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  Working Paper No. 24

  Financial Instability

  This study is a continuation of the empirical research on the impacts of debt; it argues that debt-usage is not neutral and that the currency of its cost is bankruptcy. A financially fragile economy is feared because of its potential harm. In the public sector the large and lingering deficit is not a problem in […]
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  Working Paper No. 23

  Viability and Equilibrium

  More than fifty years after the publication of Keynes’ General Theory and of the review article by Hicks, ISLM remains the basic model for teaching Keynesian macroeconomics. Some Keynesians have rightly insisted on the inadequacies of ISLM in capturing Keynes’ thought but have not converted the profession to their views. The same fate may befall […]
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  Working Paper No. 22

  Debt and Macro Stability

  There has been much recent interest in the problem of financial instability in the macro economy. Some researchers have looked for cyclical and secular co-movements between debt accumulation, financial crises, and problems in the real economy. Others have tried to rationalize, in formal models the apparent connections between finance, changes in expectations, and macro instability. […]
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  Working Paper No. 21

  The Structure of Class Conflict in a Kaleckian-Keynesian Model

  This paper seeks to explore this issue of the existence and nature of class conflict within a picture of the economy that could be called Kaleckian-Keynesian. Though the particular model we will use owes somewhat more to Kalecki than Keynes, it hopefully does not violate the spirit of Keynes very much, and in fact it […]
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  Working Paper No. 20

  Profits, Cycles, and Chaos

  Some time ago, Goodwin (1967) offered an elegant and influential model to represent part of Marx’s thinking on business cycles. In that model he was able to show how the interaction of the reserve army of labor and the process of capital accumulation could produce self-sustaining oscillatory behavior. Increases in the real wage cause decreases […]
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  Working Paper No. 19

  A Dynamic Approach to the Theory of Effective Demand

  This paper attempts to resituate the theory of effective demand within a dynamic nonequilibrium context. Existing theories of effective demand, which derive from the works of Keynes and Kalecki, are generally posed in static equilibrium terms. That is to say, they serve to define a given level of output which corresponds to the equilibrium point […]
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  Working Paper No. 18

  Profitability and the Time-varying Liquidity Premium in the Term Structure of Interest Rates

  There have been numerous empirical studies of the term structure. Broadly, the evidence may be said to be consistent with some influence from expectations plus the existence of a liquidity premium. Long rates or the spread between long and short rates have seemed to be systematically related to expectations of future rates, though the expectations […]
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  Working Paper No. 17

  Social Progress after the Age of Progressivism

  This essay is about trade unions, an institution that arose to play an important part in relation to the social progress characterizing much of the present century and that served as an important reference point for several varieties of normative progressivism. The past two decades of social progress in the most prosperous established nations appear […]
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  Working Paper No. 16

  Unionization and Labour Regimes

  No further information available.
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  Working Paper No. 15

  The Financially Fragile Firm

  This paper is an empirical investigation of Minsky’s hypothesis in the U.S. consumer durables sector during the 1920s. The first section of the paper briefly describes Minsky’s financial fragility hypothesis, while the second sketches a brief economic historical background of the 1920s in the U.S. The third section introduces the methodology utilized and the fourth […]
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  Working Paper No. 14

  Classical and Neoclassical Elements in Industrial Organization

  This article analyzes the theoretical foundations of industrial organization studies of monopolistic and competitive pricing. Our analysis will focus on the central debates of the 1950s, 1960s, and 1970s that formed the theoretical basis of the modern industrial organization paradigm. We will argue that despite claims to the contrary, and often unknowingly, the majority of […]
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  Working Paper No. 13

  The Effects of Worker Participation, Employee Ownership, and Profit Sharing on Economic Performance

  For alternative sharing arrangements we review theory on the economic effects on employment, productivity, investment, income and wealth distribution, and life cycle and survival. We find that predictions are often ambiguous and that sometimes the nature and size of the specific effect is determined in part by the particular institutional arrangements. Next recent econometric work […]