This paper examines the relationship between spatial clustering and inequality at the county scale with overall state per capita income in the U.S. over the period 1969-2000. For each of the 48 coterminous states we examine measures of inequality and spatial clustering and explore how a state's...

This paper examines the effect of inequality on growth among the sub- national states in India. Theoretically, growth of the regional economy is driven by productive public investment in the provision of health and education services financed by a linear output tax, and the optimum tax rate is...

With all the talk in Europe about “Islam” and “Muslim culture” it is surprising how little hard-core empirical evidence exists on the compatibility of “Muslim culture” with positive patterns of political, social, and ecological development in the world system in the 1980s, 1990s, and...

The article analyses further develops the neo-dependency approach already presented by the same author and looks at recent time series trends in the structure of international capital penetration, international savings, and the dynamics of “unequal transfer” and their effects on social...

Macroeconomic Policies of the Economic and Monetary Union: Theoretical Underpinnings and Challenges Philip Arestis and Malcolm Sawyer, The Levy Economics Institute and Leeds University Abstract This paper presents two issues: first, an effort to decipher the type of economic analysis and...

The paper discusses and revisits some of the most popular stories behind the 2001 financial crisis in Argentina, i.e. the prolonged overvaluation of the peso owing to the Currency Board arrangement, the lack of fiscal adjustment, and the negative external environment which triggered a “sudden...

In the debate on monetary policy strategies on both sides of the Atlantic, it is now almost a commonplace to contrast the Fed and the ECB by pointing out the former’s flexibility and capacity to adjust rigidity, and the latter’s extreme caution, and obsession with low inflation. In looking...

This paper provides some further tests for the proposition that a larger public sector leads to smaller output volatility. Both Gali and Fatas & Mihov have provided some evidence which appears to support this proposition. Their evidence is, however, based on a relatively small sample of...

The Broad Economic Policy Guidelines contain the answers of the European Commission and the governments of the EU-member countries to the European growth and employment problems. These guidelines have been the major EU-economic policy concept for around ten years now. They can be seen as a...