Making use of a post-Keynesian/Kaleckian two-country stock-flow consistent (SFC) simulation model, we shed light on different regimes in modern finance-dominated capitalism, their interaction at the global scale, and then on the changes in regimes after the 2007-09 crises. Most importantly, we...

This paper estimates a demand-led model of macroeconomic growth and fluctuations in which the growth rate of the economy's supply side converges to the growth rate of demand. Convergence happens because labor supply and productivity growth respond to the degree of slack in the economy. Faster...

The foundation for both the neo-Schumpeterian and original institutional economics school of thought is the emphasis on evolutionary processes in economies. The relationship between technology and the social rules and norms that coordinate the behavior of people provides the focus for their...

This paper gives an interpretation of Michael Polanyi’s vision of government and economics as spanning between Hayek and Keynes. The influence of Hayek is manifested by his opposition to central planning and the defence of self-organization as a superior mechanism for coordinating individual...

This paper draws on a debate between Robert Skidelsky and Paul Krugman on the expansionary austerity hypothesis as a motivation to build a demand-driven agent-based model. The model features contagion across firms to explore whether fiscal consolidations may become expansionary due to a positive...