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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 […]
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  Working Paper No. 12

  The Real Wage and the Marginal Product of Labor

  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 employed, and of perfect competition in the product market. These "errors," however, are easily corrected and do not alter Keynes’s basic and correct ideas—that employment […]
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  Working Paper No. 11

  Ranking Urban Areas

  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 hedonic equilibrium models can be used to derive a quality of life based ranking of urban areas.
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  Working Paper No. 10

  Long-Term Trends in Profitability

  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 decline represents a stage in a long-term secular decline. In a recent article, Dumenil, Glick, and Rangel (1987) reviewed the existing empirical evidence on this […]
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  Working Paper No. 9

  Consumer Benefit from Air Quality Improvements

  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.
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  Working Paper No. 8

  The Effects of Alternative Sharing Arrangements on Employment

  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 measure of profit sharing, how the dynamics are modeled, and whether measures of employee participation in decision making are included in the estimating equation. Using […]