The institutional design of the Spanish labour market has been subjected, during the last three decades, to permanent pressure fuelled by two beliefs. On the one hand, by the assumption that a higher degree of flexibility would help to reduce unemployment; on the other, by the assumption that...

The most striking feature of the current economic situation in Spain is the huge unemployment rate, above 25 percent. From an orthodox perspective, we suggest that this unemployment is the result of a highly inflexible labor market, which needs to be reformed by introducing flexibility measures....

Public pension systems have long been a focus of special attention by neoclassical economics. In a context of intense aging processes, mainstream economists argue that the replacement of the pay-as-you-go pensions systems by unfunded individual savings accounts will have a positive impact, at a...

The aging process that many developed economies will face in the medium-term is leading to reforms in the public pensions systems in order to solve the potential financial unsustainability generated by the foreseeable increase in the expenditure in pension benefits (assuming that the current...

Over the past two decades there has been a prevailing shift in economic policy in many countries. This reflects the continuing rise of neo-liberalism – the doctrine that economic policy should ‘leave it to the market’ and that governments should retreat from market...

Money, Distribution and Economic Policy takes issue with the inappropriate treatment of money, effective demand and distribution issues in modern mainstream macroeconomics. It presents contributions which are critical of modern orthodoxy and which explore alternative approaches to macroeconomics...