Contemporary economics is regarded as being in a state of crisis. Many of the new directions in economics are fully consistent with the Scottish political economy tradition. An under-appreciated name in the Scottish tradition is John Rae (1796-1872). As well as making important contributions to...

Weintraub's consumption coefficient, the ratio of total consumer expenditure to income from employment, helps to elucidate trends in the sectoral and functional distributions of income. It simplifies and adds precision to Kaleckian macroeconomics by showing how distributions of income affect the...

Contemporary neoclassical property tax incidence theory sees its historical antecedents in Alfred Marshall and H. G. Brown. Its origins can, however, be traced back to David Ricardo via the single tax movement. The classical Ricardian theory of local tax incidence has been misinterpreted by...

We analyse the effects of balanced budget changes in the tax rates on wages and profits on the trend component of fixed investment, on the trend rate of growth of capital stock and on the trend rates of capacity utilization. A modified version of Kalecki's growth model is used to analyse the...

Kalecki's 1943 essay Political Aspects of Full Employment (PAFE) is widely recognised as a seminal essay in the theory of the political business cycle. The paper argues that PAFE may also be interpreted as an early recognition by Kalecki of the phenomenon of rent seeking. Kalecki's discussion of...

In this paper we show that Weintraub:s consumption coefficient (the ratio of total consumption to wages) can elucidate trends in the sectoral and functional distributions of income We also show that, in a Kaleckian model, it simplifies and add precision to Kaleckian macroeconomics. Using a...

The paper is motivated by a desire to find common ground between mainstream and post-Keynesian approaches to fiscal policy. A post-Keynesian approach with origins in Kalecki offers a promising line of enquiry which is developed here. The paper identifies the principal differences between the...