Structuralist and post-Keynesian models differ in their assumptions about firms' investment behavior and pricing/output decisions. This paper compares three benchmark models: Kaleckian, Robinsonian and Kaldorian. We analyze the implications of these models for the steady growth path and the...

The results of the Bhaduri-Marglin model build on the assumption of an exogenous profit share. The present paper examines critically the robustness of these results by asking how its results change if we take the endogeneity of the profit share into account. In doing so, the constituents of the...

The euro crisis remains at the centre of the economic policy debate. The member states of the European Monetary Union have adopted fiscal austerity programmes which imply a very restrictive overall fiscal stance for the years to come. Stefan Ederer argues in the Forum section of this issue that...

First paragraph: Malcolm, our first set of questions is about your career in retrospective. You have been a professional economist for more than 40 years. What was your motivation to become an economist, how did you get in contact with heterodox economics and what were the major steps in your...

First paragraph: In the past two years the world economy experienced a patchy but relatively strong recovery. In the European Union, however, the upturn was markedly weaker than in the rest of the world. Buoyant exports to the fast-growing emerging economies led to a strong upswing in several...

In 2012, public debt is still at the centre of attention and economic policies – globally, but especially in Europe. For most of the mainstream commentators the main source of public debt can be traced back to loose public spending behaviour and a lack of fiscal discipline. However, story and...

Books reviewed: Hein, E. and Stockhammer, E. (2011): A Modern Guide to Keynesian Macroeconomics and Economic Policies, Cheltenham, UK Claudio Sardoni (2011): Unemployment, Recession and Effective Demand. The Contributions of Marx, Keynes and Kalecki Stephan Schulmeister (2010): Mitten in der...

First paragraph: John, what was your motivation to become an economist?

Die Staatsverschuldung gerät immer wieder in die wirtschafts- und finanzpolitische Diskussion. Für die einen ist sie Hauptursache wirtschaftlicher Krisen, für die anderen wesentliches Instrument zu deren Behebung. Der vorliegende Beitrag analysiert elementare Wechselwirkungen zwischen...