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Working Paper No. 257Is Keynesianism Institutionalist?
November 01, 1998 This paper poses that the one commonality between institutionalist thought and Keynesianism (as presented in his General Theory) was money. Tracing the origins and uses of money, the myth of...more Publication -
Working Paper No. 256
The Minimum Wage in Historical Perspective
November 01, 1998 During the Progressive period of American history the debate over the minimum wage was often between those who clung to traditional economic theory as a reason for not having a...more Publication -
Public Policy Brief No. 45Did the Clinton Rising Tide Raise All Boats?
October 07, 1998 During the recent robust expansion only 700,000 of the almost 12 million jobs created went to the half of the population that does not have at least some college education....more Publication -
Working Paper No. 253
Finance and the Macroeconomic Process in a Classical Growth and Cycle Model
October 01, 1998 The aim of this paper is to derive an endogenous growth and cycles model that integrates sectoral incomes, expenditures, and finance requirements into an ex ante social accounting matrix (SAM)...more Publication -
Working Paper No. 255
Economic Time
October 01, 1998 This paper argues that economists require a particular concept of time to develop theory with greater explanatory power in describing and analyzing the sort of economy in which we are...more Publication -
Working Paper No. 254
Toward a New Instrumental Macroeconomics
October 01, 1998 This paper argues that the ideas of Abba Lerner and Adolph Lowe contain overlapping and complementary insights and themes that may contribute to the development of a new approach to...more Publication -
Public Policy Brief No. 44
The Asian Disease: Plausible Diagnoses, Possible Remedies
September 06, 1998 Asia presents a cumulation of apparently rational decisions that produced disastrous results—a textbook illustration of “financial instability” developing from the economics of euphoria. A combination of factors produced the crisis...more Publication -
Public Policy Brief No. 43
How Big Should the Public Capital Stock Be?
September 05, 1998 Investment in infrastructure is necessary for a strong, flexible, and growing economy. However, the relationship between public capital and economic growth is not linear. At a certain level, the tax...more Publication -
Working Paper No. 252
Modern Money
September 01, 1998 All modern economies have a “chartalist” or “state” money, as acknowledged by Friedrich Knapp and John Maynard Keynes. In this paper, I examine the “history” of money to shed light...more Publication -
Working Paper No. 251
Paul Davidson’s Economics
September 01, 1998 Paul Davidson is one of the best known and most influential post-Keynesian economists. He has insisted throughout his career that economists should focus on real-world problems and that the purpose...more Publication -
Working Paper No. 250
Explaining Long-Term Exchange Rate Behavior in the United States and Japan
September 01, 1998 Conventional exchange rate models are based on the fundamental hypothesis that, in the long run, real exchange rates will move in such a way as to make countries equally competitive....more Publication -
Public Policy Brief No. 42
Automatic Adjustment of the Minimum Wage
August 04, 1998 The fact that every change in the minimum wage requires an act of Congress means that debate over the wisdom of having a minimum is repeatedly returned to the political...more Publication -
Working Paper No. 249
The American Wage Structure, 1920–1947
August 01, 1998 This paper uses industrial wage data and a systematic if unconventional selection of methods to examine changes in the inter-industry structure of wages between 1920 and 1947. We first sort...more Publication -
Working Paper No. 248
Can Expenditure Cuts Eliminate a Budget Deficit?
August 01, 1998 Australian governments since the late 1970s have attempted to eliminate the fiscal deficit through reductions in expenditure. These efforts have failed. With each successive business cycle the federal government’s budget...more Publication -
Working Paper No. 247
“Inability to Be Self-Reliant” As an Indicator of US Poverty
August 01, 1998 The official poverty measure is based on the premise that all families should have sufficient income from either their own efforts or government support to boost them above a family-size-specific...more Publication -
Working Paper No. 246
Derivatives and Global Capital Flows
August 01, 1998 Four factors in the current financial crisis in Asia have surprised observers. First, although capital flows in Asia appeared stable, the crisis was precipitated by the reversal of the very...more Publication -
Public Policy Brief No. 41
Side Effects of Progress
July 03, 1998 Why does a dynamic growing economy have a persistent long-term unemployment problem? Research Associates Baumol and Wolff have isolated one cause. Although technological change, the engine of growth and economic...more Publication -
Working Paper No. 245
Reciprocity and the Guaranteed Income
July 01, 1998 This paper argues that a guaranteed income is not only consistent with the principle of reciprocity but is required for reciprocity. This conclusion follows from a three-part argument. First, if...more Publication -
Working Paper No. 244
Can Taxes and Bonds Finance Government Spending?
July 01, 1998 This paper investigates the commonly held belief that government spending is normally financed through a combination of taxes and bond sales. The argument is a technical one and requires a...more Publication -
Working Paper No. 243
State Type and Congressional Voting on the Minimum Wage
July 01, 1998 How members of Congress vote on increases in the minimum wage is a function of several factors, most notably party affiliation and constituent interest. But also among those factors is...more Publication -
Working Paper No. 242
Money and Credit in a Keynesian Model of Income Determination
July 01, 1998 This paper formally integrates the theory of money and credit derived ultimately from Wicksell into the Keynesian theory of income determination, with assets allocated according to Tobinesque principles. The model...more Publication -
Policy Note No. 7Goldilocks and the Three Bears
July 01, 1998 Unlike the Papa, Mama, and Baby Bears faced by the storybook Goldilocks, our Goldilocks faced three ferocious grizzlies: a cascading, global financial crisis, global deflation and excess capacity (or insufficient...more Publication -
Working Paper No. 241
Optimal Financing by Money and Taxes of Productive and Unproductive Government Spending
July 01, 1998 This paper contains an investigation of the effects of different means of financing government spending on economic growth, inflation, and welfare. In this setting, two different types of government spending...more Publication -
Working Paper No. 240
The Place of Cultural Explanations and Historical Specificity in Discussions of Modes of Incorporation and Segmented Assimilation
July 01, 1998 In this new working paper, Senior Scholar Joel Perlmann discusses cultural, structural, and contextual explanations of segmented assimilation among the children of immigrants. In it he addresses a number of...more Publication