Fears of deflation and long-term stagnation have become more commonplace since the Great Recession. Yet, within the mainstream, economists are divided into two camps: those who see the benefits of downward wage and price adjustment, as a private sector stabilizer, and those who fear deflationary...

Alfred Eichner's pioneering contributions to post-Keynesian econmics offered significant insights on the way modern economies and institutions actually work. Published in 1987, his "Macrodynamics of Advanced Market Economies" contains rich chapters on dynamics and growth, investment, finance and...