A nonlinear model of inflation and growth, with a fixed rate of money growth, is developed and its global dynamics analysed. These are compared with the local, linearised dynamics of the model. It is shown that the global dynamics of the model plausibly predict hyperinflationary bubbles, which...

This paper sets the contributions to this volume in the context of widespread and serious doubts expressed by economists about the mainstream of their subject. Orthodox economics is increasingly dominated by sterile formalism, which refers only to itself. But the methodology of orthodox...

Most Western capitalist institutions are islands of fascism in a sea of democracy. But democracy can be introduced from the political to the economic sphere by re-assigning the right to manage from capital owners to workers, thereby creating a sector consisting of self-managed firms. Such firms...