The Phillips curve was supposed to mean an expansion of the doctrine based on original regulatory ideas J. M. Keynes. At time its inception (1950s), it gave governments theoretical hope, coming from possibility choosing a negative correlation between price level (P) and product (Y). Her early denial (at least in short term) by Milton Friedman, other hand, has not changed anything about applicat...

This paper examines the role for tax policies in productivity-shock driven economies with \catching-up-with-the-Joneses" utility functions. The optimal tax policy is shown to a ect the economy countercyclically via procyclical taxes, i.e., \cooling down" the economy with higher taxes when it is \overheating" in booms and \stimulating" the economy with lower taxes in recessions to keep consumpti...

Both Keynesians and modern institutional economists are critical of the “classical economists”. In being so, they employ similar micro foundations of the business behavior (the “institutional arrangements”) of individuals. Yet in contrast to Keynesians, the representatives of modern institutional economics incorporate the institutional framework into their analysis: For them, the linkage betwee...

a r t i c l e i n f o Post-Keynesian economics and ecological economics have in common that they are considered to be 'heterodox' schools of thought. Aside from that, there has not been a strong connection between them. Previous books on post-Keynesian economics contain no chapter on environmental or ecological issues. This neglect has led leading ecological economists to criticize post-Keynesi...