This paper a two-sector Sraffian pricing model with heterogeneous labour in conjunction with a Keynesian quantity system in order to investigate whether changes in relative employments of different types of labour can be systematically linked to changes in their relative costs. The paper employs...

This paper a two-sector Sraffian pricing model with heterogeneous labour in conjunction with a Keynesian quantity system in order to investigate whether changes in relative employments of different types of labour can be systematically linked to changes in their relative costs. The paper employs...

A important part of mainstream economic belief in the ability of price and wage flexibility to eliminate unemployment has been the so-called Keynes effect, viz., downward flexibility in prices and wages reducing interest rates and stimulating effective demand. Yet, the theoretical real wage...

The purpose of this paper is to study the link between an important development in the physical sciences, the discovery of the law of entropy, and its impact on the evolution of heterodox monetary theory early this century. Based on the recognition that, unlike the physical world, the monetary...