A Classical-Post Keynesian critique on neoclassical environmentally-adjusted multifactor productivity

Modigliani-Miller On Capital Structure: A Post-Keynesian Critique

The celebrated Modigliani-Miller (hereafter MM) proposition that the value of the firm depends on its profitability and not on its capital structure (Modigliani and Miller 1958) is avowedly an application to the field of finance of the doctrine that money is neutral. The broad purpose of this paper is to call into question the claim for the neutrality of money in the particular case of the mone...

Environmentally Adjusted Productivity and Efficiency Measurement: A New Direction for the Luenberger Productivity Indicator

The study proposes a new way of measuring productivity and efficiency, with and without considering environmental effects from a production activity, by modifying the conventional Luenberger productivity indicator. The Luenberger approach has so far been applied in productivity and efficiency measurement in time-varying contexts. It has been mainly used in comparisons of international productiv...

Multifactor Productivity in Health Care

The following overview introduces a series of articles that focuses on multifactor productivity (MFP) growth in health care. This edition of the Health Care Financing Review begins with a theoretical discussion of the Medicare Economic Index (MEI) and the conceptual reasons for the MFP adjustment incorporated into the Medicare physician fee schedule (MPFS). The issue then moves on to an explora...

A Primer on Multifactor Productivity: Description, Benefi ts, and Uses

Keynesian and Neoclassical Closures in an Agent-Based Context

Since the “closure debate”of the 1980s it is well known that comparative static derivatives in analytical macro models are highly sensitive to the closure rule selected. This led Keynesians to conclude that Keynesian closures were superior to those favored by the orthodoxy and vice-versa. It is argued that with the advent of agent-based or multi-agent systems, the closure debate is superseded. ...