First paragraph: Following the global economic meltdown of September 2008 and the ensuing economic depression, we are now experiencing what is arguably the third phase of the crisis, that of the eurozone and national debt, with a variety of countries within the eurozone facing the threat of...

First paragraph: The financial and economic crises which started in 2007 have triggered and motivated increasing research on finance and the instability of the financial system but also on the relationship between finance, distribution and growth. This special issue discusses various, but...

Books reviewed: Claude Gnos, Louis-Philippe Rochon (eds.) (2011): Credit, Money and Macroeconomic Policy. A Post-Keynesian Approach, Cheltenham, UK

We test the hypothesis that the long-term Phillips curve is downward sloping and has become flatter in the last 10 to 15 years. Controlling for the most important other factors influencing the inflation rate, we estimate cointegrations and test whether a "break" in the Phillips curve can be...

In the last two decades Italy implemented a number of reforms of the public pay-as-you-go (PAYG) scheme that curtailed future pensions. Governments therefore felt the need to increase the number of workers contributing to fully funded (FF) schemes to offset the expected fall in public pensions....

The dominant role of the "new consensus models" in central banks' policy-making in the last two decades has triggered the reaction of post-Keynesian economists to examine alternatives to inflation-targeting monetary strategies and to Taylor-type interest rate rules. This paper develops a simple...

In this paper I analyse how I became an economist and at the same time a democratic socialist and a Christian. I also explain how I became politically involved after my graduate studies at Cambridge in the late 1950s and started lecturing at Adelaide. When back in Cambridge in the 1960s,...

Geoff Harcourt has been a thoroughgoing Keynesian committed to the achievement of sustainable (environmental and otherwise) and equitable (nationally and internationally) economic development and growth, and full employment of the available labour force. Achieving such an objective would...

Post-Keynesians in general, and Geoff Harcourt in particular, have always laid much emphasis on incomes policies, which allow policy-makers to implement expansionary demand-side policies and ensure price stability. Mainstream economics, instead, gives little, if any, relevance to incomes...

In Cambridge, UK, in the late 1960s and early 1970s, there were some of the most distinguished post-war non-neoclassical economists, which included Nicholas Kaldor, Joan Robinson and Piero Sraffa. The Cambridge capital theory controversies seemed to have been decisively settled in Cambridge,...