The analogies between economics and classical mechanics can be extended from constrained optimization to dynamics by formalizing economic (constraint) forces power in analogy physical Lagrangian mechanics. In the differential-algebraic equation framework of General Constrained Dynamics (GCD), households, firms, banks, government employ change variables according their desire assert interest. Th...

The author proposes to look at the work of M. Kalecki through lens history economic thought informed by methodology economics, applying this aim a meta-economic model suggested U. Mäki, enhanced with additional features. On basis review main works Kalecki, he finds that we cannot ascribe his virtually any factors proposed Mäki as explanation orthodox modelling failure. If it is so, question may...

The global financial crisis and ensuing weak growth have increased interest in macroeconomic issues within comparative political economy (CPE). CPE, particularly the dominant Varieties of Capitalism approach, has based its analyses on mainstream economics, which limits analysis relation between distribution neglects role finance plays modern economies. It overstates stability capitalist process...

ABSTRACT The aim of the article is to critically analyze Environmentally-Adjusted Multifactor Productivity (EAMP), by considering Classical-Post-keynesian environmental framework Ecological Macroeconomics, integrated with Evolutionary Environmental Economics. paper introduces EAMP as rooted in neoclassical economics and derived from Cobb-Douglas function natural resources built Solow (1974). I ...

Beveridge's wartime proposals to eliminate idleness relied on the precepts of Keynesian economics and substantial extensions in powers central government regulate industry labour. Using convention theory, this paper demonstrates how these stipulations proved politically untenable. With disappearance full employment 1980s, labour market problems Beveridge encountered his youth have re-emerged ac...

We explore two popular approaches to empirical analysis of monetary policy: the New Keynesian and the identified vector autoregression approaches. Stylized models of private behavior coupled with simple rules describing policy behavior characterize New Keynesian work. Vector autoregressions consist of minimally identified dynamic descriptions of private behavior coupled with a detailed rule for...