Pakistan's political economy has been characterized by some interesting and arguably unique features in recent decades. The combination of two stands out, in particular: (1) lifetime uncertainty for elected governments, and (2) a high degree of certainty that, due to reasons that are largely...

I study the effect of technical change on the equilibrium profit rate in Classical-Marxian models of economic growth with alternative closures. In each model, capitalists adopt a new technique of production only if it will increase the profit rate given their expectations about the movement of...

I discuss some theoretical and empirical points about the Goodwin model. First, I offer a simple proof that solution trajectories around the stable critical point in the Goodwin model are closed orbits but not limit cycles. Moreover, in a neighborhood of the stable critical point, the closed...

In this paper we review recent developments in axiomatic studies of Marxian exploitation theory. First, given the acute controversy over the formal definition of exploitation during the 1970-1990s, we review the study of the axiomatic framework, which identifies some fundamental properties -...

In the wake of the global energy crisis, many European countries used energy price controls to fight inflation and to stabilize the economy. Despite its wide adoption, many economists remained skeptical. In this paper, we argue that price controls should be part of the policy toolbox to respond...

An important body of literature explores the political economy reasons underlying delays in macroeconomic stabilization. This paper develops a framework to analyze conflict between two groups of economic actors, one that has an endowment of internationally tradable goods and another that is...

Building on a recently developed methodology for sensitivity analysis that parametrizes omitted variable bias in terms of partial R2 measures, I propose a simple statistic to capture the severity of omitted variable bias in any observational study: the probability of omitted variable bias...

Covariate benchmarking is an important part of sensitivity analysis about omitted variable bias and can be used to bound the strength of the unobserved confounder using information and judgments about observed covariates. It is common to carry out formal covariate benchmarking after...

Developing country inflation is in the headlines again. Mainstream macroeconomics typically ignores the role of conflict while non-mainstream work tends to ignore macroeconomic constraints. This paper revisits the issue employing a dependent economy framework with eclectic characteristics....

In this paper, I discuss three aspects of the Frisch-Waugh-Lovell theorem. First, I show that the theorem holds for linear instrumental variables estimation of a multiple regression model that is either exactly or overidentified. I show that with linear instrumental variables estimation: (a)...