The conventional wisdom about Keynes's Principle of Effective Demand is that it states something about quantities. It is widely held that the Principle determines the levels of output and employment in a world not governed by Say's Law. This paper argues that the Principle of Effective Demand...

The American Post Keynesians - those who attach importance to the "Big P" and the absence of a dash between "post" and "Keynesian" - claim to be Keynes's most literal interpreters, or the "truest" Keynesians (HOLT ET AL., 1998, p. 17). This paper compares the Post Keynesian interpretation of the...

This paper attempts to build a narrative on the developments of macroeconomics in the postwar period through the debates about the so called “natural rate of unemployment”. The definitions of the concept in the seminal papers of Milton Friedman (1968a) and Edmund Phelps (1967, 1968) and its...

It is the 100th anniversary of Irving Fisher’s 1911 book The Purchasing Power of Money. But, more important than that, it is a good time, during the current financial turmoil, to reconsider some of his theories again, in light of current events. And I think that some of his theories about...

The problem of multicollinearity in the assessments of coefficients is well established. However, it is rarely researched in the estimations of macroeconomic variables and economic performance of developing countries. Predicatively, it has impacts on the estimations of coefficients that should...

Most developing and underdeveloped countries beside Sudan suffer from the low levels of income in addition to the low savings that are result from the lack of sophisticated savings channels. Hence, the investment depends on the individual's abilities on self savings, where the investment is...

The marketing and sales polices of Iranian crude oil have been revised and changed after the Islamic Revolution of 1979. Production policy that drastically cut back production in order to maintain oil reserves for future generations. In terms of marketing Iranian crude oil, the new revolutionary...

This essay presents a critical analysis of the economic theory of corporations, and its idioms such as "nexus of contracts," "agency costs," and "shareholder value". It calls for the development of a richer and more inclusive theory of business corporations that draws on the experience of the...