The aim of this paper is to provide an interpretation of the so-called profits-investments puzzle, in the theoretical framework of the monetary theory of production (MTP) and with reference to ‘radical’ Institutional issues. In methodological terms, the exercise provided here is designed to...

This paper focuses on the effects of public expenditure for unemployment benefits on the path of income distribution, within the theoretical framework of the monetary theory of production. By contrast to the standard view that unemployment benefits produce bad macroeconomic performances, it will...

Dans cet article, nous proposons une relecture de la théorie du fonctionnement du marché du travail de Gunnar Myrdal. En opposition avec la vision commune de son temps (ce qu’il appelle « l’économie de l’équilibre »), Myrdal soutient qu’une économie de marché dérégulée...

The aim of this paper is to study the effect of emulation within a basic schema of the monetary theory of production (MTP). A theoretical model is presented, where workers set their target level of consumption based on the comparison with other workers taken as reference. It is shown that...

The aim of this paper is to provide an interpretation of Veblen's theory of money, production, and wages, based on the view that his approach falls within the so-called monetary theory of production (MTP), and that significant elements of similarity with Keynes's view can be traced in his works....

The aim of the paper is to provide an explanation of involuntary unemployment in a classical (post-Ricardian) framework. The model describes a three-stage bargaining process with four agents (governments, firms, unions, workers). In the first stage, firms determine the wage offered, following a...

This paper deals with the Webbs’ analysis of the labour market. It is divided into two parts. In the first part, starting from their approach to economic theory, where the plurality of motivations underlying agents’ behaviour is stressed, it is argued that – in line with their reflections...

This paper provides an alternative view to the new consensus approach, from the standpoint of the monetary theory of production. It is shown that output growth is demand driven, so that fiscal policies, as well as direct state intervention above all in the labor market, are effective for...

The aim of this paper is to show that Marxian labour theory of value can be consistently interpreted in terms of the monetary circuit model, where firms need initial finance to start production and where the money supply is endogenous. In contrast to the recently revived Marxian monetary models,...