Three competing conceptualizations of hysteresis in economics are identified: the unit/zero root approach, “true” hysteresis, and hysteresis conceived as a product of historical time. The properties of these conceptualizations are discussed and their pros and cons considered.

The purpose of this paper is to explore the similarities between Post Keynesian Economics (PKE) and Regulation Theory (RT). It is argued that, despite important differences between these traditions, the analytical contents of PKE and RT display broad similarities with respect to their treatments...

This chapter explores the Kaldorian approach to endogenous growth theory. The central principles of this approach are explored, including the claims that growth is: (a) demandled, with trade playing a central role in aggregate demand formation; and (b) pathdependent. It is shown that both the...

This paper identifies two competing accounts of recent US macroeconomic performance, both of which are capable of explaining the concurrence of low unemployment and low inflation experienced by the US after 1995. Econometric evidence provides partial support for both views, establishing that...

This paper responds to Backhouse's (2004) claims that there is no antagonism between history and equilibrium and no case to be made in principle against equilibrium analysis. We first show that Backhouse's partial defense of equilibrium analysis has already been encompassed by heterodox theory....

It has recently been suggested in the pages of this journal that 'functional relations are the alter ego of Humean laws' (Fleetwood, 2001, p. 205). Based on the identification of an open-systems, ceteris-paribus (OSCP) approach to formal modelling, it is argued that this claim is true only some...

A shifting equilibrium model of effective demand is constructed, in which the state of long run expectations is non-constant, and is affected by the disappointment of short-run expectations. It is shown that this model gives rise to cumulative expansions/contractions in nominal income. Changes...

This article develops a composite index of macroeconomic performance (IMP) and uses this index to ask: did the macroeconomic performance of the US economy improve during the 1990s relative to its own past performance; and has US macroeconomic performance been superior to that of other advanced...

iIn light of the growing interest in "new consensus" models, this paper examines Post Keynesian alternatives to the Taylor rule. It identifies two distinctive approaches to Post Keynesian interest rate policy, which we label the activist and the/i parking-it irules. The first approach advocates...