-Last: Screpanti 
Title: Value and Exploitation: a Rejoinder 
Abstract:
Journal: Review of Political Economy 
Pages: 619-619 
Issue: 4 
Volume: 17 
Year: 2005 
X-DOI: 10.1080/09538250500254050 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500254050
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:17:y:2005:i:4:p:619-619




Template-Type: ReDIF-Article 1.0
Author-Name: James Hartley 
Author-X-Name-First: James 
Author-X-Name-Last: Hartley 
Title: Kydland and Prescott's Nobel Prize: the methodology of time consistency and real business cycle models 
Abstract:
  Finn Kydland and Edward Prescott won the 2004 Nobel Prize in Economics
 for their work on time consistency and real business cycle models. What
 united the work in these two papers is the method of modeling the economy.
 In the mid-1970s, Kydland and Prescott set out to use optimal control
 theory in a rational expectations model, and ended up being credited with
 a sea change in the manner in which economists think about central
 banking. In the early 1980s, Kydland and Prescott set out to look at the
 effect of time-to-build and ended up being credited with a monumental
 change in the manner in which economists study the macroeconomy. An
 overview of their Nobel-meriting work both shows what they were trying to
 accomplish and how well they accomplished their aim. 
Journal: Review of Political Economy 
Pages: 1-28 
Issue: 1 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250500353993 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500353993
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:1:p:1-28




Template-Type: ReDIF-Article 1.0
Author-Name: S. Charusheela 
Author-X-Name-First: S. 
Author-X-Name-Last: Charusheela 
Author-Name: Colin Danby 
Author-X-Name-First: Colin 
Author-X-Name-Last: Danby 
Title: A through-time framework for producer households 
Abstract:
  Taking as its central case urban producer households of a kind widely
 found in the third world, this paper shows that the through-time analyses
 of material activities developed by Marxist and Post Keynesian theorists
 are as applicable to 'reproductive' household activities as they are to
 market-directed production. Drawing on and extending work by Marxist
 feminist theorists, it develops an internal critique of the
 productive-reproductive divide by showing that if the material activities
 of reproduction are taken as seriously as those of for-market production,
 multiple and complex links between the two spheres become apparent. In
 this framework insights from different theoretical traditions can be
 brought into conversation with one another. These points are extended via
 a critique of the assumption that households are bounded and discrete
 units. Among other uses, the framework facilitates scrutiny of the
 assumptions used by advocates for microcredit programs. 
Journal: Review of Political Economy 
Pages: 29-48 
Issue: 1 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250500354108 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500354108
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:1:p:29-48




Template-Type: ReDIF-Article 1.0
Author-Name: Dell Champlin 
Author-X-Name-First: Dell 
Author-X-Name-Last: Champlin 
Author-Name: Eric Hake 
Author-X-Name-First: Eric 
Author-X-Name-Last: Hake 
Title: Immigration as industrial strategy in American meatpacking 
Abstract:
  This paper examines the connections linking recent changes in Latino
 migration, the American meatpacking industry, and American immigration
 policy. As the meatpacking industry has vertically integrated and shifted
 to rural non-union areas throughout the South, it has grown increasingly
 dependent on short-term low-skilled employees. This process can be
 understood as the industrialization of meatpacking, where profitability
 depends on continuous high-throughput production. To succeed, the
 industrialization of meatpacking requires a large pool of easily
 replaceable labor that has no control over the pace work on of the shop
 floor. At the same time, as immigrants have been drawn to these new
 company towns, American immigration policy has turned increasingly towards
 border enforcement. We argue that the presence of illegal immigrants
 within the factories reduces the bargaining power of shop workers and
 increases employer control. Most studies of immigration have focused on
 the supply of migrant labor, the immigrants attracted to higher paying
 jobs. We argue that valuable insight is gained by looking at the
 manufacturers' demand for cheap labor and the implementation of an
 industrial strategy that requires it. 
Journal: Review of Political Economy 
Pages: 49-70 
Issue: 1 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250500354140 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500354140
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:1:p:49-70




Template-Type: ReDIF-Article 1.0
Author-Name: Korkut Erturk 
Author-X-Name-First: Korkut 
Author-X-Name-Last: Erturk 
Title: On the Tobin Tax 
Abstract:
  This paper clarifies why a transaction tax, such as the Tobin Tax, can
 stabilize financial markets. In markets that are already fairly deep,
 relatively small changes in trading volume are unlikely to have any impact
 (positive or negative) on volatility. Thus, a Tobin Tax can potentially
 have a stabilizing effect on international currency markets not because it
 reduces the excessive volume of transactions of speculators, but because
 it can slow down the speed with which market traders react to changes in
 prices of currencies. Moreover, it can lower their elasticity of future
 price expectations with respect to current price changes, which also has a
 stabilizing effect. Thus, to the extent that a Tobin Tax causes traders in
 financial markets to delay their decisions, a few 'grains of sand in the
 wheels of international finance' can indeed be stabilizing. Whether or not
 that is sufficient to prevent speculative attacks on currencies is a
 different matter. 
Journal: Review of Political Economy 
Pages: 71-78 
Issue: 1 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250500354173 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500354173
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:1:p:71-78




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Leeson 
Author-X-Name-First: Peter 
Author-X-Name-Last: Leeson 
Author-Name: Christopher Coyne 
Author-X-Name-First: Christopher 
Author-X-Name-Last: Coyne 
Author-Name: Peter Boettke 
Author-X-Name-First: Peter 
Author-X-Name-Last: Boettke 
Title: Does the market self-correct? Asymmetrical adjustment and the structure of economic error 
Abstract:
  While both errors of overoptimism and errors of overpessimism are
 possible in the face of imperfect information, the presence of option
 value from deferring a decision to exchange causes trader errors to be
 overpessimistically biased. This is problematic because, unlike errors of
 overoptimism, errors of overpessimism are not 'automatically' revealed to
 the agents who make them. Furthermore, owing to the 'bad news principle of
 irreversible investment,' these errors are likely to persist. We show how
 entrepreneurial activity corrects such errors and prevents their
 persistence, creating a tendency towards market efficiency despite the
 presence of imperfect information. 
Journal: Review of Political Economy 
Pages: 79-90 
Issue: 1 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250500354181 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500354181
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:1:p:79-90




Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: Gour Goswami 
Author-X-Name-First: Gour 
Author-X-Name-Last: Goswami 
Title: Political rights, civil liberties, and the black market premium on foreign exchange: Evidence from developing countries 
Abstract:
  Investigating the impact of institutional factors on macroeconomic
 variables has gained momentum in recent years. In this paper we
 investigate the impact of political rights and civil liberties on the
 black market premium on foreign exchange. After taking account of other
 important determinants of the black market premium, we show that less
 political rights and less civil liberties result in a higher black market
 premium. The empirical results are based on cross-sectional and panel
 regressions using data from 63 developing countries over the period
 1972-1998. 
Journal: Review of Political Economy 
Pages: 91-104 
Issue: 1 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250500354199 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500354199
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:1:p:91-104




Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Mearman 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Mearman 
Title: Eriksson on critical realism: a comment 
Abstract:
  This note offers a critique of Ralf Eriksson's treatment of Critical
 Realism. Eriksson, in the context of an analysis of Keynes, makes several
 mistaken claims about Critical Realism. Specifically, contrary to
 Eriksson, Critical Realism does not claim that the world is independent of
 consciousness, that isolation and closure are equivalent, that abstraction
 and closure are equivalent, that Lawson employs double standards in the
 possibility of closed systems, or that realist theories must be simple.
 Eriksson attacks a vulgar form of realism, but not Critical Realism as it
 currently stands. We also argue that Eriksson's misinterpretations may be
 partially due to some ambiguous statements in the Critical Realist
 literature. 
Journal: Review of Political Economy 
Pages: 105-112 
Issue: 1 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250500254134 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500254134
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:1:p:105-112




Template-Type: ReDIF-Article 1.0
Author-Name: Ralf Eriksson 
Author-X-Name-First: Ralf 
Author-X-Name-Last: Eriksson 
Title: Eriksson on Critical Realism: a rejoinder 
Abstract:
  In this response to Andrew Mearman I argue that his critique suffers from
 a series of misrepresentations of my paper. For example, Mearman
 generalizes my arguments about Keynes to be about Critical Realism (CR),
 and he challenges my criticism of Tony Lawson's arguments by claiming that
 I have misrepresented CR. In fact the text of my 1998 paper does not
 support Mearman's claims. Furthermore, since (i) the principal aim of my
 paper was to question the interpretation of Keynes as a realist, and (ii)
 Mearman does not present any arguments suggesting how CR in its current
 form would refute my conclusions, his criticism must be judged doubly
 misdirected. 
Journal: Review of Political Economy 
Pages: 113-118 
Issue: 1 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250500255719 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250500255719
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:1:p:113-118




Template-Type: ReDIF-Article 1.0
Author-Name: Daniele Besomi 
Author-X-Name-First: Daniele 
Author-X-Name-Last: Besomi 
Title: 'Marxism Gone Mad': Tugan-Baranovsky on crises, their possibility and their periodicity 
Abstract:
  Tugan-Baranovsky's theory of crises has two components: a theory of
 markets, defining the condition under which expanded reproduction can take
 place, and a theory of crises proper, explaining how any rupture of
 equilibrium is amplified and extended to the whole system and gives rise
 to periodical fluctuations. The former, based on the Marxian schemes of
 reproduction, is logically preliminary to the latter, which relies on the
 accumulation and depletion of loanable funds. In spite of Tugan's
 insistence on this nexus, academic commentators have ignored Tugan's
 theory of markets, while Marxist critics have focused exclusively on this
 aspect and charged Tugan with upholding Say's Law. While this reading is
 not entirely justified, there is indeed a deep difference between Tugan's
 and Marx's interpretation of crises. While Marx considers crises as the
 necessary corrective to the systematic and necessary breaches of
 equilibrium, Tugan sees equilibrium as the norm and crises a deviation
 from it, albeit recurring and periodical. 
Journal: Review of Political Economy 
Pages: 147-171 
Issue: 2 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250600571338 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250600571338
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:2:p:147-171




Template-Type: ReDIF-Article 1.0
Author-Name: Keiran Sharpe 
Author-X-Name-First: Keiran 
Author-X-Name-Last: Sharpe 
Title: Effective demand in a stylised Keynesian model of growth 
Abstract:
  This paper models an economy which suffers from a coordination failure
 and lack of effective demand in the long run. Specifically, it shows that
 an input-output economy, with or without credit rationing, converges to a
 long-period growth path, but that this path is generally Pareto
 sub-optimal. Yet, although Keynesian problems extend to the long run,
 typical Keynesian solutions do not: the government seems generally
 incapable of sustaining growth by demand management measures. The question
 as to what the government can do to sustain growth is an open one. 
Journal: Review of Political Economy 
Pages: 173-191 
Issue: 2 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250600571353 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250600571353
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:2:p:173-191




Template-Type: ReDIF-Article 1.0
Author-Name: Ramesh Chandra 
Author-X-Name-First: Ramesh 
Author-X-Name-Last: Chandra 
Author-Name: Roger Sandilands 
Author-X-Name-First: Roger 
Author-X-Name-Last: Sandilands 
Title: The role of pecuniary external economies and economies of scale in the theory of increasing returns 
Abstract:
  This paper investigates some issues relating to the phenomenon of
 increasing returns: (1) What is the role of economies of scale in the
 theory of increasing returns? (2) Do pecuniary external economies lead to
 market failure and justify intervention in the market mechanism? (3) Are
 increasing returns sector-specific or generalised, and if they are sector
 specific, is it possible to identify and promote these sectors from a
 policy point of view? We argue that economies of scale are incidental to
 the broader phenomenon of increasing returns and therefore cannot
 adequately explain their existence. On the second question, we argue that
 the presence of pecuniary external economies is characteristic of a
 well-functioning market system rather than an indication of its failure.
 Finally, increasing returns are generalised, so that policies intended to
 identify and promote specific sectors will tend to distort intersectoral
 relationships. Sector-specific polices should not be based on the logic of
 increasing returns, but should aim to correct sector-specific handicaps. 
Journal: Review of Political Economy 
Pages: 193-208 
Issue: 2 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250600571361 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250600571361
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:2:p:193-208




Template-Type: ReDIF-Article 1.0
Author-Name: Usamah Uthman 
Author-X-Name-First: Usamah 
Author-X-Name-Last: Uthman 
Title: Profit-sharing versus interest-taking in the Kaldor-Pasinetti theory of income and profit distribution 
Abstract:
  This paper reformulates the Kaldor-Pasinetti model of income and profit
 distribution by introducing the interest rate from the very outset of the
 model but maintaining other Kaldor-Pasinetti assumptions intact. It is
 shown that the profit rate and the share of profits in national income are
 not independent from either the capitalists' or workers' propensity to
 save. Many contributors to the theory of income and profit distribution
 have erred in attributing a potentially positive impact of the interest
 rate upon profits. The interest rate is always and everywhere a tax on
 functional and personal incomes together. This result explains
 Schumpeter's observation that 'Interest acts as a tax upon profit.' In an
 alternative model, workers receive a share of profits instead of fixed
 contractual interest. It is shown that the profit rate and share are not
 independent from either propensity to save. Furthermore, the workers'
 share of profits has a positive impact on the rate and share of profits.
 This implies that a profit sharing regime could be more conducive to
 capital accumulation and job creation. It is found that Pasinetti's
 Cambridge Equation is more akin to a profit sharing regime. 
Journal: Review of Political Economy 
Pages: 209-222 
Issue: 2 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250600571387 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250600571387
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:2:p:209-222




Template-Type: ReDIF-Article 1.0
Author-Name: H. Sonmez Atesoglu 
Author-X-Name-First: H. Sonmez 
Author-X-Name-Last: Atesoglu 
Author-Name: John Smithin 
Author-X-Name-First: John 
Author-X-Name-Last: Smithin 
Title: Real wages, productivity and economic growth in the G7, 1960-2002 
Abstract:
  This paper investigates empirical real wage and productivity dynamics in
 the G7 countries using annual data for 1960-2002. The findings suggest
 that the level of labor productivity is positively related to GDP growth
 in all countries, and real wages are positively related to growth in some
 of them. The results tend to confirm the 'profit paradox'. This postulates
 a positive relationship between economic growth and the aggregate profit
 share, and suggests that the frequent support of business interests for
 deflationary economic policies is a puzzle. 
Journal: Review of Political Economy 
Pages: 223-233 
Issue: 2 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250600571478 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250600571478
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:2:p:223-233




Template-Type: ReDIF-Article 1.0
Author-Name: Mark White 
Author-X-Name-First: Mark 
Author-X-Name-Last: White 
Title: A Kantian critique of neoclassical law and economics 
Abstract:
  This paper outlines a critique of neoclassical law and economics based on
 the ethics of Immanuel Kant, focusing on four central topics: efficiency
 as the sole evaluative criterion for policy-making, hypothetical
 compensation in Kaldor-Hicks efficiency, the instrumental nature of rights
 and the assumption of reciprocal causation, and the role of punishment to
 both society and the individual. This overview addresses issues of concern
 not just to Kantians, but to anyone dissatisfied with the utilitarian
 foundations of law and economics and the amoral view of law upon which it
 is based. 
Journal: Review of Political Economy 
Pages: 235-252 
Issue: 2 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250600571494 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250600571494
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:2:p:235-252




Template-Type: ReDIF-Article 1.0
Author-Name: Timothy Koechlin 
Author-X-Name-First: Timothy 
Author-X-Name-Last: Koechlin 
Title: Stiglitz and his discontent 
Abstract:
  Globalization and its Discontents is Joseph Stiglitz's attempt to
 articulate to a wide audience his trenchant critique of the International
 Monetary Fund, its vision of globalization and, in effect, the
 organization of the world capitalist system. This paper argues that while
 Globalization and its Discontents is deeply flawed, it is ultimately an
 important book. Stiglitz's critique of IMF-style globalization is rooted
 in mainstream economic theory, but its conclusions are quite radical.
 Stiglitz argues that IMF policies favor the rich over the poor, stifle
 development, undermine democracy, and promote financial instability and
 crisis. His claims are by no means original. But no economist with
 comparably impeccable mainstream credentials has asserted so forcefully
 that globalization's critics are, on many crucial issues, correct. The
 power of Stiglitz's book lies primarily not in its originality or insight,
 but in its legitimization of popular criticisms of globalization. 
Journal: Review of Political Economy 
Pages: 253-264 
Issue: 2 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250600571551 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250600571551
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:2:p:253-264




Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Kliman 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Kliman 
Title: Screpanti versus Marx on exploitation: a comment 
Abstract:
  Ernesto Screpanti recently claimed to prove that Marx's value theory is
 logically inconsistent. Jettisoning the value theory, he then
 reconstructed Marx's theory of exploitation in a manner that supposedly
 preserves the gist of the original. This note shows that Screpanti's proof
 of inconsistency is invalid and that his reconstruction contradicts the
 original theory of exploitation in significant ways, for instance by
 implying that workers who perform surplus labor can exploit capitalists. 
Journal: Review of Political Economy 
Pages: 265-269 
Issue: 2 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250600571585 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250600571585
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:2:p:265-269




Template-Type: ReDIF-Article 1.0
Author-Name: Sergio Cesaratto 
Author-X-Name-First: Sergio 
Author-X-Name-Last: Cesaratto 
Title: Pensions in an ageing society: a symposium 
Abstract:
Journal: Review of Political Economy 
Pages: 295-299 
Issue: 3 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250600797677 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250600797677
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:3:p:295-299




Template-Type: ReDIF-Article 1.0
Author-Name: Pierre Concialdi 
Author-X-Name-First: Pierre 
Author-X-Name-Last: Concialdi 
Title: Demography, the cost of pensions and the move to pension funds 
Abstract:
  This article analyses the consequences of the so-called 'ageing' of the
 population on the level of public pension expenditure. It provides
 detailed figures for all countries of the European Union, with a
 distinction between former member States and new member States. The
 article first shows that there is a great heterogeneity across European
 countries concerning the size of this demographic change. It also provides
 a detailed analysis of various dependency ratios. The main conclusion of
 this analysis is that the economic impact of structural changes that
 European Countries will face in the future is not as bad as the use of
 rather simplistic dependency ratios would have us believe. Assuming a
 reasonable economic growth, the financing of pensions is affordable and
 will not create an impossible burden for the economy. However, the
 distribution of the annual increase in economic resources between the
 economically active population and the overall dependent population will
 change to a significant extent. This is mainly a political issue that
 would require a full debate. 
Journal: Review of Political Economy 
Pages: 301-315 
Issue: 3 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250600797735 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250600797735
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:3:p:301-315




Template-Type: ReDIF-Article 1.0
Author-Name: Carmelo Mesa-Lago 
Author-X-Name-First: Carmelo 
Author-X-Name-Last: Mesa-Lago 
Title: Private and public pension systems compared: an evaluation of the Latin American experience 
Abstract:
  This article briefly explains the main features of public and private
 pension systems, as well as structural and parametric pension reforms. Its
 core compares performance, within Latin America, between private pension
 systems in ten countries and public pension systems in eight countries,
 based on nine indicators: labor force coverage, ages of retirement and
 pension levels, gender equality, administrative costs, wage contributions,
 compliance, portfolio diversification in investment of pension funds,
 rates of returns of investment, and financial equilibrium. Contrary to
 what is often maintained, the article concludes that public systems
 perform better than private ones in most of those indicators. 
Journal: Review of Political Economy 
Pages: 317-334 
Issue: 3 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250600797768 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250600797768
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:3:p:317-334




Template-Type: ReDIF-Article 1.0
Author-Name: Eladio Febrero 
Author-X-Name-First: Eladio 
Author-X-Name-Last: Febrero 
Author-Name: Maria-Angeles Cadarso 
Author-X-Name-First: Maria-Angeles 
Author-X-Name-Last: Cadarso 
Title: Pay-As-You-Go versus funded systems. Some critical considerations 
Abstract:
  Longer life expectancy and lower fertility rates will lead to an ageing
 population in most Western countries. This is thought to make
 earnings-based defined-benefit pay-as-you-go pension schemes unviable in
 the near future. Some economists suggest shifting towards a capitalized
 funded system grounding their proposal on the following advantages: (i) it
 raises national saving, thus leading to a faster rate of accumulation and
 a larger per capita income; (ii) it offers a higher rate of return on
 savings; (iii) it is immune to demographic shifts. In this paper we
 explore the fundamentals of these advantages, and conclude that the
 theoretical basis supporting them is very weak. We base our theoretical
 standpoint on the Sraffian-based capital critique and the theory of
 endogenous money. Additionally, we defend a parametric reform of a
 standard PAYG using figures that correspond to the Spanish economy for the
 period 2001-70. 
Journal: Review of Political Economy 
Pages: 335-357 
Issue: 3 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250600797792 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250600797792
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:3:p:335-357




Template-Type: ReDIF-Article 1.0
Author-Name: Bruno Contini 
Author-X-Name-First: Bruno 
Author-X-Name-Last: Contini 
Author-Name: Roberto Leombruni 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Leombruni 
Title: From work to retirement: a tale of bumpy routes 
Abstract:
  This paper contributes to the debate on ageing with an empirical
 assessment of how this issue has become evident in the Italian labour
 market in recent decades. To set the stage, we describe the effects of
 population ageing on the workforce, and how workforce ageing has been
 dealt with by firms of different dimensions. Then we focus on the working
 careers of older individuals, and particularly on the current modes of
 transition from work to retirement. The stereotyped view is that
 end-of-career percourses in Italy have been 'linear', with smooth
 transitions from lifetime jobs to retirement. This paper challenges this
 view, showing that the ends-of-career of an important share of the working
 population is marked by irregular patterns of labour market activity, with
 negative impacts on their wages and pensions. This has been true in recent
 years also as a consequence of collective dismissals and early retirement
 practices followed in the large-firm sector, and it may worsen in the
 future. The paper argues that policy reforms aiming at the flexibilization
 of retirement should adequately target the most vulnerable group of
 workers, and that a revision of social security contributions is necessary
 to reduce the fiscal wedge between the younger and the older generations. 
Journal: Review of Political Economy 
Pages: 359-378 
Issue: 3 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250600797842 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250600797842
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:3:p:359-378




Template-Type: ReDIF-Article 1.0
Author-Name: Massimo Pivetti 
Author-X-Name-First: Massimo 
Author-X-Name-Last: Pivetti 
Title: The 'principle of scarcity', pension policy and growth 
Abstract:
  The picture one is bound to form of the whole question of pensions
 depends on whether one views it through the lens of the 'principle of
 scarcity' or through that of the 'principle of the underutilisation of
 productive resources in a market economy.' A generous PAYG system of the
 defined-benefit type is here defended as the best retirement system one
 can conceive of in light of the principle of underutilised resources. The
 nature of the main obstacles that the implementation of such a system is
 likely to encounter in the present set of historical conditions is
 outlined in the final part of the paper. 
Journal: Review of Political Economy 
Pages: 379-390 
Issue: 3 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250600797875 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250600797875
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:3:p:379-390




Template-Type: ReDIF-Article 1.0
Author-Name: L. Randall Wray 
Author-X-Name-First: L. Randall 
Author-X-Name-Last: Wray 
Title: Social security in an aging society 
Abstract:
  Most of the recent claims that Social Security faces major financial
 challenges in the years ahead rely on the recognition that the US
 population is aging. Indeed, the coming wave of baby-boomer retirements
 plays a continuing role in calls for 'reform' of the program. However, the
 general aging of the population ensures that the problem will not go away
 even when that generation passes on. This paper focuses on the demographic
 trends facing the US (and world)&#x2014;why is the population aging, and
 how fast? Will this lead to an intolerable burden on future generations of
 workers? While most of the public discussion focuses on Social Security's
 long-term finances, what really matters is whether the economy will be
 able to produce a sufficient quantity of real goods and services to
 provide for both workers and dependents in, say, the year 2080. If it
 cannot, then regardless of Social Security's finances, the real living
 standards of Americans in 2080 will have to be lower than they are today.
 Any reforms to Social Security made today should focus on increasing the
 economy's capacity to produce real goods and services, rather than on
 ensuring positive actuarial balances. It will be demonstrated that
 projected demographic changes are surprisingly modest, and can be
 accommodated at a measured pace with fairly small policy reforms. 
Journal: Review of Political Economy 
Pages: 391-411 
Issue: 3 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250600797925 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250600797925
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:3:p:391-411




Template-Type: ReDIF-Article 1.0
Author-Name: Aldo Barba 
Author-X-Name-First: Aldo 
Author-X-Name-Last: Barba 
Title: Viability of Pay-As-You-Go pension systems: a demand side perspective 
Abstract:
  We analyse the effects that changes in the scale of public pension
 systems may exert on production and employment when there is some unused
 productive capacity, and income distribution results from workers' and
 capitalists' inconsistent claims on output shares. The essay calls
 attention to the way in which pension schemes, functional income
 distribution, and the principle of effective demand interact in the short
 run. 
Journal: Review of Political Economy 
Pages: 413-425 
Issue: 3 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250600797966 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250600797966
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:3:p:413-425




Template-Type: ReDIF-Article 1.0
Author-Name: Alan Walker 
Author-X-Name-First: Alan 
Author-X-Name-Last: Walker 
Author-Name: Liam Foster 
Author-X-Name-First: Liam 
Author-X-Name-Last: Foster 
Title: Caught between virtue and ideological necessity. A century of pension policies in the UK 
Abstract:
  This article describes the introduction and subsequent development of old
 age pensions in the UK. In accounting for nearly a century of pensions
 history it eschews the idea of linear progression and, instead, charts the
 interrelated histories that constitute the complex picture of retirement
 income. These include public pension provision, starting in 1908, the
 extension of social insurance in the late 1940s and the reform of pensions
 from a neo-liberal perspective in the 1980s. It also charts the emergence
 of occupational pension schemes and their impact on social stratification
 in old age. The article emphasises that, despite changes in pension
 provision over this long period and the transformation in work force
 composition and family structure, many of the same issues that concerned
 policy makers and campaigners in this field a 100 years ago are still
 present today. Examples include the questions of how to encourage and
 reward thrift, maintain financial viability and eradicate poverty. The
 article includes some speculation about the future direction of pensions
 policy in the UK and, finally, places this country in a European pensions
 policy context. 
Journal: Review of Political Economy 
Pages: 427-448 
Issue: 3 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250600797990 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250600797990
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:3:p:427-448




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Michl 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Michl 
Title: Capitalists, workers, and the burden of debt 
Abstract:
  This paper analyzes the burden of debt in a growth model that combines
 overlapping generations of workers who save for life-cycle reasons and
 dynastic agents who save for bequest reasons ('capitalists'). Ricardian
 Equivalence prevails, but capitalists regard the debt serviced out of
 taxes on workers as net wealth. In the long run, the Cambridge Theorem
 holds: the relationship between the rate of profit and rate of growth is
 determined by the capitalist saving function, independently of worker or
 government saving. Two alternative closures are considered. Under
 exogenous growth constrained by a fully employed labor force, debt and
 deficits result in temporary effects on the distribution of income but
 permanent effects on the distribution of wealth. Under endogenous growth
 constrained by a fully utilized capital stock, debt and deficits result in
 temporary effects on the growth rates of the components of wealth and
 permanent effects on the level and distribution of capital. 
Journal: Review of Political Economy 
Pages: 449-467 
Issue: 4 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250600915626 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250600915626
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:4:p:449-467




Template-Type: ReDIF-Article 1.0
Author-Name: John Sarich 
Author-X-Name-First: John 
Author-X-Name-Last: Sarich 
Title: What do we know about the real exchange rate? A classical cost of production story 
Abstract:
  This paper argues that exchange rate models rooted in the theory of
 Purchasing Power Parity (PPP) and balanced trade are fundamentally
 mis-specified, as evidenced by the disjuncture between: (1) the empirical
 evidence, which largely refutes PPP; and (2) the empirical result that
 'real' productivity shocks are associated with observed secular trends in
 exchange rates. In the former case we have a theory without convincing
 evidence, and in the latter case we have empirical evidence in want of a
 consistent theory. If looked at from the perspective of a 'cost of
 production' theory of prices, such empirical results might not be so
 theoretically anomalous. So-called 'real' variables (especially
 productivity and unit labor costs), let in through the side door as
 'shocks' to PPP equilibrium, may in fact be part and parcel of the
 formation of prices of production on an international scale through
 capitalist competition. The primary conclusion is that the empirical
 evidence supports a cost of production theory of the terms of trade and
 the real exchange rate. The empirical evidence in support of the
 Balassa-Samuelson model of the exchange rate is re-interpreted in this
 light. In this interpretation, parity holds only in terms of rates of
 return on investment which, in the classical tradition, are presumed to
 equalize across industries internationally. 
Journal: Review of Political Economy 
Pages: 469-496 
Issue: 4 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250600915642 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250600915642
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:4:p:469-496




Template-Type: ReDIF-Article 1.0
Author-Name: Mario Cassetti 
Author-X-Name-First: Mario 
Author-X-Name-Last: Cassetti 
Title: A note on the long-run behaviour of Kaleckian models 
Abstract:
  This paper discusses the mechanisms that drive Kaleckian models towards
 their long-run equilibria. After an exposition of a recent version of the
 Kaleckian model and of its medium-run solution, we show that the
 utilization and profit rates may converge endogenously toward their normal
 values. The model's stability conditions and the possibility of hysteresis
 effects are then discussed. It turns out that the main Kaleckian results
 can be extended to the long run. 
Journal: Review of Political Economy 
Pages: 497-508 
Issue: 4 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250600915683 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250600915683
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:4:p:497-508




Template-Type: ReDIF-Article 1.0
Author-Name: Stefan Mann 
Author-X-Name-First: Stefan 
Author-X-Name-Last: Mann 
Title: Merit goods in a utilitarian framework 
Abstract:
  Merit goods are defined here as goods for which government interference
 with the aggregated willingness to pay increases utility. The paper argues
 that three cases exist where consideration for merit goods would lead to a
 Pareto improvement and where merit goods should therefore be reintegrated
 into the public economics framework. The state may be better informed
 about the conditions for the possibility of certain consumer wants. In
 cases of multiple preference orders within one person, the state may need
 to play a role if market preferences and reflective preferences are to
 converge. And the state may be needed to internalize psychological
 externalities. The inclusion of the merit goods concept may explain how
 some policies, like schooling policy, may increase overall well-being,
 whereas the classical public economics framework is unable to do so. 
Journal: Review of Political Economy 
Pages: 509-520 
Issue: 4 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250600915691 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250600915691
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:4:p:509-520




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Garnett 
Author-X-Name-First: Robert 
Author-X-Name-Last: Garnett 
Title: Paradigms and pluralism in heterodox economics 
Abstract:
  This paper seeks to reconcile two competing visions of heterodox
 economics: a radical Kuhnian view in which the chief aim of heterodox
 economists is to construct a unique, superior, and ultimately hegemonic
 paradigm to replace the prevailing paradigm(s) of mainstream economics,
 and an emerging pluralist view in which the principal goal of heterodox
 economics is to promote intellectual tolerance and exchange among academic
 economists at large. The author claims that leading heterodox economists
 (some of whom profess to be pluralists) remain committed to the
 paradigmist approach, but that heterodox economists would be better served
 by a freedom-centered synthesis of paradigmism and pluralism: an
 egalitarian pluralism that is committed to intellectual diversity as well
 as to capabilities-enhancing reforms in economic education, scholarship,
 and professional development. The author outlines a philosophical
 framework and justification for this egalitarian pluralist economics,
 combining McCloskey's vision of science as a pluralistic conversation with
 Sen's capability-centered view of human development. 
Journal: Review of Political Economy 
Pages: 521-546 
Issue: 4 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250600915725 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250600915725
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:4:p:521-546




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Perelman 
Author-X-Name-First: Michael 
Author-X-Name-Last: Perelman 
Title: The neglect of replacement investment in keynesian economics 
Abstract:
  This article describes Keynes's early analysis of replacement investment
 and his subsequent neglect of the subject, especially by his followers. It
 goes on to explain how this deficiency helped to mislead later economists
 who attempted to use Keynes as a guide for economic policy and theory and
 the consequences of the errors of these economists. 
Journal: Review of Political Economy 
Pages: 547-559 
Issue: 4 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250600915741 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250600915741
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:4:p:547-559




Template-Type: ReDIF-Article 1.0
Author-Name: Esteban Perez Caldentey 
Author-X-Name-First: Esteban Perez 
Author-X-Name-Last: Caldentey 
Title: Harrod's interwar papers and correspondence: a review essay 
Abstract:
  This essay reviews Daniele Besomi's recently published three-volume
 collection of Roy F. Harrod's interwar correspondence and writings. 
Journal: Review of Political Economy 
Pages: 561-569 
Issue: 4 
Volume: 18 
Year: 2006 
X-DOI: 10.1080/09538250600915766 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250600915766
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:18:y:2006:i:4:p:561-569




Template-Type: ReDIF-Article 1.0
Author-Name: Greg Hannsgen 
Author-X-Name-First: Greg 
Author-X-Name-Last: Hannsgen 
Title: A Random Walk Down Maple Lane? A Critique of Neoclassical Consumption Theory with Reference to Housing Wealth 
Abstract:
  The development of the permanent income/life cycle consumption hypothesis
 was a key blow to Keynesian and Kaleckian economics, and, according to
 George Akerlof, it 'set the agenda' for modern neoclassical
 macroeconomics. This paper focuses on the relationship of housing wealth
 to neoclassical consumption theory and, in particular, the degree to which
 homes can be treated collectively with other forms of 'permanent income.'
 The neoclassical analysis will be evaluated as a partly normative and
 partly positive one, in recognition of the dual function of the
 neoclassical theory of rationality. The paper rests its critique primarily
 on the distinctive role of homes in social life; theories that fail to
 recognize this role jeopardize the social and economic goods at stake.
 Since many families do not own large amounts of assets other than their
 places of residence, these issues have important ramifications for the
 relevance of consumption theory as a whole. 
Journal: Review of Political Economy 
Pages: 1-20 
Issue: 1 
Volume: 19 
Year: 2007 
X-DOI: 10.1080/09538250601080719 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250601080719
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:19:y:2007:i:1:p:1-20




Template-Type: ReDIF-Article 1.0
Author-Name: Irene Van Staveren 
Author-X-Name-First: Irene 
Author-X-Name-Last: Van Staveren 
Title: Beyond Utilitarianism and Deontology: Ethics in Economics 
Abstract:
  This article starts from a methodological position that fact and value
 are mutually related, both in the real world and in economic analysis. It
 then discusses deontological ethics. This approach is concerned with
 equality and dignity, as expressed in right and norms, and how these
 rights and norms constrain individual choices. Deontology is thus
 different from the utility maximisation of utilitarian ethics, where
 ethics appears in utility functions as moral preferences. The paper then
 argues that, although deontology does better than utilitarianism in
 analysing ethics in economics, it has its own weaknesses. These weaknesses
 require another theory of ethics for economics, virtue ethics, which
 emphasises the interrelatedness of agents and commitment to shared values
 beyond the rules that a society has institutionalised. Virtue ethics
 internalises morality not as a preference or a constraint, but through the
 practices in which agents are related in their pursuit of value added. 
Journal: Review of Political Economy 
Pages: 21-35 
Issue: 1 
Volume: 19 
Year: 2007 
X-DOI: 10.1080/09538250601080776 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250601080776
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:19:y:2007:i:1:p:21-35




Template-Type: ReDIF-Article 1.0
Author-Name: Nuno Martins 
Author-X-Name-First: Nuno 
Author-X-Name-Last: Martins 
Title: Ethics, Ontology and Capabilities 
Abstract:
  Amartya Sen's capability approach is concerned with the evaluation of
 inequality, and in particular with the description of the space in which
 equality should be assessed (the space of capabilities, or potential
 functionings). I will argue that Sen's approach is a philosophical
 exercise aimed at providing the ground for substantive theorising to
 proceed, that it does not itself engage in substantive theorising, and
 that it is mainly concerned with ontological description. Sen uses the
 categories of capabilities and respectively functionings to describe
 advantage and well-being. This ontological description can then be used
 for ethical theorising. But, as will be argued, the main emphasis of Sen's
 approach has been on the former, not on the latter. I will also argue that
 ontological realism is essential to Sen's approach, and that much of the
 persuasiveness of Sen's arguments spring from this (not explicitly
 acknowledged) ontological dimension. Furthermore, I will argue that an
 explicit recognition of this dimension is crucial for the development of
 Sen's perspective. 
Journal: Review of Political Economy 
Pages: 37-53 
Issue: 1 
Volume: 19 
Year: 2007 
X-DOI: 10.1080/09538250601080768 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250601080768
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:19:y:2007:i:1:p:37-53




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Hayes 
Author-X-Name-First: Mark 
Author-X-Name-Last: Hayes 
Title: The Point of Effective Demand 
Abstract:
  Keynes's principle of effective demand conceives competitive equilibrium
 in terms of the choices of entrepreneurs, investors and consumers, rather
 than of the optimal allocation of factors of production. In The General
 Theory, effective demand is distinguished from aggregate demand and from
 income, expected or realised, and there is no suggestion that equilibrium
 means the convergence of expectations. Reconsideration of Keynes's use of
 time and equilibrium periods leads to the conclusion that he treats
 employment as in continuous equilibrium, at the point of effective demand,
 determined by the state of expectation, the correctness of which is
 strictly irrelevant. The nature of the equilibrium represented by the
 point of effective demand is here described, not in terms of the
 multiplier, but in terms of the continuous equilibrium of supply and
 demand in short-term forward markets. This reading is faithful to Keynes's
 conception of aggregate demand as dependent upon the expectations of
 entrepreneurs, and it resolves the meaning of his 'long-period
 employment.' Formal appendices identify the differences between Keynes and
 Walras and the nature of the multiplier. The paper concludes that the
 Keynesian cross and 'Swedish' analysis should be abandoned, and the
 Walrasian conception recognised as only the limiting case of general
 competitive equilibrium in a monetary economy. 
Journal: Review of Political Economy 
Pages: 55-80 
Issue: 1 
Volume: 19 
Year: 2007 
X-DOI: 10.1080/09538250601080743 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250601080743
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:19:y:2007:i:1:p:55-80




Template-Type: ReDIF-Article 1.0
Author-Name: James Yunker 
Author-X-Name-First: James 
Author-X-Name-Last: Yunker 
Title: A Comprehensive Incentives Analysis of the Potential Performance of Market Socialism 
Abstract:
  This article evaluates the performance of contemporary capitalism
 relative to that of a hypothetical alternative designated 'profit-oriented
 market socialism.' In most respects, profit-oriented market socialism
 would closely mimic contemporary market capitalism. The major difference
 would be that most profits and interest generated by the operations of
 publicly-owned business enterprises would be distributed to the general
 public as a social dividend proportional to household wage and salary
 income rather than in proportion to household financial assets. The basis
 of the comparison is a small-scale but comprehensive computable general
 equilibrium model, termed the 'els model' because it encompasses three
 primary factors of production: capital management effort e, labor l and
 saving s. Numerical solutions of the model suggest that the critical issue
 is the numerical value of a parameter (&#x3bd;) representing the output
 elasticity of total capital management effort in the aggregate production
 function. If this parameter value is relatively low, then profit-oriented
 market socialism out-performs capitalism. If this parameter value is
 relatively high, then capitalism out-performs profit-oriented market
 socialism. The fundamental implication of the research is that the
 relative performance of a profit-oriented market socialist economy is an
 empirical question and not a theoretical question. 
Journal: Review of Political Economy 
Pages: 81-113 
Issue: 1 
Volume: 19 
Year: 2007 
X-DOI: 10.1080/09538250601080669 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250601080669
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:19:y:2007:i:1:p:81-113




Template-Type: ReDIF-Article 1.0
Author-Name: Louis Lefeber 
Author-X-Name-First: Louis 
Author-X-Name-Last: Lefeber 
Author-Name: Thomas Vietorisz 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Vietorisz 
Title: The Meaning of Social Efficiency 
Abstract:
  Policy implementation calls for efficiency. But because policy concerns
 range over broad social and political-economic areas, the efficient
 pursuit of one particular goal may conflict with the realization of some
 other, equally important social interest. Hence, efficiency for its own
 sake cannot be a policy goal. Giving special attention to the development
 process, the paper discusses the problems and contradictions that arise
 when policymakers working in a framework of neoclassical economic theory
 attempt to deal with issues of equity, stabilization, markets and trade.
 Starting with the limitations of market efficiency when conventional
 requirements of social welfare as well as social and environmental
 sustainability are taken into account, it is argued that a more meaningful
 concept of social efficiency can be obtained with the help of the human
 development indicators elaborated by the United Nations Development
 Program, augmented by the sustainability indicators developed by the
 European Union and others during the last decade. 
Journal: Review of Political Economy 
Pages: 139-164 
Issue: 2 
Volume: 19 
Year: 2007 
X-DOI: 10.1080/09538250701256672 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701256672
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:19:y:2007:i:2:p:139-164




Template-Type: ReDIF-Article 1.0
Author-Name: Bart Engelen 
Author-X-Name-First: Bart 
Author-X-Name-Last: Engelen 
Title: Thinking Things Through: The Value and Limitations of James Buchanan's Public Choice Theory 
Abstract:
  James Buchanan, one of the founders of Public Choice theory, applies the
 conceptual apparatus of economics to the public domain. This article
 investigates which assumptions are crucial to Buchanan's project,
 concentrating on methodological individualism and the Homo Economicus
 model. It shows that Buchanan from time to time moves away from these
 economic concepts, though only in minor ways. The article also focuses on
 Buchanan's normative emphasis on the role of institutions in coordinating
 self-interested individual actions in mutually beneficial ways.
 Criticizing Buchanan's analysis, the article argues that a broader view of
 the individual and of the role of institutions is necessary in a theory of
 constitutional choice. 
Journal: Review of Political Economy 
Pages: 165-180 
Issue: 2 
Volume: 19 
Year: 2007 
X-DOI: 10.1080/09538250701256714 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701256714
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:19:y:2007:i:2:p:165-180




Template-Type: ReDIF-Article 1.0
Author-Name: Hilary Putnam 
Author-X-Name-First: Hilary 
Author-X-Name-Last: Putnam 
Author-Name: Vivian Walsh 
Author-X-Name-First: Vivian 
Author-X-Name-Last: Walsh 
Title: Facts, Theories, Values and Destitution in the Works of Sir Partha Dasgupta 
Abstract:
  Partha Dasgupta (2005, p. 226) seriously misunderstands Hilary Putnam's
 analysis of the entanglement of facts, theories and values, and claims
 that Bergson-Samuelson provided economics with foundations amounting to 'a
 broad, ethical structure.' Actually, Bergson-Samuelson were attempting to
 provide economists with a way of avoiding ethical commitments altogether.
 But it is not in Dasgupta's interest to make this attempt to avoid values,
 and it clouds the understanding of his own major contributions to the
 study of poverty, oppression, and destitution (Dasgupta, 1993, 2001),
 which combine rigorous modeling with an up-to-date knowledge of moral
 philosophy and with humane values. Of special interest to this Review, is
 the fact that Dasgupta's major works give evidence of properties that have
 been characteristic of the emerging second phase in the development of
 present-day classical theory. 
Journal: Review of Political Economy 
Pages: 181-202 
Issue: 2 
Volume: 19 
Year: 2007 
X-DOI: 10.1080/09538250701256748 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701256748
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:19:y:2007:i:2:p:181-202




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Setterfield 
Author-X-Name-First: Mark 
Author-X-Name-Last: Setterfield 
Title: Are Functional Relations Always the Alter Ego of Humean Laws? 
Abstract:
  It has recently been suggested in the pages of this journal that
 'functional relations are the alter ego of Humean laws' (Fleetwood, 2001,
 p. 205). Based on the identification of an open-systems, ceteris-paribus
 (OSCP) approach to formal modelling, it is argued that this claim is true
 only some of the time and problematic only some of the time that it is
 true. The paper goes on to demonstrate that functional relations that are
 consistent with the OSCP approach to formal modelling can provide useful
 tools in various domains of the stratified ontology identified by critical
 realists. The OSCP approach to formalism is contrasted with a second,
 axiomatic approach to formalism that is identified as advising the
 mainstream formal modelling project. 
Journal: Review of Political Economy 
Pages: 203-217 
Issue: 2 
Volume: 19 
Year: 2007 
X-DOI: 10.1080/09538250701256763 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701256763
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:19:y:2007:i:2:p:203-217




Template-Type: ReDIF-Article 1.0
Author-Name: Enrico Sergio Levrero 
Author-X-Name-First: Enrico Sergio 
Author-X-Name-Last: Levrero 
Title: Classical Theory and Policy Analysis: A Roundtable Discussion 
Abstract:
Journal: Review of Political Economy 
Pages: 219-220 
Issue: 2 
Volume: 19 
Year: 2007 
X-DOI: 10.1080/09538250701256797 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701256797
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:19:y:2007:i:2:p:219-220




Template-Type: ReDIF-Article 1.0
Author-Name: Pierangelo Garegnani 
Author-X-Name-First: Pierangelo 
Author-X-Name-Last: Garegnani 
Title: Professor Foley and Classical Policy Analysis 
Abstract:
Journal: Review of Political Economy 
Pages: 221-242 
Issue: 2 
Volume: 19 
Year: 2007 
X-DOI: 10.1080/09538250701256805 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701256805
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:19:y:2007:i:2:p:221-242




Template-Type: ReDIF-Article 1.0
Author-Name: Massimo Pivetti 
Author-X-Name-First: Massimo 
Author-X-Name-Last: Pivetti 
Title: Distribution, Inflation and Policy Analysis 
Abstract:
Journal: Review of Political Economy 
Pages: 243-247 
Issue: 2 
Volume: 19 
Year: 2007 
X-DOI: 10.1080/09538250701256813 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701256813
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:19:y:2007:i:2:p:243-247




Template-Type: ReDIF-Article 1.0
Author-Name: Fernando Vianello 
Author-X-Name-First: Fernando 
Author-X-Name-Last: Vianello 
Title: Reviewing a Review 
Abstract:
Journal: Review of Political Economy 
Pages: 249-261 
Issue: 2 
Volume: 19 
Year: 2007 
X-DOI: 10.1080/09538250701256821 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701256821
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:19:y:2007:i:2:p:249-261




Template-Type: ReDIF-Article 1.0
Author-Name: Duncan K. Foley 
Author-X-Name-First: Duncan K. 
Author-X-Name-Last: Foley 
Title: Response to Garegnani, Pivetti and Vianello 
Abstract:
Journal: Review of Political Economy 
Pages: 263-268 
Issue: 2 
Volume: 19 
Year: 2007 
X-DOI: 10.1080/09538250701256854 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701256854
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:19:y:2007:i:2:p:263-268




Template-Type: ReDIF-Article 1.0
Author-Name: S. Abu Turab Rizvi 
Author-X-Name-First: S. Abu Turab 
Author-X-Name-Last: Rizvi 
Title: Aumann's and Schelling's Game Theory: The Nobel Prize in Economic Science, 2005 
Abstract:
  Robert Aumann and Thomas Schelling won the Nobel Prize in Economic
 Science in 2005. Their work in game theory shows two different approaches
 to understanding strategic interaction. Schelling's work on the strategic
 aspects of negotiations, focal points, and self-command is mathematically
 informal and is based on experimental and inductive knowledge of players'
 capabilities. Aumann's work on repeated games and common knowledge is
 mathematically deductive, and assumes highly rational agents. An
 exploration of their work allows for a comparison of these two approaches. 
Journal: Review of Political Economy 
Pages: 297-316 
Issue: 3 
Volume: 19 
Year: 2007 
X-DOI: 10.1080/09538250701452990 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701452990
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:19:y:2007:i:3:p:297-316




Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Felipe 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Felipe 
Author-Name: J. S. L. Mccombie 
Author-X-Name-First: J. S. L. 
Author-X-Name-Last: Mccombie 
Title: On the Rental Price of Capital and the Profit Rate: The Perils and Pitfalls of Total Factor Productivity Growth 
Abstract:
  This paper considers the implications of the conceptual difference
 between the rental price of capital, embedded in the neoclassical cost
 identity (output equals the cost of labor plus the cost of capital), which
 is used in growth accounting studies; and the accounting profit rate,
 which can be derived from the National Income and Product Accounts (NIPA).
 The neoclassical identity is a 'virtual' identity in that it depends on a
 series of assumptions (constant returns to scale and perfectly competitive
 factor markets). The income side of the NIPA also provides an accounting
 identity for output as the sum of the wage bill plus the gross operating
 surplus. This identity, however, is a 'real' one, in the sense that it
 does not depend on any assumption and thus it always holds. It is shown
 that because the neoclassical cost identity and the income accounting
 identity according to the NIPA may be expressed as formally equivalent
 expressions, estimations of aggregate production functions and growth
 accounting studies are tautologies. Likewise, the test of the hypothesis
 of competitive markets using Hall's (1988) framework gives rise to a null
 hypothesis that cannot be rejected statistically. Finally, it is argued
 that the NIPA identity does hold in constant prices, pace Denison (1972a,
 1972b). 
Journal: Review of Political Economy 
Pages: 317-345 
Issue: 3 
Volume: 19 
Year: 2007 
X-DOI: 10.1080/09538250701453014 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701453014
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:19:y:2007:i:3:p:317-345




Template-Type: ReDIF-Article 1.0
Author-Name: Rune Skarstein 
Author-X-Name-First: Rune 
Author-X-Name-Last: Skarstein 
Title: Free Trade: A Dead End for Underdeveloped Economies 
Abstract:
  Critics of the free trade doctrine tend to argue that the theory of
 comparative advantage is not wrong in itself, but that its assumptions are
 not generally fulfilled in the real world, and hence that free trade is
 desirable under 'ideal conditions.' By contrast, this paper argues that
 the theory of comparative advantage does not hold even under 'ideal
 conditions.' The theory, a variation on the story of static efficiency,
 pays no attention to dynamic considerations, such as long-term technical
 change and productivity growth, which are essential in economic
 development. Starting from the 'growth laws' of Verdoorn and Kaldor, this
 paper argues that dynamic efficiency is intimately related to industrial
 growth. Moreover, because industrial goods have higher income elasticity
 of demand than agricultural goods, there is a positive feedback mechanism
 from international and domestic demand for industrial goods to the
 Verdoorn-Kaldor 'laws' of productivity growth. The empirical evidence
 indicates that poor countries do not have a comparative advantage in
 agricultural goods, and that they have an absolute disadvantage in the
 trade of agricultural as well as industrial goods. Further liberalisation
 of trade in agricultural goods will therefore harm rather than help the
 poorest countries. To achieve economic development, those countries need
 the freedom to implement a strategy designed for that purpose, just as the
 now-industrialised countries did. 
Journal: Review of Political Economy 
Pages: 347-367 
Issue: 3 
Volume: 19 
Year: 2007 
X-DOI: 10.1080/09538250701453022 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701453022
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:19:y:2007:i:3:p:347-367




Template-Type: ReDIF-Article 1.0
Author-Name: Claude Gnos 
Author-X-Name-First: Claude 
Author-X-Name-Last: Gnos 
Author-Name: Louis-Philippe Rochon 
Author-X-Name-First: Louis-Philippe 
Author-X-Name-Last: Rochon 
Title: The New Consensus and Post-Keynesian Interest Rate Policy 
Abstract:
  This paper outlines the fundamental arguments of the New Consensus,
 critiques it from a Post-Keynesian perspective, and offers a
 Post-Keynesian alternative to the Taylor Rule. While Post-Keynesian
 economics provides a theory of endogenous money with exogenous interest
 rates, it has no clear description of a central bank reaction function. We
 attempt to remedy this oversight by identifying some of the difficulties
 attached to developing a Post-Keynesian reaction function, and suggesting
 an approach to the setting of interest rates that is more consistent than
 the Taylor Rule with Keynes's General Theory. 
Journal: Review of Political Economy 
Pages: 369-386 
Issue: 3 
Volume: 19 
Year: 2007 
X-DOI: 10.1080/09538250701453071 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701453071
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:19:y:2007:i:3:p:369-386




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Kriesler 
Author-X-Name-First: Peter 
Author-X-Name-Last: Kriesler 
Author-Name: Marc Lavoie 
Author-X-Name-First: Marc 
Author-X-Name-Last: Lavoie 
Title: The New Consensus on Monetary Policy and its Post-Keynesian Critique 
Abstract:
  This paper seeks to look at the underlying framework of the New Consensus
 models, providing a Post-Keynesian critique. In the light of this
 critique, the model is reformulated, with its basic structure intact, but
 with alternative post-Keynesian specifications of the Phillips curve being
 considered. It is shown that such modifications, either allow a long run
 trade-off between the rate of inflation and the level of output, the rate
 of capacity utilization and, therefore, unemployment, or, in our preferred
 specification, changes in output and capacity have no implications for
 inflation over a large range of capacity utilization. 
Journal: Review of Political Economy 
Pages: 387-404 
Issue: 3 
Volume: 19 
Year: 2007 
X-DOI: 10.1080/09538250701453097 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701453097
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:19:y:2007:i:3:p:387-404




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Setterfield 
Author-X-Name-First: Mark 
Author-X-Name-Last: Setterfield 
Title: Is There a Stabilizing Role for Fiscal Policy in the New Consensus? 
Abstract:
  This paper considers the possibility of using fiscal rather than monetary
 policy as the instrument of stabilization policy in a new consensus
 framework. Describing the conduct of fiscal policy in terms of a 'pseudo
 Taylor rule', it is shown that fiscal policy is as, if not more, effective
 than monetary policy as a tool for macroeconomic stabilization. The
 conclusion reached is that the comparative neglect of fiscal policy as an
 instrument of stabilization policy in new consensus macroeconomics is
 unwarranted. 
Journal: Review of Political Economy 
Pages: 405-418 
Issue: 3 
Volume: 19 
Year: 2007 
X-DOI: 10.1080/09538250701453105 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701453105
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:19:y:2007:i:3:p:405-418




Template-Type: ReDIF-Article 1.0
Author-Name: Dan Greenwood 
Author-X-Name-First: Dan 
Author-X-Name-Last: Greenwood 
Title: Planning and Know-how: The Relationship between Knowledge and Calculation in Hayek's Case for Markets 
Abstract:
  Ludwig von Mises' calculation argument against socialism is of
 fundamental importance to the modern-day case for the market. Yet it is to
 Hayek that some Austrian-influenced theorists turn when responding to the
 computational models for non-market price fixing proposed by some
 socialists. Their reading of Hayek's epistemological argument for markets
 as distinct from Mises' calculation argument needs to be questioned.
 Hayek's emphasis upon the dispersal of knowledge across space and time is
 consistent with Mises' position. In spite of his philosophical critique of
 rationalist constructivism and his treatment of tacit knowledge, Hayek's
 case for the market ultimately relies upon the Misean calculation
 argument. Hayek's work is therefore best understood as a shift in emphasis
 rather than as a philosophical departure from Mises' position. 
Journal: Review of Political Economy 
Pages: 419-434 
Issue: 3 
Volume: 19 
Year: 2007 
X-DOI: 10.1080/09538250701453113 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701453113
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:19:y:2007:i:3:p:419-434




Template-Type: ReDIF-Article 1.0
Author-Name: Mathew Forstater 
Author-X-Name-First: Mathew 
Author-X-Name-Last: Forstater 
Title: Technology as Transsubjective Structural Context: The Uncertainty of Investor Expectations 
Abstract:
Journal: Review of Political Economy 
Pages: 435-440 
Issue: 3 
Volume: 19 
Year: 2007 
X-DOI: 10.1080/09538250701453170 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701453170
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:19:y:2007:i:3:p:435-440




Template-Type: ReDIF-Article 1.0
Author-Name: Sergio Cesaratto 
Author-X-Name-First: Sergio 
Author-X-Name-Last: Cesaratto 
Title: Are PAYG and FF Pension Schemes Equivalent Systems? Macroeconomic Considerations in the Light of Alternative Economic Theories 
Abstract:
  Conventional wisdom holds that Fully Funded (FF) pension schemes would
 better prepare the community for ongoing demographic change. Many critics
 of FF schemes argue that these plans would encounter problems similar to
 those that create financial difficulties to Pay-As-You-Go (PAYG) schemes.
 More specifically, they maintain that, whereas in a PAYG scheme a decrease
 in the working population with respect to an increasing elderly population
 undermines the financial source of pension transfers, by the same token in
 an FF scheme a diminished number of young savers would make the absorption
 of the capital assets accumulated by the pension funds difficult. This
 paper assesses the mainstream claim and its criticism in the light of the
 neoclassical foundations of the dominant view. It will emerge that the
 criticism is partially correct, but we arrive at this conclusion through
 reasoning that does not bypass the theoretical foundations of the
 mainstream claim. The capital theory critique is shown to be relevant in
 this respect. 
Journal: Review of Political Economy 
Pages: 449-473 
Issue: 4 
Volume: 19 
Year: 2007 
X-DOI: 10.1080/09538250701622287 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701622287
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:19:y:2007:i:4:p:449-473




Template-Type: ReDIF-Article 1.0
Author-Name: Paulette Olson 
Author-X-Name-First: Paulette 
Author-X-Name-Last: Olson 
Title: On the Contributions of Barbara Bergmann to Economics 
Abstract:
  This paper examines the major economic contributions of Barbara R.
 Bergmann. After presenting her personal background information, it gives
 an overview of her theoretical framework. This is followed by her critique
 of economic methodology and an examination of her major contributions in
 micro-simulation, feminist analysis of labor markets and the family, and
 policy-oriented work focused on improving the lives of women and children.
 The essay concludes with a brief discussion of Bergmann's unique qualities
 as an activist economist in the pursuit of social change. 
Journal: Review of Political Economy 
Pages: 475-496 
Issue: 4 
Volume: 19 
Year: 2007 
X-DOI: 10.1080/09538250701622303 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701622303
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:19:y:2007:i:4:p:475-496




Template-Type: ReDIF-Article 1.0
Author-Name: Sharon Mastracci 
Author-X-Name-First: Sharon 
Author-X-Name-Last: Mastracci 
Title: Redistributive Policy: Capacity and Outcomes over the Business Cycle 
Abstract:
  This paper tests predictions of redistributive policy theory. Lowi claims
 that redistributive policy is not influenced by economic conditions.
 Limited empirical evidence exists to confirm this prediction, and what
 little evidence exists is indefinite. Policy theory also suggests that
 such a policy need not produce actual outcomes, but rather, only possess
 the capacity to produce outcomes. Do policy outcomes or the capacity to
 redistribute vary over the business cycle? I posit that neither capacity
 nor redistribution is affected by economic condition. This paper tests
 this hypothesis using results from the General Social Survey and data from
 the Current Population Survey. Revisiting one redistributive program
 during a period of economic downturn&#x2014;a US Department of Labor
 initiative that was found to have produced measurable redistribution
 during the economic growth of the 1990s&#x2014;this study examines both
 capacity and reallocation, and partially confirms that redistributive
 policies are impervious to recession. 
Journal: Review of Political Economy 
Pages: 497-512 
Issue: 4 
Volume: 19 
Year: 2007 
X-DOI: 10.1080/09538250701622337 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701622337
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:19:y:2007:i:4:p:497-512




Template-Type: ReDIF-Article 1.0
Author-Name: Alfredo Saad-Filho 
Author-X-Name-First: Alfredo 
Author-X-Name-Last: Saad-Filho 
Title: Life beyond the Washington Consensus: An Introduction to Pro-poor Macroeconomic Policies 
Abstract:
  This article reviews the 'pro-poor' macroeconomic policy alternative to
 the Washington consensus. The pro-poor approach draws heavily on heterodox
 economic theory, and offers a compelling view of an alternative economic
 strategy oriented primarily to the satisfaction of the basic needs of the
 majority of the population, the equitable distribution of income, wealth
 and power, and the preservation of macroeconomic stability. These aims
 point to a specific set of fiscal, monetary, trade and exchange rate
 policies. The paper argues that such policies should be supported by
 social programmes designed to achieve the desired pro-poor outcomes as
 rapidly as possible. 
Journal: Review of Political Economy 
Pages: 513-537 
Issue: 4 
Volume: 19 
Year: 2007 
X-DOI: 10.1080/09538250701622352 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701622352
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:19:y:2007:i:4:p:513-537




Template-Type: ReDIF-Article 1.0
Author-Name: Louis-Philippe Rochon 
Author-X-Name-First: Louis-Philippe 
Author-X-Name-Last: Rochon 
Author-Name: Sergio Rossi 
Author-X-Name-First: Sergio 
Author-X-Name-Last: Rossi 
Title: Central Banking and Post-Keynesian Economics 
Abstract:
  The Post-Keynesian theory of endogenous money has given much attention to
 the role of the central bank in the money creation process. Circuit theory
 has neglected this role, in so far as it has focused on the relationship
 between banks and firms within a monetary production economy. The aim of
 this paper is therefore twofold. First, it intends to fill this gap in
 circuit theory, by providing a role for the central bank in settlement of
 interbank debts. Secondly, it aims at reinforcing the Post-Keynesian
 analysis of central bank money by considering both the money-purveying and
 the credit-purveying roles of the settlement institution in the interbank
 market. The result of this analysis is a more comprehensive theory of
 endogenous money, where the lender-of-last-resort facilities of a central
 bank are viewed as an endogenous phenomenon involving both a money
 creation and a credit operation between the central bank and the domestic
 banking system. In such a framework, monetary policy consists of setting
 the base rate of interest at a level that enables banks to limit their
 bilateral debt position in the interbank market, so as not to disrupt the
 workings of the payment system by either an illiquidity or an insolvency
 crisis. 
Journal: Review of Political Economy 
Pages: 539-554 
Issue: 4 
Volume: 19 
Year: 2007 
X-DOI: 10.1080/09538250701622402 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701622402
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:19:y:2007:i:4:p:539-554




Template-Type: ReDIF-Article 1.0
Author-Name: Marcella Corsi 
Author-X-Name-First: Marcella 
Author-X-Name-Last: Corsi 
Title: Thinking of Sylos Labini (or Sylos Labini's Thinking) 
Abstract:
  This note reflects upon the methodological principles that Paolo Sylos
 Labini (1920-2005) brought to his work as a political economist. Sylos
 Labini drew upon history, political science, sociology and philosophy in
 order to explain economic processes, and he insisted that an
 interdisciplinary approach was essential to formulating effective policy
 responses to modern social problems. 
Journal: Review of Political Economy 
Pages: 555-562 
Issue: 4 
Volume: 19 
Year: 2007 
X-DOI: 10.1080/09538250701622451 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701622451
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:19:y:2007:i:4:p:555-562




Template-Type: ReDIF-Article 1.0
Author-Name: Jan Toporowski 
Author-X-Name-First: Jan 
Author-X-Name-Last: Toporowski 
Title: Asset-based Reserve Requirements: Some Reservations 
Abstract:
  Thomas Palley's (2004) paper 'Asset-based reserve requirements:
 reasserting domestic monetary control in an era of financial innovation
 and instability' has radical implications for monetary policy and the
 operations of central banks in the money markets. This comment argues that
 Palley's proposal may be impractical today because it overlooks banks'
 holding of excessive reserves (or claims on such reserves), and because
 reserves allocated for particular kinds of business cannot be isolated in
 bank balance sheets or markets. In particular, once differential reserves
 are imposed on particular kinds of business, banks may respond to changes
 in reserve requirements by varying their assets in less predictable ways
 than the scheme suggests. A central bank's willingness to use differential
 reserve requirements will be inhibited by the current policy doctrine that
 emphasises control of a stable money market rate of interest. In any case,
 it is doubtful if interest rates or reserve requirements could have the
 specific targeted effects that Palley's model suggests. 
Journal: Review of Political Economy 
Pages: 563-573 
Issue: 4 
Volume: 19 
Year: 2007 
X-DOI: 10.1080/09538250701622501 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701622501
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:19:y:2007:i:4:p:563-573




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Palley 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Palley 
Title: Asset-based Reserve Requirements: A Response 
Abstract:
Journal: Review of Political Economy 
Pages: 575-578 
Issue: 4 
Volume: 19 
Year: 2007 
X-DOI: 10.1080/09538250701622568 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701622568
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:19:y:2007:i:4:p:575-578




Template-Type: ReDIF-Article 1.0
Author-Name: Heather Boushey 
Author-X-Name-First: Heather 
Author-X-Name-Last: Boushey 
Author-Name: Christian Weller 
Author-X-Name-First: Christian 
Author-X-Name-Last: Weller 
Title: Has Growing Inequality Contributed to Rising Household Economic Distress? 
Abstract:
  The personal bankruptcy rate increased more than fourfold in the last
 quarter century. Other measures of economic distress, particularly
 foreclosure and credit default rates, also increased sharply. A possible
 explanation for this is greater household indebtedness. Household debt
 relative to income, however, did not even double over the same period,
 suggesting that the aggregate increase in household economic distress was
 disproportionate to the rise in household debt. We consider if the
 simultaneous increase in income inequality has contributed to the rise in
 household economic distress, Specifically, we hypothesize that greater
 inequality led to a larger expansion of credit, especially in the form of
 credit card debt, among low and moderate income households than among
 higher income ones. This expansion of disproportionately more expensive
 credit may have contributed to the growth in household economic distress.
 Based on data from 1980 to 2004, we find robust evidence for a link
 between inequality and credit card debt and between credit card debt and
 economic distress. 
Journal: Review of Political Economy 
Pages: 1-22 
Issue: 1 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250701661764 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701661764
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:1:p:1-22




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Dimand 
Author-X-Name-First: Robert 
Author-X-Name-Last: Dimand 
Title: Edmund Phelps and Modern Macroeconomics 
Abstract:
  Edmund Phelps, winner of the 2006 Nobel Prize in Economics, has been a
 central figure in the development of macroeconomics since his 1961 article
 'The Golden Rule of Accumulation' on optimal economic growth. His 1967-68
 critique of the stability of the Phillips curve trade-off, together with
 Friedman (1968), led to the expectations-augmented Phillips curve and the
 natural rate hypothesis. His work on the choice-theoretic microeconomic
 foundations of wage, price, and employment dynamics under imperfect
 information, changed how economists do macroeconomics. Phelps subsequently
 developed natural rate models in a non-monetary, structuralist direction
 distinct from Friedman's monetarism and from New Classical economics,
 analyzing the natural rate of unemployment as a function of the real
 structure of the economy: real sectoral demands, factor supplies,
 technology, taxes, subsidies, tariffs, and real interest and exchange
 rates. 
Journal: Review of Political Economy 
Pages: 23-39 
Issue: 1 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250701661798 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701661798
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:1:p:23-39




Template-Type: ReDIF-Article 1.0
Author-Name: Emily Chamlee-Wright 
Author-X-Name-First: Emily 
Author-X-Name-Last: Chamlee-Wright 
Title: The Structure of Social Capital: An Austrian Perspective on its Nature and Development 
Abstract:
  As the literature on social capital has emerged over the past two
 decades, both advocates and critics of the concept have grappled with the
 question 'what is the nature of &#x201c;social capital?&#x201d;'. By
 viewing this question through the lens of Austrian capital theory
 (particularly under Lachmann's influence) we can understand social capital
 as being structural in nature, made up of heterogeneous and often
 complementary elements. This way of thinking about social capital opens
 the door for understanding the role of the 'social entrepreneur' as
 discovering new combinations within the social capital structure. By
 carving out a role for the change agent, we see social capital development
 as a process of social learning that extends the cognitive reach of
 individuals beyond what they can know directly. An Austrian approach to
 social capital advances the theoretical debate by linking the literature
 on network analysis (in which the focus is on individualistic accumulation
 of social capital) and broader questions of social capital embedded within
 community-wide norms. Further, an Austrian understanding of social capital
 informs policy debates, such as the question of whether social capital
 development can be, or needs to be, part of a deliberate development
 strategy. 
Journal: Review of Political Economy 
Pages: 41-58 
Issue: 1 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250701661806 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701661806
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:1:p:41-58




Template-Type: ReDIF-Article 1.0
Author-Name: Pier Francesco Asso 
Author-X-Name-First: Pier Francesco 
Author-X-Name-Last: Asso 
Author-Name: Luca Fiorito 
Author-X-Name-First: Luca 
Author-X-Name-Last: Fiorito 
Title: Was Frank Knight an Institutionalist? 
Abstract:
  This paper critically examines Geoffrey Hodgson's provocative claim that
 Frank Knight was a member of the American institutionalist school in the
 interwar years. In the first section of the paper we provide a definition
 of institutionalism and emphasize its meaning from a historiographic point
 of view. The second and third sections analyse the two main methodological
 struggles between Knight and the institutionalists, namely, the debate
 during the early 1920s over the use of instinct theory as an explanation
 of economic behaviour, and the subsequent campaign led by Knight in the
 late 1920s and early 1930s against the behaviourist wing of American
 institutionalism a la Copeland and Ayres. The fourth section deals with
 Knight's own brand of institutionalism. Our main conclusions are that,
 even if Knight's approach to the study of economic behaviour shows
 significant affinities with American institutionalism, he was
 not&#x2014;both sociologically and in terms of his philosophical
 premises&#x2014;an institutionalist. 
Journal: Review of Political Economy 
Pages: 59-77 
Issue: 1 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250701661822 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701661822
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:1:p:59-77




Template-Type: ReDIF-Article 1.0
Author-Name: Fabio Ravagnani 
Author-X-Name-First: Fabio 
Author-X-Name-Last: Ravagnani 
Title: Classical Theory and Exhaustible Natural Resources: Notes on the Current Debate 
Abstract:
  The treatment of exhaustible resources in the context of classical theory
 is currently the object of intense debate. In particular, different views
 are held as to whether the classical 'normal positions' can adequately
 deal with the prices for the use of exhaustible resources (royalties), and
 different procedures have been suggested for determining these
 distributive variables. This paper undertakes a critical appraisal of the
 relevant literature and suggests an alternative way of studying royalties
 within the surplus approach. The first part focuses on the recent models
 aimed at determining royalties in a classical framework and argues that
 these formal contributions rely on unwarranted assumptions that
 considerably reduce the scope of the analysis. The second examines the
 interplay between resource owners and extraction companies in real-world
 mineral industries. The historical record indicates that negotiations over
 royalties have traditionally been regulated by stable conventional
 arrangements and that the levels of royalty rates have been strongly
 influenced by a variety of historically determined institutional factors.
 In view of this evidence, it is finally suggested that royalties might be
 appropriately determined within classical theory by means of a method
 analogous to the one adopted for the 'natural' wage rate. 
Journal: Review of Political Economy 
Pages: 79-93 
Issue: 1 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250701661848 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701661848
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:1:p:79-93




Template-Type: ReDIF-Article 1.0
Author-Name: Matias Vernengo 
Author-X-Name-First: Matias 
Author-X-Name-Last: Vernengo 
Title: The Political Economy of Monetary Institutions in Brazil: The Limits of the Inflation-targeting Strategy, 1999-2005 
Abstract:
  This paper suggests that the time-inconsistency approach is inadequate to
 analyze the political economy of monetary policy in Brazil. The paper
 develops an alternative theory that emphasizes distributive conflict, and
 argues that building credibility with a fixed exchange rate and through
 inflation-targeting was not central for stabilization. A contested-terrain
 analysis of the Brazilian case suggests that the current monetary regime
 benefits financial or rentier interests while the manufacturing sector and
 workers bear the costs of this policy. 
Journal: Review of Political Economy 
Pages: 95-110 
Issue: 1 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250701661863 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701661863
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:1:p:95-110




Template-Type: ReDIF-Article 1.0
Author-Name: Eladio Febrero 
Author-X-Name-First: Eladio 
Author-X-Name-Last: Febrero 
Title: The Monetization of Profits in a Monetary Circuit Framework 
Abstract:
  This paper offers an explanation of the realization of profits in money.
 Following Edward Nell's lead, we place Marx's spheres of production and
 circulation at the centre of the analysis. Production is represented a la
 Sraffa-von Neumann while circulation is analysed following the basic
 insights of the Franco-Italian theory of the monetary circuit. Once
 production has taken place, money is created by banks ex nihilo and then
 circulates through certain channels allowing the reproduction of the
 system and monetizing profits plus the payment of interest on long-term
 debts within one single circuit. The novelty of our approach lies in the
 treatment of the financing of investment in fixed capacity. 
Journal: Review of Political Economy 
Pages: 111-125 
Issue: 1 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250701662002 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701662002
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:1:p:111-125




Template-Type: ReDIF-Article 1.0
Author-Name: Giuseppe Vitaletti 
Author-X-Name-First: Giuseppe 
Author-X-Name-Last: Vitaletti 
Title: The Optimal Lifetime of Capital Goods: a Restatement of Sraffa's Analysis of Fixed Capital 
Abstract:
  Determining the optimal life of capital constitutes an important problem
 in economic analysis, one that has been extensively addressed in the
 Sraffian literature. In Sraffa's system the lifetime of fixed capital is
 posited as a given parameter. In the most recent literature on the topic,
 the lifetime of capital goods becomes endogenous, the outcome of
 entrepreneurial decisions concerning alternative techniques. This paper
 concentrates on the problem as an issue separate from, but not
 antithetical to, the choice of techniques. By changing some fundamental
 aspects of Sraffa's framework, which is adopted as a point of departure, a
 solution displaying interesting properties is worked out. In particular,
 for the determination of commodity prices, the importance of an equation
 emerges, in which only intermediate input and labour costs appear. 
Journal: Review of Political Economy 
Pages: 127-145 
Issue: 1 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250701622436 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701622436
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:1:p:127-145




Template-Type: ReDIF-Article 1.0
Author-Name: Irene Van Staveren 
Author-X-Name-First: Irene 
Author-X-Name-Last: Van Staveren 
Title: Introduction to the Special Issue on Ethics and Economics 
Abstract:
Journal: Review of Political Economy 
Pages: 159-161 
Issue: 2 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250701819552 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701819552
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:2:p:159-161




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Lutz 
Author-X-Name-First: Mark 
Author-X-Name-Last: Lutz 
Title: The 'Dismal Science' - Still? Economics and Human Flourishing 
Abstract:
  This paper is an attempt to evaluate critically standard economic theory
 from the point of view of self-realization ethics and psychology. In doing
 so, there is considerable reliance on Abraham Maslow's well-known theory
 of personality development. According to his penetrating insight, it is
 insecurity that keeps a person trapped in a world of materialism - be it a
 desperate survival mentality, a preoccupation with excessive sexuality, or
 an unabashed and omnipresent consumerism. Feeling secure, on the other
 hand, opens the gates to psychological health and real personal autonomy.
 Over time there has accumulated a considerable amount of empirical
 evidence supporting such a Maslowian insecurity-materialism link. The
 present paper surveys the problem of economic insecurity, especially the
 anxiety of job loss. Since there is ample evidence that, in today's
 globalized world, this problem is quite serious and increasingly
 widespread, it would follow that Maslowian personality theory predicts a
 large part of the population finding it increasingly hard to embark on a
 life of personal flourishing. Economic theory, with its traditional
 emphasis on competitive markets for both output and input, its unflagging
 support of unregulated international trade and outsourcing, its tacit
 consent for the new lean, mean, and flexible corporation, and its purely
 instrumental treatment of work and workers, for all these reasons, must
 share much of the blame for what appears to be a massive stunting of
 personality development. In this regard, the dismal science of the
 nineteenth century may still warrant the same designation today. 
Journal: Review of Political Economy 
Pages: 163-180 
Issue: 2 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250701819594 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701819594
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:2:p:163-180




Template-Type: ReDIF-Article 1.0
Author-Name: Deirdre Mccloskey 
Author-X-Name-First: Deirdre 
Author-X-Name-Last: Mccloskey 
Title: Not by P Alone: A Virtuous Economy 
Abstract:
  Samuelsonian (mainstream) economics cannot even think of stepping beyond
 its Max U, prudence-only model. But if we are going to have an economics
 that works and that matters, as economists like Sen and Akerlof and
 Hirschman have been saying, we need to admit that people do not live by
 prudence alone. They love and hope, they are just or unjust, they are
 temperate and courageous, faithless or faithful. Recognizing such virtues
 and vices is not a betrayal of economics. It is a fulfillment of the
 political economy of Adam Smith. 
Journal: Review of Political Economy 
Pages: 181-197 
Issue: 2 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250701819636 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701819636
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:2:p:181-197




Template-Type: ReDIF-Article 1.0
Author-Name: Vivian Walsh 
Author-X-Name-First: Vivian 
Author-X-Name-Last: Walsh 
Title: Freedom, Values and Sen: Towards a Morally Enriched Classical Economic Theory 
Abstract:
Journal: Review of Political Economy 
Pages: 199-232 
Issue: 2 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250701819677 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701819677
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:2:p:199-232




Template-Type: ReDIF-Article 1.0
Author-Name: Des Gasper 
Author-X-Name-First: Des 
Author-X-Name-Last: Gasper 
Title: From 'Hume's Law' to Problem- and Policy-Analysis for Human Development. Sen after Dewey, Myrdal, Streeten, Stretton and Haq 
Abstract:
  Much of Amartya Sen's work has been policy-related, but his methodology
 of policy analysis has not been explained in detail. Action-related social
 science involves value-imbued procedures that guide choices. This theme
 was explored by Streeten and Stretton, and earlier by Dewey and Myrdal.
 Assisted by Jean Dreze, Sen has evolved a form of policy analysis guided
 by humanist values rather than those of mainstream economics. Features of
 this methodology include the following: (1) a wider range of values
 employed in valuation, with central attention on: how do and can people
 live?; (2) conceptual investigation of the wider range of values; (3) use
 of the wider range of values to guide choice of topics and boundaries of
 analysis; (4) a focus on human realities, not an arbitrary slice of
 reality selected according to commercial significance and convenience for
 measurement; (5) using a wider range of values to guide other decisions in
 analysis; thus, there is a focus on the socio-economic significance of the
 result; and (6) a matching focus on a wide range of potential policy
 means. This paper characterizes Sen's policy analysis methodology, its
 roots in earlier work, and its relations to the UNDP Human Development
 approach and kindred approaches. 
Journal: Review of Political Economy 
Pages: 233-256 
Issue: 2 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250701819701 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701819701
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:2:p:233-256




Template-Type: ReDIF-Article 1.0
Author-Name: Stephan Klasen 
Author-X-Name-First: Stephan 
Author-X-Name-Last: Klasen 
Title: The Efficiency of Equity 
Abstract:
  In standard neoclassical economics, efficiency and equity issues are
 largely treated as separate and separable issues. While this has been
 challenged within and outside the neoclassical tradition for some time,
 this paper argues that four recent strands of literature largely within
 the neoclassical tradition provide a solid empirical foundation for this
 challenge. These four strands refer to: (1) findings from the experimental
 literature on the importance of equity or fairness; (2) the subjective
 well-being literature on the importance of relative incomes and inequality
 on subjective well-being; (3) the distribution-adjusted well-being
 literature that combines measures of mean incomes with measures of income
 inequality to derive welfare judgments across space and time; and (4) the
 literature on the relationship between income and gender inequality and
 economic growth. All of these literatures provide a sound empirical basis
 for arguing that greater equity is critical for greater efficiency. 
Journal: Review of Political Economy 
Pages: 257-274 
Issue: 2 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250701819719 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701819719
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:2:p:257-274




Template-Type: ReDIF-Article 1.0
Author-Name: Mozaffar Qizilbash 
Author-X-Name-First: Mozaffar 
Author-X-Name-Last: Qizilbash 
Title: Two Views of Corruption and Democracy 
Abstract:
  The pessimistic view of corruption and democracy sees democracy as either
 corrupt or unlikely to deter corruption. This view can be traced to the
 writings of Plato and Aristotle. The modern neoclassical and public choice
 literatures advance a modern version of the pessimistic view. They suggest
 that democracy is not likely, in itself, to deter corruption. Shleifer and
 Vishny go further and suggest that the egalitarian tendencies in
 democracies produce conditions conducive to corruption. Sen's work, in
 contrast, supports the optimistic view that democracy can act as a
 powerful corruption deterrent. Sen takes a broader view of democracy,
 relaxes the self-interest assumption, allows for the influence of
 democracy on value formation and stresses the importance of democratic
 practice. However, a constitutive relationship also holds between
 corruption and democracy because certain forms of corruption are
 undemocratic in their very nature. This also involves an optimistic view
 since, on this view, democratization and corruption-deterrence go hand in
 hand. 
Journal: Review of Political Economy 
Pages: 275-291 
Issue: 2 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250701819727 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701819727
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:2:p:275-291




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Jerome 
Author-X-Name-First: Robert 
Author-X-Name-Last: Jerome 
Author-Name: Kristina Terkun 
Author-X-Name-First: Kristina 
Author-X-Name-Last: Terkun 
Author-Name: Robert Horn 
Author-X-Name-First: Robert 
Author-X-Name-Last: Horn 
Author-Name: Bridget Butkevich 
Author-X-Name-First: Bridget 
Author-X-Name-Last: Butkevich 
Title: Self-Flagellation and Utility Maximization 
Abstract:
  Economic models explain human behavior only to the degree that the
 underlying assumptions of the model are fulfilled. Consumer theory of
 rational choice has been applied to a wide array of situations. This paper
 examines the results of the model when a consumer considers bundles of
 goods, some of which may affect her self image. Under these conditions,
 wrong decisions are not easily corrected, but can more easily be reversed
 if the individual is able to forgive herself for having made the wrong
 decision. 
Journal: Review of Political Economy 
Pages: 307-318 
Issue: 3 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250802170228 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250802170228
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:3:p:307-318




Template-Type: ReDIF-Article 1.0
Author-Name: Sebastien Charles 
Author-X-Name-First: Sebastien 
Author-X-Name-Last: Charles 
Title: A Post-Keynesian Model of Accumulation with a Minskyan Financial Structure 
Abstract:
  Minsky's theory of financial instability is a strong alternative to
 neoclassical theory. Many Post-Keynesian authors use this analysis in
 order to elaborate models that give rise to crises or business cycles.
 Nevertheless, none of them has directly linked growth and financial
 structure. This article proposes a simple macroeconomic model linking the
 accumulation of capital and the state of the financial structure as
 defined by Minsky. The analysis shows how a capitalist economy may become
 financially fragile, and it suggests that instability is apt to be the
 rule. 
Journal: Review of Political Economy 
Pages: 319-331 
Issue: 3 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250802170236 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250802170236
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:3:p:319-331




Template-Type: ReDIF-Article 1.0
Author-Name: J. E. King 
Author-X-Name-First: J. E. 
Author-X-Name-Last: King 
Title: Josef Steindl and the Instability of Capitalism 
Abstract:
  Josef Steindl's first substantive publication was a nine-page review of
 Roy Harrod's book The Trade Cycle (1936), which appeared in the June 1937
 issue of the Austrian journal, Zeitschrift fur Nationalokonomie. The
 review reveals the Austrian - or, as he put it, the neo-Wicksellian -
 roots of Steindl's early macroeconomic thinking. It also contains the
 first mathematical formulation of what would later be known as the (Hicks)
 super-multiplier. In this paper I summarise Steindl's critique of Harrod,
 comparing his analysis of the multiplier-interaction with that of several
 contemporaries. A translation of his review is given in the paper that
 follows. 
Journal: Review of Political Economy 
Pages: 333-340 
Issue: 3 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250802170251 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250802170251
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:3:p:333-340




Template-Type: ReDIF-Article 1.0
Author-Name: Josef Steindl 
Author-X-Name-First: Josef 
Author-X-Name-Last: Steindl 
Title: The Trade Cycle 
Abstract:
Journal: Review of Political Economy 
Pages: 341-348 
Issue: 3 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250802170269 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250802170269
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:3:p:341-348




Template-Type: ReDIF-Article 1.0
Author-Name: Wesley Marshall 
Author-X-Name-First: Wesley 
Author-X-Name-Last: Marshall 
Title: Foreign Banks and Political Sovereignty: The Case of Argentina 
Abstract:
  This paper analyzes a seldom discussed aspect of Argentina's banking
 crisis of 2001-2002: the conflict that arose between foreign banks and the
 national government over the economic policies applied in response to the
 banking crisis. In particular, the paper will examine the foreign banks'
 strategy to dollarize the economy and to impede the national government's
 strategy of pesofication. 
Journal: Review of Political Economy 
Pages: 349-366 
Issue: 3 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250802170392 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250802170392
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:3:p:349-366




Template-Type: ReDIF-Article 1.0
Author-Name: Ian Wright 
Author-X-Name-First: Ian 
Author-X-Name-Last: Wright 
Title: The Emergence of the Law of Value in a Dynamic Simple Commodity Economy 
Abstract:
  A dynamic computational model of a simple commodity economy is examined
 and a theory of the relationship between commodity values, market prices
 and the efficient division of social labour is developed. The main
 conclusions are: (i) the labour value of a commodity is an attractor for
 its market price; (ii) market prices are error signals that function to
 allocate the available social labour between sectors of production; and
 (iii) the tendency of prices to approach labour values is the monetary
 expression of the tendency of a simple commodity economy to allocate
 social labour efficiently. The model demonstrates that, in the special
 case of simple commodity production, Marx's law of value can naturally
 emerge from multiple local exchanges and operate 'behind the backs' of
 actors solely via money flows that place budget constraints on their local
 evaluations of commodity prices, which are otherwise subjective and
 unconstrained. 
Journal: Review of Political Economy 
Pages: 367-391 
Issue: 3 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250701661889 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701661889
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:3:p:367-391




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Cockshott 
Author-X-Name-First: Paul 
Author-X-Name-Last: Cockshott 
Author-Name: Ajit Sinha 
Author-X-Name-First: Ajit 
Author-X-Name-Last: Sinha 
Title: Can We Meaningfully Speak of Changes in Price under the Regime of Changes in Techniques? 
Abstract:
  This paper presents a simulation exercise on Sraffa's system under
 various types of technical changes to show that the direction of changes
 in prices of commodities is contingent on the choice of the numeraire.
 Thus, such a comparison of prices in two systems turns out to be
 meaningless. This result points to the arbitrary nature of the
 neoclassical supply functions, as they inevitably compare prices across
 several Sraffa systems on the basis of an arbitrarily chosen numeraire. We
 anticipated such a result from our reading of Sraffa as part of his
 'prelude to a critique of economic theory'. 
Journal: Review of Political Economy 
Pages: 393-403 
Issue: 3 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250802170418 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250802170418
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:3:p:393-403




Template-Type: ReDIF-Article 1.0
Author-Name: Dany Lang 
Author-X-Name-First: Dany 
Author-X-Name-Last: Lang 
Title: Why Economists should Choose their Inheritance: Physics and Path-independence in Economic Systems 
Abstract:
  This paper argues that economists would be well advised to do the work
 that Jacques Derrida calls 'choosing one's inheritance'. This fundamental
 task, which every heir must undertake, consists essentially of responding
 to a twofold and contradictory injunction: reasserting a past that the
 heir did not choose; and reinterpreting and transforming this past through
 a process of critical rewriting. We argue that this task, particularly the
 work of critical selection and rewriting, is too often neglected in
 economics. The fact that the property of path-independence is embedded in
 the great majority of economic models serves as an illustration of this
 negligence. Because of their desire to emulate the natural sciences, the
 neoclassical 'founding fathers' of modern economics bequeathed to their
 successors this essential property of the physics of their time. A
 consequence of this inheritance, coupled with the neglect of critical
 selection and rewriting by economists, is that the properties of
 path-independent systems - homeostasis and time-reversibility - continue
 to thrive in the great majority of economic models. 
Journal: Review of Political Economy 
Pages: 405-420 
Issue: 3 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250802170426 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250802170426
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:3:p:405-420




Template-Type: ReDIF-Article 1.0
Author-Name: Man-Seop Park 
Author-X-Name-First: Man-Seop 
Author-X-Name-Last: Park 
Title: Finance and the Cambridge Equation: A Comment 
Abstract:
  In a paper published in this journal, Giuseppe Ciccarone (2004) attempts
 to show that the Pasinetti theorem allows for the profit-making financial
 sector. In this effort, however, he ends up unwittingly associating the
 theorem with the Wicksellian monetary theory. The present note traces the
 origin of this uncomfortable association to his incomplete understanding
 of the income of financial capitalists, and demonstrates that the
 Pasinetti theorem is in the Post-Keynesian tradition of 'monetary
 analysis', in contrast to the 'real analysis' of the Wicksellian theory. 
Journal: Review of Political Economy 
Pages: 421-432 
Issue: 3 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250802170442 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250802170442
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:3:p:421-432




Template-Type: ReDIF-Article 1.0
Author-Name: Giuseppe Ciccarone 
Author-X-Name-First: Giuseppe 
Author-X-Name-Last: Ciccarone 
Title: Finance and the Cambridge Equation: Again on the Rate of Profits of Financial Intermediaries 
Abstract:
Journal: Review of Political Economy 
Pages: 433-441 
Issue: 3 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250802170467 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250802170467
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:3:p:433-441




Template-Type: ReDIF-Article 1.0
Author-Name: Giampaolo Garzarelli 
Author-X-Name-First: Giampaolo 
Author-X-Name-Last: Garzarelli 
Title: The Organizational Approach of Capability Theory 
Abstract:
  Richard Langlois, Tony Yu & Paul Robertson (LYR) (2003) have assembled a
 collection of previously published papers that move beyond textbook
 production theory. This essay discusses work by Frank Knight and Hendrik
 Houthakker not reproduced in LYR in relation to the capability theory of
 economic organization. Knight identified the problem of organization as
 the search for and the coordination of different dispersed capabilities.
 Houthakker helps us to see more clearly that the benefits of
 specialization are not brought at zero cost; whatever is the governance
 structure employed, there will inevitably be coordination costs due to
 differences in capabilities. 
Journal: Review of Political Economy 
Pages: 443-453 
Issue: 3 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250802170475 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250802170475
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:3:p:443-453




Template-Type: ReDIF-Article 1.0
Author-Name: Steven Pressman 
Author-X-Name-First: Steven 
Author-X-Name-Last: Pressman 
Title: John Kenneth Galbraith and the Post Keynesian Tradition in Economics 
Abstract:
  This paper discusses some of the key contributions of John Kenneth
 Galbraith to economics and puts them into an historical context. It argues
 that the work of Galbraith should be recognized as making major
 contributions to the Post Keynesian paradigm. His work expands on the
 contributions made by John Maynard Keynes and is consistent with the main
 ideas of Post Keynesian thought. Much of his work can be thought of as a
 Post Keynesian microeconomics that needs to be added on to the Post
 Keynesian macroeconomics begun by Keynes. This work encompasses an
 understanding of how people behave and how firms behave, a recognition of
 the importance of uncertainty in the real world, and an emphasis on income
 effects being more important than substitution effects. The paper then
 points out how Galbraith has provided a Post Keynesian approach to key
 macroeconomic issues. The paper concludes with a brief summary of the
 other articles that make up this special issue to honor John Kenneth
 Galbraith on the hundredth anniversary of his birth. 
Journal: Review of Political Economy 
Pages: 475-489 
Issue: 4 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250802354616 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250802354616
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:4:p:475-489




Template-Type: ReDIF-Article 1.0
Author-Name: James Galbraith 
Author-X-Name-First: James 
Author-X-Name-Last: Galbraith 
Title: The Abiding Economics of John Kenneth Galbraith 
Abstract:
  The work of John Kenneth Galbraith provides enduring markers for the
 economics that still remains to be built. Herewith are brief reflections
 on the guideposts and the task ahead. 
Journal: Review of Political Economy 
Pages: 491-499 
Issue: 4 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250802308877 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250802308877
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:4:p:491-499




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson 
Author-X-Name-First: Paul 
Author-X-Name-Last: Davidson 
Author-Name: Stephen Dunn 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Dunn 
Title: J.K. Galbraith and the Nature of Modern Money 
Abstract:
  This paper considers John Kenneth Galbraith's views on the nature of
 money and a monetary economy. Although recognised as a lifelong and
 prominent Keynesian, to many, Galbraith's principal theoretical
 contributions appear less concerned with the detail of financial sectors
 or the nature of money per se than other leading Post Keynesians. However,
 careful study suggests that Galbraith, like many Post Keynesians,
 recognised the salience of the financial sector and the distinctive nature
 of money. Galbraith presented an analysis of money and monetary
 accumulation that recognised the importance of history, uncertainty,
 distributional issues and the relevance of political and economic
 institutions in determining the level of activity in an economy. His
 contributions warrant further study and reflection. 
Journal: Review of Political Economy 
Pages: 501-526 
Issue: 4 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250802308885 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250802308885
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:4:p:501-526




Template-Type: ReDIF-Article 1.0
Author-Name: Amitava Krishna Dutt 
Author-X-Name-First: Amitava Krishna 
Author-X-Name-Last: Dutt 
Title: The Dependence Effect, Consumption and Happiness: Galbraith Revisited 
Abstract:
  In his analysis of the affluent society, Galbraith argued that
 advertising and the sales promotion activities of firms create wants for
 people, which makes them consume more without making them better off,
 because their wants were artificially created. Thus, in the affluent
 society, ever-increasing levels of production (and consumption) do not
 increase welfare. This paper considers three criticisms of Galbraith's
 analysis: first, firms cannot 'create' wants for consumers without their
 consent, because consumers are not mere pawns in their hands; second, even
 if people's wants are created, they may be better off by consuming more;
 and third, that expansion of consumption can make people better off by
 expanding aggregate demand. It draws on the recent literature on
 consumption, income and happiness, and develops a simple model of growth
 and distribution, to argue that Galbraith's analysis holds up against
 these criticisms. 
Journal: Review of Political Economy 
Pages: 527-550 
Issue: 4 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250802308919 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250802308919
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:4:p:527-550




Template-Type: ReDIF-Article 1.0
Author-Name: Charles Leathers 
Author-X-Name-First: Charles 
Author-X-Name-Last: Leathers 
Author-Name: J. Patrick Raines 
Author-X-Name-First: J. Patrick 
Author-X-Name-Last: Raines 
Title: John Kenneth Galbraith's Contributions to the Theory and Analysis of Speculative Financial Markets 
Abstract:
  Although separated from his systematic analyses of modern corporate
 capitalism and its institutional culture, John Kenneth Galbraith's theory
 of speculative manias that informed his analyses of the great bubbles of
 1929 and 1987 stand as a vital part of his legacy to modern economics. In
 this paper, we put his contributions to our understanding of speculative
 financial markets into historical perspective, and explain how the current
 relevance of the insights that he provided has been enhanced by the
 combination of the growing dependency of the retirement plans of Americans
 on fluctuating stock prices, institutional developments in the financial
 sector, and government policies of financial deregulation and bailouts of
 failing financial institutions and funds. 
Journal: Review of Political Economy 
Pages: 551-568 
Issue: 4 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250802308935 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250802308935
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:4:p:551-568




Template-Type: ReDIF-Article 1.0
Author-Name: Stephanie Laguerodie 
Author-X-Name-First: Stephanie 
Author-X-Name-Last: Laguerodie 
Author-Name: Francisco Vergara 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Vergara 
Title: The Theory of Price Controls: John Kenneth Galbraith's Contribution 
Abstract:
  Price controls have always aroused controversy. Before the Second World
 War, most economists saw them as either impossible to implement or unwise.
 Even during wartime it was widely believed that prices should remain as
 free as possible. Many economists saw benefits to price controls during
 the war, but also identified numerous costs to these controls. They also
 tended to favor limited price controls, applying to only those goods
 needed to fight the war. John Kenneth Galbraith was generally sympathetic
 to price controls during the war. He too supported limited controls, but
 then changed his mind and supported more extensive price controls during
 the Second World War. After the war, inflation tended to reappear long
 before full-employment was reached, even when production and employment
 were falling. From his wartime experiences, Galbraith tried to draw
 lessons for peacetime inflation. He proposed price and wage monitoring for
 a few hundred big companies and the unions with whom they negotiate. 
Journal: Review of Political Economy 
Pages: 569-593 
Issue: 4 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250802308950 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250802308950
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:4:p:569-593




Template-Type: ReDIF-Article 1.0
Author-Name: Douglas Lamdin 
Author-X-Name-First: Douglas 
Author-X-Name-Last: Lamdin 
Title: Galbraith on Advertising, Credit, and Consumption: A Retrospective and Empirical Investigation with Policy Implications 
Abstract:
  Throughout his life, John Kenneth Galbraith wrote on a large range of
 topics. One of the most important issues that he addressed was the role of
 advertising and credit in stimulating consumer expenditure. This paper
 examines Galbraith's view of how advertising and consumer credit help
 drive consumption, and then examines subsequent empirical research on this
 topic. This review reveals a limited recognition by researchers of
 Galbraith's important contributions. Then, an empirical examination of US
 aggregate time series shows that advertising and credit both have
 economically and statistically significant positive influences on
 consumption, consistent with Galbraith's hypothesis. The paper concludes
 with some insights into how Galbraith would approach the current lack of
 savings in the US and the sort of policies he might support to increase US
 savings rates. 
Journal: Review of Political Economy 
Pages: 595-611 
Issue: 4 
Volume: 20 
Year: 2008 
X-DOI: 10.1080/09538250802308984 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250802308984
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:20:y:2008:i:4:p:595-611




Template-Type: ReDIF-Article 1.0
Author-Name: Olivier Allain 
Author-X-Name-First: Olivier 
Author-X-Name-Last: Allain 
Title: Effective Demand and Short-term Adjustments in the General Theory 
Abstract:
  Keynes's principle of effective demand constitutes a pillar for Post
 Keynesian theories. But Keynes's presentation remains difficult to
 interpret, mainly because the aggregate demand function is based on
 entrepreneurs' expectations. The problem is, then, to demonstrate how
 these entrepreneurs (whose only concern is making profits) are led to
 generate the effective demand (which partially results from the consumers'
 and investors' behaviour). Previous studies by authors such as Weintraub
 and Davidson highlight the trial-and-error procedure here involved. But
 since their analyses are not built on a precise accounting of monetary
 flows, they fail to demonstrate formally the coherence of the whole
 adjustment process. The aim of this article is to provide such a formal
 demonstration. We thus concentrate on verifying how the General Theory
 constitutes a coherent framework to analyse temporary equilibriums (at the
 end of every elementary period) and short-term dynamics (towards the
 stationary equilibrium) which bring entrepreneurs towards the stationary
 equilibrium. Our analysis rests on a distinction between the aggregate
 demand and the global expenditure functions. We also distinguish between
 two modes of price setting&#x2014;ex ante price setting by entrepreneurs,
 and ex post price setting by the market. 
Journal: Review of Political Economy 
Pages: 1-22 
Issue: 1 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250802516917 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250802516917
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:1:p:1-22




Template-Type: ReDIF-Article 1.0
Author-Name: Alfonso Palacio-Vera 
Author-X-Name-First: Alfonso 
Author-X-Name-Last: Palacio-Vera 
Title: Capital Accumulation, Technical Progress and Labour Supply Growth: Keynes's Approach to Aggregate Supply and Demand Analysis Revisited 
Abstract:
  This paper addresses the effects on employment and the price level of a
 range of factors including capital accumulation, technical progress and
 money wage changes by formalising the aggregate supply and demand
 framework posited by Keynes in his General Theory. We find that
 labour-augmenting technical progress reduces the equilibrium level of
 employment, thus lending support to Hansen's notion of technological
 unemployment. We also find that capital accumulation and
 capital-augmenting technical progress raise the level of employment
 whereas, as argued by Keynes and several subsequent authors, money wage
 cuts have an ambiguous effect on the level of employment. We discuss a
 number of results as well as some aspects related to the adjustment of
 aggregate demand to aggregate supply in the long run. We conclude that
 Keynes's aggregate supply and demand framework provides a robust
 explanation of the mechanism through which increases in potential output
 lead over time to equiproportional increases in the level of aggregate
 demand and that the mechanism of adjustment to increases in the labour
 force in Keynes's theory differs markedly from that in classical theory. 
Journal: Review of Political Economy 
Pages: 23-49 
Issue: 1 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250802516974 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250802516974
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:1:p:23-49




Template-Type: ReDIF-Article 1.0
Author-Name: Eric Rahim 
Author-X-Name-First: Eric 
Author-X-Name-Last: Rahim 
Title: Marx and Schumpeter: A Comparison of their Theories of Development 
Abstract:
  This paper challenges Paul Samuelson's claim that the development
 theories of Marx and Schumpeter have little in common. There are indeed
 broad similarities between the two theories, arising principally from
 Schumpeter's use of Marx's method (with some interesting modifications),
 which he calls the 'economic interpretation of history'. This discussion
 leads us to ask if we can incorporate into Marx's method some of the
 insights suggested by Schumpeter's modifications. We show that Marx's
 method is enriched by the insertion into it of an explicit, although
 limited, role of the individual (human agency). The paper then turns to
 the differences between the two theories, concerning the theory of value
 and the analysis of social classes. We find an unresolved tension in
 Schumpeter's system of thought, between his attempt to construct a model
 of a dynamic, evolving economy on Marxian lines (albeit an alternative to
 Marx's model), and his emphasis on the role of the individual, which he
 inserts into an essentially static, Walrasian model. 
Journal: Review of Political Economy 
Pages: 51-83 
Issue: 1 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250802516982 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250802516982
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:1:p:51-83




Template-Type: ReDIF-Article 1.0
Author-Name: Fred Moseley 
Author-X-Name-First: Fred 
Author-X-Name-Last: Moseley 
Title: Sraffa's Interpretation of Marx's Treatment of Fixed Capital 
Abstract:
  It is well known that Sraffa analyzed fixed capital as a 'joint product'
 along with regular products, such that in each period a given machine
 (together with other material and labor inputs) produces a regular product
 plus a one-period-older machine of the same type. What is perhaps less
 well known is that Sraffa attributed this same method of dealing with
 fixed capital to Marx, and to Torrens, Malthus, and Ricardo. This paper
 examines the textual evidence presented by Sraffa to support his
 interpretation of Marx's treatment of fixed capital, and also examines
 more comprehensive textual evidence from the three volumes of Capital not
 considered by Sraffa. It is argued that Marx did not treat fixed capital
 as a joint product in his theory of prices, but instead consistently
 assumed a 'straight-line' method of depreciation, according to which a
 constant fraction of the total value of the fixed capital is transferred
 to the price of the product in each period, and the remaining value of the
 fixed capital is not part of the value of the product, but instead
 'remains fixed' in the capital goods. 
Journal: Review of Political Economy 
Pages: 85-100 
Issue: 1 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250802517006 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250802517006
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:1:p:85-100




Template-Type: ReDIF-Article 1.0
Author-Name: Mathieu Dufour 
Author-X-Name-First: Mathieu 
Author-X-Name-Last: Dufour 
Author-Name: Ozgur Orhangazi 
Author-X-Name-First: Ozgur 
Author-X-Name-Last: Orhangazi 
Title: The 2000-2001 Financial Crisis in Turkey: A Crisis for Whom? 
Abstract:
  In this paper, we study the consequences of the 2000-2001 financial
 crisis in Turkey to identify the impacts of the crisis on capital and
 labor. We uncover three significant empirical effects of this crisis.
 First, international capital benefited from the crisis by increasing both
 its total assets in Turkey and its income flows from these assets, while
 large domestic financial capitalists also increased their profits in the
 aftermath of the crisis. Second, industrial capital benefited via a
 repression of labor. Third, the attempt to 'remedy' the economy by
 imposing structural changes furthered the interests of capital in general. 
Journal: Review of Political Economy 
Pages: 101-122 
Issue: 1 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250802517014 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250802517014
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:1:p:101-122




Template-Type: ReDIF-Article 1.0
Author-Name: Joe Wallis 
Author-X-Name-First: Joe 
Author-X-Name-Last: Wallis 
Author-Name: Brian Dollery 
Author-X-Name-First: Brian 
Author-X-Name-Last: Dollery 
Author-Name: Lin Crase 
Author-X-Name-First: Lin 
Author-X-Name-Last: Crase 
Title: Political Economy and Organizational Leadership: A Hope-based Theory 
Abstract:
  Unlike other disciplines in the humanities and social sciences, economics
 has neglected leadership. This paper proposes that a distinctive
 leadership role is to facilitate the development of hope so that
 organizational members can sustain their commitments. The conceptual
 grounding for this approach can be found in the work of Amaryta Sen,
 Albert Hirschman and Jon Elster, who have tried to explain the effect of
 commitment and emotions on behavior. It is also proposed here that the
 authority organizational leaders have to call meetings gives them the
 capacity both to influence social interactions to carry out this role, and
 to gauge the organization's cultural strength and its members'
 receptiveness to inspirational information that can shape the choice of
 leadership styles. 
Journal: Review of Political Economy 
Pages: 123-143 
Issue: 1 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250802517030 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250802517030
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:1:p:123-143




Template-Type: ReDIF-Article 1.0
Author-Name: Kurt Rothschild 
Author-X-Name-First: Kurt 
Author-X-Name-Last: Rothschild 
Author-Name: John King 
Author-X-Name-First: John 
Author-X-Name-Last: King 
Title: A Conversation with Kurt Rothschild 
Abstract:
  Kurt Rothschild was born in Vienna in 1914. In 1938 he came to Glasgow as
 a refugee from the Nazis, and taught there until his return to Austria in
 1947. Between 1947 and 1966 he was a researcher at the Austrian Economic
 Research Institute in Vienna (WIFO), specialising in labour market and
 trade issues; he still works for WIFO as a consultant. From 1966 until
 1985 he was Professor of Economics at the University of Linz. Two volumes
 of his collected papers appeared in the 1990s (Rothschild, 1993, 1995).
 His recent publications include Rothschild (2004a, 2004b, 2006, 2007a,
 2007b). This interview took place in Vienna on 1 November 2007. 
Journal: Review of Political Economy 
Pages: 145-155 
Issue: 1 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250802517089 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250802517089
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:1:p:145-155




Template-Type: ReDIF-Article 1.0
Author-Name: Ben Fine 
Author-X-Name-First: Ben 
Author-X-Name-Last: Fine 
Title: Enigma in the Origins of Paul Sweezy's Political Economy 
Abstract:
  Paul Sweezy's work on the history of the British coal industry gave rise
 to his doctoral thesis and a published monograph at exactly the same time
 that he was making the transition from mainstream economics to Marxist
 political economy. This note explores the peculiar disappearance of this
 work from his subsequent contributions despite its apparent influence upon
 and consistency with it. 
Journal: Review of Political Economy 
Pages: 157-161 
Issue: 1 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250802517113 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250802517113
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:1:p:157-161




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Lewis 
Author-X-Name-First: Paul 
Author-X-Name-Last: Lewis 
Author-Name: Elisabeth Allgoewer 
Author-X-Name-First: Elisabeth 
Author-X-Name-Last: Allgoewer 
Author-Name: Paul Zarembka 
Author-X-Name-First: Paul 
Author-X-Name-Last: Zarembka 
Author-Name: Jurriaan Bendien 
Author-X-Name-First: Jurriaan 
Author-X-Name-Last: Bendien 
Author-Name: John Lodewijks 
Author-X-Name-First: John 
Author-X-Name-Last: Lodewijks 
Author-Name: J. E. King 
Author-X-Name-First: J. E. 
Author-X-Name-Last: King 
Author-Name: William Tabb 
Author-X-Name-First: William 
Author-X-Name-Last: Tabb 
Author-Name: William Tabb 
Author-X-Name-First: William 
Author-X-Name-Last: Tabb 
Author-Name: Tae-Hee Jo 
Author-X-Name-First: Tae-Hee 
Author-X-Name-Last: Jo 
Author-Name: Martin Gregor 
Author-X-Name-First: Martin 
Author-X-Name-Last: Gregor 
Title: Book Reviews 
Abstract:
Journal: Review of Political Economy 
Pages: 163-189 
Issue: 1 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250802517162 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250802517162
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:1:p:163-189




Template-Type: ReDIF-Article 1.0
Author-Name: Gary Mongiovi 
Author-X-Name-First: Gary 
Author-X-Name-Last: Mongiovi 
Author-Name: Steven Pressman 
Author-X-Name-First: Steven 
Author-X-Name-Last: Pressman 
Author-Name: John Smithin 
Author-X-Name-First: John 
Author-X-Name-Last: Smithin 
Title: John Derek Pheby, October 24, 1949-October 21, 2008 
Abstract:
Journal: Review of Political Economy 
Pages: 191-193 
Issue: 2 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250902833998 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250902833998
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:2:p:191-193




Template-Type: ReDIF-Article 1.0
Author-Name: Roberto Veneziani 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Veneziani 
Title: Global Capitalism and Imperialism Theory: Methodological and Substantive Insights from Rosa Luxemburg 
Abstract:
  This paper analyses some issues raised by Rosa Luxemburg's theory of
 imperialism that are central to current debates on globalisation.
 Methodologically, despite widespread scepticism on the use of mathematics
 in Marxist social science, Luxemburg's rigorous analysis of Marx's schemes
 of reproduction forcefully shows the importance of theoretical abstraction
 and formal modelling. Indeed, this paper analyses Luxemburg's theory by
 means of an intertemporal generalisation of Roemer's (1983) economy with a
 global capital market. It focuses in particular on two substantive issues:
 the relation between capital accumulation and imperialism, and the role of
 force and non-competitive distortions in imperialistic international
 relations. It argues that differences in development and competitive
 credit markets, rather than realisation problems, are important to
 understand the emergence of international exploitation, whereas
 extra-economic coercion may be important to understand its persistence. 
Journal: Review of Political Economy 
Pages: 195-211 
Issue: 2 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250902834004 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250902834004
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:2:p:195-211




Template-Type: ReDIF-Article 1.0
Author-Name: Kurt Rothschild 
Author-X-Name-First: Kurt 
Author-X-Name-Last: Rothschild 
Title: Neoliberalism, EU and the Evaluation of Policies 
Abstract:
  Changes in GDP growth, unemployment and inflation are utilized as
 indicators of the transition of nineteen OECD countries from Keynesian to
 neoliberal policies in the period 1960 to 2007. The paper then shows how
 evaluations of this change and of the success of the European Union can
 vary depending on the value basis of the observer. 
Journal: Review of Political Economy 
Pages: 213-225 
Issue: 2 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250902834038 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250902834038
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:2:p:213-225




Template-Type: ReDIF-Article 1.0
Author-Name: Michele Alacevich 
Author-X-Name-First: Michele 
Author-X-Name-Last: Alacevich 
Title: The World Bank's Early Reflections on Development: A Development Institution or a Bank? 
Abstract:
  Until the late 1960s, the World Bank presented itself as an institution
 devoted to making sound and directly productive project loans. Yet, during
 its early years, discussions took place within the Bank regarding the
 possibility of issuing different types of loans, namely (i) loans aimed at
 tackling social issues ('social loans'), and (ii) loans aimed at providing
 foreign currency to address disequilibria in the balance of payments
 ('impact loans'). This paper brings together historical analysis and
 theories of organization development to study the housing issue as a case
 in point. The analysis reveals that the Bank was unwilling to lend for
 housing programmes not because these were not sound - in fact, they were -
 but because they were geared toward achieving social welfare objectives
 and were not directly linked to productive investment projects, such as
 dams, power stations, and railroads. This early decision had a significant
 impact on the subsequent development of the Bank's view of policy-making:
 it locked the institution into a particular lending pattern, and deprived
 it of important intellectual resources. It was not until the late 1960s
 that the Bank began to take social issues into consideration, rather late
 compared with other multilateral institutions. 
Journal: Review of Political Economy 
Pages: 227-244 
Issue: 2 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250902834046 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250902834046
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:2:p:227-244




Template-Type: ReDIF-Article 1.0
Author-Name: Eckhard Hein 
Author-X-Name-First: Eckhard 
Author-X-Name-Last: Hein 
Author-Name: Lena Vogel 
Author-X-Name-First: Lena 
Author-X-Name-Last: Vogel 
Title: Distribution and Growth in France and Germany: Single Equation Estimations and Model Simulations Based on the Bhaduri/Marglin Model 
Abstract:
  We analyse the relationship between functional income distribution and
 economic growth in France and Germany from 1960 until 2005. The analysis
 is based on a demand-driven distribution and growth model for an open
 economy inspired by Bhaduri & Marglin (1990), which allows for profit- or
 wage-led growth. First, we apply a single equation approach, estimating
 the effects of redistribution on the demand aggregates and summing up
 these effects in order to obtain the total effect of redistribution on GDP
 growth. Since interactions between the demand aggregates are omitted from
 this approach, we also apply a simulation approach taking into account
 these interactions. In the single equation approach we find that growth in
 France was wage-led, whereas the effect in Germany was undetermined. The
 results of the simulation approach, however, suggest that the wage-led
 nature of growth in France becomes even more pronounced when considering
 the interactions between the demand aggregates, while in Germany the
 simulations show a tendency towards wage-led growth in the longer run. 
Journal: Review of Political Economy 
Pages: 245-272 
Issue: 2 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250902834053 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250902834053
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:2:p:245-272




Template-Type: ReDIF-Article 1.0
Author-Name: Andrea Pacella 
Author-X-Name-First: Andrea 
Author-X-Name-Last: Pacella 
Title: The Effects of Employment Insecurity on Demand, Productivity and Employment Levels 
Abstract:
  This paper investigates the effects of labour market deregulation on
 demand, productivity and employment levels in the short term. The focus
 will be on deregulation of labour contracts, i.e. on the transition from a
 legal system that guarantees permanent employment to a system of formal
 rules allowing for job insecurity. The idea is that the greater the
 deregulation of labour contracts, the higher the productivity and the
 lower the demand and employment levels. 
Journal: Review of Political Economy 
Pages: 273-289 
Issue: 2 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250902834061 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250902834061
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:2:p:273-289




Template-Type: ReDIF-Article 1.0
Author-Name: Hilary Putnam 
Author-X-Name-First: Hilary 
Author-X-Name-Last: Putnam 
Author-Name: Vivian Walsh 
Author-X-Name-First: Vivian 
Author-X-Name-Last: Walsh 
Title: Entanglement throughout Economic Science: The End of a Separate Welfare Economics 
Abstract:
  In the 1980s, Amartya Sen (1987, p. 51) complained of 'the impoverishment
 of welfare economics'. By 1993, Sir Partha Dasgupta (1993, p. 71), citing
 Hilary Putnam, had embraced the entanglement of theory, facts and values,
 and presented a theoretically rigorous, factually based, and deeply
 ethical social welfare function, which has rich non-utilitarian ethical
 elements sharply distinguishing it from the old 'welfarist' construction,
 and which he called a social evaluation function. Those things that the
 'new' welfare economics had notoriously shied away from, above all
 interpersonal comparisons, are in full flower in Dasgupta's concept, and
 he is so confident of the moral support of his colleagues in the field
 that he seldom discusses ethical issues. Could one ask for anything more?
 We believe one can, and that framing this work as a separate branch of
 economics called 'welfare theory' limits its reach and influence, and
 offers its enemies an excuse for evading its message. What is more we
 argue that the logical entailments of entanglement render the concept of a
 separate 'welfare' economics meaningless. 
Journal: Review of Political Economy 
Pages: 291-297 
Issue: 2 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250902834087 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250902834087
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:2:p:291-297




Template-Type: ReDIF-Article 1.0
Author-Name: Mark White 
Author-X-Name-First: Mark 
Author-X-Name-Last: White 
Title: In Defense of Deontology and Kant: A Reply to van Staveren 
Abstract:
  In this note, I respond to a recent article by Irene van Staveren (2007)
 in this journal, where she presents a case for virtue ethics, rather than
 deontology or consequentialism, as the most appropriate philosophical
 foundation for economics. Rather than taking issue with her positive
 arguments for virtue ethics, I argue in defense of deontology - or, more
 specifically, the moral philosophy of Immanuel Kant. I argue that, when
 properly understood, Kantian ethics should not be associated solely with
 formal rules and obligation, but that Kant's moral system can accommodate
 many of the concerns of virtue ethics, such as social relations,
 real-world context, and human fallibility, as well as embodying a unique
 emphasis on human dignity and judgment. 
Journal: Review of Political Economy 
Pages: 299-307 
Issue: 2 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250902834103 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250902834103
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:2:p:299-307




Template-Type: ReDIF-Article 1.0
Author-Name: Irene van Staveren 
Author-X-Name-First: Irene 
Author-X-Name-Last: van Staveren 
Title: A Response to Mark D. White 
Abstract:
  In this response to Mark D. White, I agree with White's clear distinction
 between Kant and deontology but reject the suggestion that I would have
 implied that virtue ethics is a more appropriate ethical foundation for
 economics than both utilitarianism and deontology. Moreover, I argue
 against any attempt at creating a hierarchy in ethical foundations for
 economics, including one that would put deontology first or a view,
 apparently entertained by White, which would (almost) equate virtue with
 moral duty, thereby reducing virtue ethics to deontology. 
Journal: Review of Political Economy 
Pages: 309-312 
Issue: 2 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250902834111 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250902834111
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:2:p:309-312




Template-Type: ReDIF-Article 1.0
Author-Name: Scott Carter 
Author-X-Name-First: Scott 
Author-X-Name-Last: Carter 
Title: The Constitution of Capital: Essays on Volume I of Marx's Capital 
Abstract:
Journal: Review of Political Economy 
Pages: 313-315 
Issue: 2 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250902871527 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250902871527
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:2:p:313-315




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Whaples 
Author-X-Name-First: Robert 
Author-X-Name-Last: Whaples 
Title: Gambling in America: Costs and Benefits 
Abstract:
Journal: Review of Political Economy 
Pages: 315-317 
Issue: 2 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250902871535 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250902871535
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:2:p:315-317




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Whaples 
Author-X-Name-First: Robert 
Author-X-Name-Last: Whaples 
Title: Coal: A Human History 
Abstract:
Journal: Review of Political Economy 
Pages: 317-320 
Issue: 2 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250902871550 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250902871550
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:2:p:317-320




Template-Type: ReDIF-Article 1.0
Author-Name: Robin Neill 
Author-X-Name-First: Robin 
Author-X-Name-Last: Neill 
Title: A Poverty of Reason: Sustainable Development and Economic Growth 
Abstract:
Journal: Review of Political Economy 
Pages: 320-322 
Issue: 2 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250902871600 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250902871600
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:2:p:320-322




Template-Type: ReDIF-Article 1.0
Author-Name: Stefan Kesting 
Author-X-Name-First: Stefan 
Author-X-Name-Last: Kesting 
Title: Institutional Change and Globalization 
Abstract:
Journal: Review of Political Economy 
Pages: 322-324 
Issue: 2 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250902871626 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250902871626
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:2:p:322-324




Template-Type: ReDIF-Article 1.0
Author-Name: Mathew Bradbury 
Author-X-Name-First: Mathew 
Author-X-Name-Last: Bradbury 
Title: IMF Essays from a Time of Crisis 
Abstract:
Journal: Review of Political Economy 
Pages: 324-326 
Issue: 2 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250902871642 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250902871642
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:2:p:324-326




Template-Type: ReDIF-Article 1.0
Author-Name: Oren Levin-Waldman 
Author-X-Name-First: Oren 
Author-X-Name-Last: Levin-Waldman 
Title: Economic Origins of Dictatorship and Democracy 
Abstract:
Journal: Review of Political Economy 
Pages: 326-329 
Issue: 2 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250902871659 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250902871659
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:2:p:326-329




Template-Type: ReDIF-Article 1.0
Author-Name: Oren Levin-Waldman 
Author-X-Name-First: Oren 
Author-X-Name-Last: Levin-Waldman 
Title: Ethical Codes and Income Distribution: A Study of John Bates Clark and Thorstein Veblen 
Abstract:
Journal: Review of Political Economy 
Pages: 329-331 
Issue: 2 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250902871667 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250902871667
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:2:p:329-331




Template-Type: ReDIF-Article 1.0
Author-Name: Brad Andrew 
Author-X-Name-First: Brad 
Author-X-Name-Last: Andrew 
Title: The First Crash 
Abstract:
Journal: Review of Political Economy 
Pages: 332-333 
Issue: 2 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250902871675 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250902871675
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:2:p:332-333




Template-Type: ReDIF-Article 1.0
Author-Name: Brad Andrew 
Author-X-Name-First: Brad 
Author-X-Name-Last: Andrew 
Title: The Economist's Tale: A Consultant Encounters Hunger and the World Bank 
Abstract:
Journal: Review of Political Economy 
Pages: 334-335 
Issue: 2 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250902871683 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250902871683
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:2:p:334-335




Template-Type: ReDIF-Article 1.0
Author-Name: Michel Bauwens 
Author-X-Name-First: Michel 
Author-X-Name-Last: Bauwens 
Title: Political Economy from Below. Economic Thought in Communitarian Anarchism, 1840-1914 
Abstract:
Journal: Review of Political Economy 
Pages: 336-337 
Issue: 2 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250902871691 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250902871691
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:2:p:336-337




Template-Type: ReDIF-Article 1.0
Author-Name: John King 
Author-X-Name-First: John 
Author-X-Name-Last: King 
Author-Name: Gary Mongiovi 
Author-X-Name-First: Gary 
Author-X-Name-Last: Mongiovi 
Title: Introductory Note 
Abstract:
Journal: Review of Political Economy 
Pages: 339-339 
Issue: 3 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250903073354 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903073354
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:3:p:339-339




Template-Type: ReDIF-Article 1.0
Author-Name: Antonella Palumbo 
Author-X-Name-First: Antonella 
Author-X-Name-Last: Palumbo 
Title: Adjusting Theory to Reality: The Role of Aggregate Demand in Kaldor's Late Contributions on Economic Growth 
Abstract:
  This paper deals with the analysis of growth and development Nicholas
 Kaldor formulated in the later part of his career, during the 1970s and
 1980s. Kaldor's passage from a resource-constrained to a demand-driven
 conception of growth was closely connected to his persistent effort to
 make economic theory more realistic and relevant, and led him to a complex
 vision of the growth process, with historical and institutional factors
 playing a fundamental role. However, the particular formulation in which
 Kaldor expressed his ideas about the strategic role of exports in the
 growth process, namely the long-period foreign trade multiplier, cannot
 fully capture the main characterisitcs of his vision of the growth
 process, and is in some respects contradictory with that vision. A
 critical role is played by Kaldor's conception of the determinants of
 investment, which, as in his full-employment growth models, he treats as
 entirely induced by output growth, and hence as not posing limits, in
 normal conditions, on output expansion. 
Journal: Review of Political Economy 
Pages: 341-368 
Issue: 3 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250903073362 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903073362
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:3:p:341-368




Template-Type: ReDIF-Article 1.0
Author-Name: Marc Lavoie 
Author-X-Name-First: Marc 
Author-X-Name-Last: Lavoie 
Title: Cadrisme within a Post-Keynesian Model of Growth and Distribution 
Abstract:
  The 1990s, especially in the United States, witnessed an unprecedented
 change in income distribution, with a large redistribution towards
 rentiers on the one hand, and towards the upper ranks of the managerial
 bureaucracy on the other hand, as became ever more obvious after the
 financial scandals affecting large corporations such as Enron and
 Worldcom. This has also been accompanied by large capital gains that
 benefited top-file managers as well as shareholders. Ordinary employees
 and workers, as a counterpart, have seen their real purchasing power
 stagnate. Despite all this, and in contrast to the predictions of the
 canonical Kaleckian growth model, many countries achieved respectable
 growth rates of capital and output. The purpose of the present paper is to
 explain this paradox and to provide a consistent post-Keynesian model of
 growth that would model the main features identified above, making a
 distinction between managerial labour, basically overhead labour, and
 workers, essentially direct labour - a distinction that was recommended,
 but never implemented by Kaldor. The model is based on target-return
 pricing procedures. We then study the implications of cadrisme, a
 managerial-friendly regime based on large pay packages for the managerial
 class. 
Journal: Review of Political Economy 
Pages: 369-391 
Issue: 3 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250903073396 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903073396
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:3:p:369-391




Template-Type: ReDIF-Article 1.0
Author-Name: Prabirjit Sarkar 
Author-X-Name-First: Prabirjit 
Author-X-Name-Last: Sarkar 
Title: A Centre-Periphery Framework on Kaldorian Lines 
Abstract:
  This paper develops the seminal ideas of Nicholas Kaldor into a
 Centre-Periphery framework of the world economy, where the Centre faces
 the problem of surplus capacity and effective demand and the Periphery
 faces a capacity constraint. In such a framework, a Harrod-type 'foreign
 trade multiplier' works in a short-run partial equilibrium analysis: a
 rise in the Periphery's output increases demand for output of the Centre.
 There is some ambiguity in the short-run effect of the peripheral terms of
 trade on the output of the Centre. In the long-run equilibrium growth of
 the whole framework, the 'foreign trade multiplier' does not work. A rise
 in factor productivity or the growth rate in the Periphery leads to a fall
 in its terms of trade while the Centre remains unaffected. A rise in the
 productivity in the Centre affects its factor income, not its terms of
 trade. 
Journal: Review of Political Economy 
Pages: 393-401 
Issue: 3 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250903073446 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903073446
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:3:p:393-401




Template-Type: ReDIF-Article 1.0
Author-Name: Leanne Ussher 
Author-X-Name-First: Leanne 
Author-X-Name-Last: Ussher 
Title: Global Imbalances and the Key Currency Regime: The Case for a Commodity Reserve Currency 
Abstract:
  This paper considers Kaldor's 1964 proposal for a commodity reserve
 currency (CRC) as a serious alternative to the current system, which has
 the US dollar as the world reserve currency. It argues that the
 reserve-currency status of the US dollar helped to create global
 imbalances and financial fragility pre-empting the current crisis. The
 primary goal of the CRC was to resolve the 1960 Triffin dilemma, which
 remains a problem today. Following a brief history of alternative monetary
 reform proposals, the CRC is outlined. Backed by a basket of 30 or so
 commodities, the CRC would fix their price index in terms of the
 international reserve and reduce the disorderly swings in individual
 commodity prices. Sovereign governments would be free to fix or float
 their national currencies to the CRC. With growing fears over global
 warming and national resource security, particularly in the world's
 poorest countries, the introduction of a CRC could reduce supply
 constraints, stabilize costs of production, promote global effective
 demand from the periphery and balance growth between periphery and core
 countries. 
Journal: Review of Political Economy 
Pages: 403-421 
Issue: 3 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250903073461 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903073461
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:3:p:403-421




Template-Type: ReDIF-Article 1.0
Author-Name: Sean Turnell 
Author-X-Name-First: Sean 
Author-X-Name-Last: Turnell 
Author-Name: Leanne Ussher 
Author-X-Name-First: Leanne 
Author-X-Name-Last: Ussher 
Title: A 'New Bretton Woods': Kaldor and the Antipodean Quest for Global Full Employment 
Abstract:
  In 1949 Nicholas Kaldor co-authored a report whose recommendations, if
 implemented, would have revolutionized international economic
 policy-making. National and International Measures for Full Employment
 (NIFE) had been commissioned by the United Nations (UN). A capstone to
 efforts throughout the 1940s to transform international economic
 policy-making along Keynesian lines, NIFE was without precedent in the
 importance it accorded global effective demand in determining employment
 and trade outcomes, and in the commitments it required of governments -
 not only to their own people, but to other nations as well. For this it
 earned the enmity of many, including some prominent economists. In the end
 NIFE fell victim to the independence of nations within the UN and to
 changing world circumstances; the report was quietly shelved. Today it is
 little known, and to the extent that NIFE continues to be commented on,
 its ideas are presented as a step in the progressive shift of focus in
 Kaldor's thinking from national to global macroeconomics. We argue that,
 while Kaldor was the principal author of NIFE, credit for this global
 Keynesian policy must be shared equally with his Australian co-authors. 
Journal: Review of Political Economy 
Pages: 423-445 
Issue: 3 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250903073479 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903073479
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:3:p:423-445




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Boylan 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Boylan 
Author-Name: Paschal O'Gorman 
Author-X-Name-First: Paschal 
Author-X-Name-Last: O'Gorman 
Title: Kaldor on Debreu: The Critique of General Equilibrium Reconsidered 
Abstract:
  This paper revisits Kaldor's methodological critique of orthodox
 economics. The main target of his critique was the theory of general
 equilibrium as expounded in the work of Debreu and others. Kaldor deemed
 this theory to be seriously flawed as an empirically adequate description
 of real-world economies. According to Kaldor, scientific progress was not
 possible in economics without a major act of demolition, by which he meant
 the destruction of the basic conceptual framework of the theory of general
 equilibrium. We extend Kaldor's critique by recourse to major developments
 in 20th century philosophy of mathematics, and then go on to demonstrate
 that Debreu's work, based as it is on Bourbakist formalism and in
 particular Cantorian set theory, is conceptually incompatible with
 Kaldor's requirements for an empirical science. This aspect of Kaldor's
 critique has not been explored, and as a consequence a major source of
 substantiating his critique has remained undeveloped. 
Journal: Review of Political Economy 
Pages: 447-461 
Issue: 3 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250903073495 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903073495
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:3:p:447-461




Template-Type: ReDIF-Article 1.0
Author-Name: Therese Jefferson 
Author-X-Name-First: Therese 
Author-X-Name-Last: Jefferson 
Author-Name: John King 
Author-X-Name-First: John 
Author-X-Name-Last: King 
Title: Nicholas Kaldor and Critical Realism 
Abstract:
  Kaldor was among the first Post Keynesians to be identified by Tony
 Lawson as a forerunner of critical realism, and there are some insights to
 be gained by considering why this was so. Kaldor's arguments about
 stylised facts and theory building also provide an opportunity to consider
 issues of research method. We suggest some criteria that might be used to
 assess whether a research program is broadly consistent with a critical
 realist agenda. We then examine Kaldor's contributions to see whether his
 theoretical and empirical insights fit these criteria. In doing so, we
 identify several key areas of interest that extend methodological
 discussion in useful directions. We conclude that Lawson was broadly
 correct: Kaldor was indeed a forerunner of critical realism. 
Journal: Review of Political Economy 
Pages: 463-480 
Issue: 3 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250903073537 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903073537
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:3:p:463-480




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Dunn 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Dunn 
Title: Cambridge Economics, Heterodoxy and Ontology: An Interview with Tony Lawson 
Abstract:
  Over the past two decades the Cambridge economist Tony Lawson has been a
 leading advocate for an ontological turn in economics, as well as a main
 contributor to the specific methodological framework sometimes
 systematised as critical realism. On a sunny afternoon on 17 June 2000,
 Lawson and I talked at length in his Cambridge garden about his own
 intellectual history, his interconnecting relationships with the Cambridge
 Economics Faculty, his views on methodology and philosophy, and his
 relation to the heterodox traditions in economics, focusing on Post
 Keynesianism in particular. What follows is an edited and abridged version
 of that discussion. 
Journal: Review of Political Economy 
Pages: 481-496 
Issue: 3 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250902834095 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250902834095
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:3:p:481-496




Template-Type: ReDIF-Article 1.0
Author-Name: Esteban Perez-Caldentey 
Author-X-Name-First: Esteban 
Author-X-Name-Last: Perez-Caldentey 
Title: Economists in Cambridge. A Study through their Correspondence, 1907-1946 
Abstract:
Journal: Review of Political Economy 
Pages: 497-500 
Issue: 3 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250903090424 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903090424
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:3:p:497-500




Template-Type: ReDIF-Article 1.0
Author-Name: Ferudun Yilmaz 
Author-X-Name-First: Ferudun 
Author-X-Name-Last: Yilmaz 
Title: Recent Developments in Institutional Economics 
Abstract:
Journal: Review of Political Economy 
Pages: 500-502 
Issue: 3 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250903090234 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903090234
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:3:p:500-502




Template-Type: ReDIF-Article 1.0
Author-Name: Alain Marciano 
Author-X-Name-First: Alain 
Author-X-Name-Last: Marciano 
Title: Altruistically Inclined? The Behavioral Sciences, Evolutionary Theory, and the Origins of Reciprocity 
Abstract:
Journal: Review of Political Economy 
Pages: 502-505 
Issue: 3 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250903090341 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903090341
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:3:p:502-505




Template-Type: ReDIF-Article 1.0
Author-Name: Stavros Mavroudeas 
Author-X-Name-First: Stavros 
Author-X-Name-Last: Mavroudeas 
Title: Marx's Theory of Money. Modern Appraisals 
Abstract:
Journal: Review of Political Economy 
Pages: 505-507 
Issue: 3 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250903090366 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903090366
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:3:p:505-507




Template-Type: ReDIF-Article 1.0
Author-Name: J. E. King 
Author-X-Name-First: J. E. 
Author-X-Name-Last: King 
Title: The Political Economy of the Living Wage: A Study of Four Cities 
Abstract:
Journal: Review of Political Economy 
Pages: 508-509 
Issue: 3 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250903090242 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903090242
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:3:p:508-509




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Whaples 
Author-X-Name-First: Robert 
Author-X-Name-Last: Whaples 
Title: Changing the Guard: Private Prisons and the Control of Crime 
Abstract:
Journal: Review of Political Economy 
Pages: 510-511 
Issue: 3 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250903090200 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903090200
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:3:p:510-511




Template-Type: ReDIF-Article 1.0
Author-Name: Orly Lobel 
Author-X-Name-First: Orly 
Author-X-Name-Last: Lobel 
Title: How the Other Half Works: Immigration and the Social Organization of Labor 
Abstract:
Journal: Review of Political Economy 
Pages: 511-514 
Issue: 3 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250903090317 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903090317
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:3:p:511-514




Template-Type: ReDIF-Article 1.0
Author-Name: William Jackson 
Author-X-Name-First: William 
Author-X-Name-Last: Jackson 
Title: Retirement Policies and the Life Cycle: Current Trends and Future Prospects 
Abstract:
  During the 20th century, pensions in developed countries were generally
 payable from a statutory retirement age which provided a norm for
 retirement behaviour and a threshold dividing older from younger age
 groups. Governments, by setting fixed starting dates for work and
 retirement, created a standardised life cycle with clearly delineated and
 uniform boundaries between education, work and retirement stages. Over the
 last 30 years or so, retirement behaviour has diverged from official norms
 and moved towards earlier retirement, although pressures for later
 retirement are now increasing as concerns over pension finance provoke
 calls for older workers to remain economically active. Weaker retirement
 norms have prompted speculation that working practices may be evolving
 from a Fordist life cycle with fixed stages to post-Fordist life courses
 with fluid and variable personal experiences. This paper assesses current
 trends, asking whether they do indicate major changes in the life cycle,
 and considers the flexibility of retirement, paying particular attention
 to the influence of government and employers. Several ways in which
 retirement could develop are identified, but few of them remove the
 constraints on retirees: truly flexible retirement will not occur
 spontaneously and will require explicit policies to safeguard retirement
 choices. 
Journal: Review of Political Economy 
Pages: 515-536 
Issue: 4 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250903215823 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903215823
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:4:p:515-536




Template-Type: ReDIF-Article 1.0
Author-Name: Rouba Al-Fattal 
Author-X-Name-First: Rouba 
Author-X-Name-Last: Al-Fattal 
Title: The Tragedy of the Commons: Institutions and Fisheries Management at the Local and EU Levels 
Abstract:
  Garrett Hardin's Tragedy of the Commons argument states that resources
 held in common will inevitably suffer overexploitation and degradation.
 However, recent contradicting evidence has led theorists to question the
 soundness of this claim. This paper assesses the accuracy and predictive
 success of the six essential assumptions of Hardin's approach. The aim of
 the paper is to compare the functioning of the tragedy of the commons
 approach at the local and the international levels, in order to
 demonstrate that the context we choose affects the applicability of the
 hypothesis in explaining policy outcomes. The paper compares the validity
 of the tragedy of the commons hypothesis in three marine cases: California
 fisheries, modern Oregon fisheries and European Union Common Fisheries
 Policy. We find that at the local level the tragedy of the commons can be
 mitigated when a co-management of institutions is achieved, while the EU
 case shows that the tragedy of the commons is a realistic prediction when
 dealing with international institutions. 
Journal: Review of Political Economy 
Pages: 537-547 
Issue: 4 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250903214834 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903214834
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:4:p:537-547




Template-Type: ReDIF-Article 1.0
Author-Name: Carol Connell 
Author-X-Name-First: Carol 
Author-X-Name-Last: Connell 
Title: Method, Structure and Argument in Edith Penrose's Theory of Growth 
Abstract:
  Edith Penrose's The Theory of the Growth of the Firm proposed a process
 theory of growth based on the pursuit and coordination of knowledge. From
 1956 to 1973, Penrose began to focus on large international firms
 operating in developing countries. She found government to be a continuous
 input to the growth process. We argue here that Penrose was a heterodox
 economist, who followed the methodological style and structure of her
 Austrian mentor Fritz Machlup, embraced the neoclassical case study method
 of Marshall, and articulated a viewpoint on international growth that is
 much in line with Roy Harrod, Maurice Bye and Charles Kindleberger, who
 devoted considerable attention to why governments find it necessary to
 impose restraints on how such firms invest in their economies. The
 background and development of Penrose's work has implications for theory
 and policy, specifically for the Resource-based view which recognizes
 Penrose as its founder. 
Journal: Review of Political Economy 
Pages: 549-566 
Issue: 4 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250903214842 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903214842
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:4:p:549-566




Template-Type: ReDIF-Article 1.0
Author-Name: Rudy Fichtenbaum 
Author-X-Name-First: Rudy 
Author-X-Name-Last: Fichtenbaum 
Title: The Impact of Unions on Labor's Share of Income: A Time-Series Analysis 
Abstract:
  Early time-series studies that examined the impact of unions on labor's
 share of income were primarily descriptive. They generally found that
 unions did not impact labor's share of income. In contrast, later studies,
 using either panel data or cross-section data, have produced mixed
 results. This study adds to our understanding of this topic by first
 developing an analytical model based on imperfect competition and then
 testing the model using time-series data for the US manufacturing sector
 from 1949-2006. The results demonstrate that unions have a positive impact
 on labor's share of income. They show that for each one percentage point
 reduction in union density, the proportion of income received by
 production workers declines by about 0.2 percentage points, holding other
 factors constant. From 1949 to 2006, labor's share of income declined
 approximately 25 percentage points; around 28% of that decline is
 explained by the decline in unionization. This paper is distinctive in
 estimating the proportion of the decline in labor's share attributable to
 declining unionization. It also has important implications for the
 Employee Free Choice Act and sheds light on whether social or
 institutional forces can affect the distribution of income. 
Journal: Review of Political Economy 
Pages: 567-588 
Issue: 4 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250903214859 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903214859
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:4:p:567-588




Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Roberts 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Roberts 
Title: RICARDO: Standard Commodity : : MARX: ?  
Abstract:
  Sraffa's construct, the standard commodity, responds to Ricardo's search
 for an 'invariable' measure of value, since it is a measurement unit
 invariant to changes in distribution. But Sraffa suggests that there is no
 'counterpart,' no analogous search or needed construct, for the 'problem'
 of 'difference' as distinct from change ('why two commodities produced by
 the same quantities of labour are not of the same exchangeable value').
 Difference in this sense is crucial to Marx, who distinguishes value and
 surplus-value from capitalist price and profit in part in order to
 theorize differences as systematic value transfers. In that effort, Marx
 repeatedly poses commodities and capitals as 'aliquot parts' of the whole,
 so that profit is a redistributed share of aggregate surplus-value. This
 paper shows that, when Marx's aliquot part imagery is formalized, the
 resulting hypothetical system represents a meaningful 'counterpart,' a
 construct with a function in Marx's analysis of difference comparable to
 that of Sraffa's standard commodity in analyzing distributional change. A
 Marxian 'standard system' posing each commodity as an aliquot part of the
 social capital (a) defines the needed labor-time unit of social account by
 homogenizing heterogeneous concrete labors as socially average
 ('abstract') labor while simultaneously (b) allowing the derivation of
 exchange-value (e.g., capitalist production price) on that scale via
 summation of directly and indirectly embodied labor. Indeed, Marx's
 approach to production prices as resulting from an inter-industry
 redistribution of aggregate surplus-value is shown to be algebraically
 identical to the calculation of labor-embodied under 'aliquot part'
 production conditions. 
Journal: Review of Political Economy 
Pages: 589-619 
Issue: 4 
Volume: 21 
Year: 2009 
X-DOI: 10.1080/09538250903214875 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903214875
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:21:y:2009:i:4:p:589-619




Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Elmslie 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Elmslie 
Title: One Small Step for Man: Paul Krugman, the 2008 Nobel Laureate in Economics 
Abstract:
  Paul Krugman was awarded the 2008 Nobel Prize in Economics 'for his
 analysis of trade patterns and location of economic activity'
 (http://nobelprize.org). This article assesses the importance of Krugman's
 contributions to both the state of our knowledge and methodology as a
 profession. The focus of the article is on Krugman's contributions to
 trade theory beginning with Krugman (1979a). This article had a major
 direct impact on the direction of research on international trade while
 also containing the seeds of his work 12 years later on economic
 geography. 
Journal: Review of Political Economy 
Pages: 1-17 
Issue: 1 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538250903391855 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903391855
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:1:p:1-17




Template-Type: ReDIF-Article 1.0
Author-Name: Gilberto Tadeu Lima 
Author-X-Name-First: Gilberto Tadeu 
Author-X-Name-Last: Lima 
Author-Name: Mark Setterfield 
Author-X-Name-First: Mark 
Author-X-Name-Last: Setterfield 
Title: Pricing Behaviour and the Cost-Push Channel of Monetary Policy 
Abstract:
  This paper examines the empirical and theoretical status of the cost-push
 channel of monetary policy, according to which interest rates affect the
 costs of production and hence pricing behaviour. Particular attention is
 paid to modelling the cost-push channel in a manner consistent with
 cost-plus pricing theory, which is identified as the canonical model of
 pricing behaviour in heterodox economics. It is shown that different
 variants of cost-plus pricing behaviour give rise to qualitatively
 different specifications of the cost-push channel, with important
 consequences for macrodynamics and the conduct of monetary policy. 
Journal: Review of Political Economy 
Pages: 19-40 
Issue: 1 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538250903391863 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903391863
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:1:p:19-40




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Palley 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Palley 
Title: The Relative Permanent Income Theory of Consumption: A Synthetic Keynes-Duesenberry-Friedman Model 
Abstract:
  This paper presents a theory of consumption that synthesizes the seminal
 contributions of Keynes (1936), Duesenberry (1948), and Friedman (1957).
 The model is labeled the 'relative permanent income' theory of
 consumption. The key feature is that the share of permanent income devoted
 to consumption is a negative function of household relative permanent
 income. The model generates patterns of consumption spending consistent
 with both long-run time series data for aggregate consumption and
 empirical findings from cross-section data showing high-income households
 have a higher propensity to save. The model also explains why consumption
 inequality is less than income inequality. 
Journal: Review of Political Economy 
Pages: 41-56 
Issue: 1 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538250903391954 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903391954
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:1:p:41-56




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Peacock 
Author-X-Name-First: Mark 
Author-X-Name-Last: Peacock 
Title: Starvation and Social Class: Amartya Sen on Markets and Famines 
Abstract:
  In his recent work, Amartya Sen assesses markets positively because they
 contribute to freedom. His work on famines, however, harbours a critical
 stance toward markets. In this paper, I compare Sen's 'two views' of
 markets and argue that his positive assessment is untenable. Markets can
 undermine freedom and, to show this, I examine the effects of
 market-dependence in times of famine; I extend the purview of Sen's
 analysis to include the manner in which subsistence producers who were
 once relatively autonomous from markets for their survival become
 dependent on markets. In conclusion, I examine the normative aspects of
 Sen's work on famines. 
Journal: Review of Political Economy 
Pages: 57-73 
Issue: 1 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538250903391988 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903391988
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:1:p:57-73




Template-Type: ReDIF-Article 1.0
Author-Name: Daniele Besomi 
Author-X-Name-First: Daniele 
Author-X-Name-Last: Besomi 
Author-Name: Giorgio Colacchio 
Author-X-Name-First: Giorgio 
Author-X-Name-Last: Colacchio 
Title: Auguste Ott on Commercial Crises and Distributive Justice: An Early Input-Output Scheme 
Abstract:
  In 1851 the French Social economist Auguste Ott discussed the problem of
 gluts and commercial crises, together with the issue of distributive
 justice between workers in co-operative societies. He did so by means of a
 'simple reproduction scheme' sharing some features with modern
 intersectoral transactions tables, in particular in terms of their
 graphical representation. This paper presents Ott's theory of crises
 (which was based on the disappointment of expectations) and the context of
 his model, and discusses its peculiarities, supplying a new piece for the
 reconstruction of the prehistory of input-output analysis. 
Journal: Review of Political Economy 
Pages: 75-96 
Issue: 1 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538250903392101 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903392101
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:1:p:75-96




Template-Type: ReDIF-Article 1.0
Author-Name: Davide Gualerzi 
Author-X-Name-First: Davide 
Author-X-Name-Last: Gualerzi 
Author-Name: Edward Nell 
Author-X-Name-First: Edward 
Author-X-Name-Last: Nell 
Title: Transformational Growth in the 1990s: Government, Finance and High-tech 
Abstract:
  Our aim is to understand how the process of transformational growth
 during the 1990s shaped the boom and bust of the New Economy. From the
 debate on new technologies and productivity growth, we move on to consider
 the questions raised by technological developments of the 1990s. Our focus
 is on the three-way relationship between the development of information
 and communications technologies, structural change and economic growth, as
 the key determinants of the cycle of expansion. This brings to the fore
 the effects of private investment driven by high-technology but we also
 need to consider the role played by finance and macro policy, and, in
 particular, the government budget. 
Journal: Review of Political Economy 
Pages: 97-117 
Issue: 1 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538250903214867 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903214867
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:1:p:97-117




Template-Type: ReDIF-Article 1.0
Author-Name: Pierangelo Garegnani 
Author-X-Name-First: Pierangelo 
Author-X-Name-Last: Garegnani 
Author-Name: Attilio Trezzini 
Author-X-Name-First: Attilio 
Author-X-Name-Last: Trezzini 
Title: Cycles and Growth: A Source of Demand-Driven Endogenous Growth 
Abstract:
  This paper moves in a theoretical context in which the level of economic
 activity is dependent on aggregate demand in both the long and the short
 period. It shows that given two simple hypotheses, the economy will
 exhibit a tendency to grow independently of any increase in the average
 level of ongoing investment (or any other type of 'autonomous' demand)
 over time. The two hypotheses are (a) that investment oscillates over time
 and (b) that the community's marginal propensity to consume is lower when
 income contracts in slumps than when it increases in booms. This points to
 a source of growth that is as endogenous to the system, as trade cycles
 are. 
Journal: Review of Political Economy 
Pages: 119-125 
Issue: 1 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538250903392119 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903392119
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:1:p:119-125




Template-Type: ReDIF-Article 1.0
Author-Name: Roy Grieve 
Author-X-Name-First: Roy 
Author-X-Name-Last: Grieve 
Title: Pecuniary External Economies, Economies of Scale and Increasing Returns: A Note of Dissent 
Abstract:
  In a recent paper Chandra & Sandilands (2006) put forward three
 contentious propositions concerning the 'mechanics' of the process of
 economic growth: these propositions are to the effect (1) that 'pecuniary
 external economies' should not be considered instances of market failure;
 (2) that economies of scale are of little importance in accounting for
 increasing returns, increasing returns being, it is alleged, attributable
 to other factors such as external economies or 'industrial
 differentiation'; and (3) that increasing returns are not 'sector
 specific', implying that particular sectors should not therefore be
 singled out for special promotion. This note investigates the arguments
 advanced by Chandra & Sandilands in support of these propositions, and
 finds that no convincing case is made for any of them. In particular, we
 stress the invalidity of Chandra & Sandilands' contention that increasing
 returns are largely independent of economies of scale. 
Journal: Review of Political Economy 
Pages: 127-140 
Issue: 1 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538250903214883 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903214883
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:1:p:127-140




Template-Type: ReDIF-Article 1.0
Author-Name: Ramesh Chandra 
Author-X-Name-First: Ramesh 
Author-X-Name-Last: Chandra 
Author-Name: Roger Sandilands 
Author-X-Name-First: Roger 
Author-X-Name-Last: Sandilands 
Title: Reply to Roy H. Grieve on Increasing Returns 
Abstract:
Journal: Review of Political Economy 
Pages: 141-150 
Issue: 1 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538250903214891 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903214891
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:1:p:141-150




Template-Type: ReDIF-Article 1.0
Author-Name: M. G. Hayes 
Author-X-Name-First: M. G. 
Author-X-Name-Last: Hayes 
Title: The Fault Line between Keynes and the Cambridge Keynesians: A Review Essay 
Abstract:
  This essay reviews Michael Ambrosi's important but neglected book on the
 formative period of Keynesian economics. The book traces the evolution of
 a Cambridge macroeconomic tradition running from Marshall and Pigou to
 Keynes, and interprets The General Theory as a response to Pigou's
 analysis of unemployment. Ambrosi also argues that Keynes's disciples,
 Richard Kahn, Nicholas Kaldor and Joan Robinson, were, in the 1930s,
 wedded to a Pigovian methodology and did not immediately recognise that
 Keynes had redefined the meaning of equilibrium in The General Theory.
 Keynes's attempt to redefine the analytical basis of neoclassical
 economics was thwarted, not merely by the neoclassical synthesis, but by
 those who claimed to be the inheritors and guardians of his vision. 
Journal: Review of Political Economy 
Pages: 151-160 
Issue: 1 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538250903392127 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903392127
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:1:p:151-160




Template-Type: ReDIF-Article 1.0
Author-Name: J. E. King 
Author-X-Name-First: J. E. 
Author-X-Name-Last: King 
Title: A Measure of Fairness: The Economics of Living Wages and Minimum Wages in the United States 
Abstract:
Journal: Review of Political Economy 
Pages: 161-164 
Issue: 1 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538250903090291 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903090291
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:1:p:161-164




Template-Type: ReDIF-Article 1.0
Author-Name: Christopher Niggle 
Author-X-Name-First: Christopher 
Author-X-Name-Last: Niggle 
Title: Reinventing Functional Finance: Transformational Growth and Full Employment 
Abstract:
Journal: Review of Political Economy 
Pages: 165-168 
Issue: 1 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538250903090416 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903090416
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:1:p:165-168




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Whaples 
Author-X-Name-First: Robert 
Author-X-Name-Last: Whaples 
Title: Rethinking Pension Reform/What You Need to Know about the Economics of Growing Old (But Were Afraid to Ask): A Provocative Reference Guide to the Economics of Aging 
Abstract:
Journal: Review of Political Economy 
Pages: 168-170 
Issue: 1 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538250903090192 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903090192
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:1:p:168-170




Template-Type: ReDIF-Article 1.0
Author-Name: Karl Widerquist 
Author-X-Name-First: Karl 
Author-X-Name-Last: Widerquist 
Title: In Our Hands: A Plan to Replace the Welfare State 
Abstract:
Journal: Review of Political Economy 
Pages: 170-174 
Issue: 1 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538250903090218 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903090218
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:1:p:170-174




Template-Type: ReDIF-Article 1.0
Author-Name: Guinevere Liberty Nell 
Author-X-Name-First: Guinevere Liberty 
Author-X-Name-Last: Nell 
Title: The Cambridge Companion to Hayek 
Abstract:
Journal: Review of Political Economy 
Pages: 174-176 
Issue: 1 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538250903392135 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903392135
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:1:p:174-176




Template-Type: ReDIF-Article 1.0
Author-Name: Matt Vidal 
Author-X-Name-First: Matt 
Author-X-Name-Last: Vidal 
Title: The Great Financial Crisis: Causes and Consequences 
Abstract:
Journal: Review of Political Economy 
Pages: 177-180 
Issue: 1 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538250903392143 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538250903392143
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:1:p:177-180




Template-Type: ReDIF-Article 1.0
Author-Name: Nahid Aslanbeigui 
Author-X-Name-First: Nahid 
Author-X-Name-Last: Aslanbeigui 
Author-Name: Guy Oakes 
Author-X-Name-First: Guy 
Author-X-Name-Last: Oakes 
Author-Name: Nancy Uddin 
Author-X-Name-First: Nancy 
Author-X-Name-Last: Uddin 
Title: Assessing Microcredit in Bangladesh: A Critique of the Concept of Empowerment 
Abstract:
  Assessing microcredit programs by testing their contribution to the
 empowerment of borrowers has been widely advocated and explored in the
 literature on women and development. There is considerable debate on
 whether microcredit empowers or disempowers women, and there are attempts
 to reconcile conflicting conclusions based on heterogeneous samples or
 data sets and grounded in a variety of methodologies. Although there is
 little agreement on the relation between microcredit and empowerment and
 no consensus on the meaning of the idea of empowerment itself, students of
 gender and development seem to be at one in regarding empowerment as a
 logically unproblematic concept. We argue that the idea of empowerment
 employed in this literature is vulnerable to a number of logical
 criticisms and cannot serve as a sound basis for determining the value of
 microcredit to borrowers. Our research suggests that in assessing the
 impact of microcredit, it is essential to consider generational and
 inter-generational differences it makes in the lives of borrowers and
 their families. Results of ethnographic work conducted in January 2008 on
 long-term borrowers of the Grameen Bank inform the exposition of the
 arguments. 
Journal: Review of Political Economy 
Pages: 181-204 
Issue: 2 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538251003665446 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538251003665446
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:2:p:181-204




Template-Type: ReDIF-Article 1.0
Author-Name: Eckhard Hein 
Author-X-Name-First: Eckhard 
Author-X-Name-Last: Hein 
Author-Name: Till Van Treeck 
Author-X-Name-First: Till 
Author-X-Name-Last: Van Treeck 
Title: Financialisation and Rising Shareholder Power in Kaleckian/Post-Kaleckian Models of Distribution and Growth 
Abstract:
  We establish the link between rising shareholder power on the firm level,
 increasing pressure on labour, and redistribution at the expense of wages,
 with the macroeconomic effects on capacity utilisation, profits and
 capital accumulation. Three channels of transmission of 'financialisation'
 and increasing shareholder power, the 'preference channel', the 'finance
 channel' and the 'distribution channel', are introduced into two different
 variants of the Kaleckian distribution and growth model, the Kaleckian
 model and the Post-Kaleckian model. Within these models, three potential
 regimes of accumulation are derived, the 'contractive' regime, the
 'profits without investment' regime, and the 'finance-led growth' regime.
 Only the 'profits without investment' regime generates a strict
 micro-macro identity, whereas the other two regimes are characterised by
 fallacies of composition, a 'paradox of accumulation' in the 'finance-led
 growth' regime and a 'paradox of profits' in the 'contractive' regime. 
Journal: Review of Political Economy 
Pages: 205-233 
Issue: 2 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538251003665628 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538251003665628
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:2:p:205-233




Template-Type: ReDIF-Article 1.0
Author-Name: Roger Koppl 
Author-X-Name-First: Roger 
Author-X-Name-Last: Koppl 
Author-Name: E. James Cowan 
Author-X-Name-First: E. James 
Author-X-Name-Last: Cowan 
Title: A Battle of Forensic Experts is not a Race to the Bottom 
Abstract:
  We apply concepts from the small, but growing literature on the economics
 of experts to forensic science. An economic theory of experts must build
 on the assumption that experts are no more or less influenced by
 incentives than actors in other areas of human action. We suggest changes
 in the organization of forensic science that will improve error
 prevention, detection, and correction. In particular, a right of forensic
 expertise for the defense would bring the adversarial process of criminal
 courts closer to an 'equality of arms' and increase the probability that
 the biases in the system will be neutralized, errors minimized, and truth
 discovered. It is our contention that by including competing forensic
 experts among a series of needed changes, we are wresting decision making
 from the forensic experts and returning it to the finders of fact, the
 judge or jury. 
Journal: Review of Political Economy 
Pages: 235-262 
Issue: 2 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538251003665644 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538251003665644
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:2:p:235-262




Template-Type: ReDIF-Article 1.0
Author-Name: Malcolm Sawyer 
Author-X-Name-First: Malcolm 
Author-X-Name-Last: Sawyer 
Author-Name: David Spencer 
Author-X-Name-First: David 
Author-X-Name-Last: Spencer 
Title: Labour Supply, Employment and Unemployment in Macroeconomics: A Critical Appraisal of Orthodoxy and a Heterodox Alternative 
Abstract:
  The paper begins with a critical evaluation of the modelling of the
 individual supply function of labour in orthodox economics. The varying
 ways in which the aggregate labour supply curve has been represented in
 macroeconomics texts is then outlined. A proposal for a simple
 representation of the aggregate labour supply curve based on economic,
 social and institutional realities is then provided. Finally the
 implications of our discussion for macroeconomic analysis are drawn. 
Journal: Review of Political Economy 
Pages: 263-279 
Issue: 2 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538251003665651 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538251003665651
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:2:p:263-279




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Marie 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Marie 
Title: Inflation in Argentina during the Second Peronist Period (1973-76): A Post-Keynesian Interpretation 
Abstract:
  This paper uses the Post-Keynesian approach to examine the surge of
 inflation in Argentina between 1973 and 1976. The pattern of inflation is
 compared with the changing course of the distributional conflict that
 characterised the episode. A description of the prevailing political and
 social context provides insight into Argentina's macroeconomic evolution.
 Two sub-periods are identified: one from June 1973 to October 1974
 characterised mainly by a slowdown in inflation and an upturn in economic
 growth; a second, ending in the first quarter of 1976, during which the
 distributional conflict flared up again partly because of the rise in
 import prices and partly because the firms and workers involved enjoyed
 substantial market power and bargaining power. This led to an escalation
 of inflation and great variability in macroeconomic circumstances. 
Journal: Review of Political Economy 
Pages: 281-299 
Issue: 2 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538251003665677 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538251003665677
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:2:p:281-299




Template-Type: ReDIF-Article 1.0
Author-Name: Angelo Reati 
Author-X-Name-First: Angelo 
Author-X-Name-Last: Reati 
Title: The Structure of Post-Keynesian Economics. The Core Contributions of the Pioneers 
Abstract:
Journal: Review of Political Economy 
Pages: 301-304 
Issue: 2 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538251003665768 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538251003665768
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:2:p:301-304




Template-Type: ReDIF-Article 1.0
Author-Name: Collin Matton 
Author-X-Name-First: Collin 
Author-X-Name-Last: Matton 
Title: Toward Globalization with a Human Face 
Abstract:
Journal: Review of Political Economy 
Pages: 304-306 
Issue: 2 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538251003665792 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538251003665792
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:2:p:304-306




Template-Type: ReDIF-Article 1.0
Author-Name: Dany Lang 
Author-X-Name-First: Dany 
Author-X-Name-Last: Lang 
Title: Keynes and his Battles 
Abstract:
Journal: Review of Political Economy 
Pages: 306-309 
Issue: 2 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538251003665800 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538251003665800
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:2:p:306-309




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Scott 
Author-X-Name-First: Robert 
Author-X-Name-Last: Scott 
Title: Poverty, Work and Freedom: Political Economy and the Moral Order 
Abstract:
Journal: Review of Political Economy 
Pages: 309-311 
Issue: 2 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538251003665834 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538251003665834
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:2:p:309-311




Template-Type: ReDIF-Article 1.0
Author-Name: Maria Alejandra Madi 
Author-X-Name-First: Maria Alejandra 
Author-X-Name-Last: Madi 
Author-Name: Jose Ricardo Goncalves 
Author-X-Name-First: Jose Ricardo 
Author-X-Name-Last: Goncalves 
Title: Ideology and the International Economy. The Decline and Fall of Bretton Woods 
Abstract:
Journal: Review of Political Economy 
Pages: 311-313 
Issue: 2 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538251003665859 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538251003665859
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:2:p:311-313




Template-Type: ReDIF-Article 1.0
Author-Name: Eckhard Hein 
Author-X-Name-First: Eckhard 
Author-X-Name-Last: Hein 
Author-Name: Engelbert Stockhammer 
Author-X-Name-First: Engelbert 
Author-X-Name-Last: Stockhammer 
Title: Macroeconomic Policy Mix, Employment and Inflation in a Post-Keynesian Alternative to the New Consensus Model 
Abstract:
  New Consensus Models (NCMs) have been criticised by Post-Keynesians for a
 variety of reasons, and amendments or alternatives have been presented.
 The present paper attempts to provide a Post-Keynesian alternative model
 to the NCM. The model consists of three classes: rentiers, firms and
 workers. It has a short-run inflation barrier derived from distribution
 conflict between these classes, which is endogenous in the medium run.
 Distribution conflict affects not only inflation but also income shares.
 On the demand side, the income classes have different saving propensities.
 We apply a Kaleckian investment function with expected sales and internal
 funds as major determinants. The paper analyses short-run stability and
 includes medium-run endogeneity channels for the
 Non-Accelerating-Inflation-Rate-of-Unemployment, or NAIRU: persistence
 mechanisms in the labour market, adaptive wage and profit aspirations,
 investment in capital stock and cost effects of interest rate changes.
 From the model, Post-Keynesian policy rules are derived. We argue that
 improved employment without increasing inflation will be possible if
 macroeconomic policies are coordinated along the following lines: the
 central bank targets distribution, wage bargaining parties target
 inflation and fiscal policies are applied for short- and medium-run real
 stabilisation purposes. 
Journal: Review of Political Economy 
Pages: 317-354 
Issue: 3 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538259.2010.491283 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2010.491283
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:3:p:317-354




Template-Type: ReDIF-Article 1.0
Author-Name: Sinclair Davidson 
Author-X-Name-First: Sinclair 
Author-X-Name-Last: Davidson 
Author-Name: Heath Spong 
Author-X-Name-First: Heath 
Author-X-Name-Last: Spong 
Title: Positive Externalities and R&D: Two Conflicting Traditions in Economic Theory 
Abstract:
  This paper explores the early discussion of external economies in the
 work of Alfred Marshall and Arthur Pigou. Marshall emphasized external
 economies as a positive aspect of the market process. Pigou's
 interpretation of externalities has become the standard public finance
 argument on the existence of market failure, and provides the rationale
 for proposed policy solutions. An examination of the differences between
 the two perspectives is subsequently used as the base for a discussion of
 the modern analysis of research and development, and of the difficulties
 inherent in the standard Pigovian view. A final substantive section of the
 paper reconsiders the Marshallian perspective, identifying recent
 contributions to economic theory that have begun a return to Marshall's
 original interpretation. The conclusion considers the significance of this
 Marshallian tradition for industrial policy. 
Journal: Review of Political Economy 
Pages: 355-372 
Issue: 3 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538259.2010.491284 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2010.491284
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:3:p:355-372




Template-Type: ReDIF-Article 1.0
Author-Name: Stephanie Seguino 
Author-X-Name-First: Stephanie 
Author-X-Name-Last: Seguino 
Title: Gender, Distribution, and Balance of Payments Constrained Growth in Developing Countries 
Abstract:
  An unresolved debate in the development literature concerns the impact of
 gender equality on economic growth. Previous studies have found that the
 effect varies, depending on the measure of equality (wages or
 capabilities). This paper expands that discussion by considering both the
 short and long run, evaluating the effects of gender equality in two types
 of economies&#x2014;semi-industrialized economies (SIEs) and low-income
 agricultural economies (LIAEs). Further, it incorporates gender effects on
 the balance of payments constraint to growth. The results suggest that
 gender wage and capabilities equality work in opposite directions in SIEs
 and in the same (positive) direction in LIAEs. In the long-run analysis,
 government macroeconomic management policies are shown to be necessary in
 order to ratify movements towards gender equality. 
Journal: Review of Political Economy 
Pages: 373-404 
Issue: 3 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538259.2010.491285 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2010.491285
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:3:p:373-404




Template-Type: ReDIF-Article 1.0
Author-Name: Emiliano Brancaccio 
Author-X-Name-First: Emiliano 
Author-X-Name-Last: Brancaccio 
Title: On the Impossibility of Reducing the Surplus Approach to a Neoclassical 'Special Case': A Criticism of Hahn in a Solowian Context 
Abstract:
  We propose a new criticism of Frank Hahn's attempt to prove that the
 surplus approach constitutes no more than a 'special case' of the
 neoclassical model of intertemporal general equilibrium. In particular, we
 show that Hahn's 'special case' is vitiated by the paradox of determining
 the past as a function of the future. In order to make the communication
 between schools of thought easier, we present our criticism of Hahn within
 a mathematical framework drawn from the well-known Solow growth model. 
Journal: Review of Political Economy 
Pages: 405-418 
Issue: 3 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538259.2010.491288 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2010.491288
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:3:p:405-418




Template-Type: ReDIF-Article 1.0
Author-Name: Ron Baiman 
Author-X-Name-First: Ron 
Author-X-Name-Last: Baiman 
Title: The Infeasibility of Free Trade in Classical Theory: Ricardo's Comparative Advantage Parable has no Solution 
Abstract:
  In this paper, formal models of Ricardo's comparative advantage parable,
 which include general forms of consumer price response behavior, are
 constructed from a detailed textual exegesis of Ricardo's story. Using
 these models, the comparative advantage parable is shown to be
 mathematically over-determined and therefore generally unsolvable. To
 reinforce this conclusion, a numerical solution is derived for a constant
 elasticity version of the model. A necessary condition for the existence
 of a solution to the constant elasticity model is that two price
 elasticities of demand must be functions of the other two price
 elasticities of demand. General formulas are derived expressing this
 dependency. When realistic elasticities for wine are set, the model can
 only be solved if Portuguese demand for English cloth is unrealistically
 elastic. This demonstrates that sustainable and mutually beneficial trade
 between England and Portugal can only be realized through managed trade. 
Journal: Review of Political Economy 
Pages: 419-437 
Issue: 3 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538251003665693 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538251003665693
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:3:p:419-437




Template-Type: ReDIF-Article 1.0
Author-Name: Michael McLure 
Author-X-Name-First: Michael 
Author-X-Name-Last: McLure 
Title: Pareto's 'Chronicles' in Relation to his Sociology 
Abstract:
  The 'second series' of the Giornale degli Economisti commenced in 1890
 and established itself as the leading Italian vehicle for the
 dissemination of the new marginalist economics. From 1891 it also included
 a special feature entitled 'cronaca', which critically chronicled
 practical developments in Italian public policy, public finances and the
 state of the economy. Vilfredo Pareto was the regular author of the
 chronicles between 1893 and 1897. This study provides the context
 necessary for an appreciation of the juxtaposition evident in Pareto's
 chronicles between his radical-liberal critique of leading Italian
 politicians and his relatively gentle commentary on some Italian leaders
 associated with the extreme left. It also identifies attributes from
 Pareto's chronicles that extended, albeit in a modified form, to his 1916
 Trattato di Sociologia Generale. In both instances: the actual political
 world is characterised on a similar basis; criticism is undertaken on a
 brutal, sarcastic and often polemic manner; and the left-right political
 divide is treated as a relatively low-order issue. 
Journal: Review of Political Economy 
Pages: 439-458 
Issue: 3 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538251003665743 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538251003665743
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:3:p:439-458




Template-Type: ReDIF-Article 1.0
Author-Name: Terry Peach 
Author-X-Name-First: Terry 
Author-X-Name-Last: Peach 
Title: Wealth and Life: Essays on the Intellectual History of Political Economy in Britain, 1848-1914 
Abstract:
Journal: Review of Political Economy 
Pages: 459-462 
Issue: 3 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538259.2010.491290 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2010.491290
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:3:p:459-462




Template-Type: ReDIF-Article 1.0
Author-Name: Emiliano Brancaccio 
Author-X-Name-First: Emiliano 
Author-X-Name-Last: Brancaccio 
Title: General Equilibrium, Capital and Macroeconomics: A Key to Recent Controversies in Equilibrium Theory 
Abstract:
Journal: Review of Political Economy 
Pages: 462-467 
Issue: 3 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538259.2010.491291 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2010.491291
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:3:p:462-467




Template-Type: ReDIF-Article 1.0
Author-Name: Cameron Weber 
Author-X-Name-First: Cameron 
Author-X-Name-Last: Weber 
Title: The Origin and Development of Financial Markets and Institutions: From the Seventeenth Century to the Present 
Abstract:
Journal: Review of Political Economy 
Pages: 468-470 
Issue: 3 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538259.2010.491292 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2010.491292
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:3:p:468-470




Template-Type: ReDIF-Article 1.0
Author-Name: Gene Callahan 
Author-X-Name-First: Gene 
Author-X-Name-Last: Callahan 
Title: Reason and Rationality 
Abstract:
Journal: Review of Political Economy 
Pages: 470-473 
Issue: 3 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538251003665826 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538251003665826
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:3:p:470-473




Template-Type: ReDIF-Article 1.0
Author-Name: Tae-Hee Jo 
Author-X-Name-First: Tae-Hee 
Author-X-Name-Last: Jo 
Title: Welfare, Right, and the State: A Framework for Thinking 
Abstract:
Journal: Review of Political Economy 
Pages: 473-475 
Issue: 3 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538259.2010.491293 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2010.491293
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:3:p:473-475




Template-Type: ReDIF-Article 1.0
Author-Name: G. C. Harcourt 
Author-X-Name-First: G. C. 
Author-X-Name-Last: Harcourt 
Title: Foreword to the Symposium 
Abstract:
Journal: Review of Political Economy 
Pages: 477-480 
Issue: 4 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538259.2010.510291 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2010.510291
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:4:p:477-480




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Setterfield 
Author-X-Name-First: Mark 
Author-X-Name-Last: Setterfield 
Author-Name: A. P. Thirlwall 
Author-X-Name-First: A. P. 
Author-X-Name-Last: Thirlwall 
Title: Macrodynamics for a Better Society: The Economics of John Cornwall 
Abstract:
  John Cornwall devoted his career to advancing macroeconomics with a view
 to improving the societies in which we live. We identify three distinct
 phases in Cornwall's mature scholarship, and analyse the substance of
 each. The first and second phases, devoted to the analysis of growth and
 inflation, respectively, reveal the three main cornerstones of Cornwall's
 macrodynamics: the importance of demand (even in the long run), the
 importance of institutions, and the path-dependent nature of economic
 change. The third phase saw Cornwall building on these foundations to
 develop and refine an evolutionary-Keynesian model of long-run capitalist
 development. 
Journal: Review of Political Economy 
Pages: 481-498 
Issue: 4 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538259.2010.510312 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2010.510312
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:4:p:481-498




Template-Type: ReDIF-Article 1.0
Author-Name: Philip Arestis 
Author-X-Name-First: Philip 
Author-X-Name-Last: Arestis 
Author-Name: Malcolm Sawyer 
Author-X-Name-First: Malcolm 
Author-X-Name-Last: Sawyer 
Title: What Monetary Policy after the Crisis? 
Abstract:
  The objective of this paper is to reflect on some of the implications
 that recent economic experience has for monetary and financial stability
 policies. We contend that the financial crisis and the upsurge in
 inflation 2007-08 have shown that the policy model based on the new
 consensus in macroeconomics, which largely held sway over the past decade
 or more, is broken. It is argued that inflation targeting cannot deliver
 low inflation. We argue that fine-tuning through interest rates should not
 be attempted, but rather a constant real interest rate target based on the
 output growth rate should be adopted. The key objective of monetary policy
 should be shifted to financial stability, the independence of central
 banks should be brought to an end, and their decision making should be
 coordinated with other macroeconomic policy initiatives. 
Journal: Review of Political Economy 
Pages: 499-515 
Issue: 4 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538259.2010.510313 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2010.510313
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:4:p:499-515




Template-Type: ReDIF-Article 1.0
Author-Name: Giuseppe Fontana 
Author-X-Name-First: Giuseppe 
Author-X-Name-Last: Fontana 
Title: The Return of Keynesian Economics: A Contribution in the Spirit of John Cornwall's Work 
Abstract:
  This paper assesses the recent interest for Keynesian economics in
 academia and policy-making circles. It examines the main features of
 Keynesian economics vis-a-vis neoclassical economics, before presenting
 the three-equation New Consensus Macroeconomics (NCM) model and its
 Keynesian roots. Drawing on the work of John Cornwall, the main conclusion
 of the paper is that the most important criticisms of the model are
 related to the acceptance of the axiom of independence between aggregate
 supply and aggregate demand by proponents of the NCM view. 
Journal: Review of Political Economy 
Pages: 517-533 
Issue: 4 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538259.2010.510314 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2010.510314
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:4:p:517-533




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Michl 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Michl 
Title: Discounting Nordhaus 
Abstract:
  This paper evaluates Nordhaus's neoclassical complaints about the Stern
 Review from the vantage point of classical growth theory. Nordhaus
 criticizes the Stern Review because it uses a discount rate that is well
 below the market rate of return on capital. From the perspective of
 classical growth theory, Nordhaus's belief in choosing preference
 parameters for the social planner based on observed market rates of return
 is equivalent to assigning the preferences of the capitalist agents to the
 social planner. This equivalence is an implication of the Cambridge
 Theorem, which interprets the Ramsey equation as the saving function of
 the capitalist agents. 
Journal: Review of Political Economy 
Pages: 535-549 
Issue: 4 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538259.2010.510316 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2010.510316
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:4:p:535-549




Template-Type: ReDIF-Article 1.0
Author-Name: Engelbert Stockhammer 
Author-X-Name-First: Engelbert 
Author-X-Name-Last: Stockhammer 
Author-Name: Lucas Grafl 
Author-X-Name-First: Lucas 
Author-X-Name-Last: Grafl 
Title: Financial Uncertainty and Business Investment 
Abstract:
  The paper contributes to the empirical analysis of financial uncertainty
 and investment from a Post Keynesian perspective. The paper uses the
 volatility of the exchange rate, the volatility of the stock market index,
 and the real gold price as indicators for financial uncertainty. An
 increase in the volatility of a variable is a sufficient, but not a
 necessary condition for an increase in uncertainty regarding this
 variable. The effects of changes in uncertainty on investment are
 investigated econometrically for the United States, the United Kingdom,
 the Netherlands, Germany and France. Financial uncertainty, we find, has
 significant negative effects in the US and the Netherlands. 
Journal: Review of Political Economy 
Pages: 551-568 
Issue: 4 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538259.2010.510317 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2010.510317
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:4:p:551-568




Template-Type: ReDIF-Article 1.0
Author-Name: Moritz Cruz 
Author-X-Name-First: Moritz 
Author-X-Name-Last: Cruz 
Author-Name: Peter Kriesler 
Author-X-Name-First: Peter 
Author-X-Name-Last: Kriesler 
Title: International Reserves, Effective Demand and Growth 
Abstract:
  During the last decade, developing (and some developed) economies have
 accumulated large amounts of international reserves, mainly for
 precautionary reasons. This phenomenon has been coupled with insufficient
 economic growth. The resources being amassed largely overwhelm protective
 needs, there is an excess of resources that is being wasted, and which
 could be utilised for alternative productive projects, namely to promote
 growth. If insufficient aggregate demand can largely explain low growth,
 it is clear that this excess of international reserves can be used to
 stimulate aggregate demand. This paper argues that the excess of
 international reserves represents a potential resource to boost growth. 
Journal: Review of Political Economy 
Pages: 569-587 
Issue: 4 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538259.2010.510318 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2010.510318
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:4:p:569-587




Template-Type: ReDIF-Article 1.0
Author-Name: Wonik Kim 
Author-X-Name-First: Wonik 
Author-X-Name-Last: Kim 
Title: Does Class Matter? Social Cleavages in South Korea's Electoral Politics in the Era of Neoliberalism 
Abstract:
  This paper analyzes class voting in South Korea under neoliberalism. The
 class voting literature has paid too little attention to cases outside
 Europe and North America, while the existing studies on South Korea's
 elections and voting patterns have largely ignored the issue of class. The
 lack of interest in class voting is due mainly to strong regionalism
 prevalent in South Korea's electoral politics. However, the rapid and
 profound neoliberalization after the 1997 financial crisis has generated
 negative socioeconomic consequences, which may have increased the
 importance of a class-based bloc as a salient electoral factor. Using
 Goldthorpe's class schema, I test the validity of class voting in South
 Korea, employing microlevel survey data of the two recent parliamentary
 elections of 2000 and 2004. I pay particular attention to entrenched
 conservatism that is historically rooted in South Korea's electoral and
 representative systems. I formulate this vital issue in terms of a
 possible connection between people's decisions on whether to vote (or for
 that matter, nonvoting) and for whom they vote (their vote choice). The
 empirical evidence in this paper suggests that people vote according to
 their class positions in the context of the swift neoliberal restructuring
 in South Korea. 
Journal: Review of Political Economy 
Pages: 589-616 
Issue: 4 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538259.2010.510320 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2010.510320
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:4:p:589-616




Template-Type: ReDIF-Article 1.0
Author-Name: Bruno Tinel 
Author-X-Name-First: Bruno 
Author-X-Name-Last: Tinel 
Title: The Political Economy of Work 
Abstract:
Journal: Review of Political Economy 
Pages: 617-619 
Issue: 4 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538259.2010.510322 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2010.510322
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:4:p:617-619




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Dalziel 
Author-X-Name-First: Paul 
Author-X-Name-Last: Dalziel 
Title: Regional Monetary Policy 
Abstract:
Journal: Review of Political Economy 
Pages: 620-622 
Issue: 4 
Volume: 22 
Year: 2010 
X-DOI: 10.1080/09538259.2010.510323 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2010.510323
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:22:y:2010:i:4:p:620-622




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Earl 
Author-X-Name-First: Peter 
Author-X-Name-Last: Earl 
Author-Name: Jason Potts 
Author-X-Name-First: Jason 
Author-X-Name-Last: Potts 
Title: A Nobel Prize for Governance and Institutions: Oliver Williamson and Elinor Ostrom 
Abstract:
  This paper reviews the 2009 Nobel Prize in Economics jointly awarded to
 Oliver Williamson for his work on governance in organizations and the
 boundaries of the firm, and to Elinor Ostrom for her work on the
 governance of common pool resources. We review the careers and the
 research contributions of Williamson and Ostrom to the theory and analysis
 of economic institutions of governance. Both winners of this Prize for
 'economic governance' are thoroughly deserved, yet like the Hayek-Myrdal
 Prize of 1974 their respective approaches, methods and findings are almost
 diametrically opposed. Williamson offers a top-down contracts-based
 solution to the incentive problems of opportunism in corporate governance,
 whereas Ostrom offers a bottom-up communication-based solution to the
 governance opportunities of community resources. We offer some critical
 comments on Williamson's analytic work and discussion of the potential for
 further application of Ostrom's case-study based experimental methodology.
 We conclude with a suggested third nominee to make better sense of how
 these two great scholars' works fit together, namely George Richardson. 
Journal: Review of Political Economy 
Pages: 1-24 
Issue: 1 
Volume: 23 
Year: 2011 
X-DOI: 10.1080/09538259.2011.526291 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2011.526291
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:1:p:1-24




Template-Type: ReDIF-Article 1.0
Author-Name: Heinz Kurz 
Author-X-Name-First: Heinz 
Author-X-Name-Last: Kurz 
Title: Who is Going to Kiss Sleeping Beauty? On the 'Classical' Analytical Origins and Perspectives of Input-Output Analysis 
Abstract:
  The paper argues that input-output analysis existed long before it
 received its name and Wassily Leontief made it popular as a tool of
 empirical analysis and a foundation of economic policy. It grew out of an
 attempt to ascertain the capacity of an economic system to reproduce
 itself and generate a surplus that can be used for various purposes.
 Primitive pronouncements are encountered in early civilizations, for
 example Mesopotamia, in terms of the ratio of the amount of grain produced
 and the amount of it used up, directly and indirectly. These ideas
 reappeared in a more sophisticated form at the time of the inception of
 systematic economic analysis in the 17th and 18th centuries in Europe and
 found a two-sector expression in Francois Quesnay's Tableau economique.
 The material input-output structure was then considered the core of the
 economic system that contained one of the keys to basically all other
 important economic phenomena and magnitudes. The way in which the
 potentialities embodied in the input-output structure, conceived as a
 system of production, have, or have not, been exploited over time define
 both the problems and perspectives of contemporary input-output analysis.
 Three aspects will be scrutinized more closely: the problem of value
 added, the treatment of fixed capital and the problem of technical change.
 Happily enough, while the problems are huge, the prospects are
 encouraging. There is no fear that input-output analysts will soon have to
 look for new fields of research because the old ones have been exhausted. 
Journal: Review of Political Economy 
Pages: 25-47 
Issue: 1 
Volume: 23 
Year: 2011 
X-DOI: 10.1080/09538259.2011.526292 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2011.526292
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:1:p:25-47




Template-Type: ReDIF-Article 1.0
Author-Name: Alessandro Vercelli 
Author-X-Name-First: Alessandro 
Author-X-Name-Last: Vercelli 
Title: A Perspective on Minsky Moments: Revisiting the Core of the Financial Instability Hypothesis 
Abstract:
  This paper aims to bridge the gap between theory and facts on the
 so-called 'Minsky moments' by revisiting the financial instability
 hypothesis (FIH). We limit the analysis to the core of the FIH, that is,
 to its strictly financial part. The approach suggested here builds on
 Minsky's contributions revisited in the light of the subprime mortgage
 financial crisis. We start from a constructive criticism of the well-known
 Minskyan taxonomy of economic units (hedge, speculative, and Ponzi), and
 suggest a different approach that allows a continuous measure of the
 units' financial conditions. We use this alternative approach to account
 for the cyclical fluctuations of financial conditions that endogenously
 generate instability and fragility. We may thus suggest a precise
 definition of a Minsky moment as the starting point of a Minsky process,
 the phase of a financial cycle when many economic units suffer from both
 liquidity and solvency problems. Although the approach sketched here is
 very simple and requires extensions in many directions, we may draw from
 it a few policy insights on how to mitigate the financial cycle. 
Journal: Review of Political Economy 
Pages: 49-67 
Issue: 1 
Volume: 23 
Year: 2011 
X-DOI: 10.1080/09538259.2011.526293 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2011.526293
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:1:p:49-67




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Ramskogler 
Author-X-Name-First: Paul 
Author-X-Name-Last: Ramskogler 
Title: Credit Money, Collateral and the Solvency of Banks: A Post Keynesian Analysis of Credit Market Failures 
Abstract:
  The discussion on endogenous money has led to a rich understanding of
 banking. The determination of creditworthiness though remains a black box
 in Post Keynesian economics. After a critique of the New Keynesian banking
 literature this paper argues that creditworthiness to a large extent is
 endogenous to the monetary economy and the credit system. It is argued
 that a solvency multiplier exists that affects the willingness of banks to
 grant credit. The multiplier works via the valuation of collateral goods.
 It can accelerate the growth but also the contraction of credit and
 explains both endogenous financial crises and credit rationing. 
Journal: Review of Political Economy 
Pages: 69-79 
Issue: 1 
Volume: 23 
Year: 2011 
X-DOI: 10.1080/09538259.2011.526294 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2011.526294
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:1:p:69-79




Template-Type: ReDIF-Article 1.0
Author-Name: Tony Aspromourgos 
Author-X-Name-First: Tony 
Author-X-Name-Last: Aspromourgos 
Title: Adam Smith and the Division of Labour among the Social Sciences 
Abstract:
  Adam Smith is one of the great founding figures of modern social science,
 in a larger sense than that conveyed by the popular perception of him as
 merely the founder of economics or political economy. He was aiming for a
 quite comprehensive social science, and while this grand project wasn't
 completed, substantial elements of it were. This paper is a reflection on
 Smith's conception of the sciences pertaining to human society and its
 relation to the modern demarcation of the social sciences. It affirms the
 integrity of political economy as a separable but not thereby 'autonomous'
 science, in Smith's understanding. 
Journal: Review of Political Economy 
Pages: 81-94 
Issue: 1 
Volume: 23 
Year: 2011 
X-DOI: 10.1080/09538259.2011.526295 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2011.526295
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:1:p:81-94




Template-Type: ReDIF-Article 1.0
Author-Name: Eric Rahim 
Author-X-Name-First: Eric 
Author-X-Name-Last: Rahim 
Title: The Concept of Abstract Labour in Adam Smith's System of Thought 
Abstract:
  This paper draws attention to the fact that in the Wealth of Nations
 Smith conceptualises labour as a malleable, adaptable resource, capable of
 undertaking whatever may be required of it as the economy evolves over
 time. This conception, equivalent to Marx's 'abstract labour', differs
 fundamentally from the neoclassical view of the labour force as comprised
 of individual agents, each with a given endowment of capabilities. In
 Smith's analysis, the flexible character of abstract labour is essential
 to allow the progressive extension of division of labour in the course of
 economic development. It is also an essential underpinning of Smith's
 explanation of how 'natural balance' is maintained within the economy;
 this implies an understanding of equilibrium values quite different from
 that of the later neoclassical conception. Abstract labour is furthermore
 a necessary element of Smith's claim that individual agents, pursuing
 their own ends, promote the general interest of society, understood not in
 terms of the attainment of an 'optimal', utility-maximising allocation of
 given resources, but in terms of the promotion of capital accumulation and
 economic development. 
Journal: Review of Political Economy 
Pages: 95-110 
Issue: 1 
Volume: 23 
Year: 2011 
X-DOI: 10.1080/09538259.2011.526296 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2011.526296
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:1:p:95-110




Template-Type: ReDIF-Article 1.0
Author-Name: Nuno Martins 
Author-X-Name-First: Nuno 
Author-X-Name-Last: Martins 
Title: The Revival of Classical Political Economy and the Cambridge Tradition: From Scarcity Theory to Surplus Theory 
Abstract:
  Hilary Putnam and Vivian Walsh argue that Amartya Sen's contribution can,
 like the writings of Piero Sraffa, be best interpreted as a revival of
 classical political economy, in which Sen brings back into economics a
 richer conception of the human agent, and a moral dimension. Sen
 criticises the conception of rationality that underpins mainstream
 microeconomic theory, and suggests an alternative framework that can
 accommodate a variety of motivations, including moral motivations, as will
 be argued here. Furthermore, the work of Sen, and other authors of the
 Cambridge tradition who also devoted much time to the revival of classical
 political economy, are complementary in many respects, and provide the
 basic tools for an alternative economic theory, which is centred on the
 economic, social and ethical analysis of the production and distribution
 of the economic surplus, and not on the modelling of the activity of
 optimising agents in a context of scarcity. While the notion of scarcity
 is very important for the analysis of poverty and deprivation that Sen
 undertakes, the central issue to address, in order to explain the causal
 mechanisms behind scarcity, poverty and deprivation, concerns the study of
 the production and distribution of the economic surplus. 
Journal: Review of Political Economy 
Pages: 111-131 
Issue: 1 
Volume: 23 
Year: 2011 
X-DOI: 10.1080/09538259.2010.510319 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2010.510319
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:1:p:111-131




Template-Type: ReDIF-Article 1.0
Author-Name: Matteo Migheli 
Author-X-Name-First: Matteo 
Author-X-Name-Last: Migheli 
Title: Capabilities and Functionings: The Role of Social Capital for Accessing New Capabilities 
Abstract:
  This paper connects two relatively recent streams of research in social
 science: the capabilities approach and the literature on social capital.
 The aim is to show that these are strictly connected in a dynamic process
 linking functionings and capabilities through social capital. The ability
 to attain new capabilities is enhanced by the possession of social
 capital; hence investing in its accumulation allows individuals to improve
 their welfare. Furthermore, new capabilities allow the individual to
 create new connections and access new networks, accruing his or her stock
 of social capital and opening the door to the possibility of attaining new
 capabilities. The paper hypothesizes that a dynamic spiral interweaves
 social capital, capabilities and functionings. 
Journal: Review of Political Economy 
Pages: 133-142 
Issue: 1 
Volume: 23 
Year: 2011 
X-DOI: 10.1080/09538259.2011.526297 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2011.526297
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:1:p:133-142




Template-Type: ReDIF-Article 1.0
Author-Name: Oren Levin-Waldman 
Author-X-Name-First: Oren 
Author-X-Name-Last: Levin-Waldman 
Title: Unjust Deserts: How the Rich are Taking Our Common Inheritance 
Abstract:
Journal: Review of Political Economy 
Pages: 143-146 
Issue: 1 
Volume: 23 
Year: 2011 
X-DOI: 10.1080/09538259.2011.526298 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2011.526298
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:1:p:143-146




Template-Type: ReDIF-Article 1.0
Author-Name: Oren Levin-Waldman 
Author-X-Name-First: Oren 
Author-X-Name-Last: Levin-Waldman 
Title: From the Corn Laws to Free Trade: Interests, Ideas and Institutions in Historical Perspective 
Abstract:
Journal: Review of Political Economy 
Pages: 146-149 
Issue: 1 
Volume: 23 
Year: 2011 
X-DOI: 10.1080/09538259.2011.526299 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2011.526299
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:1:p:146-149




Template-Type: ReDIF-Article 1.0
Author-Name: Ivo Maes 
Author-X-Name-First: Ivo 
Author-X-Name-Last: Maes 
Title: Euros and Europeans, Monetary Integration and the European Model of Society 
Abstract:
Journal: Review of Political Economy 
Pages: 149-151 
Issue: 1 
Volume: 23 
Year: 2011 
X-DOI: 10.1080/09538259.2011.526300 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2011.526300
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:1:p:149-151




Template-Type: ReDIF-Article 1.0
Author-Name: David Dequech 
Author-X-Name-First: David 
Author-X-Name-Last: Dequech 
Title: Conflict and Cooperation: Institutional and Behavioral Economics 
Abstract:
Journal: Review of Political Economy 
Pages: 152-153 
Issue: 1 
Volume: 23 
Year: 2011 
X-DOI: 10.1080/09538259.2011.526301 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2011.526301
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:1:p:152-153




Template-Type: ReDIF-Article 1.0
Author-Name: Tung-Yi Kho 
Author-X-Name-First: Tung-Yi 
Author-X-Name-Last: Kho 
Title: Capital Flight and Capital Controls in Developing Countries 
Abstract:
Journal: Review of Political Economy 
Pages: 154-156 
Issue: 1 
Volume: 23 
Year: 2011 
X-DOI: 10.1080/09538259.2011.526302 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2011.526302
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:1:p:154-156




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Rogers 
Author-X-Name-First: Robert 
Author-X-Name-Last: Rogers 
Title: Competition Policy: Theory and Practice 
Abstract:
Journal: Review of Political Economy 
Pages: 156-158 
Issue: 1 
Volume: 23 
Year: 2011 
X-DOI: 10.1080/09538259.2011.526303 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2011.526303
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:1:p:156-158




Template-Type: ReDIF-Article 1.0
Author-Name: Lina Ochoa 
Author-X-Name-First: Lina 
Author-X-Name-Last: Ochoa 
Title: Economics in Real Time. A Theoretical Reconstruction 
Abstract:
Journal: Review of Political Economy 
Pages: 158-159 
Issue: 1 
Volume: 23 
Year: 2011 
X-DOI: 10.1080/09538259.2011.526309 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2011.526309
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:1:p:158-159




Template-Type: ReDIF-Article 1.0
Author-Name: Angelo Reati 
Author-X-Name-First: Angelo 
Author-X-Name-Last: Reati 
Title: A Handbook of Alternative Monetary Economics 
Abstract:
Journal: Review of Political Economy 
Pages: 160-166 
Issue: 1 
Volume: 23 
Year: 2011 
X-DOI: 10.1080/09538259.2010.510321 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2010.510321
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:1:p:160-166




Template-Type: ReDIF-Article 1.0
Author-Name: Scott Carter 
Author-X-Name-First: Scott 
Author-X-Name-Last: Carter 
Title: C.E. Ferguson and the Neoclassical Theory of Capital: A Matter of Faith 
Abstract:
  In 1969 the American neoclassical economist C.E. Ferguson wrote that
 reliance on neoclassical aggregate production and distribution theory is a
 'matter of faith' to be sorted out (he says 'answered') by
 econometricians. Ferguson was criticized on both sides of the debate for
 invoking this religious metaphor. Using the methodological framework of
 A.J. Cohen & G.C. Harcourt (2005), Introduction: capital theory
 controversy: scarcity, production, equilibrium, and time, in: A. Cohen,
 G.C. Harcourt & C. Bliss (Eds) Capital Theory, 3 Vols. Northampton, MA:
 Edward Elgar, this paper argues that faith plays a recurring role in all
 capital controversies and especially in modern theories of growth that
 rely wholesale on the aggregate production function. Ferguson's faith
 proves to be much more insightful than previously recognized. 
Journal: Review of Political Economy 
Pages: 339-356 
Issue: 3 
Volume: 23 
Year: 2011 
X-DOI: 10.1080/09538259.2011.583818 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2011.583818
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:3:p:339-356




Template-Type: ReDIF-Article 1.0
Author-Name: Richard Holt 
Author-X-Name-First: Richard 
Author-X-Name-Last: Holt 
Author-Name: J. Barkley Rosser 
Author-X-Name-First: J. Barkley 
Author-X-Name-Last: Rosser 
Author-Name: David Colander 
Author-X-Name-First: David 
Author-X-Name-Last: Colander 
Title: The Complexity Era in Economics 
Abstract:
  This article argues that the neoclassical era in economics has ended and
 is being replaced by a new era. What best characterizes the new era is its
 acceptance that the economy is complex, and thus that it might be called
 the complexity era. The complexity era has not arrived through a
 revolution. Instead, it has evolved out of the many strains of
 neoclassical work, along with work done by less orthodox mainstream and
 heterodox economists. It is only in its beginning stages. The article
 discusses the work that is forming the foundation of the complexity era,
 and how that work will likely change the way in which we understand
 economic phenomena and the economics profession. 
Journal: Review of Political Economy 
Pages: 357-369 
Issue: 3 
Volume: 23 
Year: 2011 
X-DOI: 10.1080/09538259.2011.583820 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2011.583820
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:3:p:357-369




Template-Type: ReDIF-Article 1.0
Author-Name: Eleonora Sanfilippo 
Author-X-Name-First: Eleonora 
Author-X-Name-Last: Sanfilippo 
Title: The Short Period and the Long Period in Macroeconomics: An Awkward Distinction 
Abstract:
  The aim of this paper is to show that the meaning of the well-known
 concepts of short period and long period is often unclear and may be
 seriously misleading when applied to macroeconomic analysis. Evidence of
 this confusion emerges through reappraisal of the interpretative debate of
 the 1980s and 1990s, which aimed to establish whether Keynes's General
 Theory should be considered a short- or long-period analysis of the
 aggregate level of production. Further evidence is provided by the
 ambiguous use that seems to be made of this distinction in macroeconomics
 textbooks, as will be shown in the paper. Having explored some possible
 explanations for the difficulties in defining and applying these
 methodological tools at a 'macro' level, the conclusion is drawn that it
 would be preferable to abandon this terminology in classifying different
 aggregate models and simply to make explicit the given factors and the
 independent and dependent variables in each model, exactly as Keynes did
 in Chapter 18 of his major work. 
Journal: Review of Political Economy 
Pages: 371-388 
Issue: 3 
Volume: 23 
Year: 2011 
X-DOI: 10.1080/09538259.2011.583821 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2011.583821
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:3:p:371-388




Template-Type: ReDIF-Article 1.0
Author-Name: Harry Bloch 
Author-X-Name-First: Harry 
Author-X-Name-Last: Bloch 
Author-Name: Jerry Courvisanos 
Author-X-Name-First: Jerry 
Author-X-Name-Last: Courvisanos 
Author-Name: Maria Mangano 
Author-X-Name-First: Maria 
Author-X-Name-Last: Mangano 
Title: The Impact of Technical Change and Profit on Investment in Australian Manufacturing 
Abstract:
  This paper combines W.E.G. Salter's analysis of capital-embodied
 technical change with Kalecki's analysis of financing investment from
 retained profits to provide a Post Keynesian model of investment with
 process innovation, which is applied to data from Australian manufacturing
 industries. The approach to process innovation taken in this study is to
 identify new capital stock introduced through physical investment, which
 results in the older vintage stock being decommissioned as technologically
 obsolete. In the estimated model, the profit factor is used as a measure
 of the ability to invest, and the rate of labour productivity growth
 factor reveals the inducement to invest as this rate acts as a proxy for
 technical change in the Kaleckian investment-ordering model. The two
 factors combine to explain the accumulation process, both level and
 variability, and its link to technical change. In conclusion, this paper
 demonstrates that investment, incorporating technical change, enables
 industries to become sustainable into the uncertain future with varying
 states of investment instability. &#x2026;technical progress cannot be
 regarded as automatic and independent of accumulation. (Salter, 1966, p.
 72) 
Journal: Review of Political Economy 
Pages: 389-408 
Issue: 3 
Volume: 23 
Year: 2011 
X-DOI: 10.1080/09538259.2011.583827 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2011.583827
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:3:p:389-408




Template-Type: ReDIF-Article 1.0
Author-Name: Dan Wheatley 
Author-X-Name-First: Dan 
Author-X-Name-Last: Wheatley 
Author-Name: Irene Hardill 
Author-X-Name-First: Irene 
Author-X-Name-Last: Hardill 
Author-Name: Bruce Philp 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Philp 
Title: 'Managing' Reductions in Working Hours: A Study of Work-time and Leisure Preferences in UK Industry 
Abstract:
  This paper, which is predicated on the view that reductions in work-time
 are generally desirable, explores the working hours of managers and
 professionals in UK industry. Managers and professionals are often grouped
 together in empirical and theoretical work, e.g. in the literature on the
 professional-managerial class, and Goldthorpe's 'Service Class'.
 Nevertheless, there are differences: professionals, historically, are
 autonomous workers; the role of managers, in contrast, is to extract work
 from others on behalf of the organisation. Using data collected from the
 2005 Labour Force Survey we establish there are statistically significant
 empirical differences between managers and professionals; one of these
 differences is in attitudes to work-time. We theorise that this is because
 managers' roles align their attitudes with those desired by the firm or
 organisation, and we conclude that, as a consequence, the 'voluntary'
 nature of work-time regulation should be revisited. 
Journal: Review of Political Economy 
Pages: 409-420 
Issue: 3 
Volume: 23 
Year: 2011 
X-DOI: 10.1080/09538259.2011.583832 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2011.583832
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:3:p:409-420




Template-Type: ReDIF-Article 1.0
Author-Name: Stavros Mavroudeas 
Author-X-Name-First: Stavros 
Author-X-Name-Last: Mavroudeas 
Author-Name: Alexis Ioannides 
Author-X-Name-First: Alexis 
Author-X-Name-Last: Ioannides 
Title: Duration, Intensity and Productivity of Labour and the Distinction between Absolute and Relative Surplus-value 
Abstract:
  Marx recognized two distinct but also interrelated processes of
 increasing surplus-value extraction: absolute and relative surplus-value.
 Both these processes hinge upon the duration, the intensity and the
 productivity of labour, albeit in different ways. The increase of the
 duration of labour is indisputably related to absolute surplus-value and
 the increase of labour productivity to relative surplus-value. However,
 there is controversy regarding the position of the intensity of labour.
 Marx's argument that it belongs to relative surplus-value is disputed by
 many Marxists. This paper argues that Marx's thesis is correct because the
 intensification of labour and the increase of its duration are ultimately
 two opposing trends and thus should not be coupled in the same concept. 
Journal: Review of Political Economy 
Pages: 421-437 
Issue: 3 
Volume: 23 
Year: 2011 
X-DOI: 10.1080/09538259.2011.583833 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2011.583833
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:3:p:421-437




Template-Type: ReDIF-Article 1.0
Author-Name: Angelos Vouldis 
Author-X-Name-First: Angelos 
Author-X-Name-Last: Vouldis 
Author-Name: Panayotis Michaelides 
Author-X-Name-First: Panayotis 
Author-X-Name-Last: Michaelides 
Author-Name: John Milios 
Author-X-Name-First: John 
Author-X-Name-Last: Milios 
Title: Emil Lederer and the Schumpeter-Hilferding-Tugan-Baranowsky Nexus 
Abstract:
  This paper focuses on the thinking of Emil Lederer, one of the leading
 academic socialists of Germany in the 1920s. Lederer's views on economic
 development, technical change, credit and business cycles are compared to
 those of Schumpeter. The paper traces the roots of some of their ideas
 back to the work of two prominent Marxists, Rudolf Hilferding and Mikhail
 Ivanovich Tugan-Baranowsky. The paper concludes that although Lederer and
 Schumpeter are traditionally classified in different schools of thought,
 their theoretical views on many issues converge. 
Journal: Review of Political Economy 
Pages: 439-460 
Issue: 3 
Volume: 23 
Year: 2011 
X-DOI: 10.1080/09538259.2011.583835 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2011.583835
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:3:p:439-460




Template-Type: ReDIF-Article 1.0
Author-Name: S. A. Drakopoulos 
Author-X-Name-First: S. A. 
Author-X-Name-Last: Drakopoulos 
Title: Wicksteed, Robbins and the Emergence of Mainstream Economic Methodology 
Abstract:
  Phillip Wicksteed's ideas played an important role in the history of
 economic methodology, first, because his views represent the starting
 point of the deliberate attempt to expel hedonism from marginalist
 economic analysis, and secondly because his ideas influenced his prominent
 disciple Lionel Robbins. The current mainstream view of an allegedly
 value-free economic science can be traced to Robbins. The paper examines
 Wicksteed's conception of economic science and the role of hedonism. His
 views on the nature and the role of economic man, and his analysis of
 egoism and of altruistic behaviour are also discussed. The paper assesses
 Wicksteed's influence, via Robbins, on the formation of mainstream
 methodological views. 
Journal: Review of Political Economy 
Pages: 461-470 
Issue: 3 
Volume: 23 
Year: 2011 
X-DOI: 10.1080/09538259.2011.583837 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2011.583837
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:3:p:461-470




Template-Type: ReDIF-Article 1.0
Author-Name: Gene Callahan 
Author-X-Name-First: Gene 
Author-X-Name-Last: Callahan 
Title: The Invisible Hook: The Hidden Economics of Pirates 
Abstract:
Journal: Review of Political Economy 
Pages: 471-474 
Issue: 3 
Volume: 23 
Year: 2011 
X-DOI: 10.1080/09538259.2011.583838 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2011.583838
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:3:p:471-474




Template-Type: ReDIF-Article 1.0
Author-Name: Guglielmo Forges Davanzati 
Author-X-Name-First: Guglielmo Forges 
Author-X-Name-Last: Davanzati 
Title: Capitalists, Workers and Fiscal Policy. A Classical Model of Growth and Distribution 
Abstract:
Journal: Review of Political Economy 
Pages: 474-476 
Issue: 3 
Volume: 23 
Year: 2011 
X-DOI: 10.1080/09538259.2011.583839 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2011.583839
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:3:p:474-476




Template-Type: ReDIF-Article 1.0
Author-Name: M. G. Hayes 
Author-X-Name-First: M. G. 
Author-X-Name-Last: Hayes 
Title: Money, Investment and Consumption: Keynes's Macroeconomics Rethought 
Abstract:
Journal: Review of Political Economy 
Pages: 476-478 
Issue: 3 
Volume: 23 
Year: 2011 
X-DOI: 10.1080/09538259.2011.583840 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2011.583840
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:3:p:476-478




Template-Type: ReDIF-Article 1.0
Author-Name: G.   C. Harcourt 
Author-X-Name-First: G.   C. 
Author-X-Name-Last: Harcourt 
Author-Name: Peter Kriesler 
Author-X-Name-First: Peter 
Author-X-Name-Last: Kriesler 
Title: The Enduring Importance of <italic>The General Theory</italic>  
Abstract:
  This paper examines some features of <italic>The General Theory</italic>
 that remain relevant 75 years after its publication. Keynes showed that
 even in a competitive economy with perfectly flexible prices, wages and
 interest rates, market prices could not guarantee full employment and that
 the achievement of full employment would only be a fluke. In other words,
 he showed that there was no natural mechanism to drive the economy to full
 employment, and that the level of employment was determined by effective
 demand rather than by the wage rate. He demonstrated this by using a
 method that stressed the relationship between cause and effect in
 determining key variables and relations in the economy. Keynes
 demonstrated that monetary variables affected real variables, and real
 variables affected monetary ones, in both the short run and long run. This
 can be contrasted with mainstream theory, where the long-run neutrality of
 money remains a key result. The paper proposes a rehabilitation of
 Keynes's analysis of the supply and demand for money&#x2014;away from its
 original role in explaining domestic monetary influences and towards
 providing an analysis of supply and demand for international money. 
Journal: Review of Political Economy 
Pages: 503-519 
Issue: 4 
Volume: 23 
Year: 2011 
Month: 10 
X-DOI: 10.1080/09538259.2011.611616 
File-URL: http://hdl.handle.net/10.1080/09538259.2011.611616 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:4:p:503-519




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Docherty 
Author-X-Name-First: Peter 
Author-X-Name-Last: Docherty 
Title: Keynes's Analysis of Economic Crises and Monetary Policy in the <italic>General Theory</italic>: Its Relevance after 75 Years 
Abstract:
  This paper argues that Keynes's treatment of economic fluctuations and
 monetary policy in the <italic>General Theory</italic> is still relevant
 after 75 years. His treatment of severe economic crises provides
 considerable insight into the possibility of crises emanating from
 financial markets, and for understanding how financial disturbances may
 have real economic effects. Keynes's insights into the potential
 limitations of using monetary policy to deal with periods of crisis and
 how these limitations may be addressed are also shown to be relevant to
 the recent global financial crisis. The paper also argues that the
 <italic>General Theory</italic> has insights to offer on the use of Taylor
 rules and on the possibility of addressing persistent unemployment. 
Journal: Review of Political Economy 
Pages: 521-535 
Issue: 4 
Volume: 23 
Year: 2011 
Month: 10 
X-DOI: 10.1080/09538259.2011.611617 
File-URL: http://hdl.handle.net/10.1080/09538259.2011.611617 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:4:p:521-535




Template-Type: ReDIF-Article 1.0
Author-Name: Attilio Trezzini 
Author-X-Name-First: Attilio 
Author-X-Name-Last: Trezzini 
Title: The Irreversibility of Consumption as a Source of Endogenous Demand-driven Economic Growth 
Abstract:
  In advanced capitalist economies, the asymmetry of aggregate consumption,
 which decreases to a lesser extent during recessions than it increases
 during expansions, implies an endogenous source of growth and
 accumulation. This thesis, put forward in a previous paper co-authored
 with Pierangelo Garegnani, is here scrutinized in detail and developed in
 terms of more general assumptions. The connection with similar assumptions
 on consumption to be found in the literature is also examined and some
 implications of the hypothesis are drawn regarding the significance of the
 savings rate. 
Journal: Review of Political Economy 
Pages: 537-556 
Issue: 4 
Volume: 23 
Year: 2011 
Month: 10 
X-DOI: 10.1080/09538259.2011.611621 
File-URL: http://hdl.handle.net/10.1080/09538259.2011.611621 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:4:p:537-556




Template-Type: ReDIF-Article 1.0
Author-Name: Rosaria   Rita Canale 
Author-X-Name-First: Rosaria   Rita 
Author-X-Name-Last: Canale 
Title: Alternative Strategies for Monetary Policy 
Abstract:
  The aim of the paper is to emphasize the importance of the central bank's
 alternative strategies for macroeconomic equilibrium. Using a constrained
 maximization process founded on a behavioural equation, we underscore the
 relevance, for monetary policy, of the assumptions adopted by policymakers
 regarding how the economic system works. In particular, under a flexible
 exchange rate regime, the relevant hypotheses are those concerning the
 supply curve. Under a fixed exchange rate regime the relevant assumptions
 are those related to the maintenance of the currency agreements and to the
 internal sustainability of an interest rate setting policy. We demonstrate
 that these hypotheses define the objective pursued and the strategy
 followed. Furthermore, if they do not coincide with the actual
 characteristics of the market, the adjustment dynamics of aggregate income
 and inflation do not allow convergence toward equilibrium. We use the
 tools of New Consensus Macroeconomics to discuss the implications of the
 model and to offer an enhanced analytical framework for teaching
 intermediate macroeconomics without necessarily adopting the mainstream
 hypotheses. 
Journal: Review of Political Economy 
Pages: 557-571 
Issue: 4 
Volume: 23 
Year: 2011 
Month: 10 
X-DOI: 10.1080/09538259.2011.611622 
File-URL: http://hdl.handle.net/10.1080/09538259.2011.611622 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:4:p:557-571




Template-Type: ReDIF-Article 1.0
Author-Name: Giuseppe Eusepi 
Author-X-Name-First: Giuseppe 
Author-X-Name-Last: Eusepi 
Author-Name: Richard   E. Wagner 
Author-X-Name-First: Richard   E. 
Author-X-Name-Last: Wagner 
Title: States as Ecologies of Political Enterprises 
Abstract:
  This paper seeks to overcome an antinomy within the theory of political
 economy: while market outcomes are treated as resulting from polycentric
 competition, political outcomes are treated as resulting from hierarchic
 planning. We seek to overcome this antinomy by treating political outcomes
 as likewise resulting from polycentric competition, taking due account of
 relevant institutional differences. For example, a parliamentary assembly
 is treated as an extra-ordinary form of investment bank that intermediates
 between the sponsors of enterprises and those within the citizenry who
 have means to support those enterprises. What results is a theory in which
 political programs emerge in largely bottom-up fashion through complex
 networks of transactions. Much of the inspiration for this paper arises
 from the Italian School of Public Finance, particularly Mazzola,
 Montemartini, Pantaleoni and de Viti de Marco. 
Journal: Review of Political Economy 
Pages: 573-585 
Issue: 4 
Volume: 23 
Year: 2011 
Month: 10 
X-DOI: 10.1080/09538259.2011.611623 
File-URL: http://hdl.handle.net/10.1080/09538259.2011.611623 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:4:p:573-585




Template-Type: ReDIF-Article 1.0
Author-Name: Stefano Fiori 
Author-X-Name-First: Stefano 
Author-X-Name-Last: Fiori 
Title: Forms of Bounded Rationality: The Reception and Redefinition of Herbert A. Simon's Perspective 
Abstract:
  First, the paper seeks to show that Herbert Simon's notion of bounded
 rationality should be interpreted in light of its connection with
 artificial intelligence. Second, offering four paradigmatic examples, the
 article presents the view that recent approaches that draw upon Simon's
 heterodox theory only partially accept the teachings of their inspirer,
 splitting bounded rationality from the context of artificial intelligence,
 and replacing it with different analytical tools that help give new
 configurations to bounded rationality. The thesis is that these events can
 be interpreted as an implicit (and ideal) challenge for redefining what
 bounded rationality is. 
Journal: Review of Political Economy 
Pages: 587-612 
Issue: 4 
Volume: 23 
Year: 2011 
Month: 10 
X-DOI: 10.1080/09538259.2011.611624 
File-URL: http://hdl.handle.net/10.1080/09538259.2011.611624 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:4:p:587-612




Template-Type: ReDIF-Article 1.0
Author-Name: Jochen Hartwig 
Author-X-Name-First: Jochen 
Author-X-Name-Last: Hartwig 
Title: Aggregate Demand and Aggregate Supply: Will the Real Keynes Please Stand Up? 
Abstract:
  Two recent articles in this journal present conflicting interpretations
 of the Aggregate Demand/Aggregate Supply (D/Z) model contained in Chapter
 3 of Keynes's <italic>General Theory</italic>. This paper evaluates the
 two interpretations to determine which aligns more closely with Keynes's
 own views. 
Journal: Review of Political Economy 
Pages: 613-618 
Issue: 4 
Volume: 23 
Year: 2011 
Month: 10 
X-DOI: 10.1080/09538259.2011.611626 
File-URL: http://hdl.handle.net/10.1080/09538259.2011.611626 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:4:p:613-618




Template-Type: ReDIF-Article 1.0
Author-Name: Terry Peach 
Author-X-Name-First: Terry 
Author-X-Name-Last: Peach 
Title: Elgar Companion to Adam Smith 
Journal: Review of Political Economy 
Pages: 619-623 
Issue: 4 
Volume: 23 
Year: 2011 
Month: 10 
X-DOI: 10.1080/09538259.2011.611632 
File-URL: http://hdl.handle.net/10.1080/09538259.2011.611632 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:4:p:619-623




Template-Type: ReDIF-Article 1.0
Author-Name: Cameron   M. Weber 
Author-X-Name-First: Cameron   M. 
Author-X-Name-Last: Weber 
Title: The Collected Works of F.A. Hayek, Vol. 12: The Pure Theory of Capital 
Journal: Review of Political Economy 
Pages: 623-626 
Issue: 4 
Volume: 23 
Year: 2011 
Month: 10 
X-DOI: 10.1080/09538259.2011.611633 
File-URL: http://hdl.handle.net/10.1080/09538259.2011.611633 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:23:y:2011:i:4:p:623-626




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Flaschel 
Author-X-Name-First: Peter 
Author-X-Name-Last: Flaschel 
Author-Name: Alfred Greiner 
Author-X-Name-First: Alfred 
Author-X-Name-Last: Greiner 
Author-Name: Sigrid Luchtenberg 
Author-X-Name-First: Sigrid 
Author-X-Name-Last: Luchtenberg 
Title: Labor Market Institutions and the Role of Elites in Flexicurity Societies 
Abstract:
  The paper argues that a process of capital accumulation exhibiting
 recurrent mass unemployment&#x2014;due to the conflict over income
 distribution&#x2014;does not represent a process that is adequate for a
 democratic society in the long run. The paper develops a basic
 macrodynamic framework where this process of cyclical growth is overcome
 by an &#x2018;employer of first resort&#x2019; (an entity that provides
 employment security but not job security), added to an economic
 reproduction process that is highly competitive (flexible). Such a
 flexicurity system is characterized by high labor and capital mobility,
 with fluctuations of employment in the private sector made socially
 acceptable through a second labor market where all remaining workers are
 able to find meaningful occupation and sufficient income. We study on this
 basis a disaggregation of the labor market into skilled and high-skilled
 labor, as well as professional and political elites. The stability and
 sustainability propositions of the homogeneous labor case generalize to
 this extended situation. 
Journal: Review of Political Economy 
Pages: 103-129 
Issue: 1 
Volume: 24 
Year: 2012 
Month: 1 
X-DOI: 10.1080/09538259.2011.636605 
File-URL: http://hdl.handle.net/10.1080/09538259.2011.636605 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:1:p:103-129




Template-Type: ReDIF-Article 1.0
Author-Name: David George 
Author-X-Name-First: David 
Author-X-Name-Last: George 
Title: Is it Time to Bury Dead-Weight Loss? 
Abstract:
  The conventional argument to explain how taxes distort points out that
 the relative mix of private goods is altered by taxes. This argument
 breaks down, however, when it is recognized that a lump-sum alters the
 relative mix of goods as long as goods differ their income elasticities.
 This paper argues that claims of tax distortion rest on the assumption
 that collective decisions to alter consumption do not alter marginal
 benefits while private decisions to alter consumption do, and that this
 assumption is problematic. The view of government as an external,
 nondemocratic force is best understood as an outcome of the pre-democratic
 roots of economic thinking as well as the skeptical public-choice view of
 government as comprising self-interested actors. 
Journal: Review of Political Economy 
Pages: 1-13 
Issue: 1 
Volume: 24 
Year: 2012 
Month: 1 
X-DOI: 10.1080/09538259.2011.636595 
File-URL: http://hdl.handle.net/10.1080/09538259.2011.636595 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:1:p:1-13




Template-Type: ReDIF-Article 1.0
Author-Name: Fabio Ravagnani 
Author-X-Name-First: Fabio 
Author-X-Name-Last: Ravagnani 
Title: The Classical Theory of Normal Prices and the Analysis of Economic Changes: A Comment 
Abstract:
  This paper examines the critical remarks that D'Orlando (2005) addresses
 to the classical theory of value based on &#x2018;normal&#x2019;
 positions, and briefly comments on the alternative dynamic analysis of
 short-run prices that he recommends. The first part refutes D'Orlando's
 considerations about the method traditionally adopted in classical
 analysis and discusses the claim that the characteristic structure of
 classical theory prevents consistent determination of the normal prices.
 The second part moves on to consider the basic elements of D'Orlando's
 proposed short-period analysis and argues that they are problematic on
 both theoretical and methodological grounds. 
Journal: Review of Political Economy 
Pages: 131-143 
Issue: 1 
Volume: 24 
Year: 2012 
Month: 1 
X-DOI: 10.1080/09538259.2011.636609 
File-URL: http://hdl.handle.net/10.1080/09538259.2011.636609 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:1:p:131-143




Template-Type: ReDIF-Article 1.0
Author-Name: Fabio D'Orlando 
Author-X-Name-First: Fabio 
Author-X-Name-Last: D'Orlando 
Title: Reply to Ravagnani 
Journal: Review of Political Economy 
Pages: 145-150 
Issue: 1 
Volume: 24 
Year: 2012 
Month: 1 
X-DOI: 10.1080/09538259.2011.636604 
File-URL: http://hdl.handle.net/10.1080/09538259.2011.636604 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:1:p:145-150




Template-Type: ReDIF-Article 1.0
Author-Name: Fabio Ravagnani 
Author-X-Name-First: Fabio 
Author-X-Name-Last: Ravagnani 
Title: Rejoinder 
Journal: Review of Political Economy 
Pages: 151-155 
Issue: 1 
Volume: 24 
Year: 2012 
Month: 1 
X-DOI: 10.1080/09538259.2011.636610 
File-URL: http://hdl.handle.net/10.1080/09538259.2011.636610 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:1:p:151-155




Template-Type: ReDIF-Article 1.0
Author-Name: Lorenzo Garbo 
Author-X-Name-First: Lorenzo 
Author-X-Name-Last: Garbo 
Title: Early Evolution of the Assumption of Non-satiation 
Abstract:
  The paper explores the mostly tacit transmission of the assumption of
 non-satiation from the outset of classical political economy to the advent
 of marginal analysis in Great Britain. The evolution of the assumption is
 traced back to contributions to the philosophy of mind in the early
 British enlightenment, which provided scientific ground not only to the
 economic agent's insatiable nature but also to a delusional dynamic of
 association that challenges the causality between acquisitiveness and
 pleasure. The paper claims that, because there is evidence that such
 delusional aspect was known to the early political economists, the
 assumption of non-satiation might have become a mainstay in economics not
 only for its scientific status but also as a result of a strategic choice
 that can only be explained within the political, cultural, and social
 context in which it was made. Had this been the case, the exportability of
 the assumption through time and space must be further questioned. The
 consistent inclusion of non-satiation in economic theories, policies, and
 institutions may have had extraordinary consequences, and may have
 nurtured rational behaviors that in fact fulfill the assumption itself. 
Journal: Review of Political Economy 
Pages: 15-32 
Issue: 1 
Volume: 24 
Year: 2012 
Month: 1 
X-DOI: 10.1080/09538259.2011.617595 
File-URL: http://hdl.handle.net/10.1080/09538259.2011.617595 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:1:p:15-32




Template-Type: ReDIF-Article 1.0
Author-Name: G.   C. Harcourt 
Author-X-Name-First: G.   C. 
Author-X-Name-Last: Harcourt 
Title: Keynes on Monetary Policy, Finance and Uncertainty. Liquidity Preference Theory and the Global Financial Crisis 
Journal: Review of Political Economy 
Pages: 157-161 
Issue: 1 
Volume: 24 
Year: 2012 
Month: 1 
X-DOI: 10.1080/09538259.2011.636597 
File-URL: http://hdl.handle.net/10.1080/09538259.2011.636597 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:1:p:157-161




Template-Type: ReDIF-Article 1.0
Author-Name: Spencer   J. Pack 
Author-X-Name-First: Spencer   J. 
Author-X-Name-Last: Pack 
Title: A History of Heterodox Economics: Challenging the Mainstream in the Twentieth Century 
Journal: Review of Political Economy 
Pages: 161-164 
Issue: 1 
Volume: 24 
Year: 2012 
Month: 1 
X-DOI: 10.1080/09538259.2011.636600 
File-URL: http://hdl.handle.net/10.1080/09538259.2011.636600 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:1:p:161-164




Template-Type: ReDIF-Article 1.0
Author-Name: Robert   E. Prasch 
Author-X-Name-First: Robert   E. 
Author-X-Name-Last: Prasch 
Title: Kalecki's Principle of Increasing Risk and Keynesian Economics 
Journal: Review of Political Economy 
Pages: 164-166 
Issue: 1 
Volume: 24 
Year: 2012 
Month: 1 
X-DOI: 10.1080/09538259.2011.636601 
File-URL: http://hdl.handle.net/10.1080/09538259.2011.636601 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:1:p:164-166




Template-Type: ReDIF-Article 1.0
Author-Name: Johann   K. Jaeckel 
Author-X-Name-First: Johann   K. 
Author-X-Name-Last: Jaeckel 
Title: Zombie Economics: How Dead Ideas Still Walk Among Us 
Journal: Review of Political Economy 
Pages: 167-171 
Issue: 1 
Volume: 24 
Year: 2012 
Month: 1 
X-DOI: 10.1080/09538259.2011.636598 
File-URL: http://hdl.handle.net/10.1080/09538259.2011.636598 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:1:p:167-171




Template-Type: ReDIF-Article 1.0
Author-Name: Feridun Y&#x131;lmaz 
Author-X-Name-First: Feridun 
Author-X-Name-Last: Y&#x131;lmaz 
Title: Thorstein Veblen and the Revival of Free Market Capitalism 
Journal: Review of Political Economy 
Pages: 171-173 
Issue: 1 
Volume: 24 
Year: 2012 
Month: 1 
X-DOI: 10.1080/09538259.2011.636602 
File-URL: http://hdl.handle.net/10.1080/09538259.2011.636602 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:1:p:171-173




Template-Type: ReDIF-Article 1.0
Author-Name: Scott   L.B. McConnell 
Author-X-Name-First: Scott   L.B. 
Author-X-Name-Last: McConnell 
Title: Post Keynesian and Ecological Economics: Confronting Environmental Issues 
Journal: Review of Political Economy 
Pages: 174-177 
Issue: 1 
Volume: 24 
Year: 2012 
Month: 1 
X-DOI: 10.1080/09538259.2011.636599 
File-URL: http://hdl.handle.net/10.1080/09538259.2011.636599 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:1:p:174-177




Template-Type: ReDIF-Article 1.0
Author-Name: Brian D'Agostino 
Author-X-Name-First: Brian 
Author-X-Name-Last: D'Agostino 
Title: Economics for the Rest of Us: Debunking the Science that Makes Life Dismal 
Journal: Review of Political Economy 
Pages: 178-181 
Issue: 1 
Volume: 24 
Year: 2012 
Month: 1 
X-DOI: 10.1080/09538259.2011.636596 
File-URL: http://hdl.handle.net/10.1080/09538259.2011.636596 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:1:p:178-181




Template-Type: ReDIF-Article 1.0
Author-Name: Davide Gualerzi 
Author-X-Name-First: Davide 
Author-X-Name-Last: Gualerzi 
Title: Towards a Theory of the Consumption--Growth Relationship 
Abstract:
  This paper is a contribution to the analysis of the growth process within
 industrial market economies. It examines the connection between growth and
 the composition of demand, in particular the consumption--growth
 relationship. The focus is not on the trade-off between consumption and
 growth but on the positive feedback between them which, via changes in the
 composition of demand, shifts the constraint along which the trade-off
 operates. The starting point of the theory of the Consumption-Growth
 relationship put forward here is the early Keynesian growth theory which
 sought to extend the principle of effective demand to the long-run. We
 attempt to establish a systemic link between the transformation of
 consumption patterns and the principle of effective demand, thus
 contributing to a long-run theory of effective demand. Imbedded in the
 relationship is a process that accounts for structural transformation and
 the pattern of economic growth. The process of new market formation is
 especially relevant for this relationship. That process is at the center
 of a theoretical framework that aims to explain actual dynamics of an
 industrial market economy. The framework presented here therefore
 represents both a departure from the aims of Pasinetti's natural dynamics,
 and a development of his work. 
Journal: Review of Political Economy 
Pages: 33-50 
Issue: 1 
Volume: 24 
Year: 2012 
Month: 1 
X-DOI: 10.1080/09538259.2011.636607 
File-URL: http://hdl.handle.net/10.1080/09538259.2011.636607 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:1:p:33-50




Template-Type: ReDIF-Article 1.0
Author-Name: Roy   H. Grieve 
Author-X-Name-First: Roy   H. 
Author-X-Name-Last: Grieve 
Title:  <italic>Keynes, Sraffa and the Emergence of the</italic> General Theory 
Abstract:
  This paper considers the question of whether Sraffa had any significant
 influence on Keynes's thinking in the period of preparation of <italic>The
 General Theory</italic>. Questioning the negative view expressed by
 Pasinetti (2007), we suggest there is a strong possibility that Sraffa, in
 introducing the idea that there exist as many &#x2018;natural&#x2019;
 rates of interest as there are commodities that can be lent or borrowed,
 was instrumental in pointing Keynes to a way of escape from the
 traditional &#x2018;productivity and thrift&#x2019; conception of the rate
 of interest; this new line of thought Keynes developed into the liquidity
 preference explanation of interest on money. 
Journal: Review of Political Economy 
Pages: 51-67 
Issue: 1 
Volume: 24 
Year: 2012 
Month: 1 
X-DOI: 10.1080/09538259.2011.636606 
File-URL: http://hdl.handle.net/10.1080/09538259.2011.636606 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:1:p:51-67




Template-Type: ReDIF-Article 1.0
Author-Name: Theodore   T. Koutsobinas 
Author-X-Name-First: Theodore   T. 
Author-X-Name-Last: Koutsobinas 
Title: Portfolio Allocation, Liquidity-Preference and the q Ratio: A Reassessment of the Contributions of Tobin and Kahn 
Abstract:
  This paper compares the implications of Tobin's q theory and Kahn's
 Post-Keynesian monetary analysis for monetary policy formulation. In
 recent years, monetary policy formation has taken account of expected
 market evaluations of equity as well as the effect of long-term government
 bonds. These evaluations are suggestive of Tobin's q theory as well as
 Kahn's monetary theory. In contrast to the disparity of views between
 Keynes and Hicks in 1937, the analysis conducted by Kahn and Tobin in the
 1950s and 1960s was set in a multi-asset portfolio context that exhibited
 a broader disagreement with regard to the influence of liquidity
 preference. Thus, although q is an important variable in Tobin's analysis,
 Kahn's introduction of the influence of liquidity premia of various assets
 in asset demand and the effect of portfolio flows in response to changes
 in relative liquidity preference across assets undermines the usefulness
 of this ratio. The implications of Kahn's monetary theory are developed in
 an analysis that presents them in terms of a comparable ratio to q. We
 find that there are circumstances in which the adjustment of monetary
 yields across assets and the underlying expectations reveal important
 information for the formation of monetary policy. In addition, the term
 structure of interest rates can convey substantial information when it
 deviates from historical averages and it should be considered separately
 from the q ratio. Moreover, if the assumptions associated with a monetary
 theory of interest and production are retained, the q ratio does not need
 to converge to unity in the long run. 
Journal: Review of Political Economy 
Pages: 69-86 
Issue: 1 
Volume: 24 
Year: 2012 
Month: 1 
X-DOI: 10.1080/09538259.2011.636608 
File-URL: http://hdl.handle.net/10.1080/09538259.2011.636608 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:1:p:69-86




Template-Type: ReDIF-Article 1.0
Author-Name: Fidel Aroche 
Author-X-Name-First: Fidel 
Author-X-Name-Last: Aroche 
Author-Name: Marco   Antonio Marquez 
Author-X-Name-First: Marco   Antonio 
Author-X-Name-Last: Marquez 
Title: Structural Integration, Exports and Growth in Mexico: An Input--Output Approach 
Abstract:
  In Input--Output analysis, the term &#x2018;important
 coefficients&#x2019; refers to direct intersectoral connections, behind
 which lie substantial indirect connections, such that a small change in
 one of those coefficients would have a large impact on the output of a
 related sector. This paper employs important coefficients as indicators of
 the level of integration between the industries in an economic structure.
 An economic structure is defined as a set of interdependent sectors linked
 by a set of intermediate demand flows. Such flows define the character of
 the aforementioned structure. It is hypothesized that changes in the level
 of integration affect the ability an economy has to provide welfare
 opportunities to its population. The paper also shows that a reduction in
 the degree of integration of an economy weakens its ability to achieve
 steady growth, because of the loss of the propagating effects of an
 expanding demand, even if exports expand at high rates. This might explain
 the disappointing performance of the Mexican economy in regard to these
 issues even after structural reforms have been adopted and exports growth
 has become a central component of the development strategy. 
Journal: Review of Political Economy 
Pages: 87-101 
Issue: 1 
Volume: 24 
Year: 2012 
Month: 1 
X-DOI: 10.1080/09538259.2011.636603 
File-URL: http://hdl.handle.net/10.1080/09538259.2011.636603 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:1:p:87-101




Template-Type: ReDIF-Article 1.0
Author-Name: Ramaa Vasudevan 
Author-X-Name-First: Ramaa 
Author-X-Name-Last: Vasudevan 
Title: Terms of Trade, Competitive Advantage, and Trade Patterns 
Abstract:
  This paper investigates the competitive determination of the pattern of
 trade, seen as a choice of technique problem within a two-country,
 two-commodity, circulating capital model. It seeks to re-examine the
 analytical premises of the principle of comparative advantage. The
 establishment of competitive advantage is addressed in a Sraffian
 framework that allows the integration of the choice of technique problem
 to issues of growth and distribution. The focus is on exploring the
 validity of this principle when capital is internationally
 immobile&#x2014;the context in which the principle was first postulated.
 Capital immobility imparts a degree freedom to the model. Closing the
 model and establishing a trade outcome on the basis of the principle of
 comparative advantage depends on the specification of appropriate boundary
 conditions. These boundary conditions boil down to some specification of
 relative scales of the trading partners and the scope for complete
 specialization and mutually beneficial gains from trade is circumscribed. 
Journal: Review of Political Economy 
Pages: 183-202 
Issue: 2 
Volume: 24 
Year: 2012 
Month: 4 
X-DOI: 10.1080/09538259.2012.664324 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.664324 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:2:p:183-202




Template-Type: ReDIF-Article 1.0
Author-Name: Alberto Botta 
Author-X-Name-First: Alberto 
Author-X-Name-Last: Botta 
Author-Name: Gianni Vaggi 
Author-X-Name-First: Gianni 
Author-X-Name-Last: Vaggi 
Title: A Post-Keynesian Model of the Palestinian Economy: The Economics of an Investment-Constrained Economy 
Abstract:
  The 60-year-old Israeli-Palestinian conflict has deeply influenced the
 evolution of the Palestinian economy. In the last two decades political
 instability and the Israeli closure policy have generated protracted
 economic stagnation and poor capital formation. The paper describes the
 consequences on the Palestinian economy of existing high transaction costs
 and market fragmentation. We propose a simple one-sector Post-Keynesian
 model that describes Palestine as a demand-driven economy. We show that
 high transaction costs and market fragmentation discourage investment by
 curtailing expected profitability, reducing the size of the market and
 depressing entrepreneurs' animal spirits. In the short run, these two
 factors induce low levels of capacity utilization and low rates of capital
 accumulation. The situation is even more worrying in the long run when
 entrepreneurs can revise their expectations. Depressed animal spirits and
 low levels of capacity use give rise to a low-growth trap from which
 Palestine can hardly escape. We also highlight the possible positive
 impact of the removal of high transaction costs and of market
 fragmentation, and the ensuing beneficial effects on the long-run
 equilibrium values of capital accumulation and capacity use. The
 conclusions place these analytical results into the historical situation
 of the Palestinian economy, and consider what is needed, politically and
 economically, in order to establish a sustained development process.
 <disp-quote specific-use="block">  <italic>The division of labour is
 limited by the extent of the market</italic>. (Adam Smith, <italic>Wealth
 of Nations</italic>, Book I, chapter III) </disp-quote>  
Journal: Review of Political Economy 
Pages: 203-226 
Issue: 2 
Volume: 24 
Year: 2012 
Month: 4 
X-DOI: 10.1080/09538259.2012.664332 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.664332 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:2:p:203-226




Template-Type: ReDIF-Article 1.0
Author-Name: Daniela   Veronica Gabor 
Author-X-Name-First: Daniela   Veronica 
Author-X-Name-Last: Gabor 
Title: The Road to Financialization in Central and Eastern Europe: The Early Policies and Politics of Stabilizing Transition 
Abstract:
  Narratives of macroeconomic stabilization played an important part in the
 financialization of the formerly planned economies. The excess demand
 narrative, one of the least contested &#x2018;problems&#x2019; of
 post-socialist transformation, shaped central banks' liquidity policies
 and thus translated the priorities of financialized capitalism into policy
 goals and practices. The paper challenges the boundaries of the debates on
 post-socialist economic developments, contextualizes the representation of
 the stabilization &#x2018;problem&#x2019; in those debates and
 reinterprets them from the standpoint of financialization. If the excess
 demand narrative is treated as a contested account of the stabilization
 &#x2018;imperative&#x2019;, its role as catalyst for the financialization
 of the banking sector and the shift to impatient finance becomes apparent.
 An alternative approach to stabilization is further outlined, drawing on
 institutionalist conceptualizations of the role of money in capitalist
 production. 
Journal: Review of Political Economy 
Pages: 227-249 
Issue: 2 
Volume: 24 
Year: 2012 
Month: 4 
X-DOI: 10.1080/09538259.2012.664333 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.664333 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:2:p:227-249




Template-Type: ReDIF-Article 1.0
Author-Name: &#xD6;zlem Onaran 
Author-X-Name-First: &#xD6;zlem 
Author-X-Name-Last: Onaran 
Title: The Effect of Foreign Affiliate Employment on Wages, Employment, and the Wage Share in Austria 
Abstract:
  This paper estimates the effects of outward Foreign Direct Investment
 (employment in affiliates abroad) on employment, wages and the wage share
 in Austria using panel data for the period 1996--2005. There is evidence
 of significant negative effects of FDI on both employment and wages, and
 consequently on the wage share. The results are not limited to workers in
 low-skilled sectors. The negative employment effect is mainly due to the
 rise in employment in the foreign affiliates in Eastern Europe. The
 negative wage effects originate from affiliate employment in both Eastern
 Europe and the developed countries in the industrial sector, but FDI in
 Eastern Europe has positive wage effects in the services sector due to
 possible scope effects. 
Journal: Review of Political Economy 
Pages: 251-271 
Issue: 2 
Volume: 24 
Year: 2012 
Month: 4 
X-DOI: 10.1080/09538259.2012.664335 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.664335 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:2:p:251-271




Template-Type: ReDIF-Article 1.0
Author-Name: Alejandro Agafonow 
Author-X-Name-First: Alejandro 
Author-X-Name-Last: Agafonow 
Title: The Austrian Dehomogenization Debate, or the Possibility of a Hayekian Planner 
Abstract:
  The aim of this paper is to explore the implications of the debate on the
 dehomogenization of Hayek and Mises. The Misesian thesis about the
 vulnerability of the Hayekian argument prevails, and that its implications
 have thus far not been fully appreciated. These implications consist, on
 the one hand, of the correct integration of the proto-Hayekian bases of
 economic calculation into labor time accounting socialism and, on the
 other, of the possibility of successfully integrating appraisement into a
 Hayekian market socialism through a break with the unified control of the
 factors of production. Our contribution will consist of providing a more
 comprehensive exploration of these implications. 
Journal: Review of Political Economy 
Pages: 273-287 
Issue: 2 
Volume: 24 
Year: 2012 
Month: 4 
X-DOI: 10.1080/09538259.2012.664337 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.664337 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:2:p:273-287




Template-Type: ReDIF-Article 1.0
Author-Name: Donald Nordberg 
Author-X-Name-First: Donald 
Author-X-Name-Last: Nordberg 
Title: Return of the State? The G20, the Financial Crisis and Power in the World Economy 
Abstract:
  The Group of Twenty and the new world order it is meant to signify have
 prompted a wave of triumphalism around the world from those who, like
 French President Nicolas Sarkozy, bemoan the influences of
 &#x2018;Anglo-Saxon capitalism&#x2019; and from neo-Marxists, who view the
 economic crisis as a harbinger of the resurgence of states over markets. A
 little over a decade ago, however, the late doyenne of international
 political economists, Susan Strange, wrote eloquently about the reasons
 why the state was in retreat, its structural power draining away in favour
 of markets. Have the intervening dozen years, with their recurrent crises
 in markets and corporate governance, demonstrated the need for a return of
 the state? This analysis of the G20 London communiqu�, using criteria that
 Strange advanced, suggests that far from asserting a return of the state,
 the G20 signifies its persistent weakness and concludes that the G20
 leaders, at least, sense a more complex network of power relationships,
 and that structural power rests in the network. 
Journal: Review of Political Economy 
Pages: 289-302 
Issue: 2 
Volume: 24 
Year: 2012 
Month: 4 
X-DOI: 10.1080/09538259.2012.664340 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.664340 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:2:p:289-302




Template-Type: ReDIF-Article 1.0
Author-Name: Marc Lavoie 
Author-X-Name-First: Marc 
Author-X-Name-Last: Lavoie 
Author-Name: Frederic   S. Lee 
Author-X-Name-First: Frederic   S. 
Author-X-Name-Last: Lee 
Title: Introduction 
Journal: Review of Political Economy 
Pages: 303-304 
Issue: 2 
Volume: 24 
Year: 2012 
Month: 4 
X-DOI: 10.1080/09538259.2012.664347 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.664347 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:2:p:303-304




Template-Type: ReDIF-Article 1.0
Author-Name: J.   E. King 
Author-X-Name-First: J.   E. 
Author-X-Name-Last: King 
Title: Post Keynesians and Others 
Abstract:
  I begin by considering four alternative positions on the correct
 relationship between Post Keynesians and mainstream economics: opposition,
 cooperation, neglect and stealth; I argue that sustained opposition is the
 only viable strategy. Next I discuss the appropriate relationship between
 Post Keynesians and mainstream dissenters, concluding that relatively
 little can be expected to come from it. I then assess the link between
 Post Keynesians and other schools of heterodox economics, which I consider
 to be one of friendly pluralism rather than fundamental unity. I conclude
 that Post Keynesians should remain open to ideas from other heterodox
 traditions, and might also benefit from becoming more inter-disciplinary. 
Journal: Review of Political Economy 
Pages: 305-319 
Issue: 2 
Volume: 24 
Year: 2012 
Month: 4 
X-DOI: 10.1080/09538259.2012.664353 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.664353 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:2:p:305-319




Template-Type: ReDIF-Article 1.0
Author-Name: Marc Lavoie 
Author-X-Name-First: Marc 
Author-X-Name-Last: Lavoie 
Title: Perspectives for Post-Keynesian Economics 
Abstract:
  The paper reviews and assesses the negative and positive advice which has
 been offered by various fellow economists to heterodox economists in
 general, and Post-Keynesian economists in particular, in light of changes
 that have occurred within neoclassical economics and in light of the
 rising hegemony of mainstream economics in economics departments. Various
 strategies are considered, among which is more engagement with orthodox
 dissenters, but it is concluded that the majority of heterodox economists
 ought instead to engage more with other heterodox economists and possibly
 other social sciences, developing and expanding their own agenda around
 real-world problems. 
Journal: Review of Political Economy 
Pages: 321-335 
Issue: 2 
Volume: 24 
Year: 2012 
Month: 4 
X-DOI: 10.1080/09538259.2012.664356 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.664356 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:2:p:321-335




Template-Type: ReDIF-Article 1.0
Author-Name: Frederic   S. Lee 
Author-X-Name-First: Frederic   S. 
Author-X-Name-Last: Lee 
Title: Heterodox Economics and its Critics 
Abstract:
  Heterodox economics has its critics. Most of the criticisms are friendly
 comments and analysis directed towards improving heterodox economic
 theory. However, the critics and their criticisms that are the concern of
 this article are the ones that challenge the existence of heterodox
 economic theory and the community of heterodox economists as manifested
 through their graduate programs, conferences, journals and identity. These
 critics observe that the academic status quo in economics, as manifested
 in its department and journal rankings, rules of academic engagement, and
 its institutions and organizations, favor mainstream economics and that it
 is unlikely to change in the future. Consequently, they argue that
 heterodox economists can survive only if they become more like mainstream
 economists. With focus on assimilation, the critics direct their
 criticisms towards the social characteristics of the heterodox community
 and to the personal characteristics of heterodox economists. This article
 is a response to the critics. 
Journal: Review of Political Economy 
Pages: 337-351 
Issue: 2 
Volume: 24 
Year: 2012 
Month: 4 
X-DOI: 10.1080/09538259.2012.664360 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.664360 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:2:p:337-351




Template-Type: ReDIF-Article 1.0
Author-Name: David Dequech 
Author-X-Name-First: David 
Author-X-Name-Last: Dequech 
Title: Post Keynesianism, Heterodoxy and Mainstream Economics 
Abstract:
  After briefly presenting the concepts of orthodox, mainstream and
 heterodox economics, and applying them to the contemporary period, this
 article discusses the Post Keynesian school and its relation to
 contemporary orthodox and mainstream economics. While opposed to the
 neoclassical orthodoxy, the Post Keynesian school has some positive
 unifying ideas, although some internal tensions remain. There are also
 some overlaps between Post Keynesianism and other approaches, and a
 careful combination of contributions from different approaches and
 different disciplines is not only possible, but also necessary. Post
 Keynesianism is located outside current mainstream economics, although
 this argument partly depends on a more precise specification of the
 concept of uncertainty. The non-mainstream character of Post Keynesian
 economics has at least two types of important implications. The first
 involves the approach's ability to influence the economy and the danger of
 &#x2018;the scholastic fallacy&#x2019;; the second refers to a
 reproductive difficulty inside academia. 
Journal: Review of Political Economy 
Pages: 353-368 
Issue: 2 
Volume: 24 
Year: 2012 
Month: 4 
X-DOI: 10.1080/09538259.2012.664364 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.664364 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:2:p:353-368




Template-Type: ReDIF-Article 1.0
Author-Name: Gene Callahan 
Author-X-Name-First: Gene 
Author-X-Name-Last: Callahan 
Title: Perfecting Parliament: Constitutional Reform, Liberalism, and the Rise of Western Democracy 
Journal: Review of Political Economy 
Pages: 369-371 
Issue: 2 
Volume: 24 
Year: 2012 
Month: 4 
X-DOI: 10.1080/09538259.2012.664365 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.664365 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:2:p:369-371




Template-Type: ReDIF-Article 1.0
Author-Name: Robert   E. Prasch 
Author-X-Name-First: Robert   E. 
Author-X-Name-Last: Prasch 
Title: Taking Economics Seriously 
Journal: Review of Political Economy 
Pages: 371-374 
Issue: 2 
Volume: 24 
Year: 2012 
Month: 4 
X-DOI: 10.1080/09538259.2012.664366 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.664366 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:2:p:371-374




Template-Type: ReDIF-Article 1.0
Author-Name: Nat&#xE1;lia   M. Bracarense 
Author-X-Name-First: Nat&#xE1;lia   M. 
Author-X-Name-Last: Bracarense 
Title: Development Theory and the Cold War: The Influence of Politics on Latin American Structuralism 
Abstract:
  This paper analyzes the origins of economic development theory by
 focusing on the work of Ra&#xFA;l Prebisch. When Prebisch put forward his
 theoretical framework, he was faced with the challenges of creating a
 foundation for development policies in the context of the Cold War.
 Moreover, Prebisch was immersed in a determined mentalit�; he was part of
 a social network and institutional setting that transformed his ideas into
 an influential theory. The objective is to highlight that economic
 theories do not rely on natural laws, and rather result from a historical
 and social context and that economists are not passive, isolated
 theoreticians; they are socialized and directly impact the issues on which
 they theorize. To strengthen the argument, archival research on the
 Prebisch Papers at the UN Archives as well as interviews from the UN Oral
 History Project are included. 
Journal: Review of Political Economy 
Pages: 375-398 
Issue: 3 
Volume: 24 
Year: 2012 
Month: 7 
X-DOI: 10.1080/09538259.2012.701916 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.701916 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:3:p:375-398




Template-Type: ReDIF-Article 1.0
Author-Name: Bruno Jossa 
Author-X-Name-First: Bruno 
Author-X-Name-Last: Jossa 
Title: Cooperative Firms as a New Mode of Production 
Abstract:
  The importance of the notion of &#x2018;the mode of production&#x2019; is
 emphasised by all those scholars who hold that the
 &#x2018;history-as-totality&#x2019; approach is the core of Marx's theory
 of society. Among them, Gramsci argued that while scientific advancements
 could shed little light on the issues with which philosophers and
 economists had traditionally been concerned, concepts such as
 &#x2018;social relations of production&#x2019; and &#x2018;mode of
 production&#x2019; had provided valuable insights for philosophical and
 economic inquiry. Hence our interest in the question of whether a system
 of producer cooperatives would actually lead to the establishment of a new
 mode of production. Opinions in the matter diverge greatly, and major
 implications stem from the distinction between worker managed firms (WMFs)
 and labour managed firms (LMFs), where the latter strictly segregate
 capital incomes from labour incomes. We conclude that LMF cooperatives do
 implement a new mode of production because they reverse the typical
 capital--labour relation right within a capitalistic system. An additional
 major point addressed in some detail is the main contradiction in
 capitalism. 
Journal: Review of Political Economy 
Pages: 399-416 
Issue: 3 
Volume: 24 
Year: 2012 
Month: 7 
X-DOI: 10.1080/09538259.2012.701915 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.701915 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:3:p:399-416




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Flaschel 
Author-X-Name-First: Peter 
Author-X-Name-Last: Flaschel 
Author-Name: Reiner Franke 
Author-X-Name-First: Reiner 
Author-X-Name-Last: Franke 
Author-Name: Roberto Veneziani 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Veneziani 
Title: The Measurement of Prices of Production: An Alternative Approach 
Abstract:
  This paper analyzes the theoretical and methodological issues related to
 the empirical measurement of prices of production and wage-profit curves.
 A number of shortcomings of the standard approach are discussed, focusing
 in particular on the neglect of capital stock matrices and on the
 empirically objectionable assumption of uniform profit rates. An
 alternative approach for the empirical analysis of wage-profit curves and
 prices of production is proposed and its main properties are investigated
 using a new dataset on the German economy (1991--99). It is suggested that
 a Leontief-Br&#xF3;dy approach (augmented by profit rate differentials) is
 more appropriate for the analysis of wage-profit curves and prices of
 production than the purely theoretically oriented Sraffa-von Neumann
 framework. 
Journal: Review of Political Economy 
Pages: 417-435 
Issue: 3 
Volume: 24 
Year: 2012 
Month: 7 
X-DOI: 10.1080/09538259.2012.701920 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.701920 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:3:p:417-435




Template-Type: ReDIF-Article 1.0
Author-Name: Bertram Schefold 
Author-X-Name-First: Bertram 
Author-X-Name-Last: Schefold 
Title: A Comment on &#x2018;The Measurement of Prices of Production&#x2019; by Peter Flaschel, Reiner Franke & Roberto Veneziani 
Abstract:
  After giving a summary of the Cambridge debate, the comment criticizes
 the proposal by Flaschel, Franke and Veneziani to base the classical
 approach on systems of production with unequal rates of profit both
 theoretically and on empirical grounds: The classical gravitation of
 market prices towards normal prices is hard to defend, if there are
 persistent differentials of profit rates, but the profit rate
 differentials in the paper are not even stable. The comment further
 defends the idea of representing states of knowledge about technology by
 means of input-ouput tables against objections regarding the
 transferability of methods between countries and discusses alternative
 approaches to the treatment of fixed capital. It is shown that the data
 used by the authors for capital stocks are not supported by the data of
 the German Statistical Office. I agree with the authors in the most
 essential point, however: Contrary to the position taken e.g. by Joan
 Robinson, we all believe that the problems of capital theory raised in the
 Cambridge debate must be analyzed not only in abstract theory but also at
 the applied level. We all were surprised to find that empirical wage
 curves tend to be close to straight lines so that double intersections of
 such wage curves, hence reswitching and reverse capital deepening, must be
 rare. This phenomenon needs to be explained; a possible explanation can be
 derived from the random nature of the input-output matrices, and, so far,
 no other explanation has been proposed. 
Journal: Review of Political Economy 
Pages: 437-444 
Issue: 3 
Volume: 24 
Year: 2012 
Month: 7 
X-DOI: 10.1080/09538259.2012.701921 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.701921 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:3:p:437-444




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Flaschel 
Author-X-Name-First: Peter 
Author-X-Name-Last: Flaschel 
Author-Name: Reiner Franke 
Author-X-Name-First: Reiner 
Author-X-Name-Last: Franke 
Author-Name: Roberto Veneziani 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Veneziani 
Title: Reply to Bertram Schefold 
Journal: Review of Political Economy 
Pages: 445-447 
Issue: 3 
Volume: 24 
Year: 2012 
Month: 7 
X-DOI: 10.1080/09538259.2012.701923 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.701923 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:3:p:445-447




Template-Type: ReDIF-Article 1.0
Author-Name: Marc Lavoie 
Author-X-Name-First: Marc 
Author-X-Name-Last: Lavoie 
Author-Name: Frederic   S. Lee 
Author-X-Name-First: Frederic   S. 
Author-X-Name-Last: Lee 
Title: Symposium on the Future of Post-Keynesian Economics and Heterodox Economics contra their Critics (Part 2) 
Journal: Review of Political Economy 
Pages: 449-449 
Issue: 3 
Volume: 24 
Year: 2012 
Month: 7 
X-DOI: 10.1080/09538259.2012.701926 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.701926 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:3:p:449-449




Template-Type: ReDIF-Article 1.0
Author-Name: Peter   E. Earl 
Author-X-Name-First: Peter   E. 
Author-X-Name-Last: Earl 
Author-Name: Ti-Ching Peng 
Author-X-Name-First: Ti-Ching 
Author-X-Name-Last: Peng 
Title: Brands of Economics and the Trojan Horse of Pluralism 
Abstract:
  This paper examines the current status and prospects of heterodox
 approaches to economics in relation to the problem of marketing ideas to
 groups of potential users who see the world in very different ways. It
 draws lessons from the changing status of behavioural economics and
 highlights the marketing problems that arise between heterodox economists
 whose perspectives overlap only partially. Its principal message is that
 the best hope for heterodox economics may lie in taking a less openly
 combative approach than hitherto when trying to win over mainstream
 economists and instead using strategies of stealth based on the empirical
 advantages of pluralistic applied research methods. 
Journal: Review of Political Economy 
Pages: 451-467 
Issue: 3 
Volume: 24 
Year: 2012 
Month: 7 
X-DOI: 10.1080/09538259.2012.701927 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.701927 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:3:p:451-467




Template-Type: ReDIF-Article 1.0
Author-Name: Leonhard Dobusch 
Author-X-Name-First: Leonhard 
Author-X-Name-Last: Dobusch 
Author-Name: Jakob Kapeller 
Author-X-Name-First: Jakob 
Author-X-Name-Last: Kapeller 
Title: A Guide to Paradigmatic Self-Marginalization: Lessons for Post-Keynesian Economists 
Abstract:
  While many heterodox economists hope that the recent financial crisis
 will lead to paradigmatic change in economics, we argue that
 path-dependent processes and institutional factors within the economic
 community hinder such a change. Focusing on the citation behavior of
 economists in heterodox journals in general and in Post-Keynesian journals
 in particular, we discuss structural reasons&#x2014;connected to positive
 feedback mechanisms within the institutional framework of the economics
 discipline&#x2014;for the marginalization of heterodox economic thought. 
Journal: Review of Political Economy 
Pages: 469-487 
Issue: 3 
Volume: 24 
Year: 2012 
Month: 7 
X-DOI: 10.1080/09538259.2012.701928 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.701928 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:3:p:469-487




Template-Type: ReDIF-Article 1.0
Author-Name: Barbara   E. Hopkins 
Author-X-Name-First: Barbara   E. 
Author-X-Name-Last: Hopkins 
Title: The Institutional Barriers to Heterodox Pluralism 
Abstract:
  This paper applies the feminist concept of epistemological communities to
 the project of promoting pluralism in the economics discipline. I argue
 that the economics profession does not resemble a unified and coherent
 epistemological community and is better viewed as many different yet
 overlapping and intersecting smaller communities. I argue that this
 reimaging of the community of economists implies a different conception of
 pluralism. In an environment where theory is developed at different
 intersections of epistemological communities, pluralism requires
 distinguishing between the public process of debate that provides critical
 evaluation of knowledge claims and the private process of determining what
 is published and it requires different strategies for evaluating work for
 publication. 
Journal: Review of Political Economy 
Pages: 489-501 
Issue: 3 
Volume: 24 
Year: 2012 
Month: 7 
X-DOI: 10.1080/09538259.2012.701929 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.701929 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:3:p:489-501




Template-Type: ReDIF-Article 1.0
Author-Name: Louis-Philippe Rochon 
Author-X-Name-First: Louis-Philippe 
Author-X-Name-Last: Rochon 
Author-Name: Peter Docherty 
Author-X-Name-First: Peter 
Author-X-Name-Last: Docherty 
Title: Engagement with the Mainstream in the Future of Post Keynesian Economics 
Abstract:
  This paper examines the reasons for the difficulties Post Keynesian
 economics has had in supplanting mainstream neoclassical theory and for
 its resulting marginalization. Three explanations are given: intellectual,
 sociological and political, where the latter two are largely responsible
 for the current relationship of Post Keynesian economics to the
 mainstream. The paper also reviews various strategies for improving the
 future of Post Keynesian economics, including a focus on methodological
 issues by maintaining an &#x2018;open systems&#x2019; approach; a strategy
 of &#x2018;embattled survival&#x2019;; the development of a positive
 alternative to mainstream economics; a strategy of &#x2018;constructive
 engagement&#x2019; with the mainstream; and a dialogue with policymakers.
 While the global financial crisis has increased the potential for
 constructive engagement with the mainstream, significant barriers remain
 to the effectiveness of this approach. The crisis has, however, enhanced
 the possibility of engaging directly with policymakers and gaining a
 greater role in management education. 
Journal: Review of Political Economy 
Pages: 503-518 
Issue: 3 
Volume: 24 
Year: 2012 
Month: 7 
X-DOI: 10.1080/09538259.2012.701931 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.701931 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:3:p:503-518




Template-Type: ReDIF-Article 1.0
Author-Name: Fred Moseley 
Author-X-Name-First: Fred 
Author-X-Name-Last: Moseley 
Title: Theories of Value from Adam Smith to Piero Sraffa 
Journal: Review of Political Economy 
Pages: 519-527 
Issue: 3 
Volume: 24 
Year: 2012 
Month: 7 
X-DOI: 10.1080/09538259.2012.701933 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.701933 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:3:p:519-527




Template-Type: ReDIF-Article 1.0
Author-Name: Enrico   Sergio Levrero 
Author-X-Name-First: Enrico   Sergio 
Author-X-Name-Last: Levrero 
Title: Theories of Value from Adam Smith to Piero Sraffa 
Journal: Review of Political Economy 
Pages: 527-535 
Issue: 3 
Volume: 24 
Year: 2012 
Month: 7 
X-DOI: 10.1080/09538259.2012.701934 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.701934 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:3:p:527-535




Template-Type: ReDIF-Article 1.0
Author-Name: Alex Millmow 
Author-X-Name-First: Alex 
Author-X-Name-Last: Millmow 
Title: The Provocative Joan Robinson: The Making of a Cambridge Economist 
Journal: Review of Political Economy 
Pages: 536-540 
Issue: 3 
Volume: 24 
Year: 2012 
Month: 7 
X-DOI: 10.1080/09538259.2012.701935 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.701935 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:3:p:536-540




Template-Type: ReDIF-Article 1.0
Author-Name: Collin   G. Matton 
Author-X-Name-First: Collin   G. 
Author-X-Name-Last: Matton 
Title: The Confiscation of American Prosperity: from Right Wing Extremism and Economic Ideology to the Next Great Depression 
Journal: Review of Political Economy 
Pages: 540-542 
Issue: 3 
Volume: 24 
Year: 2012 
Month: 7 
X-DOI: 10.1080/09538259.2012.701936 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.701936 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:3:p:540-542




Template-Type: ReDIF-Article 1.0
Author-Name: Matthew Smith 
Author-X-Name-First: Matthew 
Author-X-Name-Last: Smith 
Title: Demand-led Growth Theory: A Historical Approach 
Abstract:
  This paper builds upon the Keynesian theory of demand-led growth in order
 to provide an analytical framework for explaining economic growth and
 development in concrete terms, consistent with the fundamental idea that
 growth in output and employment is determined by the growth in aggregate
 demand. The framework employs a historical approach to identify the main
 factors and their role in explaining demand-led growth and the
 accumulation process. The theoretical model developed abandons
 steady-state conditions by proposing that capacity utilisation varies in
 the long run as well as in the short run to ensure output has the
 elasticity to accommodate levels of autonomous demand free of any capacity
 saving constraint. On the basis of our analytical framework, the paper
 considers the main factors that explain the growth in aggregate demand:
 first, by examining the variables that determine the
 &#x2018;super-multiplier&#x2019; and what social, institutional and
 technical conditions can cause its value to change over time; second, by
 identifying the components of autonomous demand and the main forces
 explaining their growth; and third, by considering the manner in which
 technical progress promotes demand-led growth. 
Journal: Review of Political Economy 
Pages: 543-573 
Issue: 4 
Volume: 24 
Year: 2012 
Month: 10 
X-DOI: 10.1080/09538259.2012.729931 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.729931 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:4:p:543-573




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan   P. Goldstein 
Author-X-Name-First: Jonathan   P. 
Author-X-Name-Last: Goldstein 
Title: Gender in American Tobacco Cards 1880--1920: The Role of Coercive Competition 
Abstract:
  This paper adds to the literature on Marxian coercive competition and its
 negative economic and social outcomes. An historical and econometric
 analysis of competitive intensity and the portrayal of women in one early
 form of tobacco advertising is conducted using an original data set. The
 historical analysis establishes the nature and intensity of competitive
 relations. Estimation results for a multinomial logit model for various
 portrayals of women show that a 1% increase in the market share of
 independent producers caused a 0.35--0.7% and 2.5--4.5% increase in the
 likelihood that women were included and treated exploitatively in ads in
 early and late competitive periods, respectively. 
Journal: Review of Political Economy 
Pages: 575-605 
Issue: 4 
Volume: 24 
Year: 2012 
Month: 10 
X-DOI: 10.1080/09538259.2012.701918 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.701918 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:4:p:575-605




Template-Type: ReDIF-Article 1.0
Author-Name: Hiroshi Nishi 
Author-X-Name-First: Hiroshi 
Author-X-Name-Last: Nishi 
Title: Household Debt, Dynamic Stability, and Change in Demand Creation Patterns 
Abstract:
  This paper examines dynamic stability and demand creation patterns of an
 economy in the context of the augmentation of household debt. First, we
 investigate the dynamic characteristics specific to an economy with
 household borrowing. Second, we reveal how demand creation and economic
 growth pattern change with the introduction of households' active
 borrowing. Our results shows that it is more favorable for the stability
 of an economy to politically control the interest rate on lending rather
 than to leave it to be determined by private financial institutions. Our
 results also indicate that even if the demand regime is wage-led,
 paradoxically, a rise in wage share may not necessarily stimulate economic
 growth. On the other hand, profit-led growth is more likely. 
Journal: Review of Political Economy 
Pages: 607-622 
Issue: 4 
Volume: 24 
Year: 2012 
Month: 10 
X-DOI: 10.1080/09538259.2012.729933 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.729933 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:4:p:607-622




Template-Type: ReDIF-Article 1.0
Author-Name: Jo&#xE3;o   Prates Romero 
Author-X-Name-First: Jo&#xE3;o   Prates 
Author-X-Name-Last: Romero 
Author-Name: Frederico   G. Jayme 
Author-X-Name-First: Frederico   G. 
Author-X-Name-Last: Jayme 
Title: Financial System, Innovation and Regional Development: The Relationship between Liquidity Preference and Innovation in Brazil 
Abstract:
  This paper discusses the Brazilian financial system and the impact of
 liquidity preference on regional development in Brazil. In the
 Post-Keynesian literature, endogenous money is introduced into economic
 activity through the credit provided by banks. The degree to which banks
 exhibit lower or higher liquidity preference is crucial to this process.
 Here we estimate the effect of liquidity preference and other financial
 variables on the number of Brazilian states' patents, in order to gauge
 the importance of the bank system to technological progress and regional
 development. 
Journal: Review of Political Economy 
Pages: 623-642 
Issue: 4 
Volume: 24 
Year: 2012 
Month: 10 
X-DOI: 10.1080/09538259.2012.729934 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.729934 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:4:p:623-642




Template-Type: ReDIF-Article 1.0
Author-Name: John   H. Bradford 
Author-X-Name-First: John   H. 
Author-X-Name-Last: Bradford 
Title: Capital, the State, and the Monetary Mode of Power: A Review of Nitzan and Bichler's Capital as Power 
Abstract:
   <italic>In their recent book</italic> Capital as Power<italic>, Jonathan
 Nitzan & Shimshon Bichler depict capitalism as a mode of power rather than
 a mode of production, in which political and economic power are no longer
 distinct. In addition, they argue, contrary to neoclassical theory, that
 capital has nothing to do with productivity but instead represents power.
 I make three broad criticisms: first, their elimination of the distinction
 between economics and politics renders any empirical test of their
 ostensible integration impossible; second, they do not adequately define
 their main concepts, including capital, capitalization, capitalism, and
 power; and third, they do not acknowledge the possibility that the
 patterns they attribute to power may in fact be self-organized. This paper
 argues that money is a claim to wealth, not wealth itself, that it
 measures and distributes the power of payment, and that payments
 redistribute the power of ownership, including the ownership of money.
 Finally, I suggest that, in light of the global debt crisis, a theory of
 capital-as-power should examine the power of finance, which entails the
 privatization and concentration of the power to create money as
 debt.</italic>  
Journal: Review of Political Economy 
Pages: 643-661 
Issue: 4 
Volume: 24 
Year: 2012 
Month: 10 
X-DOI: 10.1080/09538259.2012.701932 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.701932 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:4:p:643-661




Template-Type: ReDIF-Article 1.0
Author-Name: Matthew Smith 
Author-X-Name-First: Matthew 
Author-X-Name-Last: Smith 
Title: The Coming of Age of Information Technologies and the Path of Transformational Growth 
Journal: Review of Political Economy 
Pages: 663-665 
Issue: 4 
Volume: 24 
Year: 2012 
Month: 10 
X-DOI: 10.1080/09538259.2012.729936 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.729936 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:4:p:663-665




Template-Type: ReDIF-Article 1.0
Author-Name: Gene Callahan 
Author-X-Name-First: Gene 
Author-X-Name-Last: Callahan 
Title: Toward a Truly Free Market: a Distributive Perspective on the Role of Government, Taxes, Health Care, Deficits, and More 
Journal: Review of Political Economy 
Pages: 665-667 
Issue: 4 
Volume: 24 
Year: 2012 
Month: 10 
X-DOI: 10.1080/09538259.2012.729937 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.729937 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:4:p:665-667




Template-Type: ReDIF-Article 1.0
Author-Name: Guglielmo   Forges Davanzati 
Author-X-Name-First: Guglielmo   Forges 
Author-X-Name-Last: Davanzati 
Title: Heterodox Macroeconomics. Keynes, Marx and Globalization 
Journal: Review of Political Economy 
Pages: 667-669 
Issue: 4 
Volume: 24 
Year: 2012 
Month: 10 
X-DOI: 10.1080/09538259.2012.729938 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.729938 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:4:p:667-669




Template-Type: ReDIF-Article 1.0
Author-Name: Oren   M. Levin-Waldman 
Author-X-Name-First: Oren   M. 
Author-X-Name-Last: Levin-Waldman 
Title: After Adam Smith: A Century of Transformation in Politics and Political Economy 
Journal: Review of Political Economy 
Pages: 669-673 
Issue: 4 
Volume: 24 
Year: 2012 
Month: 10 
X-DOI: 10.1080/09538259.2012.729939 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.729939 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:4:p:669-673




Template-Type: ReDIF-Article 1.0
Author-Name: Engelbert Stockhammer 
Author-X-Name-First: Engelbert 
Author-X-Name-Last: Stockhammer 
Title: Global Finance and Social Europe 
Journal: Review of Political Economy 
Pages: 674-676 
Issue: 4 
Volume: 24 
Year: 2012 
Month: 10 
X-DOI: 10.1080/09538259.2012.729940 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.729940 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:24:y:2012:i:4:p:674-676




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Boyer 
Author-X-Name-First: Robert 
Author-X-Name-Last: Boyer 
Title: The Present Crisis. A Trump for a Renewed Political Economy 
Abstract:
  The new classical macroeconomics and mathematical finance have both
 failed to anticipate the present crisis or explain why the present crisis
 is so severe. This is because they only considered pure market economies
 devoid of institutions and without concern for historical and structural
 transformations in contemporary economies. This opens the door to a
 political economy analysis of the transformations in socio-political
 alliances since the demise of the Fordist growth regime. The shift toward
 market-based financial systems, financial liberalization, and
 globalization, gave unprecedented power to international financiers and
 has led to the current economic and financial crisis. Controlling finance
 requires resolute action by public authorities and the pressure of citizen
 social movements. Financial re-regulation is closely related to the
 relative bargaining power of nation-states and international finance.
 International comparisons (e.g., North American and German capitalisms)
 suggest that this is a possible path. 
Journal: Review of Political Economy 
Pages: 1-38 
Issue: 1 
Volume: 25 
Year: 2013 
Month: 1 
X-DOI: 10.1080/09538259.2013.736262 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.736262 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:1:p:1-38




Template-Type: ReDIF-Article 1.0
Author-Name: Marcel Boumans 
Author-X-Name-First: Marcel 
Author-X-Name-Last: Boumans 
Author-Name: Esther-Mirjam Sent 
Author-X-Name-First: Esther-Mirjam 
Author-X-Name-Last: Sent 
Title: A Nobel Prize for Empirical Macroeconomics: Assessing the Contributions of Thomas Sargent and Christopher Sims 
Abstract:
  This paper provides an assessment of the contributions of the 2011 Nobel
 Prize winners, Thomas Sargent and Christopher Sims. They received the
 prize &#x2018;for their empirical research on cause and effect in the
 macroeconomy&#x2019;. The paper illustrates that Sargent entertained
 different interpretations of rational expectations during distinct phases
 of his research. And it shows that Sims shifted the focus from theoretical
 identification restrictions to identifying the main characteristics of the
 time series data, a shift of focus from theory to time series. 
Journal: Review of Political Economy 
Pages: 39-56 
Issue: 1 
Volume: 25 
Year: 2013 
Month: 1 
X-DOI: 10.1080/09538259.2013.737122 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.737122 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:1:p:39-56




Template-Type: ReDIF-Article 1.0
Author-Name: John Weeks 
Author-X-Name-First: John 
Author-X-Name-Last: Weeks 
Title: Open Economy Monetary Policy Reconsidered 
Abstract:
  The standard policy rule of the Mundell-Fleming model states that under a
 flexible exchange rate regime with perfectly elastic capital flows,
 monetary policy is effective and fiscal policy is not. The rule ignores
 the effect of a change in the nominal exchange rate on the domestic price
 level. The price level effect is noted in some textbooks, but not formally
 analyzed. When subjected to a rigorous analysis, the interaction of the
 exchange rate and the domestic price level substantially changes the
 standard policy rule. The logically correct statement would be, with a
 flexible exchange rate and perfectly elastic capital flows, the
 effectiveness of monetary policy depends on the marginal import propensity
 and the sum of the trade elasticities. Typical values for these parameters
 suggest that the effectiveness of monetary policy under flexible exchange
 rates can be low even if capital flows are perfectly elastic. Because
 these same parameters have the opposite effect on fiscal policy, the
 relative effectiveness of fiscal and monetary interventions under a
 flexible exchange rate is an empirical issue that cannot be determined a
 priori. 
Journal: Review of Political Economy 
Pages: 57-67 
Issue: 1 
Volume: 25 
Year: 2013 
Month: 1 
X-DOI: 10.1080/09538259.2013.737123 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.737123 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:1:p:57-67




Template-Type: ReDIF-Article 1.0
Author-Name: Elisa Van Waeyenberge 
Author-X-Name-First: Elisa 
Author-X-Name-Last: Van Waeyenberge 
Author-Name: Hannah Bargawi 
Author-X-Name-First: Hannah 
Author-X-Name-Last: Bargawi 
Author-Name: Terry McKinley 
Author-X-Name-First: Terry 
Author-X-Name-Last: McKinley 
Title: The IMF, Crises and Low-Income Countries: Evidence of Change? 
Abstract:
  This paper assesses the policy role of the IMF in Low-Income Countries
 (LICs) in the wake of the global financial crisis and in response to its
 own claims of policy redesign and increased flexibility. The assessment
 focuses on the Fund's monetary and fiscal policy stance in a selection of
 case study countries over the period 2008&#x2212;2010. The paper finds
 that while the IMF has allowed for modest and short-term fiscal and
 monetary accommodation as an immediate response to the crisis, the Fund's
 medium to long-term policy agenda has remained unchanged. Both theory and
 evidence suggest that the Fund remains committed to its pre-crisis policy
 priorities. Furthermore, the global financial crisis appears to have
 enabled the Fund to reassert its role as guardian of an orthodox
 macroeconomic order. These developments are particularly troublesome given
 that the Fund's prevailing macroeconomic framework continues to be
 inconsistent with the urgent development needs of LICs, where more
 expansionary fiscal policies and more liquidity-focused monetary policies
 are needed to support structural diversification, and foster sustainable
 and equitable growth and development. 
Journal: Review of Political Economy 
Pages: 69-90 
Issue: 1 
Volume: 25 
Year: 2013 
Month: 1 
X-DOI: 10.1080/09538259.2013.737125 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.737125 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:1:p:69-90




Template-Type: ReDIF-Article 1.0
Author-Name: Enrico   Sergio Levrero 
Author-X-Name-First: Enrico   Sergio 
Author-X-Name-Last: Levrero 
Title: Marx on Absolute and Relative Wages and the Modern Theory of Distribution 
Abstract:
  This paper aims at clarifying some aspects of Marx's analysis of the
 determinants of wages and of the peculiarity of labour as a commodity,
 focusing on three related issues. The first is that of Marx's notion of
 the subsistence (or natural) wage rate: the subsistence wage will be shown
 to stem, according to Marx, from socially determined conditions of
 reproduction of an efficient labouring class. The second issue refers to
 the distinction between the natural and the market wage rate that can be
 found in Marx, and his critique of Ricardo's analysis of the determinants
 of the price of labour. Here the &#x2018;law of population peculiar to the
 capitalist mode of production&#x2019; (that is, Marx's industrial reserve
 army mechanism) will be considered both with respect to cyclical
 fluctuations of wages and to their trend over time. Moreover, a
 classification of the social and institutional factors affecting the
 average wage rate will be advanced. Finally, the last issue concerns
 Marx's analysis of the effects of technical progress on both absolute and
 relative wages (that is, the wage share). It will also be discussed by
 relating it back to the longstanding debate on the Marxian law of the
 falling rate of profit, and addressing some possible scenarios of the
 trend of wages and distribution. 
Journal: Review of Political Economy 
Pages: 91-116 
Issue: 1 
Volume: 25 
Year: 2013 
Month: 1 
X-DOI: 10.1080/09538259.2013.737126 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.737126 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:1:p:91-116




Template-Type: ReDIF-Article 1.0
Author-Name: Ariel Dvoskin 
Author-X-Name-First: Ariel 
Author-X-Name-Last: Dvoskin 
Author-Name: Andr�s Lazzarini 
Author-X-Name-First: Andr�s 
Author-X-Name-Last: Lazzarini 
Title: On Walras's Concept of Equilibrium 
Abstract:
  The view that Walras's equilibrium concept refers to a temporary general
 equilibrium with stationary expectations has come to be the conventional
 opinion within the history of economics. This interpretation overlooks
 salient aspects of Walras's original equilibrium concept: (i) that it
 refers to a centre of gravitation, thus equilibrium must be assessed
 together with the adjustment mechanisms that are supposed to bring the
 economy towards its position of rest; (ii) that it attempts to represent a
 persistent position of the economic variables; and (iii) that it must not
 be regarded as a mere artificial model disconnected from reality, but as a
 device to understand how actual economies work. We therefore conclude that
 the scope of Walras's work can be better grasped by interpreting his
 equilibrium system as aiming to describe a long-period position of the
 economy. 
Journal: Review of Political Economy 
Pages: 117-138 
Issue: 1 
Volume: 25 
Year: 2013 
Month: 1 
X-DOI: 10.1080/09538259.2013.737127 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.737127 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:1:p:117-138




Template-Type: ReDIF-Article 1.0
Author-Name: Luca Fiorito 
Author-X-Name-First: Luca 
Author-X-Name-Last: Fiorito 
Title: When Economics Faces the Economy: John Bates Clark and the 1914 Antitrust Legislation 
Abstract:
  The aim of this paper is to analyze John Bates Clark's influence in the
 passing of the Clayton and Federal Trade Commission Acts of 1914. It is
 argued that Clark was important to the passage of these acts in two ways.
 First, he exercised an indirect influence by discussing in academic
 journals and books problems concerning trusts, combinations, and the
 measures necessary to preserve the working of competitive markets. At
 least as importantly, Clark took an active role in the reform movement,
 both contributing to draft proposals for the amendment of existing
 antitrust legislation and providing help and advice during the
 Congressional debates that led to the passage of the FTC and Clayton Acts. 
Journal: Review of Political Economy 
Pages: 139-163 
Issue: 1 
Volume: 25 
Year: 2013 
Month: 1 
X-DOI: 10.1080/09538259.2013.737129 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.737129 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:1:p:139-163




Template-Type: ReDIF-Article 1.0
Author-Name: Robert   F. Garnett 
Author-X-Name-First: Robert   F. 
Author-X-Name-Last: Garnett 
Title: The Economist's Oath: On the Need for and Content of Professional Economic Ethics 
Journal: Review of Political Economy 
Pages: 165-169 
Issue: 1 
Volume: 25 
Year: 2013 
Month: 1 
X-DOI: 10.1080/09538259.2013.737131 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.737131 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:1:p:165-169




Template-Type: ReDIF-Article 1.0
Author-Name: M.   G. Hayes 
Author-X-Name-First: M.   G. 
Author-X-Name-Last: Hayes 
Title: Money, Uncertainty and Time 
Journal: Review of Political Economy 
Pages: 169-172 
Issue: 1 
Volume: 25 
Year: 2013 
Month: 1 
X-DOI: 10.1080/09538259.2013.737132 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.737132 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:1:p:169-172




Template-Type: ReDIF-Article 1.0
Author-Name: Oren   M. Levin-Waldman 
Author-X-Name-First: Oren   M. 
Author-X-Name-Last: Levin-Waldman 
Title: Marx at the Margins: On Nationalism, Ethnicity, and Non-Western Societies 
Journal: Review of Political Economy 
Pages: 172-175 
Issue: 1 
Volume: 25 
Year: 2013 
Month: 1 
X-DOI: 10.1080/09538259.2013.737133 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.737133 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:1:p:172-175




Template-Type: ReDIF-Article 1.0
Author-Name: Jan Toporowski 
Author-X-Name-First: Jan 
Author-X-Name-Last: Toporowski 
Title: The Elgar Companion to Hyman Minsky 
Journal: Review of Political Economy 
Pages: 175-177 
Issue: 1 
Volume: 25 
Year: 2013 
Month: 1 
X-DOI: 10.1080/09538259.2013.737134 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.737134 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:1:p:175-177




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas I. Palley 
Author-X-Name-First: Thomas I. 
Author-X-Name-Last: Palley 
Title: Keynesian, Classical and New Keynesian Approaches to Fiscal Policy: Comparison and Critique 
Abstract:
	      The short-run macroeconomic effectiveness of fiscal policy
 depends primarily on the effect of policy on aggregate demand (AD) and the
 effect of AD on output. This paper examines how macroeconomic perspectives
 (Keynesian, Post Keynesian, monetarist, classical, new classical, and new
 Keynesian) describe the effect of AD on output, thereby making or denying
 space for fiscal policy to impact output. The neo-Ricardian hypothesis
 (NRH) concerns the effect of bond-financed deficits on AD. The NRH turns
 on the microeconomic behavior of households and can therefore hold in
 principle in both classical and Keynesian models. Recent new Keynesian
 arguments about fiscal policy being effective at the zero lower bound
 represent another capital market imperfection critique of the NRH.	    
Journal: Review of Political Economy 
Pages: 179-204 
Issue: 2 
Volume: 25 
Year: 2013 
Month: 4 
X-DOI: 10.1080/09538259.2013.775821 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.775821 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:2:p:179-204




Template-Type: ReDIF-Article 1.0
Author-Name: M. G. Hayes 
Author-X-Name-First: M. G. 
Author-X-Name-Last: Hayes 
Title: The State of Short-term Expectation 
Abstract:
	      The claim that Keynes makes a tacit assumption in Chapter 3
 of <italic>The General Theory</italic>, that short-term expectations are
 fulfilled, is unwarranted and unnecessary. Kregel's seminal 1976 paper and
 its subsequent development by Chick and others have contributed to the
 general acceptance of this claim; these contributions are critically
 evaluated in the present paper. This critique clears the ground for a
 recognition that Keynes instead adopted the assumption of judicious
 foresight, which would now be called short-term rational expectations.
 That recognition in turn should encourage a reappraisal of Keynes's
 thought, by mainstream economists and others.		
Journal: Review of Political Economy 
Pages: 205-224 
Issue: 2 
Volume: 25 
Year: 2013 
Month: 4 
X-DOI: 10.1080/09538259.2012.729929 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.729929 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:2:p:205-224




Template-Type: ReDIF-Article 1.0
Author-Name: Graham White 
Author-X-Name-First: Graham 
Author-X-Name-Last: White 
Title: Competition, Welfare and Macroeconomics: A Classical/Sraffian Perspective 
Abstract:
	      The paper reflects on two phenomena seen by orthodoxy as key
 defining characteristics of imperfect competition: product differentiation
 and restricted mobility of resources. Product differentiation is first
 considered in terms of its significance within a Sraffian price model.
 This in turn allows one to consider the &#x2018;welfare&#x2019;
 effects&#x2014;considered here in terms of the impact on output per
 worker&#x2014;of a degree of monopoly power, to the extent this is
 conferred on producers by product differentiation. Restricted mobility of
 resources on the other hand is considered in terms of its impact on the
 level and pattern of sectoral profit rates and via this on
 income-expenditure multipliers and hence aggregate output per unit of
 autonomous demand. Both parts of the analysis suggest that, at least from
 a Sraffian standpoint, no hard and fast conclusions can be drawn about the
 welfare effects of product differentiation or restricted mobility of
 resources; in turn casting doubts on more orthodox claims about the
 welfare impacts of imperfect competition.	    
Journal: Review of Political Economy 
Pages: 225-253 
Issue: 2 
Volume: 25 
Year: 2013 
Month: 4 
X-DOI: 10.1080/09538259.2013.775824 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.775824 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:2:p:225-253




Template-Type: ReDIF-Article 1.0
Author-Name: Bruno Tinel 
Author-X-Name-First: Bruno 
Author-X-Name-Last: Tinel 
Title: Why and How Do Capitalists Divide Labour? From Marglin and Back again through Babbage and Marx 
Abstract:
	      Nearly four decades ago, Stephen Marglin explored the origins
 of hierarchy in capitalist production with a divide and conquer hypothesis
 based on the idea that the monopolisation of knowledge about production
 technology plays a major role in explaining how workers are deprived of
 control over the labour process. Nevertheless, this explanation has some
 shortcomings that Marx and Babbage had avoided. Those two authors provided
 a highly accurate and convincing interpretation of the division of labour
 that remains relevant. The present paper proposes a general synthesis of
 their analysis. Two points are emphasised: (1) the division of labour
 plays a major role in wage determination; and (2) the division of labour
 largely determines the form of subjection of labour to capital.	  
Journal: Review of Political Economy 
Pages: 254-272 
Issue: 2 
Volume: 25 
Year: 2013 
Month: 4 
X-DOI: 10.1080/09538259.2013.775825 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.775825 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:2:p:254-272




Template-Type: ReDIF-Article 1.0
Author-Name: Shaianne T. Osterreich 
Author-X-Name-First: Shaianne T. 
Author-X-Name-Last: Osterreich 
Title: Precarious Work in Global Exports: The Case of Indonesia 
Abstract:
	      This paper relies on the global commodity chain framework and
 the standards of Decent Work laid out by the International Labour
 Organization to examine employment outcomes in export-oriented production
 in Indonesia. The empirical model investigates the extent to which
 industrial characteristics related to global production sharing explain
 variability in employment outcomes in the Indonesian manufacturing sector.
 The results suggest that export orientation, labor intensity, and female
 crowding negatively affect the likelihood of decent work outcomes. In
 addition, foreign direct investment has a positive affect, although it is
 overwhelmed by the other factors.	    
Journal: Review of Political Economy 
Pages: 273-293 
Issue: 2 
Volume: 25 
Year: 2013 
Month: 4 
X-DOI: 10.1080/09538259.2013.775826 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.775826 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:2:p:273-293




Template-Type: ReDIF-Article 1.0
Author-Name: Wesley C. Marshall 
Author-X-Name-First: Wesley C. 
Author-X-Name-Last: Marshall 
Title: The Causes and Consequences of the Misdiagnosis of the Financial Crisis in the United States 
Abstract:
	      Using an analytical framework that divides banking crises
 into &#x2018;classic&#x2019; and &#x2018;secondary&#x2019; crises, this
 article analyzes the banking crisis that broke out in the United States in
 the summer of 2007 and the response of US authorities. While quite simple
 in itself, this framework allows for a novel interpretation of the
 unfolding of the crisis and for evaluating US authorities in the design
 and implementation of crisis resolution mechanisms. As suggested by the
 title, the principal hypothesis of the article is that the crisis was
 fundamentally misdiagnosed, leading to a flawed bailout that all but
 guarantees its inefficacy in bringing the US financial system back to
 health at a reasonable fiscal cost.	      
Journal: Review of Political Economy 
Pages: 294-308 
Issue: 2 
Volume: 25 
Year: 2013 
Month: 4 
X-DOI: 10.1080/09538259.2013.775828 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.775828 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:2:p:294-308




Template-Type: ReDIF-Article 1.0
Author-Name: Giancarlo Bertocco 
Author-X-Name-First: Giancarlo 
Author-X-Name-Last: Bertocco 
Title: On Keynes's Criticism of the Loanable Funds Theory 
Abstract:
	      By accepting the claims of the loanable funds theory,
 contemporary monetary theory distances itself from Keynes's view of the
 rate of interest as a monetary phenomenon, and overlooks the arguments
 Keynes used to respond to the criticism of supporters of the loanable
 funds theory such as Ohlin and Robertson. This paper argues that the
 explicit consideration of the finance motive and the role of banks in
 financing investment does not imply acceptance of the loanable funds
 theory, but instead facilitates the elaboration of an alternative to the
 loanable funds theory. Associated with this alternative theory of credit
 is an explanation of the monetary nature of the fluctuations in income and
 employment, which is different from and more persuasive than accounts
 based only on the liquidity preference theory. 	 
Journal: Review of Political Economy 
Pages: 309-326 
Issue: 2 
Volume: 25 
Year: 2013 
Month: 4 
X-DOI: 10.1080/09538259.2013.775829 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.775829 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:2:p:309-326




Template-Type: ReDIF-Article 1.0
Author-Name: G&#xF6;k&#xE7;er &#xD6;zg&#xFC;r 
Author-X-Name-First: G&#xF6;k&#xE7;er 
Author-X-Name-Last: &#xD6;zg&#xFC;r 
Author-Name: Korkut Alp Ert&#xFC;rk 
Author-X-Name-First: Korkut Alp 
Author-X-Name-Last: Ert&#xFC;rk 
Title: Endogenous Money in the Age of Financial Liberalization 
Abstract:
	      The paper reports that no statistically significant empirical
 relationship can be shown between total bank credit and the US broad money
 supply in the period after 1995. It argues that the growing prevalence of
 non-bank deposits in the form of mutual money market funds and asset
 securitization are the main culprits for this result. Prior to financial
 liberalization, the connection between total bank credit and broad money
 supply was simple enough: new bank deposits were created when banks made
 loans and were extinguished when loans were paid back. In banks'
 consolidated balance sheet, total deposits made up total liabilities and
 were basically equal to the broad money supply. However, in the age of
 financial liberalization not all deposits bank loans created returned as
 deposits, whether in banks or non-banks, as deposits could be swapped for
 non-deposit liabilities without a corresponding draw down on the asset
 side. Moreover, loans could be extinguished in banks' balance sheets
 through asset securitization.		
Journal: Review of Political Economy 
Pages: 327-347 
Issue: 2 
Volume: 25 
Year: 2013 
Month: 4 
X-DOI: 10.1080/09538259.2012.729928 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.729928 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:2:p:327-347




Template-Type: ReDIF-Article 1.0
Author-Name: Bill Lucarelli 
Author-X-Name-First: Bill 
Author-X-Name-Last: Lucarelli 
Title: Endogenous Money: A Note on Some Post-Keynesian Controversies 
Abstract:
	      Keynes's theory of liquidity preference sought to illuminate
 the essential properties of money under the conditions of uncertainty that
 often lead to involuntary unemployment. Subsequent Post-Keynesian
 literature built upon this concept to show that a deregulated financial
 system could induce phases of endemic financial instability and crises.
 Keynes's finance motive provides an important starting point in
 Post-Keynesian theories of endogenous money. This article examines the
 controversies between two major contending analytical approaches, the
 Horizontalist and Structuralist schools.	   
Journal: Review of Political Economy 
Pages: 348-359 
Issue: 2 
Volume: 25 
Year: 2013 
Month: 4 
X-DOI: 10.1080/09538259.2013.775830 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.775830 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:2:p:348-359




Template-Type: ReDIF-Article 1.0
Author-Name: John Berdell 
Author-X-Name-First: John 
Author-X-Name-Last: Berdell 
Title: Casualties of Credit: The English Financial Revolution, 1620--1720 
Journal: Review of Political Economy 
Pages: 360-363 
Issue: 2 
Volume: 25 
Year: 2013 
Month: 4 
X-DOI: 10.1080/09538259.2013.775831 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.775831 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:2:p:360-363




Template-Type: ReDIF-Article 1.0
Author-Name: Jacob Lederman 
Author-X-Name-First: Jacob 
Author-X-Name-Last: Lederman 
Title: Argentina's Economic Growth and Recovery: The Economy in a Time of Default 
Journal: Review of Political Economy 
Pages: 363-366 
Issue: 2 
Volume: 25 
Year: 2013 
Month: 4 
X-DOI: 10.1080/09538259.2013.775822 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.775822 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:2:p:363-366




Template-Type: ReDIF-Article 1.0
Author-Name: Claudio Sardoni 
Author-X-Name-First: Claudio 
Author-X-Name-Last: Sardoni 
Title: A Modern Guide to Keynesian Macroeconomics and Economic Policies 
Journal: Review of Political Economy 
Pages: 366-371 
Issue: 2 
Volume: 25 
Year: 2013 
Month: 4 
X-DOI: 10.1080/09538259.2013.775823 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.775823 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:2:p:366-371




Template-Type: ReDIF-Article 1.0
Author-Name: Mauro Boianovsky 
Author-X-Name-First: Mauro 
Author-X-Name-Last: Boianovsky 
Title: The Economic Commission for Latin America and the 1950s' Debate on Choice of Techniques 
Abstract:
	      The paper investigates how the United Nations Economic
 Commission for Latin America (CEPAL) fits into the 1950s' international
 debate about investment criteria and choice of techniques in development
 planning. In some of their documents, CEPAL economists expressed a
 preference for projects with low capital-labour ratios, in line with the
 conclusions of A.E. Kahn and Hollis Chenery's 'social marginal
 productivity' of capital criterion for investment in countries relatively
 short of capital. However, one may also find CEPAL economists proposing an
 increasing participation of heavy industries in total investment during
 the acceleration phase of economic growth, an approach that was supported
 by Maurice Dobb's and Amartya Sen's argument for capital-intensive
 projects. This double perspective is explained by the distinction between
 static and dynamic scenarios in CEPAL's framework, which sheds new light
 on the treatment of capital accumulation and technology as part of
 import-substituting industrialization policy in underdeveloped areas.	    
Journal: Review of Political Economy 
Pages: 373-398 
Issue: 3 
Volume: 25 
Year: 2013 
Month: 7 
X-DOI: 10.1080/09538259.2013.775827 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.775827 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:3:p:373-398




Template-Type: ReDIF-Article 1.0
Author-Name: Fabio D'Orlando 
Author-X-Name-First: Fabio 
Author-X-Name-Last: D'Orlando 
Title: Electronic Resources and Heterodox Economics 
Abstract:
	      The idea of measuring scientific relevance by counting
 citations is gaining influence among economists, and thanks to the
 electronic bibliographic resources now available the procedure has become
 relatively simple and fast. However, when it comes to putting the idea
 into practice many problems emerge. This paper uses four of the principal
 bibliographic electronic resources (EconLit, JSTOR, Web of Science and
 Scopus) to test the practical applicability of this method to the case of
 the five theoretical schools classified as 'Current Heterodox Approaches'
 in JEL code B5.	  
Journal: Review of Political Economy 
Pages: 399-425 
Issue: 3 
Volume: 25 
Year: 2013 
Month: 7 
X-DOI: 10.1080/09538259.2012.729941 
File-URL: http://hdl.handle.net/10.1080/09538259.2012.729941 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:3:p:399-425




Template-Type: ReDIF-Article 1.0
Author-Name: Sergio Nistic&ograve; 
Author-X-Name-First: Sergio 
Author-X-Name-Last: Nistic&ograve; 
Title: Financing Pay-as-you-go Public Pension Systems: Some Notes in the Light of the Classical-type Theory of Income Distribution 
Abstract:
	      The paper uses a Sraffa-type two-sector model to study how
 the presence of retired workers interacts with the distribution of the
 surplus between workers and capitalists (firms). In particular, the paper
 investigates how the ongoing diminution of the ratio between active and
 retired workers affects the wage-profits-pensions frontier, which is
 defined after allowing that a social security tax, which reduces the
 claims of active workers and capitalists on the surplus of the economy,
 finances the pensions distributed each year to retired workers. Finally,
 it is argued that the different impact of defined-benefit and
 defined-contribution pay-as-you-go pension schemes depends on the actual
 incidence of payroll taxes.	      
Journal: Review of Political Economy 
Pages: 426-443 
Issue: 3 
Volume: 25 
Year: 2013 
Month: 7 
X-DOI: 10.1080/09538259.2013.807670 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.807670 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:3:p:426-443




Template-Type: ReDIF-Article 1.0
Author-Name: Florence Jany-Catrice 
Author-X-Name-First: Florence 
Author-X-Name-Last: Jany-Catrice 
Author-Name: Dominique M�da 
Author-X-Name-First: Dominique 
Author-X-Name-Last: M�da 
Title: Well-being and the Wealth of Nations: How are They to Be Defined? 
Abstract:
	      Questions relating to well-being have recently returned to
 the limelight, notably with the publication in September 2009 of the
 Stiglitz-Sen-Fitoussi commission report on the measurement of economic
 performance and social progress. Has this commission changed the terms of
 the debate on what a society's wealth and well-being are? Has it proposed
 new paradigms? In accepting the limitations of GDP as a key indicator of
 well-being, has it developed a new theoretical foundation and new
 evaluation criteria suited to a very different situation and to very
 different priorities from those that prevailed at the time when GDP first
 became established as a measure of national economic performance? These
 are the main questions raised and reviewed by this paper.	    
Journal: Review of Political Economy 
Pages: 444-460 
Issue: 3 
Volume: 25 
Year: 2013 
Month: 7 
X-DOI: 10.1080/09538259.2013.807671 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.807671 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:3:p:444-460




Template-Type: ReDIF-Article 1.0
Author-Name: Edouard Cottin-Euziol 
Author-X-Name-First: Edouard 
Author-X-Name-Last: Cottin-Euziol 
Author-Name: Louis-Philippe Rochon 
Author-X-Name-First: Louis-Philippe 
Author-X-Name-Last: Rochon 
Title: Circuit with Multi-period Credit 
Abstract:
	      We develop a circuit model in which firms finance part of
 their investment using bank credit issued and reimbursed over several
 periods. The model has three main properties: profits originate in the
 overlap of investments financed by bank credit that remain to be repaid;
 Say's Law is not verified, even when households do not save within a
 period; and the rate of investment must increase and then level off over
 time to avoid an overproduction crisis.	  
Journal: Review of Political Economy 
Pages: 461-475 
Issue: 3 
Volume: 25 
Year: 2013 
Month: 7 
X-DOI: 10.1080/09538259.2013.807672 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.807672 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:3:p:461-475




Template-Type: ReDIF-Article 1.0
Author-Name: Renato Panicci� 
Author-X-Name-First: Renato 
Author-X-Name-Last: Panicci� 
Author-Name: Paolo Piacentini 
Author-X-Name-First: Paolo 
Author-X-Name-Last: Piacentini 
Author-Name: Stefano Prezioso 
Author-X-Name-First: Stefano 
Author-X-Name-Last: Prezioso 
Title: Total Factor Productivity or Technical Progress Function? Post-Keynesian Insights for the Empirical Analysis of Productivity Differentials in Mature Economies 
Abstract:
	      The dominant supply-side foundation for explanations of the
 growth potential of an economy is losing its persuasive power in the face
 of persistent losses in output and employment experienced by mature
 economies in the aftermath of the financial crisis. There is now an
 opening for eclectic approaches that consider the interaction between
 supply-side and demand-side factors in shaping macroeconomic outcomes. In
 this paper, we develop a model that reflects such an approach to
 interpreting differential productivity growth over the long run, and then
 present empirical results for several countries. On the supply-side, the
 model considers the linkage between the intensity and efficacy of the
 accumulation process and the gains of productivity in terms of a Kaldorian
 Technical Progress Function. Then, drawing on the Evsey Domar's Keynesian
 notion of dynamic equilibrium as the growth rate that reconciles additions
 to capacity with the absorption of aggregate output by demand, we derive a
 locus for a 'Domar equilibrium path'. Imbalances caused by excess
 aggregate supply or demand, and by the effects of 'shocks' are presented
 and discussed using a simple graphical framework. In the empirical
 analysis, an error-correction model is applied to the fundamental
 relationship between the rate of growth of product per work-hour and the
 rate of capital accumulation. The results suggest that the differences in
 productivity growth among countries are can be explained in terms of the
 efficiency of their 'accumulation paths'.	    
Journal: Review of Political Economy 
Pages: 476-495 
Issue: 3 
Volume: 25 
Year: 2013 
Month: 7 
X-DOI: 10.1080/09538259.2013.807673 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.807673 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:3:p:476-495




Template-Type: ReDIF-Article 1.0
Author-Name: Lino Sau 
Author-X-Name-First: Lino 
Author-X-Name-Last: Sau 
Title: Instability and Crisis in Financial Complex Systems 
Abstract:
	      This paper contrasts the Efficient Markets Hypothesis with
 Hyman Minsky's Financial Instability Hypothesis (FIH), taking into account
 the dynamic complexity of financial markets. This approach offers
 analytical tools that can account for crisis through processes endogenous
 to contemporary economies. Recent work, notably by J. Barkley Rosser, has
 suggested that complex dynamics is a strong foundations for Keynesian
 models and results. Group dynamics enter into the analysis in at least two
 ways: they provide an independent source of fundamental uncertainty which,
 as discussed by Keynes himself, can lead to speculative bubbles in asset
 markets, and they can cause overreactions in both lenders' and borrowers'
 attitudes toward risk. These aspects can lead to financial fragility and
 instability following a variety of complex dynamics. I shall argue that a
 financially complex system is, according to the FIH, inherently flawed and
 unstable: in the absence of adequate economic policy boom and bust
 phenomena, in financial markets which are fuelled by credit booms and
 busts, may generate endogenous instability and systemic crisis, such as
 the recent sub-prime mortgage crisis. <disp-quote specific-use="block">   
		[O]ur economic leadership does not seem to be aware that
 the <italic>normal</italic> functioning of our economy leads to financial
 trauma and crisis, inflation, currency depreciations, unemployment, and
 poverty in the midst of what could be virtually universal affluence--in
 short, that <italic>financially complex</italic> capitalism is inherently
 <italic>flawed</italic>. (Minsky, 1986, p. 287; our emphasis)		   
   </disp-quote>		       
Journal: Review of Political Economy 
Pages: 496-511 
Issue: 3 
Volume: 25 
Year: 2013 
Month: 7 
X-DOI: 10.1080/09538259.2013.807674 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.807674 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:3:p:496-511




Template-Type: ReDIF-Article 1.0
Author-Name: Jerome Maucourant 
Author-X-Name-First: Jerome 
Author-X-Name-Last: Maucourant 
Author-Name: Sebastien Plociniczak 
Author-X-Name-First: Sebastien 
Author-X-Name-Last: Plociniczak 
Title: The Institution, the Economy and the Market: Karl Polanyi's Institutional Thought for Economists 
Abstract:
	      This paper aims to clarify the logical structure of Karl
 Polanyi's concept of institution, especially with regard to his most
 important contribution to political economy--the conception of
 self-regulating markets as institutions. Although Polanyi did not provide
 a well-developed concept of institution, this article argues that such a
 concept exists in his work. Moreover, there is in Polanyi's work a
 sophisticated institutionalist account of the self-regulating market that
 has been largely overlooked as Polanyi does not present it explicitly.
 Analyzing the economy as an institutionalized process, as Polanyi does,
 reveals that the market is neither a natural nor a spontaneous
 phenomenon--a conclusion that runs counter to conventional economic
 thinking. Polanyi's approach enables us to view capitalism (the 'market
 society' in Polanyi's language) through a highly specific cultural fact:
 the fiction of the self-regulating market. This institutional perspective
 needs to be reassessed beyond new-institutionalist theoretical
 constructions. 	 
Journal: Review of Political Economy 
Pages: 512-531 
Issue: 3 
Volume: 25 
Year: 2013 
Month: 7 
X-DOI: 10.1080/09538259.2013.807675 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.807675 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:3:p:512-531




Template-Type: ReDIF-Article 1.0
Author-Name: Steven Pressman 
Author-X-Name-First: Steven 
Author-X-Name-Last: Pressman 
Title: The Review of Political Economy at 25: Past, Present and Future 
Journal: Review of Political Economy 
Pages: 533-543 
Issue: 4 
Volume: 25 
Year: 2013 
Month: 10 
X-DOI: 10.1080/09538259.2013.830366 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.830366 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:4:p:533-543




Template-Type: ReDIF-Article 1.0
Author-Name: P. Sai-Wing Ho 
Author-X-Name-First: P. Sai-Wing 
Author-X-Name-Last: Ho 
Title: Does Mill's case for infant industry protection capture Hamilton's and List's arguments for promoting industrial development? 
Abstract:
				 <title>Abstract</title>Mill's case for
 infant-industry protection is widely regarded as capturing the arguments
 by Hamilton and List. This paper argues that they are actually
 analytically different. While all three were influenced by Smith's Wealth
 of Nations, Mill took from it something different than the other two. His
 endorsement passage for protection refers to a standalone industry.
 Hamilton and List attached significance to the pin-making type of division
 of labor at the economy-level but they emphasized the development of that
 division as the activation of backward and forward production linkages, �
 la Hirschman, with increasing diversification and differentiation of
 occupations and industries. Mill only considered employing customs duties
 in his passage, although in some personal correspondence in the 1860s he
 mentioned a subsidy. Contrary to mainstream misrepresentations, Hamilton
 and List did not restrict themselves to proposing customs duties, but
 suggested both trade and non-trade interventions to activate linkages.
 Mill's formulation focuses attention on very simple learning by doing to
 establish the standalone industry. Thanks to their conception of the
 development process, Hamilton and List appreciated the complexity of
 technology acquisitions and devoted far more attention to that subject.
 The implications of these differences for future research and policy
 considerations are briefly discussed.			     
Journal: Review of Political Economy 
Pages: 546-571 
Issue: 4 
Volume: 25 
Year: 2013 
Month: 10 
X-DOI: 10.1080/09538259.2013.837323 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.837323 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:4:p:546-571




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Kinsella 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Kinsella 
Title: Was Ireland's Celtic Tiger Period Profit-led or Wage-led? 
Abstract:
				 This paper examines the macroeconomic
 performance of the Irish economy in the years leading up to the Celtic
 Tiger period and afterward, from 1980 to 2011. The goal of the paper is to
 determine how a severe recession in the 1980s could be followed so quickly
 by the unprecedented boom years of the Celtic Tiger, and followed again by
 the marked economic downturn since 2007. I build a Keynesian model of
 growth that integrates effective demand and productivity regimes to allow
 for the possibility that a redistribution of income can either spur or
 retard growth, depending on whether the regime is wage-led or profit-led.
 Using data for the Irish economy I test this model for wage-led or
 profit-led growth, finding plausible evidence that the Celtic Tiger years
 were, in fact, profit led.		     
Journal: Review of Political Economy 
Pages: 572-585 
Issue: 4 
Volume: 25 
Year: 2013 
Month: 10 
X-DOI: 10.1080/09538259.2013.837324 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.837324 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:4:p:572-585




Template-Type: ReDIF-Article 1.0
Author-Name: Timothy P. Sharpe 
Author-X-Name-First: Timothy P. 
Author-X-Name-Last: Sharpe 
Title: A Modern Money Perspective on Financial Crowding-out 
Abstract:
				 <title>Abstract</title>The withdrawal of
 discretionary fiscal stimulus and a renewed emphasis on institutional and
 'self-imposed' budgetary constraints are evidence that the imperative of
 fiscal sustainability and sound accounting fundamentals continue to drive
 fiscal policymaking within many advanced economies. To buttress the
 urgency for fiscal sustainability, neo-liberals often draw upon financial
 crowding-out theory. Despite an extensive literature, empirical
 applications are often misspecified due to their failure to account for
 different institutional arrangements. However, the policy responses of
 national governments to the Global Financial Crisis have highlighted the
 institutional disparities, presenting a unique opportunity for a rigorous
 empirical investigation. This paper develops panel vector error correction
 models for both sovereign and non-sovereign economies over the period 1999
 to 2010 to examine financial crowding-out. The empirical evidence reveals
 crowding-out effects in non-sovereign economies, but not within sovereign
 economies.			 
Journal: Review of Political Economy 
Pages: 586-606 
Issue: 4 
Volume: 25 
Year: 2013 
Month: 10 
X-DOI: 10.1080/09538259.2013.837325 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.837325 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:4:p:586-606




Template-Type: ReDIF-Article 1.0
Author-Name: Georgios Argitis 
Author-X-Name-First: Georgios 
Author-X-Name-Last: Argitis 
Author-Name: Yannis Dafermos 
Author-X-Name-First: Yannis 
Author-X-Name-Last: Dafermos 
Title: Finance, Monetary Policy and the Institutional Foundations of the Phillips Curve 
Abstract:
				 <title>Abstract</title>The purpose of this
 paper is to examine the influence of financial commitments on the
 short-run Phillips curve, under different institutional structures of the
 labour and product market, degrees of euphoria and ratios of firms' to
 workers' outstanding debt. We develop a Post-Keynesian conflicting-claims
 model that explicitly incorporates the impact of workers' and firms'
 financial commitments on distribution conflict and inflation. We propose
 different versions of the short-run Phillips curve for a debt-financed
 economy. We explore the impact of monetary policy on the shape and the
 position of the Phillips curve. We show that the inflation effects of
 monetary policy cannot be identified without prior knowledge about the
 institutional and financial structures of the economy, as well as about
 borrowers' desired margins of safety.			
Journal: Review of Political Economy 
Pages: 607-623 
Issue: 4 
Volume: 25 
Year: 2013 
Month: 10 
X-DOI: 10.1080/09538259.2013.837326 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.837326 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:4:p:607-623




Template-Type: ReDIF-Article 1.0
Author-Name: Thanasis Maniatis 
Author-X-Name-First: Thanasis 
Author-X-Name-Last: Maniatis 
Author-Name: Costas Passas 
Author-X-Name-First: Costas 
Author-X-Name-Last: Passas 
Title: Profitability Capital Accumulation and Crisis in the Greek Economy 1958--2009: a Marxist Analysis 
Abstract:
				 <title>Abstract</title>This study examines
 the behavior of the main Marxian variables in the postwar Greek economy.
 The different phases of the capital accumulation process are distinguished
 and analyzed according to the movement of the rate of profit. The 'golden
 age' of the 1958--74 period of high profitability and strong growth was
 followed by the stagflation crisis of the 1970s and early 1980s. After
 1985, and especially after 1991, the 'neoliberal solution' to the crisis
 resulted in a modest recovery of profitability, capital accumulation and
 output growth based exclusively on the huge increase in the rate of
 exploitation for labor. When the stimulus to aggregate demand provided
 from debt driven personal consumption and state deficit spending was
 removed, the underlying structural crisis in the real economy manifested
 itself fully in 2009 and after.		      
Journal: Review of Political Economy 
Pages: 624-649 
Issue: 4 
Volume: 25 
Year: 2013 
Month: 10 
X-DOI: 10.1080/09538259.2013.837327 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.837327 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:4:p:624-649




Template-Type: ReDIF-Article 1.0
Author-Name: Olivier Allain 
Author-X-Name-First: Olivier 
Author-X-Name-Last: Allain 
Author-Name: Jochen Hartwig 
Author-X-Name-First: Jochen 
Author-X-Name-Last: Hartwig 
Author-Name: M.G. Hayes 
Author-X-Name-First: M.G. 
Author-X-Name-Last: Hayes 
Title: Introduction to the Symposium 
Journal: Review of Political Economy 
Pages: 650-652 
Issue: 4 
Volume: 25 
Year: 2013 
Month: 10 
X-DOI: 10.1080/09538259.2013.837328 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.837328 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:4:p:650-652




Template-Type: ReDIF-Article 1.0
Author-Name: Olivier Allain 
Author-X-Name-First: Olivier 
Author-X-Name-Last: Allain 
Title: Effective Demand: Securing the Foundations 
Abstract:
				 <title>Abstract</title>This paper is one
 of three contributions to a symposium commenting on papers previously
 published by the other authors. My analysis of Chapter 3 of the General
 Theory is that it built a bridge between the entrepreneurs' behaviour at
 the microeconomic level and the closure of the system at the macroeconomic
 level. I agree with Hartwig (2007) in many respects. The main divergence
 between us concerns entrepreneurs' expectations, which can be related to
 the overall economic situation (Hartwig's interpretation) or to their own
 situation (my interpretation). Hayes (2007a), while he focused on
 overlapping production periods, proposes a detailed analysis of the
 entrepreneurs' behaviour. As a result, it seems to me that he doesn't
 focus enough on the system closure aspects of the principle of effective
 demand.		     
Journal: Review of Political Economy 
Pages: 653-660 
Issue: 4 
Volume: 25 
Year: 2013 
Month: 10 
X-DOI: 10.1080/09538259.2013.837331 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.837331 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:4:p:653-660




Template-Type: ReDIF-Article 1.0
Author-Name: M.G. Hayes 
Author-X-Name-First: M.G. 
Author-X-Name-Last: Hayes 
Title: Effective Demand: Securing the Foundations 
Abstract:
				 <title>Abstract</title>This paper is one
 of three contributions to a symposium commenting on papers previously
 published by the other authors. Allain (Allain, O. (2009) Effective demand
 and short-term adjustments in the General Theory, <italic>Review of
 Political Economy</italic>, 21, pp. 1--22) argues that Keynes elides a
 distinction between aggregate demand and global expenditure that is
 necessary to explain the formation of price expectations by individual
 entrepreneurs. Allain's conclusions depend upon redefinitions of aggregate
 and effective demand and the consumption function. Hartwig (Hartwig, J.
 (2007) Keynes vs. the Post Keynesians on the principle of effective
 demand, <italic>European Journal of the History of Economic
 Thought</italic>, 14, pp. 725--739) argues that entrepreneurs must take
 into account the state of the economy as a whole, in order to form price
 expectations independently and not as a market equilibrium determined by
 aggregate supply and demand. This leaves demand price expectations to be
 determined outside the principle of effective demand. Neither author does
 full justice to Keynes's own treatment. We still need to agree by what
 mechanism individual entrepreneurs form a collective and mutually
 consistent state of expectation in <italic>The General Theory</italic>.    
Journal: Review of Political Economy 
Pages: 661-671 
Issue: 4 
Volume: 25 
Year: 2013 
Month: 10 
X-DOI: 10.1080/09538259.2013.837329 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.837329 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:4:p:661-671




Template-Type: ReDIF-Article 1.0
Author-Name: Jochen Hartwig 
Author-X-Name-First: Jochen 
Author-X-Name-Last: Hartwig 
Title: Effective Demand: Securing the Foundations 
Abstract:
				 <title>Abstract</title>This paper is one
 of three contributions to a symposium commenting on papers previously
 published by the other authors. I basically agree with Allain's (2009)
 reconstruction of Keynes's model of effective demand from Chapter 3 of
 <italic>The General Theory</italic>, except that I think that
 entrepreneurs take the overall economic situation into account when
 forming expectations as to how much demand will be forthcoming to them. I
 also agree with Hayes (2007a) on the most important--and most
 controversial--issues surrounding the principle of effective demand. Some
 disagreement remains on the merits of the 'Swedish' method of comparing ex
 ante expectations with ex post results and on the 'nature' of the
 equilibrium represented by the point of effective demand: for Hayes, it is
 a market equilibrium, while I regard it to be an expectational equilibrium
 in the minds of entrepreneurs. 		     
Journal: Review of Political Economy 
Pages: 672-678 
Issue: 4 
Volume: 25 
Year: 2013 
Month: 10 
X-DOI: 10.1080/09538259.2013.837330 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.837330 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:4:p:672-678




Template-Type: ReDIF-Article 1.0
Author-Name: Robert E. Prasch 
Author-X-Name-First: Robert E. 
Author-X-Name-Last: Prasch 
Title: Aristotle, Adam Smith and Karl Marx: On Some Fundamental Issues in 21st Century Political Economy 
Journal: Review of Political Economy 
Pages: 679-682 
Issue: 4 
Volume: 25 
Year: 2013 
Month: 10 
X-DOI: 10.1080/09538259.2013.837321 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.837321 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:4:p:679-682




Template-Type: ReDIF-Article 1.0
Author-Name: Gene Callahan 
Author-X-Name-First: Gene 
Author-X-Name-Last: Callahan 
Title: Rethinking the Keynesian Revolution: Keynes, Hayek, and the Wicksell Connection 
Journal: Review of Political Economy 
Pages: 682-685 
Issue: 4 
Volume: 25 
Year: 2013 
Month: 10 
X-DOI: 10.1080/09538259.2013.837322 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.837322 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:25:y:2013:i:4:p:682-685




Template-Type: ReDIF-Article 1.0
Author-Name: Angelo Reati 
Author-X-Name-First: Angelo 
Author-X-Name-Last: Reati 
Title: Economic Policy for Structural Change 
Abstract:
				 Starting from a conceptualization of
 structural change as an uneven phenomenon punctuated by technological
 revolutions that give rise to long-term movements of real and monetary
 variables, i.e. long waves, this paper puts forth an explanation of
 radical technical change. Then, drawing upon Post-Keynesian theory, the
 neo-Schumpeterian school of techno-economic paradigms, and the work of
 Luigi L. Pasinetti, we suggest guidelines for economic policy to manage
 structural change and its consequences. While economic policy cannot by
 itself fully tame the dynamics of structural change, it can ameliorate its
 disruptive effects, firstly by helping us to manage the stagnation phase
 of the long wave in order to avoid a deep depression; secondly by
 preparing the way for a new long-wave and, thirdly, by facilitating the
 establishment of the institutional conditions for the diffusion of the new
 technological paradigm. The paper concludes by comparing these suggested
 policies with those pursued by the dominant western economies after the
 Second World War. We find that three broad factors-a misdiagnosis of the
 nature of the crisis that began in the 1970s; a shift in power relations
 that was strongly unfavorable to the working class; and the rise of
 neoliberal ideology-led to the adoption of policies that had disastrous
 social and economic consequences.		    
Journal: Review of Political Economy 
Pages: 1-22 
Issue: 1 
Volume: 26 
Year: 2014 
Month: 1 
X-DOI: 10.1080/09538259.2014.874180 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.874180 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:1:p:1-22




Template-Type: ReDIF-Article 1.0
Author-Name: Mauro Boianovsky 
Author-X-Name-First: Mauro 
Author-X-Name-Last: Boianovsky 
Author-Name: Ricardo Sol�s 
Author-X-Name-First: Ricardo 
Author-X-Name-Last: Sol�s 
Title: The Origins and Development of the Latin American Structuralist Approach to the Balance of Payments, 1944-1964 
Abstract:
				 The paper offers an historical account of
 the origins and development of the Latin American structuralist approach
 to the balance of payments between 1944 and 1964. We focus on the
 contributions by Raul Prebisch, Celso Furtado and Juan Noyola, all of them
 members of the United Nations Economic Commission for Latin America
 (CEPAL) during the 1950s. Prebisch used the foreign trade multiplier
 concept to distinguish the business cycle mechanisms at the 'centre' and
 at the 'periphery'. Noyola introduced the notion of external
 disequilibrium as a feature of the industrialization process. This was
 further elaborated by Prebisch's formula connecting the relative rates of
 growth to the ratio of income-elasticities of import. Furtado examined the
 implications of the external demand constraint for economic growth, an
 important element of the two-gap models of the 1960s. The main piece of
 empirical structuralist research was the CEPAL 1957 report about Mexican
 external disequilibrium elaborated by Furtado and Noyola, not published at
 the time; we discuss that report in the context of the Mexican devaluation
 of 1954.			
Journal: Review of Political Economy 
Pages: 23-59 
Issue: 1 
Volume: 26 
Year: 2014 
Month: 1 
X-DOI: 10.1080/09538259.2013.874191 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.874191 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:1:p:23-59




Template-Type: ReDIF-Article 1.0
Author-Name: J. Felipe 
Author-X-Name-First: J. 
Author-X-Name-Last: Felipe 
Author-Name: J.S.L. McCombie 
Author-X-Name-First: J.S.L. 
Author-X-Name-Last: McCombie 
Title: The Aggregate Production Function: 'Not Even Wrong' 
Abstract:
				 The foundations of the aggregate
 production function were long ago thrown into doubt by problems of
 aggregation and the Cambridge capital theory controversies. Yet the
 aggregate production function, whether in the familiar form of the
 Cobb-Douglas, the CES, or the translog, continues to be widely used in
 both theoretical and applied analysis. The reason for its continued use
 rests on the instrumental position that 'it works'. The aggregate
 production function sometimes yields good statistical fits with plausible
 estimates of the coefficients. However, for some time, it has been
 realised that the existence of an underlying accounting identity can
 explain the regression results, even if the aggregate production function
 does not exist. This argument has been widely ignored. This paper, drawing
 on a rhetorical approach, assesses why this is the case. It shows that the
 few criticisms that have been made of the critique involve fundamental
 misunderstandings that represent a failure of the economic method.	    
Journal: Review of Political Economy 
Pages: 60-84 
Issue: 1 
Volume: 26 
Year: 2014 
Month: 1 
X-DOI: 10.1080/09538259.2013.874192 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.874192 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:1:p:60-84




Template-Type: ReDIF-Article 1.0
Author-Name: James Yunker 
Author-X-Name-First: James 
Author-X-Name-Last: Yunker 
Title: Capital Wealth Taxation: Theory and Application 
Abstract:
				 Using an <italic>ls</italic> model
 analysis, the economic effects of implementing a modest taxation rate on
 capital wealth (3%) are found to be basically favorable: slightly higher
 output, lower inequality as measured by various Gini coefficients, and
 higher social welfare according to the three major social welfare
 functions-Bentham, Nash and Rawls. Implementing capital wealth taxation
 enables a compensating reduction in the labor-income taxation rate. The
 single most important consequence of this change is increased labor output
 among the wealthiest households, whose labor productivity is highest. Even
 though labor output is reduced among less-wealthy households, the overall
 effect on aggregate output is positive.		   
Journal: Review of Political Economy 
Pages: 85-110 
Issue: 1 
Volume: 26 
Year: 2014 
Month: 1 
X-DOI: 10.1080/09538259.2013.874193 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.874193 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:1:p:85-110




Template-Type: ReDIF-Article 1.0
Author-Name: Nuno O. Martins 
Author-X-Name-First: Nuno O. 
Author-X-Name-Last: Martins 
Title: Sraffa on Fixed Capital, Money and the Phases of Capitalism 
Abstract:
				 In this paper I address some elements in
 Piero Sraffa's thinking that are connected to his conceptualization of the
 phases of capitalism. Sraffa describes various stages of capitalism using
 similar categories to the ones employed in the model of the economy
 provided in Production of Commodities. This is done by distinguishing the
 role of population, land and (circulating, intermediate and fixed) capital
 in each stage. Sraffa changed his conceptualization of fixed capital over
 the years, until he reached its final formulation. The conceptualizations
 of fixed capital that Sraffa discusses, together with his remarks on money
 which are made through an analogy with circulating and fixed capital,
 provide some elements that shed light on Sraffa's view of the dynamics of
 capitalism.			   
Journal: Review of Political Economy 
Pages: 111-127 
Issue: 1 
Volume: 26 
Year: 2014 
Month: 1 
X-DOI: 10.1080/09538259.2013.874194 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.874194 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:1:p:111-127




Template-Type: ReDIF-Article 1.0
Author-Name: Marco Veronese Passarella 
Author-X-Name-First: Marco Veronese 
Author-X-Name-Last: Passarella 
Title: Financialization and the Monetary Circuit: A Macro-accounting Approach 
Abstract:
				 This paper aims to cross-breed the
 standard monetary circuit accounting model with elements from the
 Post-Keynesian literature. The goals are: (i) to analyse the implications
 of credit-based household consumption fed by capital asset inflation for
 the soundness of a pure credit-money economy of production; and (ii) to
 provide a more sophisticated description of the working of modern
 financial systems than the one grounded in the usual 'bank-based vs.
 market based' distinction.			  
Journal: Review of Political Economy 
Pages: 128-148 
Issue: 1 
Volume: 26 
Year: 2014 
Month: 1 
X-DOI: 10.1080/09538259.2013.874195 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.874195 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:1:p:128-148




Template-Type: ReDIF-Article 1.0
Author-Name: Angelo Reati 
Author-X-Name-First: Angelo 
Author-X-Name-Last: Reati 
Title: Structural Dynamics and Economic Growth 
Journal: Review of Political Economy 
Pages: 149-154 
Issue: 1 
Volume: 26 
Year: 2014 
Month: 1 
X-DOI: 10.1080/09538259.2013.837332 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.837332 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:1:p:149-154




Template-Type: ReDIF-Article 1.0
Author-Name: Frank Roosevelt 
Author-X-Name-First: Frank 
Author-X-Name-Last: Roosevelt 
Title: The Middle Class Fights Back: How Progressive Movements Can Restore Democracy in America 
Journal: Review of Political Economy 
Pages: 154-157 
Issue: 1 
Volume: 26 
Year: 2014 
Month: 1 
X-DOI: 10.1080/09538259.2013.874196 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.874196 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:1:p:154-157




Template-Type: ReDIF-Article 1.0
Author-Name: Johann K. Jaeckel 
Author-X-Name-First: Johann K. 
Author-X-Name-Last: Jaeckel 
Title: Capital, Exploitation and Economic Crisis 
Journal: Review of Political Economy 
Pages: 158-160 
Issue: 1 
Volume: 26 
Year: 2014 
Month: 1 
X-DOI: 10.1080/09538259.2013.874197 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.874197 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:1:p:158-160




Template-Type: ReDIF-Article 1.0
Author-Name: Annalisa Rosselli 
Author-X-Name-First: Annalisa 
Author-X-Name-Last: Rosselli 
Title: The Return to Keynes 
Journal: Review of Political Economy 
Pages: 160-164 
Issue: 1 
Volume: 26 
Year: 2014 
Month: 1 
X-DOI: 10.1080/09538259.2013.874190 
File-URL: http://hdl.handle.net/10.1080/09538259.2013.874190 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:1:p:160-164




Template-Type: ReDIF-Article 1.0
Author-Name: Engelbert Stockhammer 
Author-X-Name-First: Engelbert 
Author-X-Name-Last: Stockhammer 
Author-Name: Dimitris P. Sotiropoulos 
Author-X-Name-First: Dimitris P. 
Author-X-Name-Last: Sotiropoulos 
Title: Europe in Crisis: Introduction 
Journal: Review of Political Economy 
Pages: 167-170 
Issue: 2 
Volume: 26 
Year: 2014 
Month: 4 
X-DOI: 10.1080/09538259.2014.881012 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.881012 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:2:p:167-170




Template-Type: ReDIF-Article 1.0
Author-Name: John Weeks 
Author-X-Name-First: John 
Author-X-Name-Last: Weeks 
Title: Euro Crises and Euro Scams: Trade not Debt and Deficits Tell the Tale 
Abstract:
 <italic>The euro crisis has been typically presented as excessive fiscal
 deficits leading to the accumulation of unsustainable public debts. This
 debt and deficit diagnosis applied most notably in Greece and Italy, but
 also in Portugal and Spain (the 'PIGS'). Implicit in much of the analysis,
 and occasionally explicit, is the suggestion that these were not only
 profligate but also lazy PIGS that spent beyond their means and abandoned
 a commitment to international competitiveness. This article demonstrates
 that the German export-led growth strategy generated large trade and
 current account deficits throughout the eurozone in the 2000s. When the
 global financial crisis struck the continent in 2008, these trade-based
 deficits proved unsustainable. With the exception of Greece, neither
 public debts nor fiscal deficits represented a major problem among
 eurozone countries prior to 2008. The analysis leads to measures that
 could have avoided the crisis of sovereign debt entirely, as well as
 corrected the unsustainable trade balances in the euro zone. These
 policies were not seriously considered, with the result that in the second
 decade of the 21st century the future of the common currency is in
 doubt.</italic>							 
Journal: Review of Political Economy 
Pages: 171-189 
Issue: 2 
Volume: 26 
Year: 2014 
Month: 4 
X-DOI: 10.1080/09538259.2014.881009 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.881009 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:2:p:171-189




Template-Type: ReDIF-Article 1.0
Author-Name: Daniela Gabor 
Author-X-Name-First: Daniela 
Author-X-Name-Last: Gabor 
Title: Learning from Japan: The European Central Bank and the European Sovereign Debt Crisis 
Abstract:
 <italic>What shapes central banks' learning from the policy experiments of
 their peers? Both economic ideas and organizational interests play
 important roles. Thus, New Keynesian ideas led central banks to interpret
 Japan's experience with quantitative easing (2001-2006) through the impact
 on risk spreads, although the Japanese central bank never intended such
 effects. In turn, scholars and policy-makers alike ignored one critical
 lesson: successful policy innovations depend on banks' funding models. It
 is argued here that this was a crucial omission because the shift to
 market-based funding impairs the effectiveness of the traditional crisis
 toolkit. Central banks must intervene directly in asset markets of
 systemic importance for funding conditions, as the Bank of Japan did by
 buying government bonds. Hence, market-based finance engenders a trade-off
 between financial stability and institutional stability defined through
 central bank independence. During critical periods, central banks cannot
 preserve both. The ECB illustrates this trade-off well. Early in the
 crisis, it outsourced financial stability to a (largely) market-dependent
 banking system to protect its independence. With the introduction of
 Outright Monetary Transactions in September 2012, the Bank recognized that
 the market-based nature of European banking required outright purchases of
 sovereign bonds. This new instrument gave the ECB additional powers to
 shape national fiscal decisions in the name of an independence that no
 longer has theoretical justifications.</italic>			    
Journal: Review of Political Economy 
Pages: 190-209 
Issue: 2 
Volume: 26 
Year: 2014 
Month: 4 
X-DOI: 10.1080/09538259.2014.881010 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.881010 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:2:p:190-209




Template-Type: ReDIF-Article 1.0
Author-Name: Engelbert Stockhammer 
Author-X-Name-First: Engelbert 
Author-X-Name-Last: Stockhammer 
Author-Name: Dimitris P. Sotiropoulos 
Author-X-Name-First: Dimitris P. 
Author-X-Name-Last: Sotiropoulos 
Title: Rebalancing the Euro Area: The Costs of Internal Devaluation 
Abstract:
 <italic>This paper investigates the economic costs of rebalancing current
 account positions in the Euro area by means of internal devaluation.
 Internal devaluation relies on wage suppression in the deficit countries.
 Based on an old Keynesian model we estimate a current account equation, a
 wage-Phillips curve and an Okun's Law equation. All estimations are
 carried out for a panel of twelve Euro area members. From the estimation
 results we calculate the output costs of reducing current account
 deficits. Greece, Ireland, Italy, Portugal and Spain (GIIPS) had, on
 average, current account deficits of 8.4% of GDP in 2007. To eliminate
 these current account deficits, a reduction of GPD by some 47% would be
 necessary. Trade imbalances can be resolved in two ways: deflationary
 adjustment in the deficit countries or inflationary adjustment in the
 surplus countries. The economic costs of deflationary adjustment to those
 countries are equivalent to the output loss of the Great Depression. An
 adjustment of the surplus countries would increase growth and it would
 come with higher inflation, but it would allow rebalancing without a Great
 Depression in parts of Europe.</italic>				    
Journal: Review of Political Economy 
Pages: 210-233 
Issue: 2 
Volume: 26 
Year: 2014 
Month: 4 
X-DOI: 10.1080/09538259.2014.881011 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.881011 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:2:p:210-233




Template-Type: ReDIF-Article 1.0
Author-Name: Nadia Garbellini 
Author-X-Name-First: Nadia 
Author-X-Name-Last: Garbellini 
Author-Name: Ariel Luis Wirkierman 
Author-X-Name-First: Ariel Luis 
Author-X-Name-Last: Wirkierman 
Title: Pasinetti's 'Structural Change and Economic Growth': A Conceptual Excursus 
Abstract:
 <italic>A clear and organic exposition of Pasinetti's theoretical
 framework of</italic> Structural Change and Economic Growth <italic>has
 been prevented by misunderstandings and ambiguities concerning basic
 categories and terminology. The pre-institutional character of the
 approach, the nature of its equilibrium paths and the significance-and
 normative character-of the 'natural' economic system are some of the most
 controversial issues. The aim of this article is to present a conceptual
 excursus of the model to establish a solid foundation for fruitful
 discussions to be held with other Classical approaches.</italic>	    
Journal: Review of Political Economy 
Pages: 234-257 
Issue: 2 
Volume: 26 
Year: 2014 
Month: 4 
X-DOI: 10.1080/09538259.2014.881671 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.881671 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:2:p:234-257




Template-Type: ReDIF-Article 1.0
Author-Name: Gilberto Tadeu Lima 
Author-X-Name-First: Gilberto Tadeu 
Author-X-Name-Last: Lima 
Author-Name: Mark Setterfield 
Author-X-Name-First: Mark 
Author-X-Name-Last: Setterfield 
Title: The Cost Channel of Monetary Transmission and Stabilization Policy in a Post-Keynesian Macrodynamic Model 
Abstract:
 <italic>This paper develops a macrodynamic model that takes into account
 the potentially inflationary consequences of interest rate manipulations
 through the cost channel of monetary transmission. Evaluations of the
 macroeconomic implications of the cost channel are common in the
 mainstream literature. But this literature uses supply-determined macro
 models and provides standard optimizing microfoundations for the various
 ways in which the interest rate can affect mark-ups, prices and ultimately
 the form of the Phillips curve. Our purpose is to study the implications
 of different Phillips curves, each embodying the cost channel and derived
 from Post-Keynesian, cost-based-pricing microfoundations, in a
 monetary-production economy. We focus on the impact of these Phillips
 curves on macroeconomic stability and the consequent efficacy of
 stabilization policy. Ultimately, our results suggest that the presence of
 the cost channel is less significant for stabilization policy than the
 general orientation of the policy regime. These results corroborate
 earlier findings that, in a monetary-production economy, more orthodox
 policy regimes are inimical to macro stabilization.</italic>		    
Journal: Review of Political Economy 
Pages: 258-281 
Issue: 2 
Volume: 26 
Year: 2014 
Month: 4 
X-DOI: 10.1080/09538259.2014.884358 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.884358 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:2:p:258-281




Template-Type: ReDIF-Article 1.0
Author-Name: Bruno Jossa 
Author-X-Name-First: Bruno 
Author-X-Name-Last: Jossa 
Title: Marx, Lenin and the Cooperative Movement 
Abstract:
 <italic>Drawing upon the writings of Marx and Lenin, this article refutes
 the widely shared but incorrect assumption that Marx and Lenin rejected
 cooperation even as a mode of production for the transitional period. It
 reviews Marx's belief that cooperatives would gradually supplant
 capitalistic firms, and that the generalised growth of cooperation would
 give rise to a new mode of production; the article also analyses Lenin's
 1923 article on cooperation in which not only is cooperation described as
 a major step in the transition to socialism, but even equated with
 socialism at large. The hypotheses of this article are supported through a
 close reading of these works and also shed light on numerous implications
 arising from this reading.</italic>					    
Journal: Review of Political Economy 
Pages: 282-302 
Issue: 2 
Volume: 26 
Year: 2014 
Month: 4 
X-DOI: 10.1080/09538259.2014.881649 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.881649 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:2:p:282-302




Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas M. Trebat 
Author-X-Name-First: Nicholas M. 
Author-X-Name-Last: Trebat 
Author-Name: Carlos Aguiar De Medeiros 
Author-X-Name-First: Carlos Aguiar 
Author-X-Name-Last: De Medeiros 
Title: Military Modernization in Chinese Technical Progress and Industrial Innovation 
Abstract:
 <italic>This paper assesses the impact of military-related programs on
 Chinese technical progress since 1980. We argue that efforts to modernize
 weapons production and integrate the civilian and military sectors of the
 economy have increased China's innovation potential and led to an
 improvement in the country's overall technological capabilities. Although
 it is still too early to draw sweeping conclusions, China appears to be
 following a road taken by other great powers before it, where the pursuit
 of modern defense systems stimulates the development of advanced
 technologies.</italic> 						    
Journal: Review of Political Economy 
Pages: 303-324 
Issue: 2 
Volume: 26 
Year: 2014 
Month: 4 
X-DOI: 10.1080/09538259.2014.890461 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.890461 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:2:p:303-324




Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Farrant 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Farrant 
Author-Name: Edward McPhail 
Author-X-Name-First: Edward 
Author-X-Name-Last: McPhail 
Title: Can a Dictator Turn a Constitution into a Can-opener? F.A. Hayek and the Alchemy of Transitional Dictatorship in Chile 
Abstract:
				 Commenting on the Pinochet regime,
 Friedrich Hayek famously claimed in 1981 that he would prefer a 'liberal'
 dictator to 'democratic government lacking liberalism.' Hayek's defense of
 a transitional dictatorship in Chile was not an impromptu response. In
 late 1960, in a little known BBC radio broadcast, Hayek suggested that a
 dictatorial regime may be able to facilitate a transition to stable
 limited democracy. While Hayek's comments about Pinochet have generated
 much controversy, this paper neither provides a blanket condemnation of
 his views (he did not advocate dictatorship as a first-best 'state of the
 world') nor tries to excuse his failure to condemn the Pinochet junta's
 human rights abuses, but instead provides a critical assessment of Hayek's
 implicit model of transitional dictatorship.			
Journal: Review of Political Economy 
Pages: 331-348 
Issue: 3 
Volume: 26 
Year: 2014 
Month: 7 
X-DOI: 10.1080/09538259.2014.932063 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.932063 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:3:p:331-348




Template-Type: ReDIF-Article 1.0
Author-Name: Guinevere Nell 
Author-X-Name-First: Guinevere 
Author-X-Name-Last: Nell 
Title: The Alchemy of the Can Opener: How an Austrian Economist Found Himself Supporting Dictatorial Imposition of a Liberal Order 
Abstract:
				 Why would Hayek, the great critic of
 'rational constructivism' and defender of spontaneous orders, think a
 transitional dictatorship could work? Here I attempt to dissect the
 alchemy of 'turning a constitution into a can opener' as Farrant & McPhail
 (2014) put it. Hayek argues against the imposition by an external source
 of order upon a society. He stresses the importance of an evolving culture
 and tradition, noting that they should be spontaneous orders not command
 systems, and that the culture of a society must be accepting and
 supportive of its institutions. Sometimes the culture is more important
 than the formal institutions of a society for efficiency. So why would
 Hayek argue that a transitional dictator could impose a constitution upon
 the people? It will be argued here that if Hayek had pursued the
 theoretical line set out in his Constitution of Liberty, he might have
 responded to the situation in Chile differently.			
Journal: Review of Political Economy 
Pages: 349-357 
Issue: 3 
Volume: 26 
Year: 2014 
Month: 7 
X-DOI: 10.1080/09538259.2014.932064 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.932064 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:3:p:349-357




Template-Type: ReDIF-Article 1.0
Author-Name: John Meadowcroft 
Author-X-Name-First: John 
Author-X-Name-Last: Meadowcroft 
Author-Name: William Ruger 
Author-X-Name-First: William 
Author-X-Name-Last: Ruger 
Title: Hayek, Friedman, and Buchanan: On Public Life, Chile, and the Relationship between Liberty and Democracy 
Abstract:
				 This article places recent evidence of
 Hayek's public defense of the Pinochet regime in the context of the work
 of the other great twentieth-century classical liberal economists, Milton
 Friedman and James M. Buchanan. Hayek's view that liberty was only
 instrumentally valuable is contrasted with Buchanan's account of liberty
 situated in the notion of the inviolable individual. It is argued that
 Hayek's theory left him with no basis on which to demarcate the legitimate
 actions of the state, so that conceivably any government action could be
 justified on consequentialist grounds. Furthermore, Friedman's account of
 freedom and discretionary power undermines Hayek's proposal that a
 transitional dictatorship could pave the way for a genuinely free society.
 It is contended that Hayek's defense of Pinochet follows from pathologies
 of his theories of liberty and democracy.		      
Journal: Review of Political Economy 
Pages: 358-367 
Issue: 3 
Volume: 26 
Year: 2014 
Month: 7 
X-DOI: 10.1080/09538259.2014.932066 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.932066 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:3:p:358-367




Template-Type: ReDIF-Article 1.0
Author-Name: Theodore Burczak 
Author-X-Name-First: Theodore 
Author-X-Name-Last: Burczak 
Title: Dictating Liberty 
Abstract:
				 Andrew Farrant and Edward McPhail
 demonstrate Hayek's willingness to support, under certain circumstances, a
 transitional dictator who seeks to implement an institutional structure
 conducive to liberty, understood to mean economic freedom. This comment
 links this support to Hayek's mistaken rejection of democracy as a
 constitutive component of freedom, which is the result of his
 overestimation of the epistemological abilities of judges.		    
Journal: Review of Political Economy 
Pages: 368-371 
Issue: 3 
Volume: 26 
Year: 2014 
Month: 7 
X-DOI: 10.1080/09538259.2014.932069 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.932069 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:3:p:368-371




Template-Type: ReDIF-Article 1.0
Author-Name: Jon D. Wisman 
Author-X-Name-First: Jon D. 
Author-X-Name-Last: Wisman 
Title: The Financial Crisis of 1929 Reexamined: The Role of Soaring Inequality 
Abstract:
				 The financial crisis of 1929 that
 triggered the Great Depression has been endlessly studied. Still there is
 little consensus regarding what caused it. This article claims that wage
 stagnation and exploding inequality fueled three dynamics that set the
 stage for a financial crisis. First, consumption was constrained by the
 smaller share of total income accruing to workers, thereby restricting
 investment opportunities in the real economy. Flush with greater income
 and wealth, the elite flooded financial markets with credit, helping keep
 interest rates low and encouraging the creation of new credit instruments,
 some of which recycled the rich's surplus assets as debt to those less
 well off. Second, greater inequality pressured households to find ways to
 consume more in order to maintain their relative social status, resulting
 in reduced household saving, greater household debt, and possibly longer
 work hours. Third, as the rich took larger shares of income and wealth,
 they gained relatively more command over everything, including ideology.
 Reducing taxes on the rich, favoring business over labor, and failing to
 regulate newly evolving credit instruments flowed out of this ideology.    
Journal: Review of Political Economy 
Pages: 372-391 
Issue: 3 
Volume: 26 
Year: 2014 
Month: 7 
X-DOI: 10.1080/09538259.2014.915153 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.915153 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:3:p:372-391




Template-Type: ReDIF-Article 1.0
Author-Name: Alexis Stenfors 
Author-X-Name-First: Alexis 
Author-X-Name-Last: Stenfors 
Title: LIBOR as a Keynesian Beauty Contest: A Process of Endogenous Deception 
Abstract:
				 This paper uses the Keynesian Beauty
 Contest as a theoretical framework to analyse the London Interbank Offered
 Rate (LIBOR) fixing mechanism, where the actual money market rate is seen
 as a fundamental value towards which the LIBOR should aim. By treating the
 LIBOR as the outcome of a particular kind of p-beauty contest game, in
 which players (LIBOR banks) are guided by higher order beliefs, a process
 is created whereby they are not solely dependent on their own incentives
 and constraints. Instead, potential deception is generated endogenously
 though the fixing process itself, resulting in systematic deviations of
 the LIBOR from its fundamental value.			  
Journal: Review of Political Economy 
Pages: 392-407 
Issue: 3 
Volume: 26 
Year: 2014 
Month: 7 
X-DOI: 10.1080/09538259.2014.917824 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.917824 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:3:p:392-407




Template-Type: ReDIF-Article 1.0
Author-Name: Motohiro Okada 
Author-X-Name-First: Motohiro 
Author-X-Name-Last: Okada 
Title: A Reassessment of Marx's Thought on Labour Exchange 
Abstract:
				 This article reassesses Marx's thought on
 labour exchange and illuminates its worth. In the Grundrisse and
 subsequent pre-Capital writings, Marx presented arguments that attached
 importance to worker subjectivity towards labour performance based on the
 distinction between labour capacity and labour. This afforded insights
 into the peculiarities of labour exchange that preclude market
 determination of wages and other working conditions and necessitate the
 intervention of class struggle and other socio-political factors in their
 settlement. The significance of Marx's perspective is further elucidated
 when compared with the classical tradition and the position of
 neoclassical economics. Although his emphasis on worker autonomy receded
 in Capital, his earlier arguments on labour exchange, it is posited,
 remain highly relevant to understanding industrial relations in today's
 capitalist economy.		      
Journal: Review of Political Economy 
Pages: 408-425 
Issue: 3 
Volume: 26 
Year: 2014 
Month: 7 
X-DOI: 10.1080/09538259.2014.923592 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.923592 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:3:p:408-425




Template-Type: ReDIF-Article 1.0
Author-Name: Kristina Spantig 
Author-X-Name-First: Kristina 
Author-X-Name-Last: Spantig 
Title: Keynesian Dominance in Crisis Therapy 
Abstract:
				 The 1930s' debate about the short-run
 Keynesian response to crisis and Hayek's critique of its long-run
 consequences has significant contemporary parallels. This article
 examines, from a historical perspective, the Keynes-Hayek debate by
 considering the development of Keynesian economic theory, its ascension
 and application during financially sound times, the Hayekian critique, the
 monetary counter-revolution, and the Keynesian renaissance in the wake of
 the global financial crisis. It is shown that Keynesian fiscal measures
 prevail over the Hayekian approach in the midst of a crisis leading to
 rising inflation and public debt, depressed long-run growth and a new
 crisis.			 
Journal: Review of Political Economy 
Pages: 426-448 
Issue: 3 
Volume: 26 
Year: 2014 
Month: 7 
X-DOI: 10.1080/09538259.2014.929235 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.929235 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:3:p:426-448




Template-Type: ReDIF-Article 1.0
Author-Name: John A. Cotsomitis 
Author-X-Name-First: John A. 
Author-X-Name-Last: Cotsomitis 
Title: Demand-Side Characteristics of the Learning Economy: A Preliminary Assessment 
Abstract:
				 The aim of the paper is to redress the
 almost exclusive supply-side focus of the existing studies on the learning
 economy. We first survey those strands of the economic literature that
 highlight the importance of the demand-side for long-term growth,
 following which we narrow our focus to a specific aspect of contemporary
 aggregate demand-consumer demand for quality amenity-and the role it plays
 in the emergence of the learning economy. We then go on to examine some
 previously not considered preconditions that fuel the growth of the
 learning economy, namely on the demand-side and dynamic feedback loops
 between supply and demand.		       
Journal: Review of Political Economy 
Pages: 449-473 
Issue: 3 
Volume: 26 
Year: 2014 
Month: 7 
X-DOI: 10.1080/09538259.2014.937898 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.937898 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:3:p:449-473




Template-Type: ReDIF-Article 1.0
Author-Name: Zdravka Todorova 
Author-X-Name-First: Zdravka 
Author-X-Name-Last: Todorova 
Title: Economics and Diversity 
Journal: Review of Political Economy 
Pages: 474-475 
Issue: 3 
Volume: 26 
Year: 2014 
Month: 7 
X-DOI: 10.1080/09538259.2014.932059 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.932059 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:3:p:474-475




Template-Type: ReDIF-Article 1.0
Author-Name: John Davis 
Author-X-Name-First: John 
Author-X-Name-Last: Davis 
Title: 'Pluralism' In Economics? A Symposium 
Journal: Review of Political Economy 
Pages: 477-478 
Issue: 4 
Volume: 26 
Year: 2014 
Month: 10 
X-DOI: 10.1080/09538259.2014.950462 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.950462 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:4:p:477-478




Template-Type: ReDIF-Article 1.0
Author-Name: Amitava Krishna Dutt 
Author-X-Name-First: Amitava Krishna 
Author-X-Name-Last: Dutt 
Title: Dimensions of Pluralism in Economics 
Abstract:
 Recent debates about the nature and desirability of pluralism in economics
 suffer from a lack of clarity about the meaning of pluralism. This paper
 attempts to remedy some aspects of this problem by distinguishing between
 different dimensions of pluralism, that is, epistemological, ontological,
 methodological, normative and prescriptive dimensions. Although, in
 principle, these dimensions are distinct, they are difficult to keep apart
 because of the relations that exist in terms of choices made in the
 different dimensions. It is argued that the recognition of these
 distinctions and relations allows for a resolution of some of the debates
 about pluralism.
Journal: Review of Political Economy 
Pages: 479-494 
Issue: 4 
Volume: 26 
Year: 2014 
Month: 10 
X-DOI: 10.1080/09538259.2014.950461 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.950461 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:4:p:479-494




Template-Type: ReDIF-Article 1.0
Author-Name: John Davis 
Author-X-Name-First: John 
Author-X-Name-Last: Davis 
Title: Pluralism and Anti-pluralism in Economics: The Atomistic Individual and Religious Fundamentalism 
Abstract:
 This short paper examines a possible connection between religion and
 economics in terms of the parallelism between the atomistic individual
 doctrine and the individual soul doctrine. The paper explores whether
 resistance to pluralism in economics as a methodological practice might be
 illuminated in terms of this connection. On this view, resistance to
 pluralism in economics is not a matter of economists holding
 methodological views about economics practice that are contrary to
 pluralism, but is rather a kind of anti-pluralism reflecting an
 intransigent defense of the atomistic individual view as a kind of core or
 'untouchable' deep doctrine. Two arguments are advanced to demonstrate the
 parallelism between the atomistic individual doctrine and the individual
 soul doctrine.
Journal: Review of Political Economy 
Pages: 495-502 
Issue: 4 
Volume: 26 
Year: 2014 
Month: 10 
X-DOI: 10.1080/09538259.2014.950459 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.950459 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:4:p:495-502




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Skott 
Author-X-Name-First: Peter 
Author-X-Name-Last: Skott 
Title: Pluralism, the Lucas Critique, and the Integration of Macroeconomics and Microeconomics 
Abstract:
 Mainstream macroeconomics has pursued 'micro founded' models based on the
 explicit optimization by representative agents. The result has been a long
 and wasteful detour. But elements of the Lucas critique are relevant, also
 for heterodox economists. Challenging common heterodox views on
 microeconomics and formalization, this paper argues that (i) economic
 models should not be based purely on empirically observed regularities,
 (ii) heterodox economists must be able to tell an integrated story about
 goal-oriented micro behavior in a specific macro environment, and (iii)
 relatively simple analytical models have an essential role to play.
Journal: Review of Political Economy 
Pages: 503-515 
Issue: 4 
Volume: 26 
Year: 2014 
Month: 10 
X-DOI: 10.1080/09538259.2014.950463 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.950463 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:4:p:503-515




Template-Type: ReDIF-Article 1.0
Author-Name: David Colander 
Author-X-Name-First: David 
Author-X-Name-Last: Colander 
Title: The Wrong Type of Pluralism: Toward a Transdisciplinary Social Science 
Abstract:
 When heterodox economists talk of pluralism they are generally talking
 about pluralism within the economics profession-they are asking: how can
 we have a more pluralistic economics profession? This paper argues that
 another, perhaps more useful, way to think of pluralism and economics is
 from the perspective of all the social sciences. When considered in
 reference to the social science profession rather than in reference to the
 economics profession, the amount of pluralism increases significantly,
 since different social sciences follow quite different methodologies. But
 looking at pluralism from the social science perspective reveals a
 different type of pluralism problem in social science. While there may be
 plenty of pluralism within social science as a whole, there is a serious
 question about whether it is appropriately distributed. This paper argues
 that heterodox economists' agenda should be a greater blending of all the
 social science departments. It summarizes proposals to do so on both the
 undergraduate level and graduate level, and explains why supporting
 variations of these proposals would be a strategy that would further the
 objectives of most heterodox economists more than would their current
 strategy of pushing for more pluralism in economics.
Journal: Review of Political Economy 
Pages: 516-525 
Issue: 4 
Volume: 26 
Year: 2014 
Month: 10 
X-DOI: 10.1080/09538259.2014.950460 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.950460 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:4:p:516-525




Template-Type: ReDIF-Article 1.0
Author-Name: Leonardo Vera 
Author-X-Name-First: Leonardo 
Author-X-Name-Last: Vera 
Title: The Simple Post-Keynesian Monetary Policy Model: An Open Economy Approach 
Abstract:
 Monetary policy with an inflation targeting rule is analyzed through a
 simple small-scale Post-Keynesian model that incorporates open economy
 issues. In contrast with previous Post-Keynesian attempts, the model
 embodies policy authorities that are committed not only to hitting
 inflation and/or output targets, but also to the achievement of the
 external balance. To take account of the external balance objective, we
 model the real exchange rate as an endogenous and moving target, with the
 nominal exchange rate being the instrument of that target. The model shows
 that in response to an adverse external shock the central bank has to
 consider first the required real exchange rate adjustment that will
 preserve the external balance, and secondly the level at which the
 interest rate must be set in order to maintain inflation stabilization.
 Keeping inflation to target requires higher interest rates and strong
 reliance on the unemployment channel which, under certain circumstances,
 also has adverse side effects on income distribution. We show that to deal
 with an exogenous external shock a policy mix of real exchange rate
 targeting and income distribution targeting outperforms inflation
 targeting.
Journal: Review of Political Economy 
Pages: 526-548 
Issue: 4 
Volume: 26 
Year: 2014 
Month: 10 
X-DOI: 10.1080/09538259.2014.969547 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.969547 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:4:p:526-548




Template-Type: ReDIF-Article 1.0
Author-Name: Theodore Mariolis 
Author-X-Name-First: Theodore 
Author-X-Name-Last: Mariolis 
Title: Falling Rate of Profit and Mass of Profits: A Note 
Abstract:
 This paper shows that the mass of profits may be strictly increasing even
 when the rate of profit is strictly decreasing. Thus, a recent 'long-wave
 version' of the falling rate of profit theory of crisis is called into
 question.
Journal: Review of Political Economy 
Pages: 549-556 
Issue: 4 
Volume: 26 
Year: 2014 
Month: 10 
X-DOI: 10.1080/09538259.2014.969546 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.969546 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:4:p:549-556




Template-Type: ReDIF-Article 1.0
Author-Name: Germ�n David Feldman 
Author-X-Name-First: Germ�n David 
Author-X-Name-Last: Feldman 
Title: Money, Prices and the Silver Industry during the Price Revolution 
Abstract:
 The discovery of American silver has been commonly viewed in the
 literature as the moving force behind the sustained rise of prices
 experienced by Western Europe from the early 16th to the mid-17th century.
 However, the mechanical connection between the money supply and the
 general price level implied by the Quantity Theory oversimplifies the
 analysis of a period characterized by different trends, some of which
 cannot be easily explained by the monetarist story: (i) Central Europe
 silver mining boomed between 1451 and 1540 following a phase of scarcity
 of money that was especially severe between the end of the 14th century
 and the beginning of the 15th century; (ii) European prices started to
 rise before American silver was significantly imported to the Continent;
 (iii) the rapid expansion of American mining coincided with the decline of
 the European silver industry (1540-1618); and finally (iv) Mexican and
 Peruvian bullion production evidenced a downward course during the period
 1628-1697, but no alteration in the rising trend of European prices
 occurred in response. It is argued instead that the classical theory of
 value and distribution, emphasizing costs of production as determinants of
 the 'natural' value of commodities including precious metals, can
 accommodate the facts in a more consistent manner than the monetarist
 view.
Journal: Review of Political Economy 
Pages: 557-573 
Issue: 4 
Volume: 26 
Year: 2014 
Month: 10 
X-DOI: 10.1080/09538259.2014.969545 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.969545 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:4:p:557-573




Template-Type: ReDIF-Article 1.0
Author-Name: Tony Aspromourgos 
Author-X-Name-First: Tony 
Author-X-Name-Last: Aspromourgos 
Title: Keynes, Employment Policy and the Question of Public Debt 
Abstract:
 This article provides a simple formalization of income-expenditure
 equilibrium in accordance with the Principle of Effective Demand, but
 augmented to explicitly incorporate public debt. This is utilized to
 explore the conditions required for simultaneous achievement of
 full-employment growth and a sustainable public debt trajectory-the latter
 understood as stabilization of the ratio of public debt to aggregate
 income, at some desired level. In the spirit of Keynes's economics,
 demand-led, full-employment growth, driven by government spending, is
 reconciled with public debt sustainability so understood. The policy
 implications, illustrative of Keynes's policy views, are then drawn out.
Journal: Review of Political Economy 
Pages: 574-593 
Issue: 4 
Volume: 26 
Year: 2014 
Month: 10 
X-DOI: 10.1080/09538259.2014.938440 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.938440 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:4:p:574-593




Template-Type: ReDIF-Article 1.0
Author-Name: Kevin P. Gallagher 
Author-X-Name-First: Kevin P. 
Author-X-Name-Last: Gallagher 
Title: The Economics of Regulating Cross-border Finance: Two New Views 
Abstract:
 For much of the 20th century the dominant view in macroeconomics was that
 cross-border finance needed to be regulated in order to balance the
 'impossible trinity' first sketched by John Maynard Keynes in his two
 books on monetary theory. The dominant view in development economics
 during the same period was that cross-border capital flows need to be
 regulated for similar reasons but also to mobilize domestic resources for
 economic development. The view that capital mobility was something to be
 constrained fell out of favor in mainstream economics by the 1980s and
 1990s. The experience of numerous financial crises in the past 20 years
 has spawned new economic theories that reintroduce the notion that
 cross-border finance can cause financial instability. One strand of new
 theory in this realm picks up from Ragnar Nurkse, Hyman Minsky, and
 others, and has become popular in many emerging market capitals and in the
 United Nations system. Another strand of new theory comes from modern
 welfare economics and is gaining ground in mainstream economics, central
 banks, and the Bretton Woods institutions. This paper examines these new
 breakthroughs and traces them to their origins in economic thought.
 Coupled with new econometric evidence on the efficacy of capital account
 regulation, the regulation of capital flows is justified now more than
 ever.
Journal: Review of Political Economy 
Pages: 594-617 
Issue: 4 
Volume: 26 
Year: 2014 
Month: 10 
X-DOI: 10.1080/09538259.2014.952904 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.952904 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:4:p:594-617




Template-Type: ReDIF-Article 1.0
Author-Name: Ernesto Screpanti 
Author-X-Name-First: Ernesto 
Author-X-Name-Last: Screpanti 
Title: Progressive Taxation and the Distribution of Freedom 
Abstract:
 Freedom of choice in consumption activity can be represented by
 opportunity sets that are bounded by both budget and time constraints. I
 argue that, in a society in which income is distributed more unequally
 than leisure time, a government aiming at leaving freedom distribution
 unaltered should apply progressive taxation. Since incomes bind freedom
 only partially when this is bound by time constraints, taxing the rich
 reduces her/his freedom proportionally less than the reduction in freedom
 caused by taxation of the poor. The degree of tax progressiveness will be
 higher if the government aims at redistributing freedom from the rich to
 the poor.
Journal: Review of Political Economy 
Pages: 618-627 
Issue: 4 
Volume: 26 
Year: 2014 
Month: 10 
X-DOI: 10.1080/09538259.2014.954345 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.954345 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:4:p:618-627




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Garnett 
Author-X-Name-First: Robert 
Author-X-Name-Last: Garnett 
Author-Name: Kimmarie Mcgoldrick 
Author-X-Name-First: Kimmarie 
Author-X-Name-Last: Mcgoldrick 
Title: A 'Big Think' Approach to Government Debt: Promoting Significant Learning in Introductory Macroeconomics 
Abstract:
 Drawing on Dee Fink's theory of significant learning, the authors present
 a 'big think' learning module to supplement fiscal policy discussions in
 introductory macroeconomics courses. Students are asked to consider a
 salient, contentious question that can be addressed in meaningful ways
 based on principles-level concepts and models, namely: 'In your judgment,
 does the recent steep rise in the US debt-to-GDP ratio pose a serious
 threat to the US economy? Why or why not?' To enhance students'
 willingness and ability to engage this big think question, the module
 provides open-ended preparatory exercises amenable to courses taught from
 heterodox or mainstream perspectives. Unlike standard textbook treatments
 which inadvertently thwart exploratory thinking and provide little support
 for analyzing case-specific burdens and benefits of government borrowing,
 the big think unit motivates students to think logically and creatively
 about the debt-GDP relationship in the current US context.
Journal: Review of Political Economy 
Pages: 628-647 
Issue: 4 
Volume: 26 
Year: 2014 
Month: 10 
X-DOI: 10.1080/09538259.2014.955353 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.955353 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:4:p:628-647




Template-Type: ReDIF-Article 1.0
Author-Name: N. Cachanosky 
Author-X-Name-First: N. 
Author-X-Name-Last: Cachanosky 
Author-Name: P. Lewin 
Author-X-Name-First: P. 
Author-X-Name-Last: Lewin 
Title: Roundaboutness is Not a Mysterious Concept: A Financial Application to Capital Theory 
Abstract:
 We apply the EVA terminology to the concepts of roundaboutness and average
 period of production in capital theory. By doing this we show that these
 terms have a clear and well understood financial interpretation. A
 financial application to capital theory helps to clarify obscure and
 controversial economic terms.
Journal: Review of Political Economy 
Pages: 648-665 
Issue: 4 
Volume: 26 
Year: 2014 
Month: 10 
X-DOI: 10.1080/09538259.2014.957475 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.957475 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:4:p:648-665




Template-Type: ReDIF-Article 1.0
Author-Name: James Parisot 
Author-X-Name-First: James 
Author-X-Name-Last: Parisot 
Title: Geopolitical Economy: After US Hegemony, Globalization and Empire 
Journal: Review of Political Economy 
Pages: 666-670 
Issue: 4 
Volume: 26 
Year: 2014 
Month: 10 
X-DOI: 10.1080/09538259.2014.950446 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.950446 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:4:p:666-670




Template-Type: ReDIF-Article 1.0
Author-Name: Rosolino Candela 
Author-X-Name-First: Rosolino 
Author-X-Name-Last: Candela 
Title: Institutional Diversity and Political Economy: The Ostroms and Beyond 
Journal: Review of Political Economy 
Pages: 670-674 
Issue: 4 
Volume: 26 
Year: 2014 
Month: 10 
X-DOI: 10.1080/09538259.2014.950447 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.950447 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:4:p:670-674




Template-Type: ReDIF-Article 1.0
Author-Name: John Lodewijks 
Author-X-Name-First: John 
Author-X-Name-Last: Lodewijks 
Title: Failure by Design: The Story Behind America's Broken Economy 
Journal: Review of Political Economy 
Pages: 674-676 
Issue: 4 
Volume: 26 
Year: 2014 
Month: 10 
X-DOI: 10.1080/09538259.2014.950889 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.950889 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:26:y:2014:i:4:p:674-676




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas I. Palley 
Author-X-Name-First: Thomas I. 
Author-X-Name-Last: Palley 
Title: Money, Fiscal Policy, and Interest Rates: A Critique of Modern Monetary Theory 
Abstract:
 This paper examines modern monetary theory (MMT). MMT is a restatement of
 established Keynesian monetary macroeconomics and so there is nothing new
 warranting a separate nomenclature. MMT over-simplifies the challenges of
 attaining non-inflationary full employment by ignoring dilemmas posed by
 the Phillips curve, maintaining real and financial sector stability, and
 an open economy. Its policy recommendations take little account of
 political economy difficulties, while its interest rate policy
 recommendation would likely generate instability. On the plus side, MMT's
 advocacy of expansionary fiscal policy is useful at a time when too many
 policymakers are being drawn toward mistaken fiscal austerity.
Journal: Review of Political Economy 
Pages: 1-23 
Issue: 1 
Volume: 27 
Year: 2015 
Month: 1 
X-DOI: 10.1080/09538259.2014.957466 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.957466 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:1:p:1-23




Template-Type: ReDIF-Article 1.0
Author-Name: Eric Tymoigne 
Author-X-Name-First: Eric 
Author-X-Name-Last: Tymoigne 
Author-Name: L. Randall Wray 
Author-X-Name-First: L. Randall 
Author-X-Name-Last: Wray 
Title: Modern Money Theory: A Reply to Palley 
Abstract:
 Modern Money Theory (MMT) has explained why monetarily sovereign
 governments have a very flexible policy space that is unconstrained by
 hard financial limits. It has provided institutional and theoretical
 insights about the workings of economies with monetarily sovereign and
 non-sovereign governments. It has also provided policy insights with
 respect to financial stability, price stability and full employment. Yet
 there have been many critics of MMT, including Palley (2014). Critiques of
 MMT can be grouped into five categories: views about the origins of money
 and the role of taxes in the acceptance of government currency, views
 about fiscal policy, views about monetary policy, the relevance of MMT
 conclusions for developing economies, and the validity of the policy
 recommendations of MMT. This paper addresses Palley's criticism of MMT
 using the circuit approach and national accounting identities, and by
 progressively adding additional economic sectors.
Journal: Review of Political Economy 
Pages: 24-44 
Issue: 1 
Volume: 27 
Year: 2015 
Month: 1 
X-DOI: 10.1080/09538259.2014.957471 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.957471 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:1:p:24-44




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas I. Palley 
Author-X-Name-First: Thomas I. 
Author-X-Name-Last: Palley 
Title: The Critics of Modern Money Theory (MMT) are Right 
Abstract:
 Eric Tymoigne and Randall Wray's (2014) defense of MMT leaves the MMT
 emperor even more naked than before (excuse the Yogi Berra-ism). The
 criticism of MMT is not that it has produced nothing new. The criticism is
 that MMT is a mix of old and new, the old is correct and well understood,
 while the new is substantially wrong. Among many failings, T&W fail to
 provide an explanation of how MMT generates full employment with price
 stability; lack a credible theory of inflation; and fail to justify the
 claim that the natural rate of interest is zero. MMT currently has appeal
 because it is a policy polemic for depressed times. That makes for good
 politics but, unfortunately, MMT's policy claims are based on
 unsubstantiated economics.
Journal: Review of Political Economy 
Pages: 45-61 
Issue: 1 
Volume: 27 
Year: 2015 
Month: 1 
X-DOI: 10.1080/09538259.2014.957473 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.957473 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:1:p:45-61




Template-Type: ReDIF-Article 1.0
Author-Name: Mimoza Shabani 
Author-X-Name-First: Mimoza 
Author-X-Name-Last: Shabani 
Author-Name: Jan Toporowski 
Author-X-Name-First: Jan 
Author-X-Name-Last: Toporowski 
Title: A Nobel Prize for the Empirical Analysis of Asset Prices 
Abstract:
 The 2013 Nobel Memorial Prize in Economics was awarded to Eugene Fama,
 Robert Shiller, and Lars Peter Hansen for their empirical analysis of
 asset prices. The paper reviews critically the work of the three
 economists and highlights the differing conclusions that the three
 researchers reached on the relatively narrow question of the rationality
 of individual investors. The paper argues that there is a time
 inconsistency in the idea that markets reveal information about the future
 and concludes that, despite the sophistication of their statistical
 analysis, the laureates have been unable to demonstrate how a
 sophisticated financial economy can produce their empirical results.
Journal: Review of Political Economy 
Pages: 62-85 
Issue: 1 
Volume: 27 
Year: 2015 
Month: 1 
X-DOI: 10.1080/09538259.2014.961283 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.961283 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:1:p:62-85




Template-Type: ReDIF-Article 1.0
Author-Name: Emily Northrop 
Author-X-Name-First: Emily 
Author-X-Name-Last: Northrop 
Title: The Climate Casino: Risk, Uncertainty, and Economics for a Warming World 
Journal: Review of Political Economy 
Pages: 86-89 
Issue: 1 
Volume: 27 
Year: 2015 
Month: 1 
X-DOI: 10.1080/09538259.2014.974932 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.974932 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:1:p:86-89




Template-Type: ReDIF-Article 1.0
Author-Name: Michael E. Bradley 
Author-X-Name-First: Michael E. 
Author-X-Name-Last: Bradley 
Title: The Darwin Economy: Liberty, Competition, and the Common Good 
Journal: Review of Political Economy 
Pages: 89-94 
Issue: 1 
Volume: 27 
Year: 2015 
Month: 1 
X-DOI: 10.1080/09538259.2014.981069 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.981069 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:1:p:89-94




Template-Type: ReDIF-Article 1.0
Author-Name: Javier L�pez Bernardo 
Author-X-Name-First: Javier 
Author-X-Name-Last: L�pez Bernardo 
Title: Private Equity at Work. When Wall Street Manages Main Street 
Journal: Review of Political Economy 
Pages: 94-96 
Issue: 1 
Volume: 27 
Year: 2015 
Month: 1 
X-DOI: 10.1080/09538259.2015.981070 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.981070 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:1:p:94-96




Template-Type: ReDIF-Article 1.0
Author-Name: J. E. King 
Author-X-Name-First: J. E. 
Author-X-Name-Last: King 
Title: The Handbook of the Political Economy of Financial Crises 
Journal: Review of Political Economy 
Pages: 97-102 
Issue: 1 
Volume: 27 
Year: 2015 
Month: 1 
X-DOI: 10.1080/09538259.2014.982349 
File-URL: http://hdl.handle.net/10.1080/09538259.2014.982349 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:1:p:97-102




Template-Type: ReDIF-Article 1.0
Author-Name: Sergio Cesaratto 
Author-X-Name-First: Sergio 
Author-X-Name-Last: Cesaratto 
Author-Name: Gary Mongiovi 
Author-X-Name-First: Gary 
Author-X-Name-Last: Mongiovi 
Title: Pierangelo Garegnani, the Classical Surplus Approach and Demand-led Growth: Introduction to the Symposium 
Journal: Review of Political Economy 
Pages: 103-110 
Issue: 2 
Volume: 27 
Year: 2015 
Month: 4 
X-DOI: 10.1080/09538259.2015.1026092 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1026092 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:2:p:103-110




Template-Type: ReDIF-Article 1.0
Author-Name: Pierangelo Garegnani 
Author-X-Name-First: Pierangelo 
Author-X-Name-Last: Garegnani 
Title: The Problem of Effective Demand in Italian Economic Development: On the Factors that Determine the Volume of Investment 
Journal: Review of Political Economy 
Pages: 111-133 
Issue: 2 
Volume: 27 
Year: 2015 
Month: 4 
X-DOI: 10.1080/09538259.2015.1026096 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1026096 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:2:p:111-133




Template-Type: ReDIF-Article 1.0
Author-Name: Massimo Pivetti 
Author-X-Name-First: Massimo 
Author-X-Name-Last: Pivetti 
Title: Marx and the Development of Critical Political Economy 
Abstract:
 Although relevant analytical developments were provided over time by the
 critique of economic theory, they did not succeed in inhibiting the
 occurrence of a full-fledged revival of the neoclassical interpretation of
 capitalism. The development of critical economics and its capability of
 checking the influence of the dominant economic culture have been
 especially prejudiced by the failed integration between the analyses of
 Marx and Keynes. Following Keynes, once the 'inducement to invest' had
 been singled out as the central question for the explanation of output
 levels, one should have promptly acknowledged that on this very question
 Marx's analysis was significantly richer and more relevant than
 Keynes's--the richness and relevance of the former ultimately resting on
 the great attention Marx dedicated to the complex question of the
 influence of income distribution on the capitalists' incentive to invest.
 It is argued in the article that through the study of this influence Marx
 succeeded in putting together the essential elements of a critical theory
 of effective demand, based on the principles and mechanisms that govern
 the distribution of income between profits and wages.
Journal: Review of Political Economy 
Pages: 134-153 
Issue: 2 
Volume: 27 
Year: 2015 
Month: 4 
X-DOI: 10.1080/09538259.2015.1010706 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1010706 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:2:p:134-153




Template-Type: ReDIF-Article 1.0
Author-Name: Sergio Cesaratto 
Author-X-Name-First: Sergio 
Author-X-Name-Last: Cesaratto 
Title: Neo-Kaleckian and Sraffian Controversies on the Theory of Accumulation 
Abstract:
 Non-orthodox economists generally share the Keynesian Hypothesis of the
 independence of investment from capacity savings, in the long run no less
 than in the short run. This hypothesis marks an essential point of
 difference from neoclassical theory. Keynes showed that within the limits
 of the existing capacity utilisation, investment determines savings rather
 than the other way around. How best to extend this conclusion to the long
 run is the object of the current paper. The paper assesses the controversy
 on demand-led growth that has taken place since the mid-1980s between
 neo-Kaleckian and Sraffian authors. The Sraffian front may be divided into
 a first and a second Sraffian position, the latter being the Sraffian
 supermultiplier approach. I shall argue that this second approach is the
 most promising framework for analysing economic growth.
Journal: Review of Political Economy 
Pages: 154-182 
Issue: 2 
Volume: 27 
Year: 2015 
Month: 4 
X-DOI: 10.1080/09538259.2015.1010708 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1010708 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:2:p:154-182




Template-Type: ReDIF-Article 1.0
Author-Name: Attilio Trezzini 
Author-X-Name-First: Attilio 
Author-X-Name-Last: Trezzini 
Title: Growth without Normal Capacity Utilization and the Meaning of the Long-Run Saving Ratio 
Abstract:
 The ratio of saving to income over a long period is analyzed here in a
 theoretical context that takes account of the role of aggregate demand in
 the growth process, and in which it is not assumed that the economy must
 operate at a normal rate of capacity utilization in the long run. The very
 notion of the long-run saving rate is therefore redefined with respect to
 the one found in the literature where normal utilization is assumed. We
 argue that the long-run saving ratio must be conceived as the result of
 the interaction of many different influences and can therefore be similar
 in radically different circumstances and different in similar
 circumstances with respect both to the incentive to accumulate and to the
 pattern of saving decisions.
Journal: Review of Political Economy 
Pages: 183-200 
Issue: 2 
Volume: 27 
Year: 2015 
Month: 4 
X-DOI: 10.1080/09538259.2015.1010817 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1010817 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:2:p:183-200




Template-Type: ReDIF-Article 1.0
Author-Name: Eloy Fisher 
Author-X-Name-First: Eloy 
Author-X-Name-Last: Fisher 
Title: The Crucible of Debt and Welfare Spending: Evidence from State-level Welfare Expenditures in the United States 
Abstract:
 This paper argues that financial pressures affect state public welfare
 expenditures, controlling for economic effects, financial constraints
 faced by state administrations and general economic conditions. It
 develops a series of panel models for 17 states with the largest muni
 markets (representing 71 per cent of all state-level public welfare
 spending in the US or $326 billion) from 1998 to 2010. As economic
 conditions worsen, government revenues decline. Coupled with marginal
 increases in social spending, state governments face higher debt and
 binding budget constraints. As investors realize the situation, muni bond
 prices drop, yields increase and higher finance costs compel state
 governments to decrease expenditures. These cuts are generally focused on
 public welfare expenditures. Between 1998 and 2010, one percentage point
 increases in short (1y), medium (5y) and longer (10y) bonds yields are
 associated with 0.01 per cent, 0.03 per cent and 0.04 per cent decreases
 in public welfare expenditures relative to gross state output.
Journal: Review of Political Economy 
Pages: 201-217 
Issue: 2 
Volume: 27 
Year: 2015 
Month: 4 
X-DOI: 10.1080/09538259.2015.1012791 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1012791 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:2:p:201-217




Template-Type: ReDIF-Article 1.0
Author-Name: A.M.C. Waterman 
Author-X-Name-First: A.M.C. 
Author-X-Name-Last: Waterman 
Title: <italic>Moral Philosophy or Economic Analysis?</italic> The Oxford Handbook of Adam Smith 
Journal: Review of Political Economy 
Pages: 218-229 
Issue: 2 
Volume: 27 
Year: 2015 
Month: 4 
X-DOI: 10.1080/09538259.2015.1021147 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1021147 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:2:p:218-229




Template-Type: ReDIF-Article 1.0
Author-Name: Edwin Dickens 
Author-X-Name-First: Edwin 
Author-X-Name-Last: Dickens 
Title: Piketty's Capital in the Twenty-First Century: A Review Essay 
Journal: Review of Political Economy 
Pages: 230-239 
Issue: 2 
Volume: 27 
Year: 2015 
Month: 4 
X-DOI: 10.1080/09538259.2015.1026656 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1026656 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:2:p:230-239




Template-Type: ReDIF-Article 1.0
Author-Name: Johann K. Jaeckel 
Author-X-Name-First: Johann K. 
Author-X-Name-Last: Jaeckel 
Title: Inside the Capitalist Firm: An Evolutionary Theory of the Principal-Agent Relation 
Journal: Review of Political Economy 
Pages: 240-242 
Issue: 2 
Volume: 27 
Year: 2015 
Month: 4 
X-DOI: 10.1080/09538259.2015.1010741 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1010741 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:2:p:240-242




Template-Type: ReDIF-Article 1.0
Author-Name: Martin Jones 
Author-X-Name-First: Martin 
Author-X-Name-Last: Jones 
Title: A Cooperative Species: Human Reciprocity and Its Evolution 
Journal: Review of Political Economy 
Pages: 242-247 
Issue: 2 
Volume: 27 
Year: 2015 
Month: 4 
X-DOI: 10.1080/09538259.2015.1010749 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1010749 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:2:p:242-247




Template-Type: ReDIF-Article 1.0
Author-Name: Dirk Ehnts 
Author-X-Name-First: Dirk 
Author-X-Name-Last: Ehnts 
Title: Economics After the Crisis: Objectives and Means 
Journal: Review of Political Economy 
Pages: 247-250 
Issue: 2 
Volume: 27 
Year: 2015 
Month: 4 
X-DOI: 10.1080/09538259.2015.1010765 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1010765 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:2:p:247-250




Template-Type: ReDIF-Article 1.0
Author-Name: Joachim G�ntzel 
Author-X-Name-First: Joachim 
Author-X-Name-Last: G�ntzel 
Title: Complexity and the Art of Public Policy: Solving Society's Problems from the Bottom Up 
Journal: Review of Political Economy 
Pages: 250-253 
Issue: 2 
Volume: 27 
Year: 2015 
Month: 4 
X-DOI: 10.1080/09538259.2015.1010767 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1010767 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:2:p:250-253




Template-Type: ReDIF-Article 1.0
Author-Name: Stavros A. Drakopoulos 
Author-X-Name-First: Stavros A. 
Author-X-Name-Last: Drakopoulos 
Title: The Prosperity of Vice: A Worried View of Economics 
Journal: Review of Political Economy 
Pages: 254-256 
Issue: 2 
Volume: 27 
Year: 2015 
Month: 4 
X-DOI: 10.1080/09538259.2015.1010768 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1010768 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:2:p:254-256




Template-Type: ReDIF-Article 1.0
Author-Name: Fabio Freitas 
Author-X-Name-First: Fabio 
Author-X-Name-Last: Freitas 
Author-Name: Franklin Serrano 
Author-X-Name-First: Franklin 
Author-X-Name-Last: Serrano 
Title: Growth Rate and Level Effects, the Stability of the Adjustment of Capacity to Demand and the Sraffian Supermultiplier 
Abstract:
 The paper presents a simple but complete formal version of the Sraffian
 supermultiplier model in which (i) growth is led by the autonomous
 components of demand that do not create capacity; (ii) private productive
 investment is an induced expenditure; and (iii) income distribution is
 exogenous. We show that the main results of the long-period and fully
 adjusted versions of the model in terms of growth rate and level effects
 are quite similar and therefore that such results in no way require the
 full adjustment of capacity to demand. We then analyze a simple set of
 sufficient dynamic local stability conditions that allow the long-period
 positions to gravitate towards the fully adjusted position in which
 capacity is adjusted to demand and that also provide the upper limit to
 demand-led growth paths. Finally, we show how some critics of the model
 have misinterpreted it as being supply-led and how this has led to a
 further confusion between the analysis of the tendency towards a constant
 value of the capacity-saving-determined warranted rate of growth and the
 proper stability analysis of the opposite process of adjusting capacity to
 demand (which tends to adjust the warranted rate endogenously to the
 growth rate of autonomous demand).
Journal: Review of Political Economy 
Pages: 258-281 
Issue: 3 
Volume: 27 
Year: 2015 
Month: 7 
X-DOI: 10.1080/09538259.2015.1067360 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1067360 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:3:p:258-281




Template-Type: ReDIF-Article 1.0
Author-Name: Antonella Palumbo 
Author-X-Name-First: Antonella 
Author-X-Name-Last: Palumbo 
Title: Studying Growth in the Modern Classical Approach: Theoretical and Empirical Implications for the Analysis of Potential Output 
Abstract:
 The main characteristics of the modern classical approach to growth are
 studied with particular reference to the notion of 'potential output'. In
 contrast to mainstream approaches, which consider potential output to be
 exogenous and supply-determined, it is here regarded as endogenous and
 path-dependent. A tentative analysis is carried out of the implications of
 such a conception in empirical research, with special reference to the
 effects of the crisis on potential growth. Mainstream estimation methods
 (especially those used by international institutions) are shown to be
 deeply influenced by theory, but also to provide dubious and puzzling
 results. Very different empirical results and policy implications may be
 obtained from the standpoint of the alternative theoretical framework
 provided by the modern classical approach. On this basis, the paper
 proposes that the long-term policy target should be set in terms of the
 rate of unemployment rather than potential output or potential growth.
Journal: Review of Political Economy 
Pages: 282-307 
Issue: 3 
Volume: 27 
Year: 2015 
Month: 7 
X-DOI: 10.1080/09538259.2015.1067366 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1067366 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:3:p:282-307




Template-Type: ReDIF-Article 1.0
Author-Name: Fabio Petri 
Author-X-Name-First: Fabio 
Author-X-Name-Last: Petri 
Title: Neglected Implications of Neoclassical Capital-Labour Substitution for Investment Theory: Another Criticism of Say's Law 
Abstract:
 Recent mainstream macroeconomic models take Say's Law for granted. This
 paper argues that the justification for this assumption is not found in
 general equilibrium theory but in the 'neoclassical-synthesis' (and then
 monetarist) criticism of Keynes, which relies in a fundamental way on a
 treatment of investment that turns out to depend not only on neoclassical
 capital-labour substitution (called into questioned by the Cambridge
 controversies) but also on an assumption of full labour employment that on
 the contrary should be a result of the analysis. This paper first
 criticizes the attempt to justify a negative interest-elastic investment
 function through adjustment costs, that is, without relying on traditional
 neoclassical capital-labour substitution, with special attention on the
 treatment in Romer's advanced textbook. Then it proceeds to its new
 contribution, the demonstration that an endogenous determination of labour
 employment raises questions about the capacity of decreases in the real
 wage to raise employment even accepting neoclassical capital-labour
 substitution, because when the latter is correctly understood the rate of
 interest does not suffice to determine investment; hence, there is an
 inevitable role for the accelerator (and Say's Law is thereby undermined).
 This was perceived by Dornbusch and Fischer but they did not realize that
 then reductions of real wages will reduce investment instead of raising
 it. Thus, the 'neoclassical synthesis' reply to Keynes is undermined even
 apart from the inconsistencies of neoclassical capital theory. So the
 paper exposes a deficiency of the neoclassical arguments in support of a
 tendency toward full employment, additional to the inconsistencies
 revealed by the capital critique.
Journal: Review of Political Economy 
Pages: 308-340 
Issue: 3 
Volume: 27 
Year: 2015 
Month: 7 
X-DOI: 10.1080/09538259.2015.1067367 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1067367 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:3:p:308-340




Template-Type: ReDIF-Article 1.0
Author-Name: Myeong Hwan Kim 
Author-X-Name-First: Myeong Hwan 
Author-X-Name-Last: Kim 
Author-Name: Yongseung Han 
Author-X-Name-First: Yongseung 
Author-X-Name-Last: Han 
Title: Investigating the Empirical Relationship between Polity and Economic Growth 
Abstract:
 The long-run relationship between polity change and economic growth has
 been considered by a number of researchers, yet no clear consensus has
 emerged concerning the causal link between these two important measures of
 progress. This study used various estimation methods based on different
 assumptions of the unknown error structure to investigate this
 relationship in 154 countries from 1961 to 2007. First, we found no
 globally significant relationship between polity change and economic
 growth. However, we found several significant relationships at the local
 level, including (a) a positive relationship in the 1980s and in Africa
 and (b) a negative relationship in the 1970s and in Europe. Second, we
 found that previous economic growth hinders democracy, albeit slightly; in
 contrast, the influence of democracy on economic growth is negligible.
Journal: Review of Political Economy 
Pages: 341-368 
Issue: 3 
Volume: 27 
Year: 2015 
Month: 7 
X-DOI: 10.1080/09538259.2015.1039296 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1039296 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:3:p:341-368




Template-Type: ReDIF-Article 1.0
Author-Name: Alexander Ebner 
Author-X-Name-First: Alexander 
Author-X-Name-Last: Ebner 
Title: Marketization: Theoretical Reflections Building on the Perspectives of Polanyi and Habermas 
Abstract:
 The concept of marketization denotes the expansion of market coordination
 into non-market coordinated social domains as well as its intensification
 in already market-dominated settings. This article sets out to reconstruct
 an institutionalist theory of marketization. As a point of departure, it
 critically examines the related contributions of Karl Polanyi and J�rgen
 Habermas. The analytical strength of Polanyi's theory of marketization
 lies in the discussion of the contested embeddedness of markets and the
 view of marketization as a politically shaped process of institutional
 change. This concern with the societal expansion of markets is further
 developed in the Habermasian thesis of the 'colonisation of the
 lifeworld'. However, both Polanyi and Habermas lack a specification of the
 social substance of markets and thus tend to underestimate the complexity
 of marketization. To address this issue, the present article utilizes the
 concept of collective goods to introduce new arguments about the
 institutional dynamics of marketization in the diverse fields of society.
Journal: Review of Political Economy 
Pages: 369-389 
Issue: 3 
Volume: 27 
Year: 2015 
Month: 7 
X-DOI: 10.1080/09538259.2015.1072315 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1072315 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:3:p:369-389




Template-Type: ReDIF-Article 1.0
Author-Name: Zdravka Todorova 
Author-X-Name-First: Zdravka 
Author-X-Name-Last: Todorova 
Title: Social Provisioning within a Culture-Nature Life Process 
Abstract:
 Social provisioning is an amalgamation of social processes within a
 broader culture-nature life process. This article contributes to the
 literature on developing the concept of 'social provisioning' and explores
 its scope by presenting theoretical and methodological contexts for social
 provisioning. Then it delineates three categories of processes: biological
 and geographical processes, processes that are usually analyzed as
 personal characteristics or social categories (e.g., gender), and
 processes defined around social activities (e.g., consumption). The system
 of processes presented allows for diverse entry points to an analysis of
 social provisioning beyond consumption, production and distribution.
 Further, the system of processes transcends the culture-economy,
 nature-economy, nature-culture and micro-macro dualisms in heterodox
 economic theory.
Journal: Review of Political Economy 
Pages: 390-409 
Issue: 3 
Volume: 27 
Year: 2015 
Month: 7 
X-DOI: 10.1080/09538259.2015.1058090 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1058090 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:3:p:390-409




Template-Type: ReDIF-Article 1.0
Author-Name: Chiara Piovani 
Author-X-Name-First: Chiara 
Author-X-Name-Last: Piovani 
Author-Name: Nursel Aydiner-Avsar 
Author-X-Name-First: Nursel 
Author-X-Name-Last: Aydiner-Avsar 
Title: The Gender Impact of Social Protection Policies: A Critical Review of the Evidence<xref ref-type="fn" rid="FN0000"/> 
Abstract:
 Over the course of the neoliberal era, social protection policies have
 been transformed dramatically; these changes have had profound gender
 implications. Since the early 1980s, welfare state regimes around the
 world have shifted away from 'universalism' towards 'targeting'. More
 recently, there has been a further shift--especially in industrialized
 countries--away from the male-breadwinner to the adult worker model.
 Despite the progressivity implied by this latter shift, important issues
 of gender inequality remain unresolved (even in Nordic countries where
 levels of gender equity are higher than elsewhere). This paper presents a
 critical review of social protection policies, examined from a gender
 perspective. The analysis presents a conceptual framework on gender and
 the welfare state, and examines the experience of major industrialized and
 developing countries in engendering social policy. In particular, this
 paper provides a careful examination of care-related programs, since this
 domain is particularly important to understanding the gendered effects of
 social protection policies. Finally, the gendered implications of the
 global crisis and subsequent policy measures are examined.
Journal: Review of Political Economy 
Pages: 410-441 
Issue: 3 
Volume: 27 
Year: 2015 
Month: 7 
X-DOI: 10.1080/09538259.2015.1063311 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1063311 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:3:p:410-441




Template-Type: ReDIF-Article 1.0
Author-Name: Satya prasad Padhi 
Author-X-Name-First: Satya prasad 
Author-X-Name-Last: Padhi 
Title: The Role of Aggregate Demand in Kaldor's Late Contributions to Economic Growth: A Comment on Palumbo 
Journal: Review of Political Economy 
Pages: 442-449 
Issue: 3 
Volume: 27 
Year: 2015 
Month: 7 
X-DOI: 10.1080/09538259.2015.1076254 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1076254 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:3:p:442-449




Template-Type: ReDIF-Article 1.0
Author-Name: Antonella Palumbo 
Author-X-Name-First: Antonella 
Author-X-Name-Last: Palumbo 
Title: The Role of Aggregate Demand in Kaldor's Late Contributions to Economic Growth: A Reply 
Journal: Review of Political Economy 
Pages: 450-456 
Issue: 3 
Volume: 27 
Year: 2015 
Month: 7 
X-DOI: 10.1080/09538259.2015.1076258 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1076258 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:3:p:450-456




Template-Type: ReDIF-Article 1.0
Author-Name: Fabio Petri 
Author-X-Name-First: Fabio 
Author-X-Name-Last: Petri 
Title: Post-Keynesian Economics: New Foundations 
Journal: Review of Political Economy 
Pages: 457-463 
Issue: 3 
Volume: 27 
Year: 2015 
Month: 7 
X-DOI: 10.1080/09538259.2015.1067031 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1067031 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:3:p:457-463




Template-Type: ReDIF-Article 1.0
Author-Name: Brad Andrew 
Author-X-Name-First: Brad 
Author-X-Name-Last: Andrew 
Title: Exorbitant Privilege 
Journal: Review of Political Economy 
Pages: 463-466 
Issue: 3 
Volume: 27 
Year: 2015 
Month: 7 
X-DOI: 10.1080/09538259.2015.1067027 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1067027 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:3:p:463-466




Template-Type: ReDIF-Article 1.0
Author-Name: Jo Michell 
Author-X-Name-First: Jo 
Author-X-Name-Last: Michell 
Title: The Collected Works of F. A. Hayek, Volume 7: Business Cycles Part I; The Collected Works of F. A. Hayek, Volume 8: Business Cycles Part II 
Journal: Review of Political Economy 
Pages: 466-471 
Issue: 3 
Volume: 27 
Year: 2015 
Month: 7 
X-DOI: 10.1080/09538259.2015.1067029 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1067029 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:3:p:466-471




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Parsons 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Parsons 
Title: Freedom, Responsibility and Economics of the Person 
Journal: Review of Political Economy 
Pages: 471-475 
Issue: 3 
Volume: 27 
Year: 2015 
Month: 7 
X-DOI: 10.1080/09538259.2015.1067030 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1067030 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:3:p:471-475




Template-Type: ReDIF-Article 1.0
Author-Name: Ozan &#x130;sler 
Author-X-Name-First: Ozan 
Author-X-Name-Last: &#x130;sler 
Title: The Price of Inequality: How Today's Divided Society Endangers Our Future 
Journal: Review of Political Economy 
Pages: 475-479 
Issue: 3 
Volume: 27 
Year: 2015 
Month: 7 
X-DOI: 10.1080/09538259.2015.1067028 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1067028 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:3:p:475-479




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Boyer 
Author-X-Name-First: Robert 
Author-X-Name-Last: Boyer 
Title: A World of Contrasted but Interdependent Inequality Regimes: China, United States and the European Union 
Abstract:
 A number of contemporary paradoxes warrant explanation. First, in China,
 economic development has reduced poverty but dramatically increased
 inequalities. Second, the finance-led growth regime of North America has
 brought about a rupture with the Fordist Golden Age, causing a surge of
 inequality because of quite specific spill-over effects from the economy
 to policy. Third, the Eurozone crisis is often perceived as reflecting the
 limits of welfare states and the ideal of social equality, but some
 countries continue to exhibit an extended welfare system, moderate
 inequalities and a dynamic innovation and production system. To explain
 these paradoxes, this article applies a socio-economic approach based upon
 the concept of inequality regimes. Conventional interpretations stress the
 universality of the mechanisms that widen individual inequalities within
 each nation-state but reduce the hierarchy of national standards of
 living. This analysis, however, concludes that China, North America and
 Europe do not follow the same trajectory at all, since they have developed
 contrasting regimes of inequality that co-evolve and are largely
 complementary at the global level. This suggests an alternative to the
 hypothesis of an irreversible globalization of inequality.
Journal: Review of Political Economy 
Pages: 481-517 
Issue: 4 
Volume: 27 
Year: 2015 
Month: 10 
X-DOI: 10.1080/09538259.2015.1065573 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1065573 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:4:p:481-517




Template-Type: ReDIF-Article 1.0
Author-Name: Jamie Morgan 
Author-X-Name-First: Jamie 
Author-X-Name-Last: Morgan 
Title: Is Economics Responding to Critique? What do the UK 2015 QAA Subject Benchmarks Indicate? 
Abstract:
 The Quality Assurance Agency for Higher Education provides subject
 benchmarks which inform but do not determine the content of university and
 college academic programmes in the United Kingdom. These are revised every
 few years and have recently been completed in economics for the first time
 since the global financial crisis. Given the extensive criticism of
 mainstream economics since the crisis, one might anticipate the benchmark
 revisions to be extensive. However, this has not been the case. This
 article explores why this is so. The analysis may also be considered of
 broader significance because the conditions under which the review has
 occurred involve general processes that will be familiar, albeit with
 local variation, to heterodox economists elsewhere. In the conclusion, a
 more fundamental reconstruction of the benchmarks is provided. These will
 also be of interest as general orienting statements for a different kind
 of economics.
Journal: Review of Political Economy 
Pages: 518-538 
Issue: 4 
Volume: 27 
Year: 2015 
Month: 10 
X-DOI: 10.1080/09538259.2015.1084774 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1084774 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:4:p:518-538




Template-Type: ReDIF-Article 1.0
Author-Name: Bo Alles�e Christensen 
Author-X-Name-First: Bo Alles�e 
Author-X-Name-Last: Christensen 
Title: Valuing Nature: Connecting Eco-Economy and the Capability Approach 
Abstract:
 This article analyses Kitchen and Marsden's eco-economy by asking whether
 it manages to dissolve the untenable dualism of facts and values
 associated with the positivistic distinction between normative and
 positive economy. The analysis shows that a tension still exists within
 eco-economy between accepting normative considerations and operating with
 certain welfare-economic assumptions not embracing the entanglement
 between facts and values. This tension is sought to be dissolved by
 connecting eco-economy with Amartya Sen's capability approach, thereby
 contributing to the future development of eco-economy exemplified by the
 notion of entrepreneurism and policy-making.
Journal: Review of Political Economy 
Pages: 539-564 
Issue: 4 
Volume: 27 
Year: 2015 
Month: 10 
X-DOI: 10.1080/09538259.2015.1084727 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1084727 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:4:p:539-564




Template-Type: ReDIF-Article 1.0
Author-Name: Guglielmo Forges DavanzatI 
Author-X-Name-First: Guglielmo Forges 
Author-X-Name-Last: DavanzatI 
Author-Name: Andrea Pacella 
Author-X-Name-First: Andrea 
Author-X-Name-Last: Pacella 
Author-Name: Rosario Patalano 
Author-X-Name-First: Rosario 
Author-X-Name-Last: Patalano 
Title: The Keynesian Features of Graziani's Monetary Theory of Production and Some Unresolved Issues 
Abstract:
 The aim of this article is twofold. First, it seeks to verify the elements
 of affinity between Graziani's approach to the Monetary Theory of
 Production and Keynes' Treatise on Money and his General Theory. It is
 shown that two important theoretical elements, from the Treatise on Money,
 enter Graziani's basic schema, namely the view of endogenous money supply
 and the distribution process. At the same time, uncertainty and aggregate
 demand--conceived as a crucial variable in the General Theory--can play a
 significant role in the basic schema of the Monetary Theory of Production.
 Second, the article sets out a critical reconstruction of Graziani's basic
 schema emphasising the existence of 'open issues'- such as bank behaviour
 and the 'paradox of profits'--relating to internal and external
 inconsistencies.
Journal: Review of Political Economy 
Pages: 565-584 
Issue: 4 
Volume: 27 
Year: 2015 
Month: 10 
X-DOI: 10.1080/09538259.2015.1082710 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1082710 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:4:p:565-584




Template-Type: ReDIF-Article 1.0
Author-Name: Iara Vigo de Lima 
Author-X-Name-First: Iara 
Author-X-Name-Last: Vigo de Lima 
Author-Name: Danielle Guizzo 
Author-X-Name-First: Danielle 
Author-X-Name-Last: Guizzo 
Title: An Archaeology of Adam Smith's Epistemic Context 
Abstract:
 Adam Smith played a key role in Foucault's archaeology of political
 economy. This archaeology, which Foucault accomplished in The Order of
 Things, is the focus of this article. Foucault may have disagreed with the
 writings of the classical political economists but he widens our
 perspective through new possibilities of understanding. It is very
 illuminating to understand Smith's thinking as following a discursive
 practice that economic thought shared with the knowledge of living beings
 (natural history) and language (grammar). Foucault's archaeology
 highlights some ontological and epistemological conditions that shed light
 on some of the pillars of Smith's thinking: the centrality of exchange,
 the division of labour and the labour theory of value. The proximity
 between Newton and Smith is also examined in ontological and
 epistemological terms which can be understood through an investigation of
 that interdiscursivity practice. Beyond testing Foucault's considerations,
 our aim is to demonstrate their potential for the current scholarship of
 Smith's works. Foucault's archaeology of knowledge offers a range of
 elements that warrants greater analysis by historians of economic thought.
Journal: Review of Political Economy 
Pages: 585-605 
Issue: 4 
Volume: 27 
Year: 2015 
Month: 10 
X-DOI: 10.1080/09538259.2015.1082819 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1082819 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:4:p:585-605




Template-Type: ReDIF-Article 1.0
Author-Name: Andy Denis 
Author-X-Name-First: Andy 
Author-X-Name-Last: Denis 
Title: Economic Calculation: Private Property or Several Control? 
Abstract:
 As the centenary of the 1917 Russian revolution approaches, it is worth
 reviewing the past 100 years' discussion amongst economists on the
 possibility--or otherwise--of economic planning under socialism. The
 socialist calculation debate is of fundamental importance, not merely as a
 specialist application of economic ideas, but as an investigation of the
 foundations of economic activity. Every economic action is premised upon
 calculation, every choice depends upon an assessment of the costs and
 benefits of each alternative between which the agent must choose. The view
 of that choice and its attendant calculation is constitutive of the
 schools of thought--Marxian, neoclassical and Austrian--which have
 contributed to the debate. An understanding of the calculation debate is
 therefore required to understand how these paradigms stand in relation to
 each other. This article addresses one aspect of that debate--the claim by
 Austrian economists that socialism is impossible because the absence of
 private property in the means of production precludes economic
 calculation. The article suggests that several control rather than private
 property is required for economic calculation, and that several control is
 consistent with public ownership of the means of production. The Austrian
 argument on this point, therefore, is without force.
Journal: Review of Political Economy 
Pages: 606-623 
Issue: 4 
Volume: 27 
Year: 2015 
Month: 10 
X-DOI: 10.1080/09538259.2015.1083189 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1083189 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:4:p:606-623




Template-Type: ReDIF-Article 1.0
Author-Name: Gabriel A. Gim�nez Roche 
Author-X-Name-First: Gabriel A. 
Author-X-Name-Last: Gim�nez Roche 
Author-Name: Albert Lwango 
Author-X-Name-First: Albert 
Author-X-Name-Last: Lwango 
Author-Name: Guillaume Vuillemey 
Author-X-Name-First: Guillaume 
Author-X-Name-Last: Vuillemey 
Title: Entrepreneurial Miscalculation and Business Cycles: How Interest Rate Targeting Distorts Capital Budgeting 
Abstract:
 This article, using Austrian Business Cycle Theory, shows how
 entrepreneurs and business managers are vulnerable to central bank
 monetary policies targeting interest rates. These policies distort market
 signals used as inputs in widely used capital budgeting metrics. Their
 reliance on nominal cash flows--together with their dependence on
 market-based discount rates, themselves directly or indirectly influenced
 by central bank policy--induces entrepreneurs to misestimate the real
 future profitability and feasibility of investment projects. Based on
 distorted market signals, entrepreneurs and business managers ignite an
 unsustainable economic boom. The divergence between ex ante and ex post
 profitable investment projects is widened because of business
 miscalculation leading to a cluster of errors that eventually results in
 the bursting of an economic boom. Therefore, although the exogenous
 distortion of market signals is a necessary condition of a business cycle,
 its ignition is purely endogenous.
Journal: Review of Political Economy 
Pages: 624-644 
Issue: 4 
Volume: 27 
Year: 2015 
Month: 10 
X-DOI: 10.1080/09538259.2015.1084729 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1084729 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:4:p:624-644




Template-Type: ReDIF-Article 1.0
Author-Name: Bruno Jossa 
Author-X-Name-First: Bruno 
Author-X-Name-Last: Jossa 
Title: Historical Materialism and Democratic Firm Management 
Abstract:
 This article starts from the premise that the precondition for the
 unreserved acceptance of historical materialism and, hence, Marxism is the
 belief that a new production mode will arise and take the place of
 capitalism after its suppression. From this perspective, however, the new
 production mode to rise from the ashes of capitalism is not the
 Soviet-type central planning model, but a system of democratically managed
 firms. If socialism is equated with worker control of firms, it is
 contended, Marxism will become more viable than ever, although it will
 need to be approached from a different viewpoint.
Journal: Review of Political Economy 
Pages: 645-665 
Issue: 4 
Volume: 27 
Year: 2015 
Month: 10 
X-DOI: 10.1080/09538259.2015.1072314 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1072314 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:4:p:645-665




Template-Type: ReDIF-Article 1.0
Author-Name: Saverio M. Fratini 
Author-X-Name-First: Saverio M. 
Author-X-Name-Last: Fratini 
Title: A Note on Reswitching and Intertemporal Prices 
Abstract:
 Bliss (<italic>Capital Theory and Distribution of Income</italic>,
 Amsterdam/New York: North-Holland/Elsevier) claims that reswitching is
 nothing but an 'optical illusion' due to the exclusion of non-stationary
 price sequences from the analysis. This note develops this point. The
 standard case for choice of techniques and reswitching is reformulated in
 terms of Arrow-Debreu intertemporal prices and the conditions making these
 prices stationary are highlighted separately. It is then shown that the
 analysis of the choice of techniques in terms of 'switch points' requires
 stationary conditions.
Journal: Review of Political Economy 
Pages: 666-678 
Issue: 4 
Volume: 27 
Year: 2015 
Month: 10 
X-DOI: 10.1080/09538259.2015.1090762 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1090762 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:4:p:666-678




Template-Type: ReDIF-Article 1.0
Author-Name: Matthew Cole 
Author-X-Name-First: Matthew 
Author-X-Name-Last: Cole 
Title: The Fissured Workplace: Why Work Became So Bad for So Many and What Can Be Done to Improve It 
Journal: Review of Political Economy 
Pages: 679-682 
Issue: 4 
Volume: 27 
Year: 2015 
Month: 10 
X-DOI: 10.1080/09538259.2015.1080469 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1080469 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:4:p:679-682




Template-Type: ReDIF-Article 1.0
Author-Name: Antonio Bianco 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Bianco 
Title: Casualties of Credit: The English Financial Revolution, 1620-1720 
Journal: Review of Political Economy 
Pages: 682-685 
Issue: 4 
Volume: 27 
Year: 2015 
Month: 10 
X-DOI: 10.1080/09538259.2015.1080468 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1080468 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:4:p:682-685




Template-Type: ReDIF-Article 1.0
Author-Name: Ramzi Mabsout 
Author-X-Name-First: Ramzi 
Author-X-Name-Last: Mabsout 
Title: The Society of Equals 
Journal: Review of Political Economy 
Pages: 685-689 
Issue: 4 
Volume: 27 
Year: 2015 
Month: 10 
X-DOI: 10.1080/09538259.2015.1080470 
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1080470 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:revpoe:v:27:y:2015:i:4:p:685-689




Template-Type: ReDIF-Article 1.0
Author-Name: Vladimir Smirnov
Author-X-Name-First: Vladimir
Author-X-Name-Last: Smirnov
Author-Name: Andrew Wait
Author-X-Name-First: Andrew
Author-X-Name-Last: Wait
Title: Contracts, incentives and organizations: Hart and Holmström Nobel Laureates
Abstract: 
 This article reviews the contribution of Hart and Holmström, the 2016 Nobel Laureates in economics. Holmström's work on the principal-agent problem answered questions as to what should (and should not) be included in an incentive contract. His work helped explain the simple structure of incentive contracts we typically observe in the real world. The models he developed have been used to address questions of CEO compensation, organizational design and optimal regulation. A key element of Hart's research focused on the question of what are the optimal boundaries of a firm (and indeed, what a firm actually is). In doing so he developed the incomplete-contracts framework, which has subsequently been used to explain many economic phenomena whenever renegotiation is important, including authority and decision-making structures in firms, why financial contracts look the way they do, and various questions in international trade and public policy.
Journal: Review of Political Economy
Pages: 493-522
Issue: 4
Volume: 29
Year: 2017
Month: 10
X-DOI: 10.1080/09538259.2017.1367142
File-URL: http://hdl.handle.net/10.1080/09538259.2017.1367142
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:4:p:493-522




Template-Type: ReDIF-Article 1.0
Author-Name: Francisco A. Martínez-Hernández
Author-X-Name-First: Francisco A.
Author-X-Name-Last: Martínez-Hernández
Title: The Political Economy of Real Exchange Rate Behavior: Theory and Empirical Evidence for Developed and Developing Countries, 1960–2010
Abstract: 
 Empirical results of testing the PPP hypothesis have constantly shown that relative prices do not converge to the same level, either in the short or the long run. Therefore, the PPP explanation of the real exchange rate does not provide a reasonable measure of competitiveness at the international level. This article puts forth a different approach based on the works of Ricardo, Marx, Harrod and Shaikh. It argues that the real relative unit labor cost is the main factor explaining the long-run behavior of the real exchange rate. The second section of the article explains the theoretical underpinnings of our approach. The third section analyzes the role of the real interest rate differential in explaining real exchange rate misalignments. In the fourth section, we present a graphical analysis of the interrelation among the real effective exchange rate, the real unit labor cost ratio, the short-run real interest rate differential and the trade balance for 16 OECD countries, Taiwan and three developing countries for the period 1960–2010. The fifth section investigates the long-run relationship between the latter three indexes through co-integrating and error correction models using the ARDL–ECM framework. The last section provides our conclusions.
Journal: Review of Political Economy
Pages: 566-596
Issue: 4
Volume: 29
Year: 2017
Month: 10
X-DOI: 10.1080/09538259.2017.1382060
File-URL: http://hdl.handle.net/10.1080/09538259.2017.1382060
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:4:p:566-596




Template-Type: ReDIF-Article 1.0
Author-Name: John Davis
Author-X-Name-First: John
Author-X-Name-Last: Davis
Title: Is Mainstream Economics a Science Bubble?
Abstract: 
 This article uses George Soros’ theory of boom–bust cycles to argue that mainstream economics, as built on Samuelson’s Foundations, followed a similar boom-bust cycle. It underwent a reflexive, positive feedback pattern of development before 1980 followed by a reflexive, negative feedback pattern of development after 1980, making it a science bubble. The positive feedback pattern was associated with the ‘misconception’ that when economics is framed as a natural science as per Samuelson, it improves its descriptive capacities as a science; the negative feedback pattern was associated with increasing recognition that this was a ‘misconception’ and the emergence of mainstream economics’ performative ambition—the idea that economics aims to construct the world in its own image rather than describe it. The article discusses how this latter aim is embodied in later game theory, ‘new’ behavioral economics and mechanism-design theory. Yet the vision of economics as a performative science is inconsistent with Samuelson’s natural science model of economics. Thus, mainstream economics turns out to be a science bubble much like many other mistaken, superseded research programs in the history of science.
Journal: Review of Political Economy
Pages: 523-538
Issue: 4
Volume: 29
Year: 2017
Month: 10
X-DOI: 10.1080/09538259.2017.1388983
File-URL: http://hdl.handle.net/10.1080/09538259.2017.1388983
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:4:p:523-538




Template-Type: ReDIF-Article 1.0
Author-Name: Ramaa Vasudevan
Author-X-Name-First: Ramaa
Author-X-Name-Last: Vasudevan
Title: The Rise of the Global Corporation and the Polarization of the Managerial Class in the US
Abstract: 
 This article seeks to understand the sharp divergence in the earnings of top managerial executives in the US since the 1980s, within the historical context of the evolution and transformation of the corporate landscape through the 20th century. In particular, as US multinational corporations expanded their reach to the global market at the end of the 20th century and offshoring increased, globally dispersed US multinational corporations began to draw a rising share of their surpluses from their overseas affiliates. The article argues that this development is key to understanding the growing disparity between the earnings of the executives at the top of the managerial hierarchy and those lower down. The disproportionate rise of top managers’ wage income reflects their claim to a larger share of globally produced surplus. Discussions of the rising earnings of the managerial elite in the US need to take this historical process into account.
Journal: Review of Political Economy
Pages: 539-565
Issue: 4
Volume: 29
Year: 2017
Month: 10
X-DOI: 10.1080/09538259.2017.1406225
File-URL: http://hdl.handle.net/10.1080/09538259.2017.1406225
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:4:p:539-565




Template-Type: ReDIF-Article 1.0
Author-Name: Sang B. Hahn
Author-X-Name-First: Sang B.
Author-X-Name-Last: Hahn
Author-Name: Dong-Min Rieu
Author-X-Name-First: Dong-Min
Author-X-Name-Last: Rieu
Title: Generalizing the New Interpretation of the Marxian Value Theory: A Simulation Analysis with Stochastic Profit Rate and Labor Heterogeneity
Abstract: 
 This article elucidates the relation between price and labor content in the context of generalizing the New Interpretation of Marxian value theory. We examine a generalized New Interpretation in a linear economic model introducing a differential value-creating capacity of different concrete labors, which regards price, value and the profit rate as random variables. Simulations are performed by constructing stochastic models with labor heterogeneity in two comparable ways. Considering that the standard New Interpretation suffers from the indeterminacy of the skilled labor reduction criterion without the assumption of an equalized rate of surplus value, it is hoped that the results of this analysis provide a research guideline for bridging the theoretical gap.
Journal: Review of Political Economy
Pages: 597-612
Issue: 4
Volume: 29
Year: 2017
Month: 10
X-DOI: 10.1080/09538259.2018.1424067
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1424067
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:4:p:597-612




Template-Type: ReDIF-Article 1.0
Author-Name: Jaylson Jair da Silveira
Author-X-Name-First: Jaylson Jair
Author-X-Name-Last: da Silveira
Author-Name: Gilberto Tadeu Lima
Author-X-Name-First: Gilberto Tadeu
Author-X-Name-Last: Lima
Title: Employee Profit-sharing and Labor Extraction in a Classical Model of Distribution and Growth
Abstract: 
 This article sets out a classical model of economic growth in which the distribution of income features the possibility of profit-sharing with workers, as firms choose periodically between two labor-extraction compensation strategies. Workers are homogeneous with regard to labor power, and firms choose to compensate them with either only a conventional wage or a share of profits on top of this conventional wage. Empirical evidence shows that labor productivity (i.e. labor extraction) in profit-sharing firms is higher than labor productivity in non-sharing firms. The frequency distribution of labor-extraction employee compensation strategies and labor productivity across firms is time-variant, being driven by satisficing imitation dynamics from which we derive two significant results. First, heterogeneity in labor-extraction compensation strategies across firms, and hence earnings inequality across workers can be a stable long-run equilibrium outcome. Second, although convergence to a long-run equilibrium may occur with either a falling or increasing proportion of profit-sharing firms, the share of net profits in income and the rates of net profit, capital accumulation and economic growth nevertheless all converge to the highest possible long-run equilibrium values.
Journal: Review of Political Economy
Pages: 613-635
Issue: 4
Volume: 29
Year: 2017
Month: 10
X-DOI: 10.1080/09538259.2018.1429149
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1429149
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:4:p:613-635




Template-Type: ReDIF-Article 1.0
Author-Name: Motohiro Okada
Author-X-Name-First: Motohiro
Author-X-Name-Last: Okada
Title: Revisiting the Böhm-Bawerk–Edgeworth Controversy: Early Neoclassical Economists and Labour Exchange
Abstract: 
 This article revisits the controversy between Böhm-Bawerk and Edgeworth. The crux of this debate revolving around value and cost lay in their views on labour exchange. Böhm-Bawerk and Edgeworth did not disagree on the basic principles underlying the causality between labour exchange and value-cost. Böhm-Bawerk stressed a decisive influence of social power relationships on labour time and Edgeworth apparently agreed. Böhm-Bawerk’s and Edgeworth’s observations on actual industrial relations and their theoretical arguments informing the controversy had variances. Such observation–theory discrepancies also appeared in their other work and were shared by other early neoclassical economists. Their efforts, with this contradiction, contributed to the moulding of a principle that de-individuates labour exchange. At the root of this process lay the fact that, despite their subjectivist approach, they failed to comprehend the distinctiveness of capitalistic labour exchange arising from worker subjectivity towards labour performance and employer countermeasures. The Böhm-Bawerk–Edgeworth controversy typically illustrates this crucial moment for the establishment of the neoclassical paradigm.
Journal: Review of Political Economy
Pages: 636-651
Issue: 4
Volume: 29
Year: 2017
Month: 10
X-DOI: 10.1080/09538259.2018.1442782
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1442782
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:4:p:636-651




Template-Type: ReDIF-Article 1.0
Author-Name: Katherine A. Moos
Author-X-Name-First: Katherine A.
Author-X-Name-Last: Moos
Title: The Facts and the Values of the Lucas Critique
Abstract: 
 In his influential 1976 paper, ‘Econometric Policy Evaluation: A Critique,’ Robert E. Lucas, Jr. presented the policy non-invariance argument, also known as the Lucas critique (LC). Drawing on the work of Putnam and Walsh, this paper discusses how the LC, like all works of scientific inquiry, contains values entangled with scientific facts, and argues that the Lucas critique devalued and revalued the highest values in macroeconomic science, a process known as ‘transvaluation.’ Most importantly, the LC worked to operationalize a shift in values that undermined belief in economists’ ability and responsibility to make meaningful interventions in the economy. Employing the language and concepts of continental philosophy, this paper discusses the meaning and effect of the LC on the values embedded in contemporary macroeconomic science.
Journal: Review of Political Economy
Pages: 1-25
Issue: 1
Volume: 31
Year: 2019
Month: 1
X-DOI: 10.1080/09538259.2019.1586363
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1586363
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:1:p:1-25




Template-Type: ReDIF-Article 1.0
Author-Name: Tony Aspromourgos
Author-X-Name-First: Tony
Author-X-Name-Last: Aspromourgos
Title: What Is Supply-and-Demand? The Marshallian Cross Versus Classical Economics
Abstract: 
 This study argues that the supply-and-demand apparatus of the ‘Marshallian cross’ is an unsatisfactory representation of actual supply and demand forces, which are better characterized in the manner of the classical economists. Most particularly the rising supply function but also the conventional demand function, are shown to have no compelling general theoretical justification. There is no plausible basis for a presumption in favour of the former—other than the marginal productivity theory of factor pricing, which is itself unsatisfactory. Multiple reasons are suggested for the rise of the apparatus of supply-and-demand functions, notwithstanding its intrinsic implausibility. The classical conception of supply-and-demand is restated and reaffirmed.
Journal: Review of Political Economy
Pages: 26-41
Issue: 1
Volume: 31
Year: 2019
Month: 1
X-DOI: 10.1080/09538259.2018.1537646
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1537646
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:1:p:26-41




Template-Type: ReDIF-Article 1.0
Author-Name: Anders Fremstad
Author-X-Name-First: Anders
Author-X-Name-Last: Fremstad
Author-Name: Mark Paul
Author-X-Name-First: Mark
Author-X-Name-Last: Paul
Author-Name: Anthony Underwood
Author-X-Name-First: Anthony
Author-X-Name-Last: Underwood
Title: Work Hours and CO2 Emissions: Evidence from U.S. Households
Abstract: 
 The degrowth movement proposes worktime reduction policies to help high-income countries meet their climate goals while supporting full employment. However, the work hours elasticity of carbon emissions remains uncertain despite a growing number of empirical analyses. This paper estimates the impact of work hours on emissions using household data from the United States. We calculate the carbon intensity of goods using input-output tables from the Bureau of Economic Analysis, which we combine with spending data from the Bureau of Labor Statistics to estimate carbon footprints for a representative sample of U.S. households. There is strong evidence that households with longer work hours emit more CO2, but our household-level estimate of the work hours elasticity of carbon emissions is lower than most country-level estimates. Our results suggest that differences in work hours account for a small fraction of differences in per capita carbon footprints across high-income countries.Highlights
Households with longer work hours have significantly larger carbon footprints.Our estimated household-level work hours elasticity is smaller than most country-level estimates.Work hour reduction policies likely generate modest reductions in carbon emissions.
Journal: Review of Political Economy
Pages: 42-59
Issue: 1
Volume: 31
Year: 2019
Month: 1
X-DOI: 10.1080/09538259.2019.1592950
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1592950
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:1:p:42-59




Template-Type: ReDIF-Article 1.0
Author-Name: Iara Vigo de Lima
Author-X-Name-First: Iara Vigo de
Author-X-Name-Last: Lima
Title: Foucault on the Marginal Revolution in Economics: Language and the Cartesian Legacy
Abstract: 
 Scholars have long debated the ‘revolutionary’ character of the ‘Marginal Revolution’ in economics, focusing on theoretical foundations, methodological devices, social context and political aspects. This article offers a new perspective by investigating ontological and epistemological conditions of that intellectual movement. This requires, in turn, a characterization of those conditions, for which purpose we will draw on Foucault's configurations of thought into ‘epistemes’ in The Order of Things. Although not mentioning those conditions, there have been few references in economics to Foucault's approach. They have mainly claimed that he neglected its importance because he did not see it as a ‘revolution’ in The Order of Things. It is argued here that he actually considered it a ‘revolution’ in The Archaeology of Knowledge. A revision of Foucault's account provides some ideas regarding deep philosophical conditions of the emergence of neoclassical theory and defies some usual interpretations of the circumstances that led to the mathematization of economics. The main conclusion is that its revolutionary character did not stem from a change of ontological beliefs, but—just as many historians of economics have defended—it was a methodological revolution. This study suggests a reinterpretation of that event, claiming that it resulted from a new conception of language and a crisis of Descartes's project of a mathematical unifying science. Going beyond that debate, these reflections proffer ideas that deserve an appraisal in economics.
Journal: Review of Political Economy
Pages: 60-74
Issue: 1
Volume: 31
Year: 2019
Month: 1
X-DOI: 10.1080/09538259.2019.1586364
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1586364
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:1:p:60-74




Template-Type: ReDIF-Article 1.0
Author-Name: Graham White
Author-X-Name-First: Graham
Author-X-Name-Last: White
Title: Some Issues in the Sraffian View of Competition: Starting from Clifton
Abstract: 
 The article seeks to advance discussion about the nature of competition and of the ‘firm’ consistent with a classical-Sraffian perspective on relative prices and distribution. Discussion focuses primarily on the work of James Clifton published from the late 1970's. Clifton's insights have a direct bearing on issues at the heart of broader Sraffian research: how relative prices are anchored by the mobility of capital; whether the rate of profit should be interpreted as the exogenous distributive variable in the Sraffian price system; and, the forces which govern the ‘normal’ rate of profit, including the causal significance of the rate of growth. While Clifton's approach lends support to the interpretation of the rate of profit as a target rate of return, the article takes issue with Semmler's explanation as being endogenous to the price system. An alternative exogenous explanation of the target rate by reference to the rate of growth from Eichner is also considered, but rejected, despite the similarities between the insights of Clifton and Eichner into corporate pricing. Some useful implications from Clifton's analysis—as to the modeling of classical competition and gravitation—are also drawn out.
Journal: Review of Political Economy
Pages: 75-94
Issue: 1
Volume: 31
Year: 2019
Month: 1
X-DOI: 10.1080/09538259.2018.1530842
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1530842
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:1:p:75-94




Template-Type: ReDIF-Article 1.0
Author-Name: Giancarlo de Vivo
Author-X-Name-First: Giancarlo
Author-X-Name-Last: de Vivo
Title: Marx and Sraffa: A Comment on Gehrke and Kurz
Abstract: 
 This comment focuses on the assertion by Gehrke and Kurz (2018) that the origin of the equations which formed the backbone of Sraffa’s Production of Commodities by Means of Commodities is not related in any way to Marx, and particularly Marx’s reproduction schemes, as argued by the late Giorgio Gilibert and myself. This comment argues that the 2018 article by Gehrke and Kurz makes significant—but unacknowledged—retreats from positions previously presented by the authors, and that the relevance of Marx and his reproduction schemes for the origin of Sraffa’s (1960) work for Production of Commodities is beyond reasonable doubt.
Journal: Review of Political Economy
Pages: 95-99
Issue: 1
Volume: 31
Year: 2019
Month: 1
X-DOI: 10.1080/09538259.2019.1530839
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1530839
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:1:p:95-99




Template-Type: ReDIF-Article 1.0
Author-Name: Christian Gehrke
Author-X-Name-First: Christian
Author-X-Name-Last: Gehrke
Author-Name: Heinz D. Kurz
Author-X-Name-First: Heinz D.
Author-X-Name-Last: Kurz
Author-Name: Neri Salvadori
Author-X-Name-First: Neri
Author-X-Name-Last: Salvadori
Title: On the ‘Origins’ of Sraffa’s Production Equations: A Reply to de Vivo
Abstract: 
 In this rejoinder to de Vivo’s comment on Gehrke and Kurz (2018, ‘Sraffa’s constructive and interpretive work, and Marx.’ Review of Political Economy) we first ask what could possibly be meant by seeking to identify the ‘origins’ of Sraffa’s production equations. We then show that in his comment de Vivo has abandoned his original view, according to which the magnitudes in Sraffa’s ‘first equations’ are to be interpreted in Marxian (labour) value terms, without advising the reader. In addition, we show that his ‘new’ view is not supported by evidence from Sraffa’s papers. De Vivo misconstrues several propositions of Sraffa and misunderstands his ‘reduction method’ by means of which the values of commodities are reduced to some basic product or to labour. The criticisms de Vivo levels at the interpretation advocated by us are without any foundation.
Journal: Review of Political Economy
Pages: 100-114
Issue: 1
Volume: 31
Year: 2019
Month: 1
X-DOI: 10.1080/09538259.2019.1530838
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1530838
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:1:p:100-114




Template-Type: ReDIF-Article 1.0
Author-Name: Enrico Sergio Levrero
Author-X-Name-First: Enrico Sergio
Author-X-Name-Last: Levrero
Title: On Sinha’s View of Sraffa’s Revolution in Economic Theory: A Review Essay
Abstract: 
 This review essay focuses on the interpretation by Sinha (2016) of the price system developed by Sraffa in Production of Commodities by Means of Commodities (PCMC). Contrary to the views put forward by Sinha, it shows that neither analytical aspects of PCMC nor Sraffa's unpublished manuscripts can be used to argue that Sraffa (1960) departs from the classical notion of normal prices.
Journal: Review of Political Economy
Pages: 115-123
Issue: 1
Volume: 31
Year: 2019
Month: 1
X-DOI: 10.1080/09538259.2019.1592302
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1592302
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:1:p:115-123




Template-Type: ReDIF-Article 1.0
Author-Name: Ric Holt
Author-X-Name-First: Ric
Author-X-Name-Last: Holt
Title: The Age of Monopoly Capital: The Selected Correspondence of Paul A. Baran and Paul M. Sweezy, 1949–1964
Journal: Review of Political Economy
Pages: 124-127
Issue: 1
Volume: 31
Year: 2019
Month: 1
X-DOI: 10.1080/09538259.2019.1592299
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1592299
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:1:p:124-127




Template-Type: ReDIF-Article 1.0
Author-Name: Randall G. Holcombe
Author-X-Name-First: Randall G.
Author-X-Name-Last: Holcombe
Title: James M. Buchanan and Liberal Political Economy: A Rational Reconstruction
Journal: Review of Political Economy
Pages: 127-130
Issue: 1
Volume: 31
Year: 2019
Month: 1
X-DOI: 10.1080/09538259.2019.1591777
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1591777
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:1:p:127-130




Template-Type: ReDIF-Article 1.0
Author-Name: Ioana Negru
Author-X-Name-First: Ioana
Author-X-Name-Last: Negru
Title: The Oxford Handbook of Professional Economic Ethics
Journal: Review of Political Economy
Pages: 131-134
Issue: 1
Volume: 31
Year: 2019
Month: 1
X-DOI: 10.1080/09538259.2019.1591772
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1591772
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:1:p:131-134




Template-Type: ReDIF-Article 1.0
Author-Name: Eugene Callahan
Author-X-Name-First: Eugene
Author-X-Name-Last: Callahan
Title: Competition, Economic Planning, and the Knowledge Problem
Journal: Review of Political Economy
Pages: 134-137
Issue: 1
Volume: 31
Year: 2019
Month: 1
X-DOI: 10.1080/09538259.2019.1596566
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1596566
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:1:p:134-137




Template-Type: ReDIF-Article 1.0
Author-Name: Philippe van Basshuysen
Author-X-Name-First: Philippe
Author-X-Name-Last: van Basshuysen
Title: Radical Markets: Uprooting Capitalism and Democracy for a Just Society
Journal: Review of Political Economy
Pages: 137-141
Issue: 1
Volume: 31
Year: 2019
Month: 1
X-DOI: 10.1080/09538259.2019.1596564
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1596564
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:1:p:137-141




Template-Type: ReDIF-Article 1.0
Author-Name: Larry Allen
Author-X-Name-First: Larry
Author-X-Name-Last: Allen
Title: The Foundations of Real-World Economics: What Every Student Needs to Know
Journal: Review of Political Economy
Pages: 142-144
Issue: 1
Volume: 31
Year: 2019
Month: 1
X-DOI: 10.1080/09538259.2019.1596565
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1596565
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:1:p:142-144




Template-Type: ReDIF-Article 1.0
Author-Name: Markus P. A. Schneider
Author-X-Name-First: Markus P. A.
Author-X-Name-Last: Schneider
Title: Angus Deaton’s Nobel Prize for Confronting Theory with Facts
Abstract: 
 Angus Deaton, recipient of the 2015 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is broadly recognized as an outstanding applied economist who is well deserving of the prize. He has made a myriad of important contributions—alone and with renowned co-authors—across many fields. In this review of his work, I argue that it is his methodological consistency and focus on the two-way connection between empirics and theory, together with his attention to detail of how things are measured, that support his recognition by his peers. Informed by a career of doing careful econometric work using household surveys—especially on consumption, development, well-being and health—in his popular writing, Deaton chooses to focus on the importance of institutions, history and other disciplines.
Journal: Review of Political Economy
Pages: 467-487
Issue: 4
Volume: 28
Year: 2016
Month: 10
X-DOI: 10.1080/09538259.2016.1231865
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1231865
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:4:p:467-487




Template-Type: ReDIF-Article 1.0
Author-Name: Vítor Neves
Author-X-Name-First: Vítor
Author-X-Name-Last: Neves
Title: What Happened to Kapp’s Theory of Social Costs? A Case of Metatheoretical Dispute and Dissent in Economics
Abstract: 
 In the early 1970s Wilfred Beckerman and K. William Kapp engaged in a serious dispute. Although it focused on social costs, the dispute raised issues about the very foundations of economics. The differences in approach to social costs that this dispute exposed were so deep-rooted as to preclude (or at least hinder) any possibility of constructive dialogue. This article argues that the subsequent ‘conspiracy of silence’ against Kapp should be understood in terms of Kapp’s very different conception of economics as a social science. This issue is relevant to a broader discussion about the boundaries of pluralism in economics—how these boundaries are drawn and the conditions for a constructive dialogue among economists and with other social scientists.
Journal: Review of Political Economy
Pages: 488-503
Issue: 4
Volume: 28
Year: 2016
Month: 10
X-DOI: 10.1080/09538259.2016.1208896
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1208896
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:4:p:488-503




Template-Type: ReDIF-Article 1.0
Author-Name: Matthew McCaffrey
Author-X-Name-First: Matthew
Author-X-Name-Last: McCaffrey
Title: Good Judgment, Good Luck: Frank Fetter’s Neglected Theory of Entrepreneurship
Abstract: 
 Frank Fetter’s contributions to entrepreneurship and the theory of the firm are usually overlooked although his original treatments are relevant to both the history of economic thought and contemporary entrepreneurship research. This article highlights three ways in which Fetter’s work adds to our understanding of the entrepreneurial process. First, entrepreneurs direct their enterprises through the careful delegation of authority to managers, thereby maintaining residual control over the firm; similar views were pioneered by Frank Knight and the Austrian economists who continue to study cognate problems like judgmental decision making and proxy-entrepreneurship. Second, Fetter foreshadows Knight’s influential distinction between risk and uncertainty by arguing that entrepreneurs bear uncertainty through their investment decisions. However, Fetter extends Knight’s work by explicitly considering the role that chance and luck play in entrepreneurial success, a problem still debated in entrepreneurship studies. Third, Fetter argues that scarcity implies the active investment of resources, and thus the need for entrepreneurship. This view hints at current research on entrepreneurial bricolage as well as work emphasizing investment rather than opportunity as the defining concept of entrepreneurship. It also provides the microfoundations for strategic entrepreneurship research.
Journal: Review of Political Economy
Pages: 504-522
Issue: 4
Volume: 28
Year: 2016
Month: 10
X-DOI: 10.1080/09538259.2016.1207870
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1207870
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:4:p:504-522




Template-Type: ReDIF-Article 1.0
Author-Name: Daniele Girardi
Author-X-Name-First: Daniele
Author-X-Name-Last: Girardi
Author-Name: Riccardo Pariboni
Author-X-Name-First: Riccardo
Author-X-Name-Last: Pariboni
Title: Long-run Effective Demand in the US Economy: An Empirical Test of the Sraffian Supermultiplier Model
Abstract: 
 The Sraffian supermultiplier is a model of demand-led growth that stresses the importance of the autonomous components of aggregate demand (exports, public spending and autonomous consumption). This article tests empirically some major implications of the model employing macroeconomic data for the United States. In particular, we study the long-run relation between autonomous demand and output through cointegration analysis. The results suggest that autonomous demand and output are cointegrated and that autonomous demand exerts a long-run effect on output. There is also some evidence of simultaneous causality, especially in the short-run. Movements in autonomous demand and in the investment share are also found to be positively related, with Granger-causality going from Z to I/Y.
Journal: Review of Political Economy
Pages: 523-544
Issue: 4
Volume: 28
Year: 2016
Month: 10
X-DOI: 10.1080/09538259.2016.1209893
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1209893
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:4:p:523-544




Template-Type: ReDIF-Article 1.0
Author-Name: Rafael S. M. Ribeiro
Author-X-Name-First: Rafael S. M.
Author-X-Name-Last: Ribeiro
Author-Name: John S. L. McCombie
Author-X-Name-First: John S. L.
Author-X-Name-Last: McCombie
Author-Name: Gilberto Tadeu Lima
Author-X-Name-First: Gilberto Tadeu
Author-X-Name-Last: Lima
Title: Exchange Rate, Income Distribution and Technical Change in a Balance-of-Payments Constrained Growth Model
Abstract: 
 This article develops a formal model that accounts for the net effect of an exchange rate devaluation on the long-term balance-of-payments constrained growth rate. Such a model investigates how a currency devaluation impacts on the home country non-price competitiveness via changes in income distribution and the rate of technological innovation. The model is built upon two plausible hypotheses. First, it is assumed that the rate of technological innovation is directly related to the income elasticity of demand for exports and inversely related to the income elasticity of demand for imports. Second, it is assumed that a redistribution of income between labor and capital has an ambiguous direct impact on the income elasticities ratio. The model shows that the net impact of a currency devaluation on growth can go either way depending on the institutional framework of the economy.
Journal: Review of Political Economy
Pages: 545-565
Issue: 4
Volume: 28
Year: 2016
Month: 10
X-DOI: 10.1080/09538259.2016.1205819
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1205819
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:4:p:545-565




Template-Type: ReDIF-Article 1.0
Author-Name: Jan Keil
Author-X-Name-First: Jan
Author-X-Name-Last: Keil
Title: Depreciated Depreciation Methods? Alternatives to Sraffa’s Take on Fixed Capital
Abstract: 
 This article discusses the treatment of fixed capital in the classical theory of price. Sraffa uses non-linear depreciation of ‘physical’ capital that equalizes all annual profit rates individually, but violates the proportionality of monetary machine value reduction and physical use-up on an annual basis. One alternative is to apply simple linear depreciation that has equal annual fixed capital costs. The key for consistency is that the internal rate of return on fixed capital investments throughout the fixed asset lifetime must be equated with the normal profit rate. A second alternative is to use ‘monetary’ capital, where the ‘correct’ amortization charges depend on the ability of the accumulated depreciation fund to earn interest. Among these valid alternative methods are the original proposals of Marx and Torrens, which were dismissed falsely and prematurely by Neo-Ricardian economists. These alternatives are shown here to imply fundamentally different prices of production. For all methods, the formulas for deriving amortization charges and fixed capital prices of all vintages are derived. The article also illustrates how the system of Sraffian price equations can be modified to incorporate these methods.
Journal: Review of Political Economy
Pages: 566-589
Issue: 4
Volume: 28
Year: 2016
Month: 10
X-DOI: 10.1080/09538259.2016.1222786
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1222786
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:4:p:566-589




Template-Type: ReDIF-Article 1.0
Author-Name: Brett Fiebiger
Author-X-Name-First: Brett
Author-X-Name-Last: Fiebiger
Title: Fiscal Policy, Monetary Policy and the Mechanics of Modern Clearing and Settlement Systems
Abstract: 
 Thomas Palley, Eric Tymoigne and Randall Wray recently debated neo-Chartalism in this journal. This article argues that the mechanics of modern clearing and settlement systems is important to understanding this debate. In the neo-Chartalist framework taxes and bond issuance function as part of monetary policy; it is an alternative method for draining reserves to obtain the overnight target rate. Abba Lerner’s Chartalist framework is much clearer on public finance, noting that the federal government can use alternative financing methods to pay for expenditures. Palley’s concerns with central bank ‘money financing’ and inflation are unpersuasive. The Old Keynesian ‘budget restraint– high-powered money relation’ offers limited insight into modern clearing and settlement systems. The article concludes that policymakers should embrace Lerner’s advice and view ‘money printing’ as a normal policy instrument to support functional finance.
Journal: Review of Political Economy
Pages: 590-608
Issue: 4
Volume: 28
Year: 2016
Month: 10
X-DOI: 10.1080/09538259.2016.1225445
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1225445
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:4:p:590-608




Template-Type: ReDIF-Article 1.0
Author-Name: John Smithin
Author-X-Name-First: John
Author-X-Name-Last: Smithin
Title: Endogenous Money, Fiscal Policy, Interest Rates and the Exchange Rate Regime: Correction
Abstract: 
 This note suggests two corrections that might usefully be made to the analysis in an earlier article with the same title. The corrections have no direct bearing on the original argument (which had to do with disputes about modern money theory, or MMT) but do seem important for the future development of an alternative monetary theory.
Journal: Review of Political Economy
Pages: 609-611
Issue: 4
Volume: 28
Year: 2016
Month: 10
X-DOI: 10.1080/09538259.2016.1225341
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1225341
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:4:p:609-611




Template-Type: ReDIF-Article 1.0
Author-Name: Jamie Morgan
Author-X-Name-First: Jamie
Author-X-Name-Last: Morgan
Title: Understanding Piketty’s capital in the twenty-first century
Journal: Review of Political Economy
Pages: 612-618
Issue: 4
Volume: 28
Year: 2016
Month: 10
X-DOI: 10.1080/09538259.2016.1173967
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1173967
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:4:p:612-618




Template-Type: ReDIF-Article 1.0
Author-Name: Jan Toporowski
Author-X-Name-First: Jan
Author-X-Name-Last: Toporowski
Title: Europe in Question and What to Do about It
Journal: Review of Political Economy
Pages: 618-622
Issue: 4
Volume: 28
Year: 2016
Month: 10
X-DOI: 10.1080/09538259.2016.1173950
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1173950
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:4:p:618-622




Template-Type: ReDIF-Article 1.0
Author-Name: Collin G. Matton
Author-X-Name-First: Collin G.
Author-X-Name-Last: Matton
Title: Bankocracy
Journal: Review of Political Economy
Pages: 622-624
Issue: 4
Volume: 28
Year: 2016
Month: 10
X-DOI: 10.1080/09538259.2016.1180896
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1180896
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:4:p:622-624




Template-Type: ReDIF-Article 1.0
Author-Name: C.R. McCann
Author-X-Name-First: C.R.
Author-X-Name-Last: McCann
Title: The Metaphysics of Capitalism
Journal: Review of Political Economy
Pages: 624-629
Issue: 4
Volume: 28
Year: 2016
Month: 10
X-DOI: 10.1080/09538259.2016.1190498
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1190498
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:4:p:624-629




Template-Type: ReDIF-Article 1.0
Author-Name: Matias Vernengo
Author-X-Name-First: Matias
Author-X-Name-Last: Vernengo
Title: Crisis and Cycles in Economic Dictionaries and Encyclopaedias
Journal: Review of Political Economy
Pages: 630-631
Issue: 4
Volume: 28
Year: 2016
Month: 10
X-DOI: 10.1080/09538259.2016.1199635
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1199635
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:4:p:630-631




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: A Note of Thanks
Journal: Review of Political Economy
Pages: 632-632
Issue: 4
Volume: 28
Year: 2016
Month: 10
X-DOI: 10.1080/09538259.2016.1209894
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1209894
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:4:p:632-632




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Editorial Board
Journal: Review of Political Economy
Pages: ebi-ebi
Issue: 4
Volume: 28
Year: 2016
Month: 10
X-DOI: 10.1080/09538259.2016.1249138
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1249138
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:4:p:ebi-ebi




Template-Type: ReDIF-Article 1.0
Author-Name: Marc Lavoie
Author-X-Name-First: Marc
Author-X-Name-Last: Lavoie
Title: A System with Zero Reserves and with Clearing Outside of the Central Bank: The Canadian Case
Abstract: 
 In a number of ways, implementing monetary policy in Canada stands apart from monetary policy in most other industrial countries. Commercial banks and other participants to the main clearinghouse – the large-value transfer system (LVTS) – hold no reserves at the central bank. Clearing and settlement is both in real time and net, while only settlement occurs on the books of the central bank. The Bank of Canada does not conduct open-market operations and rarely intervenes in the repo market; and despite this, the collateralized overnight rate always remains within 2 or 3 basis points of the target interest rate. The paper explains why this is so by describing the setup of the Canadian clearing and settlement system, including the rules that have been put forward in case a bank defaults on its due payments before settlement occurs. Some puzzles that arose through the years are also discussed, as well as the unlikely prospect of introducing blockchain technology in the Canadian clearing and settlement system.
Journal: Review of Political Economy
Pages: 145-158
Issue: 2
Volume: 31
Year: 2019
Month: 4
X-DOI: 10.1080/09538259.2019.1616922
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1616922
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:2:p:145-158




Template-Type: ReDIF-Article 1.0
Author-Name: Darrin Downes
Author-X-Name-First: Darrin
Author-X-Name-Last: Downes
Author-Name: Tarron Khemraj
Author-X-Name-First: Tarron
Author-X-Name-Last: Khemraj
Title: Foreign Exchange Pressure in Barbados: Monetary Approach or Monetary Dependence?
Abstract: 
 This paper tests competing ideas that account for the foreign exchange (FX) losses in Barbados in recent years. The conventional monetary and absorption approaches have motivated the explanation and policy proposals to date. However, this paper illustrates that the conventional theories fail to completely account for the external forces determining FX pressure. We propose a theory of monetary dependency by integrating the basic insight of the Prebisch–Singer hypothesis into an institutionally consistent monetary framework. The model implies that the narrow policy space in the short run is overwhelmed by the falling FX supply in the long term — hence the long-term FX constraint which prevents complete adjustment as predicted by the reflux mechanism. Although Barbados is the case study — given its recent program with the IMF — the model of monetary dependence is applicable, in general, to other small open developing and emerging economies. The econometric results indicate tenuous support for the monetarist theory, but stronger evidence in favor of the monetary dependency theory, and indirect support for the absorption approach. Consistent with the idea of external determination, the trade-weighted American dollar exchange rate and its conditional volatility are the strongest determinants.
Journal: Review of Political Economy
Pages: 159-177
Issue: 2
Volume: 31
Year: 2019
Month: 4
X-DOI: 10.1080/09538259.2019.1621504
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1621504
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:2:p:159-177




Template-Type: ReDIF-Article 1.0
Author-Name: Eric Kam
Author-X-Name-First: Eric
Author-X-Name-Last: Kam
Author-Name: John Smithin
Author-X-Name-First: John
Author-X-Name-Last: Smithin
Author-Name: Aqeela Tabassum
Author-X-Name-First: Aqeela
Author-X-Name-Last: Tabassum
Title: The Long-Run Non-Neutrality of Monetary Policy: A General Statement in a Dynamic General Equilibrium Model
Abstract: 
 This paper provides an explanation of the long-run non-neutrality of monetary policy in a dynamic general equilibrium (DGE) model with microfoundations. If the rate of time preference is endogenous there is no natural rate of interest. Therefore, if the central bank follows an interest rate rule this will affect the real rate of interest in financial markets and thereby the real economy. In principle, there is a negative relationship between the real rate of interest and the rate of inflation. This turns out to be nothing other than the historical forced savings effect, or the 20th century Mundell-Tobin effect.
Journal: Review of Political Economy
Pages: 178-193
Issue: 2
Volume: 31
Year: 2019
Month: 4
X-DOI: 10.1080/09538259.2019.1642551
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1642551
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:2:p:178-193




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Palley
Author-X-Name-First: Thomas
Author-X-Name-Last: Palley
Title: Unemployment and Growth: Putting Unemployment into Post Keynesian Growth Theory
Abstract: 
 Post Keynesian (PK) growth models typically fail to model unemployment. That shows up in the absence of an equilibrium condition requiring the growth of employment to equal labor-supply growth. Consequently, the models can have an imploding or exploding unemployment rate. The underlying analytical problem is failure to resolve the Harrod (1939)–Solow (1956) knife-edge problem. This paper shows how that knife-edge problem can be resolved via a Kaldor–Hicks technological progress function. It applies the concept to several different PK growth models. In the Harrod, super-multiplier, Cambridge, and neo-Kaleckian models the warranted rate rules the roost and natural rate forces have no impact on the equilibrium growth rate. However, in a modified neo-Kaleckian model, with labor market distribution conflict, both warranted rate and natural rate forces impact steady state growth.
Journal: Review of Political Economy
Pages: 194-215
Issue: 2
Volume: 31
Year: 2019
Month: 4
X-DOI: 10.1080/09538259.2019.1644729
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1644729
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:2:p:194-215




Template-Type: ReDIF-Article 1.0
Author-Name: Sandye Gloria
Author-X-Name-First: Sandye
Author-X-Name-Last: Gloria
Title: From Methodological Individualism to Complexity: The Case of Ludwig Lachmann
Abstract: 
 It is argued in this paper that strict methodological individualism (MI) is a limit to progress in Austrian economics. It is possible to find already in Menger, in the older Hayek, and in the next generation of radical subjectivists led by Lachmann, the seeds of a distinct ontological and methodological position that may offer an interesting prospect of developing this school of thought. This alternative path suggests the replacement of strict MI with institutional individualism, compatible with the concept of emergence and all its ontological and methodological implications. It implies redefining the Mengerian project as part of the complexity economics paradigm. Lachmann is the Austrian author whose project is the most explicitly oriented toward this possibility. This paper does not aim to rediscover the relevance and originality of Lachmann's work, the second Austrian revival of the new millennium has indeed a lachmannian flavor. The aim is rather to provide a coherent framework for the dispersed recent work, which more or less explicitly links Austrian economics with complexity.
Journal: Review of Political Economy
Pages: 216-232
Issue: 2
Volume: 31
Year: 2019
Month: 4
X-DOI: 10.1080/09538259.2019.1662153
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1662153
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:2:p:216-232




Template-Type: ReDIF-Article 1.0
Author-Name: C. Sardoni
Author-X-Name-First: C.
Author-X-Name-Last: Sardoni
Title: Investment and Saving in a Dynamic Context: The Contributions of Athanasios (Tom) Asimakopulos
Abstract: 
 In the 1980s, Asimakopulos criticized both Kalecki and Keynes for the way they dealt with the problem of the investment multiplier. Kalecki's and Keynes's insufficient attention to the time dimension of the multiplier process led them to overlook some aspects of the relation between saving and investment and underestimate the importance of financing investment, especially with regard to the problem of the conversion of the firms' short-term loans into long-term loans. The paper looks at these problems by carrying out the analysis in a more formal way than Asimakopulos did. In a dynamic analytical context which takes explicit account of the time dimension of processes, the economy's propensity to save can affect investment through its effect on the long-term interest rate. Acknowledging this, however, does not imply the rejection of the view that investment ‘comes first’: it is not saving that determines investment, but the other way around.
Journal: Review of Political Economy
Pages: 233-246
Issue: 2
Volume: 31
Year: 2019
Month: 4
X-DOI: 10.1080/09538259.2019.1662144
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1662144
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:2:p:233-246




Template-Type: ReDIF-Article 1.0
Author-Name: P. Sai-wing Ho
Author-X-Name-First: P.
Author-X-Name-Last: Sai-wing Ho
Title: Re-Examining the Development of Hirschman’s Linkage Analysis with Detection of Smithian Flavor
Abstract: 
 Hirschman’s production linkage (PL) framework has enjoyed a revival of interest since the 1980s, but its complexity and richness have been continually underappreciated. This paper clarifies these, especially the role played by joint PLs, and includes some Smithian flavor, in that the activation of PLs is analogous to extending the division of labor in an economy, and can raise productivity and augment wealth accumulation à la Smith. Consumption linkages (CLs) add demand-side considerations and could reinforce the cumulative nature of joint PL by endogenizing market-size expansion. Barriers posed by ‘technological strangeness’ could prevent PL activation and warrant the use of industrial/technology policies. Hirschman also recommended sensible import substitution, interweaved with export promotion. These policies are examples of fiscal linkages that accord a role for the state to support PL and CL activation. Brief comparisons and contrasts are made with the global value chain research framework. Applying Hirschman’s framework to conduct case studies entails interdisciplinary research into details of socioeconomic settings associated with the success or failure of development. The concepts of complementarities and external economies are central, although there are additional dimensions to be studied and interfaces between them to be explored.
Journal: Review of Political Economy
Pages: 247-270
Issue: 2
Volume: 31
Year: 2019
Month: 4
X-DOI: 10.1080/09538259.2019.1635366
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1635366
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:2:p:247-270




Template-Type: ReDIF-Article 1.0
Author-Name: Olivier Blanchard
Author-X-Name-First: Olivier
Author-X-Name-Last: Blanchard
Author-Name: Emiliano Brancaccio
Author-X-Name-First: Emiliano
Author-X-Name-Last: Brancaccio
Title: Crisis and Revolution in Economic Theory and Policy: A Debate
Abstract: 
 The following is the transcript of a debate, entitled ‘Pensare un’alternativa’ (Thinking of an Alternative), between Olivier Blanchard, former Chief Economist of the International Monetary Fund and a leading exponent of mainstream macroeconomics, and Emiliano Brancaccio, author of the book Anti-Blanchard and advocate of ‘The Economists’ Warning’ against European deflationary policies. The debate examines, from two different theoretical perspectives, the global great recession, the Eurozone crisis, the effects of austerity and deflation, increased social inequality, and political conflict. It took place at the Giangiacomo Feltrinelli Foundation in Milan, Italy, on 19 December 2018, and was moderated by the journalist Pietro Raitano.
Journal: Review of Political Economy
Pages: 271-287
Issue: 2
Volume: 31
Year: 2019
Month: 4
X-DOI: 10.1080/09538259.2019.1644730
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1644730
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:2:p:271-287




Template-Type: ReDIF-Article 1.0
Author-Name: Paul May
Author-X-Name-First: Paul
Author-X-Name-Last: May
Title: The Vanishing Middle Class: Prejudice and Power in a Dual Economy
Journal: Review of Political Economy
Pages: 288-290
Issue: 2
Volume: 31
Year: 2019
Month: 4
X-DOI: 10.1080/09538259.2019.1644732
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1644732
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:2:p:288-290




Template-Type: ReDIF-Article 1.0
Author-Name: Michalis Nikiforos
Author-X-Name-First: Michalis
Author-X-Name-Last: Nikiforos
Title: Financial Deepening and Post-Crisis Development in Emerging Markets: Current Perils and Future Dawns
Journal: Review of Political Economy
Pages: 290-295
Issue: 2
Volume: 31
Year: 2019
Month: 4
X-DOI: 10.1080/09538259.2019.1644733
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1644733
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:2:p:290-295




Template-Type: ReDIF-Article 1.0
Author-Name: Paul May
Author-X-Name-First: Paul
Author-X-Name-Last: May
Title: The Great Convergence: Information Technology and the New Globalization
Journal: Review of Political Economy
Pages: 295-297
Issue: 2
Volume: 31
Year: 2019
Month: 4
X-DOI: 10.1080/09538259.2019.1644736
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1644736
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:2:p:295-297




Template-Type: ReDIF-Article 1.0
Author-Name: Shaianne T. Osterreich
Author-X-Name-First: Shaianne T.
Author-X-Name-Last: Osterreich
Title: Feminism, Capitalism, and Critique: Essays in Honor of Nancy Fraser
Journal: Review of Political Economy
Pages: 297-299
Issue: 2
Volume: 31
Year: 2019
Month: 4
X-DOI: 10.1080/09538259.2019.1644737
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1644737
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:2:p:297-299




Template-Type: ReDIF-Article 1.0
Author-Name: Edwin Dickens
Author-X-Name-First: Edwin
Author-X-Name-Last: Dickens
Title: Banks and Finance in Modern Macroeconomics: A Historical Perspective
Journal: Review of Political Economy
Pages: 299-304
Issue: 2
Volume: 31
Year: 2019
Month: 4
X-DOI: 10.1080/09538259.2019.1644742
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1644742
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:2:p:299-304




Template-Type: ReDIF-Article 1.0
Author-Name: Charles M. A. Clark
Author-X-Name-First: Charles M. A.
Author-X-Name-Last: Clark
Title: Pope Francis and the Caring Society
Journal: Review of Political Economy
Pages: 304-311
Issue: 2
Volume: 31
Year: 2019
Month: 4
X-DOI: 10.1080/09538259.2019.1644743
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1644743
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:2:p:304-311




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Correction
Journal: Review of Political Economy
Pages: 313-313
Issue: 2
Volume: 31
Year: 2019
Month: 4
X-DOI: 10.1080/09538259.2019.1694796
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1694796
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:2:p:313-313




Template-Type: ReDIF-Article 1.0
Author-Name: Federico Bassi
Author-X-Name-First: Federico
Author-X-Name-Last: Bassi
Title: Aggregate demand, sunk costs and discontinuous adjustments in an amended new consensus model
Abstract: 
 In standard new consensus macroeconomics models, the impact of shocks disappears until the economy reaches a time-independent steady-state equilibrium. Introducing sunk costs and capital indivisibilities in capacity adjustment decisions implies the rejection of asymptotic stability and a reconsideration of the relevance and usefulness of traditional steady-state analysis based on a fixed and exogenous ‘center of gravity’. Moreover, effective demand and Keynesian discretionary policies regain a central role in economic policy by determining the transient equilibriums that emerge endogenously.
Journal: Review of Political Economy
Pages: 313-335
Issue: 3
Volume: 28
Year: 2016
Month: 7
X-DOI: 10.1080/09538259.2016.1199397
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1199397
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:3:p:313-335




Template-Type: ReDIF-Article 1.0
Author-Name: Noah Quastel
Author-X-Name-First: Noah
Author-X-Name-Last: Quastel
Title: Ecological Political Economy: Towards a Strategic-Relational Approach
Abstract: 
 This article identifies three distinct traditions in what might be described as ‘ecological political economy’. First, a ‘Promethean’ approach posits that capitalism has a relentless drive towards growth and bears responsibility for the wholesale transformation of nature. Second, critics of sustainable capitalism acknowledge the possibility of capitalist futures with a better management of natural resources and carbon emissions. The Strategic Relational Approach, developed by Bob Jessop and Ngai-Ling Sum, points to a unique third type of ecological political economy. Each approach is shown to have distinct views concerning the commodification of nature, the role of the state and ways to understand ecological and social transitions. The Strategic Relational Approach points to the possibility of counter-hegemonic strategies and collective mobilization to transform the state and so redirect, control and contain capitalist relations with nature.
Journal: Review of Political Economy
Pages: 336-353
Issue: 3
Volume: 28
Year: 2016
Month: 7
X-DOI: 10.1080/09538259.2016.1145382
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1145382
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:3:p:336-353




Template-Type: ReDIF-Article 1.0
Author-Name: Brett Fiebiger
Author-X-Name-First: Brett
Author-X-Name-Last: Fiebiger
Title: Rethinking the Financialisation of Non-Financial Corporations: A Reappraisal of US Empirical Data
Abstract: 
 This article assesses the claims of the shareholder value literature of the effects of financialisation on non-financial corporations and, particularly, the claim that fixed capital accumulation in the United States has been impeded by the increasing financial payments of non-financial corporations, and also by these firms transforming themselves into rentiers. The financialisation explanation of macro patterns assumes that trends in the 1970s and early 1980s are representative of the pre-financialisation era but that is not so. Another complication is the global sphere. The vast expansion of majority-owned foreign affiliates from the mid-1990s suggests that the managers of US non-financial corporations did not abandon growth objectives. Claims about rentieralisation also require further investigation. On the one hand, it is misleading to treat all external investment as a financial asset and to assume that corporate dividends provide a robust proxy for financialisation. On the other hand, the shift to external accumulation by US non-financial corporations is obscured due in part to the conceptual limitations of direct investment data, and the widespread strategy of forming non-bank holding companies to funnel cross-border activities.
Journal: Review of Political Economy
Pages: 354-379
Issue: 3
Volume: 28
Year: 2016
Month: 7
X-DOI: 10.1080/09538259.2016.1147734
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1147734
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:3:p:354-379




Template-Type: ReDIF-Article 1.0
Author-Name: Lefteris Tsoulfidis
Author-X-Name-First: Lefteris
Author-X-Name-Last: Tsoulfidis
Author-Name: Constantinos Alexiou
Author-X-Name-First: Constantinos
Author-X-Name-Last: Alexiou
Author-Name: Persefoni Tsaliki
Author-X-Name-First: Persefoni
Author-X-Name-Last: Tsaliki
Title: The Greek economic crisis: causes and alternative policies
Abstract: 
 The Greek economic crisis is primarily structural and the result of an international economic impasse that developed in 2007, with devastating implications for the struggling peripheral economies of Europe. This article suggests that falling profitability led to the stagnation of profits, which in turn discouraged new investment, decreased production and increased unemployment. The resulting recessionary economic environment, in conjunction with the mounting public debt and the austerity policies imposed on the Greek economy by the so-called ‘troika’ of creditors in 2010, has decimated the Greek economy even further, causing one of the worst economic crises since the Second World War. The article also provides some broad guidelines for an alternative economic policy.
Journal: Review of Political Economy
Pages: 380-396
Issue: 3
Volume: 28
Year: 2016
Month: 7
X-DOI: 10.1080/09538259.2016.1163819
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1163819
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:3:p:380-396




Template-Type: ReDIF-Article 1.0
Author-Name: Sherry Yu
Author-X-Name-First: Sherry
Author-X-Name-Last: Yu
Title: The effect of political factors on sovereign default
Abstract: 
 This aricle examines the effect of political factors on sovereign default. Using a theoretical model, we find that political instability increases the likelihood of default. To test this theoretical implication, we use a panel logit model to estimate the effect of long- and short-run political factors, along with other macroeconomic variables, on the probability of default. Data from 68 developed and developing countries between 1970 and 2010 is used to conduct the study. Our findings suggest that a country is more likely to default when (i) it has a relatively younger political regime in place; (ii) it faces a higher chance of political turnover; and (iii) it has a less democratic political system. Economic factors are also vital; a country with stronger growth and less external debt is less likely to experience sovereign default. Robustness tests using alternative measures of political risk, trade balance and EMBI sovereign bond spreads also support the baseline findings.
Journal: Review of Political Economy
Pages: 397-416
Issue: 3
Volume: 28
Year: 2016
Month: 7
X-DOI: 10.1080/09538259.2016.1200245
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1200245
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:3:p:397-416




Template-Type: ReDIF-Article 1.0
Author-Name: Marcel Boumans
Author-X-Name-First: Marcel
Author-X-Name-Last: Boumans
Title: Methodological institutionalism as a transformation of structural econometrics
Abstract: 
 I agree with Nell and Errouaki that an econometrics based on neoclassical economic theory fails to develop any insight into deep structures. But my methodology differs slightly from theirs because of my view that an econometrics based on any economic theory would fail in this sense. Economics is an inexact science, incapable of providing a complete set of causal factors to explain any economic phenomenon. I arrive at a different call for more fieldwork in econometrics due to a somewhat different reading of the criticisms of Trygve Haavelmo, Wassily Leontief, the young Tjalling Koopmans and Oskar Morgenstern. These economists not only shared the idea that economic structure is different in nature from natural laws and that statistical analysis alone is not enough to arrive at knowledge of this structure, but also that economic theory as an additional source of knowledge would not be sufficient either. Another additional source of knowledge is needed—that is, field expertise.
Journal: Review of Political Economy
Pages: 417-425
Issue: 3
Volume: 28
Year: 2016
Month: 7
X-DOI: 10.1080/09538259.2016.1154752
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1154752
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:3:p:417-425




Template-Type: ReDIF-Article 1.0
Author-Name: Aris Spanos
Author-X-Name-First: Aris
Author-X-Name-Last: Spanos
Title: Transforming structural econometrics: substantive vs. statistical premises of inference
Abstract: 
 How could one transform structural econometrics with a view to deliver empirical models that generate reliable inferences and trustworthy evidence for or against theories or claims, as well as provide trustable guidance for economic policy makers? Nell and Errouaki, in Rational Econometric Man: Transforming Structural Econometrics, put forward their proposal on how to achieve that, by discussing the effectiveness of alternative proposals in the literature. There is a lot to agree with in this book, but the primary aim of this note is to initiate the dialogue on issues where opinions differ on how to transform structural econometrics. The discussion focuses on what I consider a crucial aspect of empirical modeling—statistical adequacy—but the authors question its practical usefulness for empirical modeling. I will attempt to make a case that ‘methodological institutionalism’ cannot be properly implemented without employing the notion of statistical adequacy.
Journal: Review of Political Economy
Pages: 426-437
Issue: 3
Volume: 28
Year: 2016
Month: 7
X-DOI: 10.1080/09538259.2016.1154756
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1154756
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:3:p:426-437




Template-Type: ReDIF-Article 1.0
Author-Name: Lawrence A. Boland
Author-X-Name-First: Lawrence A.
Author-X-Name-Last: Boland
Title: Econometrics and equilibrium models
Abstract: 
 In Rational Econometric Man, Edward Nell and Karim Errouaki present a welcome and timely case for the view that econometrics and econometric model-building may not be the magic tools to solve all empirical questions despite what many seem to have thought they were in the 1960s. Here I examine some possible problems with econometric models that have to do with their usually taking the form of equilibrium models. Some of these problems were recognized by Trygve Haavelmo decades ago. And as Aris Spanos has recently discussed, the problems are often the result of what we say in our textbooks. Some problems have to do with what we mean by econometric parameters and others with how we use probabilities.
Journal: Review of Political Economy
Pages: 438-447
Issue: 3
Volume: 28
Year: 2016
Month: 7
X-DOI: 10.1080/09538259.2016.1154757
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1154757
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:3:p:438-447




Template-Type: ReDIF-Article 1.0
Author-Name: Edward J. Nell
Author-X-Name-First: Edward J.
Author-X-Name-Last: Nell
Author-Name: Karim Errouaki
Author-X-Name-First: Karim
Author-X-Name-Last: Errouaki
Title: Modeling and Measuring Economic Reality: Reply to the Reviews
Abstract: 
 To begin with, we'd like to express our appreciation to our three commentators for their thoughtful and helpful reviews. Like the founders of the subject, we believe, and our reviewers seem to agree, that structural econometrics has the potential to enable us to develop serious working models of how different economies actually operate, and also to tell us something about the changing patterns of their growth and transformation. But both we and our reviewers agree that there is a great deal wrong with the way econometrics is practiced today.
Journal: Review of Political Economy
Pages: 448-463
Issue: 3
Volume: 28
Year: 2016
Month: 7
X-DOI: 10.1080/09538259.2016.1154758
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1154758
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:3:p:448-463




Template-Type: ReDIF-Article 1.0
Author-Name: Katherine A. Moos
Author-X-Name-First: Katherine A.
Author-X-Name-Last: Moos
Title: Finding Time: The Economics of Work–Life Conflict
Journal: Review of Political Economy
Pages: 464-466
Issue: 3
Volume: 28
Year: 2016
Month: 7
X-DOI: 10.1080/09538259.2016.1201368
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1201368
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:3:p:464-466




Template-Type: ReDIF-Article 1.0
Author-Name: Leila Davis
Author-X-Name-First: Leila
Author-X-Name-Last: Davis
Title: Financialization, Shareholder Orientation and the Cash Holdings of US Corporations
Abstract: 
 Growth in the cash holdings of US nonfinancial corporations (NFCs) has received considerable attention in recent years. These cash holdings constitute a primary component of the growth in firm-level financial asset holdings often highlighted in analyses of the ‘financialization’ of NFCs. In this article, I use a panel of US corporations to empirically analyze two links between corporate cash holdings and the literature on financialization. First, I find a small but positive relationship between cash holdings and shareholder value ideology among large corporations. I capture the growing entrenchment of shareholder ideology using average industry-level stock repurchases, to proxy for industry-level norms encouraging managers to target stock price-based indicators of firm performance. Second, I find a positive relationship between a firm's cash holdings and a measure of the differential it earns between interest income and expense. Given that cash is classified with short-term marketable (and, therefore, interest-bearing) securities on firm balance sheets, this result lends empirical support to the hypothesis that traditionally nonfinancial firms are increasingly engaged in borrowing and lending for profit.
Journal: Review of Political Economy
Pages: 1-27
Issue: 1
Volume: 30
Year: 2018
Month: 1
X-DOI: 10.1080/09538259.2018.1429147
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1429147
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:1:p:1-27




Template-Type: ReDIF-Article 1.0
Author-Name: Donald A. R. George
Author-X-Name-First: Donald A. R.
Author-X-Name-Last: George
Title: Economic Growth with Institutional Saving and Investment
Abstract: 
 This article develops a two-sector growth model in which institutional investors play a significant role. A necessary and sufficient condition is established under which these investors own the entire capital stock in the long run. The dependence of the long-run growth rate on the behaviour of such investors and the effects of a productivity increase are analysed.
Journal: Review of Political Economy
Pages: 28-40
Issue: 1
Volume: 30
Year: 2018
Month: 1
X-DOI: 10.1080/09538259.2018.1439556
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1439556
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:1:p:28-40




Template-Type: ReDIF-Article 1.0
Author-Name: Eckhard Hein
Author-X-Name-First: Eckhard
Author-X-Name-Last: Hein
Author-Name: Petra Dünhaupt
Author-X-Name-First: Petra
Author-X-Name-Last: Dünhaupt
Author-Name: Ayoze Alfageme
Author-X-Name-First: Ayoze
Author-X-Name-Last: Alfageme
Author-Name: Marta Kulesza
Author-X-Name-First: Marta
Author-X-Name-Last: Kulesza
Title: A Kaleckian Perspective on Financialisation and Distribution in Three Main Eurozone Countries before and after the Crisis: France, Germany and Spain
Abstract: 
 The purpose of this article is twofold. First, we examine if, and to what extent, a general Kaleckian analysis of the potential effects of financialisation on income shares in advanced capitalist economies is of relevance for the three Eurozone countries under investigation—France, Germany and Spain—in the period before the recent financial and economic crisis. Second, we study changes in the financialisation–distribution nexus that have occurred in the course of and after the financial and economic crisis. We find that the countries examined here have shown broad similarities regarding redistribution before the crisis, although there are some differences in the underlying determinants. These differences have continued during the period after the crisis and have led to different results in the development of distribution since then.
Journal: Review of Political Economy
Pages: 41-71
Issue: 1
Volume: 30
Year: 2018
Month: 1
X-DOI: 10.1080/09538259.2018.1442784
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1442784
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:1:p:41-71




Template-Type: ReDIF-Article 1.0
Author-Name: Colin Rogers
Author-X-Name-First: Colin
Author-X-Name-Last: Rogers
Title: The Conceptual Flaw in the Microeconomic Foundations of Dynamic Stochastic General Equilibrium Models
Abstract: 
 First-generation dynamic stochastic general equilibrium (DSGE) models have been criticized for their lack of financial markets but, more perceptively, for their barter properties. This note explains why the second of these criticisms is fundamental. All DSGE models are built on frictionless, perfect barter, Walrasian microeconomic foundations. Introducing money and banks into such models converts them into a ‘friction’ contra the fundamental principle that monetary exchange is more efficient than barter. This insoluble difficulty with the microeconomic foundations of DSGE models arises because theorists ignore the Hahn problem that applies to all monetary models based on Walrasian general equilibrium (GE) microeconomic foundations. The Hahn problem reveals three things. First, a perfect barter GE solution always exists in any ‘monetary’ model erected on Walrasian GE microeconomic foundations. Second, inessential monetary features are easily attached to perfect barter microeconomic foundations but as easily removed, leaving the perfect barter solution intact. Third, attaching such inessential additions leads to logical error; the misuse of language that produces invalid conclusions. A second-generation DSGE model that is intended to increase understanding of financial crises is then examined to show that it suffers from the Hahn problem; it converts banking and financial markets into ‘frictions’, and words and economic concepts take on different meanings. That renders the new DSGE model impossible to interpret or use as a basis for advice on monetary policy.
Journal: Review of Political Economy
Pages: 72-83
Issue: 1
Volume: 30
Year: 2018
Month: 1
X-DOI: 10.1080/09538259.2018.1442894
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1442894
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:1:p:72-83




Template-Type: ReDIF-Article 1.0
Author-Name: Davide Gualerzi
Author-X-Name-First: Davide
Author-X-Name-Last: Gualerzi
Title: The Stagnation Tendencies of Neoliberalism: A Review Essay
Abstract: 
 In his 2012 book, From Financial Crisis to Stagnation, Thomas Palley argued that the financial crisis of 2008 would be likely to result in a period of long-term stagnation. Both the crisis and the predicted stagnation, Palley argued, were the outcomes of policies pursued since the 1980s; the persistence of those policies explains the stagnation. Underpinning the policies and their consequences are the flaws of the neoliberal macro model and the particular role played by finance in that model. The rejection of Keynesianism meant the abandonment of the commitment to full employment. The neoliberal paradigm rests upon a foundation of ‘bad ideas’ that are located in political philosophy as much as in economic theory. Palley’s argument has a bearing on recent discussions among mainstream macroeconomists, whose interest in secular stagnation has been revived by the ‘ongoing crisis’. These discussions have left mostly unanswered the question of the causes of stagnation. The present essay argues that Palley’s concept of ‘structural Keynesianism’ can benefit from a closer association with the analysis of structural transformation and its effects on policy regimes and stagnation tendencies.
Journal: Review of Political Economy
Pages: 84-93
Issue: 1
Volume: 30
Year: 2018
Month: 1
X-DOI: 10.1080/09538259.2018.1450181
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1450181
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:1:p:84-93




Template-Type: ReDIF-Article 1.0
Author-Name: Pablo Paniagua Prieto
Author-X-Name-First: Pablo
Author-X-Name-Last: Paniagua Prieto
Title: Elinor Ostrom: an intellectual biography
Journal: Review of Political Economy
Pages: 94-97
Issue: 1
Volume: 30
Year: 2018
Month: 1
X-DOI: 10.1080/09538259.2018.1450183
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1450183
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:1:p:94-97




Template-Type: ReDIF-Article 1.0
Author-Name: Edwin Dickens
Author-X-Name-First: Edwin
Author-X-Name-Last: Dickens
Title: Financialization: The Economics of Finance Capital Domination
Journal: Review of Political Economy
Pages: 97-101
Issue: 1
Volume: 30
Year: 2018
Month: 1
X-DOI: 10.1080/09538259.2018.1450185
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1450185
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:1:p:97-101




Template-Type: ReDIF-Article 1.0
Author-Name: Johann K. Jaeckel
Author-X-Name-First: Johann K.
Author-X-Name-Last: Jaeckel
Title: Trekonomics: The Economics of Star Trek
Journal: Review of Political Economy
Pages: 101-105
Issue: 1
Volume: 30
Year: 2018
Month: 1
X-DOI: 10.1080/09538259.2018.1450187
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1450187
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:1:p:101-105




Template-Type: ReDIF-Article 1.0
Author-Name: Marc Lavoie
Author-X-Name-First: Marc
Author-X-Name-Last: Lavoie
Title: Frederic Lee and Post-Keynesian Pricing Theory
Abstract: 
 Frederic Lee has been a major contributor to post-Keynesian economics, mainly to its theory of pricing. This article summarizes his objections to the neoclassical view of the firm and pricing, as well as his view that changes in quantities, rather than in prices, provide the important information to firms. It also outlines Lee's views on competition, and examines the three pricing doctrines Lee carefully analyzed—markup pricing (associated with Kalecki), normal-cost pricing or full-cost pricing (associated with Andrews), and target-return or administered pricing (associated with Means). The article then discusses the relationship between Lee and three strands of post-Keynesianism: Kaleckian, Sraffian and Eichnerian pricing theories. It explains why Lee objected to some features of each of these. The article concludes by discussing why, towards the end of his life, Lee felt (mistakenly) that his ideas had been dismissed by heterodox economists.
Journal: Review of Political Economy
Pages: 169-186
Issue: 2
Volume: 28
Year: 2016
Month: 4
X-DOI: 10.1080/09538259.2016.1149375
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1149375
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:2:p:169-186




Template-Type: ReDIF-Article 1.0
Author-Name: Steven Pressman
Author-X-Name-First: Steven
Author-X-Name-Last: Pressman
Title: Symposium on Piketty's Capital: An Introduction
Journal: Review of Political Economy
Pages: 187-189
Issue: 2
Volume: 28
Year: 2016
Month: 4
X-DOI: 10.1080/09538259.2016.1150559
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1150559
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:2:p:187-189




Template-Type: ReDIF-Article 1.0
Author-Name: Javier López-Bernardo
Author-X-Name-First: Javier
Author-X-Name-Last: López-Bernardo
Author-Name: Félix López-Martínez
Author-X-Name-First: Félix
Author-X-Name-Last: López-Martínez
Author-Name: Engelbert Stockhammer
Author-X-Name-First: Engelbert
Author-X-Name-Last: Stockhammer
Title: A Post-Keynesian Response to Piketty's ‘Fundamental Contradiction of Capitalism’
Abstract: 
 In Capital in the Twenty-First Century, Thomas Piketty presents a rich set of data that deals with income and wealth distribution, output-wealth dynamics and rates of return. He also proposes some ‘laws of capitalism’. At the core of his argument lies the ‘fundamental inequality of capitalism’, an empirical regularity stating that the rate of return on wealth is greater than the growth rate of the economy. This simple construct allows him to conclude that increasing wealth (and income) inequality is an inevitable outcome of capitalism. While we share some of his conclusions, we will highlight some shortcomings of his approach based on a Cambridge post-Keynesian growth-and-distribution model. The paper makes four points. First, r &gt; g is not necessarily associated with increasing inequality in functional distribution. Second, Piketty succumbs to a fallacy of composition when he claims that a necessary condition for r &gt; g is that capitalists save a large share of their capital income. Third, post-Keynesians can learn from Piketty's insights about personal income distribution and incorporate them into their models. Fourth, we reiterate the post-Keynesian argument that a well-behaved aggregate production function does not exist and cannot explain income distribution.
Journal: Review of Political Economy
Pages: 190-204
Issue: 2
Volume: 28
Year: 2016
Month: 4
X-DOI: 10.1080/09538259.2015.1060057
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1060057
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:2:p:190-204




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas R. Michl
Author-X-Name-First: Thomas R.
Author-X-Name-Last: Michl
Title: Capitalists, Workers and Thomas Piketty's 
Abstract: 
 This paper interprets Piketty's influential work through the lens of structuralist macroeconomic theory, which is a synthesis of the classical, Marxian and Keynesian traditions. It shows that Piketty's key inequality, $r \gt g$r&gt;g (the rate of profit is greater than the rate of growth) measures the influence of capitalist consumption on capital accumulation in the context of a growth model with capitalists and workers in the tradition of Nicholas Kaldor and Luigi Pasinetti. The paper shows how in the structuralist model the connections Piketty makes between growth and inequality become more transparent and less confusing than they are in the neoclassical theory he resorts to using. The paper also examines his data with emphasis on two central paradoxes of neoliberalism: with all the upward redistribution of income, there is surprisingly little concentration of the wealth distribution; and with a higher profit rate, there has been no corresponding increase in growth. The hypothesis suggested by structuralist growth theory is that neoliberal capitalism has transformed Marx's ‘accumulate, accumulate' into ‘consume, consume.' The political-economic implications of this hypothesis are significant.
Journal: Review of Political Economy
Pages: 205-219
Issue: 2
Volume: 28
Year: 2016
Month: 4
X-DOI: 10.1080/09538259.2015.1060059
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1060059
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:2:p:205-219




Template-Type: ReDIF-Article 1.0
Author-Name: Gérard Duménil
Author-X-Name-First: Gérard
Author-X-Name-Last: Duménil
Author-Name: Dominique Lévy
Author-X-Name-First: Dominique
Author-X-Name-Last: Lévy
Title: Thomas Piketty's Historical Macroeconomics: A Critical Analysis
Abstract: 
 There has been a great deal of interest in the data on income and wealth inequality collected by Thomas Piketty. This paper does not question that data; rather, it questions the framework of Piketty's analysis, both theoretically and empirically—namely the alleged upward tendency of the ratio of wealth to national income and the rise of wealth inequality. First, in the mechanism put forward, wealth can only grow as a result of savings, thus ruling out any form of price effect (as in urban land). Second, Piketty’s second law defines an asymptotical trajectory, in which variables grow in parallel, something incompatible with the rise of the ratio between two variables. In addition, Piketty’s model does not match data for the USA. The historical profile of the ratio of wealth/national income is actually the inverted image of the productivity of capital (the ratio of output/firms’ fixed capital). Doubts are also expressed concerning the dramatic fall of the ratio of wealth/national income in Europe around World War I.
Journal: Review of Political Economy
Pages: 220-232
Issue: 2
Volume: 28
Year: 2016
Month: 4
X-DOI: 10.1080/09538259.2015.1076280
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1076280
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:2:p:220-232




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Jones
Author-X-Name-First: Peter
Author-X-Name-Last: Jones
Title: Devaluation and Marx's Law of the tendential fall in the rate of profit
Abstract: 
 Marx's law of the tendential fall in the rate of profit predicts that the rate of profit will decline over the long term as the forces of production develop, and move cyclically in a way that explains crises and economic recoveries. This interpretation is substantiated with textual evidence, and with a method for measuring the dynamic of devaluation and revaluation which Marx uses to explain the profit rate cycle. This method is shown to be consistent with temporalism, meaning it avoids the transformation problem created by dual system interpretations, and the problem of the Okishio Theorem created by simultaneist interpretations. The article also includes a temporalist way to estimate the Monetary Expression of Labour Time, and empirical results for the effect of devaluation on the stock of fixed assets in the United States since 1930.
Journal: Review of Political Economy
Pages: 233-250
Issue: 2
Volume: 28
Year: 2016
Month: 4
X-DOI: 10.1080/09538259.2016.1142714
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1142714
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:2:p:233-250




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Osborne
Author-X-Name-First: Michael
Author-X-Name-Last: Osborne
Author-Name: Ian Davidson
Author-X-Name-First: Ian
Author-X-Name-Last: Davidson
Title: The Cambridge capital controversies: contributions from the complex plane
Abstract: 
 This article takes a fresh look at reswitching. When two production techniques are compared, reswitching occurs when one technique is more viable than the other at a high interest rate, switches to being less viable at a lower rate, and reswitches to being more viable again at even lower rates. For some, reswitching undermines the foundations of neoclassical economics because it belies the idea of a monotonic relationship between relative capital values and factor price. The reswitching equation is an nth degree polynomial having n roots, implying the existence of n interest rates. Conventional analysis uses one interest rate but ignores the others. We argue that the others should not be ignored because all rates are determined simultaneously, and when one rate shifts, all rates shift. We demonstrate that the Samuelson reswitching model possesses a ‘dual’ expression containing every interest rate, the rates being compressed into a composite, interest-rate variable, thereby establishing a role for interest rates previously thought lacking in use and meaning. The relationship between this composite interest rate and capital value does not exhibit reswitching. The notion of a composite interest rate has implications for economics beyond reswitching.
Journal: Review of Political Economy
Pages: 251-269
Issue: 2
Volume: 28
Year: 2016
Month: 4
X-DOI: 10.1080/09538259.2015.1129751
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1129751
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:2:p:251-269




Template-Type: ReDIF-Article 1.0
Author-Name: Leonardo Burlamaqui
Author-X-Name-First: Leonardo
Author-X-Name-Last: Burlamaqui
Author-Name: Rainer Kattel
Author-X-Name-First: Rainer
Author-X-Name-Last: Kattel
Title: Development as leapfrogging, not convergence, not catch-up: towards schumpeterian theories of finance and development
Abstract: 
 Our aim is to demark a pathway towards Schumpeterian theories of finance and development. To do this, we offer four basic propositions for discussion. First, we suggest that ‘convergence’ and ‘catch-up’ are, from a Schumpeterian perspective, theoretically inadequate concepts as they frame development narratives similarly to the Rostovian idea of a linear path towards some sort of ‘equilibrium imposed on history’. Leapfrogging by means of innovation and finance is put forward as a better approach to analyzing development trajectories. Second, we contend that rather than the often-assumed convergence among nations, history shows that ‘divergence’ is a more common result of development trajectories; this is especially visible in the last half a century. Third, we outline the key features of this Schumpeterian framework, centered on the concept of leapfrogging through innovation and finance. We conclude by highlighting the essential roles of finance and financial governance within this alternative framework for understanding successful development trajectories, and posit that this construct may be labeled a Schumpeterian entrepreneurial state.
Journal: Review of Political Economy
Pages: 270-288
Issue: 2
Volume: 28
Year: 2016
Month: 4
X-DOI: 10.1080/09538259.2016.1142718
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1142718
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:2:p:270-288




Template-Type: ReDIF-Article 1.0
Author-Name: Antonios Patidis
Author-X-Name-First: Antonios
Author-X-Name-Last: Patidis
Title: A Micro-Approach for Testing Marx's LTRPF: Evidence from Greece, 2000 and 2009
Abstract: 
 This article develops a novel micro-approach for the empirical evaluation of Marx's law of the tendency of the rate of profit to fall. Contrary to the traditional method which uses national macroeconomic data, this approach utilises data taken directly from company reports and accounts. The principal advantage of this approach is that it provides an accurate measurement of the value composition of capital, devoid of the measurement limitations of the traditional method regarding variable capital which stem from the inability to distinguish productive from unproductive labour. A disadvantage, however, is that this approach does not cover the entire national economy. The application of the proposed micro-approach to the ongoing Greek crisis yields results which are congruent with the traditional method and reinforce other recent studies linking the current crisis with low profitability.
Journal: Review of Political Economy
Pages: 289-306
Issue: 2
Volume: 28
Year: 2016
Month: 4
X-DOI: 10.1080/09538259.2016.1142719
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1142719
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:2:p:289-306




Template-Type: ReDIF-Article 1.0
Author-Name: G.C. Harcourt
Author-X-Name-First: G.C.
Author-X-Name-Last: Harcourt
Title: Microfoundations: a personal historical note
Journal: Review of Political Economy
Pages: 307-308
Issue: 2
Volume: 28
Year: 2016
Month: 4
X-DOI: 10.1080/09538259.2016.1156933
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1156933
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:2:p:307-308




Template-Type: ReDIF-Article 1.0
Author-Name: Stavros D. Mavroudeas
Author-X-Name-First: Stavros D.
Author-X-Name-Last: Mavroudeas
Title: Contending Economic Theories: Neoclassical, Keynesian and Marxian
Journal: Review of Political Economy
Pages: 309-312
Issue: 2
Volume: 28
Year: 2016
Month: 4
X-DOI: 10.1080/09538259.2015.1080471
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1080471
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:2:p:309-312




Template-Type: ReDIF-Article 1.0
Author-Name: J.E. King
Author-X-Name-First: J.E.
Author-X-Name-Last: King
Title: The Literature on Piketty
Abstract: 
 The extensive critical literature on Thomas Piketty’s Capital in the Twenty-First Century is surveyed under nine headings. The first deals with the conservative argument that inequality in the distribution of wealth does not matter, since a rising tide lifts all boats. Second, it is claimed that Piketty’s prediction of continuously increasing inequality and the return of ‘patrimonial capitalism’ is unjustified. Third, the quality of the empirical evidence that he cites is questioned, on a number of quite different grounds. Fourth, some critics object that Piketty’s explanation of long-run trends in the distribution of wealth is too general and too theoretical. Fifth is the argument that he has used the correct (neoclassical) theory incorrectly, exaggerating the elasticity of substitution of capital for labour. Against this, post-Keynesian critics claim, sixthly, that Piketty is using the wrong theory, and should have drawn on the Kaldor–Pasinetti model of distribution and growth, and not the discredited neoclassical analysis. Seventh, Piketty has been criticised for ignoring the distribution of wealth in developing countries. Eighth, there is a wide range of objections to his most striking policy proposal, for a progressive global wealth tax. Finally, several critics from outside economics complain that Piketty has neglected a number of non-economic dimensions of inequality. I conclude by welcoming both the book and the critical literature, and calling for the distribution of wealth to be placed back on the political agenda.
Journal: Review of Political Economy
Pages: 1-17
Issue: 1
Volume: 29
Year: 2017
Month: 1
X-DOI: 10.1080/09538259.2016.1173425
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1173425
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:1:p:1-17




Template-Type: ReDIF-Article 1.0
Author-Name: Anwar Shaikh
Author-X-Name-First: Anwar
Author-X-Name-Last: Shaikh
Title: Income Distribution, Econophysics and Piketty
Abstract: 
 Piketty, Atkinson and Saez have put the analysis of income distribution back on center stage. The distinction between property income and labor income plays a central role in this framework. Property income derives from the rate of return on stocks of income-earning wealth and is more unequally distributed than labor income. Piketty argues that, because the rate of return (r) is generally greater than the rate of growth of the economy (g), property income tends to grow more rapidly than labor income, so that rising income inequality is an intrinsic tendency of capitalism despite interruptions due to world wars and great depressions. This article argues the exact opposite. The rise of unions and the welfare state were the fruits of long-term historical gains made by labor, and the postwar constraints on real and financial capital arose in sensible reaction to the Great Depression. The ‘neoliberal’ era beginning in the 1980s significantly rolled back all of these. The article uses the econophysics two-class argument of Yakovenko to show that we can explain the empirical degree of inequality using two factors alone: the profit share and the degree of financialization of income. The rise of inequality in the neoliberal era then derives from a reduction in the wage share (rise in the profit share) in the face of assaults on labor and the welfare state, and a sharp increase in the financialization of incomes as financial controls are weakened. These are inherently socio-political outcomes, and what was lost can be regained. Hence, there is no inevitable return to Piketty’s ‘patrimonial capitalism’.
Journal: Review of Political Economy
Pages: 18-29
Issue: 1
Volume: 29
Year: 2017
Month: 1
X-DOI: 10.1080/09538259.2016.1205295
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1205295
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:1:p:18-29




Template-Type: ReDIF-Article 1.0
Author-Name: George Mechling
Author-X-Name-First: George
Author-X-Name-Last: Mechling
Author-Name: Stephen Miller
Author-X-Name-First: Stephen
Author-X-Name-Last: Miller
Author-Name: Ron Konecny
Author-X-Name-First: Ron
Author-X-Name-Last: Konecny
Title: Do Piketty and Saez Misstate Income Inequality? Critiquing the Critiques
Abstract: 
 A large body of literature points to sharply growing income inequality over the past half century. The Piketty and Saez dataset that measures income distribution provides empirical support for this claim. Our article evaluates three prominent criticisms of this dataset as well as the responses of Piketty and Saez to these criticisms. One key argument against using their dataset is that Piketty and Saez do not control for income shifting by top income earners in response to the Tax Reform Act of 1986 (TRA86) and thus overstate income inequality. In evaluating this criticism we find that a segment of their dataset likely understates income inequality; this is just the opposite of what critics assert. This implies that the Piketty–Saez dataset is a valuable resource for income inequality research and that scholars can use it to build more refined, accurate and insightful measures of income inequality.
Journal: Review of Political Economy
Pages: 30-46
Issue: 1
Volume: 29
Year: 2017
Month: 1
X-DOI: 10.1080/09538259.2017.1255439
File-URL: http://hdl.handle.net/10.1080/09538259.2017.1255439
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:1:p:30-46




Template-Type: ReDIF-Article 1.0
Author-Name: Antonella Stirati
Author-X-Name-First: Antonella
Author-X-Name-Last: Stirati
Title: Wealth, Capital and the Theory of Distribution: Some Implications for Piketty’s Analysis
Abstract: 
 Thomas Piketty’s Capital in the Twenty-First Century (2014) has been spectacularly successful. One reason for this is that while it often challenges received views and supports a non-apologetic interpretation of capitalism, at the same time it relies on mainstream economics. This theoretical framework, however, is not always conducive to consistency and interpretative accuracy. This paper points out some of the book’s analytical weaknesses and shows that some empirical evidence, a clearer distinction between wealth and capital, and a different theoretical perspective, could lead to questioning some of the book’s claims. In particular, it argues that the increase in the wealth-to-output ratio (but not the capital-to-output ratio) cannot explain the observed changes in income shares. It also contends that non-mainstream perspectives on income distribution and growth suggest that changes in income distribution are due more to policy and power relations than to the factors Piketty identifies.
Journal: Review of Political Economy
Pages: 47-63
Issue: 1
Volume: 29
Year: 2017
Month: 1
X-DOI: 10.1080/09538259.2016.1237819
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1237819
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:1:p:47-63




Template-Type: ReDIF-Article 1.0
Author-Name: Gregor Semieniuk
Author-X-Name-First: Gregor
Author-X-Name-Last: Semieniuk
Title: Piketty’s Elasticity of Substitution: A Critique
Abstract: 
 This article examines Thomas Piketty’s explanation of a falling wage share. Piketty explains rising income inequality between labor and capital as a result of one parameter of a production function: an elasticity of substitution, σ, between labor and capital greater than one. This article reviews Piketty’s elasticity argument, which relies on a non-standard definition of capital. In light of the theory of land rent, it discusses why the non-standard capital definition is a measure of wealth, not capital and is problematic for estimating elasticities. It then presents simple long-run estimates of σ in constant elasticity of substitution functions for Piketty’s data as well as for a subset of his capital measure that comes closer to the standard definition of productive capital. The estimation results cast doubt on Piketty’s hypothesis that σ is greater than one.
Journal: Review of Political Economy
Pages: 64-79
Issue: 1
Volume: 29
Year: 2017
Month: 1
X-DOI: 10.1080/09538259.2016.1244916
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1244916
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:1:p:64-79




Template-Type: ReDIF-Article 1.0
Author-Name: Felipe Almeida
Author-X-Name-First: Felipe
Author-X-Name-Last: Almeida
Author-Name: Eduardo Angeli
Author-X-Name-First: Eduardo
Author-X-Name-Last: Angeli
Author-Name: Renato Pontes
Author-X-Name-First: Renato
Author-X-Name-Last: Pontes
Title: An Institutional Explanation for Economists’ Theoretical and Methodological Choices
Abstract: 
 Scientific research in general and economics research in particular is a social act. More specifically, schools of economic thought as well as associations, research groups and conferences are expressions of social organizations within the realm of economics. Historically, studies investigating the methodologies used in economics have focused on the strengths of these social organizations. This study aims to analyze the key roles played by individuals within social organizations in building and reinforcing economics and, in turn, their influence on these individuals. To achieve this goal, we use an institutionalist approach in a broad sense. We show how economics as an academic environment can be presented as an institutional entanglement and how an institutionalist approach can enhance an understanding of why economists adopt a particular theoretical and methodological perspective. It is argued that habits, observations and cognitive abilities should be seriously considered to understand the logic and decision making of economic researchers. We discuss also the importance of forming groups in the process of institutionalizing elements relevant to an economic researcher’s logic and decision making and present an interpretation of mainstream economics in terms of the analytical approach of our study.
Journal: Review of Political Economy
Pages: 80-92
Issue: 1
Volume: 29
Year: 2017
Month: 1
X-DOI: 10.1080/09538259.2016.1257015
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1257015
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:1:p:80-92




Template-Type: ReDIF-Article 1.0
Author-Name: Tadashi Hirai
Author-X-Name-First: Tadashi
Author-X-Name-Last: Hirai
Author-Name: Yukio Ikemoto
Author-X-Name-First: Yukio
Author-X-Name-Last: Ikemoto
Title: Sen’s Economics in : Induction vs Deduction
Abstract: 
 In The Idea of Justice, Amartya Sen revealingly differentiates his capability approach from the mainstream in terms of structure: comparative vis-à-vis transcendental. Instead of constructing models based on fundamental principles and questing for perfection, Sen seeks to compare feasible options and to choose one from among them. What lies behind this strategy is respect for a plurality of values and reasoning in society. In this context, description plays a key role in this approach, given that plural values and reasoning can be reflected only in an inductive manner which requires rich description. The purpose of this article is to examine how Sen’s approach is related to the Cambridge tradition, which typically embraces inductive methods of reasoning, with a particular focus on the influence of Maurice Dobb. In relation to this, some possible extensions of his approach will be discussed.
Journal: Review of Political Economy
Pages: 93-110
Issue: 1
Volume: 29
Year: 2017
Month: 1
X-DOI: 10.1080/09538259.2016.1259873
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1259873
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:1:p:93-110




Template-Type: ReDIF-Article 1.0
Author-Name: Lefteris Tsoulfidis
Author-X-Name-First: Lefteris
Author-X-Name-Last: Tsoulfidis
Author-Name: Dimitris Paitaridis
Author-X-Name-First: Dimitris
Author-X-Name-Last: Paitaridis
Title: Monetary Expressions of Labour Time and Market Prices: Theory and Evidence from China, Japan and Korea
Abstract: 
 This article presents estimates of labour values and prices of production following two approaches: the first is based on the classical and Marxian theory of value and distribution; the second on the so-called ‘new solution’ to the ‘transformation problem’ and its variant, the Temporary Single-System Interpretation (TSSI). The major advantage of the latter approach is its simplicity, along with the relatively low data requirements. Our empirical findings from the economies of China, Japan and South Korea suggest that both approaches give estimates of labour values and prices of production which are extremely close to each other as well as to actual market prices. On further examination, however, we conclude that our empirical findings are absolutely consistent with the theoretical requirements of the classical approach and contradict those of the TSSI.
Journal: Review of Political Economy
Pages: 111-132
Issue: 1
Volume: 29
Year: 2017
Month: 1
X-DOI: 10.1080/09538259.2016.1260804
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1260804
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:1:p:111-132




Template-Type: ReDIF-Article 1.0
Author-Name: R. E. Greenblatt
Author-X-Name-First: R. E.
Author-X-Name-Last: Greenblatt
Title: On the Estimation of Skill Coefficients for Heterogeneous Labor
Abstract: 
 Many economists have questioned the existence of a solution to the problem of reducing the value of skilled to unskilled labor, consistent with the assumptions of the labor theory of value. This article presents a model to account quantitatively for an important component of the reduction—the relation between skills and earnings. The model contains an educational attainment graph and a multivariate linear function, which maps time to labor content. We then compare the resulting relative skill coefficients to earnings relative to an unskilled labor reference. The predictions of the model substantially agree with the empirical data.
Journal: Review of Political Economy
Pages: 133-147
Issue: 1
Volume: 29
Year: 2017
Month: 1
X-DOI: 10.1080/09538259.2016.1243285
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1243285
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:1:p:133-147




Template-Type: ReDIF-Article 1.0
Author-Name: Davide Gualerzi
Author-X-Name-First: Davide
Author-X-Name-Last: Gualerzi
Title: Growth, Normal Capacity Utilization and the Long-Run Saving Ratio: A Comment
Abstract: 
 In a recent paper Attilio Trezzini presents an explanation of the saving ratio that does not rely on normal capacity utilization positions. Trezzini instead focuses on the fluctuations of consumption and investment. But that very focus, I argue, requires a different kind of approach. Once the traditional theory of saving is discarded, the ‘indeterminacy’ of the saving ratio opens the way to an analysis of the evolution of consumption, and of how that evolution affects aggregate demand. The generation and evolution of autonomous demand are matters of obvious relevance to the classical Keynesian approach to the analysis of growth. The present comment takes James Duesenberry’s criticism of demand theory as the starting point for an examination of the evolving standard of consumption and autonomous (‘innovative’) investment, therefore addressing directly the investment–consumption relationship. There are of course a number of complicated questions involved and they have not yet been satisfactorily analysed. They are part of the necessary task of articulating a theory of consumption consistent with demand-led growth and forward-looking investment decisions.
Journal: Review of Political Economy
Pages: 148-156
Issue: 1
Volume: 29
Year: 2017
Month: 1
X-DOI: 10.1080/09538259.2016.1243689
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1243689
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:1:p:148-156




Template-Type: ReDIF-Article 1.0
Author-Name: Attilio Trezzini
Author-X-Name-First: Attilio
Author-X-Name-Last: Trezzini
Title: The Social Significance of Consumption and the Elasticity of Output to Demand in the Long Run: A Reply to Gualerzi
Abstract: 
 Gualerzi's comment on Trezzini’s 2015 article (‘Growth without Normal Capacity Utilization and the Meaning of the Long-Run Saving Ratio.’) underestimates the role played by the long-run elasticity of output with respect to changes in aggregate demand in my analysis and in the demand-led processes of growth.
Journal: Review of Political Economy
Pages: 157-161
Issue: 1
Volume: 29
Year: 2017
Month: 1
X-DOI: 10.1080/09538259.2016.1243690
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1243690
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:1:p:157-161




Template-Type: ReDIF-Article 1.0
Author-Name: Fletcher Baragar
Author-X-Name-First: Fletcher
Author-X-Name-Last: Baragar
Title: Is Marx’s Theory of Profit Right? The Simultaneist-Temporalist Debate
Journal: Review of Political Economy
Pages: 162-164
Issue: 1
Volume: 29
Year: 2017
Month: 1
X-DOI: 10.1080/09538259.2016.1243686
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1243686
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:1:p:162-164




Template-Type: ReDIF-Article 1.0
Author-Name: Andres F. Cantillo
Author-X-Name-First: Andres F.
Author-X-Name-Last: Cantillo
Title: G. L. S. Shackle
Journal: Review of Political Economy
Pages: 164-167
Issue: 1
Volume: 29
Year: 2017
Month: 1
X-DOI: 10.1080/09538259.2016.1243687
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1243687
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:1:p:164-167




Template-Type: ReDIF-Article 1.0
Author-Name: Ross B. Emmett
Author-X-Name-First: Ross B.
Author-X-Name-Last: Emmett
Title: Bourgeois Equality: Ideas, Not Capital or Institutions, Enriched the World
Journal: Review of Political Economy
Pages: 167-170
Issue: 1
Volume: 29
Year: 2017
Month: 1
X-DOI: 10.1080/09538259.2016.1243688
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1243688
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:1:p:167-170




Template-Type: ReDIF-Article 1.0
Author-Name: Christian Schoder
Author-X-Name-First: Christian
Author-X-Name-Last: Schoder
Title: A Critical Review of the Rationale Approach to the Microfoundation of Post-Keynesian Theory
Abstract: 
 While modeling macroeconomic interactions, post-Keynesians propose rationales to verbally motivate the choice of behavioral equations. This informal approach to microfoundation results in inconsistencies and fuzzy arguments. The rationales for different behavioral rules are mutually inconsistent, require strong and nontransparent assumptions, or refer to highly endogenous variables that are not part of the model. The postulated behavioral rules are invariant to endogenous changes in the microenvironment, whereas the rationales imply that they adjust endogenously. The prevailing assumption of purely backward-looking expectations is neither theoretically nor empirically satisfying. The article concludes that revisiting the issue of microfoundation within the post-Keynesian framework may be a rewarding line of research. Furthermore, post-Keynesians should be open to various microfoundations as long as models feature the core of post-Keynesian theory—the principle of effective demand.
Journal: Review of Political Economy
Pages: 171-189
Issue: 2
Volume: 29
Year: 2017
Month: 4
X-DOI: 10.1080/09538259.2017.1315932
File-URL: http://hdl.handle.net/10.1080/09538259.2017.1315932
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:2:p:171-189




Template-Type: ReDIF-Article 1.0
Author-Name: Lowell Jacobsen
Author-X-Name-First: Lowell
Author-X-Name-Last: Jacobsen
Title: P.W.S. Andrews'  Revisited
Abstract: 
 P.W.S. Andrews (1914–1971) was a remarkable industrial economist at Oxford University, prominently as a member of the Oxford Economists’ Research Group (OERG) and Nuffield College. In the final few years of his life, he held a professorship at Lancaster University. As a self-described ‘practical theorist’, Andrews thought economists, particularly in the 1930s, inappropriately extended Marshall in a more formal, technical manner whereby the detailed reality of industrial economics was overshadowed. Such a ‘methodological mistake’ of a priori reasoning trumping the inductive method was countered by the OERG’s emphasis on grounded empiricism featuring extensive primary research on real businesses. A product of this research was Andrews’ Manufacturing Business that proffers a novel theory of the business firm. This article revisits Andrews’ signature book, paying particular attention to its apparent curiously harsh reviews by Austin Robinson and Arnold Plant, two distinguished Marshallian industrial economists. Moreover, Manufacturing Business is considered as a possible precursor of business strategy, a nascent discipline in the 1960s.
Journal: Review of Political Economy
Pages: 190-208
Issue: 2
Volume: 29
Year: 2017
Month: 4
X-DOI: 10.1080/09538259.2017.1311095
File-URL: http://hdl.handle.net/10.1080/09538259.2017.1311095
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:2:p:190-208




Template-Type: ReDIF-Article 1.0
Author-Name: Jan Keil
Author-X-Name-First: Jan
Author-X-Name-Last: Keil
Title: Explaining the Concentration-Profitability Paradox
Abstract: 
 This paper explains an empirical paradox which is often found, but generally ignored: a significant negative econometric relationship between profitability and market share concentration. The phenomenon can appear when there is a negative correlation between market share and costs—for example due to economies of scale. I show that concentration becomes an indicator for the cost competitiveness of direct rivals within an industry. Profitability of a given firm is undermined if price correlates positively with average industry costs (Classical natural prices) and frictions like sunk costs make an industry exit expensive for firms. This idea also explains the frequent findings of highly persistent profit rate differentials.
Journal: Review of Political Economy
Pages: 209-231
Issue: 2
Volume: 29
Year: 2017
Month: 4
X-DOI: 10.1080/09538259.2017.1295945
File-URL: http://hdl.handle.net/10.1080/09538259.2017.1295945
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:2:p:209-231




Template-Type: ReDIF-Article 1.0
Author-Name: Dell P. Champlin
Author-X-Name-First: Dell P.
Author-X-Name-Last: Champlin
Author-Name: Janet Knoedler
Author-X-Name-First: Janet
Author-X-Name-Last: Knoedler
Title: Contingent Labor and Higher Education
Abstract: 
 Over the past 30 years, the profession of college professor in the US has been changing from a high-status occupation, where faculty have extensive control over their job responsibilities, to a low-status contingent job in the peripheral labor market. This change mirrors the drift toward nonstandard employment in other sectors of the economy. Contingent and part-time faculty have grown at 10 times the rate of growth for tenure-track faculty, leading to a fundamental transformation in the nature of the professoriate. We review data related to these changes as well as the conventional explanations for this transformation. We conclude that the current system of academic labor is best understood within the core–periphery model of nonstandard employment. We conclude with some brief prospects for the future of the academic labor market and higher education.
Journal: Review of Political Economy
Pages: 232-248
Issue: 2
Volume: 29
Year: 2017
Month: 4
X-DOI: 10.1080/09538259.2017.1316054
File-URL: http://hdl.handle.net/10.1080/09538259.2017.1316054
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:2:p:232-248




Template-Type: ReDIF-Article 1.0
Author-Name: Marta Podemska-Mikluch
Author-X-Name-First: Marta
Author-X-Name-Last: Podemska-Mikluch
Author-Name: Richard E. Wagner
Author-X-Name-First: Richard E.
Author-X-Name-Last: Wagner
Title: Economic Coordination across Divergent Institutional Frameworks: Dissolving a Theoretical Antinomy
Abstract: 
 Economic theory contains a significant theoretical antinomy. Markets are thought to secure coordination in self-organized fashion. In contrast, polities are portrayed as securing coordination through planning and administration. Doing this is to commit what Michael Resnick calls the ‘centralized mindset’, which is to attribute an observed order to some ordering agent. This article seeks to dissolve this theoretical antinomy by explaining how the same coordinative principles are at work throughout a society. All societies operate in generally coordinated fashion, due to the operation of transactional processes within societies. Markets and polities both operate through transactional relationships, though political transactions are constructed somewhat differently than market transactions. This article sets forth an approach to explaining coordination throughout a societal ecology where that coordination is achieved through different forms of transaction.
Journal: Review of Political Economy
Pages: 249-266
Issue: 2
Volume: 29
Year: 2017
Month: 4
X-DOI: 10.1080/09538259.2016.1269425
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1269425
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:2:p:249-266




Template-Type: ReDIF-Article 1.0
Author-Name: Vitor Eduardo Schincariol
Author-X-Name-First: Vitor Eduardo
Author-X-Name-Last: Schincariol
Title: Joan Robinson on Population Growth
Abstract: 
 Joan Robinson’s views on population growth have received scant attention. The aim of this article is to summarize and evaluate aspects of Robinson’s perspectives on population. The population question is considered in terms of four specific topics: the problem of growth, the labor market, effective demand and economic development. The article also interprets Robinson’s approach in light of the endogenous theory of economic growth in order to more explicitly elucidate Robinson’s own statements. It is concluded that an economic interpretation of population growth based on Robinson’s approach requires some specific adaptations if it is to be feasible. It is hoped that this line of approach is useful to scholars of the history of economic thought, economic development or theory of economic growth.
Journal: Review of Political Economy
Pages: 267-281
Issue: 2
Volume: 29
Year: 2017
Month: 4
X-DOI: 10.1080/09538259.2016.1257026
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1257026
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:2:p:267-281




Template-Type: ReDIF-Article 1.0
Author-Name: Leonardo Costa Ribeiro
Author-X-Name-First: Leonardo Costa
Author-X-Name-Last: Ribeiro
Author-Name: Leonardo Gomes de Deus
Author-X-Name-First: Leonardo Gomes
Author-X-Name-Last: de Deus
Author-Name: Pedro Mendes Loureiro
Author-X-Name-First: Pedro Mendes
Author-X-Name-Last: Loureiro
Author-Name: Eduardo Da Motta Albuquerque
Author-X-Name-First: Eduardo Da Motta
Author-X-Name-Last: Albuquerque
Title: Profits and Fractal Properties: Notes on Marx, Countertendencies and Simulation Models
Abstract: 
 There are new reasons for revisiting Marx’s elaboration on the rate of profit because contemporary debates provide findings from the MEGA Project, long-term data on the rate of profit, and tools for dealing with complexity and non-equilibrium systems. This article proposes that the interplay between the tendency and the countertendencies of the rate of profit to fall can be translated into a simple system of equations, one based on each chapter of Section Three of Capital—as if Marx sought to mathematically formalise his insights. This article reviews previous debates, presents data and runs a simulation model, showing that the rate of profit behaves as fractals.
Journal: Review of Political Economy
Pages: 282-306
Issue: 2
Volume: 29
Year: 2017
Month: 4
X-DOI: 10.1080/09538259.2016.1265823
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1265823
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:2:p:282-306




Template-Type: ReDIF-Article 1.0
Author-Name: Renaud Fillieule
Author-X-Name-First: Renaud
Author-X-Name-Last: Fillieule
Title: Intertemporal Choice, Saving and Investment, and Interest Rate: Contributions from a Neglected Hayekian Model
Abstract: 
 Hayek’s ‘Utility analysis and interest’ expounds a graphical model of intertemporal choice that has not received the attention it deserves. This model is important in that it can be used as a basic macroeconomic model and can therefore perform for the Austrian School the role that the Solow model plays for the standard neo-classical paradigm. This article provides an in-depth presentation of the Hayekian model, and then applies the model to key theoretical issues in macroeconomics; namely, the effects upon intertemporal equilibrium and upon the interest rate of a change in time preference, of the implementation of a technical development and of an increase in the supply of labor.
Journal: Review of Political Economy
Pages: 307-328
Issue: 2
Volume: 29
Year: 2017
Month: 4
X-DOI: 10.1080/09538259.2017.1316565
File-URL: http://hdl.handle.net/10.1080/09538259.2017.1316565
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:2:p:307-328




Template-Type: ReDIF-Article 1.0
Author-Name: Enrico Sergio Levrero
Author-X-Name-First: Enrico Sergio
Author-X-Name-Last: Levrero
Title: Towards a New Understanding of Sraffa
Journal: Review of Political Economy
Pages: 329-335
Issue: 2
Volume: 29
Year: 2017
Month: 4
X-DOI: 10.1080/09538259.2017.1331885
File-URL: http://hdl.handle.net/10.1080/09538259.2017.1331885
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:2:p:329-335




Template-Type: ReDIF-Article 1.0
Author-Name: Paul May
Author-X-Name-First: Paul
Author-X-Name-Last: May
Title: Global Inequality: A New Approach for the Age of Globalization
Journal: Review of Political Economy
Pages: 336-338
Issue: 2
Volume: 29
Year: 2017
Month: 4
X-DOI: 10.1080/09538259.2017.1331884
File-URL: http://hdl.handle.net/10.1080/09538259.2017.1331884
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:2:p:336-338




Template-Type: ReDIF-Article 1.0
Author-Name: Aleksandr V. Gevorkyan
Author-X-Name-First: Aleksandr V.
Author-X-Name-Last: Gevorkyan
Title: The End of Alchemy: Money, Banking, and the Future of the Global Economy
Journal: Review of Political Economy
Pages: 338-341
Issue: 2
Volume: 29
Year: 2017
Month: 4
X-DOI: 10.1080/09538259.2017.1331883
File-URL: http://hdl.handle.net/10.1080/09538259.2017.1331883
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:2:p:338-341




Template-Type: ReDIF-Article 1.0
Author-Name: Brian D’Agostino
Author-X-Name-First: Brian
Author-X-Name-Last: D’Agostino
Title: Cooperatives Confront Capitalism: Challenging the Neoliberal Economy
Journal: Review of Political Economy
Pages: 341-344
Issue: 2
Volume: 29
Year: 2017
Month: 4
X-DOI: 10.1080/09538259.2017.1331882
File-URL: http://hdl.handle.net/10.1080/09538259.2017.1331882
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:2:p:341-344




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Boyer
Author-X-Name-First: Robert
Author-X-Name-Last: Boyer
Title: A World of Contrasted but Interdependent Inequality Regimes: The Latin America Paradox
Abstract: 
 The previous issue of this journal published an explanation of three contemporary paradoxes: dramatically increased inequalities in China despite economic development reducing poverty; the excessively large costs incurred by the state following a surge of inequality in the finance-led growth regime of the United States (US); and, within Europe, some social democratic countries continue to exhibit a complementarity between and extended welfare system, more moderate inequalities and a dynamic innovation and production system. This analysis concluded that the US, Chinese and European inequality regimes are different but they express complementary growth patterns. Applying the same socio-economic approach, based upon the concept of inequality regimes, this article addresses another contemporary paradox. Latin America, previously the continent with the highest inequality, has reversed the former dynamics to exhibit a growth pattern based upon inequality reduction, while still relying heavily upon a strong international demand for commodities. This analysis investigates the durability and likelihood of the Latin American U-turn and concludes that there is a possible alternative to the hypothesis of an irreversible globalization of inequality because China, North America, Europe and Latin America do not follow the same trajectory, having developed contrasting regimes of inequality that co-evolve and are largely complementary at the global level. Consequently the future of more inclusive Latin American (and other) economies depends on the interaction between new domestic democratic advances and the reconfiguration of the international economy.
Journal: Review of Political Economy
Pages: 1-22
Issue: 1
Volume: 28
Year: 2016
Month: 1
X-DOI: 10.1080/09538259.2015.1065578
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1065578
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:1:p:1-22




Template-Type: ReDIF-Article 1.0
Author-Name: Mika Kato
Author-X-Name-First: Mika
Author-X-Name-Last: Kato
Title: Jean Tirole, Nobel Prize Winner
Abstract: 
 The Royal Swedish Academy of Sciences awarded the Nobel Prize in Economic Sciences for 2014 to Jean Tirole, Toulouse School of Economics (TSE), Toulouse, France ‘for his analysis of market power and regulation’. What commonly characterizes Jean Tirole's work is a combination of rigorous scientific analysis of markets and provision of useful scientific insights and policy guidance for regulation and competition policy in such markets. This paper focuses on two of Tirole's papers, both co-written with Jean-Charles Rochet, which probably best exemplify his policy-oriented research. It summarizes and then explains how the theory that these papers develop led to the implementation of a new policy regulating the payment card industry in the European Union.
Journal: Review of Political Economy
Pages: 23-44
Issue: 1
Volume: 28
Year: 2016
Month: 1
X-DOI: 10.1080/09538259.2016.1089098
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1089098
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:1:p:23-44




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Setterfield
Author-X-Name-First: Mark
Author-X-Name-Last: Setterfield
Author-Name: Yun K. Kim
Author-X-Name-First: Yun K.
Author-X-Name-Last: Kim
Author-Name: Jeremy Rees
Author-X-Name-First: Jeremy
Author-X-Name-Last: Rees
Title: Inequality, Debt Servicing and the Sustainability of Steady State Growth
Abstract: 
 We investigate the claim that the way in which debtor households service their debts matters for macroeconomic performance. A Kaleckian growth model is modified to incorporate working households who borrow to finance consumption that is determined, in part, by the desire to emulate the consumption patterns of more affluent households. The impact of this behavior on the sustainability of the growth process is then studied by means of a numerical analysis that captures various dimensions of income inequality. When compared with previous contributions to the literature, our results show that the way in which debtor households service their debt has both quantitative and qualitative effects on the economy's macrodynamics.
Journal: Review of Political Economy
Pages: 45-63
Issue: 1
Volume: 28
Year: 2016
Month: 1
X-DOI: 10.1080/09538259.2015.1072919
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1072919
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:1:p:45-63




Template-Type: ReDIF-Article 1.0
Author-Name: John Smithin
Author-X-Name-First: John
Author-X-Name-Last: Smithin
Title: Endogenous Money, Fiscal Policy, Interest Rates and the Exchange Rate Regime: A Comment on Palley, Tymoigne and Wray
Abstract: 
 One of the main collective contributions of the various heterodox schools of monetary thought, such as circuit theory, Post Keynesian theory, modern money theory (MMT) and others, has been to stress the importance of the endogeneity of money via bank credit creation. It is necessary to stress the notion of a collective contribution because of the various claims and counter-claims to academic priority made in the literature. The recent exchange between T.I. Palley and E. Tymoigne and L.R. Wray in this journal provides a clear example of this. This response examines the differences between these writers in some detail.
Journal: Review of Political Economy
Pages: 64-78
Issue: 1
Volume: 28
Year: 2016
Month: 1
X-DOI: 10.1080/09538259.2015.1092780
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1092780
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:1:p:64-78




Template-Type: ReDIF-Article 1.0
Author-Name: C. Sardoni
Author-X-Name-First: C.
Author-X-Name-Last: Sardoni
Title: A note on the sustainability of full employment in the presence of budget deficits
Abstract: 
 In a recent issue of this journal, Tymoigne and Wray, as well as Palley, discussed whether economies can experience stable full-employment equilibria with persistent public budget deficits. This implies continuous growth of a stock-variable: high-powered money and/or government bonds in the hands of the private sector. Their discussion assumed a stationary state. The question is whether such a situation can be regarded as sustainable over time. This paper argues that a satisfactory solution to the problem can be found only by abandoning the hypothesis of stationary state and considering the effects that different compositions of public expenditure have on the rate of growth. To have a stable full-employment equilibrium with budget deficits, the economy must grow. Since the economy is assumed to be in full employment, the growth of aggregate output must be entirely due to the growth of productivity, which can be realized by changing the composition of public spending in favor of productive expenditures.
Journal: Review of Political Economy
Pages: 79-89
Issue: 1
Volume: 28
Year: 2016
Month: 1
X-DOI: 10.1080/09538259.2015.1101828
File-URL: http://hdl.handle.net/10.1080/09538259.2015.1101828
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:1:p:79-89




Template-Type: ReDIF-Article 1.0
Author-Name: Jan Toporowski
Author-X-Name-First: Jan
Author-X-Name-Last: Toporowski
Author-Name: Andy Denis
Author-X-Name-First: Andy
Author-X-Name-Last: Denis
Title: Microfoundations: Introduction
Journal: Review of Political Economy
Pages: 90-91
Issue: 1
Volume: 28
Year: 2016
Month: 1
X-DOI: 10.1080/09538259.2016.1108127
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1108127
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:1:p:90-91




Template-Type: ReDIF-Article 1.0
Author-Name: Jan Toporowski
Author-X-Name-First: Jan
Author-X-Name-Last: Toporowski
Title: Microfoundations, Minsky and Classical Political Economy
Abstract: 
 The microfoundations discourse originated as a critique of modelling abstracted from theory, in the sense of an explanation of the economic decisions that are supposed to give rise to particular economic outcomes. However, reduction of theory to individual choices and optimisation, integrated by prices and markets, overlooks the key role played by the circular flow of income in integrating individual choices, noted by Schumpeter and Marx, and the key distinction between households and firms that underlies Keynesian macroeconomics and the theories of Minsky, because the expenditure decisions of firms determine aggregate incomes.
Journal: Review of Political Economy
Pages: 92-98
Issue: 1
Volume: 28
Year: 2016
Month: 1
X-DOI: 10.1080/09538259.2016.1108128
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1108128
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:1:p:92-98




Template-Type: ReDIF-Article 1.0
Author-Name: Victoria Chick
Author-X-Name-First: Victoria
Author-X-Name-Last: Chick
Title: On Microfoundations and Keynes’ Economics
Abstract: 
 Most mainstream economists regard the principles of ‘rational choice’ theory as the only foundation of economics and insist that macroeconomics be based on those principles. These include certainty or certainty-equivalence, which followers of Keynes reject. Macrofoundations of microeconomics are often proposed instead. We argue that the issue is more complex and explain why it is unlikely that a logically watertight fit between the two levels of analysis will ever be achieved. The complex interactions within and between the two levels suggest that it is unhelpful to assign foundational status to either level. We examine Keynes’ General Theory is examined as an example and compromises are found to fit the two together. It is argued that compromise is inevitable and that good theorising entails defending the compromises made.
Journal: Review of Political Economy
Pages: 99-112
Issue: 1
Volume: 28
Year: 2016
Month: 1
X-DOI: 10.1080/09538259.2016.1108130
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1108130
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:1:p:99-112




Template-Type: ReDIF-Article 1.0
Author-Name: Anthony J. Evans
Author-X-Name-First: Anthony J.
Author-X-Name-Last: Evans
Author-Name: Paul Dragos Aligica
Author-X-Name-First: Paul Dragos
Author-X-Name-Last: Aligica
Title: The Microfoundations of Austrian Economics through a New Classical Theoretical Lens
Abstract: 
 This paper is an attempt to contribute to the microfoundations debate by discussing the distinctive methodological characteristics of the Austrian school, and how they relate to different conceptions of equilibrium and general equilibrium models. Further, we shall focus on one specific branch of the Austrian school (those who see markets as exhibiting equilibrating tendencies) and one specific branch of neoclassical economics (the New Classical School) to highlight some hitherto overlooked points of tangency. Indeed, we shall use the monetary theories of Hayek and Lucas to argue that the limitations of New Classical models may lead to Austrian solutions.
Journal: Review of Political Economy
Pages: 113-133
Issue: 1
Volume: 28
Year: 2016
Month: 1
X-DOI: 10.1080/09538259.2016.1108131
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1108131
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:1:p:113-133




Template-Type: ReDIF-Article 1.0
Author-Name: Andy Denis
Author-X-Name-First: Andy
Author-X-Name-Last: Denis
Title: Microfoundations
Abstract: 
 This paper argues that the microfoundations programme can be understood as an implementation of an underlying methodological principle—methodological individualism—and that it therefore shares a fundamental ambiguity with that principle, viz, whether the macro must be derived from and therefore reducible to, or rather consistent with, micro-level behaviours. The pluralist conclusion of the paper is not that research guided by the principle of microfoundations is necessarily wrong, but that the exclusion of approaches not guided by that principle is indeed necessarily wrong. The argument is made via an examination of the advantages claimed for dynamic stochastic general equilibrium models, the relationship between parts and wholes in social science, and the concepts of reduction, substrate neutrality, the intentional stance and hypostatisation.
Journal: Review of Political Economy
Pages: 134-152
Issue: 1
Volume: 28
Year: 2016
Month: 1
X-DOI: 10.1080/09538259.2016.1108132
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1108132
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:1:p:134-152




Template-Type: ReDIF-Article 1.0
Author-Name: Alessandro Vercelli
Author-X-Name-First: Alessandro
Author-X-Name-Last: Vercelli
Title: Microfoundations, Methodological Individualism and Alternative Economic Visions
Abstract: 
 This article analyzes the standard descriptive and prescriptive uses of the phrase ‘microfoundations of macroeconomics’ as practised since the early 1970s within the discipline of economics. From a descriptive point of view, we maintain that generally this phrase is used to mean a very specific and idiosyncratic way of conceiving the relationship between individual and collective economic behaviour. From a prescriptive point of view, we argue that the requirement for robust macroeconomics that must repose on this particular approach is unjustified and dogmatic. The rapid and widespread adherence by the most influential economists and economic institutions to this approach since the early 1970s deeply transformed macroeconomics by inhibiting the systematic pursuit of alternative approaches. We claim that this extreme form of reductionism greatly restricts the empirical scope and policy efficacy of macroeconomics. We conclude that the relationship between individual and collective economic behaviour is a crucial issue that has to be pursued without any dogmatic a priori imperatives.
Journal: Review of Political Economy
Pages: 153-167
Issue: 1
Volume: 28
Year: 2016
Month: 1
X-DOI: 10.1080/09538259.2016.1108133
File-URL: http://hdl.handle.net/10.1080/09538259.2016.1108133
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:28:y:2016:i:1:p:153-167




Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Persky
Author-X-Name-First: Joseph
Author-X-Name-Last: Persky
Title: Say&#x2019;s Law, Marxian Crisis Theory and the Interconnectedness of the Capitalist Economy
Abstract: 
 Scholars have long debated exactly why Marx felt that general gluts were not just possible, but inevitable. This article argues that Theories of Surplus Value anchored that necessity in the complex interconnectedness that characterizes capitalist production. There, Marx&#x2019;s criticism of Say&#x2019;s Law builds on a version of crisis theory that begins with raw material shortages in a leading sector. The disturbance is then transmitted through the many inter-industry linkages in the capitalist economy. What starts as a supply-side shock in a leading sector is transformed into a broad crisis of aggregate demand as workers are laid off and businesses fall into insolvency. This article argues that Marx&#x2019;s later discussion of other types of crises in Capital can be read as consistent with this approach. A severe profit squeeze in a leading sector (whether originating in intermediate good prices, market demand, rising wages or rising use of fixed capital) necessarily turns into a general glut. In this context, Say&#x2019;s Law becomes an irrelevant theorem concerning an imaginary economy. What Marx sees as fundamentally new under capitalism is not the use of money and the separation of sale and purchase, but massive interconnectedness.
Journal: Review of Political Economy
Pages: 269-283
Issue: 3
Volume: 30
Year: 2018
Month: 7
X-DOI: 10.1080/09538259.2018.1439575
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1439575
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:3:p:269-283




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Boyer
Author-X-Name-First: Robert
Author-X-Name-Last: Boyer
Title: Marx's Legacy,  Theory and Contemporary Capitalism
Abstract: 
 The 2008 financial crisis has challenged the merits of standard economic theories and sparked surprising references to Marxist analyses. A monetary economy is prone to crises, the interaction of competition with capital&#x2013;labour relations launches relentless accumulation and over-accumulation crises exacerbate the built-in contradictions of the capitalist mode of production. Nevertheless, until now, these imbalances have not unfolded into its rapid and complete collapse. From the social and political struggles of labour and citizens, the 1929 crisis and finally the Second World War, new configurations emerge for the wage&#x2013;labour nexus, the form of competition and the monetary and credit regime. These delineate an unprecedented accumulation regime, Fordism. In turn, Fordism enters a structural crisis and a dramatic change in institutionalized compromises favours a still different accumulation regime (finance-led) that evolved from one speculative boom to another till the 2008 American financial collapse. Thus the mobilization of Marx's foundational hypotheses by R&#xE9;gulation theory allows a better understanding than most alternative theories of major contemporary stylized facts: productivity slow-down and social polarization in mature economies, tensions between capitalism and democracy, new industrial capitalisms and limits to globalization.
Journal: Review of Political Economy
Pages: 284-316
Issue: 3
Volume: 30
Year: 2018
Month: 7
X-DOI: 10.1080/09538259.2018.1449480
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1449480
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:3:p:284-316




Template-Type: ReDIF-Article 1.0
Author-Name: M. C. Howard
Author-X-Name-First: M. C.
Author-X-Name-Last: Howard
Author-Name: J. E. King
Author-X-Name-First: J. E.
Author-X-Name-Last: King
Title: MARX@200
Abstract: 
 The article begins by outlining the philosophic anthropology that Marx derived from his reading of Hegel. We continue by arguing that this formed the basis of his materialist conception of history and his analysis of the political economy of the capitalist mode of production, with particular reference being made to Marx&#x2019;s theory of value and his account of the economic contradictions of the capitalist system. We then discuss his views on the nature of post-capitalist society, concluding with a critical but broadly positive account of the relevance of his ideas to modern capitalism. Marx, we suggest, should not be regarded as a purely 19th-century thinker, as some recent biographers have maintained.
Journal: Review of Political Economy
Pages: 317-338
Issue: 3
Volume: 30
Year: 2018
Month: 7
X-DOI: 10.1080/09538259.2018.1449478
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1449478
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:3:p:317-338




Template-Type: ReDIF-Article 1.0
Author-Name: Ben Fine
Author-X-Name-First: Ben
Author-X-Name-Last: Fine
Author-Name: Alfredo Saad-Filho
Author-X-Name-First: Alfredo
Author-X-Name-Last: Saad-Filho
Title: Marx 200: The Abiding Relevance of the Labour Theory of Value
Abstract: 
 Marxist political economy is alive and well, and not just because of the habitual turn to Marx in response to any crisis of capitalism. Both through Capital and through the continuing evolution of Marxism, Marxist political economy offers valuable insights that can illuminate the modalities of social and economic reproduction and the relationships between (different aspects of) the economic and the non-economic. Marxism&#x2019;s presence has been felt through its own internal debates and debates with other approaches to political economy, and even through its influence on those reacting against Marxism. The key to the continuing relevance and analytical strengths of Marxist political economy lies in its capacity to provide a framework of analysis for unifying disparate insights into and critiques of the contradictions of capitalism across the social sciences. The instrument for forging that unity is Marx&#x2019;s theory of value, the potential of which is examined and illustrated with reference to the Sraffian critique and two key concepts in Marxian political economy: the value of labour power and financialisation. They are explored in the light of the processes of commodification, commodity form and commodity calculation.
Journal: Review of Political Economy
Pages: 339-354
Issue: 3
Volume: 30
Year: 2018
Month: 7
X-DOI: 10.1080/09538259.2018.1424068
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1424068
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:3:p:339-354




Template-Type: ReDIF-Article 1.0
Author-Name: Barbara Harriss-White
Author-X-Name-First: Barbara
Author-X-Name-Last: Harriss-White
Title: Awkward Classes and India's Development
Abstract: 
 Marx's model of capital and labour, dynamised by contradictions and the compulsion to accumulate, leaves deviations from the polar classes of capital and labour ignored, regarded as outliers or as headed for extinction. But the two considered here, petty commodity production (and trade and services) and merchant&#x2019;s or commercial capital, persist widely. Here, their structure and dynamics are discussed in general and in the contemporary Indian case. They are argued to be &#x2018;awkward&#x2019;, both analytically and politically. Petty production overlaps with both wage-labour and small capitalist firms; it reproduces and expands by multiplication, not accumulation; it does not mobilise in a politically coherent way. Commercial capital is in turn suffused with productive activity; it encompasses petty trade and accumulating enterprises that pursue a reactive opportunistic politics that preserves their independence. Further awkwardness results from the disjuncture between analytically useful categories and the policy concepts used by the state.
Journal: Review of Political Economy
Pages: 355-376
Issue: 3
Volume: 30
Year: 2018
Month: 7
X-DOI: 10.1080/09538259.2018.1478507
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1478507
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:3:p:355-376




Template-Type: ReDIF-Article 1.0
Author-Name: Jamie Morgan
Author-X-Name-First: Jamie
Author-X-Name-Last: Morgan
Title: Species Being in the Twenty-First Century
Abstract: 
 In this article, I focus on what is implicitly the more humanist aspect of Marx&#x2019;s work. That is, species being and alienation. I do so informed by a commitment to pluralism and based on a background in social ontology. I argue that species being and alienation continue to provide insight into the nature of the modern world. They are integral components to Marx&#x2019;s exploration and constructive critique of capitalism and help to make sense of how potential is shaped for a social entity who can be harmed and who can flourish. However, the way in which one relates to Marx as still relevant regarding these matters can cover a range. I then set out how species being provides useful insight in the twenty-first century at a time of anticipated major social and economic change.
Journal: Review of Political Economy
Pages: 377-395
Issue: 3
Volume: 30
Year: 2018
Month: 7
X-DOI: 10.1080/09538259.2018.1498583
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1498583
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:3:p:377-395




Template-Type: ReDIF-Article 1.0
Author-Name: Terrence McDonough
Author-X-Name-First: Terrence
Author-X-Name-Last: McDonough
Author-Name: Cian McMahon
Author-X-Name-First: Cian
Author-X-Name-Last: McMahon
Title: Marxism, Crypto-Marxism and the Political Economy of Capitalism
Abstract: 
 This article conducts groundwork for a discussion of Marx&#x2019;s influence through examining the boundaries of the specifically Marxian school of economics. This Marxian school extends well beyond the bounds of the self-identified Marxian school. Marx&#x2019;s influence, Marxian themes and effectively Marxian theory can be found in several important heterodox traditions of economics, though this is often unacknowledged. A consideration of the proper boundaries of the Marxian school of economics is essential for a full understanding of Marx&#x2019;s legacy and could contribute to the emergence of a more unified heterodoxy in economics.
Journal: Review of Political Economy
Pages: 396-415
Issue: 3
Volume: 30
Year: 2018
Month: 7
X-DOI: 10.1080/09538259.2018.1495350
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1495350
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:3:p:396-415




Template-Type: ReDIF-Article 1.0
Author-Name: Jan Toporowski
Author-X-Name-First: Jan
Author-X-Name-Last: Toporowski
Title: Marx, Finance and Political Economy
Abstract: 
 Shortly after the publication of Volume I of Capital, the financial requirements of capitalist enterprise forced the financial innovation of bond and stock finance for joint stock companies. Marx intended to re-write Capital in order to incorporate this change. He did not achieve this. The economic analysis of capitalism with long-term finance was undertaken by Hilferding in his Finance Capital. Thereafter, a strand of economic analysis of production and distribution emerged in the work of the Austro-Marxists, Veblen, Keynes, Kalecki, Steindl and Sweezy, and the Italian Kaleckians, Joseph Halevi and Riccardo Bellofiore, which incorporated the change made to the structure and dynamics of capitalism by long-term finance. However, this shift in capitalist financing has largely been ignored in economic theory, while much of the heterodox analysis that seeks to challenge the role of finance in contemporary capitalism has not integrated finance consistently. The change from the classic capitalism to finance capital raises important questions about the meaning and relevance of Marx&#x2019;s work today.
Journal: Review of Political Economy
Pages: 416-427
Issue: 3
Volume: 30
Year: 2018
Month: 7
X-DOI: 10.1080/09538259.2018.1496549
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1496549
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:3:p:416-427




Template-Type: ReDIF-Article 1.0
Author-Name: Christian Gehrke
Author-X-Name-First: Christian
Author-X-Name-Last: Gehrke
Author-Name: Heinz D. Kurz
Author-X-Name-First: Heinz D.
Author-X-Name-Last: Kurz
Title: Sraffa&#x2019;s Constructive and Interpretive Work, and Marx
Abstract: 
 This article provides a summary account of Piero Sraffa&#x2019;s constructive and interpretive work on the classical approach to the theory of value and distribution and its relationship with Marx&#x2019;s contributions. It is shown that in the early phase of his constructive work Sraffa developed his equation systems by adopting a &#x2018;physical real cost&#x2019; approach and a strictly objectivist point of view, and completely eschewed Marx&#x2019;s labour-based approach and the related Marxian concepts. Only at a later stage did he explore systematically the relationship between his own modern re-formulation of the surplus approach to the theory of value and distribution and Marx&#x2019;s contribution. He considered Marx&#x2019;s most important analytical contribution to the further development of the surplus approach to consist of the re-integration of circular production relations, which allowed him to see the existence of a maximum rate of profits and its role in an analysis of accumulation and technical change.
Journal: Review of Political Economy
Pages: 428-442
Issue: 3
Volume: 30
Year: 2018
Month: 7
X-DOI: 10.1080/09538259.2018.1442783
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1442783
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:3:p:428-442




Template-Type: ReDIF-Article 1.0
Author-Name: Fiona Tregenna
Author-X-Name-First: Fiona
Author-X-Name-Last: Tregenna
Title: Sectoral Structure and Change: Insights from Marx
Abstract: 
 At the time of Marx&#x2019;s birth two centuries ago, the Industrial Revolution was well underway, and the economic and social changes which it wrought formed the backdrop to Marx&#x2019;s own ideas. The advanced economies of the world were then industrialising, yet today most countries are deindustrialising. What light can a Marxist analysis shed on sectoral structure, sectoral specificity and sectoral change in the early 21st century? A Marxist approach is distinctive and valuable in how it approaches these sectoral issues, and the following interrelated aspects are discussed here: classifying activities in the first instance according to position in the circuit of capital rather than by sectors; a non-phenomenological approach to classifying activities; a non-physicalist conception of commodities; underscoring the extent of intra-sectoral heterogeneity; recognising the importance of manufacturing and of industrialisation; and implications for analysing changes in sectoral structure.
Journal: Review of Political Economy
Pages: 443-460
Issue: 3
Volume: 30
Year: 2018
Month: 7
X-DOI: 10.1080/09538259.2018.1483105
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1483105
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:3:p:443-460




Template-Type: ReDIF-Article 1.0
Author-Name: Ramaa Vasudevan
Author-X-Name-First: Ramaa
Author-X-Name-Last: Vasudevan
Title: Shadow Money in the 19th Century: Is Marx Relevant for Understanding Contemporary Shadow Money?
Abstract: 
 The growth of shadow money, since the 1980s, has implications for both central bank policy and the theorization of money. However, modern shadow money has a historical analogue in the private bill market of 19th century England This article explores the relevance of Marx&#x2019;s logical and historical analysis of the evolution of the forms and functions of money in capitalist economies, and his concrete analysis of the bill market in order to understand shadow money today.
Journal: Review of Political Economy
Pages: 461-483
Issue: 3
Volume: 30
Year: 2018
Month: 7
X-DOI: 10.1080/09538259.2018.1478509
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1478509
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:3:p:461-483




Template-Type: ReDIF-Article 1.0
Author-Name: Simon Derpmann
Author-X-Name-First: Simon
Author-X-Name-Last: Derpmann
Title: Money as a Generic Particular: Marx and Simmel on the Structure of Monetary Denominations
Abstract: 
 This article is concerned with the structure of monetary denominations of economic value. Marx and Simmel analyze this structure by means of references to objects of mere catallactic validity. These objects are ontologically atypical insofar as they are particulars of the genus commodity. Understanding money through generic particulars elucidates the conceptual link between money as a unit of account and money as a means of payment. This initially perplexing idea captures a fundamental characteristic of money without committing to either a commodity theory or a claim theory of money. A modification of the notion &#x2018;commodity&#x2019; allows for a conception of money as a generic particular that is consistent with contemporary accounts of money as abstract purchasing power residing in different forms of liabilities and claims denominated in a common quantitative scale.
Journal: Review of Political Economy
Pages: 484-501
Issue: 3
Volume: 30
Year: 2018
Month: 7
X-DOI: 10.1080/09538259.2018.1464768
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1464768
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:3:p:484-501




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: A Note of Thanks
Journal: Review of Political Economy
Pages: 502-503
Issue: 3
Volume: 30
Year: 2018
Month: 7
X-DOI: 10.1080/09538259.2018.1513235
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1513235
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:3:p:502-503




Template-Type: ReDIF-Article 1.0
Author-Name: Emiliano Brancaccio
Author-X-Name-First: Emiliano
Author-X-Name-Last: Brancaccio
Author-Name: Francesco Saraceno
Author-X-Name-First: Francesco
Author-X-Name-Last: Saraceno
Title: Evolutions and Contradictions in Mainstream Macroeconomics: The Case of Olivier Blanchard
Abstract: 
 This article traces the complex intellectual path of Olivier Blanchard, a personification of the controversial evolution of macroeconomic research over the last three decades. After contributing to consolidation of the core of mainstream macroeconomics, Blanchard recently suggested ‘rethinking’ some of its key aspects to take stock of the lessons of the 2008 Great Recession, which he witnessed as the International Monetary Fund’s Chief Economist. This welcome discussion, which according to Blanchard should open mainstream macroeconomics to heterodox thinking, has so far produced a certainly interesting albeit theoretically contradictory synthesis and limited policy consequences. The most paradigmatic aspect of this rethinking of macroeconomics is represented by the abandonment in teaching of aggregate supply and demand in favor of a revival of the IS–LM model complemented by the Phillips curve. While this change of perspective does allow for the instability of ‘natural’ equilibrium to be emphasized, a deeper reading may prove incompatible with the neoclassical foundations of the mainstream approach.
Journal: Review of Political Economy
Pages: 345-359
Issue: 3
Volume: 29
Year: 2017
Month: 7
X-DOI: 10.1080/09538259.2017.1330378
File-URL: http://hdl.handle.net/10.1080/09538259.2017.1330378
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:3:p:345-359




Template-Type: ReDIF-Article 1.0
Author-Name: Jochen Hartwig
Author-X-Name-First: Jochen
Author-X-Name-Last: Hartwig
Title: The Comparative Statics of Effective Demand
Abstract: 
 Keynes introduces the term ‘effective demand’ in Chapter 3 of the General Theory as designating the point of intersection of two functions: the ‘aggregate demand function’ (D) and the ‘aggregate supply function’ (Z). For the first time in the literature, I here use specific functional forms for the D and Z functions and run numerical simulations which allow study of the comparative statics of the model in the face of various ‘shocks’. The demonstration of how the D/Z model actually works will hopefully prove useful for future students of the economics of Keynes.
Journal: Review of Political Economy
Pages: 360-375
Issue: 3
Volume: 29
Year: 2017
Month: 7
X-DOI: 10.1080/09538259.2017.1352191
File-URL: http://hdl.handle.net/10.1080/09538259.2017.1352191
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:3:p:360-375




Template-Type: ReDIF-Article 1.0
Author-Name: Ricardo Barradas
Author-X-Name-First: Ricardo
Author-X-Name-Last: Barradas
Title: Financialisation and Real Investment in the European Union: Beneficial or Prejudicial Effects?
Abstract: 
 This article presents an empirical analysis of the relationship between financialisation and real investment for non-financial corporations using panel data composed of 27 European Union countries over 19 years (1995 to 2013). On the one hand, financialisation leads to a rise in financial investments, diverting funds from real investments (‘crowding out’ effect); on the other, pressures from shareholders to intensify financial payments restrict the funds available for new real investments. We estimate an aggregate investment equation with the traditional variables (lagged investment, profitability, debt, cost of capital, corporate savings and output growth) and two further measures of financialisation (financial receipts and financial payments). The findings demonstrate that financialisation has damaged real investment in European Union countries, mainly through the channel of financial payments, either by interest or dividend payments. It is also found that the prejudicial effects of financialisation on investment were more severe in the pre-2007 crisis period. It is concluded that financialisation contributed to a slowdown of real investment by 1 to 8 per cent in the full and pre-crisis period, respectively. During the pre-crisis period, financialisation was the main driver of the slowdown of investment in the European Union.
Journal: Review of Political Economy
Pages: 376-413
Issue: 3
Volume: 29
Year: 2017
Month: 7
X-DOI: 10.1080/09538259.2017.1348574
File-URL: http://hdl.handle.net/10.1080/09538259.2017.1348574
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:3:p:376-413




Template-Type: ReDIF-Article 1.0
Author-Name: Per L. Bylund
Author-X-Name-First: Per L.
Author-X-Name-Last: Bylund
Author-Name: G.P. Manish
Author-X-Name-First: G.P.
Author-X-Name-Last: Manish
Title: Private Property and Economic Calculation: A Reply to Andy Denis
Abstract: 
 Two years ago, in an article in this journal, Andy Denis revisited and added to the Socialist Calculation Debate, one of the 20th century’s greatest debates in economic theory. Denis argued that Austrian economists draw unsupported conclusions from their argument in claiming that private rather than several property is necessary for economic calculation. We note in this article that Denis’ argument rests on two key points: first, that the legal owners of capital, or the capitalists, play a purely passive role in the resource allocation process, and, second, that it is the managers who bear the entire burden of speculative decision making and economic calculation. We then proceed to criticize both points. Key to our argument is the fundamental insight of Austrian economics that the market is an open-ended process of discovery, coordination and value creation, where resource ownership and allocation is impossible to sever from entrepreneurship due to the inherent uncertainty of the future. We argue that, from the Austrian market process perspective, economic calculation indeed requires private property, and not simply several control, because entrepreneurship under competitive discovery must be subject to both the lure of profit and the risk of loss.
Journal: Review of Political Economy
Pages: 414-431
Issue: 3
Volume: 29
Year: 2017
Month: 7
X-DOI: 10.1080/09538259.2017.1352193
File-URL: http://hdl.handle.net/10.1080/09538259.2017.1352193
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:3:p:414-431




Template-Type: ReDIF-Article 1.0
Author-Name: Andy Denis
Author-X-Name-First: Andy
Author-X-Name-Last: Denis
Title: Private Property or Several Control: A Rejoinder
Abstract: 
 Following Mises’s foundational paper, ‘Economic Calculation in the Socialist Commonwealth’, first published in 1920, writers in the Austrian tradition have argued that socialism is impossible, because under socialism there would be no private property in the means of production, and without that private property economic calculation could not take place. In the article ‘Economic Calculation: Private Property or Several Control?’, published in this journal in 2015, I argued that this was mistaken. Not private property, but several control, was required for economic calculation, and since several control is consistent with public ownership, this argument for the impossibility of socialism fails. Another article, ‘Private Property and Economic Calculation: A Reply to Andy Denis’, by Bylund and Manish, published in this issue of the Review of Political Economy, defends the traditional interpretation of Austrian reasoning, contending that my argument fails. My rejoinder re-states the issues, addressing, and, ultimately rejecting, the Bylund and Manish critique.
Journal: Review of Political Economy
Pages: 432-439
Issue: 3
Volume: 29
Year: 2017
Month: 7
X-DOI: 10.1080/09538259.2017.1359383
File-URL: http://hdl.handle.net/10.1080/09538259.2017.1359383
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:3:p:432-439




Template-Type: ReDIF-Article 1.0
Author-Name: Robert L. Vienneau
Author-X-Name-First: Robert L.
Author-X-Name-Last: Vienneau
Title: The Choice of Technique with Multiple and Complex Interest Rates
Abstract: 
 This article clarifies the relationships between internal rates of return (IRR), net present value (NPV), and the analysis of the choice of technique in models of production analyzed during the Cambridge capital controversy. Multiple and possibly complex roots of polynomial equations defining the IRR are considered. An algorithm, using these multiple roots to calculate the NPV, justifies the traditional analysis of reswitching.
Journal: Review of Political Economy
Pages: 440-453
Issue: 3
Volume: 29
Year: 2017
Month: 7
X-DOI: 10.1080/09538259.2017.1346039
File-URL: http://hdl.handle.net/10.1080/09538259.2017.1346039
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:3:p:440-453




Template-Type: ReDIF-Article 1.0
Author-Name: Christine Ngoc Ngo
Author-X-Name-First: Christine Ngoc
Author-X-Name-Last: Ngo
Title: Political Economy of Industrial Development in Vietnam’s Telecommunications Industry: A Rent Management Analysis
Abstract: 
 This article contributes to the current debate in economics on the uses and benefits of rents and rent seeking. On the one hand, public choice and neoliberal scholars highlight the redistributive and damaging aspects of rent seeking, thus rendering the policy suggestion to completely eradicate rents and rent seeking in an economy. On the other hand, institutional and development economists point out the inherent theoretical inconsistencies shown in the earlier models, and suggest that certain types of rent and rent seeking could be growth-enhancing. Using the Developmental Rent Management Analysis, this article assesses the industrial development of the telecommunications industry in Vietnam using two case studies. Qualitative research points out a number of rent management factors contributing both to the industry’s failure before the early 2000s and its subsequent success thereafter. The successful development of the telecommunications industry was fundamentally based on (i) favorable political support for rent creation, (ii) an effective structure of rent allocation and implementation, and (iii) credible incentives and pressures that encouraged local firms’ industrial upgrading. The Vietnamese experience suggests that rents can be developmental, conceivably side-by-side with rent seeking, cronyism and corruption.
Journal: Review of Political Economy
Pages: 454-477
Issue: 3
Volume: 29
Year: 2017
Month: 7
X-DOI: 10.1080/09538259.2017.1339436
File-URL: http://hdl.handle.net/10.1080/09538259.2017.1339436
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:3:p:454-477




Template-Type: ReDIF-Article 1.0
Author-Name: Carl Wennerlind
Author-X-Name-First: Carl
Author-X-Name-Last: Wennerlind
Title: An Age of Risk: Politics and Economy in Early Modern Britain
Journal: Review of Political Economy
Pages: 478-480
Issue: 3
Volume: 29
Year: 2017
Month: 7
X-DOI: 10.1080/09538259.2017.1352127
File-URL: http://hdl.handle.net/10.1080/09538259.2017.1352127
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:3:p:478-480




Template-Type: ReDIF-Article 1.0
Author-Name: Scott Scheall
Author-X-Name-First: Scott
Author-X-Name-Last: Scheall
Title: Hume: An Intellectual Biography
Journal: Review of Political Economy
Pages: 480-484
Issue: 3
Volume: 29
Year: 2017
Month: 7
X-DOI: 10.1080/09538259.2017.1352130
File-URL: http://hdl.handle.net/10.1080/09538259.2017.1352130
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:3:p:480-484




Template-Type: ReDIF-Article 1.0
Author-Name: Phil Armstrong
Author-X-Name-First: Phil
Author-X-Name-Last: Armstrong
Title: The Oxford Handbook of Post-Keynesian Economics, Volume 1, Theory and Origins / The Oxford Handbook of Post-Keynesian Economics, Volume 2, Critiques and Methodology
Journal: Review of Political Economy
Pages: 484-491
Issue: 3
Volume: 29
Year: 2017
Month: 7
X-DOI: 10.1080/09538259.2017.1352132
File-URL: http://hdl.handle.net/10.1080/09538259.2017.1352132
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:3:p:484-491




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: A Note of Thanks
Journal: Review of Political Economy
Pages: 492-492
Issue: 3
Volume: 29
Year: 2017
Month: 7
X-DOI: 10.1080/09538259.2017.1357926
File-URL: http://hdl.handle.net/10.1080/09538259.2017.1357926
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:29:y:2017:i:3:p:492-492




Template-Type: ReDIF-Article 1.0
Author-Name: Marcella Corsi
Author-X-Name-First: Marcella
Author-X-Name-Last: Corsi
Author-Name: Carlo D'Ippoliti
Author-X-Name-First: Carlo
Author-X-Name-Last: D'Ippoliti
Author-Name: Giulia Zacchia
Author-X-Name-First: Giulia
Author-X-Name-Last: Zacchia
Title: A Case Study of Pluralism in Economics: The Heterodox Glass Ceiling in Italy
Abstract: 
 Quantitative measures of supposed scientific ‘quality’ (or ‘impact’) based on bibliometric indicators are used as the primary or exclusive tools of research evaluation in a growing number of countries. The negative impact of this method of evaluation on pluralism in economic teaching and research has been documented in Italy, France, Australia and the United Kingdom. We provide new evidence for Italy by investigating the CVs and publications of all candidates for the ‘national scientific qualification’, which is needed to access all tenured Italian academic positions. With respect to past evidence, we focus on the homologation of research topics and methods as well as the delegitimization of particular publication outlets. Our analysis has relevant implications internationally. First, research evaluation aimed at identifying ‘excellence’ often boils down to (as in the case of Italy) the adoption of rankings of supposedly top journals, which systematically discriminate against heterodox journals. Second, the legitimacy of academic research published in the form of books and book chapters must be reclaimed. Third, heterodox economists risk discrimination not so much because of their methods or policy recommendations, but because of the topics and research fields they investigate.
Journal: Review of Political Economy
Pages: 172-189
Issue: 2
Volume: 30
Year: 2018
Month: 4
X-DOI: 10.1080/09538259.2018.1423974
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1423974
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:2:p:172-189




Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Mearman
Author-X-Name-First: Andrew
Author-X-Name-Last: Mearman
Author-Name: Danielle Guizzo
Author-X-Name-First: Danielle
Author-X-Name-Last: Guizzo
Author-Name: Sebastian Berger
Author-X-Name-First: Sebastian
Author-X-Name-Last: Berger
Title: Whither Political Economy? Evaluating the CORE Project as a Response to Calls for Change in Economics Teaching
Abstract: 
 This article offers a critique of a major recent initiative in economics teaching: the CORE project. CORE emerged in the wake of the global financial crisis, which was also something of a crisis for economics. The article deploys four evaluative criteria to pose four questions of CORE that address the demands of the student movement. CORE claims to be innovative and responsive to criticism. However, the article concludes that its reforms are relatively minor and superficial. CORE, like curricula that preceded the global financial crisis, still exhibits limited pluralism, ignores power and politics, and ignores key educational goals. Despite its opportunity to do so, CORE has not opened up space within economics for the teaching of political economy.
Journal: Review of Political Economy
Pages: 241-259
Issue: 2
Volume: 30
Year: 2018
Month: 4
X-DOI: 10.1080/09538259.2018.1426682
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1426682
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:2:p:241-259




Template-Type: ReDIF-Article 1.0
Author-Name: Bernard Chavance
Author-X-Name-First: Bernard
Author-X-Name-Last: Chavance
Author-Name: Agnès Labrousse
Author-X-Name-First: Agnès
Author-X-Name-Last: Labrousse
Title: Institutions and ‘Science’: The Contest about Pluralism in Economics in France
Abstract: 
 For a long time, France was a country in which various approaches to economics coexisted. This pluralism began to dwindle in the mid-1990s. Since then, France has witnessed the increasing and now overwhelming domination of mainstream economics. This article, drawing on a study of the evolution of the recruitment of professors of economics in France, documents the situation and links the observed trends to the changing institutions governing the discipline (a centralized system evolving under the influence of international norms and instruments). It is demonstrated that far from being fair and neutral devices, the rules and instruments governing economics—notably the ranking lists of economic journals—incorporate specific worldviews strongly biasing the assessment of research toward the mainstream. This article documents the tentative use of ‘voice and exit’ by the French Association of Political Economy to reform the economics discipline. Furthermore, it discusses the arguments proclaimed by Jean Tirole to prevent the French Ministry of Higher Education from creating a new university section called ‘Economy and Society’ to reinstate pluralism: they fall back on a monistic view of science that is questioned notably by developments—both factual and conceptual—in science studies and epistemology.
Journal: Review of Political Economy
Pages: 190-209
Issue: 2
Volume: 30
Year: 2018
Month: 4
X-DOI: 10.1080/09538259.2018.1449472
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1449472
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:2:p:190-209




Template-Type: ReDIF-Article 1.0
Author-Name: Florentin Glötzl
Author-X-Name-First: Florentin
Author-X-Name-Last: Glötzl
Author-Name: Ernest Aigner
Author-X-Name-First: Ernest
Author-X-Name-Last: Aigner
Title: Orthodox Core–Heterodox Periphery? Contrasting Citation Networks of Economics Departments in Vienna
Abstract: 
 The notion of an ‘orthodox core–heterodox periphery’ structure and the extent of interdisciplinary links have been widely discussed, and partially investigated bibliometrically, within economic discourse. We extend this research by applying tools from social network analysis to citation data of three economics departments located in Vienna, two mainstream and one non-mainstream, to assess their relative citation patterns. We show that both mainstream economics departments follow the asserted core–periphery pattern and have a mono-disciplinary research focus, while the citation network of the non-mainstream department has a polycentric structure and is both more heterodox and interdisciplinary. These findings suggest that discussions about the future of heterodox economics should pay more attention to the organizational level and seek allies from other disciplines.
Journal: Review of Political Economy
Pages: 210-240
Issue: 2
Volume: 30
Year: 2018
Month: 4
X-DOI: 10.1080/09538259.2018.1449619
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1449619
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:2:p:210-240




Template-Type: ReDIF-Article 1.0
Author-Name: Gregory P. Nowell
Author-X-Name-First: Gregory P.
Author-X-Name-Last: Nowell
Title: Keynes: Useful Economics for the World Economy
Journal: Review of Political Economy
Pages: 260-263
Issue: 2
Volume: 30
Year: 2018
Month: 4
X-DOI: 10.1080/09538259.2018.1450190
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1450190
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:2:p:260-263




Template-Type: ReDIF-Article 1.0
Author-Name: Antonio Calcara
Author-X-Name-First: Antonio
Author-X-Name-Last: Calcara
Title: Critical Methods in Political and Cultural Economy
Journal: Review of Political Economy
Pages: 266-267
Issue: 2
Volume: 30
Year: 2018
Month: 4
X-DOI: 10.1080/09538259.2018.1450191
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1450191
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:2:p:266-267




Template-Type: ReDIF-Article 1.0
Author-Name: Collin G. Matton
Author-X-Name-First: Collin G.
Author-X-Name-Last: Matton
Title: Just One More Hand: Life in the Casino Economy
Journal: Review of Political Economy
Pages: 263-265
Issue: 2
Volume: 30
Year: 2018
Month: 4
X-DOI: 10.1080/09538259.2018.1456771
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1456771
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:2:p:263-265




Template-Type: ReDIF-Article 1.0
Author-Name: Cédric Durand
Author-X-Name-First: Cédric
Author-X-Name-Last: Durand
Author-Name: Maxime Gueuder
Author-X-Name-First: Maxime
Author-X-Name-Last: Gueuder
Title: The Profit–Investment Nexus in an Era of Financialisation, Globalisation and Monopolisation: A Profit-Centred Perspective
Abstract: 
 During recent decades, the link between profits and domestic investment has weakened in the largest high-income economies. In this article, we explore this attenuation of the profit–investment nexus through a profit-centred perspective. Focusing on the impact of the origins and uses of profits, we study the investment behaviour of non-financial corporations in relation to their profits at the macro level since 1970, a period marked by financialisation, globalisation and, more recently, monopolisation. We contrast and discuss four competing hypothese—the revenge of the rentiers, the financial turn of accumulation, globalisation and monopolisation—and related stylised facts for France, Germany, Japan, the United Kingdom and the United States.
Journal: Review of Political Economy
Pages: 126-153
Issue: 2
Volume: 30
Year: 2018
Month: 4
X-DOI: 10.1080/09538259.2018.1457211
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1457211
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:2:p:126-153




Template-Type: ReDIF-Article 1.0
Author-Name: Bill Gibson
Author-X-Name-First: Bill
Author-X-Name-Last: Gibson
Author-Name: Mark Setterfield
Author-X-Name-First: Mark
Author-X-Name-Last: Setterfield
Title: Intermediation, Money Creation, and Keynesian Macrodynamics in Multi-agent Systems
Abstract: 
 This paper offers a simple computational model of monetary creation, derived from individual agent behavior, that provides additional support for the well-known and more or less universally accepted idea that money creation is inevitable in demand-driven Keynesian economies. The endogeneity of money is linked to asynchronous production, in which investment is set autonomously by a combination of animal spirits and capacity utilization, while savings adjusts to bring about macroeconomic equilibrium. It is seen that once these Keynesian motifs are translated into the agent-based framework, endogenous money arises as a natural consequence of the model. The contribution of the paper is twofold. First, it links endogenous money creation to decision making in real historical time—two shibboleths of post-Keynesian macroeconomics. Second, it suggests a fruitful cross-fertilization between post-Keynesian economics and the methods of agent-based modeling.
Journal: Review of Political Economy
Pages: 154-171
Issue: 2
Volume: 30
Year: 2018
Month: 4
X-DOI: 10.1080/09538259.2018.1458494
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1458494
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:2:p:154-171




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Erratum
Journal: Review of Political Economy
Pages: 268-268
Issue: 2
Volume: 30
Year: 2018
Month: 4
X-DOI: 10.1080/09538259.2018.1482993
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1482993
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:2:p:268-268




Template-Type: ReDIF-Article 1.0
Author-Name: Peter E. Earl
Author-X-Name-First: Peter E.
Author-X-Name-Last: Earl
Title: Richard H. Thaler: A Nobel Prize for Behavioural Economics
Abstract: 
 This paper provides an overview of Richard Thaler’s career and the contributions to behavioural economics that earned him the 2017 Nobel Memorial Prize in Economic Sciences. It focuses on his role in exposing and making sense of empirical anomalies in orthodox economics, his analysis of mental accounting, and his work with Cass Sunstein on the notion of libertarian paternalism and the ‘nudge’-based behavioural approach to economic policy. It then considers his contributions critically and explores how, unlike previous behavioural economics, Thaler succeeded in getting his new approach to behavioural economics accepted by mainstream economists.
Journal: Review of Political Economy
Pages: 107-125
Issue: 2
Volume: 30
Year: 2018
Month: 4
X-DOI: 10.1080/09538259.2018.1513236
File-URL: http://hdl.handle.net/10.1080/09538259.2018.1513236
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:30:y:2018:i:2:p:107-125




Template-Type: ReDIF-Article 1.0
Author-Name: Matteo Deleidi
Author-X-Name-First: Matteo
Author-X-Name-Last: Deleidi
Author-Name: Mariana Mazzucato
Author-X-Name-First: Mariana
Author-X-Name-Last: Mazzucato
Title: Putting Austerity to Bed: Technical Progress, Aggregate Demand and the Supermultiplier
Abstract: 
 The paper investigates the determinants of private investment and economic growth from a theoretical perspective. We start with a critical analysis of the crowding-out effect and we present a new version of the Sraffian Supermultiplier: a model that accounts for both the multiplier and accelerator effects. We focus on different types of fiscal policies: generic ones and ‘mission-oriented’ ones that set a new direction for the economy. We show that mission-oriented policies have the potential to generate the largest positive effect on investments and output growth as well as on innovation processes and labour productivity growth.
Journal: Review of Political Economy
Pages: 315-335
Issue: 3
Volume: 31
Year: 2019
Month: 7
X-DOI: 10.1080/09538259.2019.1687146
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1687146
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:3:p:315-335




Template-Type: ReDIF-Article 1.0
Author-Name: Anders Fremstad
Author-X-Name-First: Anders
Author-X-Name-Last: Fremstad
Author-Name: Luke Petach
Author-X-Name-First: Luke
Author-X-Name-Last: Petach
Author-Name: Daniele Tavani
Author-X-Name-First: Daniele
Author-X-Name-Last: Tavani
Title: Climate Change, Innovation, and Economic Growth: The Contributions of William Nordhaus and Paul Romer
Abstract: 
 William Nordhaus and Paul Romer shared the 2018 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for their work on long-run macroeconomic analysis. Nordhaus adapted the neoclassical growth model to study climate change, while Romer developed a model of innovation-based growth. The authors provide two distinct explanations of what drives growth, and employ contrasting methodologies for interpreting the results of their mathematical models. Macroeconomic policy in general, and climate policy in particular, would benefit from better integrating the theory and methods of these two laureates.
Journal: Review of Political Economy
Pages: 336-355
Issue: 3
Volume: 31
Year: 2019
Month: 7
X-DOI: 10.1080/09538259.2019.1663635
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1663635
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:3:p:336-355




Template-Type: ReDIF-Article 1.0
Author-Name: Stefanos Ioannou
Author-X-Name-First: Stefanos
Author-X-Name-Last: Ioannou
Author-Name: Dariusz Wójcik
Author-X-Name-First: Dariusz
Author-X-Name-Last: Wójcik
Author-Name: Gary Dymski
Author-X-Name-First: Gary
Author-X-Name-Last: Dymski
Title: Too-Big-To-Fail: Why Megabanks Have Not Become Smaller Since the Global Financial Crisis?
Abstract: 
 More than ten years after the global financial crisis, what has happened to the ‘too-big-to-fail’ (TBTF) banks whose reckless behavior was among its preconditions, but which received public support and guarantees in the midst of that crisis? Insofar as this too-big-to-fail status helped create the crisis and then imposed costs on the rest of society, we would expect these banks to have shrunk. We investigate the evolution of 31 global-TBTF banks and find that their overall size has hardly recorded any substantial change. However, there is no sense of urgency in the flourishing post-crisis literature on TBTF banks about the need to contain their size; the prevalent view therein is that if properly regulated, the risks that arise from a financial system dominated by TBTF banks are manageable. This view rests on the same overly narrow theoretical underpinnings whose flaws were exposed in the crisis. We argue that too-big-to-fail banking is embedded in a set of self-reinforcing policies—consolidation, balance-sheet support through quantitative easing, favorable regulations, bank lobbying, and geo-economic and geo-political considerations—which explain why these banks have not shrunk and why they remain a threat to financial stability, well after the lessons of the crisis should have been learned.
Journal: Review of Political Economy
Pages: 356-381
Issue: 3
Volume: 31
Year: 2019
Month: 7
X-DOI: 10.1080/09538259.2019.1674001
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1674001
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:3:p:356-381




Template-Type: ReDIF-Article 1.0
Author-Name: Giancarlo Bertocco
Author-X-Name-First: Giancarlo
Author-X-Name-Last: Bertocco
Author-Name: Andrea Kalajzić
Author-X-Name-First: Andrea
Author-X-Name-Last: Kalajzić
Title: Great Recession and Macroeconomic Theory: A Useless Crisis?
Abstract: 
 The global financial crisis of 2007–08 and the subsequent Great Recession have pushed many economists to acknowledge a fundamental limit in the theoretical models elaborated after the monetarist counter-revolution: these models disregard the financial system. The years following the Great Recession have thus been marked by the development of what can be called the ‘Financial Frictions Approach’, a theoretical approach based on the addition of the financial system to the New Keynesian DSGE model. The results of this line of research are beginning to appear also in macroeconomics textbooks. Significant examples are the publication of the seventh edition of Blanchard’s textbook, and the publication of the third edition of the textbook co-authored by Blanchard, Amighini and Giavazzi. The objective of this work is twofold: (i) to show that the new model presented by Blanchard, Amighini and Giavazzi, which reflects the results of the ‘Financial Frictions Approach’, does not allow to elaborate a coherent explanation of the Great Recession and (ii) to present the pillars of an alternative theoretical model based on the lessons of Keynes, Schumpeter and Minsky.
Journal: Review of Political Economy
Pages: 382-406
Issue: 3
Volume: 31
Year: 2019
Month: 7
X-DOI: 10.1080/09538259.2020.1714202
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1714202
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:3:p:382-406




Template-Type: ReDIF-Article 1.0
Author-Name: Laurent Cordonnier
Author-X-Name-First: Laurent
Author-X-Name-Last: Cordonnier
Author-Name: Thomas Dallery
Author-X-Name-First: Thomas
Author-X-Name-Last: Dallery
Author-Name: Vincent Duwicquet
Author-X-Name-First: Vincent
Author-X-Name-Last: Duwicquet
Author-Name: Jordan Melmies
Author-X-Name-First: Jordan
Author-X-Name-Last: Melmies
Author-Name: Franck Van de velde
Author-X-Name-First: Franck
Author-X-Name-Last: Van de velde
Title: The (Over)Cost of Capital: Financialization and Nonfinancial Corporations in France (1961–2011)
Abstract: 
 The term ‘financialization’ is often used to describe the major changes that occurred in the macroeconomic regimes of most developed and, to a lesser extent, emerging economies since the beginning of the 1980s. In the present paper, we propose a reappraisal of the notion of the cost of capital and subsequently argue that financialization in France has increased the cost of capital for nonfinancial corporations with new standards of financial profitability. We introduce a measurement for what could be called the over-cost of capital and describe how the evolution of this additional financial burden may explain the slowdown in the pace of capital accumulation, and thus the drop in French macroeconomic performance observed for the past 30 years.
Journal: Review of Political Economy
Pages: 407-429
Issue: 3
Volume: 31
Year: 2019
Month: 7
X-DOI: 10.1080/09538259.2019.1706265
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1706265
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:3:p:407-429




Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Persky
Author-X-Name-First: Joseph
Author-X-Name-Last: Persky
Title: Von Thünen’s Political Economy of Justice
Abstract: 
 While von Thünen has been much praised for his agricultural economics and his contributions to marginal productivity theory, his political economy of justice has only rarely been taken seriously. Thünen’s political economy puts forth a normative theoretical structure, a positive analysis of the real world barriers that prevent that structure from emerging, and a reform program to begin addressing the issues of distributional justice in a capitalist economy. He deserves recognition as one of the first economists to attempt a rigorous description of economic justice in a market context. Whatever its mathematical errors, his theory of natural wages is a path breaking attempt to formalize a normative theory of justice. Moreover his discussion in the European context of the practical barriers to achieving a more just distribution represents an important and nuanced positive contribution. The final component of Thünen’s political economy of justice is his practical reform program. While that program may fall short of the more elaborate suggestions put forward by his contemporary, John Stuart Mill, it shows a sincere sensitivity to the welfare of the working classes.
Journal: Review of Political Economy
Pages: 430-444
Issue: 3
Volume: 31
Year: 2019
Month: 7
X-DOI: 10.1080/09538259.2019.1692464
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1692464
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:3:p:430-444




Template-Type: ReDIF-Article 1.0
Author-Name: Ramesh Chandra
Author-X-Name-First: Ramesh
Author-X-Name-Last: Chandra
Title: Nicholas Kaldor on Adam Smith and Allyn Young
Abstract: 
 Nicholas Kaldor was much influenced by the Smith-Young view of increasing returns. The objective of this paper is to critically examine Kaldor’s interpretation of Smith and Young. In particular, five questions are addressed: (1) Does Smith’s Wealth of Nations have nothing much to contribute in terms of disequilibrium theory or increasing returns after the middle of chapter four? (2) Did Smith and Young have a sectoral view of increasing returns in the sense that they saw increasing returns being confined to manufacturing only? (3) Does the Youngian growth mechanism need to be supplemented with Keynesian aggregate demand so that growth does not fizzle out? (4) What are the important policy differences between Kaldor and the Smith-Young analysis of increasing returns? (5) Finally, what explains Kaldor’s interventionist bent of mind and his dirigiste approach to policy making?
Journal: Review of Political Economy
Pages: 445-463
Issue: 3
Volume: 31
Year: 2019
Month: 7
X-DOI: 10.1080/09538259.2019.1685798
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1685798
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:3:p:445-463




Template-Type: ReDIF-Article 1.0
Author-Name: Nina Eichacker
Author-X-Name-First: Nina
Author-X-Name-Last: Eichacker
Title: Rethinking the Theory of Money, Credit, and Macroeconomics: A Review Essay
Abstract: 
 This essay presents an overview and assessment of John Smithin's 2018 book Rethinking the Theory of Money, Credit, and Macroeconomics. Smithin continues the projects of Keynes and Minsky with the aim of providing a general account what how the macroeconomy actually works. The essay evaluates Smithin's alternative monetary model of the economy in the light of several key Post-Keynesian themes.
Journal: Review of Political Economy
Pages: 464-471
Issue: 3
Volume: 31
Year: 2019
Month: 7
X-DOI: 10.1080/09538259.2019.1698193
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1698193
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:3:p:464-471




Template-Type: ReDIF-Article 1.0
Author-Name: Phil Armstrong
Author-X-Name-First: Phil
Author-X-Name-Last: Armstrong
Title: Rethinking the Theory of Money, Credit, and Macroeconomics
Journal: Review of Political Economy
Pages: 472-474
Issue: 3
Volume: 31
Year: 2019
Month: 7
X-DOI: 10.1080/09538259.2019.1698194
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1698194
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:3:p:472-474




Template-Type: ReDIF-Article 1.0
Author-Name: Kirstin Munro
Author-X-Name-First: Kirstin
Author-X-Name-Last: Munro
Title: Birth Strike: The Hidden Fight over Women’s Work / Full Surrogacy Now: Feminism against the Family
Journal: Review of Political Economy
Pages: 474-478
Issue: 3
Volume: 31
Year: 2019
Month: 7
X-DOI: 10.1080/09538259.2019.1698195
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1698195
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2019:i:3:p:474-478




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Herndon
Author-X-Name-First: Thomas
Author-X-Name-Last: Herndon
Title: Liar’s Loans, Mortgage Fraud, and the Great Recession
Abstract: 
 This paper contributes to research on misrepresentation in private residential mortgage-backed securities by using new data on losses from foreclosure to estimate higher than expected losses associated with income overstatement and adverse selection in no/low documentation loans, using full documentation loans as a counterfactual. Overall, no/low documentation loans account for $350 billion of the $500 billion lost from 2007 to 2012. No/low documentation loans lost an additional $5200 per loan, implying $97 billion of total no/low documentation losses were higher than expected. I also find underwriting exceptions differentially predict loss by documentation type, which provides evidence consistent with originator-led adverse selection.
Journal: Review of Political Economy
Pages: 479-508
Issue: 4
Volume: 31
Year: 2020
Month: 7
X-DOI: 10.1080/09538259.2020.1747746
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1747746
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2020:i:4:p:479-508




Template-Type: ReDIF-Article 1.0
Author-Name: Rod O’Donnell
Author-X-Name-First: Rod
Author-X-Name-Last: O’Donnell
Title: Some Misunderstood Aspects of the Final Chapter of Keynes’s General Theory
Abstract: 
 Some seriously misunderstood issues arise in three paragraphs in the last chapter of Keynes’s General Theory concerning the relationship between his theory and orthodox theory. That these passages permit a form of theoretical reconciliation is a view shared by prominent commentators of opposing persuasions. Joan Robinson and John Eatwell strongly criticised Keynes for inconsistency and for opening the door to neoclassical elements that undermine his theorising, while Paul Samuelson made Keynes’s comments the foundation of his textbook neoclassical synthesis. The reconciliation view, however, is based on hasty non-contextual readings and is mistaken. More careful analysis leads to three conclusions: neither internal inconsistency nor neoclassical appeasement exists; Keynes’s paragraphs are aligned with the theoretical positions previously advanced in the General Theory; and what is actually deployed is a complementarity view relating his macro-theory to one particular part of orthodox micro-theory. Rejecting the dominant view, however, does not remove the issue of the absence in Keynes’s work of an adequately exposited micro-theory to accompany his macro-theory.
Journal: Review of Political Economy
Pages: 509-527
Issue: 4
Volume: 31
Year: 2020
Month: 7
X-DOI: 10.1080/09538259.2020.1751473
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1751473
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2020:i:4:p:509-527




Template-Type: ReDIF-Article 1.0
Author-Name: Riccardo Bellofiore
Author-X-Name-First: Riccardo
Author-X-Name-Last: Bellofiore
Title: Augusto Graziani and the Marx-Schumpeter-Keynes ‘Cycle of Money Capital’: A Personal Look at the Early Italian Circuitism from an Insider
Abstract: 
 The paper goes back to the origins of the theory of the monetary circuit in its Italian incarnation. Focus is on the evolution of Augusto Graziani's thinking between mid-1970s and mid-1980s, considering: (i) how Graziani connected (positively or polemically) with Keynesianism and Post-Keynesianism, both in its Cambridge and US incarnations; (ii) how Graziani interpreted the contributions of Keynes proposing a continuity between the Treatise on Money, the General Theory, and the articles on finance published after the 1936 book; (iii) how beneath the research programme of Italian circuitism (Graziani) we may recognise a peculiar Marxian inspiration, later on pursued for a while by some participants to the Seminar in Monetary Theory that Graziani coordinated in Naples (1981–85). Since the mid-1970s Graziani — who already had a profound knowledge of Neoclassical Theory; and who was deeply aware of the role of institutions — developed more and more his heretical stance into what we may label as a ‘structural Keynesian' approach, inserting Keynes’ views about finance to production and effective demand into a Schumpeterian vision of the capitalist process, and leading to Marxian conclusions about value and distribution. The early forays into circuitism by Graziani were not only critical towards the Neoclassical Synthesis, Monetarism, or New Classical Macroeconomics. They were also grounded in an intense confrontation with other contemporary heterodox currents. The outcome was the construction of an original scheme of thought which amounted to nothing less than a macro-monetary theory of capitalist production.
Journal: Review of Political Economy
Pages: 528-558
Issue: 4
Volume: 31
Year: 2020
Month: 7
X-DOI: 10.1080/09538259.2020.1748306
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1748306
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2020:i:4:p:528-558




Template-Type: ReDIF-Article 1.0
Author-Name: Matteo Deleidi
Author-X-Name-First: Matteo
Author-X-Name-Last: Deleidi
Author-Name: Giuseppe Fontana
Author-X-Name-First: Giuseppe
Author-X-Name-Last: Fontana
Title: Money Creation in the Eurozone: An Empirical Assessment of the Endogenous and the Exogenous Money Theories
Abstract: 
 The aim of this paper is to strengthen our understanding of the money creation process in the Eurozone for 1999–2016 period, through an empirical assessment of two main monetary theories, namely the (Post Keynesian) endogenous money theory and the (Monetarist) exogenous money theory. By applying a VAR and VECM methodology, we analyse the causal relationship among monetary reserves (or monetary base), bank deposits and bank loans. Our empirical analysis supports several propositions of the Post Keynesian endogenous money theory since (i) bank loans determine bank deposits, and (ii) bank deposits in turn determine monetary reserves.
Journal: Review of Political Economy
Pages: 559-581
Issue: 4
Volume: 31
Year: 2020
Month: 7
X-DOI: 10.1080/09538259.2020.1737390
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1737390
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2020:i:4:p:559-581




Template-Type: ReDIF-Article 1.0
Author-Name: Cristiano Boaventura Duarte
Author-X-Name-First: Cristiano Boaventura
Author-X-Name-Last: Duarte
Title: Alternative Monetary Targets, Instruments and Future Monetary Policy Frameworks
Abstract: 
 This article expands on the debate of whether merely controlling inflation can be considered a good outcome in terms of monetary policy, discussing proposals for adopting alternative monetary targets (e.g., price level, nominal GDP), alternative instruments (e.g., monetary finance, central bank digital currencies), for enlarging central banks' mandates (e.g., incorporating employment, wages, inequality, environmental objectives) and for the design of future monetary policy frameworks.We argue that in the coming years, central banks should not simply maintain their pre-2008 standards by de-implementing unconventional monetary policies. Instead, they must take advantage of their past and recent experiences in order to improve, under an evolutionary perspective, future monetary policy and financial stability frameworks. Based on this, measures implemented since the 2008 crisis would have three possible treatments in new frameworks: i) be discarded, due to their predominantly adverse effects; ii) not be regularly implemented, but be used as backstop mechanisms if needed; iii) be incorporated as regular measures of monetary policy/financial stability frameworks. Accordingly, monetary and financial stability authorities will increasingly need to evolve and engage in a continuously adaptive and innovative process in order to face challenges posed by financial markets that are becoming more dynamic, innovative, complex, interconnected and globalised.
Journal: Review of Political Economy
Pages: 582-601
Issue: 4
Volume: 31
Year: 2020
Month: 7
X-DOI: 10.1080/09538259.2020.1730606
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1730606
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2020:i:4:p:582-601




Template-Type: ReDIF-Article 1.0
Author-Name: Gilbert L. Skillman
Author-X-Name-First: Gilbert L.
Author-X-Name-Last: Skillman
Title: Marx, Sraffa, and Surplus: Observations Prompted by Garegnani (2018)
Abstract: 
 In a posthumously published article, Pierangelo Garegnani (2018. ‘On the Labour Theory of Value in Marx and in the Marxist Tradition.’) depicts Marx’s project in Capital as that of ‘developing systematically the theory of Ricardo and [the] implications of social conflict’ implied by Ricardo’s ‘surplus approach to value and distribution’. This paper argues to the contrary that Marx’s theory of surplus value and exploitation differs from (neo-)Ricardian surplus theory in fundamental ways, and modifies Garegnani’s simple Sraffian model to illustrate the distinctive implications of Marx’s theory.
Journal: Review of Political Economy
Pages: 602-620
Issue: 4
Volume: 31
Year: 2020
Month: 7
X-DOI: 10.1080/09538259.2020.1724694
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1724694
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2020:i:4:p:602-620




Template-Type: ReDIF-Article 1.0
Author-Name: Edwin Dickens
Author-X-Name-First: Edwin
Author-X-Name-Last: Dickens
Title: A Century of Wealth in America
Journal: Review of Political Economy
Pages: 621-625
Issue: 4
Volume: 31
Year: 2020
Month: 7
X-DOI: 10.1080/09538259.2019.1698196
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1698196
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2020:i:4:p:621-625




Template-Type: ReDIF-Article 1.0
Author-Name: Ad van Riet
Author-X-Name-First: Ad
Author-X-Name-Last: van Riet
Title: Do Central Banks Serve the People?
Journal: Review of Political Economy
Pages: 625-628
Issue: 4
Volume: 31
Year: 2020
Month: 7
X-DOI: 10.1080/09538259.2019.1698199
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1698199
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:31:y:2020:i:4:p:625-628




Template-Type: ReDIF-Article 1.0
Author-Name: Emiliano Brancaccio
Author-X-Name-First: Emiliano
Author-X-Name-Last: Brancaccio
Author-Name: Fabiana De Cristofaro
Author-X-Name-First: Fabiana
Author-X-Name-Last: De Cristofaro
Author-Name: Raffaele Giammetti
Author-X-Name-First: Raffaele
Author-X-Name-Last: Giammetti
Title: A Meta-analysis on Labour Market Deregulations and Employment Performance: No Consensus Around the IMF-OECD Consensus
Abstract: 
 The so-called ‘IMF-OECD consensus’ suggests that labour market deregulations increase employment and reduce unemployment. This paper presents a meta-analysis of research on this topic based on MAER-NET guidelines. We examine the relation between Employment Protection Legislation indexes on one hand, and employment and unemployment on the other. Among 53 academic papers published between 1990 and 2019, only 28 per cent support the consensus view, while the remaining 72 per cent report results that are ambiguous (21 per cent) or contrary to the consensus (51 per cent). The decline in support for the consensus view is particularly evident in the last decade. Our results are independent of the citations of papers examined, the impact factor of journals and the techniques used. A FAT-PET meta-regression model confirms these outcomes.
Journal: Review of Political Economy
Pages: 1-21
Issue: 1
Volume: 32
Year: 2020
Month: 7
X-DOI: 10.1080/09538259.2020.1759245
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1759245
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:1:p:1-21




Template-Type: ReDIF-Article 1.0
Author-Name: Matteo Deleidi
Author-X-Name-First: Matteo
Author-X-Name-Last: Deleidi
Author-Name: Enrico Sergio Levrero
Author-X-Name-First: Enrico Sergio
Author-X-Name-Last: Levrero
Title: The Price Puzzle and the Hysteresis Hypothesis: SVEC Analysis for the US Economy
Abstract: 
 This paper shows that monetary policy tightening may lead to an increase in the level of prices. To demonstrate this, we apply SVEC modelling to US monthly data for the 1959–2018 period and endorse the ‘hysteresis hypothesis’ which assumes that monetary policy produces long-lasting effects on unemployment and prices. Contrary to what has been argued by Hanson (2004. ‘The “Price Puzzle” Reconsidered.’ Journal of Monetary Economics 51 (7): 1385–1413) and Castelnuovo and Surico (2010. ‘Monetary Policy, Inflation Expectations and the Price Puzzle.’ The Economic Journal 120 (549): 1262–1283), the phenomenon known as the ‘price puzzle’ or ‘Gibson paradox’ is confirmed both in the pre-1979 and post-1982 periods, showing that the paradox is independent of the active/passive behaviour of the Central Bank. Our findings detect a cost channel of monetary policy demonstrating that a change in the interest rates by monetary authorities may have an effect on income distribution.
Journal: Review of Political Economy
Pages: 22-29
Issue: 1
Volume: 32
Year: 2020
Month: 7
X-DOI: 10.1080/09538259.2020.1759244
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1759244
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:1:p:22-29




Template-Type: ReDIF-Article 1.0
Author-Name: Giulio Guarini
Author-X-Name-First: Giulio
Author-X-Name-Last: Guarini
Title: The Macroeconomic Impact of the Porter Hypothesis: Sustainability and Environmental Policies in a Post-Keynesian Model
Abstract: 
 The aim of the paper is to propose a post-Keynesian analysis of the Porter Hypothesis (PH) according to which regulation policies can bring about new economic opportunities by generating ‘green’ environmental innovations. Firstly, I illustrate the main features of the PH. Secondly, a Post-Keynesian growth model is developed by focusing on the macroeconomic impact of the PH. Finally, two equations of the model are estimated, an investment function and a green productivity function, by applying the GMM for panel data to European countries, over the period 1999–2012. The theoretical findings concern the potential rebound effect of regulation if its multiplier effect is greater than its innovation effect and the need for a policy mix to achieve environmental and socio-economic goals together. The empirical section verifies both the weak version of the PH, according to which environmental policies can stimulate green productivity, and (indirectly) the strong version of the PH by estimating the positive impact of green productivity dynamics on private investment.
Journal: Review of Political Economy
Pages: 30-48
Issue: 1
Volume: 32
Year: 2020
Month: 7
X-DOI: 10.1080/09538259.2020.1748308
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1748308
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:1:p:30-48




Template-Type: ReDIF-Article 1.0
Author-Name: Fabrizio Antenucci
Author-X-Name-First: Fabrizio
Author-X-Name-Last: Antenucci
Author-Name: Matteo Deleidi
Author-X-Name-First: Matteo
Author-X-Name-Last: Deleidi
Author-Name: Walter Paternesi Meloni
Author-X-Name-First: Walter
Author-X-Name-Last: Paternesi Meloni
Title: Kaldor 3.0: An Empirical Investigation of the Verdoorn-augmented Technical Progress Function
Abstract: 
 Consistent with neoclassical theory, the recent slowdown in labour productivity is generally regarded as one of the main causes of the current phase of economic stagnation. By contrast, post-Keynesian economics looks at productivity growth as positively affected by the rate of growth of output in the long run as well. By focusing on this alternative perspective, in our exploration we deal with an extended version of the Kaldorian technical progress function in which the trend growth rate of productivity is endogenously shaped by the dynamics of both output and capital−labour ratio. We empirically verify such a relationship for the total economy and the manufacturing sector through a structural vector autoregressive (SVAR) model for G7 countries (1970–2017). Our findings support the validity of a technical progress function, which admits increasing returns to scale, thus indicating that both the rate of growth of output and the process of capital intensification exert positive effects on productivity growth, even beyond the business cycle.
Journal: Review of Political Economy
Pages: 49-76
Issue: 1
Volume: 32
Year: 2020
Month: 7
X-DOI: 10.1080/09538259.2020.1744936
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1744936
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:1:p:49-76




Template-Type: ReDIF-Article 1.0
Author-Name: Giorgio Colacchio
Author-X-Name-First: Giorgio
Author-X-Name-Last: Colacchio
Author-Name: Guglielmo Forges Davanzati
Author-X-Name-First: Guglielmo
Author-X-Name-Last: Forges Davanzati
Title: Modern Money Theory: A Critical Assessment and a Proposal for the State As Innovator of First Resort
Abstract: 
 Modern Money Theory (MMT) describes the functioning of a pure credit economy, assuming that the state can finance public spending via monetisation on the part of the central bank: in this light MMT proponents maintain that taxation and bond issues are irrelevant to public deficit financing. Another feature peculiar to MMT is the belief that expansionary fiscal policies can guarantee full employment in a condition where the state acts as an employer of last resort (ELR). The aim of this paper is threefold: (a) to understand and rationalise the logical framework of MMT (Section 2.1); (b) to address some of the controversial issues of this approach, with particular regard to the ELR programme proposal and to the actual role played by taxation and bonds in public deficit financing (Section 2.2); (c) to propose an extension of the ELR programme, arguing that it can be used for the application of innovations by the state (Section Three).
Journal: Review of Political Economy
Pages: 77-98
Issue: 1
Volume: 32
Year: 2020
Month: 7
X-DOI: 10.1080/09538259.2020.1741893
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1741893
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:1:p:77-98




Template-Type: ReDIF-Article 1.0
Author-Name: Stefano Di Bucchianico
Author-X-Name-First: Stefano
Author-X-Name-Last: Di Bucchianico
Title: A Note on Krugman’s Liquidity Trap and Monetary Policy at the Zero Lower Bound
Abstract: 
 Krugman's ‘liquidity trap’ model constituted a ground-breaking contribution by attributing the long-lasting Japanese stagnation to a negative natural interest rate. Our critique to such a proposal will focus on three aspects. First, we will question the logical structure of the model, providing an alternative interpretation of its closure and arguing that aggregate demand has no crucial role in it. Second, we will argue that a negative natural interest rate can emerge only after a series of overtly restrictive assumptions in a model that does not treat capital and avoids long-run equilibrium analysis. Finally, we will discuss the mainstream literature which followed up until the recent rediscovery of the Secular Stagnation Theory. Within that line of literature, the key features of the ‘liquidity trap’ model continue to occupy a prominent role, thereby letting the critical issues that have been singled out resurface. Our conclusion is that the ‘liquidity trap’ explanation did not provide a satisfying rationale for Japan’s stagnation and cannot describe later economic predicaments either. A comparison with Post-Keynesian models shows their ability to offer insightful policy prescriptions without relying on those shaky theoretical foundations.
Journal: Review of Political Economy
Pages: 99-120
Issue: 1
Volume: 32
Year: 2020
Month: 7
X-DOI: 10.1080/09538259.2020.1731119
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1731119
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:1:p:99-120




Template-Type: ReDIF-Article 1.0
Author-Name: José Luis Oreiro
Author-X-Name-First: José Luis
Author-X-Name-Last: Oreiro
Author-Name: Luiz Fernando de Paula
Author-X-Name-First: Luiz Fernando
Author-X-Name-Last: de Paula
Author-Name: João Pedro Heringer Machado
Author-X-Name-First: João Pedro
Author-X-Name-Last: Heringer Machado
Title: Liquidity Preference, Capital Accumulation and Investment Financing: Fernando Cardim de Carvalho’s Contributions to the Post-Keynesian Paradigm
Abstract: 
 This paper assesses the main theoretical contributions by Fernando Cardim de Carvalho to the post-Keynesian Economics Paradigm: his elucidation of the fundamental principles that define the concept of a monetary production economy; his analysis of decision-making under non-probabilistic uncertainty; his development of a portfolio choice theory in which the decision to invest is regarded as one of possible wealth accumulation strategies; his liquidity preference theory, including its application to banks’ portfolio allocations under uncertainty; and finally his analysis of the finance-funding circuit and its implications for the functioning of monetary economies.
Journal: Review of Political Economy
Pages: 121-139
Issue: 1
Volume: 32
Year: 2020
Month: 7
X-DOI: 10.1080/09538259.2020.1766795
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1766795
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:1:p:121-139




Template-Type: ReDIF-Article 1.0
Author-Name: Guillaume Vallet
Author-X-Name-First: Guillaume
Author-X-Name-Last: Vallet
Author-Name: Steven Pressman
Author-X-Name-First: Steven
Author-X-Name-Last: Pressman
Title: Economics and Sociology: An Introduction
Journal: Review of Political Economy
Pages: 141-148
Issue: 2
Volume: 32
Year: 2020
Month: 4
X-DOI: 10.1080/09538259.2020.1803599
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1803599
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:2:p:141-148




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen D. Parsons
Author-X-Name-First: Stephen D.
Author-X-Name-Last: Parsons
Title: Entrepreneurs and Uncertainty: Max Weber and the Sociology of Economic Action
Abstract: 
 In Economy and Society, Max Weber develops a sociological analysis of economic action, drawing upon ideas developed in the Austrian School of Economics. Despite this Austrian influence, Weber is quite clear his sociological analysis does not constitute an exercise in economic theory. Weber’s account of entrepreneurial action makes it possible to appreciate the distinctness of his sociological analysis of economic action. Weber argues that entrepreneurs make production decisions under conditions of uncertainty, where the goals of action are subject to choice and where consumer wants can be formed through entrepreneurial action. In developing his account of entrepreneurial decision-making, Weber offers an account of economic action that is distinct from the account of economic action dominant in mainstream economics and Austrian economic theory. For Weber, entrepreneurial goals are imagined, and reason does not determine actions but assesses likely consequences of different possibilities for action. A monetary economy allows this assessment to proceed in a more rational manner. This argument is significant for his criticisms of centrally planned economies.
Journal: Review of Political Economy
Pages: 149-162
Issue: 2
Volume: 32
Year: 2020
Month: 4
X-DOI: 10.1080/09538259.2019.1689634
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1689634
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:2:p:149-162




Template-Type: ReDIF-Article 1.0
Author-Name: Erwin Dekker
Author-X-Name-First: Erwin
Author-X-Name-Last: Dekker
Author-Name: Blaž Remic
Author-X-Name-First: Blaž
Author-X-Name-Last: Remic
Author-Name: Carolina Dalla Chiesa
Author-X-Name-First: Carolina
Author-X-Name-Last: Dalla Chiesa
Title: Incentives Matter, But What Do They Mean? Understanding the Meaning of Market Coordination
Abstract: 
 This article argues that the discussion of incentives in economics neglects a crucial question: why are some incentives felt as powerful reasons to alter actions, while other incentives have little, or even counterproductive, effect? We argue that an answer to this question can be found in recent empirical work in economic sociology, institutional economics and Austrian economics. This work studies the meaning of incentives in particular social settings and shows that incentives become meaningful in relation to those settings. We demonstrate that it illuminates why certain incentives are perceived as powerful reasons for action, while others are mostly ignored. We also explain why incentives are typically tied to certain social roles that can be identified through ideal-type analysis, and why situations of high uncertainty are of particular use for studying the activity of actors. In order to understand entrepreneurial action, financial markets, and why monetary rewards and market exchange are sometimes perceived as the wrong type of incentive, research should focus on how an uncertain future is understood by actors. We identify four building blocks in the work of Alfred Schutz, and suggest they yield a constructive research program at the intersection between economics and sociology.
Journal: Review of Political Economy
Pages: 163-179
Issue: 2
Volume: 32
Year: 2020
Month: 4
X-DOI: 10.1080/09538259.2019.1628341
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1628341
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:2:p:163-179




Template-Type: ReDIF-Article 1.0
Author-Name: Samuel Klebaner
Author-X-Name-First: Samuel
Author-X-Name-Last: Klebaner
Author-Name: Matthieu Montalban
Author-X-Name-First: Matthieu
Author-X-Name-Last: Montalban
Title: Cross-Fertilizations Between Institutional Economics and Economic Sociology: The Case of Régulation Theory and the Sociology of Fields
Abstract: 
 This article deals with actual collaborations and cross-fertilization between Régulation Theory — a French institutional economics school — and the Bourdieusian sociology of fields, together with that of Neil Fligstein. First, we show that Régulation Theory has slowly incorporated several concepts and methods of the sociology of fields, due to their similar research agenda. Indeed, using a genetic structuralist method, both approaches have sought to analyze the reproduction and the endogenous changes of institutions, and this by focusing on the one hand on capitalism and on the other upon social fields. Second, we show that the sociology of fields provides relevant frameworks for studying the competitive and institutional dynamics of sectors. Indeed, it can even provide powerful insights for understanding the transformations of accumulation regimes.
Journal: Review of Political Economy
Pages: 180-198
Issue: 2
Volume: 32
Year: 2020
Month: 4
X-DOI: 10.1080/09538259.2019.1674484
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1674484
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:2:p:180-198




Template-Type: ReDIF-Article 1.0
Author-Name: Angeliki Papadopoulou
Author-X-Name-First: Angeliki
Author-X-Name-Last: Papadopoulou
Author-Name: Giorgos Gouzoulis
Author-X-Name-First: Giorgos
Author-X-Name-Last: Gouzoulis
Title: Social Structures of Accumulation in Greece, 1980–2014
Abstract: 
 This paper examines the domestic and transnational social structures of accumulation (SSA) of Greece’s development process over the period 1980–2014. Our historical analysis suggests that the Greek growth model was based on three social accords: (1) the Terms of International Trade and Finance accord, i.e., the liberalisation of international trade, capital mobility and finance within the EU; (2) the State-Capital accord, which included the liberalised labour and industrial relations, and the tolerance to elite tax evasion; and (3) the State-Citizen accord, which involved the relative expansion of the welfare state. The latter aspect suggests that the Greek growth model of the last three decades has been hybrid, rather than typical neoliberal. Our econometric findings provide robust evidence that trade openness, the liberalisation of international financial institutions, and the wage share have been increasing the rate of net capital accumulation in Greece since 1980, while public social spending has been decreasing it. Therefore, the Greek crisis was initially triggered by the breakdown of international trade and finance flows within the EU after the 2008 financial crisis. The subsequent collapse of the State-Citizen accord, due to the EU-imposed austerity programmes further induced the demise of the post-1980 Greek SSA.
Journal: Review of Political Economy
Pages: 199-215
Issue: 2
Volume: 32
Year: 2020
Month: 4
X-DOI: 10.1080/09538259.2020.1769281
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1769281
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:2:p:199-215




Template-Type: ReDIF-Article 1.0
Author-Name: Riccardo Pariboni
Author-X-Name-First: Riccardo
Author-X-Name-Last: Pariboni
Author-Name: Walter Paternesi Meloni
Author-X-Name-First: Walter
Author-X-Name-Last: Paternesi Meloni
Author-Name: Pasquale Tridico
Author-X-Name-First: Pasquale
Author-X-Name-Last: Tridico
Title: When Melius Abundare Is No Longer True: Excessive Financialization and Inequality as Drivers of Stagnation
Abstract: 
 The apparently never-ending phase of economic slowdown that advanced economies have been experiencing in recent decades has recently contributed to the resurrection of the hoary old argument of ‘secular stagnation’. In this paper, situated intellectually within the strand of research documenting the negative impact on growth of inequality and financialization, we elaborate on the idea that such a prolonged period of stagnation is associated with a new paradigm of socio-economic policy, known as ‘finance-dominated capitalism’.In this way, we distance ourselves from the mainstream ‘secular stagnation’ narrative, adopting instead a post-Keynesian perspective that allows us to discuss the links between financialization and inequality, on one hand, and economic performance, on the other. Then, we submit our arguments to empirical scrutiny by undertaking an econometric analysis of 21 OECD countries between 1990 and 2016. The evidence indicates that excessive levels of financialization, along with high inequality and weak labor market institutions, have a negative impact on real growth.Based on our findings, we propose possible demand-side policies, to be implemented through expansionary fiscal measures, which could help sustain GDP growth and employment in the current context of stagnation, mitigating income inequality and sustaining an inclusive recovery at the same time.
Journal: Review of Political Economy
Pages: 216-242
Issue: 2
Volume: 32
Year: 2020
Month: 4
X-DOI: 10.1080/09538259.2020.1769282
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1769282
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:2:p:216-242




Template-Type: ReDIF-Article 1.0
Author-Name: Tilman Hartley
Author-X-Name-First: Tilman
Author-X-Name-Last: Hartley
Author-Name: Jeroen van den Bergh
Author-X-Name-First: Jeroen
Author-X-Name-Last: van den Bergh
Author-Name: Giorgos Kallis
Author-X-Name-First: Giorgos
Author-X-Name-Last: Kallis
Title: Policies for Equality Under Low or No Growth: A Model Inspired by Piketty
Abstract: 
 GDP growth is declining in industrial economies, and there is increasing evidence that growth may be environmentally unsustainable. If growth falls below returns to wealth then inequalities increase, as Thomas Piketty recently showed. This poses a challenge to managing slow and/or negative growth. Here, we examine policies that have been proposed to solve the problem of increasing income inequality in slow- or non-growing economies, including redistribution, taxation, and employment reforms. We construct a simple model, expanding Piketty’s recent work, to evaluate the parameter ranges within which these different policies can be effective. Our analysis leads to two main findings. First, except in the case of complete wealth equality, any strategy to prevent increasing income inequality must reduce returns to wealth below the rate of growth. Second, several strategies may prevent an increase in income inequality during periods of low growth and may slow rising inequality, but not prevent it, in non-growing economies.
Journal: Review of Political Economy
Pages: 243-258
Issue: 2
Volume: 32
Year: 2020
Month: 4
X-DOI: 10.1080/09538259.2020.1769293
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1769293
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:2:p:243-258




Template-Type: ReDIF-Article 1.0
Author-Name: Niroj Bhattarai
Author-X-Name-First: Niroj
Author-X-Name-Last: Bhattarai
Author-Name: Alexandra Bernasek
Author-X-Name-First: Alexandra
Author-X-Name-Last: Bernasek
Author-Name: Anita Alves Pena
Author-X-Name-First: Anita Alves
Author-X-Name-Last: Pena
Title: Factors Affecting School Attendance and Implications for Student Achievement by Gender in Nepal
Abstract: 
 Gender–sensitive secondary school attendance and achievement data in developing countries is limited. We conduct an original survey of 8th, 9th and 10th grade students in urban and rural Nepal. We examine factors affecting attendance rates and document associations across genders. For both genders, we find higher attendance in urban compared with rural areas, with home ownership (a proxy for wealth), and with fines for absence from school; conversely, we find lower attendance with more students per school computer. For girls, we find lower attendance with age (at an increasing rate) and higher attendance for those with younger siblings. For boys, important factors include higher attendance with number of cars in the family (related to wealth and transportation), with time spent studying and with having an educated mother; boys have lower attendance with more siblings and the number of motorcycles. We link attendance to test scores and find evidence supporting a positive relationship, confirming linkages from attendance to human capital and capabilities. Finally, we provide qualitative evidence from a complementary focus group on cultural attitudes and practices. Our results point to specific gender–neutral and gender sensitive factors for making progress towards providing all children quality education in Nepal.
Journal: Review of Political Economy
Pages: 259-282
Issue: 2
Volume: 32
Year: 2020
Month: 4
X-DOI: 10.1080/09538259.2020.1769296
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1769296
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:2:p:259-282




Template-Type: ReDIF-Article 1.0
Author-Name: Santiago José Gahn
Author-X-Name-First: Santiago
Author-X-Name-Last: José Gahn
Title: Is There a Declining Trend in Capacity Utilization in the US Economy? A Technical Note
Abstract: 
 Recent contributions have mentioned the possibility of a declining trend in capacity utilization in the US since the 1970s. However, no consensus has emerged on the empirical evidence. The aim of this paper is to identify if such a declining trend in capacity utilization exists in the US economy: New empirical evidence is shown confirming that this is the case, at least since 1989.
Journal: Review of Political Economy
Pages: 283-296
Issue: 2
Volume: 32
Year: 2020
Month: 4
X-DOI: 10.1080/09538259.2020.1769906
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1769906
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:2:p:283-296




Template-Type: ReDIF-Article 1.0
Author-Name: William Jefferies
Author-X-Name-First: William
Author-X-Name-Last: Jefferies
Title: Stolen: How to Save the World from Financialisation
Journal: Review of Political Economy
Pages: 297-301
Issue: 2
Volume: 32
Year: 2020
Month: 4
X-DOI: 10.1080/09538259.2019.1698197
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1698197
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:2:p:297-301




Template-Type: ReDIF-Article 1.0
Author-Name: Guglielmo Forges Davanzati
Author-X-Name-First: Guglielmo
Author-X-Name-Last: Forges Davanzati
Title: Roy Harrod
Journal: Review of Political Economy
Pages: 302-304
Issue: 2
Volume: 32
Year: 2020
Month: 4
X-DOI: 10.1080/09538259.2019.1698198
File-URL: http://hdl.handle.net/10.1080/09538259.2019.1698198
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:2:p:302-304




Template-Type: ReDIF-Article 1.0
Author-Name: Paolo Trabucchi
Author-X-Name-First: Paolo
Author-X-Name-Last: Trabucchi
Title: Capital as a Single Magnitude and the Orthodox Theory of Distribution in Some Writings of the Early 1930s
Abstract: 
 Some writings of the early 1930s by Dennis Robertson and John Hicks present, with a clarity not easily found elsewhere, the reasons why marginalist economists, who until recent decades normally treated capital as a single magnitude, were in fact compelled to do so. This paper focuses on a first reason that emerges from these writings: namely the fact that only this treatment of capital can lend plausibility to the notion of substitutability between factors of production on which the orthodox theory of distribution is built.
Journal: Review of Political Economy
Pages: 169-188
Issue: 2
Volume: 23
Year: 2011
Month: 4
X-DOI: 10.1080/09538259.2011.561550
File-URL: http://hdl.handle.net/10.1080/09538259.2011.561550
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:23:y:2011:i:2:p:169-188




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Dallery
Author-X-Name-First: Thomas
Author-X-Name-Last: Dallery
Author-Name: Till van Treeck
Author-X-Name-First: Till
Author-X-Name-Last: van Treeck
Title: Conflicting Claims and Equilibrium Adjustment Processes in a Stock-flow Consistent Macroeconomic Model
Abstract: 
 We revisit the old but still vibrant Post-Keynesian debate over ‘fully-adjusted positions’, defined by the long-run equality of actual and standard utilisation rates. The central proposition of this paper is that in a world where different groups inside and outside firms have different objectives, the equality of actual and standard utilisation should not be treated as the only possible long-run equilibrium condition. The argument is illustrated in a model of target return pricing with conflict inflation, building on the work of Marc Lavoie. A ‘common language’ for the conflicting claims by shareholders, managers and workers is developed in terms of target profit rates, and it is shown that these contradictory claims can be partly reconciled through variations in the utilisation rate. The analysis unifies history and equilibrium in the sense that the nature of final equilibrium position and the adjustment to it depend on the objectives of the dominant social groups. We distinguish a ‘Fordist regime’ and a ‘financialisation regime’ and produce simulation results within a simple stock-flow consistent model that are broadly consistent with the stylised facts of these distinct historical phases of capitalism.
Journal: Review of Political Economy
Pages: 189-211
Issue: 2
Volume: 23
Year: 2011
Month: 4
X-DOI: 10.1080/09538259.2011.561557
File-URL: http://hdl.handle.net/10.1080/09538259.2011.561557
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:23:y:2011:i:2:p:189-211




Template-Type: ReDIF-Article 1.0
Author-Name: Henk K. van Tuinen
Author-X-Name-First: Henk K.
Author-X-Name-Last: van Tuinen
Title: The Ignored Manipulation of the Market: Commercial Advertising and Consumerism Require New Economic Theories and Policies
Abstract: 
 One of mainstream economic theory's blind spots is its neglect of the manipulation of preferences, for example through advertising. Another flaw concerns the market economy's ineffectiveness at increasing welfare in affluent societies. Indeed, a principle reason for this ineffectiveness is the loss in consumer sovereignty caused by the dominance of commercial preference manipulation. This article outlines a theory of preference manipulation, and describes a policy framework to restore consumer sovereignty by creating countervailing power against commercial manipulation. The suggested policy will improve the welfare outcomes of affluent economies and reconfigure the balance between consumerist and non-consumerist attitudes in modern democracies.
Journal: Review of Political Economy
Pages: 213-231
Issue: 2
Volume: 23
Year: 2011
Month: 4
X-DOI: 10.1080/09538259.2011.561558
File-URL: http://hdl.handle.net/10.1080/09538259.2011.561558
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:23:y:2011:i:2:p:213-231




Template-Type: ReDIF-Article 1.0
Author-Name: John Meadowcroft
Author-X-Name-First: John
Author-X-Name-Last: Meadowcroft
Title: Economic and Political Solutions to Social Problems: The Case of Second-hand Smoke in Enclosed Public Places
Abstract: 
 This article utilises a case study of the problem of second-hand smoke in enclosed public places to examine economic and political solutions to social problems. The responses of economic actors to this problem are examined via review of a number of pre-existing case studies of private arrangements in bars and restaurants prior to the introduction of smoking bans. The responses of political actors are examined via a study of the legislative process that led to the ban on smoking in enclosed public places introduced in England in 2007. This empirical evidence supports the view that economic decision-making leads to a plurality of different accommodations of different preferences, suggestive of inter-subjective learning, whereas political decision-making leads to exclusive, all-or-nothing solutions indicative of an adversarial approach to decision-making and the imposition of one group's preferences on the whole population.
Journal: Review of Political Economy
Pages: 233-248
Issue: 2
Volume: 23
Year: 2011
Month: 4
X-DOI: 10.1080/09538259.2011.561559
File-URL: http://hdl.handle.net/10.1080/09538259.2011.561559
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:23:y:2011:i:2:p:233-248




Template-Type: ReDIF-Article 1.0
Author-Name: Roberta Patalano
Author-X-Name-First: Roberta
Author-X-Name-Last: Patalano
Title: Resistance to Change: Historical Excursus and Contemporary Interpretations
Abstract: 
 The concept of resistance to change made its appearance in the literature more than six decades ago. The paper analyses how the concept was introduced in the 1950s and how it was integrated in economic analysis by Kenneth E. Boulding. Secondly, we discuss the recent literature on the topic in order to identify the multifaceted meanings that the concept has taken on in three main areas of research: problem solving, organizational studies and institutional economics. Finally, we turn to methodological issues; the historical nature of change will be considered in order to clarify the relationship between resistance to change and path dependence.
Journal: Review of Political Economy
Pages: 249-266
Issue: 2
Volume: 23
Year: 2011
Month: 4
X-DOI: 10.1080/09538259.2011.561561
File-URL: http://hdl.handle.net/10.1080/09538259.2011.561561
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:23:y:2011:i:2:p:249-266




Template-Type: ReDIF-Article 1.0
Author-Name: Ernesto Screpanti
Author-X-Name-First: Ernesto
Author-X-Name-Last: Screpanti
Title: Freedom of Choice in the Production Sphere: The Capitalist and the Self-managed Firm
Abstract: 
 A formula for measuring freedom of choice in the production sphere is proposed. Then a capitalist firm and a worker self-managed firm are compared in terms of freedom distribution. It is shown that the workers have little freedom, if any at all, in a capitalist firm, whilst the capitalist enjoys a great deal of freedom. In a self-managed firm, on the other hand, the amount of freedom enjoyed by the workers is positive and often even greater than that of the capitalist. The analysis is further developed by the introduction of asymmetric information. It is argued that, based on plausible hypotheses of monitoring costs, the difference between the amount of freedom enjoyed by self-managed workers and that enjoyed by the capitalist increases.
Journal: Review of Political Economy
Pages: 267-279
Issue: 2
Volume: 23
Year: 2011
Month: 4
X-DOI: 10.1080/09538259.2011.561562
File-URL: http://hdl.handle.net/10.1080/09538259.2011.561562
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:23:y:2011:i:2:p:267-279




Template-Type: ReDIF-Article 1.0
Author-Name: Fiona Tregenna
Author-X-Name-First: Fiona
Author-X-Name-Last: Tregenna
Title: What Does the ‘Services Sector’ Mean in Marxian Terms?
Abstract: 
 The services sector has grown as a share of GDP and employment in most countries in recent years, and there has been increasing interest in understanding this sector and in its growth potential. This article analyses the meaning and nature of the ‘services sector’ from a Marxian perspective. Marx did not analyse ‘services’ as such (although he did discuss certain types of activities that are currently classified as services), and ‘sectors’ are not the units of his economic analysis. From a Marxian approach, an activity needs to be analysed in terms of its location in the circuit of capital and its relationship with the production of surplus-value. The ‘services sector’ includes activities that are highly heterogeneous in these terms, including activities in which surplus-value is directly produced, activities that facilitate the production of surplus-value elsewhere (or increase the rate at which it is produced), and activities that stand outside of the circuit of capital. Marxian tools of analysis yield particular insights into the nature of various types of service activities, and these insights are helpful in understanding sectoral structure and the potential implications of changes therein.
Journal: Review of Political Economy
Pages: 281-298
Issue: 2
Volume: 23
Year: 2011
Month: 4
X-DOI: 10.1080/09538259.2011.561563
File-URL: http://hdl.handle.net/10.1080/09538259.2011.561563
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:23:y:2011:i:2:p:281-298




Template-Type: ReDIF-Article 1.0
Author-Name: Christian Gehrke
Author-X-Name-First: Christian
Author-X-Name-Last: Gehrke
Title: The Joint Production Method in the Treatment of Fixed Capital: A Comment on Moseley
Abstract: 
 This paper re-examines P. Sraffa's ‘References to the literature’ in Appendix D of Production of Commodities by Means of Commodities (Cambridge: Cambridge University Press, 1960) on precursors of the joint production method in the treatment of fixed capital. It is shown that Moseley's view, according to which Sraffa's attribution of the joint production method to Torrens, Ricardo, Malthus and Marx is ‘misleading at best and totally wrong at worst’ (F. Moseley, 2009, ‘Sraffa's interpretation of Marx's treatment of fixed capital’, Review of Political Economy, 21, p. 99), is difficult to sustain. Moseley's argument is based on the absurd premise that Sraffa's attribution of the joint production method to the four classical authors mentioned would only be justified if it could be shown that they had used the joint production method in the same way and for the same purpose as Sraffa did.
Journal: Review of Political Economy
Pages: 299-306
Issue: 2
Volume: 23
Year: 2011
Month: 4
X-DOI: 10.1080/09538259.2011.561565
File-URL: http://hdl.handle.net/10.1080/09538259.2011.561565
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:23:y:2011:i:2:p:299-306




Template-Type: ReDIF-Article 1.0
Author-Name: Fred Moseley
Author-X-Name-First: Fred
Author-X-Name-Last: Moseley
Title: Reply to Gehrke
Abstract: 
 This paper responds to Christian Gehrke's comment, and argues that the main conclusion of my earlier paper is sustained—that, contrary to Sraffa, Marx did not ‘adopt’ in any sense of the word the joint product method of treating fixed capital. It agrees with Gehrke that Torrens adopted a form of the joint product method, and that Malthus seems to have followed Torrens in this regard. However, it argues that Ricardo did not adopt the joint product method, not even in the one instance cited by Sraffa. Finally, it argues briefly that Marx's ‘transformation of value’ method of treating fixed capital and depreciation is superior to Sraffa's joint product method.
Journal: Review of Political Economy
Pages: 307-315
Issue: 2
Volume: 23
Year: 2011
Month: 4
X-DOI: 10.1080/09538259.2011.561566
File-URL: http://hdl.handle.net/10.1080/09538259.2011.561566
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:23:y:2011:i:2:p:307-315




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Lewis
Author-X-Name-First: Paul
Author-X-Name-Last: Lewis
Title: The Road to Serfdom: Text and Documents. The Definitive Edition (The Collected Works of F. A. Hayek, Volume II)
Journal: Review of Political Economy
Pages: 317-322
Issue: 2
Volume: 23
Year: 2011
Month: 4
X-DOI: 10.1080/09538259.2011.561567
File-URL: http://hdl.handle.net/10.1080/09538259.2011.561567
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:23:y:2011:i:2:p:317-322




Template-Type: ReDIF-Article 1.0
Author-Name: Collin G. Matton
Author-X-Name-First: Collin G.
Author-X-Name-Last: Matton
Title: How We Decide
Journal: Review of Political Economy
Pages: 322-324
Issue: 2
Volume: 23
Year: 2011
Month: 4
X-DOI: 10.1080/09538259.2011.561568
File-URL: http://hdl.handle.net/10.1080/09538259.2011.561568
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:23:y:2011:i:2:p:322-324




Template-Type: ReDIF-Article 1.0
Author-Name: Gene Callahan
Author-X-Name-First: Gene
Author-X-Name-Last: Callahan
Title: Rationality in Economics: Constructivist and Ecological Forms
Journal: Review of Political Economy
Pages: 325-327
Issue: 2
Volume: 23
Year: 2011
Month: 4
X-DOI: 10.1080/09538259.2011.561569
File-URL: http://hdl.handle.net/10.1080/09538259.2011.561569
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:23:y:2011:i:2:p:325-327




Template-Type: ReDIF-Article 1.0
Author-Name: Robert E. Prasch
Author-X-Name-First: Robert E.
Author-X-Name-Last: Prasch
Title: Meltdown Iceland: Lessons on the World Financial Crisis from a Small Bankrupt Island
Journal: Review of Political Economy
Pages: 327-330
Issue: 2
Volume: 23
Year: 2011
Month: 4
X-DOI: 10.1080/09538259.2011.561570
File-URL: http://hdl.handle.net/10.1080/09538259.2011.561570
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:23:y:2011:i:2:p:327-330




Template-Type: ReDIF-Article 1.0
Author-Name: Robert E. Prasch
Author-X-Name-First: Robert E.
Author-X-Name-Last: Prasch
Title: The Big Short: Inside the Doomsday Machine
Journal: Review of Political Economy
Pages: 330-332
Issue: 2
Volume: 23
Year: 2011
Month: 4
X-DOI: 10.1080/09538259.2011.561571
File-URL: http://hdl.handle.net/10.1080/09538259.2011.561571
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:23:y:2011:i:2:p:330-332




Template-Type: ReDIF-Article 1.0
Author-Name: Matías Vernengo
Author-X-Name-First: Matías
Author-X-Name-Last: Vernengo
Title: The Myth of the Rational Market: A History of Risk, Reward, and Delusion on Wall Street
Journal: Review of Political Economy
Pages: 332-334
Issue: 2
Volume: 23
Year: 2011
Month: 4
X-DOI: 10.1080/09538259.2011.561572
File-URL: http://hdl.handle.net/10.1080/09538259.2011.561572
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:23:y:2011:i:2:p:332-334




Template-Type: ReDIF-Article 1.0
Author-Name: Cameron M. Weber
Author-X-Name-First: Cameron M.
Author-X-Name-Last: Weber
Title: Castles, Battles, and Bombs: How Economics Explains Military History
Journal: Review of Political Economy
Pages: 334-336
Issue: 2
Volume: 23
Year: 2011
Month: 4
X-DOI: 10.1080/09538259.2011.561573
File-URL: http://hdl.handle.net/10.1080/09538259.2011.561573
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:23:y:2011:i:2:p:334-336




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Erratum
Journal: Review of Political Economy
Pages: 337-337
Issue: 2
Volume: 23
Year: 2011
Month: 4
X-DOI: 10.1080/09538259.2011.579022
File-URL: http://hdl.handle.net/10.1080/09538259.2011.579022
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:23:y:2011:i:2:p:337-337




Template-Type: ReDIF-Article 1.0
Author-Name: Ingrid Harvold Kvangraven
Author-X-Name-First: Ingrid Harvold
Author-X-Name-Last: Kvangraven
Title: Nobel Rebels in Disguise — Assessing the Rise and Rule of the Randomistas
Abstract: 
 Abhijit Banerjee, Esther Duflo and Michael Kremer were awarded the 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for their pioneering of randomized control trials (RCTs) to find reliable answers about the best ways to fight global poverty. This article unpacks the laureates’ theoretical and methodological approach to development economics in order to evaluate to what extent their approach signifies a break from broader trends in the field. In particular, it investigates the role RCTs have played in both generating knowledge about development interventions and in shaping development policy debates more broadly. Finally, the article argues that despite their rebellious and radical façade, the randomista enterprise has led to a more exclusive development economics, while at the same time failing to improve our ability to fight poverty.
Journal: Review of Political Economy
Pages: 305-341
Issue: 3
Volume: 32
Year: 2020
Month: 7
X-DOI: 10.1080/09538259.2020.1810886
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1810886
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:3:p:305-341




Template-Type: ReDIF-Article 1.0
Author-Name: Steve Keen
Author-X-Name-First: Steve
Author-X-Name-Last: Keen
Title: Emergent Macroeconomics: Deriving Minsky’s Financial Instability Hypothesis Directly from Macroeconomic Definitions
Abstract: 
 Though Minsky developed a compelling verbal model of the ‘Financial Instability Hypothesis' (FIH), he abandoned his early attempts to build a mathematical model. I show that the essential characteristics of Minsky's hypothesis are emergent properties of a complex systems macroeconomic model which is derived directly from macroeconomic definitions, augmented by the simplest possible assumptions for relations between system states, and the simplest possible behavioural postulates. I also show that credit is an essential component of aggregate demand and aggregate income, given that bank lending creates money. Minsky's Financial Instability Hypothesis is thus derived from sound macrofoundations. This stylized complex-systems model reproduces both the core predictions of Minsky's verbal hypothesis, and empirical properties of the real world which have defied Neoclassical understanding, which were not predictions of Minsky's verbal model: the occurrence of a ‘Great Moderation' — a period of diminishing cycles in employment, inflation, and economic growth — prior to a ‘Minsky Moment' crisis; and a tendency for inequality to rise over time. The simulations in this paper use the Open Source system dynamics programme Minsky, which was named in Minsky’s honour.
Journal: Review of Political Economy
Pages: 342-370
Issue: 3
Volume: 32
Year: 2020
Month: 7
X-DOI: 10.1080/09538259.2020.1810887
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1810887
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:3:p:342-370




Template-Type: ReDIF-Article 1.0
Author-Name: Adrien Faudot
Author-X-Name-First: Adrien
Author-X-Name-Last: Faudot
Title: The European Payments Union (1950–58): the Post-War Episode of Keynes’ Clearing Union
Abstract: 
 This article deals with the European Payments Union (EPU), which has garnered little academic interest to this day. The EPU operated from 1950 to 1958. It involved 18 countries and was hailed as a successful experience of European integration. Owing to the international clearing procedures that characterized the institution, the EPU is usually considered to be inspired by the Keynes plan, which was the ambitious reform that the British representative unsuccessfully upheld at Bretton Woods. This article seeks to determine signs of Keynesian thought in EPU rules and the operations of this clearing union. The article also provides an assessment of the Union’s economic performance. Additionally, it aims to examine the process that resulted in dismantling the Union in 1958.
Journal: Review of Political Economy
Pages: 371-389
Issue: 3
Volume: 32
Year: 2020
Month: 7
X-DOI: 10.1080/09538259.2020.1776959
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1776959
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:3:p:371-389




Template-Type: ReDIF-Article 1.0
Author-Name: Giancarlo Bertocco
Author-X-Name-First: Giancarlo
Author-X-Name-Last: Bertocco
Author-Name: Andrea Kalajzić
Author-X-Name-First: Andrea
Author-X-Name-Last: Kalajzić
Title: A Keynes + Schumpeter Model to Explain the Relationship Between Money, Development and Crises
Abstract: 
 Over the years, many economists have underlined the opportunity to integrate the lessons of Keynes and Schumpeter. Recently, Dosi and his co-authors have developed a ‘Keynes + Schumpeter’ model that describes a ‘complex evolving system’. This work presents a different version of a K + S model that highlights the role of bank money in the introduction of innovations, an essential part of Schumpeter’s analysis neglected by Dosi and his co-authors. The aim of this work is to integrate the visions of Keynes and Schumpeter in a way allowing: (i) to elaborate a monetary theory of production that highlights the relationship between money, development and crises; (ii) to show that the explanation of the relationship between money and crises derived from our K + S model is sounder than the explanations developed by Keynes in The General Theory, which is based on the liquidity preference theory, and by Schumpeter in Business Cycles, which, instead, is based on the concept of creative destruction.
Journal: Review of Political Economy
Pages: 390-413
Issue: 3
Volume: 32
Year: 2020
Month: 7
X-DOI: 10.1080/09538259.2020.1783874
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1783874
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:3:p:390-413




Template-Type: ReDIF-Article 1.0
Author-Name: Corrado Andini
Author-X-Name-First: Corrado
Author-X-Name-Last: Andini
Title: Marx Meets Keynes in the Classroom: Teaching a Simple Model of Modern Capitalism
Abstract: 
 This paper presents a pedagogical model of the way modern capitalism works, which can be taught by using one single graph. Specifically, we extend earlier research by introducing features of the monetary theory of production [Graziani 1994. La Teoria Monetaria Della Produzione. Montepulciano: Editori del Grifo; Graziani 2003. The Monetary Theory of Production. Cambridge: Cambridge University Press] and distribution [Pivetti 1991. An Essay on Money and Distribution. London: Macmillan] into an existing model of the principle of effective demand [Andini 2009. ‘Teaching Keynes’s Principle of Effective Demand Within the Real Wage Vs. Employment Space.’ Forum for Social Economics 38 (2–3): 209–228.]. The resulting framework can be used for teaching a number of relevant economic propositions, which are consistent with the Marxian/Keynesian tradition in political economy. Among these, it is argued that both labour exploitation and ‘final finance’ loans play a fundamental role for the capitalist system to be money-profitable on aggregate.
Journal: Review of Political Economy
Pages: 414-432
Issue: 3
Volume: 32
Year: 2020
Month: 7
X-DOI: 10.1080/09538259.2020.1785675
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1785675
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:3:p:414-432




Template-Type: ReDIF-Article 1.0
Author-Name: Sébastien Charles
Author-X-Name-First: Sébastien
Author-X-Name-Last: Charles
Author-Name: Jonathan Marie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Marie
Title: A Note on the Competing Causes of High Inflation in Bulgaria during the 1990s: Money Supply or Exchange Rate?
Abstract: 
 This note aims at analyzing Bulgaria’s high inflation regime during the 1990s. Two competing causes of high inflation are explored: changes in the rate of growth of the money supply in the economy and changes in the foreign exchange rate. Both correspond to traditional theoretical explanations: the monetarist view and the balance of payments approach. Evidence suggests that a variation in the exchange rate is significant in explaining the high inflation regime in Bulgaria whereas monetary growth appears to be insignificant. Consequently, the paper underlines the importance of stabilizing the exchange rate in the short run in order to avoid high inflation.
Journal: Review of Political Economy
Pages: 433-443
Issue: 3
Volume: 32
Year: 2020
Month: 7
X-DOI: 10.1080/09538259.2020.1787002
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1787002
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:3:p:433-443




Template-Type: ReDIF-Article 1.0
Author-Name: Ajit Sinha
Author-X-Name-First: Ajit
Author-X-Name-Last: Sinha
Title: A Response to ‘On Sinha’s View of Sraffa’s Revolution in Economic Theory’
Journal: Review of Political Economy
Pages: 444-449
Issue: 3
Volume: 32
Year: 2020
Month: 7
X-DOI: 10.1080/09538259.2020.1785683
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1785683
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:3:p:444-449




Template-Type: ReDIF-Article 1.0
Author-Name: Enrico Sergio Levrero
Author-X-Name-First: Enrico Sergio
Author-X-Name-Last: Levrero
Title: On Sraffa’s Prices: A Rejoinder to Sinha
Journal: Review of Political Economy
Pages: 450-458
Issue: 3
Volume: 32
Year: 2020
Month: 7
X-DOI: 10.1080/09538259.2020.1785684
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1785684
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:3:p:450-458




Template-Type: ReDIF-Article 1.0
Author-Name: Marc Lavoie
Author-X-Name-First: Marc
Author-X-Name-Last: Lavoie
Author-Name: Gennaro Zezza
Author-X-Name-First: Gennaro
Author-X-Name-Last: Zezza
Title: A Simple Stock-Flow Consistent Model with Short-Term and Long-Term Debt: A Comment on Claudio Sardoni
Abstract: 
 In a recent article of this journal, Claudio Sardoni ([2019]. ‘Investment and Saving in a Dynamic Context: The Contribution of Athanasios (Tom) Asimakopulos.’ Review of Political Economy 31 (2): 233–246) made four claims: (1) An increase in the propensity to save will lower the long-term interest rate; (2) A higher preference for bonds will lead to lower long-term interest rates; (3) A higher level of investment will lead to a higher long-term interest rate; (4) A larger (exogenous) supply of money will lead to a lower long-term interest rate. We confront these four claims with the help of a simple stock-flow consistent (SFC) model which includes firms, banks and households, with the latter holding either bank deposits or bonds issued by firms, while these firms invest in fixed capital and in inventories. We find that higher investment leads to higher interest rates on bonds in the short run, but not in the medium or long run. Similarly, a higher desired inventories-to-output ratio ends up leading to lower interest rates both in the short and the long run. We conclude that using SFC models is particularly adequate when dealing with issues that integrate real and financial variables.
Journal: Review of Political Economy
Pages: 459-473
Issue: 3
Volume: 32
Year: 2020
Month: 7
X-DOI: 10.1080/09538259.2020.1787616
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1787616
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:3:p:459-473




Template-Type: ReDIF-Article 1.0
Author-Name: Claudio Sardoni
Author-X-Name-First: Claudio
Author-X-Name-Last: Sardoni
Title: Saving and Investment Financing: Different Approaches
Abstract: 
 Lavoie and Zezza (2020. “A Simple Stock-Flow Consistent Model with Short-Term and Long-Term Debt.” Review of Political Economy, forthcoming.) present a stock-flow consistent model which critically refers to a recent work of mine (Sardoni, C. 2019. “Investment and Saving in a Dynamic Context: The Contributions of Athanasios (Tom) Asimakopulos.” Review of Political Economy 31 (2): 233–246.) concerned with the complex relation between saving, interest rates, finance and investment. This paper comments on Lavoie’s and Zezza’s interpretation of Sardoni’s position and results and, in turn, presents some critical observations about Lavoie’s and Zezza’s own model. The focus is on the relation between the marginal propensity to save and the long-term interest rate.
Journal: Review of Political Economy
Pages: 474-480
Issue: 3
Volume: 32
Year: 2020
Month: 7
X-DOI: 10.1080/09538259.2020.1799608
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1799608
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:3:p:474-480




Template-Type: ReDIF-Article 1.0
Author-Name: Maria Cristina Marcuzzo
Author-X-Name-First: Maria Cristina
Author-X-Name-Last: Marcuzzo
Title: The US Financial System and its Crises. From the 1907 Panic to the 2007 Crash
Journal: Review of Political Economy
Pages: 481-483
Issue: 3
Volume: 32
Year: 2020
Month: 7
X-DOI: 10.1080/09538259.2020.1785685
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1785685
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:3:p:481-483




Template-Type: ReDIF-Article 1.0
Author-Name: Randy Priem
Author-X-Name-First: Randy
Author-X-Name-Last: Priem
Title: The ABCs of Capitalism
Journal: Review of Political Economy
Pages: 483-485
Issue: 3
Volume: 32
Year: 2020
Month: 7
X-DOI: 10.1080/09538259.2020.1785686
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1785686
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:3:p:483-485




Template-Type: ReDIF-Article 1.0
Author-Name: Natalia Bracarense
Author-X-Name-First: Natalia
Author-X-Name-Last: Bracarense
Title: The Aptly or Wrongly Named Development Economics: An Introduction to New Perspectives and Models
Journal: Review of Political Economy
Pages: 1-6
Issue: 1
Volume: 33
Year: 2021
Month: 01
X-DOI: 10.1080/09538259.2021.1855008
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1855008
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:1:p:1-6




Template-Type: ReDIF-Article 1.0
Author-Name: Celso Furtado
Author-X-Name-First: Celso
Author-X-Name-Last: Furtado
Title: Underdevelopment and Dependence: The Fundamental Connections
Journal: Review of Political Economy
Pages: 7-15
Issue: 1
Volume: 33
Year: 2021
Month: 01
X-DOI: 10.1080/09538259.2020.1827549
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1827549
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:1:p:7-15




Template-Type: ReDIF-Article 1.0
Author-Name: Celso Furtado
Author-X-Name-First: Celso
Author-X-Name-Last: Furtado
Title: The Myth of Economic Development and the Future of the Third World
Journal: Review of Political Economy
Pages: 16-27
Issue: 1
Volume: 33
Year: 2021
Month: 01
X-DOI: 10.1080/09538259.2020.1827552
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1827552
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:1:p:16-27




Template-Type: ReDIF-Article 1.0
Author-Name: Pedro Loureiro
Author-X-Name-First: Pedro
Author-X-Name-Last: Loureiro
Author-Name: Fernando Rugitsky
Author-X-Name-First: Fernando
Author-X-Name-Last: Rugitsky
Author-Name: Alfredo Saad-Filho
Author-X-Name-First: Alfredo
Author-X-Name-Last: Saad-Filho
Title: Celso Furtado and the Myth of Economic Development: Rethinking Development from Exile
Abstract: 
 This article introduces two previously unpublished working papers by the Brazilian economist Celso Furtado (1920–2004). Following a brief outline of his life and ideas, the arguments in the two papers are examined, taking into account their context and place in Furtado’s evolving body of work. These two papers represent a crucial turning point in Furtado’s thinking, highlighting his critical perspective on (under)development and laying the basis for four books that he would publish in rapid sequence. We stress Furtado’s growing scepticism with the prospects for international development and global convergence, and his attempt to reimagine the meaning of development and the potential paths to development by peripheral countries. Furtado’s approach to global capitalism in these two papers shed an even more critical light on its structure and evolution than his better-known works from the 1950s. Finally, the contemporary relevance of his ideas is illustrated by reference to their relationship with the current heterodox literature.
Journal: Review of Political Economy
Pages: 28-43
Issue: 1
Volume: 33
Year: 2021
Month: 01
X-DOI: 10.1080/09538259.2020.1827546
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1827546
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:1:p:28-43




Template-Type: ReDIF-Article 1.0
Author-Name: Douglas Alencar
Author-X-Name-First: Douglas
Author-X-Name-Last: Alencar
Author-Name: Frederico G. Jayme
Author-X-Name-First: Frederico G.
Author-X-Name-Last: Jayme
Author-Name: Gustavo Britto
Author-X-Name-First: Gustavo
Author-X-Name-Last: Britto
Title: Growth, Distribution, and External Constraints: A Post-Kaleckian Model Applied to Brazil
Abstract: 
 The purpose of this research is to analyze whether the Brazilian economy behaved under a wage-led or profit-led regime between 1960 and 2011, considering a Post-Kaleckian model in a context of external constraints. The time span is limited by data availability (i.e., 2011). To answer the question of whether the Brazilian economy works under a wage-led or profit-led regime, we propose a simple Post-Kaleckian model. The model suggests that a profit-led regime is more probable for Brazil. Moreover, a wage-led regime occurs when a balance of payments constrained growth model is taken into consideration. Likewise, the real exchange rate has a positive impact on economic growth through the export channel. This result is a novelty in the recent literature about the relationship between real exchange rate and economic growth within a Post-Kaleckian model. The Brazilian economy was chosen as it is one of the biggest economies in Latin America.
Journal: Review of Political Economy
Pages: 44-66
Issue: 1
Volume: 33
Year: 2021
Month: 1
X-DOI: 10.1080/09538259.2020.1720149
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1720149
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:1:p:44-66




Template-Type: ReDIF-Article 1.0
Author-Name: Marcos Vinícius Isaias Mendes
Author-X-Name-First: Marcos Vinícius Isaias
Author-X-Name-Last: Mendes
Title: The Limitations of International Relations Regarding MNCs and the Digital Economy: Evidence from Brazil
Abstract: 
 Multinationals (MNCs) have been considered a relevant research topic for International Relations since the emergence of the field of International Political Economy in the 1970s. Nowadays, MNCs are undergoing deep changes in their business models and global strategies due to the digital economy. This has considerable implications for the international system. For instance, the rise of information and communication technology (ICT) MNCs to the top of market value lists globally. Nonetheless, IR scholars have been slow in grasping the importance of ICT MNCs and the digital economy. In this paper, I justify this statement by evaluating the inclusion of MNCs and ICT MNCs in Brazilian IR scholarship. The method used is a bibliometric mapping of the scientific production of Brazilian IR scholars, supported by a systematic literature review. The results showcase that, in spite of the impact of digitalization on Brazil's economy and politics, IR scholars have conducted few studies on MNCs and practically no studies on ICT MNCs. This case illustrates the emergence of new dynamics in global value chains triggered by digitalization. It also illustrates the challenges for developing countries such as Brazil to engage in global production networks within the highly competitive ICT sector.
Journal: Review of Political Economy
Pages: 67-87
Issue: 1
Volume: 33
Year: 2021
Month: 1
X-DOI: 10.1080/09538259.2020.1730609
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1730609
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:1:p:67-87




Template-Type: ReDIF-Article 1.0
Author-Name: Fábio Henrique Bittes Terra
Author-X-Name-First: Fábio Henrique Bittes
Author-X-Name-Last: Terra
Author-Name: Fernando Ferrari Filho
Author-X-Name-First: Fernando
Author-X-Name-Last: Ferrari Filho
Author-Name: Pedro Cezar Dutra Fonseca
Author-X-Name-First: Pedro Cezar Dutra
Author-X-Name-Last: Fonseca
Title: Keynes on State and Economic Development
Abstract: 
 This article has two purposes. On the one hand, it develops Keynes’s concept of economic development. On the other hand, it presents Keynes’s ideas about the role of State, chiefly the State Agenda. Keynes believed that the stage of economic development would only be attained if the State Agenda was in practice. In turn, to Keynes the economic development would be a stage in which the economic problems of society have been surpassed, and the motto of the individual behavior has been changed from the love of money to the love of living.
Journal: Review of Political Economy
Pages: 88-102
Issue: 1
Volume: 33
Year: 2021
Month: 01
X-DOI: 10.1080/09538259.2020.1823072
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1823072
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:1:p:88-102




Template-Type: ReDIF-Article 1.0
Author-Name: Roberto Lampa
Author-X-Name-First: Roberto
Author-X-Name-Last: Lampa
Title: Capital Flows to Latin America (2003–17): A Critical Survey from Prebisch’s Business Cycle Theory
Abstract: 
 The economic literature on capital flows to developing countries has shared two important commonalities since the 1990s. Published works (whether they focus on the external situation or stress the domestic determinants of capital flows) tend to assume a beneficial effect of capital inflows, which leads to an improvement of peripheral institutions, whose deficiencies are ostensibly the main cause of economic turmoil and/or failure in attracting capital flows, in continuity with New Institutional Economics. In doing so, mainstream economists deliberately overlook the asymmetric characteristics of the international monetary system and the persisting hegemony of dollar. Raul Prebisch’s pioneering work on business cycles in Latin America provide an alternative view, one capable of amending the existing mainstream literature. On the one hand, Prebisch stressed the destabilizing role of capital inflows on Latin American economies, particularly short-term speculative capital. On the other hand, Prebisch designed a set of counter cyclical monetary policies in order to contrast capital volatility, particularly during downturns. An analysis of stylized facts shows that, when correctly updated, Prebisch’s theory has remarkable explanatory potential when applied to Latin America’s current economic and financial situation.
Journal: Review of Political Economy
Pages: 103-125
Issue: 1
Volume: 33
Year: 2021
Month: 01
X-DOI: 10.1080/09538259.2020.1846872
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1846872
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:1:p:103-125




Template-Type: ReDIF-Article 1.0
Author-Name: Alex Wilhans Antonio Palludeto
Author-X-Name-First: Alex Wilhans Antonio
Author-X-Name-Last: Palludeto
Author-Name: Roberto Alexandre Zanchetta Borghi
Author-X-Name-First: Roberto Alexandre Zanchetta
Author-X-Name-Last: Borghi
Title: Institutions and Development From a Historical Perspective: the Case of the Brazilian Development Bank
Abstract: 
 This paper analyzes the role played by the Brazilian Development Bank (BNDES) in different periods of Brazil’s development process since its founding in 1952. The bank’s history is nonlinear, varying with socio-economic and political changes over time. Four major periods in its history are: (i) from its creation to the debt crisis in the 1980s, a period known as ‘developmentalism’; (ii) the neoliberal movement of the 1990s; (iii) the reintroduction of the BNDES as a relevant tool for development in the 2000s; and (iv) a new neoliberal movement that arose beginning in mid-2016. Each of these periods is characterized by certain development conventions that shape how institutions, such as the BNDES, operate, and at the same time are shaped by them. In contrast to mainstream economics, which focuses on a one-size-fits-all institution for development, this paper evaluates the interactions between development and institutions as historical processes, with an emphasis on the prevailing development conventions. The trajectory and different roles assumed by the BNDES over time exemplify this permanent relationship, rejecting the idea that particular types of institutions are related to development.
Journal: Review of Political Economy
Pages: 126-144
Issue: 1
Volume: 33
Year: 2021
Month: 1
X-DOI: 10.1080/09538259.2020.1720144
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1720144
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:1:p:126-144




Template-Type: ReDIF-Article 1.0
Author-Name: Kalpana Khanal
Author-X-Name-First: Kalpana
Author-X-Name-Last: Khanal
Author-Name: Natalia Bracarense
Author-X-Name-First: Natalia
Author-X-Name-Last: Bracarense
Title: Institutional Change in Nepal: Liberalization, Maoist Movement, Rise of Political Consciousness and Constitutional Change
Abstract: 
 Contradicting the rest of the world’s promptness to discredit communism as an alternative and Francis Fukuyama’s (1992) teleological account of ‘the end of history,’ Nepal witnessed a Maoist revolution between 1996 and 2006. Such a ‘deviation’ from what Fukuyama and others have viewed as the path of development raises questions about the linear progression of history and its implicit dualism of market vs. government. As several Original Institutional Economists have discussed, analytical dichotomies lead to a simplistic understanding of transformation that disregards the multilayered nature of society and, thus, concludes that history unfolds linearly to arrive at a predetermined and homogeneous end. This paper analyzes the social transformation of Nepal that preceded the Maoist revolution, through the lens of Feminist Institutionalism, utilizing a multidisciplinary approach to understand the complexity of the impacts of liberalism-protectionism political changes on Nepali institutions.
Journal: Review of Political Economy
Pages: 145-166
Issue: 1
Volume: 33
Year: 2021
Month: 01
X-DOI: 10.1080/09538259.2020.1812197
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1812197
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:1:p:145-166




Template-Type: ReDIF-Article 1.0
Author-Name: Louis-Philippe Rochon
Author-X-Name-First: Louis-Philippe
Author-X-Name-Last: Rochon
Author-Name: Marcin Czachor
Author-X-Name-First: Marcin
Author-X-Name-Last: Czachor
Author-Name: Gracjan Bachurewicz
Author-X-Name-First: Gracjan
Author-X-Name-Last: Bachurewicz
Title: Introduction: Kalecki and Kaleckian Economics
Journal: Review of Political Economy
Pages: 487-491
Issue: 4
Volume: 32
Year: 2020
Month: 10
X-DOI: 10.1080/09538259.2020.1844963
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1844963
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:4:p:487-491




Template-Type: ReDIF-Article 1.0
Author-Name: Jerzy Osiatyński
Author-X-Name-First: Jerzy
Author-X-Name-Last: Osiatyński
Title: Remembering Kalecki: 22/05/1899–18/04/1970
Abstract: 
 In this memoir article, I reminisce on the life of Michał Kalecki, a distinguished scholar, self-taught economist, strong intellectual, loving husband and a rigorous teacher. Kalecki is often portraited as being rather timid and modest in personal relations. Nonetheless, he was a bright and self-confident speaker when presenting his own ideas and challenging those of others. I first met Kalecki in 1963 when I was a graduate student of economics at the Main School of Planning and Statistics (today known as the Warsaw School of Economics). At that time, Kalecki was an undisputable intellectual leader and the economic guru for many young economists, myself included. However, in 1968, due to political pressures and the rising antisemitism in Poland, Kalecki resigned from his professorship at the Main School. A few months after his death, in 1970, with no prospects of doing economic research in Poland, I decided to move to England. Joan Robinson helped me get a guest-fellowship in Clare Hall, Cambridge, where I spent the next two years. Eventually, with the help and invaluable support from Ada Kalecka, Tadeusz Kowalik and Włodzimierz Brus, I became the editor of Kalecki’s Collected Works.
Journal: Review of Political Economy
Pages: 492-499
Issue: 4
Volume: 32
Year: 2020
Month: 10
X-DOI: 10.1080/09538259.2020.1841426
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1841426
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:4:p:492-499




Template-Type: ReDIF-Article 1.0
Author-Name: Maria Cristina Marcuzzo
Author-X-Name-First: Maria Cristina
Author-X-Name-Last: Marcuzzo
Title: Kalecki and Cambridge
Abstract: 
 This paper discusses Michał Kalecki’s impact on Cambridge’s major protagonists and, in turn, the impact they had on him during the time he spent in Cambridge. It concentrates on the criticisms he was met with on the part of Keynes, Kahn and Robinson, especially on his notion of the ‘degree of monopoly’. This was the reason for his departure from Cambridge, although he continued to receive support from his Cambridge friends. The rift between him and Cambridge can be explained by the fact that, Sraffa excepted, Keynes, Kahn and Robinson were (at the time) thinking within the Marshallian framework of price determination and—quite rightly—found Kalecki’s approach to be incompatible with it. Robinson later became converted to an approach to prices and distribution which has Kalecki, alongside Sraffa, as one of the contributors and now it is part of what she herself had christened post-Keynesian economics.
Journal: Review of Political Economy
Pages: 500-510
Issue: 4
Volume: 32
Year: 2020
Month: 10
X-DOI: 10.1080/09538259.2020.1832391
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1832391
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:4:p:500-510




Template-Type: ReDIF-Article 1.0
Author-Name: Marc Lavoie
Author-X-Name-First: Marc
Author-X-Name-Last: Lavoie
Author-Name: Won Jun Nah
Author-X-Name-First: Won Jun
Author-X-Name-Last: Nah
Title: Overhead Labour Costs in a Neo-Kaleckian Growth Model with Autonomous Non-Capacity Creating Expenditures
Abstract: 
 A notable feature of income distribution is the widening wage differential among workers: there is a redistribution in favour of managers at the detriment of ordinary workers. The paper incorporates this distinction between overhead managerial labour and direct labour into a neo-Kaleckian growth model with target-return pricing, where an autonomously growing demand component ultimately determines the long-run path of an economy. Our aim is to explore the role of overhead labour costs in the coevolution of income distribution and economic growth. We find that the profit share becomes an increasing function of the rate of capacity utilization, implying that empirical research based on the post-Kaleckian specification of investment is likely to be biased in finding a profit-led regime. Our model also features convergence to a fully adjusted position. We examine the parametric conditions under which the model achieves a wage-led growth regime in the long run, in the restricted sense that both the average rates of accumulation and utilization decrease during the transitional dynamics arising from an upward adjustment of the normal profit rate. Moreover, it is shown that a more equitable wage distribution between managers and ordinary workers will strengthen the wage-led nature of the economy.
Journal: Review of Political Economy
Pages: 511-537
Issue: 4
Volume: 32
Year: 2020
Month: 10
X-DOI: 10.1080/09538259.2020.1810875
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1810875
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:4:p:511-537




Template-Type: ReDIF-Article 1.0
Author-Name: Amit Bhaduri
Author-X-Name-First: Amit
Author-X-Name-Last: Bhaduri
Title: Reforming Capitalist Democracies: Which Way?
Abstract: 
 The debate about how to reconcile political with economic democracy is translated within the framework of wage and profit-led growth in this article. The inherent tension between providing sufficient profit incentive to motivate investment by the capitalist class and maintaining electoral accountability to the economically less privileged majority is examined through an analysis of the effectiveness of policies to raise the social wage. This article shows how wider circumstances characterizing regimes as wage- or profit-led matter for reconciling a higher profit share with a higher social wage.
Journal: Review of Political Economy
Pages: 538-547
Issue: 4
Volume: 32
Year: 2020
Month: 10
X-DOI: 10.1080/09538259.2020.1810878
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1810878
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:4:p:538-547




Template-Type: ReDIF-Article 1.0
Author-Name: Malcolm Sawyer
Author-X-Name-First: Malcolm
Author-X-Name-Last: Sawyer
Title: Kalecki on Budget Deficits and the Possibilities for Full Employment
Abstract: 
 This paper revisits the writings of Michal Kalecki which relate to issues of fiscal policy, budget deficits and securing full employment in capitalist economies. It seeks to relate those writings to the recent fiscal policy debates after the global financial crises. It covers the issues of the financing and funding of public expenditure and private expenditure. The relationship between the scale of budget deficit and the achievement of full employment is considered. Kalecki’s approach to the ‘burden’ of debt is elaborated. The social and political constraints on the achievement of full employment are revisited.
Journal: Review of Political Economy
Pages: 548-562
Issue: 4
Volume: 32
Year: 2020
Month: 10
X-DOI: 10.1080/09538259.2020.1831203
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1831203
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:4:p:548-562




Template-Type: ReDIF-Article 1.0
Author-Name: Eckhard Hein
Author-X-Name-First: Eckhard
Author-X-Name-Last: Hein
Author-Name: Judith Martschin
Author-X-Name-First: Judith
Author-X-Name-Last: Martschin
Title: The Eurozone in Crisis — A Kaleckian Macroeconomic Regime and Policy Perspective
Abstract: 
 The current Covid-19 Crisis 2020 has hit the Eurozone in a highly fragile situation, with a weak and asymmetric recovery from the Great Financial Crisis, the Great Recession and the following Eurozone Crisis. These crises have revealed the weaknesses of the macroeconomic policy institutions and strategies of the Eurozone based on New Consensus Macroeconomics (NCM). Applying a Kaleckian/post-Keynesian analysis of the demand and growth regimes to the EA-12 countries, we show that the internal imbalances within the EA-12 before the Eurozone have been externalised since then. Most of the countries and the EA-12 as a whole have now turned export-led mercantilist and thus highly vulnerable to fluctuations in world demand. For an economic policy alternative we turn towards Kalecki’s macroeconomic policy proposals for achieving and maintaining full employment in a capitalist economy by government deficit expenditures, in combination with re-distribution policies in favour of labour and low-income households, assisted by central banks targeting low interest rates. This approach is then applied to the Eurozone, in order to derive a policy mix which should contribute to a more rapid recovery from the Covid-19 Crisis and to a medium- to long-run non-inflationary full employment domestic demand-led regime.
Journal: Review of Political Economy
Pages: 563-588
Issue: 4
Volume: 32
Year: 2020
Month: 10
X-DOI: 10.1080/09538259.2020.1831202
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1831202
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:4:p:563-588




Template-Type: ReDIF-Article 1.0
Author-Name: Jerzy Osiatyński
Author-X-Name-First: Jerzy
Author-X-Name-Last: Osiatyński
Title: The Relevance of Kalecki for Financial Capitalism of the 2020s
Abstract: 
 The paper focuses on four critical differences between capitalism of the Keynes-Kalecki times and the present-day financial capitalism. The first follows from the wholesale globalisation and liberalisation of financial and capital markets which drastically changed the nature of political opposition against full employment. The second results from changes in income and wealth distribution and in access to basic public services like health, education, and social security. The third is the evolution of the Schumpeterian entrepreneurial innovators to financial rent-seekers and speculators. The fourth relates to the question whether economic dynamics and business fluctuations are of Kaleckian nature, i.e. resulting from the feedback between the income generating effect, and the productive capacity augmenting effect, of private investment in fixed capital, or are they of Minskian financial instability nature. And if the latter is true, what is the room for any countercyclical policy that Keynes and Kalecki recommended. The essay ends with the question on how to include the Minskian financial instability of the present-day capitalism into Kalecki's canonical profit equation on which his theory of economic dynamics and business fluctuations is founded.
Journal: Review of Political Economy
Pages: 589-595
Issue: 4
Volume: 32
Year: 2020
Month: 10
X-DOI: 10.1080/09538259.2020.1840044
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1840044
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:4:p:589-595




Template-Type: ReDIF-Article 1.0
Author-Name: Jan Toporowski
Author-X-Name-First: Jan
Author-X-Name-Last: Toporowski
Title: Debt Management and the Fiscal Balance
Abstract: 
 This paper presents a method for integrating debt management into fiscal policy using principles derived from the work of Kalecki. It proposes dividing the government budget into a functional budget containing taxes and expenditure that may affect expenditures in the non-financial economy, and a financial budget containing taxes on wealth and higher incomes that do not affect expenditures in the real economy but do affect the liquidity of wealth portfolios. This gives the government two more or less independent instruments to manage economic growth and government debt. The respective balances between the functional and financial budgets then affect the fiscal multiplier showing how cases of expansionary fiscal contraction, contractionary fiscal expansion, expansionary financial instability, and deflationary financial instability may arise. The analysis applies to domestically financed debt.
Journal: Review of Political Economy
Pages: 596-603
Issue: 4
Volume: 32
Year: 2020
Month: 10
X-DOI: 10.1080/09538259.2020.1841429
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1841429
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:4:p:596-603




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Kriesler
Author-X-Name-First: Peter
Author-X-Name-Last: Kriesler
Author-Name: Joseph Halevi
Author-X-Name-First: Joseph
Author-X-Name-Last: Halevi
Title: Kalecki and Marx Reconnected
Abstract: 
 The paper considers the nature that Kalecki’s contributions represent a significant contribution to the Marxist tradition. While we argue that the underlying method of both Marx and Kalecki — their vision of society and its dynamics — and much of their analysis is fundamentally the same, differences arise because of the development of capitalism and the different stages of society each is analysing. For Kalecki, developed capitalist economies have reached a stage of capital accumulation where the existing capital stock is sufficient to employ all the economy's labour. Associated with this is the rise of imperfectly competitive firms. The economic dynamics of capitalism have evolved as a result, with growth and employment being determined by different factors.
Journal: Review of Political Economy
Pages: 604-614
Issue: 4
Volume: 32
Year: 2020
Month: 10
X-DOI: 10.1080/09538259.2020.1842433
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1842433
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:4:p:604-614




Template-Type: ReDIF-Article 1.0
Author-Name: Maria Cristina Barbieri Góes
Author-X-Name-First: Maria Cristina
Author-X-Name-Last: Barbieri Góes
Title: Personal Income Distribution and Progressive Taxation in a Neo-Kaleckian Model: Insights from the Italian Case
Abstract: 
 This paper develops a stylized short-run neo-Kaleckian model incorporating personal income inequality and income taxes. The main goal is to investigate how changes in income taxes and personal income distribution affect output growth. The theoretical discussion of the stylized model is then empirically assessed using data for Italy retrieved from the Survey of Household Income and Wealth published by the Bank of Italy. The empirical analysis confirms both the heterogeneity of the propensities to consume of Italian households and the dominance of absolute income effects in the Italian consumer behavior that assures the negative trade-off between inequality and aggregate demand. More specifically, it is shown that, overall, Italians are still income constrained, not allowing for a compensation of the demand-depressing effects of raising inequality via debt and wealth-based consumption. Likewise, it is argued that decreasing personal income inequality via progressive income tax reforms would have positive effects on aggregate demand, utilization, and growth.
Journal: Review of Political Economy
Pages: 615-639
Issue: 4
Volume: 32
Year: 2020
Month: 10
X-DOI: 10.1080/09538259.2020.1821999
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1821999
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:4:p:615-639




Template-Type: ReDIF-Article 1.0
Author-Name: Eckhard Hein
Author-X-Name-First: Eckhard
Author-X-Name-Last: Hein
Title: Gender Issues in Kaleckian Distribution and Growth Models: On the Macroeconomics of the Gender Wage Gap
Abstract: 
 We introduce a gender wage gap into basic one-good textbook versions of the neo-Kaleckian distribution and growth model for a developed capitalist economy and examine the effects of improving gender wage equality on income distribution, aggregate demand, capital accumulation and productivity growth. For the closed economy model, reducing the gender wage gap has no effect on the profit share, and a gender equality-led regime requires the propensity to save out of female wages to fall short of the propensity to save out of male wages. For the open economy model, this condition is modified by the effects of improved gender wage equality on exports, and – through changes of the profit share – on domestic demand. Finally, for the open economy with productivity growth we find an unambiguously expansionary effect of narrowing the gender wage gap on long-run equilibrium capital accumulation and productivity growth if the demand growth regime is gender equality-led. A gender equality-burdened demand growth regime, however, may generate different long-run effects of improving gender wage equality on capital accumulation and productivity growth: expansionary, intermediate or contractionary.
Journal: Review of Political Economy
Pages: 640-664
Issue: 4
Volume: 32
Year: 2020
Month: 10
X-DOI: 10.1080/09538259.2020.1836811
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1836811
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:32:y:2020:i:4:p:640-664




Template-Type: ReDIF-Article 1.0
Author-Name: Louis-Philippe Rochon
Author-X-Name-First: Louis-Philippe
Author-X-Name-Last: Rochon
Title: A Word from the Editor
Journal: Review of Political Economy
Pages: 167-169
Issue: 2
Volume: 33
Year: 2021
Month: 04
X-DOI: 10.1080/09538259.2021.1882734
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1882734
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:2:p:167-169




Template-Type: ReDIF-Article 1.0
Author-Name: Giulia Zacchia
Author-X-Name-First: Giulia
Author-X-Name-Last: Zacchia
Title: What Does It Take to Be Top Women Economists? An Analysis Using Rankings in RePEc
Abstract: 
 Women are substantially under-represented in the field of economics: their progress is slow and just few women reach top positions. From the 1980s, studies document the clear barriers and implicit biases in publishing, promotion, and tenure that women face. The paper aims at studying gender differences focusing on ‘excellence'. Using RePEc as a dataset, I test how different definitions of excellence can systematically advantage or disadvantage women’s visibility in rankings of top economists and how it impacts on their probability to receive rightful recognition in academia. I found that, even among top economists, being a woman significantly reduces the probability of reaching the top of the profession. The results also underline a problematic relationship between gender and excellence that sets the bar higher for women in reaching the top of the academic career. Women economists, despite their efforts, tend to receive less recognition than men in terms of promotion to full-professorship based on the criterion of excellence in which they excel. Challenging the assumption about gender neutral excellence is a first important step to disrupt power hierarchical patriarchal structures in the economics profession and to advance the representation of women and diverse individuals in apical roles in economics.
Journal: Review of Political Economy
Pages: 170-193
Issue: 2
Volume: 33
Year: 2021
Month: 04
X-DOI: 10.1080/09538259.2020.1848624
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1848624
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:2:p:170-193




Template-Type: ReDIF-Article 1.0
Author-Name: Eduardo Crespo
Author-X-Name-First: Eduardo
Author-X-Name-Last: Crespo
Author-Name: Ariel Dvoskin
Author-X-Name-First: Ariel
Author-X-Name-Last: Dvoskin
Author-Name: Guido Ianni
Author-X-Name-First: Guido
Author-X-Name-Last: Ianni
Title: Exclusion in ‘Ricardian’ Trade Models
Abstract: 
 In the so-called ‘Ricardian’ trade models, exclusion from trade is impossible because a country can always compensate its technological backwardness with low wages. This result is ensured in these models due to the very restrictive assumption that production requires unassisted labor alone. The present paper shows that the moment conditions of production realistically consider (a) the presence of capital goods and (b) a positive interest rate under international capital mobility, the likelihood of exclusion can no longer be neglected.We develop a model in which imported means of production may impose the presence of a positive lower bound to production costs even if there were no limits to the fall in the rate of domestic real wages. Exclusion is, therefore, the result of this lower bound being higher than the prevailing international price, both for capital and consumption-goods sectors. We finally examine the connection between hypotheses (a) and (b) and the existence of this positive lower bound, both in the model and under alternative assumptions about technology and show that under the hypothesis of technical dependency it is possible that a country is excluded from trade even if there is no capital mobility.
Journal: Review of Political Economy
Pages: 194-211
Issue: 2
Volume: 33
Year: 2021
Month: 04
X-DOI: 10.1080/09538259.2020.1817669
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1817669
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:2:p:194-211




Template-Type: ReDIF-Article 1.0
Author-Name: Davide Villani
Author-X-Name-First: Davide
Author-X-Name-Last: Villani
Title: The Rise of Corporate Net Lending Among G7 Countries: A Firm-Level Analysis
Abstract: 
 In recent decades, corporate net lending has been increasing in several developed countries. This paper discusses the impact of financialisation and income distribution on the level of net lending of listed non-financial corporations in G7 countries. We argue that financialisation affects the level of corporate net lending through firms' re-organisation towards a model of accumulation based on the maximisation of ‘shareholder value’ and through its negative impact on investment. Moreover, the reduction in the wage share can increase corporate capacity for liquidity accumulation, thus increasing the gap between corporate savings and investment, contributing to the rise in net lending. We test our hypotheses using panel data of publicly listed non-financial corporations for the period 1990–2015. According to our findings the process of financialisation has a positive impact on the level of net lending after 2001, while the wage share at the firm level has a strong negative impact on the level of net lending throughout the whole period.
Journal: Review of Political Economy
Pages: 212-235
Issue: 2
Volume: 33
Year: 2021
Month: 04
X-DOI: 10.1080/09538259.2020.1860305
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1860305
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:2:p:212-235




Template-Type: ReDIF-Article 1.0
Author-Name: Soumya Datta
Author-X-Name-First: Soumya
Author-X-Name-Last: Datta
Title: Monetary Policy Under Steindlian Mark-up Dynamics
Abstract: 
 We formulate a macrodynamic model of interaction between a post-Keynesian investment function with endogenous capacity utilization and pro-cyclical mark-up over wage costs in a demand-constrained closed economy. The main objective of the study is to examine whether, in the absence of effective collective bargaining by the workers, monetary policy can resolve class conflict and maintain social stability. We consider a modified version of the counter-cyclical Taylor-type interest-rate rules that targets income distribution through the rate of capacity utilization. We explore the extent to which a combination of pro-cyclical mark-up dynamics and counter-cyclical interest-rate rules can stabilize potentially unstable investment dynamics. We also examine the effectiveness of monetary policy in the form of interest-rate rules in stabilizing output and income distribution.
Journal: Review of Political Economy
Pages: 236-260
Issue: 2
Volume: 33
Year: 2021
Month: 04
X-DOI: 10.1080/09538259.2020.1824757
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1824757
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:2:p:236-260




Template-Type: ReDIF-Article 1.0
Author-Name: Ariel Dvoskin
Author-X-Name-First: Ariel
Author-X-Name-Last: Dvoskin
Author-Name: Germán David Feldman
Author-X-Name-First: Germán David
Author-X-Name-Last: Feldman
Title: On the Role of Finance in the Sraffian System
Abstract: 
 We critically review the previous attempts to introduce money and finance into Sraffa's price system and identify the coexistence of two different notions of the interest rate that have not been properly disentangled: the interest rate as an opportunity cost and as an effective cost of production. We argue that the former must be present for the validity of the Monetary Theory of Distribution (MTD), while the latter is necessary to address the influence of the banking sector on income distribution. We then present a possible formalization of the banking sector that considers those specific features that distinguish its normal costs of production from other capitalist sectors of the economy.
Journal: Review of Political Economy
Pages: 261-277
Issue: 2
Volume: 33
Year: 2021
Month: 04
X-DOI: 10.1080/09538259.2020.1819013
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1819013
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:2:p:261-277




Template-Type: ReDIF-Article 1.0
Author-Name: Antonella Stirati
Author-X-Name-First: Antonella
Author-X-Name-Last: Stirati
Author-Name: Carlo Zappia
Author-X-Name-First: Carlo
Author-X-Name-Last: Zappia
Title: Introduction to the STOREP symposium
Journal: Review of Political Economy
Pages: 278-279
Issue: 2
Volume: 33
Year: 2021
Month: 04
X-DOI: 10.1080/09538259.2021.1896653
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1896653
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:2:p:278-279




Template-Type: ReDIF-Article 1.0
Author-Name: Alan Kirman
Author-X-Name-First: Alan
Author-X-Name-Last: Kirman
Title: Walras or Pareto: Who is to Blame for the State of Modern Economic Theory?
Abstract: 
 Walras and Pareto are considered founders of the Ecole de Lausanne. However, their points of view on economics as a science were at considerable variance and their appreciation of each other was limited. On the path from Adam Smith’s Invisible Hand to Arrow and Debreu’s proof of the existence of equilibrium, Walras is thought of as having formulated the general equilibrium model and Pareto as having improved upon and advanced theory and economics down the path that Walras had envisaged. The purpose of this article is to suggest that this is too simple a picture, that the road to an adequate explanation of the Invisible Hand petered out and Pareto’s contribution was instrumental in its demise. Paradoxically, the almost technical generalization of the Walrasian model that Pareto developed locked pure economic theory and modern macroeconomics, which has based itself on that theory, into a dead end. Both their different scientific visions and their antagonistic personal relationship meant that, while their interests coincided for a period, they could hardly be regarded as having a common project and thus the Ecole de Lausanne is a misnomer.
Journal: Review of Political Economy
Pages: 280-302
Issue: 2
Volume: 33
Year: 2021
Month: 04
X-DOI: 10.1080/09538259.2021.1889173
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1889173
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:2:p:280-302




Template-Type: ReDIF-Article 1.0
Author-Name: Stefano Di Bucchianico
Author-X-Name-First: Stefano
Author-X-Name-Last: Di Bucchianico
Title: The Impact of Financialization on the Rate of Profit
Abstract: 
 This work investigates some channels through which financialization may impact the normal rate of profit by making use of the ‘integrated wage-commodity sector’ methodology. We analyse the effect of technical innovations in the financial sector, a higher financial sector’s share of profits and GDP, rising household indebtedness and socio-political factors that reduce workers’ bargaining power. We find that during the financialization era, the first factor did not impact normal profitability since it mostly regarded instruments such as derivatives. The second should in principle not affect the normal rate of profit although it may impact aggregate income shares. The third, as far as its effect on aggregate demand is concerned, does not have an impact on the normal rate of profit. The fourth turns out to be the main factor that drives the normal rate of profit upwards through its impact on functional income distribution.
Journal: Review of Political Economy
Pages: 303-326
Issue: 2
Volume: 33
Year: 2021
Month: 04
X-DOI: 10.1080/09538259.2020.1835109
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1835109
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:2:p:303-326




Template-Type: ReDIF-Article 1.0
Author-Name: Emanuele Citera
Author-X-Name-First: Emanuele
Author-X-Name-Last: Citera
Author-Name: Lino Sau
Author-X-Name-First: Lino
Author-X-Name-Last: Sau
Title: Reflexivity, Financial Instability and Monetary Policy: A ‘Convention-Based’ Approach
Abstract: 
 The aim of this paper is to provide a theoretical analysis of the role of social conventions as emergent phenomena in financial markets, the latter being thought of as dynamically complex systems. Combining complexity and reflexivity with Keynes’s view of financial markets, we develop a ‘convention-based’ approach which shows how conventions can only temporarily stabilize the system, inevitably leading to financial instability and crises. Then, we adopt this framework to investigate a central banking agenda to act ‘against the tide’ (i.e., the prevailing convention) in the build-up of a speculative bubble, which calls for macroprudential policy and financial regulation. In this respect, we analyze the moral suasion channel that allows the central monetary authority to ‘talk down’ the market through asset-price management and the unconventional monetary policy toolkit.
Journal: Review of Political Economy
Pages: 327-343
Issue: 2
Volume: 33
Year: 2021
Month: 04
X-DOI: 10.1080/09538259.2020.1815960
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1815960
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:2:p:327-343




Template-Type: ReDIF-Article 1.0
Author-Name: Andrej Svorenčík
Author-X-Name-First: Andrej
Author-X-Name-Last: Svorenčík
Title: The Driving Forces Behind the Rise of Experimental Economics
Abstract: 
 This paper analyzes key motives and pivotal experiences—which I label driving forces—that turned non-experimental economists into early pioneers of experimental economics and kick-started a continuous style of experimentation in the 1960s and 1970s.The first driving force, integrity—the augmentation of what types of data are available to economists by introducing experimental data and advocating its advantages—is illustrated by the story of James Cox. The second, proximity, denoting the personal collection of data under controlled conditions, is illustrated by the experiences of Charles Plott. The third, data-theory symmetry, deals with the placing of experimental data on a par with economic theory and is illustrated by John Ledyard. Finally, the driving force of a virtuous circle—the realization that experimental research is most potent when it goes in tandem with economic theory—is introduced by Reinhard Selten’s discovery of sub-game perfect equilibrium that eventually led to his Nobel Prize in 1994.These four protagonists, derived from an extensive oral history of experimental economists, were chosen to illustrate the driving forces. Their described experiences played no small part in the experimental life that they eventually embarked on.
Journal: Review of Political Economy
Pages: 344-361
Issue: 2
Volume: 33
Year: 2021
Month: 04
X-DOI: 10.1080/09538259.2020.1841384
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1841384
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:2:p:344-361




Template-Type: ReDIF-Article 1.0
Author-Name: John E. King
Author-X-Name-First: John E.
Author-X-Name-Last: King
Title: Post-Keynesian monetary theory: selected essays
Journal: Review of Political Economy
Pages: 362-363
Issue: 2
Volume: 33
Year: 2021
Month: 04
X-DOI: 10.1080/09538259.2021.1889172
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1889172
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:2:p:362-363




Template-Type: ReDIF-Article 1.0
Author-Name: Tracey Freiberg
Author-X-Name-First: Tracey
Author-X-Name-Last: Freiberg
Title: Unbound: How Inequality Constricts our Economy and What We Can Do about It
Journal: Review of Political Economy
Pages: 364-366
Issue: 2
Volume: 33
Year: 2021
Month: 04
X-DOI: 10.1080/09538259.2020.1785688
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1785688
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:2:p:364-366




Template-Type: ReDIF-Article 1.0
Author-Name: Artyom H. Tonoyan
Author-X-Name-First: Artyom H.
Author-X-Name-Last: Tonoyan
Title: Transition Economies: Transformation, Development, and Society in Eastern Europe and the former Soviet Union
Journal: Review of Political Economy
Pages: 366-369
Issue: 2
Volume: 33
Year: 2021
Month: 04
X-DOI: 10.1080/09538259.2020.1785689
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1785689
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:2:p:366-369




Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Ferreiro
Author-X-Name-First: Jesus
Author-X-Name-Last: Ferreiro
Title: In Memoriam Eugenia Correa
Journal: Review of Political Economy
Pages: 370-371
Issue: 2
Volume: 33
Year: 2021
Month: 04
X-DOI: 10.1080/09538259.2021.1907934
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1907934
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:2:p:370-371




Template-Type: ReDIF-Article 1.0
Author-Name: Riccardo Bellofiore
Author-X-Name-First: Riccardo
Author-X-Name-Last: Bellofiore
Title: The Winters of Our Discontent and the Social Production Economy
Abstract: 
 The economic policy reaction to the Covid-19 crisis has been considered from different angles. Here I will remind only the positions by Draghi (looking at this historical conjuncture comparing it to ‘war times’), Tooze (seeing in it the definitive closure of the ‘political economy of inflation’ as well as ‘the first crisis of Anthropocene’), Kregel (proposing ‘central controls for social provisioning’ as the pertinent macroeconomic policy). The pandemic could inaugurate a game change in European economic policy; and even unlikely quarters suggested in the last year a retreat from neoliberalism as we knew it. However, the health crisis is not an exogenous shock: it is inherent in the capitalist social form of production and consumption. The pathological state of affairs that takes our breath away reveals the hidden reality of the society where we work and consume. Confronting the current and future virus outbreaks (as well as climate change) obliges us to go back to the founding themes of macroeconomics, which needs to consider not just the level of employment, but also what employment is for. In this logic, we are forced to radicalise the notion of the ‘socialisation of investment’ into that of a ‘social production economy’: the challenge in front of us is indeed about the ‘how’, ‘what’, ‘how much’ and ‘for whom’ to produce.
Journal: Review of Political Economy
Pages: 394-413
Issue: 3
Volume: 33
Year: 2021
Month: 07
X-DOI: 10.1080/09538259.2021.1894818
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1894818
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:3:p:394-413




Template-Type: ReDIF-Article 1.0
Author-Name: Douglas Alencar
Author-X-Name-First: Douglas
Author-X-Name-Last: Alencar
Author-Name: Frederico G. Jayme
Author-X-Name-First: Frederico G.
Author-X-Name-Last: Jayme
Author-Name: Gustavo Britto
Author-X-Name-First: Gustavo
Author-X-Name-Last: Britto
Author-Name: Cláudio Puty
Author-X-Name-First: Cláudio
Author-X-Name-Last: Puty
Title: Distribution and Productivity Growth: An Empirical Exercise Applied to Selected Latin American Countries
Abstract: 
 The paper investigates whether productivity growth is affected by the rate of growth of income and by that of employment for a representative sample of Latin American countries from the 1980s to the early 2010s. Having post-Kaleckian models as background, the paper empirically assesses the relationship between these variables, which are believed to be behind the underdeveloped trap, low productivity growth, high income concentration and low-income growth. The results show a positive impact of the rate of growth of income over productivity, the so called Kaldor-Verdoorn coefficient. However, the vast majority of the sample, the effect of employment growth on productivity growth was not significant. The latter results are consistent to the interpretation offered by the Latin American Structuralist School, who has long argued that one of the hallmarks of underdetermine is uneven spread of the productivity gains though the economy. This is the framework used to interpret the results.
Journal: Review of Political Economy
Pages: 487-510
Issue: 3
Volume: 33
Year: 2021
Month: 07
X-DOI: 10.1080/09538259.2020.1815961
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1815961
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:3:p:487-510




Template-Type: ReDIF-Article 1.0
Author-Name: Maria Cristina Barbieri Góes
Author-X-Name-First: Maria Cristina
Author-X-Name-Last: Barbieri Góes
Author-Name: Ettore Gallo
Author-X-Name-First: Ettore
Author-X-Name-Last: Gallo
Title: Infection Is the Cycle: Unemployment, Output and Economic Policies in the COVID-19 Pandemic
Abstract: 
 This paper seeks to capture the dynamic interaction between the epidemiological evolution of COVID-19 and its effect on the macroeconomy, in absence of widespread vaccination. We do that by building a stylized two-equations dynamical system in the COVID-19 positivity rate and the unemployment rate. The solution of the system makes the case for an endemic equilibrium of COVID-19 infections, thus producing waves in the two variables in the absence of widespread immunity through vaccination. Furthermore, we model the impact of the pandemic-driven unemployment shock on output, showing how the emergence of cyclical downswings could determine a L-shaped recession in the medium run, in absence of adequate stimulus policies. Moreover, we simulate the model, calibrating it for the US. The simulation highlights the effects on unemployment and on overall economic activity produced by recurrent waves of COVID-19, which risk to jeopardize the coming back to the pre-crisis trend in the medium run.
Journal: Review of Political Economy
Pages: 377-393
Issue: 3
Volume: 33
Year: 2021
Month: 07
X-DOI: 10.1080/09538259.2020.1861817
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1861817
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:3:p:377-393




Template-Type: ReDIF-Article 1.0
Author-Name: Malcolm Sawyer
Author-X-Name-First: Malcolm
Author-X-Name-Last: Sawyer
Title: Economic Policies and the Coronavirus Crisis in the UK
Abstract: 
 The focus of this article is the economic policies pursued in the UK in response to the coronavirus pandemic in the first twelve months of that crisis (February 2020 to January 2021). The measures of lockdown, quarantine, limitations on travel and so on are discussed as relevant to economic policies. The timeline of the policy responses to coronavirus, the evolution of the infections, and of economic activity is briefly outlined. The main fiscal policy responses in terms of development of policy programmes and the evolving budget deficit are considered, as are the policies of the Bank of England. There is a brief discussion of the financing and funding of public expenditure, and of post-pandemic budgetary policies. The failures of public procurement policies during the pandemic are reviewed, particularly in relation to the interface between public and private sectors. This is followed by consideration of aspects of inequalities and the coronavirus pandemic.
Journal: Review of Political Economy
Pages: 414-431
Issue: 3
Volume: 33
Year: 2021
Month: 07
X-DOI: 10.1080/09538259.2021.1897254
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1897254
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:3:p:414-431




Template-Type: ReDIF-Article 1.0
Author-Name: Gary Dymski
Author-X-Name-First: Gary
Author-X-Name-Last: Dymski
Author-Name: Danielle Guizzo
Author-X-Name-First: Danielle
Author-X-Name-Last: Guizzo
Title: Theoretical Practice and the Foundational Level of Macroeconomic Analysis: Reflections on the Work of Fernando Cardim de Carvalho
Abstract: 
 This paper celebrates the contributions to Keynesian theory of the late Brazilian economist Fernando Cardim de Carvalho (1953–2018). We use Carvalho’s 12 refereed English-language papers on Keynesian theory — the first published in 1983, the last in 2016 — as a point of departure for reflecting on two questions confronting macroeconomists today. First, what is the work of the economist — in what does economic analysis consist? Second, in this post-crisis era, how might macroeconomics — and specifically Keynesian macroeconomics — be rebuilt? Carvalho’s writings show that the work of the economist can be as much about understanding the raw elements of human behavior in the real world — what we will call the foundational level of analysis — as about constructing models depicting the momentum of economic systems incorporating these behaviors. Adopting this approach to the practice of theory leads to insights and frameworks that would be lost if macroeconomic theorizing were equated with formal model building: it will enrich exchanges among economists, deepen the conceptual roots of Post Keynesian macroeconomics, and facilitate interdisciplinary exchange.
Journal: Review of Political Economy
Pages: 511-528
Issue: 3
Volume: 33
Year: 2021
Month: 07
X-DOI: 10.1080/09538259.2020.1841369
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1841369
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:3:p:511-528




Template-Type: ReDIF-Article 1.0
Author-Name: Sebastien Charles
Author-X-Name-First: Sebastien
Author-X-Name-Last: Charles
Author-Name: Thomas Dallery
Author-X-Name-First: Thomas
Author-X-Name-Last: Dallery
Author-Name: Jonathan Marie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Marie
Title: Teaching the Economic Impact of COVID-19 with a Simple Short-run Macro-model: Simultaneous Supply and Demand Shocks
Abstract: 
 This short note has one main ambition. It seeks to provide students with a very simple macroeconomic framework to deal with the short-term economic impact of the COVID-19 pandemic. The explanation for the unprecedented magnitude of the recession over a short span of time is to be found in the peculiar form of the shock due to the various lockdowns. Indeed, the 2020 crisis is specific in that it involved two recessive shocks simultaneously: a demand shock superimposed on a supply shock. This model is original in that although it is driven by demand it is capable of dealing with supply issues without entailing any additional technical difficulties.
Journal: Review of Political Economy
Pages: 462-479
Issue: 3
Volume: 33
Year: 2021
Month: 07
X-DOI: 10.1080/09538259.2021.1893045
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1893045
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:3:p:462-479




Template-Type: ReDIF-Article 1.0
Author-Name: Louis-Philippe Rochon
Author-X-Name-First: Louis-Philippe
Author-X-Name-Last: Rochon
Author-Name: Mario Seccareccia
Author-X-Name-First: Mario
Author-X-Name-Last: Seccareccia
Title: What Have We Yet to Learn From the COVID-19 Crisis?
Journal: Review of Political Economy
Pages: 373-376
Issue: 3
Volume: 33
Year: 2021
Month: 07
X-DOI: 10.1080/09538259.2021.1899515
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1899515
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:3:p:373-376




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Correction
Journal: Review of Political Economy
Pages: i-ii
Issue: 3
Volume: 33
Year: 2021
Month: 07
X-DOI: 10.1080/09538259.2021.1920146
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1920146
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:3:p:i-ii




Template-Type: ReDIF-Article 1.0
Author-Name: Rosa Canelli
Author-X-Name-First: Rosa
Author-X-Name-Last: Canelli
Author-Name: Giuseppe Fontana
Author-X-Name-First: Giuseppe
Author-X-Name-Last: Fontana
Author-Name: Riccardo Realfonzo
Author-X-Name-First: Riccardo
Author-X-Name-Last: Realfonzo
Author-Name: Marco Veronese Passarella
Author-X-Name-First: Marco Veronese
Author-X-Name-Last: Passarella
Title: Are EU Policies Effective to Tackle the Covid-19 Crisis? The Case of Italy
Abstract: 
 In response to the economic crisis unleashed by the Covid-19 pandemic, the EU authorities have launched extraordinary fiscal and monetary measures in support of member states. The impact of these measures is of great significance for Italy, the EU third-largest economy, which as a result of the pandemic has suffered a dramatic decline in GDP, and a further rise in the government debt to GDP ratio. Building on a stock-flow consistent, structural macro-econometric model, this paper shows that the currently planned EU measures are insufficient to boost the recovery of the Italian economy, and to ensure the sustainability of its government debt. The paper also assesses two potential alternative policies. A fiscal consolidation (i.e. austerity) policy would exacerbate the decline in GDP and further deteriorate the government debt to GDP ratio. By contrast, a money-financed fiscal stimulus policy could lead the Italian economy on a path of sustainable growth, with positive outcomes for employment and government finances.
Journal: Review of Political Economy
Pages: 432-461
Issue: 3
Volume: 33
Year: 2021
Month: 07
X-DOI: 10.1080/09538259.2021.1876477
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1876477
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:3:p:432-461




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas R. Michl
Author-X-Name-First: Thomas R.
Author-X-Name-Last: Michl
Title: Notes on Covid-19, Potential GDP, and Hysteresis
Abstract: 
 This note provides a model framework for thinking about stabilization policies in the presence of hysteresis after a negative shock like the Covid-19 pandemic. Headline measures of the so-called potential GDP published by the Congressional Budget Office represent only one of many possible inflation-neutral trajectories for output. The term potential GDP is misleading since potential implies a unique limit on output. It is much more accurate to consider a range of possible trajectories or multiple equilibria. Repairing the damages from a shock will require overshooting the inflation target and running the economy above its inflation-neutral equilibrium in order to restore the status quo ante level of output and employment. The model assumes constant trend growth so that path dependence takes the form of pure output-level effects.
Journal: Review of Political Economy
Pages: 480-486
Issue: 3
Volume: 33
Year: 2021
Month: 07
X-DOI: 10.1080/09538259.2021.1911478
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1911478
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:3:p:480-486




Template-Type: ReDIF-Article 1.0
Author-Name: Valerio Filoso
Author-X-Name-First: Valerio
Author-X-Name-Last: Filoso
Author-Name: Carlo Panico
Author-X-Name-First: Carlo
Author-X-Name-Last: Panico
Author-Name: Erasmo Papagni
Author-X-Name-First: Erasmo
Author-X-Name-Last: Papagni
Author-Name: Francesco Purificato
Author-X-Name-First: Francesco
Author-X-Name-Last: Purificato
Author-Name: Marta Vázquez Suárez
Author-X-Name-First: Marta
Author-X-Name-Last: Vázquez Suárez
Title: Timing Does Matter: Institutional Flaws and the European Debt Crisis
Abstract: 
 Financial crises are complex phenomena. Yet, at the cost of some simplifications, the literature has identified two main elements causing the crises: macroeconomic imbalances and institutional design flaws. Economists recognise that both play some role, but disagree on their strength. Using Bai and Perron’s technique and an EGARCH model we contribute to the debate on the European debt crisis by identifying break dates and changes in volatility in daily values of 10-year public bond interest rates for Greece, Italy and Spain. The results are then related to key political and institutional events. The results of our econometric exercise uncover the following facts: the crisis began in May 2010; worsened after summer 2011, as the European authorities hastened to restructure the Greek debt; improved during summer 2012, when the ECB approved the OMTs, a new programme for the purchase of bonds. On the whole, the results are compatible with an interpretation of the crisis that considers the institutional flaws as the main cause.
Journal: Review of Political Economy
Pages: 769-792
Issue: 4
Volume: 33
Year: 2021
Month: 10
X-DOI: 10.1080/09538259.2020.1859717
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1859717
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:4:p:769-792




Template-Type: ReDIF-Article 1.0
Author-Name: Marco Missaglia
Author-X-Name-First: Marco
Author-X-Name-Last: Missaglia
Title: Understanding Dollarisation: A Keynesian/Kaleckian Perspective
Abstract: 
 What does ‘dollarisation’ mean in a world of endogenous money, i.e., in a world where money is not (only) created by printing pieces of paper, but (mainly) by making loans? Is it true that dollarisation only constitutes a limitation of sovereignty in the short run (making it harder to run standard stabilisation macro policies) or can it also slow a country’s growth process? To answer these questions, the paper builds a theoretical Keynesian-Kaleckian growth model for a dollarised economy within a framework of endogenous money. We will show that, ceteris paribus, the steady-state medium-term growth rate of a dollarised economy is lower than that of a country with its own currency. We will also show that a dollarised economy is more likely to be unstable than an economy with its own currency, in the specific sense that, everything else being equal, it is more likely for a dollarised economy to fall into a debt trap.
Journal: Review of Political Economy
Pages: 656-686
Issue: 4
Volume: 33
Year: 2021
Month: 10
X-DOI: 10.1080/09538259.2020.1869401
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1869401
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:4:p:656-686




Template-Type: ReDIF-Article 1.0
Author-Name: Mauro Boianovsky
Author-X-Name-First: Mauro
Author-X-Name-Last: Boianovsky
Title: Reacting to Samuelson: Early Development Economics and the Factor-Price Equalization Theorem
Abstract: 
 Paul Samuelson’s 1948 factor-price equalization theorem was his main contribution to international trade theory. He demonstrated conditions under which trade in goods would lead to full equalization of the remuneration of productive factors across countries. In practice, general factor-price equalization has not been a feature of the international economy, as Samuelson acknowledged. His theorem came out when development economics was starting to emerge as a new field of research and policy, largely based on observed international income asymmetries between poor and rich countries. The present paper provides an historical investigation into how development economists reacted mostly (but not always) critically to that theorem, with attention to the methodological issues involved and to Samuelson’s own perception of the theorem’s relevance.
Journal: Review of Political Economy
Pages: 631-655
Issue: 4
Volume: 33
Year: 2021
Month: 10
X-DOI: 10.1080/09538259.2020.1815969
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1815969
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:4:p:631-655




Template-Type: ReDIF-Article 1.0
Author-Name: Robert W. Dimand
Author-X-Name-First: Robert W.
Author-X-Name-Last: Dimand
Title: Keynes, Knight, and Fundamental Uncertainty: A Double Centenary 1921–2021
Abstract: 
 John Maynard Keynes’s Treatise on Probability (1921) and Frank Knight’s Risk, Uncertainty and Profit (1921) independently stressed the distinction between insurable risk and uninsurable fundamental uncertainty (in Knight’s terminology), inspiring two literatures that have engaged with each other only intermittently. I explore the relationship between what Keynes wrote about uncertainty in his Treatise and what Knight published the same year, and consider what contributions by Truman Bewley and by Kiyohiko Nishimura and Hiroyuki Ozaki on Knightian uncertainty and Knightian decision theory have to offer for furthering understanding of Keynes on uncertainty, particularly as suggesting a response to Alan Coddington’s critique of the risk/uncertainty distinction.
Journal: Review of Political Economy
Pages: 570-584
Issue: 4
Volume: 33
Year: 2021
Month: 10
X-DOI: 10.1080/09538259.2021.1924470
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1924470
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:4:p:570-584




Template-Type: ReDIF-Article 1.0
Author-Name: Erik Bengtsson
Author-X-Name-First: Erik
Author-X-Name-Last: Bengtsson
Author-Name: Engelbert Stockhammer
Author-X-Name-First: Engelbert
Author-X-Name-Last: Stockhammer
Title: Wages, Income Distribution and Economic Growth: Long-Run Perspectives in Scandinavia, 1900–2010
Abstract: 
 This article views analysis of the influence of capital–labour income distribution on economic growth from a historical perspective, using data from 1900 onwards. We study the three Scandinavian countries of Sweden, Denmark and Norway, where conventional accounts of the postwar growth miracles in these small, open economies have emphasized the role of wage restraint, favouring profits and investment over consumption. Instead, we show that the 1950s and 1960s saw growing wage shares, and use the Bhaduri–Marglin model to econometrically analyse the effects on consumption, investment, exports and imports and the total effects on GDP. Furthermore, we estimate the effects of wage pressure on labour productivity. Growing wage shares have had a small positive effect on GDP growth in Sweden, Denmark and Norway, and the positive effect was larger in the postwar period than in other times. However, the positive growth effects of wage pressure were modest as the demand was only weakly wage-led. In contrast, supply side effects were large. Labour productivity was stimulated by vigorous wage increases, as argued by the Swedish Rehn–Meidner model as well as by post-Keynesian economists. The present investigation opens several further avenues for research on the distribution–growth nexus.
Journal: Review of Political Economy
Pages: 725-745
Issue: 4
Volume: 33
Year: 2021
Month: 10
X-DOI: 10.1080/09538259.2020.1860307
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1860307
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:4:p:725-745




Template-Type: ReDIF-Article 1.0
Author-Name: Barry Eichengreen
Author-X-Name-First: Barry
Author-X-Name-Last: Eichengreen
Title: Bretton Woods After 50
Abstract: 
 This paper reviews the operation of the Bretton Woods international monetary system 50 years after the United States closed the Gold Window linking the dollar to gold in August 1971. It argues that Bretton Woods operated as successfully as it did owing to three special circumstances: low international capital mobility, tight financial regulation, and the dominant economic and financial position of the United States and the dollar. There can be no more straightforward an explanation for why nothing like Bretton Woods will be restored in the foreseeable future.
Journal: Review of Political Economy
Pages: 552-569
Issue: 4
Volume: 33
Year: 2021
Month: 10
X-DOI: 10.1080/09538259.2021.1952011
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1952011
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:4:p:552-569




Template-Type: ReDIF-Article 1.0
Author-Name: Andrew B. Trigg
Author-X-Name-First: Andrew B.
Author-X-Name-Last: Trigg
Title: Reconstructing Marx’s Theory of Credit and Payment Crises under Simple Circulation
Abstract: 
 There is general agreement amongst scholars of Marx that his monetary theory is incomplete, especially in his most detailed writings on credit in the third volume of Capital. Moreover, in these unfinished notes Marx takes sides with the banking school approach, notable for its opacity compared to the clear axioms of its currency school counterpart. A reconstruction is proposed based on Marx’s step-by-step method, commencing with a critique of Say’s Law under simple commodity circulation, these foundations formalised here using the model of pure labour developed by Pasinetti (1993). Piecing together the fragments, and filling in some of the gaps in Marx’s writings on money, the analysis builds from commodity money and private debt contracts, to the modelling of pure credit and pure banking systems. Adapting the Pasinetti model of a real economy, its endogenous money requirements provide an alternative to the exogenous money approach of the currency school: a streamlined analytical core to the banking school approach, as interpreted by Marx. In addition, the structure of payment crises — as an extension of Marx’s possibility theory of crises — is examined with money as a means of payment required to settle debts between producers and the banking system.
Journal: Review of Political Economy
Pages: 746-768
Issue: 4
Volume: 33
Year: 2021
Month: 10
X-DOI: 10.1080/09538259.2021.1897751
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1897751
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:4:p:746-768




Template-Type: ReDIF-Article 1.0
Author-Name: Rod O’Donnell
Author-X-Name-First: Rod
Author-X-Name-Last: O’Donnell
Title: Keynes's Treatise on Probability: The First Century
Abstract: 
 On the centenary of the Treatise on Probability's publication, this paper explores six related topics: varieties of realism; Ramsey's critique; Keynes's response; radical uncertainty; the continuity/discontinuity question regarding Keynes's philosophy and economics; and the possibility of a non-Platonic interpretation of logical probability. Several new perspectives are presented.
Journal: Review of Political Economy
Pages: 585-610
Issue: 4
Volume: 33
Year: 2021
Month: 10
X-DOI: 10.1080/09538259.2021.1936926
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1936926
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:4:p:585-610




Template-Type: ReDIF-Article 1.0
Author-Name: Stefano Di Bucchianico
Author-X-Name-First: Stefano
Author-X-Name-Last: Di Bucchianico
Title: Negative Interest Rate Policy to Fight Secular Stagnation: Unfeasible, Ineffective, Irrelevant, or Inadequate?
Abstract: 
 This paper discusses three explanations for Secular Stagnation: Summers’s demand-side Secular Stagnation Theory, Palley’s Investment Saturation Hypothesis, and Gordon’s supply-side Secular Stagnation Theory. All three involve a judgement on the efficacy of a negative interest rate policy (NIRP) in tackling stagnation: according to the first it is unfeasible, according to the second it is ineffective (and even dangerous), and according to the third it is irrelevant. First, we argue that these theories face the fundamental difficulty constituted by the use of a (negative) natural (or equilibrium) rate of interest. We propose an original critique of the negative equilibrium rate of interest determined by the marginal efficiency of capital. Second, we claim that the negative interest rate policy is an inadequate tool to fight stagnation. While monitoring and fostering financial stability should be a fundamental role of monetary authorities, monetary policy is unable to stimulate growth, whereas fiscal policy is better suited to the task.
Journal: Review of Political Economy
Pages: 687-710
Issue: 4
Volume: 33
Year: 2021
Month: 10
X-DOI: 10.1080/09538259.2020.1837546
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1837546
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:4:p:687-710




Template-Type: ReDIF-Article 1.0
Author-Name: Theo Santini Antunes
Author-X-Name-First: Theo Santini
Author-X-Name-Last: Antunes
Author-Name: Ricardo Azevedo Araujo
Author-X-Name-First: Ricardo Azevedo
Author-X-Name-Last: Araujo
Title: A Structural Economic Dynamics Approach to ‘Stagnationist’ Unbalanced Growth
Abstract: 
 Our inquiry offers an analysis of ‘stagnationist’ unbalanced growth through making use of a Structural Economic Dynamic (SED) approach. What we intend to establish are some of the advantages associated with treating William Baumol’s unbalanced growth model as a particular case of Luigi Pasinetti’s framework. One such advantage involves challenging assumptions behind the model by scrutinising the conditions under which Baumol’s result is valid. Another advantage consists of extending the analysis to an arbitrary number of sectors to consider quasi-proportional growth and full dynamics – cases considered by Pasinetti. As suggested by Nicholas Oulton and drawing from the SED framework, we then expand the model to consider intermediate inputs, through using the concept of vertical integration. This leads us to confirm the remark advanced by Oulton; namely, that in the presence of intermediate goods, the aggregate growth rate of productivity might not slow down sufficiently to converge towards the lower productivity growth sector, as advocated by Baumol. In sum, the point we seek to establish is that the ‘stagnationist’ outcome depends on an intricate relation between supply and demand. The multi-sectoral approach that considers intermediate inputs suggests that a disaggregated analysis of well-established results can indeed offer novel insights.
Journal: Review of Political Economy
Pages: 611-630
Issue: 4
Volume: 33
Year: 2021
Month: 10
X-DOI: 10.1080/09538259.2020.1814543
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1814543
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:4:p:611-630




Template-Type: ReDIF-Article 1.0
Author-Name: Gregorio Vidal
Author-X-Name-First: Gregorio
Author-X-Name-Last: Vidal
Title: Recession, Financial Instability, Social Inequality and the Health Crisis
Abstract: 
 Advanced economies and several emerging market economies have had poor production growth for years. The problem has been address by economic and financial organizations. Faced with this, economic policies have been implemented to allow market mechanisms to operate and, to promote productive activity, including extraordinarily loose monetary policies. Central bank and government actions in the context of the pandemic are an extension of such previously applied policies. In the past, after the international financial crisis of 2008–9, these measures allowed banks to recover and for large companies to rely on significant profits. However, there was no significant growth in investment, let alone policies attempting to reduce social inequality. Such trajectories have gained strength during the pandemic.
Journal: Review of Political Economy
Pages: 711-724
Issue: 4
Volume: 33
Year: 2021
Month: 10
X-DOI: 10.1080/09538259.2021.1943933
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1943933
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:4:p:711-724




Template-Type: ReDIF-Article 1.0
Author-Name: Matías Vernengo
Author-X-Name-First: Matías
Author-X-Name-Last: Vernengo
Title: The Consolidation of Dollar Hegemony After the Collapse of Bretton Woods: Bringing Power Back in
Abstract: 
 Conventional views on the collapse of Bretton Woods suggest that it resulted from its own limitations. The inability of the United States to manage the system given the growing imbalances associated to the need of persistent current account deficits to provide liquidity in dollars, and the resulting inflationary pressures on the one hand, and the increasing disproportion of dollars and gold reserves, on the other, would bring about the end of the system. In other words, the Triffin Dilemma was ultimately correct, and the exorbitant privilege came with a high price tag. The limitations of the dominant view about Bretton Woods are discussed and it is argued that the end of Bretton Woods was a political decision that led to the consolidation of dollar hegemony. The limitations of the conventional view are ultimately tied to mainstream economics.
Journal: Review of Political Economy
Pages: 529-551
Issue: 4
Volume: 33
Year: 2021
Month: 10
X-DOI: 10.1080/09538259.2021.1950966
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1950966
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:33:y:2021:i:4:p:529-551




Template-Type: ReDIF-Article 1.0
Author-Name: Phil Armstrong
Author-X-Name-First: Phil
Author-X-Name-Last: Armstrong
Title: Why Minsky Matters: An Introduction to the Work of a Maverick Economist
Journal: Review of Political Economy
Pages: 181-184
Issue: 1
Volume: 34
Year: 2022
Month: 01
X-DOI: 10.1080/09538259.2021.1912487
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1912487
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:1:p:181-184




Template-Type: ReDIF-Article 1.0
Author-Name: Laurent Baronian
Author-X-Name-First: Laurent
Author-X-Name-Last: Baronian
Author-Name: Matari Pierre
Author-X-Name-First: Matari
Author-X-Name-Last: Pierre
Title: From Orchestra Conductor to Principal's Agent: How Internal Financialization of Top Management Has Enabled External Financialization of the Firm
Abstract: 
 This paper analyzes the evolution of internal management work within large corporations from the end of the nineteenth century to the late 1960s. It argues that internal financialization is the prior condition for external financialization, as expressed notably in the shareholder value that is the focus of most theoretical and empirical analyses of financialization of corporate governance. Starting from the twofold nature of management work, our analysis examines how top managers of large corporations have become progressively disassociated from the production process. Through an exploration of the history of business accounting, we show how the evolution of management work has progressively financialized the functions of top managers. One of our main conclusions is that the alliance between shareholders and top managers around the nature and purpose of the firm is the result of an endogenous process. Therefore, the origin of shareholder-value-based corporate governance not only has to be situated before the rise of institutional investors and financial liberalization in the 1970s, but must also be seen as an internal process setting the conditions for the emergence of this management model.
Journal: Review of Political Economy
Pages: 23-44
Issue: 1
Volume: 34
Year: 2022
Month: 01
X-DOI: 10.1080/09538259.2020.1869400
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1869400
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:1:p:23-44




Template-Type: ReDIF-Article 1.0
Author-Name: Rafael S. M. Ribeiro
Author-X-Name-First: Rafael S. M.
Author-X-Name-Last: Ribeiro
Author-Name: Stefan D’Amato
Author-X-Name-First: Stefan
Author-X-Name-Last: D’Amato
Author-Name: Wallace M. Pereira
Author-X-Name-First: Wallace M.
Author-X-Name-Last: Pereira
Title: The Inflation-Distribution Nexus: A Theoretical and Empirical Approach
Abstract: 
 There are two unconnected strands of the inflation-distribution literature, one that studies the impact of inflation on income distribution and the other the impact of distribution on inflation. This paper is an attempt to fill a gap in this literature, by taking into account the simultaneous determination between inflation and income distribution. We set forth a Post-Keynesian model in which inflation and income distribution are jointly determined in a dynamical system of difference equations. Then, we conducted an empirical investigation of the relationship between inflation and distribution using a Panel Vector Autoregressive (PVAR) model since this econometric technique is robust to reverse causality. Our findings corroborate our theoretical model by showing that increases in the wage share tend to exert a downward pressure in future inflation.
Journal: Review of Political Economy
Pages: 146-164
Issue: 1
Volume: 34
Year: 2022
Month: 01
X-DOI: 10.1080/09538259.2021.1882195
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1882195
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:1:p:146-164




Template-Type: ReDIF-Article 1.0
Author-Name: Jacob Assa
Author-X-Name-First: Jacob
Author-X-Name-Last: Assa
Title: The Elgar Companion to John Maynard Keynes
Journal: Review of Political Economy
Pages: 184-187
Issue: 1
Volume: 34
Year: 2022
Month: 01
X-DOI: 10.1080/09538259.2021.1912491
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1912491
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:1:p:184-187




Template-Type: ReDIF-Article 1.0
Author-Name: Cristina Fróes de Borja Reis
Author-X-Name-First: Cristina Fróes de
Author-X-Name-Last: Borja Reis
Author-Name: José Paulo Guedes Pinto
Author-X-Name-First: José Paulo Guedes
Author-X-Name-Last: Pinto
Title: Center–periphery Relationships of Pharmaceutical Value Chains: A Critical Analysis based on Goods and Knowledge Trade Flows
Abstract: 
 This article provides new evidence on center–periphery relationships in the pharmaceutical value chains from the new-structuralist perspective. Our contribution examines the foreign insertion of countries into pharmaceutical value chains. It is based on extensive indicators, such as world trade in gross terms, production and employment structure, and also on intensive indicators, such as trade in value-added, price per kilo of pharmaceuticals imported and exported, pharmaceutical industry wage shares, and intellectual property rights’ flows. We show that pharmaceutical value chains are concentrated in regions, whose centers are basically the US in America and Switzerland and Germany in Europe. Moreover, there are several countries from the global peripheries that are weakly integrated into pharmaceutical value chains, such as Brazil, Russia, Saudi Arabia. Finally, some countries, such as Mexico, India, Hungary, Poland, and even China, have undergone a maquiladora process in their roles in the international division of labor: they have become large exporters of pharmaceuticals with low prices per kilogram and a high content of imported added value, paying low salaries and maintaining deficits in intellectual property rights’ charges.
Journal: Review of Political Economy
Pages: 124-145
Issue: 1
Volume: 34
Year: 2022
Month: 01
X-DOI: 10.1080/09538259.2021.1882192
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1882192
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:1:p:124-145




Template-Type: ReDIF-Article 1.0
Author-Name: José A. Pérez-Montiel
Author-X-Name-First: José A.
Author-X-Name-Last: Pérez-Montiel
Author-Name: Riccardo Pariboni
Author-X-Name-First: Riccardo
Author-X-Name-Last: Pariboni
Title: Housing is NOT ONLY the Business Cycle: A Luxemburg-Kalecki External Market Empirical Investigation for the United States
Abstract: 
 We study the residential investment-economic activity nexus in the United States during the period 1960–2020. We find evidence of symmetric and asymmetric frequency-domain Granger causality running unidirectionally from residential investment (RES) to output. This unidirectional causal relationship is both permanent and transitory: transitory shocks in RES have transitory effects on GDP, while permanent shocks in RES have permanent effects on GDP. Our results validate the hypothesis of Fiebiger [2018. ‘Semi-Autonomous Household Expenditures as the Causa Causans of Postwar US Business Cycles: The Stability and Instability of Luxemburg-Type External Markets.’ Cambridge Journal of Economics 42 (1): 155–175] and Fiebiger and Lavoie [2019. ‘Trend and Business Cycles with External Markets: Non-Capacity Generating Semi-Autonomous Expenditures and Effective Demand.’ Metroeconomica 70 (2): 247–262], who state that housing investment in the US can be analogous to a Luxemburg-Kalecki external market. Our findings can also be read through the lenses of the recent autonomous demand-led growth literature. In particular, we single out a specific component of autonomous demand and describe its prominent role in the US variety of capitalism. Thus, we conclude that residential investment, despite constituting a small overall share of GDP, is not only the cycle but is also the trend of the US economy.
Journal: Review of Political Economy
Pages: 1-22
Issue: 1
Volume: 34
Year: 2022
Month: 01
X-DOI: 10.1080/09538259.2020.1859718
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1859718
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:1:p:1-22




Template-Type: ReDIF-Article 1.0
Author-Name: Rod O’Donnell
Author-X-Name-First: Rod
Author-X-Name-Last: O’Donnell
Title: Keynes and Smith, Opponents or Allies? Part I: Keynes on Smith
Abstract: 
 This paper is the first of a two-part investigation of a topic that has received little attention: the relationships between Keynes and Smith in economic theory and policy. Due to its wide scope and the need for careful discussion of primary sources, two papers are presented. Part I focuses on Keynes and examines all his remarks concerning Smith to address two central questions. Did Keynes classify Smith as a ‘classical economist’ and hence as an exponent of the views he rejected? And how was Smith, and the ‘invisible hand’, treated in Keynes’s writings from 1910 to 1946? The second paper focuses on Smith, and the parallels between the economic arguments of these master-economists.
Journal: Review of Political Economy
Pages: 69-92
Issue: 1
Volume: 34
Year: 2022
Month: 01
X-DOI: 10.1080/09538259.2021.1882185
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1882185
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:1:p:69-92




Template-Type: ReDIF-Article 1.0
Author-Name: Marcella Corsi
Author-X-Name-First: Marcella
Author-X-Name-Last: Corsi
Title: The Age of Fragmentation / Gender Challenges
Journal: Review of Political Economy
Pages: 191-194
Issue: 1
Volume: 34
Year: 2022
Month: 01
X-DOI: 10.1080/09538259.2021.1912493
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1912493
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:1:p:191-194




Template-Type: ReDIF-Article 1.0
Author-Name: Jalal Qanas
Author-X-Name-First: Jalal
Author-X-Name-Last: Qanas
Author-Name: Hamid Raza
Author-X-Name-First: Hamid
Author-X-Name-Last: Raza
Title: Does Securitisation Make Monetary Policy Less Effective?
Abstract: 
 We re-examine the role of monetary policy and its transmission mechanism through the credit channel while focusing on securitisation. We empirically investigate the interactions between securitisation activities and monetary policy using data from 1995 to 2015 for a panel of 10 European countries. We employ a panel VAR model, and estimate it using a GMM system. Our findings indicate that a contractionary monetary policy shock immediately increases securitisation activities and decreases the growth rate of traditional (non-securitised) loans. The evidence supports the argument that merely raising interest rate is not sufficient to control credit booms, but, on the contrary, may induce credit intermediation, which in turn can increase system risk. Any modern central bank should re-examine and redefine its role as a ‘banker’s bank’ taking into consideration the future developments in shadow banking and financial innovation in order to ensure financial stability.
Journal: Review of Political Economy
Pages: 107-123
Issue: 1
Volume: 34
Year: 2022
Month: 01
X-DOI: 10.1080/09538259.2021.1882190
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1882190
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:1:p:107-123




Template-Type: ReDIF-Article 1.0
Author-Name: Charles M. A. Clark
Author-X-Name-First: Charles M. A.
Author-X-Name-Last: Clark
Title: The Selected Letters of John Kenneth Galbraith
Journal: Review of Political Economy
Pages: 187-190
Issue: 1
Volume: 34
Year: 2022
Month: 01
X-DOI: 10.1080/09538259.2021.1912492
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1912492
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:1:p:187-190




Template-Type: ReDIF-Article 1.0
Author-Name: Güney Işıkara
Author-X-Name-First: Güney
Author-X-Name-Last: Işıkara
Author-Name: Patrick Mokre
Author-X-Name-First: Patrick
Author-X-Name-Last: Mokre
Title: Price-Value Deviations and the Labour Theory of Value: Evidence from 42 Countries, 2000–2017
Abstract: 
 The relationship between prices and labour values has been the source of fruitful controversy since the earliest Classical Political Economists. The alleged refutation of the labour theory of value was an integral part of the marginalist attack against Classical and Marxist analysis. However, statistical analysis of price-value relationships made possible by the data available since the later 20th century suggest considerable empirical strength of the labour theory of value. We trace the intellectual history of the price-value relationship and its inseparable link to capitalist competition through Smith, Ricardo, Marx and Sraffa. Following Shaikh and Ochoa, we present an empirical model of testing their hypotheses that (1) labour values regulate prices of production and (2) serve as gravitational centres for market prices. The analysis of a large dataset of 42 countries and 15 years reveal only small and stable deviations and thus lend support to the Classical Political Economic analysis. With a sample of over 36,000 price vectors, we provide the most comprehensive empirical application of its class and generalize the results that have been established in the relevant literature.
Journal: Review of Political Economy
Pages: 165-180
Issue: 1
Volume: 34
Year: 2022
Month: 01
X-DOI: 10.1080/09538259.2021.1904648
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1904648
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:1:p:165-180




Template-Type: ReDIF-Article 1.0
Author-Name: J. E. King
Author-X-Name-First: J. E.
Author-X-Name-Last: King
Title: Keynes and Marx Reconsidered: The Case of Maurice Dobb
Abstract: 
 After an introduction outlining the issues at stake in the study of Dobb's intellectual relationship to Keynes, I begin with a (necessarily brief) account of Keynes's attitude towards Dobb. I then discuss the much more extensive evidence concerning Dobb's reaction to Keynes, published and unpublished, in three sections that terminate respectively with the death of Keynes (in 1946), with the writing of Dobb's autobiographical notes (in 1965), and with his own death (in 1977). A brief conclusion draws some inferences on what Dobb's career can tell us about the broader relationship between Marxian and Keynesian economics.
Journal: Review of Political Economy
Pages: 93-106
Issue: 1
Volume: 34
Year: 2022
Month: 01
X-DOI: 10.1080/09538259.2021.1882189
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1882189
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:1:p:93-106




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Kriesler
Author-X-Name-First: Peter
Author-X-Name-Last: Kriesler
Title: Geoffrey Colin Harcourt
Journal: Review of Political Economy
Pages: 195-196
Issue: 1
Volume: 34
Year: 2022
Month: 01
X-DOI: 10.1080/09538259.2022.2026677
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2026677
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:1:p:195-196




Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Mearman
Author-X-Name-First: Andrew
Author-X-Name-Last: Mearman
Author-Name: Sebastian Berger
Author-X-Name-First: Sebastian
Author-X-Name-Last: Berger
Author-Name: Danielle Guizzo
Author-X-Name-First: Danielle
Author-X-Name-Last: Guizzo
Title: How Different is Heterodox Economists’ Thinking on Teaching? A Contrastive Evaluation of Interview Data
Abstract: 
 This paper explores how differently heterodox and mainstream economists think about teaching. It draws on data from interviews with sixteen leading heterodox economists, which we analyse according to the principles of thematic analysis. We find considerable variety in heterodoxy. Further, we find evidence that suggests at least some heterodox economists share some elements with mainstream counterparts: on pedagogical practice, the role of their teachers, and scant explicit knowledge of educational philosophy. However, we discover different heterodox educational goals when compared to mainstream peers, mainly clustered around a concern for more radical open-mindedness and free-thinking. Also, some of our respondents showed a commitment to pluralism and critical approach to reality in teaching. Our interviews suggest that heterodox pedagogy is a reaction against and struggle within a uniquely hierarchical and monist discipline, pointing to the sociology and ideology of the economics profession as a shaping factor. We conclude that these characteristics make heterodox pedagogy better suited to foster understanding of complex real-world economic crises associated with global warming, pandemics, and financial meltdown.
Journal: Review of Political Economy
Pages: 45-68
Issue: 1
Volume: 34
Year: 2022
Month: 01
X-DOI: 10.1080/09538259.2020.1869402
File-URL: http://hdl.handle.net/10.1080/09538259.2020.1869402
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:1:p:45-68




Template-Type: ReDIF-Article 1.0
Author-Name: Wesley C. Marshall
Author-X-Name-First: Wesley C.
Author-X-Name-Last: Marshall
Author-Name: Louis-Philippe Rochon
Author-X-Name-First: Louis-Philippe
Author-X-Name-Last: Rochon
Title: Understanding Full Investment and the Potential Role of Public Banks
Abstract: 
 In this paper, we argue that Keynes correctly diagnosed the principles of ‘sound finance' as limiting human progress, but did not map out a viable alternate solution of ‘full investment', and seems to even warn against it. E.F. Schumacher critiqued Keynes's position that until the problem of production is solved, only following ‘the money motive' could lead humanity out of the tunnel of economic need. Now a half century since Schumacher’s critiques, the production problem can be seen in a new light, and the debate surrounding the money motive can be reevaluated with greater context. We build upon the debate and the lessons of recent history, and within the context of other thinkers such as Veblen and Polanyi, to argue that the money motive does not need to be abandoned, but rather placed within a reformed institutional and monetary framework. We argue that full investment can only be properly addressed by shifting the overall objective of economic activity from production to human advancement. We conclude the paper by offering several considerations on why public banks are ideal institutions to shepherd a transformation of mentality into the creation of new markets and activities dedicated to human advancement.
Journal: Review of Political Economy
Pages: 340-355
Issue: 2
Volume: 34
Year: 2022
Month: 04
X-DOI: 10.1080/09538259.2021.2013633
File-URL: http://hdl.handle.net/10.1080/09538259.2021.2013633
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:2:p:340-355




Template-Type: ReDIF-Article 1.0
Author-Name: Régis Marodon
Author-X-Name-First: Régis
Author-X-Name-Last: Marodon
Title: Can Development Banks Step Up to the Challenge of Sustainable Development?
Abstract: 
 Public development banks (PDBs) — at sub-national, national, regional or international level — can cooperate and become central in the implementation of sustainable economic models. PDBs are over 500 globally. They are both providers of public funding and enablers to leverage private finance. PDBs need to acquire ‘sustainable development analytical tools’ to select operations on the basis of criteria other than purely financial ones. This paper explores why development banks can play a leading role. It proposes five recommendations for decision-makers: (1) Streamline into financing decisions the need to transition towards low-carbon and equitable economies. (2) Mobilise and encourage the private sector such that all stakeholders reach convergence on sustainable development. (3) Use development banks to channel funds for transition purposes into concrete projects, programmes consistent with international agreements signed by their governments. (4) Support emergence of a responsible demand, given that PDBs themselves are not originators of projects. (5) Build a global coalition of PDBs, to tackling global problems.
Journal: Review of Political Economy
Pages: 268-285
Issue: 2
Volume: 34
Year: 2022
Month: 04
X-DOI: 10.1080/09538259.2021.1977542
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1977542
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:2:p:268-285




Template-Type: ReDIF-Article 1.0
Author-Name: Sergio Gusmão Suchodolski
Author-X-Name-First: Sergio Gusmão
Author-X-Name-Last: Suchodolski
Author-Name: Adauto Modesto Junior
Author-X-Name-First: Adauto
Author-X-Name-Last: Modesto Junior
Author-Name: Cinthia Helena de Oliveira Bechelaine
Author-X-Name-First: Cinthia Helena de Oliveira
Author-X-Name-Last: Bechelaine
Author-Name: Leila Maria Bedeschi Costa
Author-X-Name-First: Leila Maria Bedeschi
Author-X-Name-Last: Costa
Title: From Global to Local: Subnational Development Banks in the Era of Sustainable Development Goals
Abstract: 
 Financing the implementation of the seventeen Sustainable Development Goals (SDGs) has been a development challenge since the establishment of the 2030 Agenda — especially under the unequal circumstances imposed by COVID-19. This paper aims to better inform this debate by highlighting the nature of Subnational Development Banks (SDBs) in the context of sustainable finance and how they operate within development networks. To this end, the research method addresses a comparative study among countries that stand out for the number of subnational institutions in their development systems, Brazil and Vietnam. After comparing the Brazilian and Vietnamese particularities, we present concrete examples of SDBs working to connect local needs to the 2030 Agenda investments. As final conclusions, the study allows to demonstrate that, by being the last mile specialist on the ground, in different localities with particular backgrounds and contexts, SDBs could be available channels to international resources to address the financial needs of local firms and governments, improving both efficiency and effectiveness of development programs and funds. Highlighting the potential of SDBs, this analysis leaves possibilities for a future research agenda on more integrated national development finance systems focused on local impact.
Journal: Review of Political Economy
Pages: 318-339
Issue: 2
Volume: 34
Year: 2022
Month: 04
X-DOI: 10.1080/09538259.2021.1977545
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1977545
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:2:p:318-339




Template-Type: ReDIF-Article 1.0
Author-Name: David M. Fields
Author-X-Name-First: David M.
Author-X-Name-Last: Fields
Title: The Deficit Myth, Modern Monetary Theory and the Birth of the People’s Economy
Journal: Review of Political Economy
Pages: 391-392
Issue: 2
Volume: 34
Year: 2022
Month: 04
X-DOI: 10.1080/09538259.2021.1912494
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1912494
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:2:p:391-392




Template-Type: ReDIF-Article 1.0
Author-Name: Stephany Griffith-Jones
Author-X-Name-First: Stephany
Author-X-Name-Last: Griffith-Jones
Author-Name: Shari Spiegel
Author-X-Name-First: Shari
Author-X-Name-Last: Spiegel
Author-Name: Jiajun Xu
Author-X-Name-First: Jiajun
Author-X-Name-Last: Xu
Author-Name: Marco Carreras
Author-X-Name-First: Marco
Author-X-Name-Last: Carreras
Author-Name: Natalya Naqvi
Author-X-Name-First: Natalya
Author-X-Name-Last: Naqvi
Title: Matching Risks with Instruments in Development Banks
Abstract: 
 This paper explores how development banks should deploy appropriate financial instruments to encourage real economic risk-taking while minimizing financial engineering risks. We distinguish real economic risks from financial engineering or intermediary risks and argue that using complex financial instruments to leverage additional private financing may undermine policy steer and lead to too much risk being taken by development banks. We then explore comparative advantages of different financial instruments such as loans, guarantees, equity, and insurance in tackling risks in normal times. Then we synthesize common features of development banks’ responses to the COVID-19 crisis. Finally, we propose future research directions.
Journal: Review of Political Economy
Pages: 197-223
Issue: 2
Volume: 34
Year: 2022
Month: 04
X-DOI: 10.1080/09538259.2021.1978229
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1978229
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:2:p:197-223




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Marois
Author-X-Name-First: Thomas
Author-X-Name-Last: Marois
Title: A Dynamic Theory of Public Banks (and Why it Matters)
Abstract: 
 Public banks are pervasive, with more than 900 worldwide, and powerful, having assets nearing $49 trillion. Yet they are too often perceived as static financial institutions, based on economic theories that begin from fixed notions of what it is to be a publicly owned bank. This has given rise to polarized debate wherein public banks are characterized as being either essentially good or bad. This is unrealistic and unhelpful as we seek ways to confront the crises of finance and of climate finance. We need instead to rethink public banks as dynamic and contested institutions within the public spheres of states. In this view, public ownership itself predetermines nothing but it does open up a particular public realm of possibilities. Change becomes possible and is a result of social forces making it so, if within the structural confines of gendered, racialized, and class-divided capitalist society. A dynamic theory of public banks provides a novel theoretical alternative and a practical pathway towards financing green and just transitions in the public interest.
Journal: Review of Political Economy
Pages: 356-371
Issue: 2
Volume: 34
Year: 2022
Month: 04
X-DOI: 10.1080/09538259.2021.1898110
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1898110
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:2:p:356-371




Template-Type: ReDIF-Article 1.0
Author-Name: Diana V. Barrowclough
Author-X-Name-First: Diana V.
Author-X-Name-Last: Barrowclough
Author-Name: Thomas Marois
Author-X-Name-First: Thomas
Author-X-Name-Last: Marois
Title: Public Banks, Public Purpose, and Early Actions in the Face of Covid-19
Abstract: 
 With the outbreak of the global Covid-19 pandemic and associated lockdowns, economic activity came to a grinding halt as demands for financial support in health, business, and government skyrocketed. In spring 2020 we assembled a team of experts to conduct rapid response research on how public banks worldwide responded to the Covid-19 crisis. The team employed case study methods to examine cases in the global north and south. A synthesis of our findings is presented here. We conclude that the most promising public bank responses to the crisis were those substantively guided by public purpose. Where public purpose had a more challenging relationship to public bank responses, the responses were more ambiguous and more difficult to differentiate from private banks. This rapid response study also points to promising lessons for how public banks can help to catalyse momentum to ‘build forward better’ and it raises a series of questions in need of further research.
Journal: Review of Political Economy
Pages: 372-390
Issue: 2
Volume: 34
Year: 2022
Month: 04
X-DOI: 10.1080/09538259.2021.1996704
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1996704
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:2:p:372-390




Template-Type: ReDIF-Article 1.0
Author-Name: José Antonio Ocampo
Author-X-Name-First: José Antonio
Author-X-Name-Last: Ocampo
Author-Name: Victor Ortega
Author-X-Name-First: Victor
Author-X-Name-Last: Ortega
Title: The Global Development Banks’ Architecture
Abstract: 
 This paper looks at the role, evolution, and regional coverage of the system of multilateral and national development banks (MDBs and NDBs). It analyzes the roles that development banks should play to correct the market failures that characterize financial systems, particularly in emerging and developing countries. It concludes that MDBs should be capitalized to better support emerging and developing countries’ recovery after the COVID-19 crisis. They should also be aligned with the Sustainable Development Goals, and enhance their role in promoting innovation and structural transformation, and supporting climate change mitigation and adaptation. It underscores that the development banks should work as a system and that better networking between MDBs and NDBs is essential and should be systematically monitored. Finally, it points out that MDBs should support the development of strong NDBs in the regions where these institutions are underrepresented.
Journal: Review of Political Economy
Pages: 224-248
Issue: 2
Volume: 34
Year: 2022
Month: 04
X-DOI: 10.1080/09538259.2021.1977543
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1977543
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:2:p:224-248




Template-Type: ReDIF-Article 1.0
Author-Name: Timothy Koechlin
Author-X-Name-First: Timothy
Author-X-Name-Last: Koechlin
Title: What is Heterodox Economics? Conversations with Leading Economists
Journal: Review of Political Economy
Pages: 392-396
Issue: 2
Volume: 34
Year: 2022
Month: 04
X-DOI: 10.1080/09538259.2021.1912501
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1912501
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:2:p:392-396




Template-Type: ReDIF-Article 1.0
Author-Name: Ricardo Gottschalk
Author-X-Name-First: Ricardo
Author-X-Name-Last: Gottschalk
Author-Name: Lavinia B. Castro
Author-X-Name-First: Lavinia B.
Author-X-Name-Last: Castro
Author-Name: Jiajun Xu
Author-X-Name-First: Jiajun
Author-X-Name-Last: Xu
Title: Should National Development Banks be Subject to Basel III?
Abstract: 
 We address the question: What are the potential impacts of Basel III capital framework for National Development Banks (NDBs) upon their ability to fulfil their developmental mandate? We compare three large NDBs’ experiences with Basel III implementation: Brazilian Development Bank, China Development Bank and Germany’s KfW. We find that the biggest constraint from Basel III comes less from its levels of comprehensiveness and complexity and more from tightening the levels of capital requirements and demanding better capital quality. The disincentive to the use of internal models and changes in the method for the calculation of operational risks may result in a substantial increase in required capital. Meanwhile, the new large exposure rule may dilute the banks’ focus on large, infrastructure projects; the high-risk weights for exposures to project finance and equity may hinder NDBs from using these financing modalities extensively to support large and complex projects and activities that involve innovation financing.
Journal: Review of Political Economy
Pages: 249-267
Issue: 2
Volume: 34
Year: 2022
Month: 04
X-DOI: 10.1080/09538259.2021.1977541
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1977541
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:2:p:249-267




Template-Type: ReDIF-Article 1.0
Author-Name: Maria Alejandra Riaño
Author-X-Name-First: Maria Alejandra
Author-X-Name-Last: Riaño
Author-Name: Jihane Boutaybi
Author-X-Name-First: Jihane
Author-X-Name-Last: Boutaybi
Author-Name: Damien Barchiche
Author-X-Name-First: Damien
Author-X-Name-Last: Barchiche
Author-Name: Sébastien Treyer
Author-X-Name-First: Sébastien
Author-X-Name-Last: Treyer
Title: Scaling Up Public Development Banks’ Transformative Alignment with the 2030 Agenda for Sustainable Development
Abstract: 
 Public development banks (PDBs) can accelerate SDGs implementation, by coupling their leverage capacity with systemic and cross-cutting 2030 Agenda alignment practices that catalyse real transformations in their behaviours and investments. This new research assesses how PDBs — from different sizes and geographies — have interpreted and are including sustainable development priorities in their day-to-day discussions, processes and operations. It shows that most PDBs have the interest and willingness to take the necessary steps to mainstream SDG priorities into their strategies and operations. Nonetheless, findings suggest that both strategic and operational endeavours are at the early stages of alignment. Identified innovative practices by PDBs leading the way, should now be shared among their peers in a view of harmonisation and coherence, as a crucial prerequisite to a scaled-up alignment. As for governments, shareholders and other stakeholders, they should also contribute to this alignment endeavour by an enhanced political backing and support to PDBs.
Journal: Review of Political Economy
Pages: 286-317
Issue: 2
Volume: 34
Year: 2022
Month: 04
X-DOI: 10.1080/09538259.2021.1977544
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1977544
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:2:p:286-317





Template-Type: ReDIF-Article 1.0
Author-Name: Evangelos Bekiaris
Author-X-Name-First: Evangelos
Author-X-Name-Last: Bekiaris
Author-Name: Irene Daskalopoulou
Author-X-Name-First: Irene
Author-X-Name-Last: Daskalopoulou
Title: Satisfaction with Democracy and Social Capital: Multi-Level Model Evidence for the Pre- and Post-Crisis Era
Abstract: 
 We analyze the relationship between social capital and satisfaction with democracy (SWD) levels. We consider SWD to denote regime support and we operationalize social capital in two different ways so as to discern between individual (micro) and country (macro) level effects. At the individual level, we operationalize social capital as composed of trust (generalized and institutional), human values (altruism, equality, tolerance, humanitarianism), and participatory behavior (political engagement, associations, activism). At the country level, we control for the effect of national culture (power distance, development, masculinity, individualism) upon SWD levels. Individual level data are drawn from the European Social Survey (ESS) Rounds 4 (2008) and 8 (2016). The two periods of time have been chosen to allow for the analysis of the effects that the recent financial crisis has had upon the social capital and SWD relationship. Data on the macro level indicators are drawn from the UN. Our estimation procedures involve the application of multi-level model techniques. Robust evidence is provided of that individual and country level factors interact and shape respondents’ levels of SWD. The dynamic nature of this interaction is also verified in light of the evidence regarding the pre and post crisis periods.
Journal: Review of Political Economy
Pages: 468-503
Issue: 3
Volume: 34
Year: 2022
Month: 07
X-DOI: 10.1080/09538259.2021.1894807
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1894807
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:3:p:468-503



Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Felipe
Author-X-Name-First: Jesus
Author-X-Name-Last: Felipe
Author-Name: Scott Fullwiler
Author-X-Name-First: Scott
Author-X-Name-Last: Fullwiler
Title: How ‘Monetization’ Really Works — Examples from Three Asian Nations’ Responses to Covid-19
Abstract: 
 The severe economic downturn caused by the COVID-19 pandemic has forced governments worldwide to increase spending while tax revenues simultaneously collapsed. Concurrent with this, central banks in several of these countries are financing a significant percent of their direct income support through direct lending or purchases of government bonds in primary and/or secondary markets. Many oppose this for their alleged negative consequences on the economy, inflation in particular. This paper describes the actual workings of what most people (including many economists) often call monetization of government debt and its major implication, namely, that it leads to printing money and, consequently, to inflation. We show that the reality is very different: once one knows how modern central banks manage monetary policy (i.e. through a corridor interest rate targeting system), and how they coordinate their daily operations with their Treasuries, monetization does not occur as it is often described, and it is not nearly as dangerous as its critics argue (and not as useful as its supporters claim). The examples of the Philippines, Singapore, and the People’s Republic of China clarify this.
Journal: Review of Political Economy
Pages: 397-419
Issue: 3
Volume: 34
Year: 2022
Month: 07
X-DOI: 10.1080/09538259.2021.1908777
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1908777
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:3:p:397-419



Template-Type: ReDIF-Article 1.0
Author-Name: Emilio Carnevali
Author-X-Name-First: Emilio
Author-X-Name-Last: Carnevali
Title: A New, Simple SFC Open Economy Framework
Abstract: 
 The paper presents a simple Stock-Flow Consistent open economy model with flexible exchange rates. It can reproduce the same dynamics and results of the flexible exchange rates ‘benchmark’ model by Godley and Lavoie [2007b. Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth. London, UK: Palgrave MacMillan]. The latter is considered the ‘centre of gravity’ of SFC open economy literature. Yet the new model uses only one-third of the equations of the original one and features a different mechanism of determination of the exchange rate. Its small size and its flexibility make the model suitable both for didactic purposes and for extensions with further building blocks to address a variety of research topics.
Journal: Review of Political Economy
Pages: 504-533
Issue: 3
Volume: 34
Year: 2022
Month: 07
X-DOI: 10.1080/09538259.2021.1899518
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1899518
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:3:p:504-533



Template-Type: ReDIF-Article 1.0
Author-Name: Bill Jefferies
Author-X-Name-First: Bill
Author-X-Name-Last: Jefferies
Title: How the World Works: The Story of Human Labor from Prehistory to the Modern Day
Journal: Review of Political Economy
Pages: 599-603
Issue: 3
Volume: 34
Year: 2022
Month: 07
X-DOI: 10.1080/09538259.2021.1912496
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1912496
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:3:p:599-603



Template-Type: ReDIF-Article 1.0
Author-Name: Giorgos Galanis
Author-X-Name-First: Giorgos
Author-X-Name-Last: Galanis
Title: The Origins of Capitalism as a Social System: The Prevalence of an Aleatory Encounter
Journal: Review of Political Economy
Pages: 598-599
Issue: 3
Volume: 34
Year: 2022
Month: 07
X-DOI: 10.1080/09538259.2021.1912495
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1912495
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:3:p:598-599



Template-Type: ReDIF-Article 1.0
Author-Name: Najib Khan
Author-X-Name-First: Najib
Author-X-Name-Last: Khan
Title: Does Inflation Targeting Really Promote Economic Growth?
Abstract: 
 Inflation targeting, as a monetary-policy framework, is said to promote economic growth. Yet, when evaluating the macroeconomic performance of inflation-targeting regime, the existing literature only emphasizes the dynamics of inflation and the costs associated with taming inflation. There is hardly any assessment of the growth claim. To fill the gap and to measure the causal impact of inflation-targeting adoption on economic growth, we compare the dynamics of output growth and long-term unemployment between countries that have adopted inflation targeting and the non-adopting countries. Our findings seem to refute the growth claim, and paint a bleak picture of inflation targeting: when compared to the countries that did not adopt inflation targeting, there is a significant reduction in the average growth rate among the inflation-targeting adopters by over ½ percentage point. Additionally, long-term unemployment significantly rises among the inflation-targeting countries by over 1½ percentage points as compared to the non-adopters. These results are robust to both the exclusion of the outlier observations and to the sensitivity tests recommended for such analysis.
Journal: Review of Political Economy
Pages: 564-584
Issue: 3
Volume: 34
Year: 2022
Month: 07
X-DOI: 10.1080/09538259.2021.1902165
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1902165
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:3:p:564-584



Template-Type: ReDIF-Article 1.0
Author-Name: Luis Mireles-Flores
Author-X-Name-First: Luis
Author-X-Name-Last: Mireles-Flores
Title: The Evidence for Free Trade and Its Background Assumptions: How Well-Established Causal Generalisations Can Be Useless for Policy
Abstract: 
 In this article, I offer a methodological analysis of the empirical research on the causal effects of trade liberalisation, and assess whether such studies can be of any use for guiding policy prescriptions in real-world economies. The analysis focuses on the mainstream economic research that has been used to support arguments in favour of trade liberalisation during the last decades. Even though there are empirical results that could be taken as valid evidence for a causal connection between free trade and economic gains, none of the existing evidence licences trustworthy inferences about the policy effectiveness of trade liberalisation reforms in real-world cases. There are three aspects of the empirical literature that make it highly problematic for making reliable policy inferences: (a) the criteria used to define the notion of ‘free trade’, (b) the background assumptions embedded in the econometric techniques used for estimating causal effects, and (c) the widespread desire among academic economists to attain scientific results in terms of universally valid generalisations. The analysis exposes a worrisome mismatch between, on the one hand, the research aims and outcomes of scientific economics and, on the other, the kind of evidence that would be useful for guiding actual policy deliberations.
Journal: Review of Political Economy
Pages: 534-563
Issue: 3
Volume: 34
Year: 2022
Month: 07
X-DOI: 10.1080/09538259.2021.1912484
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1912484
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:3:p:534-563



Template-Type: ReDIF-Article 1.0
Author-Name: Matheus R. Grasselli
Author-X-Name-First: Matheus R.
Author-X-Name-Last: Grasselli
Title: Monetary Policy Responses to Covid-19: A Comparison with the 2008 Crisis and Implications for the Future of Central Banking
Abstract: 
 The policy responses of major central banks to the Covid-19 financial and economic crisis were faster, larger, and broader in scope than those in response to the 2008 global financial crisis. This article explains in detail the conventional and unconventional measures adopted by the U.S. Federal Reserve and reviews similar measures adopted by the Bank of England, the Bank of Canada, the European Central Bank and the Bank of Japan. Apart from lowering interest rates and acting as lenders of last resort to financial institutions, these central banks embraced large scale asset purchases as a core crisis fighting tool, with the corresponding expansion in balance sheet that they entail. The article connects this change in emphasis in central bank intervention to the normalization of shadow banking, or market-based financial intermediation, that happened between the two crises. Other extensions of the role of central banks made possible by the scope of the policy responses to Covid-19, including direct support to sectors beyond the financial industry, are also explored.
Journal: Review of Political Economy
Pages: 420-445
Issue: 3
Volume: 34
Year: 2022
Month: 07
X-DOI: 10.1080/09538259.2021.1908778
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1908778
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:3:p:420-445



Template-Type: ReDIF-Article 1.0
Author-Name: Rod O’Donnell
Author-X-Name-First: Rod
Author-X-Name-Last: O’Donnell
Title: Keynes and Smith, Opponents or Allies? Part II: Smith, and Keynes-Smith Parallels
Abstract: 
 In investigating Keynes–Smith relationships, this paper discusses Smith and the parallels between the mature contributions of these two philosopher-economists. It begins by carefully examining Smith’s economic theory and policy, summarising his core argument in a clarifying syllogism, and exploring his invisible hand remarks. It then turns to the largely unexplored parallels between their major economic works. In theoretical terms, their core arguments have similar structures and analytical characteristics. In policy terms, both proposed new institution-based systems serving individual and social interests, considerable socio-economic restructuring and non-minimalist roles for the state. The paper concludes with a syllogism summarising Keynes’s parallel position, and comparative comments on some recent analyses of Smith’s thought.
Journal: Review of Political Economy
Pages: 446-467
Issue: 3
Volume: 34
Year: 2022
Month: 07
X-DOI: 10.1080/09538259.2021.1882186
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1882186
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:3:p:446-467



Template-Type: ReDIF-Article 1.0
Author-Name: Riccardo Bellofiore
Author-X-Name-First: Riccardo
Author-X-Name-Last: Bellofiore
Author-Name: Louis-Philippe Rochon
Author-X-Name-First: Louis-Philippe
Author-X-Name-Last: Rochon
Author-Name: Mario Seccareccia
Author-X-Name-First: Mario
Author-X-Name-Last: Seccareccia
Author-Name: Hassan Bougrine
Author-X-Name-First: Hassan
Author-X-Name-Last: Bougrine
Author-Name: Massimo Cingolani
Author-X-Name-First: Massimo
Author-X-Name-Last: Cingolani
Author-Name: Thomas Ferguson
Author-X-Name-First: Thomas
Author-X-Name-Last: Ferguson
Author-Name: James K. Galbraith
Author-X-Name-First: James K.
Author-X-Name-Last: Galbraith
Author-Name: Alicia Girón
Author-X-Name-First: Alicia
Author-X-Name-Last: Girón
Author-Name: Joseph Halevi
Author-X-Name-First: Joseph
Author-X-Name-Last: Halevi
Author-Name: Wesley Marshall
Author-X-Name-First: Wesley
Author-X-Name-Last: Marshall
Author-Name: Edward Nell
Author-X-Name-First: Edward
Author-X-Name-Last: Nell
Author-Name: John Smithin
Author-X-Name-First: John
Author-X-Name-Last: Smithin
Author-Name: Pavlina Tcherneva
Author-X-Name-First: Pavlina
Author-X-Name-Last: Tcherneva
Author-Name: Slim Thabet
Author-X-Name-First: Slim
Author-X-Name-Last: Thabet
Title: A Tribute to Alain Parguez 1940–2022
Journal: Review of Political Economy
Pages: 604-611
Issue: 3
Volume: 34
Year: 2022
Month: 07
X-DOI: 10.1080/09538259.2022.2076349
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2076349
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:3:p:604-611



Template-Type: ReDIF-Article 1.0
Author-Name: Lilia Costabile
Author-X-Name-First: Lilia
Author-X-Name-Last: Costabile
Title: Continuity and Change in the International Monetary System: The Dollar Standard and Capital Mobility
Abstract: 
 Addressing the issue of continuity and change in the international monetary system, this article makes two points. First, the dollar standard — as defined by Keynes — did not have to wait until the end of Bretton Woods to be born. It finds its roots in the 1920s and is still with us after a century. While most commentators content themselves with the statement that the dollar officially became fiat money in 1971–3, I make the less obvious point that, in substance, the transition occurred much earlier, and document the multiple monetary and intervention techniques used to maintain the dollar standard in existence. Second, as widely recognized, the main element differentiating Bretton Woods from its successor is the demise of capital controls. I argue that stability requires that some form of control is reintroduced, particularly if the international monetary system evolves in a multipolar direction.
Journal: Review of Political Economy
Pages: 585-597
Issue: 3
Volume: 34
Year: 2022
Month: 07
X-DOI: 10.1080/09538259.2022.2038438
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2038438
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:3:p:585-597

Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2040907_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Thomas I. Palley
Author-X-Name-First: Thomas I.
Author-X-Name-Last: Palley
Title: The Macroeconomics of Government Spending: Distinguishing Between Government Purchases, Government Production, and Job Guarantee Programs
Abstract: 
 This paper reconstructs the Keynesian income—expenditure (IE) model to include distinctions between government purchases of private sector output, government production, and government job guarantee program (JGP) employment. Analytically, including those distinctions transforms the model from a single sector model into a multi-sector model. It also surfaces the logic behind the automatic stabilizer property of JGP employment. The model is then extended to include Kaleckian income distribution effects which contribute to explaining why expenditure multipliers vary by type of fiscal expenditure. The Kaleckian version generates a new balanced budget multiplier driven by changed composition of government spending. It also illuminates some macroeconomic implications of privatization of government produced services.
Journal: Review of Political Economy
Pages: 692-708
Issue: 4
Volume: 34
Year: 2022
Month: 10
X-DOI: 10.1080/09538259.2022.2040907
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2040907
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:4:p:692-708



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_1912502_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Daniele Tori
Author-X-Name-First: Daniele
Author-X-Name-Last: Tori
Title: Democratizing the Economics Debate. Pluralism and Research Evaluation
Journal: Review of Political Economy
Pages: 807-810
Issue: 4
Volume: 34
Year: 2022
Month: 10
X-DOI: 10.1080/09538259.2021.1912502
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1912502
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:4:p:807-810



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_1912504_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Ermanno C. Tortia
Author-X-Name-First: Ermanno C.
Author-X-Name-Last: Tortia
Title: Labour and Value: Rethinking Marx’s Theory of Exploitation
Journal: Review of Political Economy
Pages: 810-812
Issue: 4
Volume: 34
Year: 2022
Month: 10
X-DOI: 10.1080/09538259.2021.1912504
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1912504
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:4:p:810-812



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2096799_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Ivan Moscati
Author-X-Name-First: Ivan
Author-X-Name-Last: Moscati
Author-Name: Paolo Paesani
Author-X-Name-First: Paolo
Author-X-Name-Last: Paesani
Author-Name: Antonella Stirati
Author-X-Name-First: Antonella
Author-X-Name-Last: Stirati
Title: Introduction
Journal: Review of Political Economy
Pages: 613-614
Issue: 4
Volume: 34
Year: 2022
Month: 10
X-DOI: 10.1080/09538259.2022.2096799
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2096799
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:4:p:613-614



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_1897750_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Christine Ngoc Ngo
Author-X-Name-First: Christine
Author-X-Name-Last: Ngoc Ngo
Author-Name: Marco R. Di Tommaso
Author-X-Name-First: Marco R.
Author-X-Name-Last: Di Tommaso
Author-Name: Mattia Tassinari
Author-X-Name-First: Mattia
Author-X-Name-Last: Tassinari
Author-Name: John Marcus Dockerty
Author-X-Name-First: John Marcus
Author-X-Name-Last: Dockerty
Title: The Future of Work: Conceptual Considerations and a New Analytical Approach for the Political Economy
Abstract: 
 This paper investigates the changing nature of quality employment in the United States, considering the social and economic consequences of neoliberal policies on the quality and availability of good jobs. Neoliberalism and its policies have profoundly influenced the American economy and impaired the socioeconomic landscape. Access to quality employment is a critical component of the future of work, as it shapes worker identities and empowers them to meet household needs. Quality employment can curb rising inequality, reduce job polarization, close urban-rural divides, and halt the corrosion of trust in American social democracy. This paper proposes a new conceptual and analytical approach to evaluating trends and structural changes in quality employment across American industries. The analytical framework involves a composite indicator — the Quality Employment Index (QEI) — that measures industries’ capacity to offer quality employment relative to one another. We use the QEI to rank fifteen American manufacturing industries from 2001 to 2018, and evaluate them in the context of the U.S. political economy.
Journal: Review of Political Economy
Pages: 735-765
Issue: 4
Volume: 34
Year: 2022
Month: 10
X-DOI: 10.1080/09538259.2021.1897750
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1897750
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:4:p:735-765



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2096285_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Bruna Ingrao
Author-X-Name-First: Bruna
Author-X-Name-Last: Ingrao
Author-Name: Francesco Ruggeri
Author-X-Name-First: Francesco
Author-X-Name-Last: Ruggeri
Author-Name: Claudio Sardoni
Author-X-Name-First: Claudio
Author-X-Name-Last: Sardoni
Title: Are Shadow Moneys Money Proper? A Critical Discussion from the Perspective of the History of Monetary Theory
Abstract: 
 We address the issue of whether some financial instruments produced by financial innovation, like the so-called shadow moneys, can be regarded as proper money. This is done by examining some past contributions (by Menger, Jevons, Keynes and Hicks) on the nature of money and its fundamental properties. We argue that the most satisfactory contributions come from Hicks, who holds that the essential function of money is to be the economy’s standard of value. On these grounds, we conclude that shadow moneys cannot be regarded as money in a proper sense. Neither are they the economy’s standard of value nor are they a universally accepted means of payment. Their function as a liquid store of value is not sufficient for them to be qualified as money.
Journal: Review of Political Economy
Pages: 647-664
Issue: 4
Volume: 34
Year: 2022
Month: 10
X-DOI: 10.1080/09538259.2022.2096285
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2096285
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:4:p:647-664



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_1987088_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Sheila Dow
Author-X-Name-First: Sheila
Author-X-Name-Last: Dow
Title: Alfred Marshall, Evolutionary Economics and Climate Change
Abstract: 
 The way in which any topic is analysed in economics depends on methodological approach. The purpose here is to explore the argument that the way in which climate change is addressed depends on how economics is understood to relate to the physical environment and also to the social and ethical environment. This involves an exploration of the formation of knowledge, both in economics and in the economy. Alfred Marshall’s evolutionary approach to knowledge formation was central to his approach to economics and to his understanding of economic behaviour. Here, we consider the application of Marshall’s approach to issues around climate change, through the lens of the subsequent development of evolutionary economics and ecological economics.
Journal: Review of Political Economy
Pages: 615-632
Issue: 4
Volume: 34
Year: 2022
Month: 10
X-DOI: 10.1080/09538259.2021.1987088
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1987088
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:4:p:615-632



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2096284_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Maxime Desmarais-Tremblay
Author-X-Name-First: Maxime
Author-X-Name-Last: Desmarais-Tremblay
Author-Name: Aleksandar Stojanović
Author-X-Name-First: Aleksandar
Author-X-Name-Last: Stojanović
Title: Framing Institutional Choice, 1937–1973: New Institutional Economics and the Neglect of the Commons
Abstract: 
 Progressives the world over cherish high hopes in the development of institutions for collective actions. Among these institutions, commons have a long history in western Europe. While a new institutional economics emerged in the 1960s, commons were not taken seriously in postwar economics before the seminal work of Elinor Ostrom in the late 1980s. How can we explain this belated integration of commons in economics? In this paper, we trace some of the origins of the neoclassical comparative institutional analysis. By advocating an institutional comparison in terms of the costs or the value of production under alternative allocations of property rights, Ronald Coase contributed to the narrow theoretical approach taken by new institutional economists. In the late 1960s, neoclassical economists who came to be interested in environmental questions dismissed commons as inefficient solutions to allocation problems. Within this narrow framework, the private enterprise system more often than not was hailed as the best alternative.
Journal: Review of Political Economy
Pages: 665-691
Issue: 4
Volume: 34
Year: 2022
Month: 10
X-DOI: 10.1080/09538259.2022.2096284
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2096284
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:4:p:665-691



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_1993001_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Gabriel Montes-Rojas
Author-X-Name-First: Gabriel
Author-X-Name-Last: Montes-Rojas
Author-Name: Fernando Toledo
Author-X-Name-First: Fernando
Author-X-Name-Last: Toledo
Title: External Shocks and Inflationary Pressures in Argentina: A Post-Keynesian-Structuralist Empirical Approach
Abstract: 
 We examine two external shocks that trigger inflationary pressures in Argentina. The first corresponds to a shock in international prices of agricultural commodities exported by this country. The second external shock affects the nominal exchange rate ($/U$S). Through the estimation of a quarterly VAR with directional quantiles model for the 2004–2019 period, we show how the pass-through from these external shocks to the inflation rate operates asymmetrically and mainly through increments in nominal wages. We estimate that an external shock in the international agricultural commodities prices exported by Argentina engenders a pass-through of 10 per cent, vis-à-vis a shock in the nominal exchange rate with a pass-through of 25 per cent. We explain these results highlighting the relevance of the class struggle as a key inflationary transmission mechanism, in line with Post-Keynesian-Structuralist conflicting claims models of inflation. These empirical results pose significant challenges for economic policy design, particularly pondering the adoption of measures that aim to decouple the potentially disruptive effects of these external shocks on inflationary pressures in Argentina.
Journal: Review of Political Economy
Pages: 789-806
Issue: 4
Volume: 34
Year: 2022
Month: 10
X-DOI: 10.1080/09538259.2021.1993001
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1993001
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:4:p:789-806



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_1964768_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Rod O’Donnell
Author-X-Name-First: Rod
Author-X-Name-Last: O’Donnell
Title: General Theory-Special Case Relationships: Keynes and Neoclassicism
Abstract: 
 In economic theory, methodology and philosophy, general theory-special case relationships are rarely investigated. In 1936, Keynes challenged orthodoxy with the claim that his general theory embraced orthodoxy as a special case. Orthodoxy counter-claimed that its theory was the only general theory within which Keynes’s could only be a special case. This paper explores the important issues behind the dispute in three parts. Part A examines the conceptual and methodological foundations of the opposing claims, finding that each side deploys a different model of these relationships. Part B explores all of Keynes’s theoretical works and finds that his 1936 model underpins all his theoretical work in philosophy and economics. Part C concludes with methodological reflections on the conceptual foundations of the dispute.
Journal: Review of Political Economy
Pages: 709-734
Issue: 4
Volume: 34
Year: 2022
Month: 10
X-DOI: 10.1080/09538259.2021.1964768
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1964768
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:4:p:709-734



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_1920715_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Ramesh Chandra
Author-X-Name-First: Ramesh
Author-X-Name-Last: Chandra
Title: Allyn Young on Henry George and the Single Tax
Abstract: 
 Henry George, though not the originator of the idea of the single tax, succeeded in popularising it to a wide audience. His scientific rigour in Progress and Poverty was questioned by both Alfred Marshall and Allyn Young. With progress neither poverty nor the decline in real wages was inevitable. Young agreed with Marshall that although the overall supply of land was fixed, it was relatively elastic for any particular use even within agriculture. Once it is recognised that land has competing uses, the opportunity cost principle becomes operative. Young largely discounted the notion of ‘unearned increment’ on several grounds including the fact that buying and holding land being like any other business, its increments were as much earned as any other, and therefore confiscatory taxation was largely unjustified.
Journal: Review of Political Economy
Pages: 766-788
Issue: 4
Volume: 34
Year: 2022
Month: 10
X-DOI: 10.1080/09538259.2021.1920715
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1920715
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:4:p:766-788



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2092996_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Marc Lavoie
Author-X-Name-First: Marc
Author-X-Name-Last: Lavoie
Title: MMT, Sovereign Currencies and the Eurozone
Abstract: 
 This paper is an answer to the question: What is new, what is good and what is relevant for Eurozone countries in Modern Monetary Theory (MMT)? The answer is organized under six questions: (1) What is MMT? (2) What is the definition of a sovereign currency — an important concept for MMT authors? (3) Does the institutional setup play any role in assessing monetary sovereignty? (4) Is the euro a foreign currency for eurozone countries, that is, are eurozone countries currency users or currency issuers? (5) Why could there be a eurozone financial crisis and was it a balance-of-payment crisis, as a number of authors have claimed? (6) And as a conclusion, what is the future of the Eurozone? It is argued that MMT is part of the Institutionalist branch of post-Keynesian economics; that the current definition of a sovereign currency is insufficient; that the Eurozone crisis arose from the combination of Maastricht-like rules and the convention that the European Central Bank would not act as a purchaser of last resort; and that this crisis can only be taken to be a balance-of-payment crisis when considering that bond investors thought some countries would leave the Eurozone and face currency depreciation.
Journal: Review of Political Economy
Pages: 633-646
Issue: 4
Volume: 34
Year: 2022
Month: 10
X-DOI: 10.1080/09538259.2022.2092996
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2092996
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:34:y:2022:i:4:p:633-646

Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2069366_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Stefano Lucarelli
Author-X-Name-First: Stefano
Author-X-Name-Last: Lucarelli
Title: The Euro Crisis. An Institutionalist Approach
Journal: Review of Political Economy
Pages: 362-364
Issue: 1
Volume: 35
Year: 2023
Month: 01
X-DOI: 10.1080/09538259.2022.2069366
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2069366
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:1:p:362-364



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2104027_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Ashwani Saith
Author-X-Name-First: Ashwani
Author-X-Name-Last: Saith
Title: The Cambridge Journal of Economics – A Forum of One’s Own
Abstract: 
 This article explores the emergence of the Cambridge Journal of Economics, highlighting its strengths but also some tensions discernible at its advent. From 1912, Economic Journal, the disciplinary gold standard, was published under Cambridge editorial control: first, by Keynes himself, then through successive long-serving panels of Cambridge heterodox economists. The first significant success of the locally enacted, externally inspired, neoclassical campaign to displace heterodox traditions in Cambridge economics was the relocation of Economic Journal to Oxford in 1976; comprehensive neoclassical domination in the Faculty was enforced in the following decades. The launch of the Cambridge Journal of Economics in 1977 was a definitive marker in the survival and subsequent evolution of heterodox economics, not least because it was published from Cambridge, the undisputed original habitat of modern heterodox economics. The initiative was catalyzed by the apprehension of a prescient group of Cambridge young Turks that heterodox, left-oriented research would henceforth be excluded from Economic Journal. Notwithstanding the subsequent purges of all non-mainstream traditions from the Cambridge Faculty of Economics, the new theoretically and policy-oriented journal has flourished as an open, integrating forum linking diverse strands of post-Keynesian and heterodox economics and economists globally, but also notably within Cambridge itself.
Journal: Review of Political Economy
Pages: 28-49
Issue: 1
Volume: 35
Year: 2023
Month: 01
X-DOI: 10.1080/09538259.2022.2104027
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2104027
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:1:p:28-49



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2063512_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Heinrich Bortis
Author-X-Name-First: Heinrich
Author-X-Name-Last: Bortis
Title: Classical-Keynesian Political Economy, not Neoclassical Economics, is the Economic Theory of the Future
Abstract: 
 This article implies that the time is ripe for a new paradigm in economic theory comprising classical (Ricardian) and Keynesian elements of analysis. The central Section Five presents the basic equations of classical-Keynesian political economy, the price and the quantity equation, based on three constitutive principles: the classical labour value and surplus principles and the Keynesian principle of effective demand. Subsequently, two employment mechanisms implied in the super-multiplier relation, the classical-Keynesian quantity equation, are mentioned, the internal and the external employment mechanism. Section Seven provides an analysis of the actual situation on the basis of the external employment mechanism, associated with cumulative processes of increasing disequilibria and inequalities. Given this, it ought to be replaced by the internal employment mechanism, allowing for Keynesian employment and distribution policies (Section Eight). However, the internal mechanism can only be implemented if a new world economic order is brought about, based upon a supranational currency, that is, Keynes's bancor, to ensure balance of current account equilibria worldwide. Section Ten sets forth Keynes's social liberalism, the social philosophy underlying classical-Keynesian political economy, the fundamental social ethical value of which is the Common Good. Social Liberalism thus emerges as the alternative to Capitalism and Socialism.
Journal: Review of Political Economy
Pages: 65-97
Issue: 1
Volume: 35
Year: 2023
Month: 01
X-DOI: 10.1080/09538259.2022.2063512
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2063512
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:1:p:65-97



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_1920716_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: John Marangos
Author-X-Name-First: John
Author-X-Name-Last: Marangos
Title: A Marxist Political Economy Retort to the ‘After the Washington Consensus'
Abstract: 
 The dominance of the ‘After the Washington Consensus’ for international development is based on mainstream-neoclassical economics that has been imposed by Washington upon debt-stranded developing and developed countries. Against this tide, the purpose of this paper is to develop an alternative scheme and recommendations for international development, pulling from the Marxist political economy practice. Considering, Marxist political economy as a living tradition, the paper contributes to offering a Marxist political economy perspective to international development in the form of a retort to the ‘After the Washington Consensus’. ‘After the Washington Consensus’ represents an evolution from the Washington Consensus, due to the need for capital to adapt to new forms of exploitation. Students and scholars of international development would benefit from this worthwhile exercise that distinguishes in a succinctly and methodically manner between mainstream-neoclassical and Marxist political economy perspectives on international development. The paper concludes that in contradistinction, a Marxist political economy approach to international development that serves the interests of the working class does not have any commonalities with the ‘After the Washington Consensus’ that serves the interests of international capital.
Journal: Review of Political Economy
Pages: 231-262
Issue: 1
Volume: 35
Year: 2023
Month: 01
X-DOI: 10.1080/09538259.2021.1920716
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1920716
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:1:p:231-262



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2091335_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Louis-Philippe Rochon
Author-X-Name-First: Louis-Philippe
Author-X-Name-Last: Rochon
Title: On the Theoretical and Institutional Roots of Post-Keynesian Economics
Abstract: 
 This article explores both the institutional and theoretical roots of post-Keynesian economics, treated separately. I argue that while there seems to be two accounts of the institutional roots, each emphasize a different narrative and can be reconciled. As for the theoretical roots, I argue that ‘everything started with the Accumulation of Capital’ — Joan Robinson’s so-called Magnum Opus. The book contains all the elements of what characterizes post-Keynesian economics today.
Journal: Review of Political Economy
Pages: 6-27
Issue: 1
Volume: 35
Year: 2023
Month: 01
X-DOI: 10.1080/09538259.2022.2091335
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2091335
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:1:p:6-27



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2061848_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Sheila Dow
Author-X-Name-First: Sheila
Author-X-Name-Last: Dow
Title: Political Economy as a Methodological Approach
Abstract: 
 The term ‘political economy’ has been, and still is, applied in a variety of ways. The case is made here for understanding it in terms of a common philosophical/methodological approach to economics. It can therefore encompass a range of bodies of theory that apply some form of open-system approach. The sociological dimension is also considered with respect to the relative power of different approaches within the discipline. The scope for enhancing the influence of the political economy approach is analysed in Kuhnian terms, requiring attention to the establishment of a credible alternative to the mainstream and to facilitating the transition to such an alternative, including the reform of economics education. This strategy reflects an application at a range of levels of the pluralism of the political economy approach.
Journal: Review of Political Economy
Pages: 98-110
Issue: 1
Volume: 35
Year: 2023
Month: 01
X-DOI: 10.1080/09538259.2022.2061848
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2061848
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:1:p:98-110



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2063515_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Frank Stilwell
Author-X-Name-First: Frank
Author-X-Name-Last: Stilwell
Title: The Future for Political Economy: Towards Unity in Diversity?
Abstract: 
 The future for political economists depends not only on their engagement in intellectual critique and the provision of alternatives to mainstream economics: it also requires attention to vision, strategy, and organisation. Each of these aspects is explored in this article, with the overall aim of developing a systematic approach to advancing political economy during the next few decades. It posits a shared commitment to pluralism as the key to increasing unity among political economists. It also emphasises the importance of the material conditions that shape opportunities for political economists to have broader influence.
Journal: Review of Political Economy
Pages: 189-210
Issue: 1
Volume: 35
Year: 2023
Month: 01
X-DOI: 10.1080/09538259.2022.2063515
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2063515
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:1:p:189-210



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2079812_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: André Orléan
Author-X-Name-First: André
Author-X-Name-Last: Orléan
Title: Value and Money as Social Power: New Concepts for Old Questions
Abstract: 
 The individualistic methodology that largely dominates economic thought is incapable of thinking of social facts as anything other than the aggregation of individual facts. In so doing, it ignores the powerful sui generis forces that emanate from the social sphere itself and that shape individual behaviour and subjectivity. Moral, aesthetic, and religious values are the paradigmatic illustration of this. But economic value is also a force of this nature. It cannot be identified with a substance, be it utility or labour. This new perspective provides the economist with new tools for thinking about what a monetary community is. In so doing, it lays the foundations for a renewed dialogue with the social sciences in general and sociology in particular.
Journal: Review of Political Economy
Pages: 174-188
Issue: 1
Volume: 35
Year: 2023
Month: 01
X-DOI: 10.1080/09538259.2022.2079812
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2079812
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:1:p:174-188



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2139482_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Louis-Philippe Rochon
Author-X-Name-First: Louis-Philippe
Author-X-Name-Last: Rochon
Title: Review of Political Economy at 35
Journal: Review of Political Economy
Pages: 1-5
Issue: 1
Volume: 35
Year: 2023
Month: 01
X-DOI: 10.1080/09538259.2022.2139482
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2139482
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:1:p:1-5



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_1921357_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Mark Setterfield
Author-X-Name-First: Mark
Author-X-Name-Last: Setterfield
Title: Whatever Happened to the ‘Goodwin Pattern’? Profit Squeeze Dynamics in the Modern American Labour Market
Abstract: 
 The ‘Goodwin pattern’ — an anti-clockwise rotation in real activity × wage share space recurring at intervals that correspond roughly to the duration of business cycles — is an enduring feature of high-frequency dynamics in capitalist economies. It is well known that the centre or focus of this rotation shifts over time. More recently, however, the Goodwin pattern seems to have broken down, the wage share no longer increasing as the real economy improves over the course of short-term booms. In this paper, the apparent breakdown of the Goodwin pattern is associated with the consolidation of an ‘incomes policy based on fear’ that is part-and-parcel of neoliberalism. As a result of this incomes policy based on fear, the institutional structure of the labour market disciplines labour at any rate of unemployment. This decouples wage-share dynamics from the state of the real economy, with the result that as recently witnessed in the US, the wage share is rendered invariant to improvements in economic performance over the course of short-term cyclical booms.
Journal: Review of Political Economy
Pages: 263-286
Issue: 1
Volume: 35
Year: 2023
Month: 01
X-DOI: 10.1080/09538259.2021.1921357
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1921357
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:1:p:263-286



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2069365_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Andrea Carrera
Author-X-Name-First: Andrea
Author-X-Name-Last: Carrera
Title: An Introduction to Macroeconomics. A Heterodox Approach to Economic Analysis
Journal: Review of Political Economy
Pages: 359-361
Issue: 1
Volume: 35
Year: 2023
Month: 01
X-DOI: 10.1080/09538259.2022.2069365
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2069365
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:1:p:359-361



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2146379_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Nancy Folbre
Author-X-Name-First: Nancy
Author-X-Name-Last: Folbre
Title: Telling Fortunes: Feminist Theory and the Future of Political Economy
Abstract: 
 Feminist political economy is not just about inequalities based on gender and sexuality. It reaches for new ways of thinking about individual agency and social structure, and challenges traditional definitions of exploitation and economic crisis. In this essay, a bit of intellectual history generates a rather optimistic vision of what could become a more creative, expansive, and pluralistic discipline.
Journal: Review of Political Economy
Pages: 129-144
Issue: 1
Volume: 35
Year: 2023
Month: 01
X-DOI: 10.1080/09538259.2023.2146379
File-URL: http://hdl.handle.net/10.1080/09538259.2023.2146379
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:1:p:129-144



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2069364_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Fernando Toledo
Author-X-Name-First: Fernando
Author-X-Name-Last: Toledo
Title: Emerging Economies and the Global Financial System: Post-Keynesian Analysis
Journal: Review of Political Economy
Pages: 358-359
Issue: 1
Volume: 35
Year: 2023
Month: 01
X-DOI: 10.1080/09538259.2022.2069364
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2069364
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:1:p:358-359



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2134650_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Snehashish Bhattacharya
Author-X-Name-First: Snehashish
Author-X-Name-Last: Bhattacharya
Author-Name: Surbhi Kesar
Author-X-Name-First: Surbhi
Author-X-Name-Last: Kesar
Author-Name: Sahil Mehra
Author-X-Name-First: Sahil
Author-X-Name-Last: Mehra
Title: Exclusion, Surplus Population, and the Labour Question in Postcolonial Capitalism: Future Directions in Political Economy of Development
Abstract: 
 In this expository essay, we argue for building a fresh research programme in the political economy of development to analytically investigate and empirically substantiate the specificities of postcolonial capitalism. A key theoretical framework developed through the work of Kalyan Sanyal may be built upon, reformulated and productively deployed for this purpose. We provide a purposive engagement with this framework, its critiques, and the extant literature that develops it further. Some illustrations based on the agricultural and non-agricultural informal economies in India are provided to highlight the significance of this framework in examining the contemporary processes of capitalist development in the global South. The informal segments are marked by a persistence and reproduction of large swathes of non-capitalist economic spaces that are majorly structured around the logic of satisfying consumption needs, without discernible tendencies towards a classical pattern of capitalist transition. These spaces act as holding grounds of the population that is excluded from the capitalist growth poles of the economy and are often rendered as an undesired excess (as a surplus population) for the process of capitalist reproduction. Such a framework may also provide a compelling theoretical structure to interrogate the vast economic and political changes in the global landscape in the current conjuncture, and their implications for labour.
Journal: Review of Political Economy
Pages: 145-173
Issue: 1
Volume: 35
Year: 2023
Month: 01
X-DOI: 10.1080/09538259.2022.2134650
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2134650
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:1:p:145-173



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2030583_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: The Editors
Title: Correction
Journal: Review of Political Economy
Pages: I-I
Issue: 1
Volume: 35
Year: 2023
Month: 01
X-DOI: 10.1080/09538259.2022.2030583
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2030583
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:1:p:I-I



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_1939939_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Arthur B. Cordeiro
Author-X-Name-First: Arthur B.
Author-X-Name-Last: Cordeiro
Author-Name: João P. Romero
Author-X-Name-First: João P.
Author-X-Name-Last: Romero
Title: Reconciling Supply and Demand: New Evidence on the Adjustment Mechanisms between Actual and Potential Growth Rates
Abstract: 
 This paper contributes to the debate surrounding supply-oriented and demand-oriented growth theories. By investigating the link between changes in the rate of resource utilization, the volume of imports and the growth of productivity, it aims at providing a better understanding of the mechanisms that reconcile supply and demand in the long-term. The results point to a demand determination of economic growth, with the burden of adjustment falling over the potential rate of growth. Increases in the rate of resource utilization seem to have a positive effect on productivity and no effect on the volume of imports.
Journal: Review of Political Economy
Pages: 334-355
Issue: 1
Volume: 35
Year: 2023
Month: 01
X-DOI: 10.1080/09538259.2021.1939939
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1939939
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:1:p:334-355



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2063514_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: David Dequech
Author-X-Name-First: David
Author-X-Name-Last: Dequech
Title: Political Economy and Its Future: Conceptual and Institutional Issues
Abstract: 
 This article begins by identifying different ways of conceptualizing political economy. In light of this conceptual discussion, it looks at political economy from an institutional perspective, in two different senses. First, paying special attention to the distinction between mainstream and nonmainstream in economics and in other disciplines, it considers the institutions of contemporary political economy, i.e., the rules of behaviour and of thought that are socially shared among one or more groups of academics involved with political economy. It argues that there are good institutional and intellectual reasons to strategically promote further interdisciplinary integration between various approaches in nonmainstream economics and in the mainstream of other disciplines. Second, the article examines institutions in political economy, i.e., institutions in the reality outside academia that are relevant for political economy. Institutional issues in political economy are highlighted here not only because they are relevant and ubiquitous outside academia, but also because they are especially promising as subject matters about which that much needed interdisciplinary integration of approaches in political economy can occur.
Journal: Review of Political Economy
Pages: 111-128
Issue: 1
Volume: 35
Year: 2023
Month: 01
X-DOI: 10.1080/09538259.2022.2063514
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2063514
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:1:p:111-128



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_1923282_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Thomas Herndon
Author-X-Name-First: Thomas
Author-X-Name-Last: Herndon
Title: Punishment or Forgiveness? Loan Modifications in Private Label Residential Mortgage-Backed Securities from 2008 to 2014
Abstract: 
 I estimate the extent to which modifications of privately securitized mortgages increased or forgave debt during the Great Recession and aftermath, from 2008 to 2014. I find that loan modifications weakened household balance sheets by adding $20 billion to household debt, with the net amount of debt added per modification doubling from 2010 to 2014. I also find that the increase in debt is consistent with capitalization of fees, but not missed interest payments. Capitalization of fees is significant because it has been associated with a principal-agent problem between investors and mortgage servicers preventing efficient loss mitigation, as well as consumer financial protection abuses.
Journal: Review of Political Economy
Pages: 287-315
Issue: 1
Volume: 35
Year: 2023
Month: 01
X-DOI: 10.1080/09538259.2021.1923282
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1923282
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:1:p:287-315



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_1928334_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Franklin Obeng-Odoom
Author-X-Name-First: Franklin
Author-X-Name-Last: Obeng-Odoom
Title: Rethinking Development Economics: Problems and Prospects of Georgist Political Economy
Abstract: 
 Development economics must be rethought. Not only has it hindered the liberation of the Global South, it has also deflected attention from the most critical questions of underdevelopment. Much economics inspires dirty growth, while Western political economy risks defending recolonisation under the guise of protecting nature in the Global South. Most alternative development theorising is similarly Western-centric. Georgist political economy is a possible exception. The systems of land economics Georgist political economy offers is functional and adaptable, often reflecting and supporting ancient knowledge of the earth, facilitating the decolonisation of society, economy, and ecology. The challenge is how to bring about this transformation when many interests potentially run counter to this non-Western alternative development economics.
Journal: Review of Political Economy
Pages: 316-333
Issue: 1
Volume: 35
Year: 2023
Month: 01
X-DOI: 10.1080/09538259.2021.1928334
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1928334
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:1:p:316-333



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_1912508_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Cristóbal Villalobos
Author-X-Name-First: Cristóbal
Author-X-Name-Last: Villalobos
Title: Capital and Ideology
Journal: Review of Political Economy
Pages: 356-357
Issue: 1
Volume: 35
Year: 2023
Month: 01
X-DOI: 10.1080/09538259.2021.1912508
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1912508
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:1:p:356-357



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2130656_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Shaun P. Hargreaves Heap
Author-X-Name-First: Shaun P.
Author-X-Name-Last: Hargreaves Heap
Title: Towards a Post-Keynesian Welfare Economics: 35 Years Later
Abstract: 
 I re-visit the two arguments in my original paper, published in this journal in 1989. Pleasingly (but perhaps suspiciously) I have no reason to challenge them, but the insights that have come from behavioural economics over the intervening 35 years provide important new sources of support for both. The insights with respect to endogenous preferences add weight to the first argument for why collective/social choice is important (i.e., why welfare economics matters). In the second argument over the specific egalitarian flavour of post-Keynesian welfare proposals, I now fine tune this suggestion with the aid of behavioural insights so as to focus on the egalitarian character of the rules (and not the outcomes in society).
Journal: Review of Political Economy
Pages: 50-64
Issue: 1
Volume: 35
Year: 2023
Month: 01
X-DOI: 10.1080/09538259.2022.2130656
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2130656
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:1:p:50-64



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_1943159_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Sylvio Antonio Kappes
Author-X-Name-First: Sylvio Antonio
Author-X-Name-Last: Kappes
Title: Monetary Policy and Personal Income Distribution: A Survey of the Empirical Literature
Abstract: 
 The purpose of this paper is to conduct a survey of the recent literature that evaluates, in an empirical way, the distributional impacts of monetary policy. In the first two sessions, we discuss, respectively, the transmission channels of monetary policy to income distribution and the empirical strategies used to measure it. The majority of surveyed papers find that a contractionary monetary policy worsen the income distribution, and that an expansionist policy tends to improve it. Moreover, several papers found that the higher is the redistributive impact of fiscal policy, the lower is the impact of monetary policy on inequality. Another outcome with empirical support is the role of the labor share on total income: the higher is this share, the higher is the impact of monetary policy on inequality. The last point discussed is the asymmetric effects of contractionary and expansionary monetary policy. There is evidence that increases in interest rates have statistically significant effects on income distribution, whereas the effects of reductions in interest rates are not statistically different from zero. This empirical finding goes against the conventional view that the distributional effects of interest rate changes are temporary and likely to net out over the business cycle.
Journal: Review of Political Economy
Pages: 211-230
Issue: 1
Volume: 35
Year: 2023
Month: 01
X-DOI: 10.1080/09538259.2021.1943159
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1943159
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:1:p:211-230

Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2100590_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Carlo Cristiano
Author-X-Name-First: Carlo
Author-X-Name-Last: Cristiano
Title: Money and Empire as a Contribution to the Literature on Keynes. A Problem of Interpretation
Abstract: 
 John Maynard Keynes is frequently mentioned in Money and Empire, where he stands out for his book on the Indian gold exchange standard and his highly informative and perceptive account of the crisis of 1914. Based on de Cecco's book, one may be induced to think that, before WWI, Keynes was an economist deeply involved in the public life of his country and the administration of the Empire. However, this contrasts with the young economist's image that has crystallised in the literature on Keynes. In the attempt to solve this contradiction, it is possible to show that the conventional image of the young Keynes is far from satisfactory. Moreover, even though Money and Empire is not altogether reliable in presenting Keynes's ideas, this old book by Marcello de Cecco may still have a significant contribution to give in the literature on Keynes.
Journal: Review of Political Economy
Pages: 383-393
Issue: 2
Volume: 35
Year: 2023
Month: 04
X-DOI: 10.1080/09538259.2022.2100590
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2100590
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:2:p:383-393



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2100591_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Sunanda Sen
Author-X-Name-First: Sunanda
Author-X-Name-Last: Sen
Title: Could Britain Continue with the Gold Standard in Absence of Colonial India?
Abstract: 
 This paper dwells on the account, provided by de Cecco, of the functioning of the international gold standard, as steered by Great Britain. The arrangement relied on a few institutional aspects dealing with the acquisition and disposal of gold by Britain, not only as units of transactions but also to facilitate profitable investments overseas. India had a major role in providing gold flows, as political tributes, to meet the ‘Home Charges’ in the ruling country. Nationalist arguments in India on the ‘drain’ were centred on the legitimacy of using taxes in India to meet the overseas expenditure in Sterling. Further sources of financial transfers, were not recognised by the nationalists. This paper provides an outline of the multiple channels of transfers used to expropriate gold from India. Those routes include India's trade surpluses; ‘expenditure abroad’ as earmarked in the domestic budget; currency reserves; and the camouflaging of unproductive debts by Britain to justify the interest payments under Home Charges. This is a new interpretation of the mode and the magnitude of financial expropriations by Britain, supplementing the ‘Drain of Wealth’ narrative. The paper ends comparing the colonial expropriations from India and the subordinate finance in the neo-colonies under contemporary capitalism.
Journal: Review of Political Economy
Pages: 407-420
Issue: 2
Volume: 35
Year: 2023
Month: 04
X-DOI: 10.1080/09538259.2022.2100591
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2100591
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:2:p:407-420



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2099660_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Alfredo Gigliobianco
Author-X-Name-First: Alfredo
Author-X-Name-Last: Gigliobianco
Title: The Impact of Money and Empire on Economic and Historical Literature
Abstract: 
 De Cecco touched upon several themes: the actual working of the Gold standard; the history of British monetary policy and financial system; the power structure that underlay the organization of the world economy before WWI. De Cecco explored these themes with his habitual clever combination of economic theory, history and awareness of the political and institutional dimension of economic problems. The paper, by the editor of the new Italian edition, assesses the impact of the book on the literature.
Journal: Review of Political Economy
Pages: 367-373
Issue: 2
Volume: 35
Year: 2023
Month: 04
X-DOI: 10.1080/09538259.2022.2099660
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2099660
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:2:p:367-373



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2099663_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Paolo Paesani
Author-X-Name-First: Paolo
Author-X-Name-Last: Paesani
Title: De Cecco on Financial Centres, Monetary Power and Crisis
Abstract: 
 Attention to power structures pervades Money and Empire, with its focus on the hierarchy of financial centres and peripheries. Starting with Money and Empire and moving on from there, this paper explores how de Cecco addressed key questions on monetary sovereignty, power structures in international monetary relations and the changing shape of currency domains and relations. A thorough understanding of these issues requires an approach to the history of money and finance in the best tradition of International Political Economy, which combines attention to cross-country heterogeneity, conflicts of interest, financial structures and networks, and path-dependency.
Journal: Review of Political Economy
Pages: 421-433
Issue: 2
Volume: 35
Year: 2023
Month: 04
X-DOI: 10.1080/09538259.2022.2099663
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2099663
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:2:p:421-433



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2099665_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Annalisa Rosselli
Author-X-Name-First: Annalisa
Author-X-Name-Last: Rosselli
Title: The Myth of the Monetary Belle Époque
Abstract: 
 The gist of Money and Empire by Marcello de Cecco consists in showing how discretional policy decisions, rather than automatic adjustment operating through the price-specie-flow mechanism, guaranteed the orderly functioning of the Gold Standard. The decades before WWI, often regarded as the heyday of the Gold Standard, were in fact the years of its decline. The paper argues that, in addition to its important contribution to the reconstruction of the actual functioning of the Gold Standard, Money and Empire prompts two reflections. The first is on the general argument of the book that all monetary systems must be studied by looking at the power relations underlying them, money being a social construct. The second concerns the use made by de Cecco of both economic facts and economic theories and his reconstruction of their reciprocal influence. Re-reading Money and Empire invites thus to reflect on the complex relations between economic theory, economic history and the history of economic ideas, fields where de Cecco moved at ease.
Journal: Review of Political Economy
Pages: 374-382
Issue: 2
Volume: 35
Year: 2023
Month: 04
X-DOI: 10.1080/09538259.2022.2099665
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2099665
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:2:p:374-382



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_1945192_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Joëlle Leclaire
Author-X-Name-First: Joëlle
Author-X-Name-Last: Leclaire
Title: Does Household Debt Matter to Financial Fragility?
Abstract: 
 Minsky, the father of the financial instability hypothesis was concerned with how instability in business sector balance sheets could contribute to overall financial instability. Minsky did not consider the household balance to be important, and until 1990 taking that perspective was not problematic. However, as the level of household net wealth increased significantly through the 1990s, the household sector became an important player in the financial sector balances game. This article analyzes the role of household debt in economic growth from the post-Keynesian approach. We find that household debt does matter to financial stability. It influences the consumption levels of households, the rate of return on mortgage and other debt held by banks and other financial institutions, the rate of return on the production of goods and services, and the overall well-being of households in our economy. The issue of household debt can be tackled from two sides. From the income side, creating a work environment favorable to unions and a job guarantee program would help. From the expenditure side, providing Medicare, childcare, eldercare, higher education, and potentially housing, would remove the reasons why household acquire sometimes unsustainable debt.
Journal: Review of Political Economy
Pages: 434-453
Issue: 2
Volume: 35
Year: 2023
Month: 04
X-DOI: 10.1080/09538259.2021.1945192
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1945192
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:2:p:434-453



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_1947659_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Edouard Cottin-Euziol
Author-X-Name-First: Edouard
Author-X-Name-Last: Cottin-Euziol
Author-Name: Nicolas Piluso
Author-X-Name-First: Nicolas
Author-X-Name-Last: Piluso
Title: Stock-Flow Consistent Model with Repayment of Bank Loans Used to Finance Past Investments
Abstract: 
 Stock-flow consistent modelling (SFC) is currently one of the most active fields of research in post-Keynesian macroeconomics. SFC models make it possible to study the dynamics of a monetary economy of production within a consistent accounting framework. However, with some rare exceptions, SFC models do not take into account the repayment of bank loans used to finance business investments. It is assumed that these investments are financed by perpetual loans or by constant turnover. In this article, we reject this assumption and build a model based on recent studies, in which firms repay part of their past debt in each period. We then study the dynamics of this model. The results obtained indicate that the dynamics of an SFC model is significantly affected by taking these repayments into account.
Journal: Review of Political Economy
Pages: 454-475
Issue: 2
Volume: 35
Year: 2023
Month: 04
X-DOI: 10.1080/09538259.2021.1947659
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1947659
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:2:p:454-475



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2069367_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Richard P. F. Holt
Author-X-Name-First: Richard P. F.
Author-X-Name-Last: Holt
Title: Herman Daly’s Economics for a Full World: His Life and Ideas
Journal: Review of Political Economy
Pages: 572-574
Issue: 2
Volume: 35
Year: 2023
Month: 04
X-DOI: 10.1080/09538259.2022.2069367
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2069367
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:2:p:572-574



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2178153_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Nadia Garbellini
Author-X-Name-First: Nadia
Author-X-Name-Last: Garbellini
Title: Luigi Pasinetti 1930–2023
Journal: Review of Political Economy
Pages: 582-585
Issue: 2
Volume: 35
Year: 2023
Month: 04
X-DOI: 10.1080/09538259.2023.2178153
File-URL: http://hdl.handle.net/10.1080/09538259.2023.2178153
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:2:p:582-585



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_1959197_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Giovanni Carnazza
Author-X-Name-First: Giovanni
Author-X-Name-Last: Carnazza
Author-Name: Claudia Fontanari
Author-X-Name-First: Claudia
Author-X-Name-Last: Fontanari
Author-Name: Paolo Liberati
Author-X-Name-First: Paolo
Author-X-Name-Last: Liberati
Author-Name: Antonella Palumbo
Author-X-Name-First: Antonella
Author-X-Name-Last: Palumbo
Title: From Potential GDP to Structural Balance: A Theoretical Reassessment and New Evidence for Italy
Abstract: 
 Since the Maastricht Treaty, increasingly complex fiscal rules have been progressively introduced aimed at closely regulating and deeply affecting the budgetary policies of all signatory countries. One of the main reforms, enacted since 2005, has been to interpret national budget balances in structural terms, forcing each member state to comply with a Medium-Term Objective (MTO) based on the general principle of a zero-structural budget balance. Starting from the standard European Commission methodology for calculating the structural budget, our paper shows that, by replacing the estimate of the potential output based on the NAWRU with a different notion and measure of potential output, the results in terms of fiscal policy space are significantly different. This outcome points out the distinct possibility that the actual fiscal policies of the member states of the EU may be driven and constrained by a measure that seriously limits their flexibility by several percentage points. While our empirical calculations refer to Italy, the point we address is general and relates to all member states, particularly those that in the past have been forced to restrictive policies while in recession.
Journal: Review of Political Economy
Pages: 510-540
Issue: 2
Volume: 35
Year: 2023
Month: 04
X-DOI: 10.1080/09538259.2021.1959197
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1959197
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:2:p:510-540



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2040906_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jane Ihrig
Author-X-Name-First: Jane
Author-X-Name-Last: Ihrig
Author-Name: Gretchen Weinbach
Author-X-Name-First: Gretchen
Author-X-Name-Last: Weinbach
Author-Name: Scott Wolla
Author-X-Name-First: Scott
Author-X-Name-Last: Wolla
Title: How are Banks and the Fed Linked? Teaching Key Concepts Today
Abstract: 
 This article walks through the roles of banks and the Federal Reserve (the Fed) in the financial system and describes the key linkages between the two, using current concepts. Because many introductory economics textbooks are not up-to-date on key concepts, we highlight two crucial mistakes often taught in the classroom: (1) using an outdated description of Fed operations that rely on open market operations instead of focusing on the Fed’s administered interest rates, and (2) relying on the money multiplier equation, which broke down over time and is now no longer definable. We provide recommendations for the key themes that should be part of a current introductory economics curriculum and note many resources that are available for instructors seeking to update their materials.
Journal: Review of Political Economy
Pages: 555-571
Issue: 2
Volume: 35
Year: 2023
Month: 04
X-DOI: 10.1080/09538259.2022.2040906
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2040906
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:2:p:555-571



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2069369_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Paolo Paesani
Author-X-Name-First: Paolo
Author-X-Name-Last: Paesani
Title: Franco Modigliani and Keynesian Economics: Theory, Facts and Policy
Journal: Review of Political Economy
Pages: 576-581
Issue: 2
Volume: 35
Year: 2023
Month: 04
X-DOI: 10.1080/09538259.2022.2069369
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2069369
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:2:p:576-581



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_1951476_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Federica Nalli
Author-X-Name-First: Federica
Author-X-Name-Last: Nalli
Author-Name: Paolo Santori
Author-X-Name-First: Paolo
Author-X-Name-Last: Santori
Title: The Economic Principle of Political Liberalism: A Comparison of Rawls and Sugden
Abstract: 
 In his 2018 book, The Community of Advantage, economist Robert Sugden sets out his Principle of Mutual Benefit. This paper investigates the role that Sugden’s principle occupies in Rawls’ Political Liberalism. Would it be chosen by contracting parties in the Original Position and with what implications? We firstly show the potential complementarities of Rawls’ and Sugden’s approaches, integrating them in a broad philosophical framework. Second, we describe three scenarios in which Sugden’s principle could be integrated into Rawls’s system– (1) as a second order principle of the Difference Principle, (2) as a replacement of the whole Second Principle, or (3) as a substitute for the Difference Principle. We test each hypothesis through Rawls’s artificial device of the Original Position. We suggest that the Principle of Mutual Benefit can be understood as a substitute for the Difference Principle, reaffirming the importance of social justice in guaranteeing the stability of a market society.
Journal: Review of Political Economy
Pages: 476-493
Issue: 2
Volume: 35
Year: 2023
Month: 04
X-DOI: 10.1080/09538259.2021.1951476
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1951476
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:2:p:476-493



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_1967017_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Mark S. Silverman
Author-X-Name-First: Mark S.
Author-X-Name-Last: Silverman
Title: Conceptions of the Natural and the Social in Walras's Economic Thought
Abstract: 
 Neoclassical economics is sometimes said to overlook the institutional character of markets, treating them as ‘natural.’ I address whether this criticism applies to Léon Walras. Walras's position is complex. Walras insists that market institutions are ‘artificial’ and that a purely naturalistic view of them reduces persons to mere things. However, he simultaneously characterizes market laws as natural. Specifically, he argues that exchange value is natural because it is determined by the natural property of scarcity. This argument is wanting: scarcity as defined by Walras is not exclusively natural, and, by Walras's own logic, only accounts for exchange value given the non-natural institution of the market. I suggest that Walras's attempts to give exchange value a natural foundation can be understood as a form of commodity fetishism. I further suggest two complementary explanations for this fetishism. First, Walras infers exchange value's naturalness from its autonomy with respect to individual agents in a competitive market. Second, he assumes that the use of the natural sciences as a formal model implies that the market has some natural cause. I additionally discuss his Baconian view of economics as an example of naturalistic reasoning.
Journal: Review of Political Economy
Pages: 541-554
Issue: 2
Volume: 35
Year: 2023
Month: 04
X-DOI: 10.1080/09538259.2021.1967017
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1967017
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:2:p:541-554



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2099659_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Ghislain Deleplace
Author-X-Name-First: Ghislain
Author-X-Name-Last: Deleplace
Title: Power Relations and Monetary Ideas: The Case of the Gold-Exchange Standard in India
Abstract: 
 For de Cecco power relations are central in the working of the pre-WWI international gold standard. He gives an illustration of that in the chapter of Money and Empire devoted to the relationship between Britain and India, where the gold-exchange standard is presented as a way for Britain to get hold of India’s trade surplus with the rest of the world in order to balance her own international accounts. On the contrary, Keynes praised the Indian gold-exchange standard as a system which not only allowed stabilising India’s relations with the outside world but also pointed the way to a better-regulated monetary system for any country, in the line of Ricardo’s Ingot Plan nearly one century older. The same notion may thus be seen alternatively as a powerful tool of domination or as a good practical idea. The paper describes how Lindsay adapted Ricardo’s scheme to India and contrasts de Cecco’s and Keynes’s interpretations of the Indian gold-exchange standard, before suggesting that monetary ideas can prevail in their own right when they are theoretically well-founded and practically feasible, independently of the power relations they may reflect.
Journal: Review of Political Economy
Pages: 394-406
Issue: 2
Volume: 35
Year: 2023
Month: 04
X-DOI: 10.1080/09538259.2022.2099659
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2099659
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:2:p:394-406



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_1984737_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: The Editors
Title: Correction
Journal: Review of Political Economy
Pages: i-i
Issue: 2
Volume: 35
Year: 2023
Month: 04
X-DOI: 10.1080/09538259.2021.1984737
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1984737
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:2:p:i-i



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2069368_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Henrique Morrone
Author-X-Name-First: Henrique
Author-X-Name-Last: Morrone
Title: Raising Keynes: A Twenty-First-Century General Theory
Journal: Review of Political Economy
Pages: 574-576
Issue: 2
Volume: 35
Year: 2023
Month: 04
X-DOI: 10.1080/09538259.2022.2069368
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2069368
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:2:p:574-576



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_1958540_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Helena Lopes
Author-X-Name-First: Helena
Author-X-Name-Last: Lopes
Title: The Centrality of Work: A Foundation for Political Economy
Abstract: 
 Building on Alfred Marshall's claim that political economy should be a science of activities rather than a science of wants, the paper proposes to ground political economy on the centrality of work. Work is central in three different senses: (i) factual — work plays a central role in human lives and societies; (ii) epistemic — giving work center stage has constitutive theoretical effects; (iii) political — work is a primary tool of and for the transformation of society. Grounding political economy on work entails prioritizing economic agents as workers/producers over economic agents as consumers and acknowledging that changes in the world of work are major drivers of history. This contrasts with mainstream economics, which has always overlooked the activity of work, giving priority to consumer sovereignty and treating work as if it were a commodity. We propose a concept of work, based on Dejours’ approach, that highlights the key role of work organization in making work a source of fulfillment versus suffering. The arguments and concepts proposed lead to advocating the participation of workers in firm governance.
Journal: Review of Political Economy
Pages: 494-509
Issue: 2
Volume: 35
Year: 2023
Month: 04
X-DOI: 10.1080/09538259.2021.1958540
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1958540
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:2:p:494-509



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2099661_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Paolo Paesani
Author-X-Name-First: Paolo
Author-X-Name-Last: Paesani
Title: Money and Empire at 50: A symposium
Journal: Review of Political Economy
Pages: 365-366
Issue: 2
Volume: 35
Year: 2023
Month: 04
X-DOI: 10.1080/09538259.2022.2099661
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2099661
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:2:p:365-366

Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2183674_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jacqueline Strenio
Author-X-Name-First: Jacqueline
Author-X-Name-Last: Strenio
Title: Diversifying the ‘Great Economists’: An Assignment to Promote Inclusivity and Belongingness in Introductory Economics Courses
Abstract: 
 In this paper, I present an innovative assignment designed to promote inclusivity and belongingness in the undergraduate economics classroom while also allowing students to gain familiarity with prominent economists and understand how their economic contributions are embedded within social, historical, and political contexts. Students are asked to create a presentation in which they give a biography of a ‘Great Economist,’ explain in detail one of the economist’s major contributions, and relate that concept to current course content, the economist’s life, and their own lives. To diversify who is considered a great economist, I have students choose from a pre-set list of economists and associated contributions. Purposefully curating a list of economists allows for the representation of a wide range of pluralistic and mainstream economic perspectives in addition to social identities and lived experiences, which students discover through their research. The assignment is structured to promote significant learning following Fink’s Taxonomy of Significant Learning and informed by key principles of feminist and critical pedagogy. I provide an instructional overview of the project, including recommendations for implementation in a face-to-face or online learning environment, considerations for crafting a list of economists, and end with observations from my own experiences.
Journal: Review of Political Economy
Pages: 650-665
Issue: 3
Volume: 35
Year: 2023
Month: 07
X-DOI: 10.1080/09538259.2023.2183674
File-URL: http://hdl.handle.net/10.1080/09538259.2023.2183674
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:3:p:650-665



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2150438_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Ricardo Summa
Author-X-Name-First: Ricardo
Author-X-Name-Last: Summa
Author-Name: Lídia Brochier
Author-X-Name-First: Lídia
Author-X-Name-Last: Brochier
Title: Demand-led Growth, Conflict Inflation and Distribution: Institutional and Sectoral Specificities and Applications to Advanced and Developing Economies
Abstract: 
 We introduce the symposium with papers presented at the 3rd Workshop on Demand-led Growth. It gathers six contributions on autonomous demand, capacity utilization, conflict inflation and income distribution. It advances the research of previous editions of the Workshop by going deeper into (i) institutional and sectoral features; (ii) the application of demand-led growth and conflict-claims models to the analysis of concrete historical experiences in advanced and developing economies.
Journal: Review of Political Economy
Pages: 666-669
Issue: 3
Volume: 35
Year: 2023
Month: 07
X-DOI: 10.1080/09538259.2022.2150438
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2150438
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:3:p:666-669



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2149922_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Guilherme Haluska
Author-X-Name-First: Guilherme
Author-X-Name-Last: Haluska
Title: Industrial and Overall Economy Data on Capacity Utilization for the US Economy: A Note
Abstract: 
 This paper is motivated by the debate about the decline in the degree of capacity utilization in the US economy observed since the begin of the 2000s. Its purpose is to check if capacity utilization calculated by the Fed for the industrial sector can be tracked by a Supermultiplier model estimated with data for the whole economy. The model tracks well the actual series of induced investment share, induced investment and stock of capital of the whole economy, but not the degree of capacity utilization when compared with capacity utilization from the industry. We investigate the possible causes of this divergence. We show that (i) there are some discrepancies between the trend of the actual data on stock of capital and the productive capacity that is used to calculate the capacity utilization of the industrial sector, and (ii) since 2000, industrial production has been growing slower than GDP. This could help to explain the discrepancies between capacity utilization of the entire economy and of the industrial sector, suggesting that this demand shock suffered by the industrial sector, combined with a slow mechanism of adjustment of capacity to demand, is one possible explanation for the observed decline in utilization rates.
Journal: Review of Political Economy
Pages: 720-737
Issue: 3
Volume: 35
Year: 2023
Month: 07
X-DOI: 10.1080/09538259.2022.2149922
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2149922
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:3:p:720-737



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2183672_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Hannah Lina Gartner
Author-X-Name-First: Hannah Lina
Author-X-Name-Last: Gartner
Author-Name: Alyssa Schneebaum
Author-X-Name-First: Alyssa
Author-X-Name-Last: Schneebaum
Title: An Analysis of Women’s Underrepresentation in Undergraduate Economics
Abstract: 
 This paper is the first to give a comprehensive overview of the various conditions that deter women from pursuing an economics major and that contribute to the low numbers of female students in undergraduate economics. Explanations for women’s underrepresentation in undergraduate economics include a lack of female role models and mentors; misperceptions and misinformation about the discipline; the social climate in economics (classes); the scarcity of same-gender peers; women’s relatively high grade-sensitivity; the stereotype threat that makes women doubt their academic performance; women’s (alleged or actual) discomfort with the math-heaviness associated with an economics major; economics’ relatively high use of abstract and theoretical models; and women’s belief that the subject matter does not relate to their own life experiences and interests. An important contribution of the paper is its review of interventions that have proven successful in attracting and retaining female students to the discipline of economics. The paper thus unravels the underlying structural mechanisms associated with female students refraining from pursuing a degree in economics and offers a review of innovative measures that have been shown to help economics practice greater gender inclusivity at the undergraduate level.
Journal: Review of Political Economy
Pages: 593-613
Issue: 3
Volume: 35
Year: 2023
Month: 07
X-DOI: 10.1080/09538259.2023.2183672
File-URL: http://hdl.handle.net/10.1080/09538259.2023.2183672
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:3:p:593-613



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2149921_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Ramiro E. Alvarez
Author-X-Name-First: Ramiro E.
Author-X-Name-Last: Alvarez
Author-Name: Ariel Dvoskin
Author-X-Name-First: Ariel
Author-X-Name-Last: Dvoskin
Title: On Income Distribution Dynamics in Argentina During the 1976–1983 Dictatorship: A Classical-Structuralist Interpretation
Abstract: 
 The long-lasting, distributive changes in Argentina during the 1970s have been extensively studied from different theoretical perspectives. What has not yet been sufficiently examined, however, are the reasons behind the non-monotonic trends observed on income distribution during this period and, in particular, under the dictatorial regime (1976–83). To fill this gap, we have developed a model inspired in the modern Classical-Structuralist approach to income distribution. We argue that the irregular trend of the real wage reveals that only a partial correspondence exists between the class interests of the 1976 coup and the effects on income distribution of the successive economic programs implemented by the dictatorship.
Journal: Review of Political Economy
Pages: 738-761
Issue: 3
Volume: 35
Year: 2023
Month: 07
X-DOI: 10.1080/09538259.2022.2149921
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2149921
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:3:p:738-761



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_1977540_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Gabriel Brondino
Author-X-Name-First: Gabriel
Author-X-Name-Last: Brondino
Title: Fragmentation of Production, Comparative Advantage, and the Heckscher-Ohlin Theory
Abstract: 
 This article analyses the so-called trade-in-tasks models based upon the Heckscher-Ohlin theory recently developed to explain the process of fragmentation. These models continue to rely on comparative advantage to determine trade patterns. The notion of comparative advantage rests on the basic assumption that countries trade only finished goods whose production is domestically integrated. However, since fragmentation implies an increasing trade in intermediate and capital goods and domestic disintegration of production, it does not seem easy to see how comparative advantage continues to work. We identify two crucial assumptions behind these models that allow the principle to work: first, there is a strict distinction between intermediate and finished goods; second, intermediate inputs do not enter the production of themselves. One could relax these assumptions and consider circular production instead. Even so, we identify a third assumption: the neglect of payment of an interest rate over the value of inputs advanced in production. We relax this assumption and consider international capital mobility to show that comparative advantage fails to predict the trade pattern. Therefore, the Heckscher-Ohlin theory is incompetent to explain fragmentation and modern trade patterns.
Journal: Review of Political Economy
Pages: 803-822
Issue: 3
Volume: 35
Year: 2023
Month: 07
X-DOI: 10.1080/09538259.2021.1977540
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1977540
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:3:p:803-822



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2069371_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Danielle Guizzo
Author-X-Name-First: Danielle
Author-X-Name-Last: Guizzo
Title: Macroeconomics: An Introduction
Journal: Review of Political Economy
Pages: 908-911
Issue: 3
Volume: 35
Year: 2023
Month: 07
X-DOI: 10.1080/09538259.2022.2069371
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2069371
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:3:p:908-911



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2184043_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Melanie G. Long
Author-X-Name-First: Melanie G.
Author-X-Name-Last: Long
Title: Gender, Feminist Pedagogy, and Economics Education
Journal: Review of Political Economy
Pages: 587-592
Issue: 3
Volume: 35
Year: 2023
Month: 07
X-DOI: 10.1080/09538259.2023.2184043
File-URL: http://hdl.handle.net/10.1080/09538259.2023.2184043
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:3:p:587-592



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2150451_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Guilherme Spinato Morlin
Author-X-Name-First: Guilherme Spinato
Author-X-Name-Last: Morlin
Title: Inflation and Conflicting Claims in the Open Economy
Abstract: 
 Exchange rates and international prices are fundamental to explaining inflation in open economies. Conflict inflation models account for these variables by including imported inputs and, sometimes, a distribution effect of exchange rates since firms' mark-up cannot be independent of foreign competition in open economies. We analyze the different assumptions on distribution underlying conflict inflation models. We propose an alternative approach building on the Classical–Keynesian theory of distribution for a price-taker open economy. Thus we model conflict inflation in a framework compatible with the Classical–Keynesian approach for the open economy. The model includes tradable prices, considering their direct impact on distribution. Therefore, it addresses a cause of inflation overlooked in the literature. Finally, conflict inflation affects the real exchange rate, which becomes a fundamental distributive variable.
Journal: Review of Political Economy
Pages: 762-790
Issue: 3
Volume: 35
Year: 2023
Month: 07
X-DOI: 10.1080/09538259.2022.2150451
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2150451
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:3:p:762-790



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_1985779_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Servaas Storm
Author-X-Name-First: Servaas
Author-X-Name-Last: Storm
Title: Lessons for the Age of Consequences: COVID-19 and the Macroeconomy
Abstract: 
 Comparative empirical evidence for 22 OECD countries shows that country differences in cumulative mortality impacts of SARS-CoV-2 are caused by weaknesses in public health competences, pre-existing variances in structural socio-economic and public health vulnerabilities, and the presence of fiscal constraints. Remarkably, the (fiscally non-constrained) U.S. and the U.K. stand out, as they experience mortality outcomes similar to those of fiscally-constrained countries. High COVID19 mortality in the U.S. and the U.K. is due to pre-existing socio-economic and public health vulnerabilities, created by the following macroeconomic policy errors: (a) a deadly emphasis on fiscal austerity (which diminished public health capacities, damaged public health and deepened inequalities); (b) an obsessive belief in a trade-off between ‘efficiency’ and ‘equity’, which is mostly used to justify extreme inequality; (c) a complicit endorsement by mainstream macro of the unchecked power over monetary and fiscal policy-making of global finance and the rentier class; and (d) an unhealthy aversion to raising taxes, which deceives the public about the necessity to raise taxes to counter the excessive liquidity preference of the rentiers and to realign the interests of finance and of the real economy. The paper concludes by outlining a few lessons for a saner macroeconomics.
Journal: Review of Political Economy
Pages: 823-862
Issue: 3
Volume: 35
Year: 2023
Month: 07
X-DOI: 10.1080/09538259.2021.1985779
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1985779
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:3:p:823-862



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2149923_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Gabriel Petrini
Author-X-Name-First: Gabriel
Author-X-Name-Last: Petrini
Author-Name: Lucas Teixeira
Author-X-Name-First: Lucas
Author-X-Name-Last: Teixeira
Title: Determinants of Residential Investment Growth Rate in the US Economy (1992–2019)
Abstract: 
 The leading role of residential investment in the business cycles is a robust stylized fact for the US economy. The housing bubble of the 2000s has increased interest in the macroeconomic relevance of this expenditure. However, there is still controversy surrounding its determinants. This article is an attempt to fulfill this gap. We propose to combine mortgage interest rate and house price inflation — two of the most relevant variables according to the literature — in a single index: houses’ own-rate of interest. This index represents the real cost of buying houses, so we expect a negative relationship with the growth rate of residential investment. Regarding the US economy from 1992 to 2019, we find a unidirectional negative correlation between houses’ own-rate of interest and residential investment growth rate in the long run. In the short-run adjustment process, we report no statistically significant effect of residential investment growth rate on houses’ own- rate of interest. Our results are robust to lag order specification and show that houses own-rate of interest explains more than half of the variability of residential investment rate of growth.
Journal: Review of Political Economy
Pages: 702-719
Issue: 3
Volume: 35
Year: 2023
Month: 07
X-DOI: 10.1080/09538259.2022.2149923
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2149923
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:3:p:702-719



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2183671_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Marcella Corsi
Author-X-Name-First: Marcella
Author-X-Name-Last: Corsi
Author-Name: Giulia Zacchia
Author-X-Name-First: Giulia
Author-X-Name-Last: Zacchia
Title: Teaching Heterodox Economics in a Feminist Perspective by Using Students’ Written Diaries on Consumption
Abstract: 
 Teaching heterodox economics, under a feminist perspective, involves motivating students to add complexity to human nature, to critically reflect on the social nature of economic processes, and to recognize the coexistence of several models, challenging the mainstream idea of the existence of only one economic model, that of rational choice. This paper argues that the use of students’ written diaries can serve as a useful feminist pedagogical tool for reaching these learning goals. Students’ written diaries on daily consumption allow them to create a more inclusive learning environment engaging all students in ‘practicing’ economics and helping them to understand the implications of unrealistic theoretical hypotheses, empirically ascertaining that consumers’ choices could not be explained as a process of optimization but as a social process where identities, social values and norms should be considered.
Journal: Review of Political Economy
Pages: 634-649
Issue: 3
Volume: 35
Year: 2023
Month: 07
X-DOI: 10.1080/09538259.2023.2183671
File-URL: http://hdl.handle.net/10.1080/09538259.2023.2183671
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:3:p:634-649



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2099677_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Massimo Pivetti
Author-X-Name-First: Massimo
Author-X-Name-Last: Pivetti
Title: A Note on the Surplus Approach as ‘Neo-Marxian’ Political Economy
Abstract: 
 After a short survey of the reasons why the label ‘Neo-Ricardianism’ customarily fixed to the surplus approach to political economy should be discarded for good, the note focuses on Marx's analysis of the influence of income distribution on the incentive to invest and technical change. It is held that it is principally this analysis that should be taken as the foundation for any further development of the surplus approach, with a view to putting together the essential elements of an alternative theory of employment and activity levels within which also the role of the State and its economic policy may be critically dealt with.
Journal: Review of Political Economy
Pages: 791-802
Issue: 3
Volume: 35
Year: 2023
Month: 07
X-DOI: 10.1080/09538259.2022.2099677
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2099677
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:3:p:791-802



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2150437_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Patieene Alves-Passoni
Author-X-Name-First: Patieene
Author-X-Name-Last: Alves-Passoni
Author-Name: Andrés Blancas Neria
Author-X-Name-First: Andrés Blancas
Author-X-Name-Last: Neria
Title: Determinants of Growth in Mexico and Brazil Between 2003 and 2018: A Demand-led Decomposition of Growth Using Input-output Tables
Abstract: 
 The main objective of this work is to carry out a demand-led growth decomposition for Brazil and Mexico so as to identify the main growth drivers and how the import structure has affected Brazilian and Mexican GDP growth between 2003 and 2018. We use the attribution (Dutch) method because it explains the contribution of each final demand component considering the import structure of intermediate and final goods and services required by each final demand component. The database used the national Input-Output Tables (IOTs) for both countries. We find that compared to the net-exports method, the external sector's contribution is underestimated for both countries, while the domestic contribution is overestimated. Furthermore, regarding the attribution method, the external sector is more important for Mexico than for Brazil, not because of its size in the final demand, but because it was the component that grew the most in the period. For Brazil, the domestic sector was the most crucial determinant of growth, especially household consumption.
Journal: Review of Political Economy
Pages: 670-686
Issue: 3
Volume: 35
Year: 2023
Month: 07
X-DOI: 10.1080/09538259.2022.2150437
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2150437
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:3:p:670-686



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2183673_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Stephan Lefebvre
Author-X-Name-First: Stephan
Author-X-Name-Last: Lefebvre
Author-Name: Lisa Giddings
Author-X-Name-First: Lisa
Author-X-Name-Last: Giddings
Title: The Necessity of Pursuing Feminist Pedagogy in Economics
Abstract: 
 The purpose of this paper is to characterize feminist pedagogy within the context of economics instruction in the US and to contribute to the development of this paradigm by charting out a research agenda for feminist pedagogy in economics. Our argument proceeds in two parts. First, we answer the question, what is feminist pedagogy in economics (FPiE)? This section sets out a working definition and contextualizes FPiE within the broader pedagogy literature, within the pedagogy literature specific to economics, and within the practice of economics teaching today. Next, we explore new directions for research and practice in FPiE by discussing post-positivist epistemologies, resisting the depoliticization of economics education, and effective responses to diversity in the neoliberal university.
Journal: Review of Political Economy
Pages: 614-633
Issue: 3
Volume: 35
Year: 2023
Month: 07
X-DOI: 10.1080/09538259.2023.2183673
File-URL: http://hdl.handle.net/10.1080/09538259.2023.2183673
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:3:p:614-633



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2069370_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Steven Pressman
Author-X-Name-First: Steven
Author-X-Name-Last: Pressman
Title: Review of Time for Socialism
Journal: Review of Political Economy
Pages: 905-908
Issue: 3
Volume: 35
Year: 2023
Month: 07
X-DOI: 10.1080/09538259.2022.2069370
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2069370
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:3:p:905-908



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_1995147_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Hamid Raza
Author-X-Name-First: Hamid
Author-X-Name-Last: Raza
Author-Name: Mikael Randrup Byrialsen
Author-X-Name-First: Mikael Randrup
Author-X-Name-Last: Byrialsen
Author-Name: Jørgen Stamhus
Author-X-Name-First: Jørgen
Author-X-Name-Last: Stamhus
Title: Revisiting the Macroeconomic Impact of Benefits Generosity
Abstract: 
 This paper is an attempt to empirically investigate the macroeconomic effects of public policy on unemployment benefits. We address this issue by asking a simple question: How does public policy relating to unemployment benefits affect economic growth, productivity, and unemployment rate? We employ a dynamic panel VAR and perform a number of estimations, using data for several OECD countries. Overall, our results suggest that increases in unemployment benefits have both positive and adverse effects. In particular, we find that benefits generosity can increase output and productivity, but can also weakly raise unemployment rates in some cases. Our analysis in this paper calls into question the mainstream policy view of using reduction in unemployment benefits as a tool to improve macroeconomic outcomes.
Journal: Review of Political Economy
Pages: 883-904
Issue: 3
Volume: 35
Year: 2023
Month: 07
X-DOI: 10.1080/09538259.2021.1995147
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1995147
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:3:p:883-904



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_1993002_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Gilbert L. Skillman
Author-X-Name-First: Gilbert L.
Author-X-Name-Last: Skillman
Title: Marx’s Theory of Labor Subsumption: Restatement and Critical Assessment
Abstract: 
 The purpose of this study is to offer a comprehensive restatement and critical assessment of Marx’s theory regarding the subsumption of labor under capital (SLC). The core hypothesis of this account asserts a correspondence between forms of SLC and forms of surplus value extraction that is not evidently supported by his historical comparisons of capitalist production with antecedent forms of the circuit of capital. Moreover, Marx’s comparative historical analysis of SLC does not establish a distinct and necessary role for direct capitalist oversight of production in the process of surplus value extraction. Possible theoretical foundations for inferring such a role are discussed.
Journal: Review of Political Economy
Pages: 863-882
Issue: 3
Volume: 35
Year: 2023
Month: 07
X-DOI: 10.1080/09538259.2021.1993002
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1993002
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:3:p:863-882



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2150436_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Ettore Gallo
Author-X-Name-First: Ettore
Author-X-Name-Last: Gallo
Title: How Short Is the Short Run in the Neo-Kaleckian Growth Model?
Abstract: 
 The paper provides an analytical solution to the differential equation that regulates the motion of the neo-Kaleckian model in the short run. After presenting a simple open economy neo-Kaleckian model with government activity, the paper analytically derives an expression for the time of adjustment, defined as the time required for the system to make a k percent adjustment from one steady-state to another. The solution shows that there is an inverse relationship between the time of adjustment and (i) the strength of the Keynesian stability condition; (ii) the behavior of entrepreneurs underlying their decisions to more rapidly/slowly respond to changes in goods market conditions. Last, the model is calibrated for the US, showing that the vicinity of the new equilibrium is reached after a period of about 5 quarters under a baseline calibration. By formally analyzing the out-of-equilibrium trajectory of the neo-Kaleckian model, this contribution moves away from the method of comparative dynamics and provides a historical-time representation of the model's traverse.
Journal: Review of Political Economy
Pages: 687-701
Issue: 3
Volume: 35
Year: 2023
Month: 07
X-DOI: 10.1080/09538259.2022.2150436
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2150436
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:3:p:687-701

Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_1996064_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Creina Day
Author-X-Name-First: Creina
Author-X-Name-Last: Day
Author-Name: Garth Day
Author-X-Name-First: Garth
Author-X-Name-Last: Day
Title: Majority Voting, Progressive Taxation, and Income Inequality
Abstract: 
 A challenge for the political economy literature is why the average tax rate becomes less progressive while wage inequality increases with the skill premium. This paper contributes to the literature by developing a majority voting equilibrium model in which households choose their most preferred tax schedule under increasing inequality. We find that majority voting favors a marginal tax rate to fund transfers, where the average tax rate increases with income, when the median skill level lies below the mean skill level. The average tax rate becomes less progressive when required government revenue relative to mean skill increases. These findings reconcile the literature with recent empirical trends and are robust to relaxing the assumptions of exogenous government spending and endogenous labor supply.
Journal: Review of Political Economy
Pages: 1124-1135
Issue: 4
Volume: 35
Year: 2023
Month: 10
X-DOI: 10.1080/09538259.2021.1996064
File-URL: http://hdl.handle.net/10.1080/09538259.2021.1996064
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:4:p:1124-1135



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2233870_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Riccardo Zolea
Author-X-Name-First: Riccardo
Author-X-Name-Last: Zolea
Title: A Functional Analysis of the Role of Deposits in the Traditional Banking Industry
Abstract: 
 This paper proposes a functional analysis of the input of the traditional banking sector in an endogenous money framework. Although banks create bank money, central bank money (or reserves) cannot be produced by banks, which require it as an input. Deposits are the cheapest source of central bank money already in the system, so it can be argued that deposits serve as inputs for the banking industry. Nevertheless, for individual banks it is necessary to draw some distinctions between deposits corresponding to liquidity injection and pure accounting entries that are generated by the creation of loans. Furthermore, the role of bank bonds is discussed, in the context of whether they function more as equity or as deposits. Unlike other industries, it is hypothesised that the functional role of bank bonds is very different from that of equity, and it is rather a different form of bank funding of liquidity, with some advantages and disadvantages compared to deposits. Finally, a brief comparison is pursed between this analysis of the traditional banking sector and the simpler study of other financial intermediaries.
Journal: Review of Political Economy
Pages: 933-952
Issue: 4
Volume: 35
Year: 2023
Month: 10
X-DOI: 10.1080/09538259.2023.2233870
File-URL: http://hdl.handle.net/10.1080/09538259.2023.2233870
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:4:p:933-952



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2215172_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Peter Kriesler
Author-X-Name-First: Peter
Author-X-Name-Last: Kriesler
Title: Post-Keynesian Economics: New Foundations, by Marc Lavoie Chapter 5: Effective Demand and Employment
Abstract: 
 This article examines Chapter 5 ‘Effective Demand and Employment’ in Post-Keynesian Economics: New Foundations by Marc Lavoie. This chapter covers one of the most distinctive contributions of the post-Keynesians, and one of its most profound insights. Analysis of effective demand and employment is a crucial and distinct foundation of post-Keynesian economics. Identifying the determinants of the level of employment and output represent one of the most significant contributions of post-Keynesian analysis. This is in total contrast to mainstream theory, according to which the level of output and employment are determined in the labour market, with labour seen as just another commodity, and the wage rate playing the role of the price equating supply and demand for labour. For post-Keynesians, the main determinant of the level of output and employment is the level of effective demand rather than the wage rate. Their views on the labour markets, taking into account segmented labour markets and efficiency wages, are considered. The determinants of profits and the profit share play important roles in the determination of employment and output. It is argued that fiscal policy plays a vital role in economic stabilisation, and that the typical arguments regarding its limitations are incorrect.
Journal: Review of Political Economy
Pages: 1061-1071
Issue: 4
Volume: 35
Year: 2023
Month: 10
X-DOI: 10.1080/09538259.2023.2215172
File-URL: http://hdl.handle.net/10.1080/09538259.2023.2215172
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:4:p:1061-1071



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2069372_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Giancarlo Bertocco
Author-X-Name-First: Giancarlo
Author-X-Name-Last: Bertocco
Author-Name: Andrea Kalajzić
Author-X-Name-First: Andrea
Author-X-Name-Last: Kalajzić
Title: Some Constructive Comments on Steve Keen’s Manifesto for a New Economics
Journal: Review of Political Economy
Pages: 1179-1187
Issue: 4
Volume: 35
Year: 2023
Month: 10
X-DOI: 10.1080/09538259.2022.2069372
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2069372
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:4:p:1179-1187



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2075116_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Emanuele Citera
Author-X-Name-First: Emanuele
Author-X-Name-Last: Citera
Title: Inequalities and the Progressive Era: Breakthroughs and Legacies
Journal: Review of Political Economy
Pages: 1191-1193
Issue: 4
Volume: 35
Year: 2023
Month: 10
X-DOI: 10.1080/09538259.2022.2075116
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2075116
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:4:p:1191-1193



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2107365_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Mauro Boianovsky
Author-X-Name-First: Mauro
Author-X-Name-Last: Boianovsky
Title: Introduction to the Mini-Symposium on Lucas’s 1972 ‘Expectations and the Neutrality of Money’ in Historical Perspective
Abstract: 
 This is the general introduction to a mini-symposium on Lucas’ (1972) ‘Expectations and the neutrality of money’ in historical perspective. Upon discussing some of the main features of Lucas’ seminal and controversial article, this introduction sums up the main points of the four papers contributed to the mini-symposium.
Journal: Review of Political Economy
Pages: 953-955
Issue: 4
Volume: 35
Year: 2023
Month: 10
X-DOI: 10.1080/09538259.2022.2107365
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2107365
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:4:p:953-955



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2075115_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Aldo Barba
Author-X-Name-First: Aldo
Author-X-Name-Last: Barba
Title: Heterodox challenges in economics: theoretical issues and the crisis of the eurozone
Journal: Review of Political Economy
Pages: 1187-1190
Issue: 4
Volume: 35
Year: 2023
Month: 10
X-DOI: 10.1080/09538259.2022.2075115
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2075115
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:4:p:1187-1190



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2105015_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Mauro Boianovsky
Author-X-Name-First: Mauro
Author-X-Name-Last: Boianovsky
Title: J.S. Mill, W. Roscher and D.H. Robertson: The Early History of the Monetary Misperceptions Hypothesis
Abstract: 
 Around 50 years ago, Edmund Phelps and Robert Lucas proposed an answer to the question of why changes in aggregate nominal spending bring about output and employment effects, instead of purely proportional variations in prices. The Phelps–Lucas monetary misperception hypothesis asserted that imperfect information about the state of the economy may cause sluggish price or wage adjustment to emerge as reactions to monetary shocks in an otherwise perfectly flexible prices economy. The present paper documents how J.S. Mill, W. Roscher and D.H. Robertson addressed that issue in their respective notions of ‘general delusion’, ‘generally prevailing error’ and ‘monetary misapprehension’, formulated between mid-19th and early 20th centuries. It also discusses how their contributions were not acknowledged until after Phelps and Lucas.
Journal: Review of Political Economy
Pages: 1003-1020
Issue: 4
Volume: 35
Year: 2023
Month: 10
X-DOI: 10.1080/09538259.2022.2105015
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2105015
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:4:p:1003-1020



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2226936_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: John King
Author-X-Name-First: John
Author-X-Name-Last: King
Title: Post-Keynesian Economics: New Foundations by Marc LavoieChapter 1: Essentials of Heterodox and Post-Keynesian Economics
Abstract: 
 Marc Lavoie’s very long (74-page), very stimulating and sometimes very provocative first chapter has the title ‘Essentials of heterodox and post-Keynesian economics’. It deals with an extremely broad range of issues in economic methodology and in the sociology (broadly defined) of different schools of thought in economics, in addition to providing a substantial discussion of theoretical and policy questions. Space constraints prevent me from dealing with many of these very interesting and occasionally contentious propositions. Instead I shall confine my contribution to an assessment of Marc’s position on the heterodox and orthodox schools of thought (sections 1.2 and 1.3, pp. 4–16); on the related question of ‘atomism versus holism’ (section 1.3.3, pp. 17–24); on the different post-Keynesian strands, with particular reference to his treatment of Hyman Minsky, Piero Sraffa and Michał Kalecki (section 1.4.3, pp. 40–46); and on the important question of whether we should adopt a ‘narrow tent’ or ‘broad tent’ definition of post-Keynesianism (section 1.4.4, pp. 46–49).
Journal: Review of Political Economy
Pages: 1025-1033
Issue: 4
Volume: 35
Year: 2023
Month: 10
X-DOI: 10.1080/09538259.2023.2226936
File-URL: http://hdl.handle.net/10.1080/09538259.2023.2226936
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:4:p:1025-1033



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2208064_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Stavros A. Drakopoulos
Author-X-Name-First: Stavros A.
Author-X-Name-Last: Drakopoulos
Title: Post-Keynesian Economics: New Foundations by Marc Lavoie Chapter 2: Theory of Choice
Abstract: 
 This work presents and discusses chapter two of Marc Lavoie’s book Post-Keynesian Economics: New Foundations. It begins by analysing the concepts of uncertainty and rationality which are extremely important for the post Keynesian approach, and for economic theorizing in general. The notions of fundamental uncertainty and the closely related concept of procedural rationality, are employed in order to build the foundations of a theory of household choice. It proceeds by investigating the repercussions of the theory in a lexicographic/hierarchical analytical framework. In this framework, groups consume different goods depending on their respective needs, income effects are more important than substitution effects, and price competition has a secondary role. It is also shown that Lavoie’s approach does not only draw from the work of Keynes and other major post-Keynesian theorists, but also utilizes contributions from other strands of heterodox economics, thus providing an agenda for a possible theoretical synthesis.
Journal: Review of Political Economy
Pages: 1034-1044
Issue: 4
Volume: 35
Year: 2023
Month: 10
X-DOI: 10.1080/09538259.2023.2208064
File-URL: http://hdl.handle.net/10.1080/09538259.2023.2208064
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:4:p:1034-1044



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2211941_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Lídia Brochier
Author-X-Name-First: Lídia
Author-X-Name-Last: Brochier
Title: Post-Keynesian Economics: New Foundations, by Marc Lavoie Chapter 6: Accumulation and Capacity
Abstract: 
 This article reviews the chapter on growth and distribution of the 2022 edition of the book Post-Keynesian Economics: New Foundations by Marc Lavoie. The review goes through most of the chapter’s main topics, including the main classes of growth and distribution models along post-Keynesian lines and the criticism and extensions of these models. It stresses the macroeconomic paradoxes that result from the relation between aggregate demand and either income distribution or debt dynamics in these models. The review also addresses the new additions to the chapter, among which the recent contributions on the controversy on the convergence towards the normal capacity utilization rate and the non-capacity creating autonomous demand growth models, and Lavoie’s new section on wealth and personal income distribution. At last, the review discusses three issues raised by the chapter’s reading: the relation between realism and complexity for a model’s calibration, the consequences of abstracting the financial side of growth models, and how we address financial issues in growth and stock-flow consistent (SFC) models. The chapter reviewed is balanced and constructive; it critically informs the reader and provides a good map of the post-Keynesian literature on growth and distribution, addressing the canons while bringing novelty.
Journal: Review of Political Economy
Pages: 1072-1082
Issue: 4
Volume: 35
Year: 2023
Month: 10
X-DOI: 10.1080/09538259.2023.2211941
File-URL: http://hdl.handle.net/10.1080/09538259.2023.2211941
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:4:p:1072-1082



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2105016_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Robert W. Dimand
Author-X-Name-First: Robert W.
Author-X-Name-Last: Dimand
Title: Lucas and Tobin: Debating the New Classical Challenge to Keynesian Economics
Abstract: 
 The future Nobel laureates Robert Lucas and James Tobin debated the New Classical challenge to the microeconomic foundations and empirical validity of Keynesian economics, with Lucas singling Tobin out as an interlocutor among Keynesian economists who took the New Classical challenge seriously. Their intellectual exchanges began with Tobin, ‘The Wage-Price Mechanism: Overview of the Conference’ (1972), and Lucas, ‘Econometric Testing of the Natural Rate Hypothesis’ (1972), both in Otto Eckstein, ed., The Econometrics of Price Determination Conference (1972). That conference was a milestone in confronting alternative macroeconomic methodologies with each other, but has received relatively little attention in the literature, most notably from Stanley Fischer (in JMCB Supplement, 2007), who characterized ‘that volume as representative of the best thinking of the time on the Phillips curve.’ This paper examines the debate between Lucas and Tobin that began with their contributions to that conference and that reached a climax with Tobin’s Yrjö Jahnsson Lectures (Asset Accumulation and Economic Activity, 1980) and Lucas’s Journal of Economic Literature review article on those lectures.
Journal: Review of Political Economy
Pages: 956-971
Issue: 4
Volume: 35
Year: 2023
Month: 10
X-DOI: 10.1080/09538259.2022.2105016
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2105016
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:4:p:956-971



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2149257_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Giandomenica Becchio
Author-X-Name-First: Giandomenica
Author-X-Name-Last: Becchio
Author-Name: Luca Fiorito
Author-X-Name-First: Luca
Author-X-Name-Last: Fiorito
Title: American Academic Male Economists and Women’s Suffrage: Another Look at Progressive-Era (Il)Liberalism
Abstract: 
 During the Progressive Era (1890–1920) in the U.S., the debate on women’s enfranchisement involved two opposite sides: detractors (Antis) and supporters. Detractors converged on the idea that women’s enfranchisement might have harmed the natural harmony of society, based on a strict division of roles between sexes. Supporters developed three different arguments: women’s suffrage would have reinforced the democratic system; it would have strengthened social cohesion; it would have led to several economic advantages of the society as a whole. Major American economists of the time joined the debate. The aim of this paper is to describe the position of the foremost male academic economists of the time by digging the lesser-known propaganda literature of the period. By showing the position of those who were against women’s suffrage, we point out their illiberalism which, in some cases, was actual chauvinism. By showing the arguments of those who supported women’s suffrage, we point out different nuances of endorsement: while some were in favor in the name of gender equality, others did not give up forms of biologically determinism and gender-biased stereotypes.
Journal: Review of Political Economy
Pages: 1162-1178
Issue: 4
Volume: 35
Year: 2023
Month: 10
X-DOI: 10.1080/09538259.2022.2149257
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2149257
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:4:p:1162-1178



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2244326_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Sylvio Kappes
Author-X-Name-First: Sylvio
Author-X-Name-Last: Kappes
Author-Name: Louis-Philippe Rochon
Author-X-Name-First: Louis-Philippe
Author-X-Name-Last: Rochon
Title: Introduction to Post-Keynesian Economics: New Foundations by Marc Lavoie
Journal: Review of Political Economy
Pages: 1021-1024
Issue: 4
Volume: 35
Year: 2023
Month: 10
X-DOI: 10.1080/09538259.2023.2244326
File-URL: http://hdl.handle.net/10.1080/09538259.2023.2244326
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:4:p:1021-1024



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2008736_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jan Vandemoortele
Author-X-Name-First: Jan
Author-X-Name-Last: Vandemoortele
Author-Name: Enrique Delamonica
Author-X-Name-First: Enrique
Author-X-Name-Last: Delamonica
Title: Growth is Good for the Poor? Not Necessarily
Abstract: 
 In mainstream economic thinking, it is common to find a simplistic relationship between economic growth and poverty reduction. Two decades ago, a paper titled “Growth is Good for the Poor” purported to have established a strict one-to-one relationship between economic growth at the national level and growth of income among the poor. In this note we explain the methodological, modelling, and analytical shortcomings of the exercise. Using simulations based on random numbers we show that the data did not support the arguments and that, consequently, the policy conclusions were not warranted by the analysis. The lessons are important in the current context when addressing growing poverty in the wake of the COVID-19 pandemic.
Journal: Review of Political Economy
Pages: 1157-1161
Issue: 4
Volume: 35
Year: 2023
Month: 10
X-DOI: 10.1080/09538259.2021.2008736
File-URL: http://hdl.handle.net/10.1080/09538259.2021.2008736
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:4:p:1157-1161



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2248027_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Malcolm Sawyer
Author-X-Name-First: Malcolm
Author-X-Name-Last: Sawyer
Title: Political Aspects of Full Employment: Eight Decades On
Abstract: 
 The contribution and continuing relevance of Kalecki’s paper on ‘Political aspects of full employment’ on the 80th anniversary of its publication is the central topic. There are five sets of important and interrelated ideas in Kalecki’s paper. Full employment was feasible under capitalism from the perspective of securing a high level of demand through government spending. There would be resistance, particularly from business and finance to prolonged full employment, and there are political and social constraints on long-term full employment. Fascism had secured full employment through its relationships with big business and reducing the political obstacles. A political business cycle with full employment achieved at best at the top of the cycle could be generated. The role of ‘fundamental reforms’ in sustaining full employment under capitalism, and the ‘fate’ of fundamental reforms is reviewed.
Journal: Review of Political Economy
Pages: 1109-1123
Issue: 4
Volume: 35
Year: 2023
Month: 10
X-DOI: 10.1080/09538259.2023.2248027
File-URL: http://hdl.handle.net/10.1080/09538259.2023.2248027
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:4:p:1109-1123



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2226950_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Robert Guttmann
Author-X-Name-First: Robert
Author-X-Name-Last: Guttmann
Title: Post-Keynesian Economics: New Foundations, by Marc Lavoie Chapter 7: Open Economy Macroeconomics
Abstract: 
 Reviewing Marc Lavoie’s comprehensive and well-structured discussion of open-economy macroeconomics allows us to revisit some key Post-Keynesian contributions and confirm their continued relevance to our understanding of international economic, financial and monetary relations. In the process Lavoie draws a consistently sharp contrast with standard-theory concepts and models, much of it organized around his elaboration of endogenous money in an international context and modern trade flows embedded in a highly globalized and financialized world economy which have little to do with comparative advantage. He thereby provides us with a conceptual road map for a meta-economic revolution which recognizes that the world economy has a growth dynamic all of its own rather than being just the sum of its parts, the two-hundred or so national economies connected to each other through their balance of payments and exchange rates.
Journal: Review of Political Economy
Pages: 1083-1095
Issue: 4
Volume: 35
Year: 2023
Month: 10
X-DOI: 10.1080/09538259.2023.2226950
File-URL: http://hdl.handle.net/10.1080/09538259.2023.2226950
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:4:p:1083-1095



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2243845_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Renee Prendergast
Author-X-Name-First: Renee
Author-X-Name-Last: Prendergast
Title: The Role of Knowledge in Economic Life — From Bacon to Marshall
Abstract: 
 The paper seeks to uncover a long-submerged tradition that saw knowledge accumulation as the main driver of development. This vision was ubiquitous until the late 18th century when, with the advent of the machine age, the focus shifted from knowledge accumulation to capital accumulation. Emphasis on knowledge did not disappear completely. Some argued that the knowledge embedded in human agents and not capital was the source of productivity gains while others emphasised the role of technological and scientific knowledge alongside capital accumulation. By the early decades of the 20th century, the economic role of science had become more salient and by the end of that century, the idea that knowledge accumulation has a central role in progress was again taken for granted. The paper suggests that by focusing the kinds of knowledge we have; and how that knowledge is stored, transmitted, made use of, and extended; we can learn much about how specific social relations of production facilitate or retard development, about who gets the rewards, and how relations of production may need to change to allow knowledge itself to develop.
Journal: Review of Political Economy
Pages: 913-932
Issue: 4
Volume: 35
Year: 2023
Month: 10
X-DOI: 10.1080/09538259.2023.2243845
File-URL: http://hdl.handle.net/10.1080/09538259.2023.2243845
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:4:p:913-932



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2208070_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Rosaria Rita Canale
Author-X-Name-First: Rosaria Rita
Author-X-Name-Last: Canale
Title: Post-Keynesian Economics: New Foundations by Marc Lavoie Chapter 3: Theory of the firm
Abstract: 
 This article represents a systematic presentation of the post-Keynesian alternative to mainstream economic theory. It places observation of reality at the centre of the investigation and derives — through an in-depth examination of post-Keynesian literature — an analytical model capable of interpreting the behaviour of firms in a capitalistic market economy. The chapter on which this article focuses is in a book covering the core elements of this heterodox model, which creates a coherent framework for investigating and interpreting the workings of an economic system that approximates reality.
Journal: Review of Political Economy
Pages: 1045-1050
Issue: 4
Volume: 35
Year: 2023
Month: 10
X-DOI: 10.1080/09538259.2023.2208070
File-URL: http://hdl.handle.net/10.1080/09538259.2023.2208070
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:4:p:1045-1050



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2222680_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Julia Braga
Author-X-Name-First: Julia
Author-X-Name-Last: Braga
Author-Name: Franklin Serrano
Author-X-Name-First: Franklin
Author-X-Name-Last: Serrano
Title: Post-Keynesian Economics: New Foundations by Marc Lavoie Chapter 8: Inflation Theory
Abstract: 
 The conflicting claims approach to the theory of inflation so thoroughly surveyed and well presented in Chapter 8 of Lavoie's [(2022). Post-Keynesian Economics. New Foundations. Cheltenham, UK: Edward Elgar Publishing] book is deservedly becoming increasingly consensual among heterodox (and even some notable mainstream) macroeconomists. However, the relevance of a concept (and the very existence of) a single NAIRU (Non-Accelerating Inflation Rate of Unemployment) derived consistently from the very premises of the conflicting claims approach is still very controversial. In this review article, we will be to argue that a NAIRU is not really useful for the conflicting claims approach. The key aspects explored here are: (1) the different roles of hysteresis in the output and labor markets; (2) the assumptions concerning real profit markups of firms; and (3) the extent to which money wage increases actually incorporate past (or expected) inflation. We also add some remarks regarding the role of changes in international commodity prices and nominal exchange rates that further illustrate the necessary relation between conflicting claims inflation and the theory of distribution and relative prices.
Journal: Review of Political Economy
Pages: 1096-1108
Issue: 4
Volume: 35
Year: 2023
Month: 10
X-DOI: 10.1080/09538259.2023.2222680
File-URL: http://hdl.handle.net/10.1080/09538259.2023.2222680
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:4:p:1096-1108



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2226606_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Sylvio Kappes
Author-X-Name-First: Sylvio
Author-X-Name-Last: Kappes
Author-Name: Louis-Philippe Rochon
Author-X-Name-First: Louis-Philippe
Author-X-Name-Last: Rochon
Title: Post-Keynesian Economics: New Foundations, by Marc Lavoie Chapter 4: Credit, Money and Central Banks
Abstract: 
 This article focuses on an analysis of chapter 4 of Lavoie’s magnus opus, Post-Keynesian Economics: New Foundations. It is the opening chapter of the macroeconomic section of the book. As we argue, following Keynes’s ‘monetary theory of production’, but also in line with Schumpeter, starting the discussion over macroeconomics with money makes sense. It is impossible, in post-Keynesian economics, to discuss the real economy independently of the monetary side of the analysis. In this sense, money and production, and debt, are linked within an endogenous money framework. This article covers and discusses all aspects of this chapter.
Journal: Review of Political Economy
Pages: 1051-1060
Issue: 4
Volume: 35
Year: 2023
Month: 10
X-DOI: 10.1080/09538259.2023.2226606
File-URL: http://hdl.handle.net/10.1080/09538259.2023.2226606
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:4:p:1051-1060



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2005367_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jan Philipp Dapprich
Author-X-Name-First: Jan Philipp
Author-X-Name-Last: Dapprich
Title: Optimal Planning with Consumer Feedback: A Simulation of a Socialist Economy
Abstract: 
 Mathematical optimization can be used to increase the effectiveness of economic planning in socialist economies. Cockshott and Cottrell [Towards a New Socialism, Spokesman: 1993] have proposed a model of socialism in which optimal planning is made responsive to consumer demand. A point of contention has been the emphasis on labor values in their model. The use of labor values could mean that the environmental impact of production is insufficiently reflected in planning targets. This paper discusses how alternative values (opportunity cost valuations, OCs) can be calculated using linear optimization and presents a computer simulation of a socialist economy based on these values. An agent-based consumer model was developed to model the behavior of consumers. An alternative version of the simulation based on labor values is used for comparison. It is found that in specific circumstances the use of OCs does indeed result in a stronger emphasis on more environmentally friendly production than the labor value model. Relevant literature on optimal planning, distribution under socialism and valuation will be reviewed, followed by a presentation of the simulation and a discussion of some of its results for a series of small test economies.
Journal: Review of Political Economy
Pages: 1136-1156
Issue: 4
Volume: 35
Year: 2023
Month: 10
X-DOI: 10.1080/09538259.2021.2005367
File-URL: http://hdl.handle.net/10.1080/09538259.2021.2005367
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:4:p:1136-1156



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2105017_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Bruna Ingrao
Author-X-Name-First: Bruna
Author-X-Name-Last: Ingrao
Title: Two Open Questions on Lucas’s Research Program in the Early 1970s
Abstract: 
 The article deals with the misperceptions research program that Lucas enunciated in his article ‘Expectations and the Neutrality of Money’ in 1972. It addresses two main questions about Lucas’s research agenda in the early 1970s from both historical and theoretical perspectives: first, Lucas’s claim to root his research program in neo-Walrasian general equilibrium foundations; second, the way in which Lucas avoids dealing with the difficult issue of money in general equilibrium models. The article discusses the consistency of Lucas’s claims of building macroeconomic theory on general equilibrium foundations in the light of open problems in neo-Walrasian general equilibrium theory and the ‘Hahn question’. In the conclusion, the article proposes a reflection on the importance of conceptual screening in the evaluation of research programs in macroeconomics.
Journal: Review of Political Economy
Pages: 987-1002
Issue: 4
Volume: 35
Year: 2023
Month: 10
X-DOI: 10.1080/09538259.2022.2105017
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2105017
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:4:p:987-1002



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2105018_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Sylvie Rivot
Author-X-Name-First: Sylvie
Author-X-Name-Last: Rivot
Title: Lucas and Friedman: The Challenges of Rational Expectations-Based Monetary Cycles for Adaptive Expectations-Based Monetary Long Trends
Abstract: 
 The paper argues that Lucas (1972. ‘Expectations and the Neutrality of Money.’ Journal of Economic Theory 4 (2): 103–124) played a significant role in changing Friedman’s theoretical propositions of the 1970s, and that his restatement of Friedman’s (1968b. Dollars and Deficits. Inflation, Monetary Policy and the Balance of Payments. Englewood Cliffs: Prentice-Hall International) address on monetarism helped Friedman refine his argument, regarding both theory and policy-making, in a consistent manner. First, the adoption of the rational expectations hypothesis eventually led to a confrontation with Friedman, whose own approach to probability, based on subjective uncertainty, originated in his early joint work with Savage. Second, Lucas’ modelling of the aggregate supply function undermined Friedman’s earlier approach to the interrelationships between prices and quantities, but also helped remind Friedman of his Marshallian lineage. Lastly, Lucas’s monetary cycle theory, based on an extraction signal problem that was quickly criticized and abandoned, compelled Friedman to give a firmer theoretical foundation to his monetary policy rule based on a constant rate of growth in money supply, thanks to his earlier approach of subjective uncertainty and personal probability.
Journal: Review of Political Economy
Pages: 972-986
Issue: 4
Volume: 35
Year: 2023
Month: 10
X-DOI: 10.1080/09538259.2022.2105018
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2105018
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:35:y:2023:i:4:p:972-986

Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2041284_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Esther Dweck
Author-X-Name-First: Esther
Author-X-Name-Last: Dweck
Author-Name: Carolina Troncoso Baltar
Author-X-Name-First: Carolina Troncoso
Author-X-Name-Last: Baltar
Author-Name: Marília Bassetti Marcato
Author-X-Name-First: Marília Bassetti
Author-X-Name-Last: Marcato
Author-Name: Camila Unis Krepsky
Author-X-Name-First: Camila Unis
Author-X-Name-Last: Krepsky
Title: Labor Market, Distributive Gains and Cumulative Causation: Insights from the Brazilian Economy
Abstract: 
 This paper investigates the impact of economic growth patterns on employment structure, highlighting the effects of the main final demand components' variations. Brazil is an interesting case study, as it has experienced a combination of sustained economic growth, an improvement in income distribution, and a notable increase in job formalization in the 2004-2013 period. We explore how the Brazilian growth pattern contributed to the employment growth and changes in the occupational structure (informal and formal jobs, and wage-level) and provide original insights into the Brazilian labor market in the long 2000s. We find no signs of typical job polarization, as changes in job structure relate to reductions in wage inequality. We develop a structural decomposition analysis to measure the demand components' role in explaining the Brazilian labor market's transformations based on an effective demand input-output model. Drawing on an analysis of cumulative causation between income distribution, household consumption, and occupational structure, we find that induced consumption significantly impacted service and trade industries, increasing the low-wage jobs growth rate. Our analysis suggests that the combination of cumulative causation with government consumption and investment growth is crucial to explain distributive gains and the absence of job polarization in the Brazilian labor market.
Journal: Review of Political Economy
Pages: 325-350
Issue: 1
Volume: 36
Year: 2024
Month: 01
X-DOI: 10.1080/09538259.2022.2041284
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2041284
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:1:p:325-350



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2037930_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Emiliano Brancaccio
Author-X-Name-First: Emiliano
Author-X-Name-Last: Brancaccio
Author-Name: Fabiana De Cristofaro
Author-X-Name-First: Fabiana
Author-X-Name-Last: De Cristofaro
Title: In Praise of ‘general laws’ of Capitalism: Notes from a Debate with Daron Acemoglu
Abstract: 
 This essay develops the topics of a debate between Daron Acemoglu and Emiliano Brancaccio hosted by the Feltrinelli Foundation in June 2021. Acemoglu argues that Marx’s and his epigon Piketty’s attempts to unveil ‘general laws of capitalism’ are doomed to failure as they neglect institutions’ heterogeneity and their dynamics. Acemoglu provides historical and empirical evidence in support of the idea that such ‘laws’ are denied by ‘counterfactuals’. In this paper, we criticize Acemoglu’s epistemological view by arguing that the dynamics of institutions could strengthen general ‘laws’ rather than defeat them. We also show that Acemoglu empirical results can be overturned: a revision of his tests shows that Piketty’s law and the Marxian law of capital centralization find support in the empirical analysis. It is therefore appropriate to continue the investigation about the relevance of these ‘laws’, also for their possible implications on the future of liberal-democratic capitalism.
Journal: Review of Political Economy
Pages: 289-303
Issue: 1
Volume: 36
Year: 2024
Month: 01
X-DOI: 10.1080/09538259.2022.2037930
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2037930
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:1:p:289-303



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2075119_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Stephen Parsons
Author-X-Name-First: Stephen
Author-X-Name-Last: Parsons
Title: The Community of Advantage: A Behavioural Economist’s Defence of the Market
Journal: Review of Political Economy
Pages: 376-379
Issue: 1
Volume: 36
Year: 2024
Month: 01
X-DOI: 10.1080/09538259.2022.2075119
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2075119
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:1:p:376-379



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2164185_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Jane Knodell
Author-X-Name-First: Jane
Author-X-Name-Last: Knodell
Title: Making a Central Bank Out of the Federal Reserve: A Historical Perspective on Wartime Amendments to the Federal Reserve Act
Abstract: 
 One of the signature policy achievements of the Progressive era was the passage of the Federal Reserve Act in 1913. This paper argues that the original Act did not create an effective central bank and consequently did not bring about significant structural change in domestic monetary institutions. Early leaders of the Federal Reserve, frustrated with the constraints on reserve bank operations, actively lobbied Congress to secure changes to the Act. These efforts only succeeded after the U.S. entered World War 1 in the spring of 1917, triggering a transformation in the monetary base that elevated the position and centrality of the Federal Reserve. Seen in this light, the wartime amendments were a victory for the activist institution-builders within the Federal Reserve in addition to being essential for the federal government's ability to finance the war effort.
Journal: Review of Political Economy
Pages: 31-58
Issue: 1
Volume: 36
Year: 2024
Month: 01
X-DOI: 10.1080/09538259.2022.2164185
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2164185
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:1:p:31-58



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2136316_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Pablo G. Bortz
Author-X-Name-First: Pablo G.
Author-X-Name-Last: Bortz
Title: Post-Keynesian Growth Theory. Selected Essays
Journal: Review of Political Economy
Pages: 383-384
Issue: 1
Volume: 36
Year: 2024
Month: 01
X-DOI: 10.1080/09538259.2022.2136316
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2136316
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:1:p:383-384



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2279825_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Rebeca Gomez Betancourt
Author-X-Name-First: Rebeca
Author-X-Name-Last: Gomez Betancourt
Author-Name: Guillaume Vallet
Author-X-Name-First: Guillaume
Author-X-Name-Last: Vallet
Title: The Political Economy of Social Change and Nation-Building During the Progressive Era
Journal: Review of Political Economy
Pages: 1-7
Issue: 1
Volume: 36
Year: 2024
Month: 01
X-DOI: 10.1080/09538259.2023.2279825
File-URL: http://hdl.handle.net/10.1080/09538259.2023.2279825
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:1:p:1-7



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2018254_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Matteo Deleidi
Author-X-Name-First: Matteo
Author-X-Name-Last: Deleidi
Author-Name: Santiago José Gahn
Author-X-Name-First: Santiago José
Author-X-Name-Last: Gahn
Author-Name: Riccardo Pariboni
Author-X-Name-First: Riccardo
Author-X-Name-Last: Pariboni
Title: Activity Levels and the Flexibility of the Degree of Capacity Utilisation in the US
Abstract: 
 In recent years, a revival of the so-called ‘utilisation controversy’ has seen several scholars engage in a lively debate that still revolves around the same old question: what should we expect, beyond the short run, with regard to the degree of capacity utilisation? In this article, we tackle this issue by investigating the relationship between the level of economic activity and the ensuing utilisation of existing capacity. In order to assess the effect of the former on the latter and to provide a robust and clear picture of this phenomenon, we use a Structural VAR and Local Projection methodologies to estimate three alternative models, based on monthly data on the US economy. After presenting our empirical results, which point to only temporary effects on capacity utilisation of shocks to the level of economic activity, we verify their compatibility with alternative demand-led growth models. We conclude that autonomous demand-led models cum convergence towards normal utilisation perform better in terms of consistency with the econometric evidence, while the latter seems to call for a re-examination of ‘conventional’ versions of the Neo-Kaleckian model.
Journal: Review of Political Economy
Pages: 178-201
Issue: 1
Volume: 36
Year: 2024
Month: 01
X-DOI: 10.1080/09538259.2021.2018254
File-URL: http://hdl.handle.net/10.1080/09538259.2021.2018254
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:1:p:178-201



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2164184_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Marianne Johnson
Author-X-Name-First: Marianne
Author-X-Name-Last: Johnson
Title: Taxation in the Early Progressive Era: From Revenue to Social Policy
Abstract: 
 This paper examines the views of three prominent Wisconsin progressives — Richard T. Ely, Tomas Sewall Adams, and John R. Commons — on taxes as social policy. In the 1890s, Wisconsin emerged as a national progressive leader, a ‘laboratory of democracy’ that produced the nation’s first minimum wage, first unemployment insurance plan, the first civil service law, and the first state-level income tax. Yet, despite often bordering on the radical, Wisconsin economists were cautious about demands for income and wealth redistribution through the tax mechanism. Instead, they conceived of taxation as an instrument of social policy via three intersecting paths: (1) that the provision of government services could serve as a vehicle by which to achieve desirable socioeconomic outcomes, (2) that properly designed tax policy could improve morality, itself a worthy end, and (3) that inequality and distributional concerns should be understood as issues of power and property rather than of wealth.
Journal: Review of Political Economy
Pages: 59-75
Issue: 1
Volume: 36
Year: 2024
Month: 01
X-DOI: 10.1080/09538259.2022.2164184
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2164184
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:1:p:59-75



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2016190_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Michel Rocca
Author-X-Name-First: Michel
Author-X-Name-Last: Rocca
Author-Name: Guillaume Vallet
Author-X-Name-First: Guillaume
Author-X-Name-Last: Vallet
Title: The Rise and Fall of Two Outstanding Progressives of American Social Sciences (1880s–1930s): A Critical Focus on R.T. Ely and A.W. Small
Abstract: 
 This article examines why the ideas and methods pioneered by R.T. Ely and A.W. Small did not take long-term root between 1880 and 1930, at a time when both scholars were at the forefront of American social sciences. They experienced a gradual decline in the production of academic ideas, which prevented them from remaining ‘moral entrepreneurs’ within their field. By analyzing the evolution of the support (intellectual, relational and institutional) available to Ely and Small we argue that their loss of status as ‘moral entrepreneurs’ did not reflect deficiencies in their scientific research, but was instead the consequence of their inability to harness the support in order to entrench a specific, enduring research norm.
Journal: Review of Political Economy
Pages: 8-30
Issue: 1
Volume: 36
Year: 2024
Month: 01
X-DOI: 10.1080/09538259.2021.2016190
File-URL: http://hdl.handle.net/10.1080/09538259.2021.2016190
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:1:p:8-30



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2030585_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Shinji Teraji
Author-X-Name-First: Shinji
Author-X-Name-Last: Teraji
Title: Leverage and Bargaining Power in a Kaleckian Growth Model
Abstract: 
 This paper develops the theory of leverage in a Kaleckian growth model with collateralized borrowing by firms. When debts are secured by collateral, firms with higher leverage are able to borrow more. The paper focuses on what determines leverage and why it changes. Higher loan-to-collateral ratio allows higher leverage. Leverage affects the dynamics of effective demand and financial instability through the power relations between firms (borrowers) and financial capitalists (lenders). Firms and financial capitalists confront their respective claims regarding the target leverage. The model emphasizes the relative bargaining power between the two classes over the target leverage. As the firms’ bargaining power varies, collateralized loans can generate cycles under some condition.
Journal: Review of Political Economy
Pages: 137-153
Issue: 1
Volume: 36
Year: 2024
Month: 01
X-DOI: 10.1080/09538259.2022.2030585
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2030585
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:1:p:137-153



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2136313_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Douglas Alencar
Author-X-Name-First: Douglas
Author-X-Name-Last: Alencar
Title: Keynes on Uncertainty and Tragic Happiness: Complexity and Expectations
Journal: Review of Political Economy
Pages: 380-382
Issue: 1
Volume: 36
Year: 2024
Month: 01
X-DOI: 10.1080/09538259.2022.2136313
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2136313
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:1:p:380-382



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2030584_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Virgile Chassagnon
Author-X-Name-First: Virgile
Author-X-Name-Last: Chassagnon
Author-Name: Naciba Haned
Author-X-Name-First: Naciba
Author-X-Name-Last: Haned
Title: Power in Firms as Political Entities: Dependency, Strategy and Resistance
Abstract: 
 Concomitant with the exacerbation of globalization, the firm has become a major institutional actor of economic change. However, it must be noted that the economics of the firm has been developed since the 1970s as a disciplinary subfield of economic science without paying any real attention to the concepts and practices of power. The firm is undoubtedly not only an economic but also a social and political entity. One cannot free the firm from the relations of power without missing a very substantial part of the constitutive elements of the firm, notably the struggling games and strategies of actors (firm members) who evolve in open institutional systems. Therefore, it is useful to turn to certain influent sociological and philosophical perspectives to understand power dynamics in the firm from an economic point of view. More precisely, to highlight the individual actors’ games that constitute the evolution of firms’ dynamics as complex and strategic systems, it is essential to pay particular attention to three aspects: (1) dependency; (2) strategy; and (3) resistance.
Journal: Review of Political Economy
Pages: 116-136
Issue: 1
Volume: 36
Year: 2024
Month: 01
X-DOI: 10.1080/09538259.2022.2030584
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2030584
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:1:p:116-136



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2037932_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Juan Barredo-Zuriarrain
Author-X-Name-First: Juan
Author-X-Name-Last: Barredo-Zuriarrain
Title: Credit-Fueled Demand and Shrinking Aggregate Supply: A Study on the Hyperinflation in Venezuela
Abstract: 
 Money supply adapts to the demand of credit and has a crucial impact in determining production levels. However, at the same time, under certain conditions the issuance of money may also boost inflation.In this article, with the help of Shaikh's ‘classical theory’, we explain the main reasons for the recent hyperinflation experienced in Venezuela. On the supply side, we analyze the context of loss of competitiveness due to the overvaluation of the national currency. On the other hand, we explore how the credit to the oil company (PDVSA) has led to an exponential growth in aggregate demand.
Journal: Review of Political Economy
Pages: 304-324
Issue: 1
Volume: 36
Year: 2024
Month: 01
X-DOI: 10.1080/09538259.2022.2037932
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2037932
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:1:p:304-324



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2015169_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Daniela Tavasci
Author-X-Name-First: Daniela
Author-X-Name-Last: Tavasci
Author-Name: Luigi Ventimiglia
Author-X-Name-First: Luigi
Author-X-Name-Last: Ventimiglia
Title: The Prospects of the Italian Economy in the Centenary of Paolo Sylos Labini's Birth
Abstract: 
 The hundredth anniversary of Paolo Sylos Labini's birth seems an excellent opportunity to celebrate his contribution, particularly in light of the European post-COVID-19 extraordinary measures. These revived debates around the relationship between state and market, structural inequalities within Italy, and austerity (Papadimitriu et al. 2020; Palma 2020; Variato et al. 2020; Canelli et al. 2021). Inspired by a reflection on Sylos Labini's assessment of the Italian increasing debt/low-investment/low-growth decline, our rationale is the need to re-focus away from debt towards investment and growth. We compare this alternative focus to the theories underpinning austerity, including the Ricardian equivalence, the crowding-out argument, and the bond vigilantes hypothesis. Our work relies on wide-ranging data analysis and concentrates on three econometric models: a vector error correction model to analyse the relationship between public debt and GDP in the long-run; a vector auto-regression model, which analyses the relationship between GDP and the components of debt, interest rates spread, and exchange rate in the short-run; and an additional vector auto-regression model to examine the primary balance components, including fiscal spending and revenues. We find that Sylos Labini's warnings and his view of the relation between economic development and civil development are no less relevant today.
Journal: Review of Political Economy
Pages: 202-232
Issue: 1
Volume: 36
Year: 2024
Month: 01
X-DOI: 10.1080/09538259.2021.2015169
File-URL: http://hdl.handle.net/10.1080/09538259.2021.2015169
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:1:p:202-232



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2075118_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Thomas R. Michl
Author-X-Name-First: Thomas R.
Author-X-Name-Last: Michl
Title: The Logic of Capital: An Introduction to Marxist Economic Theory
Journal: Review of Political Economy
Pages: 373-376
Issue: 1
Volume: 36
Year: 2024
Month: 01
X-DOI: 10.1080/09538259.2022.2075118
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2075118
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:1:p:373-376



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2030586_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Ali Fakih
Author-X-Name-First: Ali
Author-X-Name-Last: Fakih
Author-Name: Yara Sleiman
Author-X-Name-First: Yara
Author-X-Name-Last: Sleiman
Title: The Gender Gap in Political Participation: Evidence from the MENA Region
Abstract: 
 This paper investigates gender differences in political participation across 10 countries in the Middle East and North Africa (MENA) region using data from the World Values Survey (2010-2014). A distinction is made between two different participation types, institutional and non-institutional. We use an ordered logit model to evaluate whether the gender gap in both forms is mediated by demographic and attitudinal controls and assess whether variables influencing participation affect men and women differently. We find that most socioeconomic resources and political attitudes are correlated with higher levels of participation. However, the analysis reveals a persistent gender gap that can be generalized to the entire spectrum of engagement in the MENA, with larger gaps for less institutionalized forms.
Journal: Review of Political Economy
Pages: 154-177
Issue: 1
Volume: 36
Year: 2024
Month: 01
X-DOI: 10.1080/09538259.2022.2030586
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2030586
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:1:p:154-177



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2037931_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Alban Mathieu
Author-X-Name-First: Alban
Author-X-Name-Last: Mathieu
Title: International Political Economy and Exchange Rate Regime: A Question of Sustainability
Abstract: 
 The aim of this article is to provide an alternative framework to the theory of optimum currency areas by mobilizing the concept of sustainability. If the success of a fixed exchange rate regime is, above all, a political choice, economic growth can be considered a minimal economic condition and a good indicator of the success of a fixed exchange rate regime. We conclude that specific institutional settings allow economic growth to occur and can be defined as sustainable. We determine three configurations that share the same conclusion: sustainability happens when states have macroeconomic autonomy, whereas political and fiscal integration are necessary conditions. The first configuration refers to a monetary union with high capital mobility. The second one corresponds to a fixed but adjustable exchange rate regime with low capital mobility, while the third configuration is an application of Keynes’ plan with high capital mobility.
Journal: Review of Political Economy
Pages: 256-267
Issue: 1
Volume: 36
Year: 2024
Month: 01
X-DOI: 10.1080/09538259.2022.2037931
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2037931
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:1:p:256-267



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2018193_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Theofanis Papageorgiou
Author-X-Name-First: Theofanis
Author-X-Name-Last: Papageorgiou
Author-Name: Panayotis G. Michaelides
Author-X-Name-First: Panayotis G.
Author-X-Name-Last: Michaelides
Title: Abstraction in the Marxian Oeuvre: Tendencies, Laws and Dialectics
Abstract: 
 Abstraction has taken very different terminologies revolving around the relation between reality and thought. In this framework, the debate on the issue of crisis is fueled by different, often one-sided and ideologically contradictive, uses of abstraction. In this work, we attempt to show that without an adequate grasp of the role of abstraction, and without sufficient flexibility in making the needed abstractions, most interpreters of Marx — Marxists and non-Marxists alike — have constructed versions of his theories that suffer in their very form from the same rigidity, inappropriate focus, and one-sidedness that Marx saw in bourgeois ideology. In this framework, we argue that Marx's abstraction is not ‘other things equal', i.e. ceteris paribus, but ‘nothing equal'. In the same vein, we argue that the capitalist process is a ‘non-equilibrium' process. Instead of ‘laws', we argue that tendencies and contradictions may be found in the Marxian oeuvre. Furthermore, we argue that the isolation of the third Volume of Marx's capital from the rest of the Marxian oeuvre facilitates the interpretation of Marx's method in terms of ‘mechanical materialism’.
Journal: Review of Political Economy
Pages: 233-255
Issue: 1
Volume: 36
Year: 2024
Month: 01
X-DOI: 10.1080/09538259.2021.2018193
File-URL: http://hdl.handle.net/10.1080/09538259.2021.2018193
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:1:p:233-255



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2041311_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Natalia Bracarense
Author-X-Name-First: Natalia
Author-X-Name-Last: Bracarense
Author-Name: Paulo Afonso Bracarense Costa
Author-X-Name-First: Paulo Afonso
Author-X-Name-Last: Bracarense Costa
Title: Green Jobs: Sustainable Path for Environmental Conservation and Socio-Economic Stability and Inclusion
Abstract: 
 The 2008 economic crisis expanded the discussion about stabilization policies beyond its usual academic circles. Such concerns seem even more eminent now as, amidst the COVID-19, governments around the world search for solutions to the looming crisis. John Maynard Keynes, Michal Kalecki, and Hyman Minsky have long inspired those who believe that the private sector is unable to maintain long-lasting stability and, even less so, full employment. The remedy relies not in the indirect mechanisms of monetary fine-tuning, but rather on the direct means of fiscal policy. Less acknowledged, however, is that despite of their different approaches, neither of these three authors considered conventional pump-priming fiscal policy a direct policy. Considerations of this nature have, nonetheless, been pursued by a group of post-Keyensian/neo-Kaleckian economists—who argue that discussions about economic stability should be coupled with concerns related to the broader social and environmental systems. To contribute to the newly intensified push of a post-Keynesian/neo-Kaleckian ecological economics, the paper introduces a metric for green jobs, using non-dichotomous measurements as proposed by ‘fuzzy logic’, as a tool to operationalize an ecological job-guarantee program.
Journal: Review of Political Economy
Pages: 351-372
Issue: 1
Volume: 36
Year: 2024
Month: 01
X-DOI: 10.1080/09538259.2022.2041311
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2041311
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:1:p:351-372



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2146447_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Antoine Missemer
Author-X-Name-First: Antoine
Author-X-Name-Last: Missemer
Author-Name: Marco P. Vianna Franco
Author-X-Name-First: Marco P.
Author-X-Name-Last: Vianna Franco
Title: Municipal Housekeeping and the Origins of the Economics of the Urban Environment (1900s–1920s)
Abstract: 
 In the early 20th century, municipal housekeeping became popular as a natural science-based endeavour focused on the improvement of living conditions in urban areas, especially in terms of public sanitation, water quality, satisfaction of basic needs, and access to natural amenities. It has been well documented in social history as a movement led by middle-class women advocating for higher standards of public health and social order in American cities. This article explores another dimension of municipal housekeeping: its contributions to economic thought and how it amounted to an early economics of the urban environment. It analyses the relationship between municipal housekeeping and other important economic currents, such as home economics and conservation economics, before shedding light on the economic content of its proposals regarding sanitation, community welfare, and public utility regulations. It concludes that municipal housekeeping, rather than a merely derivative intellectual current, constitutes an original source of inspiration for public and particularly environmental economists interested in intersections with the tenets of the natural sciences, from chemistry to ecology.
Journal: Review of Political Economy
Pages: 97-115
Issue: 1
Volume: 36
Year: 2024
Month: 01
X-DOI: 10.1080/09538259.2022.2146447
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2146447
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:1:p:97-115



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2181063_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Pedro N. Teixeira
Author-X-Name-First: Pedro N.
Author-X-Name-Last: Teixeira
Title: Between Ethics and Science: Economic and Political Arguments Against Child Labor in the Progressive Period
Abstract: 
 Child labor was a very important issue during the progressive period, which was characterized by the development of social policies, especially regarding the welfare of women and children. The arguments against child labor were not restricted to a moral point of view but attempted to point out the economic dimensions, with several prominent economists of the progressive period becoming involved in this debate. In this paper, we will analyze the way economists in the progressive period approached the issue of child labor, notably through the views of two leading economists of the period that were particularly concerned with this problem, one representing the Protestant economics’ strand (Richard T. Ely) and the other the Catholic economics’ one (John A. Ryan). We explore the convergence and the nuances in the positions of these two economists in the criticisms against child labor. Finally, we briefly present that important role of several social organizations advocating legislation curbing child labor and the way these networks converged in their activities with progressive economists in disseminating the arguments against child labor.
Journal: Review of Political Economy
Pages: 76-96
Issue: 1
Volume: 36
Year: 2024
Month: 01
X-DOI: 10.1080/09538259.2023.2181063
File-URL: http://hdl.handle.net/10.1080/09538259.2023.2181063
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:1:p:76-96



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2030946_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Lorenzo Nalin
Author-X-Name-First: Lorenzo
Author-X-Name-Last: Nalin
Author-Name: Giuliano Toshiro Yajima
Author-X-Name-First: Giuliano Toshiro
Author-X-Name-Last: Yajima
Title: Balance Sheet Effects in a Financialized Environment: A Stock-Flow Consistent Framework for Mexico
Abstract: 
 Exchange rate volatility, growing foreign corporate debt, and decreasing private investment ratio are among the consequences of financialization experienced by developing countries such as Mexico. The present work analyses the combined effect of these three factors using a Stock Flow Consistent (SFC) model. It analytically explores the balance sheet effect in the non-financial corporate sector; higher foreign debt would affect private investment after episodes of real currency depreciation. To explore such mechanisms, we simulate the commodity price cycle of the early 2000s alongside the shifts in the stance of the FED in the aftermath of the Global Financial Crisis. The scenario analysis points to a hysteresis of the Real Exchange Rate (RER) and an increase in foreign debt level.
Journal: Review of Political Economy
Pages: 268-288
Issue: 1
Volume: 36
Year: 2024
Month: 01
X-DOI: 10.1080/09538259.2022.2030946
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2030946
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:1:p:268-288



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2142403_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231203T183118 git hash: be90730853
Author-Name: Sunanda Sen
Author-X-Name-First: Sunanda
Author-X-Name-Last: Sen
Title: Capital Movements and Corporate Dominance over Latin America: Reduced Growth and Increased Instability
Journal: Review of Political Economy
Pages: 385-388
Issue: 1
Volume: 36
Year: 2024
Month: 01
X-DOI: 10.1080/09538259.2022.2142403
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2142403
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:1:p:385-388

Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2318956_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Teresa Ghilarducci
Author-X-Name-First: Teresa
Author-X-Name-Last: Ghilarducci
Author-Name: Siavash Radpour
Author-X-Name-First: Siavash
Author-X-Name-Last: Radpour
Author-Name: Jessica Forden
Author-X-Name-First: Jessica
Author-X-Name-Last: Forden
Title: No Rest for the Weary: Measuring the Changing Distribution of Retirement Wealth in the United States
Abstract: 
 Since 1992 wealth for the bottom 90 percent of households nearing retirement has fallen. The only source of wealth helping the bottom 90 percent is Social Security. Despite pro savings policies and generous tax breaks for savings, the share of the bottom 50 percent having any retirement account didn’t change in 20 years — 46 percent in 1992 and 47 percent in 2016. Even the middle class suffered; the share of the next 40 percent with retirement savings fell from 85 percent in 1992 to a low of 71 percent in 2016. Housing ownership increased a bit for the bottom 50 percent but fell among the middle class and upper middle class. Home equity for the working and middle class fell. Using SCF and HRS data over 20 years, we find the bulk of working-class wealth is government social insurance. Economists should not exclude social insurance from wealth calculations. We find social insurance is the most important source of wealth for most families. Government policies and institutions have failed wealth building for most American households with workers.
Journal: Review of Political Economy
Pages: 461-480
Issue: 2
Volume: 36
Year: 2024
Month: 04
X-DOI: 10.1080/09538259.2024.2318956
File-URL: http://hdl.handle.net/10.1080/09538259.2024.2318956
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:2:p:461-480



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2319466_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Richard McGahey
Author-X-Name-First: Richard
Author-X-Name-Last: McGahey
Title: The Price of Wealth: Scarcity and Abundance in an Unequal World
Abstract: 
 This article reviews and summarizes six economics papers written as part of a project bringing together economists and anthropologists on conceptions and analyses of wealth. The project paired economists and anthropologists in order to illuminate differences in method, analytic technique, and disciplinary framings between the two fields. Anthropologists comment on the economists’ papers from their discipline’s point of view. The overall project was intended to increase understanding and to encourage future collaborations and learning between the two fields.
Journal: Review of Political Economy
Pages: 389-397
Issue: 2
Volume: 36
Year: 2024
Month: 04
X-DOI: 10.1080/09538259.2024.2319466
File-URL: http://hdl.handle.net/10.1080/09538259.2024.2319466
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:2:p:389-397



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2319464_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Gustav Peebles
Author-X-Name-First: Gustav
Author-X-Name-Last: Peebles
Title: Commentary on Ghosh ‘Relational Inequality and Economic Outcomes’
Journal: Review of Political Economy
Pages: 456-460
Issue: 2
Volume: 36
Year: 2024
Month: 04
X-DOI: 10.1080/09538259.2024.2319464
File-URL: http://hdl.handle.net/10.1080/09538259.2024.2319464
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:2:p:456-460



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2242210_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Jayati Ghosh
Author-X-Name-First: Jayati
Author-X-Name-Last: Ghosh
Title: Relational Inequality and Economic Outcomes: A Consideration of the Indian Experience
Abstract: 
 The study of inequality by economists has largely focussed on distributive inequalities of various kinds. The focus on different dimensions of distributive inequality in access and outcomes is welcome. However, it is also important to consider relational inequalities and power imbalances, which economists typically consider to be the domain of sociology, anthropology and related disciplines. Many economic processes cannot be understood without analysing the underlying relational inequalities, which can reveal much about economic processes and associated policies. Some examples from the Indian experience, specifically relating to power imbalances created by gender and caste differentiation, indicate how this can play out. These are not simply ‘traditional social forms’ that are in opposition to or contradictory with capitalist accumulation. Rather, they are crucial in enabling segmented labour markets and enabling extractivist patterns of accumulation, on which recent Indian economic growth has been dependent.
Journal: Review of Political Economy
Pages: 444-455
Issue: 2
Volume: 36
Year: 2024
Month: 04
X-DOI: 10.1080/09538259.2023.2242210
File-URL: http://hdl.handle.net/10.1080/09538259.2023.2242210
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:2:p:444-455



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2178843_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Nina Eichacker
Author-X-Name-First: Nina
Author-X-Name-Last: Eichacker
Title: A Political Economy of Fiscal Space: Political Structures, Bond Markets, and Monetary Accommodation of Government Spending Potential in the Core and Periphery
Abstract: 
 In times of economic crisis, academics, policy-makers, and pundits often debate the correct level and best use of government debt. This paper argues structural political and economic factors grant core economies more fiscal space than peripheral economies. While the federal governments of the US, Germany, and other core economies may easily issue and sell debt in private markets, smaller economies, both municipalities within countries, and countries in the global periphery, are more vulnerable to demand fluctuations. All economies may benefit from explicit commitments by monetary authorities to resume their historic roles as governments’ banks, especially during crises. By highlighting present political constraints, monetary structures, and market factors that may inhibit governments’ successful placement of bonds, this paper deepens present debate about the potential feasibility of functional finance to facilitate fiscal activity, even in unprecedented times.
Journal: Review of Political Economy
Pages: 546-564
Issue: 2
Volume: 36
Year: 2024
Month: 04
X-DOI: 10.1080/09538259.2023.2178843
File-URL: http://hdl.handle.net/10.1080/09538259.2023.2178843
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:2:p:546-564



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2062964_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Chandrasekaran Saratchand
Author-X-Name-First: Chandrasekaran
Author-X-Name-Last: Saratchand
Title: A Macro-Theoretic Exploration of Some Covid-19 Induced Constraints on Economic Policy
Abstract: 
 The Covid-19 pandemic has spawned a crisis whose dimensions encompass the domains of health and the economy. The latter is on account of the use of non-pharmaceutical interventions such as lockdowns in order to deal with a highly contagious disease. Though some vaccines have emerged, lockdowns of varying degrees are still required since geographical coverage of vaccines is uneven, the protection afforded by vaccines is only for a finite period of time and new variants may escape existing vaccines. This provides the context within which economic policy could intervene. Monetary policy is either unavailable or ineffective, especially when the neoliberal project is hegemonic. Therefore, the specific policy instrument that tends to be utilised is fiscal policy wherein it is postulated that the government tries to achieve a target degree of capacity utilisation. It is demonstrated within the framework of a heterodox macroeconomic model that considerations involving macroeconomic stability (and political economy more generally) may cause this target to be below what is warranted by public health requirements. The paper concludes with some suggestions for future work in this research direction.
Journal: Review of Political Economy
Pages: 776-791
Issue: 2
Volume: 36
Year: 2024
Month: 04
X-DOI: 10.1080/09538259.2022.2062964
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2062964
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:2:p:776-791



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2062961_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Emilio Carnevali
Author-X-Name-First: Emilio
Author-X-Name-Last: Carnevali
Author-Name: Francesco Ruggeri
Author-X-Name-First: Francesco
Author-X-Name-Last: Ruggeri
Author-Name: Marco Veronese Passarella
Author-X-Name-First: Marco Veronese
Author-X-Name-Last: Passarella
Title: Inequality and Exchange Rate Movements in an Open-Economy Macroeconomic Model
Abstract: 
 This article presents a complete macroeconomic (SFC) model to study income and wealth distribution in an open economy. We argue that exchange rates and the stock of foreign debt play a major role in shaping inequality across and within countries. Using the ‘relative income hypothesis’, we show that debt-financed consumption of low-income households can affect both total income and the disposable income of high-income households in the medium run. In addition, while higher inequality is detrimental to the domestic economy, it can benefit trading partners.
Journal: Review of Political Economy
Pages: 722-760
Issue: 2
Volume: 36
Year: 2024
Month: 04
X-DOI: 10.1080/09538259.2022.2062961
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2062961
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:2:p:722-760



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2318957_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Ihsaan Bassier
Author-X-Name-First: Ihsaan
Author-X-Name-Last: Bassier
Author-Name: Vimal Ranchhod
Author-X-Name-First: Vimal
Author-X-Name-Last: Ranchhod
Title: Can Minimum Wages Effectively Reduce Poverty under Low Compliance? A Case Study from the Agricultural Sector in South Africa
Abstract: 
 What were the effects of a 52 per cent increase in the minimum wage in the agricultural sector in South Africa in 2013? We estimate the short run effects of this policy change on the income, employment, and poverty rate of farmworkers, using individual-level panel data from the Quarterly Labour Force Surveys (QLFS). Before the implementation date, 90 per cent of farmworkers were paid below the new minimum wage level. We find that the wage gain of farmworkers is strongly quadratically related to pre-implementation wages, suggesting lower compliance as the gap between the minimum and the pre-implementation wage increases. We estimate that farmworkers received a median wage increase of 9 per cent as a result of the policy, and we find no evidence of job losses. Overall, farmworkers were 7 per cent less likely to have household income per person below the poverty line. One possible explanation for these outcomes is that endogenous compliance may mitigate against unemployment effects. While the minimum wage literature is large, our paper adds to the small subset of this literature on large increases, partial compliance, and poverty effects.
Journal: Review of Political Economy
Pages: 398-419
Issue: 2
Volume: 36
Year: 2024
Month: 04
X-DOI: 10.1080/09538259.2024.2318957
File-URL: http://hdl.handle.net/10.1080/09538259.2024.2318957
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:2:p:398-419



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2159627_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Fatih Kırşanlı
Author-X-Name-First: Fatih
Author-X-Name-Last: Kırşanlı
Title: The Economics of the Middle East: A Comparative Approach
Journal: Review of Political Economy
Pages: 879-882
Issue: 2
Volume: 36
Year: 2024
Month: 04
X-DOI: 10.1080/09538259.2022.2159627
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2159627
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:2:p:879-882



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2062959_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Santiago José Gahn
Author-X-Name-First: Santiago José
Author-X-Name-Last: Gahn
Title: Interest and Profit: An Empirical Assessment of the Monetary Theory of Distribution for the Euro Area
Abstract: 
 Several authors, especially those who share a Classical–Keynesian point of view, argue that the interest rate determines the rate of profit in the long run. Considering the eleven founding economies of the euro area, I find that, adjusted for the rate of growth of gross national income, there is a positive long-term relationship between the real interest rate and the net rate of profit. The results are confirmed even when I estimate a model with nominal interest rates, inflation, and a yield curve. These results imply that the European Central Bank (ECB), when deciding monetary policy, is not neutral in determining income distribution.
Journal: Review of Political Economy
Pages: 685-701
Issue: 2
Volume: 36
Year: 2024
Month: 04
X-DOI: 10.1080/09538259.2022.2062959
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2062959
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:2:p:685-701



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2319467_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Caroline E. Schuster
Author-X-Name-First: Caroline E.
Author-X-Name-Last: Schuster
Title: Commentary on Kvangraven and Styve, ‘The Hierarchies of Global Finance’
Journal: Review of Political Economy
Pages: 528-532
Issue: 2
Volume: 36
Year: 2024
Month: 04
X-DOI: 10.1080/09538259.2024.2319467
File-URL: http://hdl.handle.net/10.1080/09538259.2024.2319467
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:2:p:528-532



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2318962_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Grieve Chelwa
Author-X-Name-First: Grieve
Author-X-Name-Last: Chelwa
Author-Name: Mashekwa Maboshe
Author-X-Name-First: Mashekwa
Author-X-Name-Last: Maboshe
Author-Name: Darrick Hamilton
Author-X-Name-First: Darrick
Author-X-Name-Last: Hamilton
Title: The Racial Wealth Gap in South Africa and the United States
Abstract: 
 We present evidence on the Black–White Racial Wealth Gap in South Africa and compare it to the well-known patterns of the same gap in the United States. We find that the patterns in the overall racial wealth gap are similar between the two countries. In South Africa, the typical Black household owns 5 per cent of the wealth held by the typical White household. In the US, the typical Black household owns 6 per cent of the wealth held by the typical White household. In both countries, a racial wealth gap exists at different levels of education and income. The fact that the racial wealth gap in the US is similar to that of a country that recently emerged from apartheid is a sobering indictment. Conversely, the US presents a grim outlook of the future course of the racial wealth gap in South Africa, especially in the absence of economic redress. The similarities in the evidence between the two countries points to the potential utility of using the Identity Group Stratification framework for understanding racial wealth dynamics in South Africa, an approach that is absent in the literature.
Journal: Review of Political Economy
Pages: 423-440
Issue: 2
Volume: 36
Year: 2024
Month: 04
X-DOI: 10.1080/09538259.2024.2318962
File-URL: http://hdl.handle.net/10.1080/09538259.2024.2318962
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:2:p:423-440



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2159629_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Stefano Lucarelli
Author-X-Name-First: Stefano
Author-X-Name-Last: Lucarelli
Title: Crisis, Inequalities and Poverty
Journal: Review of Political Economy
Pages: 882-885
Issue: 2
Volume: 36
Year: 2024
Month: 04
X-DOI: 10.1080/09538259.2022.2159629
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2159629
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:2:p:882-885



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2319462_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Nishita Trisal
Author-X-Name-First: Nishita
Author-X-Name-Last: Trisal
Title: Commentary on Bassier and Ranchhod, ‘Can Minimum Wages Effectively Reduce Poverty Under Low Compliance? A Case Study from the Agricultural Sector in South Africa’
Journal: Review of Political Economy
Pages: 420-422
Issue: 2
Volume: 36
Year: 2024
Month: 04
X-DOI: 10.1080/09538259.2024.2319462
File-URL: http://hdl.handle.net/10.1080/09538259.2024.2319462
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:2:p:420-422



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2318959_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Isabelle Guérin
Author-X-Name-First: Isabelle
Author-X-Name-Last: Guérin
Author-Name: G. Venkatasubramanian
Author-X-Name-First: G.
Author-X-Name-Last: Venkatasubramanian
Title: Debt and the Politics of Numbers: Hegemonic Numbers, Political Numbers, Ordinary Numbers
Abstract: 
 Numbers are both shaped by and constitutive of a certain vision of the world, and household debt is no exception. Financialized capitalism relies on hegemonic numbers that serve the economic and political interests of state government and the financial industry, which see and measure debt as a market ripe for development. In the face of this, it is crucial to build alternative numbers. The political numbers of debt conceive debt as a power relation, and quantify the degrees of financial exploitation that hegemonic numbers are blind to. Ordinary numbers seek to reflect what matters the most to ordinary people. They conceive of debt as a relationship of social interdependence, which can be a source of power, hierarchy and exploitation, but also of mutual aid, reciprocity and dignity. Far from functioning in silos, hegemonic numbers, political numbers and ordinary numbers have shifting boundaries. This article, based on twenty years of research in India conducted by a Franco-Indian team of economists and anthropologists, exposes and contributes to the politics of numbers in the field of debt.
Journal: Review of Political Economy
Pages: 481-499
Issue: 2
Volume: 36
Year: 2024
Month: 04
X-DOI: 10.1080/09538259.2024.2318959
File-URL: http://hdl.handle.net/10.1080/09538259.2024.2318959
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:2:p:481-499



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2114290_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Sergio Rossi
Author-X-Name-First: Sergio
Author-X-Name-Last: Rossi
Title: The Political Benefits of ‘Unconventional’ Monetary Policies in Times of Crisis
Abstract: 
 Since the global financial crisis burst in 2008, central bankers have been at centre stage in addressing its negative consequences across the economic systems of many countries. This has been further noticed in the aftermath of the pandemic crisis that erupted at the beginning of 2020 at global level, when a number of governments did intervene also in a rather ‘unconventional’ way to support economic activity through public spending. In both circumstances, central bankers have been in a position to satisfy private interests of the relevant stakeholders even though this has been affecting both income and wealth distribution against the common good. This paper investigates the political benefits that these ‘unconventional’ policy interventions have elicited in advanced economies to point out the political and distributional consequences of them, suggesting an alternative monetary policy stance that considers climate-related issues.
Journal: Review of Political Economy
Pages: 533-545
Issue: 2
Volume: 36
Year: 2024
Month: 04
X-DOI: 10.1080/09538259.2022.2114290
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2114290
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:2:p:533-545



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2238997_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Massimo Pivetti
Author-X-Name-First: Massimo
Author-X-Name-Last: Pivetti
Title: A Note on the Real Effects of Interest Rate Policy and Its Impact on Inflation
Abstract: 
 The interest rate is viewed in this note as a monetary phenomenon, subject to a wide range of policy objectives and constraints, which contributes to determine activity levels principally through its effects on income distribution. The impact of interest-rate policy on inflation is also analysed, both in the light of the fact that the rate of interest constitutes a component of normal production costs and of the repercussions of its changes on employment. The note finally discusses the implications of the arguments put forward for the status of the central bank and capital control.
Journal: Review of Political Economy
Pages: 600-609
Issue: 2
Volume: 36
Year: 2024
Month: 04
X-DOI: 10.1080/09538259.2023.2238997
File-URL: http://hdl.handle.net/10.1080/09538259.2023.2238997
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:2:p:600-609



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2217776_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Emilio Carnevali
Author-X-Name-First: Emilio
Author-X-Name-Last: Carnevali
Author-Name: Matteo Deleidi
Author-X-Name-First: Matteo
Author-X-Name-Last: Deleidi
Author-Name: Riccardo Pariboni
Author-X-Name-First: Riccardo
Author-X-Name-Last: Pariboni
Author-Name: Marco Veronese Passarella
Author-X-Name-First: Marco
Author-X-Name-Last: Veronese Passarella
Title: Economy-Finance-Environment-Society Interconnections In a Stock-Flow Consistent Dynamic Model
Abstract: 
 This work takes inspiration from four theoretical strands: recent developments in ecological macroeconomics; the Schumpeterian framework of evolutionary economics that emphasises the entrepreneurial role of the State; the stock-flow consistent approach to macroeconomic modelling; and the supermultiplier model. Building upon these approaches, we develop a formal model that reproduces key interactions between the economy, the financial sector, the ecosystem and the society. We test and assess the effects of several fiscal policies. We find that, in principle, mission-oriented innovation policies are the most effective option in supporting innovation and growth, while reducing income inequality. However, lacking a ‘green’ and progressive taxation system, they are unlikely to reverse the current trend in atmospheric temperature.
Journal: Review of Political Economy
Pages: 844-878
Issue: 2
Volume: 36
Year: 2024
Month: 04
X-DOI: 10.1080/09538259.2023.2217776
File-URL: http://hdl.handle.net/10.1080/09538259.2023.2217776
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:2:p:844-878



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2189006_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Jalal Qanas
Author-X-Name-First: Jalal
Author-X-Name-Last: Qanas
Author-Name: Malcolm Sawyer
Author-X-Name-First: Malcolm
Author-X-Name-Last: Sawyer
Title: ‘Independence’ of Central Banks and the Political Economy of Monetary Policy
Abstract: 
 The notion of an ‘independent’ central bank has dominated monetary policy debates for the past three decades. The arguments for the political independence of central banks are closely related to the adoption of ‘inflation targeting’. The arguments for an independent central bank are based on the ‘credibility’ of the ‘conservative’ central bank in comparison to government decision making. The independence of a central bank has been a matter of independence from government but not independence from the grip of the ‘new consensus in macroeconomics’ nor from the interests of the banking and financial sector. That independence has also supported a lack of co-ordination between monetary and fiscal policies, diminishing the effectiveness of macroeconomic policies. In addition, there remain doubts about the effectiveness of ‘inflation targeting’ on the achievement of low inflation. The policy mandates of central banks have begun to shift towards financial stability and paying attention to issues of inequality and the climate emergency.
Journal: Review of Political Economy
Pages: 565-580
Issue: 2
Volume: 36
Year: 2024
Month: 04
X-DOI: 10.1080/09538259.2023.2189006
File-URL: http://hdl.handle.net/10.1080/09538259.2023.2189006
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:2:p:565-580



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2062960_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Natalia Bracarense
Author-X-Name-First: Natalia
Author-X-Name-Last: Bracarense
Title: Center and Periphery: An Original Institutional Economics Analysis of Raúl Prebisch’s Structuralism
Abstract: 
 The present article focuses on Raúl Prebisch’s center and periphery framework, connecting his early, mid-career, and later work to cast a different light on one of his most enduring contributions. Using an original institutional economics approach, the article shows that Prebisch held a structuralist perspective throughout his career, but while early on he maintained a standard structuralist position, by the 1960s Prebisch embraced a less rigid version of structuralism, understanding the relationship between center and periphery through a multi-layered analysis. A movement in such direction enriches economic theory, creating a dynamic framework that views social, economic, and political transformation as a result of interactive actions (Lawson [1997]. Economics and Reality. London: Routledge) between agents and structures.
Journal: Review of Political Economy
Pages: 702-721
Issue: 2
Volume: 36
Year: 2024
Month: 04
X-DOI: 10.1080/09538259.2022.2062960
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2062960
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:2:p:702-721



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2014220_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Virgile Chassagnon
Author-X-Name-First: Virgile
Author-X-Name-Last: Chassagnon
Author-Name: Guillaume Vallet
Author-X-Name-First: Guillaume
Author-X-Name-Last: Vallet
Title: The Societal Responsibility of Banks: A Case Study of Three Swiss Alternative Banks
Abstract: 
 The ‘Great Recession’ of 2008 exposed banks and banking systems as frail economic entities, posing a threat to the real economy and society at large. This context of near economic collapse made clear the societal responsibility of banks to conform to business ethics respectful of both individual and collective interests. We argue that banks are primarily institutions of capitalism that must rely on resilient systems of reasonable values. The paper focuses on three Swiss banks to determine their ethical properties and their social ends. Such a societal dimension that we thrust on banks implies rethinking the responsibility of banks to society and their contributions to the public interest.
Journal: Review of Political Economy
Pages: 658-684
Issue: 2
Volume: 36
Year: 2024
Month: 04
X-DOI: 10.1080/09538259.2021.2014220
File-URL: http://hdl.handle.net/10.1080/09538259.2021.2014220
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:2:p:658-684



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2196949_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Rod O’Donnell
Author-X-Name-First: Rod
Author-X-Name-Last: O’Donnell
Title: Logic and Economics II: Pure Neoclassicism, Part A
Abstract: 
 This paper investigates Pure Neoclassical economics from a logical standpoint. After discussing validity criteria, it focuses on theoretical individualism, a core foundation of Neoclassical theorizing in all its variants. Careful analysis of this doctrine reveals that, while mathematically valid, it generates many propositional contradictions in all economic and social science theories grounded upon it.
Journal: Review of Political Economy
Pages: 634-657
Issue: 2
Volume: 36
Year: 2024
Month: 04
X-DOI: 10.1080/09538259.2023.2196949
File-URL: http://hdl.handle.net/10.1080/09538259.2023.2196949
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:2:p:634-657



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2319465_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Amita Baviskar
Author-X-Name-First: Amita
Author-X-Name-Last: Baviskar
Title: Commentary on Guérin and Venkatasubramanian ‘Debt and the Politics of Numbers’
Journal: Review of Political Economy
Pages: 500-503
Issue: 2
Volume: 36
Year: 2024
Month: 04
X-DOI: 10.1080/09538259.2024.2319465
File-URL: http://hdl.handle.net/10.1080/09538259.2024.2319465
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:2:p:500-503



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2166729_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Enrico Sergio Levrero
Author-X-Name-First: Enrico Sergio
Author-X-Name-Last: Levrero
Title: The Taylor Rule and its Aftermath: An Interpretation Along Classical-Keynesian Lines
Abstract: 
 The aim of this paper is to assess to what extent the Taylor rule can be considered an appropriate representation of the tendency of central banks to react to inflation. After an overview of the origin and use of the Taylor rule, the paper stresses some difficulties in its implementation and the limits of its interpretation by the New Consensus models. Specifically, the inherent difficulties stemming from the notion and estimates of a benchmark interest rate determined by ‘productivity and thrift’ are pointed out. We then move on to advance an alternative interpretation of the Taylor rule along Classical-Keynesian lines. In this context, inflation is fuelled by conflicting claims on income distribution and the rule will be interpreted, as it is in actual fact, as a flexible and non-mechanical benchmark for monetary policies which will be seen to affect the division of product between wages and profits.
Journal: Review of Political Economy
Pages: 581-599
Issue: 2
Volume: 36
Year: 2024
Month: 04
X-DOI: 10.1080/09538259.2023.2166729
File-URL: http://hdl.handle.net/10.1080/09538259.2023.2166729
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:2:p:581-599



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2242209_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Ingrid Harvold Kvangraven
Author-X-Name-First: Ingrid Harvold
Author-X-Name-Last: Kvangraven
Author-Name: Maria Dyveke Styve
Author-X-Name-First: Maria
Author-X-Name-Last: Dyveke Styve
Title: The Hierarchies of Global Finance: An Anti-Disciplinary Research Agenda
Abstract: 
 This article critically assesses the economics discipline’s capacity to capture the structural features and political economy implications of contemporary financial processes in the global South, with a particular focus on South Africa. Delving into the complexities of financial processes in South Africa, the article proposes an alternative, anti-disciplinary framework for understanding drivers and impacts of financial processes. We show how such an approach cannot simply be about adding social or political perspectives to mainstream economics, but rather about interrogating how we think about economic systems themselves, drawing on a variety of theoretical and disciplinary insights. This is about taking an open and holistic approach that centers history, power, structures, and social relations. With an issue such as finance, critical political economy approaches from a variety of disciplines allow us to see that finance cannot be separated from the wider economy or from the social relations it forms part of today and historically. This becomes particularly clear when considering how racial, gender and class relations both impact and are impacted by financial processes in South Africa. We conclude with recommendations for studies of changing financial processes globally and in the global South.
Journal: Review of Political Economy
Pages: 504-527
Issue: 2
Volume: 36
Year: 2024
Month: 04
X-DOI: 10.1080/09538259.2023.2242209
File-URL: http://hdl.handle.net/10.1080/09538259.2023.2242209
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:2:p:504-527



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2063516_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Robert L. Vienneau
Author-X-Name-First: Robert L.
Author-X-Name-Last: Vienneau
Title: Characteristics of Labor Markets Varying with Perturbations of Relative Markups
Abstract: 
 This article examines a model of long-period positions with markup pricing. The variation in certain characteristics of the wage frontier with perturbations of relative markups is illustrated. This analysis provides a demonstration of the emergence of the reswitching of techniques and of capital reversing, for example, in non-competitive markets.
Journal: Review of Political Economy
Pages: 827-843
Issue: 2
Volume: 36
Year: 2024
Month: 04
X-DOI: 10.1080/09538259.2022.2063516
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2063516
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:2:p:827-843



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2062962_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Emanuel Reis Leão
Author-X-Name-First: Emanuel Reis
Author-X-Name-Last: Leão
Author-Name: Pedro Reis Leão
Author-X-Name-First: Pedro Reis
Author-X-Name-Last: Leão
Title: The Paradox of Investment: A Contribution to the Theory of Demand-Led Economic Growth
Abstract: 
 This paper has two purposes. The first is to argue that aggregate investment may be subject to the following paradox. A rise in investment decided by firms to correct overutilization of their production capacity may generate less capacity than demand — and hence cause a paradoxical rise in overutilization. This will in turn lead to even more investment, and so on — the result being the self-sustained rises in output that characterize economic expansions. The second purpose of the paper is to put forward one reason why the above paradox of investment will lose strength as expansions progress, and may eventually disappear leading to their end. That reason may be summarized as follows. As net investment increases along expansions, the effect of investment on production capacity rises relative to its effect on demand — and, as a result, the rise in utilization slows down. Moreover, as net investment eventually grows to a high level, the effect of investment on capacity may become bigger than its effect on demand. If this happens, utilization will stop rising and start falling, and thus the same may happen with investment and output.
Journal: Review of Political Economy
Pages: 761-775
Issue: 2
Volume: 36
Year: 2024
Month: 04
X-DOI: 10.1080/09538259.2022.2062962
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2062962
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:2:p:761-775



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2319463_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Kimberly Chong
Author-X-Name-First: Kimberly
Author-X-Name-Last: Chong
Title: Commentary on ‘The Racial Wealth Gap in South Africa and the United States’ by Chelwa, Maboshe and Hamilton
Journal: Review of Political Economy
Pages: 441-443
Issue: 2
Volume: 36
Year: 2024
Month: 04
X-DOI: 10.1080/09538259.2024.2319463
File-URL: http://hdl.handle.net/10.1080/09538259.2024.2319463
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:2:p:441-443



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2063513_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Massimo Cingolani
Author-X-Name-First: Massimo
Author-X-Name-Last: Cingolani
Title: Public and Private Financing of Sustainable Development Goals (SDGs)
Abstract: 
 The market will undersupply sustainable development goals (SDGs) due to their substantial public good element. SDG investments should be socially evaluated at accounting prices, for which alternative estimation approaches exist, amongst which political arbitrage is needed. Money should also be integrated in the evaluation, as assets not backed by real wealth creation risk having a higher return in cash than SDGs at the time of the initial finance of investment. Current estimates of SDG cost at market prices cumulated over 10 years vary between 20 and 80% of 2019 world GDP. Actual cost could be higher, possibly 125% of GDP, about one-sixth of the world’s private wealth. The PPP financing route can be followed mainly for larger projects and for a relatively limited portion of aggregate public investment needs. This confirms the public sector’s principal responsibility for actual implementation of SDGs, for which public budgets remain to be mobilised and coordinated at the scale needed.
Journal: Review of Political Economy
Pages: 792-826
Issue: 2
Volume: 36
Year: 2024
Month: 04
X-DOI: 10.1080/09538259.2022.2063513
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2063513
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:2:p:792-826



Template-Type: ReDIF-Article 1.0
# input file: CRPE_A_2062963_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Rod O’Donnell
Author-X-Name-First: Rod
Author-X-Name-Last: O’Donnell
Title: Logic and Economics I: Synthesis Neoclassicism
Abstract: 
 Economic theory has two inter-related, desiderata — valid argumentation, and scientific explanations of relevant realities. This paper explores whether these objectives can be achieved with a widely-deployed form of Neoclassical economics. Applying arguments drawn from logic to this type of theorizing produces far-reaching conclusions.
Journal: Review of Political Economy
Pages: 610-633
Issue: 2
Volume: 36
Year: 2024
Month: 04
X-DOI: 10.1080/09538259.2022.2062963
File-URL: http://hdl.handle.net/10.1080/09538259.2022.2062963
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:revpoe:v:36:y:2024:i:2:p:610-633