This paper is part of a larger project aiming at revitalizing high development theory". It examines the roots of development economics, tracing it back to the seminal contributions of European émigrés to the UK and the US in the 1930s. Developed mainly by German speaking economists it became...

A review essay on Edward J. Nell, The General Theory of Transformational Growth, Cambridge, Cambridge University Press, 1998; A. P. Thirwall, The Nature of Economic Growth. An Alternative Framework for Understanding the Performance of Nations, Cheltenham, Edward Elgar, 2002; Mark Setterfield (ed.), The...

The causes of the present crisis are largely to be found in the unregulated development of new financial products and in the over-expansion of the financial sector, in particular the shadow banking sector, which emerged precisely to avoid regulation. These changes led to lower risk perception,...

We model a macroeconomy with stock flow consistent national accounts built from the local interactions of heterogenous agents (households, firms, bankers, and a government) through product, labor, and money markets in discrete time. We use this model to show that, without any restrictions on the...