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Working Paper No. 24Financial Instability
June 06, 1989 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....more Publication -
Working Paper No. 23
Viability and Equilibrium
May 10, 1989 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...more Publication -
Working Paper No. 22
Debt and Macro Stability
May 08, 1989 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,...more Publication -
Working Paper No. 21
The Structure of Class Conflict in a Kaleckian-Keynesian Model
April 10, 1989 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...more Publication -
Working Paper No. 20
Profits, Cycles, and Chaos
April 09, 1989 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...more Publication -
Working Paper No. 19
A Dynamic Approach to the Theory of Effective Demand
March 10, 1989 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...more Publication -
Working Paper No. 18
Profitability and the Time-varying Liquidity Premium in the Term Structure of Interest Rates
March 08, 1989 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...more Publication -
Working Paper No. 17
Social Progress after the Age of Progressivism
February 01, 1989 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...more Publication -
Working Paper No. 16
Unionization and Labour Regimes
January 10, 1989 No further information available. Publication -
Working Paper No. 15
The Financially Fragile Firm
January 01, 1989 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,...more Publication -
Working Paper No. 14
Classical and Neoclassical Elements in Industrial Organization
December 01, 1988 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...more Publication -
Working Paper No. 13
The Effects of Worker Participation, Employee Ownership, and Profit Sharing on Economic Performance
November 10, 1988 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...more Publication -
Working Paper No. 12
The Real Wage and the Marginal Product of Labor
November 01, 1988 As I see it, the errors in Keynes’s analysis in chapter 2 of the General Theorv were his acceptance of diminishing returns in the short-period relation between output and labor...more Publication -
Working Paper No. 11
Ranking Urban Areas
October 09, 1988 Rankings of urban areas provide useful information to planning recreational or tourism activities, making housing-locational decisions, and designing policies to attract industries. This paper illustrates how the structural approach to...more Publication -
Working Paper No. 10
Long-Term Trends in Profitability
October 02, 1988 It is accepted doctrine among economists that the rate of profit in the United States has declined since the mid-1960s. What is less a matter of agreement is whether this...more Publication -
Working Paper No. 9
Consumer Benefit from Air Quality Improvements
October 02, 1988 This paper applies a simultaneous equations estimation technique to estimate a hedonic equilibrium model. The estimation results are used to compute consumer benefit from air quality improvements. Publication -
Working Paper No. 8
The Effects of Alternative Sharing Arrangements on Employment
September 10, 1988 A sample of British firms with diverse sharing arrangements is used to investigate the effects of profit sharing on employment levels. Employment effects are sometimes significant but depend upon the...more Publication -
Working Paper No. 7
Why Is the Rate of Profit Still Falling?
September 09, 1988 This paper elaborates a fixed-coefficient, capital, labor, non-raw material intermediates, raw materials production model; estimates the wage share-profit rate frontier associated with it for U.S. manufacturing from 1949 to 1986;...more Publication -
Working Paper No. 6
A Structural Approach to Hedonic Equilibrium Models
August 10, 1988 This paper presents a quality theory for differentiated products. Analytical solutions for the equilibrium demand for quality and the equilibrium price equation are computed. The model is estimated and the...more Publication -
Working Paper No. 5
The Finance Constraint Theory of Money
August 09, 1988 The theory of money that emerged from the Keynesian Revolution is coming increasingly into question, and a variety of new theories are being put forward as alternatives. The most promising...more Publication -
Working Paper No. 4
Housing Quality Differentials in Urban Areas
July 10, 1988 This paper applies an equilibrium quality theory for differentiated products to estimate the willingness to pay for improvements in the air quality of Chicago, Cleveland, Dallas, Houston, and Indianapolis. The...more Publication -
Working Paper No. 3
Competing Micro Economic Theories of Industrial Profits
March 10, 1988 Contrary to the impression given by most textbooks, microeconomics is not a homogeneous discipline. At least two major alternative theories exist which account for the long-run behavior of industrial prices...more Publication -
Working Paper No. 2
The Firm and Its Profits
March 09, 1988 What sets the firm apart from other producers is the commercial nature of its operations. The firm produces for the market and only for the market. It produces goods and...more Publication -
Working Paper No. 1
Macroeconomic Profitability
November 10, 1987 This paper gives an account of recent work on the measurement, statistical analysis, and theoretical analysis of macroeconomic profitability. Measurement issues include the treatment of holding gains on physical assets...more Publication