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Book cover for The Oxford Handbook of Post-Keynesian Economics, Volume 2: Critiques and Methodology The Oxford Handbook of Post-Keynesian Economics, Volume 2: Critiques and Methodology

Contents

    absolute prices343
    absorptive approach to interdisciplinary research145–6, 147
    Abstract of a Treatise of Human Nature, An (Hume)111
    academic exclusion51
    accumulation and distribution152
    Accumulation of Capital, The (Robinson)36, 9
    adaptive approach to interdisciplinary research144
    agent-based modeling50
    agent-optimization models450
    Ahluwalia, M S371
    Alfred Marshall Library of Economics21–2
    Allied law (Germany)270
    American Economic Association1
    American Economic Review, Samuelson and Solow 1960 article28
    American War Labor Board247
    Andrews, D74
    Andrews, P W S37, 16
      Manufacturing Business13
    Anscombe, E55
    Antonopoulos, R443
    Archibald, G C256
    Arena, R4
    Aristotle, Politics354
    Arrow, Kenneth J:
      General Competitive Analysis47, 58, 6
      hypothesis of rationality at aggregate level49
      impossibility theorem58, 8
      on risks of subprime crisis441
    “as if” methodology247
    Asimakopulos, A36, 1
    Asset Accumulation and Economic Activity (Tobin)45
    Backhouse, R92
    Ball, R J13
    Bancor (world currency)360
    Bank deutscher Laender (BdL)270
    Bank for International Settlements:
    banking systems:
      interbank credits350
      lending function317
      megabanks, too-big-to-fail protection441
      money created through348
      role in overall financial system317
    Baranovsky, T179
    Barbera, R J442
    Baumgartner, S397
    Bayesian resolution of uncertainty246
    Bear Stearns440
    Bergstrom, A424
    Beveridge Curves378
    Blankenburg, S4
    Blaug, M83
    Blinder, A S275
    Bloomsbury group102
    Bloor, David70
    Bluestone, B369
    Boldrin-Montrucchio theorem58, 8
    Boltzmann distribution379
    bond interest payments313
    Bortis, Heinrich30–1, 326–65, 363, 1
      Institutions, Behaviour and Economic Theory2, 30, 327, 339
      Keynes and the Classics—Notes on the Monetary Theory of Production338–9
    Box-Cox transformation225, 8
    Brandolini, A371
    Brothwell, J F94, 12
    Brouwer’s fixed-point theorem56–7
    Brown, D J58, 7
    Bryant, W D A152
    Buchanan, M50
    Bundesbank law (Germany)270
    business cycles and institutional trend345–6
    Calabresi, G146
    calculus of probability65
    calibrated real business cycle analysis223
    Cambridge Journal of Economics24
    capacity liberation188
    Capital (Marx)463
    Capital and Time (Hicks)186, 193, 4
    capital theory81
    capitalism:
      and cumulative causation355
      money-manager capitalism443
      transition to social liberalism362–3
    Carabelli, Anna94, 9, 105, 113–4, 140, 2
      consistent organicism in Keynes’s work94, 10
      and continuity thesis68
      disagreement with Minsky107
      disagreement with O’Donnell110, 112
      On Keynes’s Method104
      on philosophical dimensions of Keynes21–2, 104
      reasonable, use of term108
      use of Collected Writings in doctorate research21–2
    Carnap, R70
    Cartesian-Euclidian mode of thought329
    Causes of Growth and Stagnation in the World Economy (Kaldor)18
    central banks:
      endogenous approach to money305–6
      focus from inflation targeting to monetary and financial stability317
      horizontalists money supply306
      independent central banks314
      and interest rates312
    Champernowne, D13
    Charkrabati, B K379
    Chatterjee, A379
    Chowdhury, D R385, 6
    class interactions, predatory-prey model of199
    classical equilibrium prices332
    classificatory conception of economics146
    closed-system analysis, definition of84
    collateralized debt obligations (CDOs)441
    Collected Economic Papers (Kaldor)9
    collective social actor models461
    Commodities Futures Modernization Act (US)445
    Community Reinvestment Act (US)444–6
    consumption addiction403
    consumption behavior147
    conventional equilibrium331
    conventions, post-Keynesian economics, rationality and20, 62–75
      implications of Poincaré’s conventionalism71–5
      irrationality of74
      keynote characteristics of72
      role of in post-Keynesian economics20, 62–4
    coordination game theory73
    corporations:
      Galbraith on corporate power32, 396
      governmental regulation of404
      leverage over governments439, 452, 5
      manipulative ef ect of advertising and environmental economics396, 403
      profits from emission-trading schemes404
    cost inflation253
    cost-push fallacy253
    Craftsman, The (Sennett)352
    Crawford, M B55
    creative reality135
    Crisis in Mainstream Economics, The (Harcourt)330
    D’Arista, J317
    Darity, W, Jr144
    Dasgupta, A K17
    Daunfeldt, S-O267
    Davidson, Paul93, 7, 141, 15, 16
      as co-founder of Journal of Post Keynesian Economics6
      deductivist methodology91, 94, 12
      on epistemological uncertainty141, 14
      ergodic theories/models136
      as fundamentalist Keynesian scholarship approach57, 1
      on inflation306
      on Keynes’s monetary production economy6–7
      and monetary theory85
      on public investment307, 3
      rationality axioms87
      on time statistics133
    Deane, P, The Life and Times of J. Neville Keynes100
    deductivist methodology91
    degree of rational belief126
    demand shif inflation257
    demand-pull inflation252
    démodé industrial organization146
    Denmark:
      UTIP-EHII income inequality measures375f
    Diewert, W E49
    discretionary variations in fiscal stance322
    Dixon, Robert11, 14–5, 224, 4, 413, 420
      “Model of Export-Led Growth with a Balance of payments Constraint”36, 14
    Drakopoulos, S85
    Drazen, Edward, Econometrica48
    Dupertuis, M-S6
    dynamic growth analysis192
    dynamic stochastic general equilibrium (DSGE) model442, 449–50
    East Asia:
      control over credit allocation in448
      debt crises (1990s)439
    eco-labeling403
    econometric modeling and analysis57, 2, 94, 16
    Econometrica (Drazen)48
    Economic and Monetary Union in Europe (EMU)267
    Economic Journal:
      Harrod rate of growth equation17
      Robinson’s article on creeping down the production function36, 9
      Sraf a’s published articles4–5
      A. Young’s 1928 paper9
    Economic Philosophy (Robinson)102–3
    economic policy, mainstream theory of state policy and post-Keynesian approaches to29–30, 290–307
      changes in Keynes’s approach294–5
      current public policy tensions in economics305–6
      evolution of post-Keynesian economics and policy304–5
      Keynes’s policy recommendations295
      macro and micro public investments297–8
      neoclassical Keynesians and public policy303–4
      post-Keynesian public policy comparison to mainstream301–3
      public policy and imperfect markets301
      public policy and uncertainty298–9
      view of state and public policy291–2
    Economica, article on Phillips curve424
    economics education27, 444
    Economics of Imperfect Competition, The (Robinson)180
    Economie des conventions (French school)69
    Edgeworth, Francis Ysidro246
    effciency wage247
    Eijffinger, S C W268
    Elements (Euclid)71
    Elements of Economics (Tarshis)94, 18
    Elgar Companion to Post Keynesian Economics (King)393
    Ellerman, D P155
    Ellis, B D59
    empirical law203
    endogenous growth theory202
    Engel’s Law149
    England, R W397
    entrepreneurship135
    Entropy Law and the Economic Process, The (Georgescu-Roegen)393–4
    Epstein, B59, 9
    equifinality theorem214
    equilibrium models of business cycles177
    ergodic reality, defined133
    Essay on the Nature and Significance of Economic Science (Robbins)145
    Euclid, Elements71
    event regularities165
    event truth realism91
    evolution, as explanatory reduction example54–5
    evolutionary economics181, 192
    exchange markets310
    Expectations in Economics (Shackle)102
    experimental situations164
    explanatory reduction (ER)53–7
    external employment mechanism356–8
    externality, definition of395
    fair rate of interest316
    Farmer, J D50
    Federal Reserve System (US):
      delay of implementation of predatory lending protection445
      denial of monetary policy affects inequality380
      during Great Depression285, 9
      quantitative easing measures441
      and subprime crisis452, 10
    Feder’s dual-sector model222
    feminist economists167
    financial circulation of money348
    financial speculation350
    Finetti, Bruno de68
    Fiscal Policy Committee (FPC)314
    fixed coeffcients production functions224
    Fodor, J A55
    Fogarty, M P250
    Fontana, G8
    foreign balance aspect of internal employment360
    foreign trade357
    Foundations of Economic Analysis (Samuelson)182
    Fratini, S M337
    Freakonomics (Levitt and Dubner)146
    French school (Economie des conventions)69
    Friedman, Milton6–7, 15
      Federal Reserve285, 9
      long and variable lags275
      and Monetarism417
      “Should There Be an Independent Monetary Authority?”271
      view on Phillips curve28, 245
    full employment:
      assessing rate of323, 1
      and inflation257
      Keynes’s view on295
      during Kondratiev upswing361
      and Lowe’s structural model189
      and organized labor252
      and productive capacity311
      and scale of economic activity343–5
    functional finance approach to fiscal policy312–3
    fundamental principles, use of term334
    G7 countries, and twin deficits hypothesis416
    Galbraith, John Kenneth404
      contribution to post-Keynesian economics394
      on corporate power32, 396
      imperfect competition301
      on inequalities in income in advanced economies368
      wage bargaining and price setting252
    Garnett, R F, Jr89
    Garn–St. Germain Act (US)471
    Garza Cantu, V385, 6
    gender discrimination, in subprime crisis453, 14
    General Competitive Analysis (Arrow and Hahn)47, 58, 6
    General Theory of Employment, Interest and Money, The (Keynes)3, 6, 14, 17
      aggregate vs individual unit58, 5
      conventions and conventional behavior64
      as exercise in persuasion86
      implications for global financial crisis118
      locus of possible points in ef ective demand94, 12
      Meeks’s research on22
      personal distribution of income367–8
      state of conf dence116
      unemployment414
    Gilbert, M63
    Gillies, D A68
    Glass-Steagall Act (US)471
    global financial crisis (2007–2009), and Keynesianism35, 458–84
      distributive cycles in effective demand463
      future implications:
        income distribution483
        international implications483
      Keynes’s contributions118, 459–62
        aggregate demand and stagnation462
        business cycle theory462
        collective social actor models461
      macro accounting restrictions463–4
      as Minsky moment9, 437
      policy options484
      US economy, international implications of475–80
        balance-of-payments (1950)477t
        net international flows as percentage of world GDP (1980–2008)478f
        total/bilateral balances of short-term capital/reserves as percentage of world GDP (1980–2008)479f
        total/bilateral current account balances as percentage of world GDP (1980–2008)478f
    Gode, D K51
    golden rule of capital accumulation316
    Goldsmith, A144
    Goodfriend, M267
    Goodman, N62
    goodness of fit26
    Goodwin, R M14, 305, 328, 423
      cumulative causation processes24
      equilibrium views177
      and Rosser’s economic complexity theory25
      structural economic dynamics192
    Goodwin’s nonlinear multiplier-accelerator model199
    Greece:
      UTIP-EHII income inequality measures375f
    Green, J50
    Greenspan, A445
    green-technology finance corporation405
    Greenwood, D300
    Griffin, K B258
    Grilichres, Z220
    Grodal, B49
    Groenewegen, P413
    growth and accounting exercises210–1
    growth theory202
    Grünbaum, A72
    Guillebaud, C W332
    Hamermesh, D222
    Hammarskjöld, D12
    Harcourt, G C2, 4–5, 9–11, 13, 17, 19, 24–6, 30, 36, 7, 36, 11, 37, 17, 18, 37, 20, 37, 22, 46, 93, 7, 9, 94, 19, 108, 172, 8, 193, 1, 193, 11, 12, 242, 2, 3, 243, 19, 258, 312, 323, 383, 393, 395, 400, 402, 420, 426–7, 429, 16, 452, 5, 462
      articles on role of government in economy416–7
      on Cambridge capital theory202, 327
      coherence in relation to traditions83–4
      on consumption154
      Crisis in Mainstream Economics, The330
      critique of aggregate production data218
      and E A Russell34
      on economic imperialism156, 4
      on economists as social science imperialists452, 1
      on financialization350
      general equilibrium theory337
      on global financial crisis458
      on growth cycle328
      on index number theory156, 1
      on institutional arrangements89
      on interdisciplinary research172, 2
      on Keynes’s methodological heritage84, 86–7
      on long-term constraint of global warming395
      and macro foundations of microeconomics58, 4, 5
      “Markets, Madness and a Middle Way”417
      on Marxian views in Australian monetary policy428, 10
      mathematical methods88
      on methodology93, 4
      on Nell’s work36, 13
      on neoclassical micro foundations330
      Nobel Conference paper (1986)109
      and Phillips curve245
      policy recommendations295
      on post-Keynesian development328
      on price setting and distribution of income419
      on public policy304
      social science imperialism23
      strands of post-Keynesian economics328
      wage level adjustments379
      wolf-pack analogy193, 7
    Harcourt, W4
    Harrod, Roy:
      investment function240
      letter from Keynes regarding Tinbergen57, 2
      long-run development theory232
      model of economic growth327
      natural rate of growth9, 17
      price system184
      role of persuasion86
      on rule-utilitarianism102
      on scope and methods93, 2
      on sustainable development361
    Hartley, J E45
    Hayek, Friedrich August von, Prices and Production5
    Heathfield, D F218
    Heisenberg, W335
    Hellström, J267
    herd mentality443
    Hicks, John:
      Capital and Time186
      cumulative causation24
      International Economic Association conference37, 22
      “Marginal Productivity and the Demand for Labour”249
      on nonergodicity67
      on public policy303
      on stationary equilibrium190
      on uncertainty67
      Value and Capital8, 19
    Hildenbrand, W49
    Hillard, J94, 9
    historical dominance148
    History of Post Keynesian Economics (King)1–2
    Home Ownership and Equity Protection Act (US)445
    Hommes, C50
    horizontalists, and central banks money supply306
    Houthakker, H S224
    Human Abilities/Characteristics (HAC) approach to uncertainty and irreducible uncertainty22, 125–30
      irreducible uncertainty, in Keynes’s works128–9
      ontological issues130
      uncertainty treatment127
    human action and mutability135
    Hume, David:
      Abstract of a Treatise of Human Nature, An111
      analysis of convention63
      conventions in social realm73
      inductive convention22, 74
      an irrationality of convention74
      “Of Morals”70
    Humphrey, T M253
    hydraulic Keynesianism89
    Iannaccone, L R146
    Iceland:
      and global financial crisis446
    impossibility theorem58, 8
    income-generating finance process305
    independent central banks (ICBs)314
    India:
      currency and finance commission280–1
    industrial circulation of money348
    industrial economy structure186–7
    Ingham, Geoffrey, Nature of Money, The7
    institutional economists167, 182
    institutional neutrality149
    institutional-technical system328–9
    Institutions, Behaviour and Economic Theory (Bortis)2, 30, 327, 339
    interbank credits350
    interindustry production models341
    internal development mechanisms358
    internal employment mechanism356–8
    internal metaphysics171
    International Monetary Clearing Unit (IMCU)306
    International Monetary Fund (IMF)360, 478
    investment function240
    investment stimulation315
    Ireland:
      and global financial crisis446
    irrelevance of command principle149
    Janssen, C W57, 3
    Jespersen, J85
    John Maynard Keynes (Skidelsky)100–1
    Johnson, W E100
    Journal of Economic Literature:
      “new paradigm in economics, a” (Eichner and Kregel)1
      “What Are the Questions?” (Robinson)10
    Journal of Post Keynesian Economics6
      Darity and Goldsmith paper on psychology in economic analysis144
      “Neoclassical and Post-Keynesian Environmental Economics” (Bird)32, 392
      Shull’s article on Federal Reserve System277
    just wage concept250
    Kahneman, Daniel, Thinking, Fast and Slow108–9
    Kaldor, Nicholas36, 2, 93, 7, 158, 18, 193, 10, 423
      Causes of Growth and Stagnation in the World Economy18
      Collected Economic Papers9
      on critical realism172, 8
      on functional distribution369
      growth models462
      on interdisciplinary research144
      long-period growth models3–4
      production problems194, 15
      productivity dynamics35, 463
      uncertainty of knowledge87
      on wages policy15
    Kaldor-Russell-Salter Law15
    Kalecki, Michal14–5, 398, 400, 403
      on aggregate demand37, 21
      business cycle theories12
      consumption theory232
      on critical realism172, 8
      cumulative causation processes24
      cumulative nature of traverse191
      cyclical growth theories4
      dynamic complexity199
      equilibrium views177
      on functional distribution369
      imperfect competition94, 13
      on interdisciplinary research144
      on markup pricing183
      methodology views90, 93, 4
      and Perry’s environmental economics32
      and Phillips curve28
      “Political Aspects of Full Employment”15, 355
      on political business cycle35, 459
      on public investments307, 3
      on rate of profit463
      on real wages320
      relationship between Marx, Keynes, and Kalecki240–1, 243, 20
      relationship of micro and macroeconomics37, 22, 297
      and Rosser’s economic complexity theory25
      trendless cycles36, 5
    Kaufman, B E247
    Kehoe, T J49
    Keynes, John Neville100–1
      Scope and Method of Political Economy, The101, 301
      Studies and Exercises in Formal Logic101
    Keynes and the Classics—Notes on the Monetary Theory of Production (Bortis)338–9
    Keynes Papers, King’s College Library22, 103
    Keynes: Philosophy, Economics and Politics (O’Donnell)22, 102, 104
    Keynes’s Vision (Fitzgibbons)94, 10, 111
    King, John E9, 15–6, 93, 5, 93, 7
      on Andrews13
      on critical realism172, 8
      Elgar Companion to Post Keynesian Economics393
      employer of last resort403
      and ENE approach125
      History of Post Keynesian Economics1–2
      industrial relations420
      on interdependency of micro/macro analysis19–20
      on microfoundations57, 3, 58, 5
      objective truth91
      on post-Keynesian development328–9
      on Robinson’s view of mainstream economics82–3
      on uncertainty67
    King’s College Library, Keynes Papers22, 103
    Knight, Frank H:
      and Davidson’s work22
      epistemological uncertainty137
      and HAC approach137
      Risk, Uncertainty and Profits65
    knowledge, as inverse of uncertainty131, 132
    Kuznets, S:
      on intersectoral transition of agriculture to industry367, 369, 384
      stylized augmented curve382f
    Kydland, F E273
    labor basics340
    labor theory of moral value151
    labor value principle338
    Landeszentralbanken (LZBs)270
    land-labor basics340
    Landström, M267
    Latin America:
      debt crises (1980s)439
    Lavoie, Marc8–9, 85, 93, 7, 329, 396, 401, 420, 463
      aggregate production function218
      consumer analysis32
      on interest rates316
      on Marxist economics241
      Monetary Economics8, 12
      on post-Keynesian development328
      synthesis of Harcourt-Hamouda strands328–9
      on traverse in Kaleckian models186, 192
      wage determination258
    Laws of Returns under Competitive Conditions, The (Sraffa)327
    Leijonhufvud, A36, 10
    Leontief matrix340
    Leontief price system341
    Leontief-Sraffa production model340
    Leverero, E S337
    Levine, D68
    Lewis, Arthur, “Economic Development with Unlimited Supplies of Labour”16, 17
    Life and Times of J. Neville Keynes, The (Deane)100
    Lindahl, E12
    Lisbon Principles (environmental)299
    logical interpretation of probability126
    logical probabilities128
    logical theory129
    the long period, use of term332
    long-period equilibrium331
    long-period supply schedule180
    long-run development theory232
    long-run fiscal stance322
    Lotka-Volterra cycles199
    Lucas, R:
      aggregate production function210
      anti-Keynes backlash of6–7
      macroeconomics, use of term48
      monetary policy and policymaking15
      natural-rate money neutrality272
      on policy intervention45, 57, 2
      on use of econometric models307, 2
    Lundberg, E12
    Luxembourg Income Studies (LIS)372, 374
    macro accounting restrictions463–4
    Malthus, T R2, 36, 3
    Manchester Guardian, Sraffa’s articles on banking crisis in Italy4
    Mankiw-Romer-Weil study on Solow model222
    Manual of Political Economy (Pareto)181
    Manufacturing Business (Andrews)13
    Marchionatti, R94, 16
    marginal abatement cost (MAC) function400–2
    marginal product theory247
    marginal propensity to consume (MPC)144
    marginal social damage of pollution (MSD) function400–1
    market forces to level aggregate demand310
    Markose, S M200
    markup pricing420
    Marshall, Alfred37, 26
      conception of economics157, 6
      on definition of political economics23
      on economic biology and evolutionary theory193, 8
      on ergodicity335
      influence on Robinson332
      and Pratten’s critical realism23–4
      on public investments307, 3
      quantity theory of money5
    Marx, Karl451, 19
      capital accumulation58, 4
      competitive capitalism16
      on crisis theory346
      on financialization350
      organic interdependence36, 12
      on public policy302
      relationship between Marx, Keynes, and Kalecki240–1, 243, 20
      reproduction schemes243, 19
      schemes of production10
      Sraffa’s views on4
      on sustainable development361
      theoretical comparisons with Galbraith31
      theoretical comparisons with Keynes26–7
      theoretical comparisons with post-Keynesians27
      velocity of circulation of money242, 10
    Marxian-Kaleckian-Keynesian model240–1
    Masciandaro, D268
    material welfare146
    Matzkin, R L58, 7
    Maynard Keynes: An Economist’s Biography (Moggridge)100
    Maynard’s Revenge (Taylor)35, 458
    McAnulty, J C199
    McCallum, B T273
    McKenna, E67
    McTaggart, J M E101
    Meeks, J G T21–2, 100–23, 140, 2, 156, 1
      as Cambridge teacher21
      continuity thesis68
      and Poincaré’s analysis75
      research on The General Theory22
      Thoughtful Economic Man109
    megabanks, too-big-to-fail protection441
    micro-production function203, 224
    Milbourne, R418
    Millar, S63
    Millikan, R63
    Minsky, Hyman P45, 105, 304, 443, 475, 477
      business cycle theory469
      as fundamentalist Keynesian scholarship approach57, 1
      global financial crisis, and “Minsky moment”9, 437
      macroeconomic policies310
      on money-manager capitalism443
      on public policy approaches305
      reference to during global financial crisis9
      regulation of financial markets317
      review of Asset Accumulation and Economic Activity45
      and Rizvi19
      subjective probability interpretation of Keynes107
      on Tax-based Incomes Policy306
    missing-variable bias453, 14
    modified Phillips curve257
    Moggridge, D101–3, 112
      Maynard Keynes: An Economist’s Biography100
    Monadjemi, M9
    Mondragon-style internal accounts155
    Monetarism and inflation30, 311
    Monetary Economics (Godley and Lavoie)8–9, 12
    monetary financing equation347
    Monetary Policy Committee (MPC)314, 323
    Monetary Theory of Production, A (Festschrift)337
    monetary value of existing forms of real and financial wealth351
    Money, Credit and Price Stability (Dalziel)427
    money value of investment objects351
    money-manager capitalism443
    Moore, G E, Principa Ethica21
    Mulligan, C B442
    multisectoral model (Marx)241
    mutability and human action135
    Myserson-Satterthwaite theorem58, 8
    Naines, J B, Jr199
    national balance sheets464
    National Bureau of Economic Research (NBER)465
    national labor supply, use of term386, 18
    natural rate of interest312
    natural-rate world of money neutrality272
    Nature of Money, The (Ingham)7
    neoclassical tradition:
      individualist foundations of theories48
      macroeconomics approaches45–6
      perfect competition225, 15
      twin deficits hypothesis416
    neo-Ricardian approach to macroeconomics328
    neuroscience, as explanatory reduction example55
    neutrality of money concept398
    neutrality of property assignments principle149
    New Classicals:
      on optimization problem for representative agents45
    New Keynesians:
      on global financial crisis89
      monetary theory8
      precepts of90
    New Zealand, and post-Keynesian theorizing33–4, 412–3, 423–7
      and Blyth’s policy targets423–4
      Departments of Trade and Treasury debates424–5
      disinflation and Phillips curve424
      import licensing system423
      Whitwell’s arguments on monetary policies425–6
    New Zealand Economic Papers425
    New Zealand Institute of Economic Research423
    Newton, Isaac71
    nominal rate of interest316
    nonergodic reality, defined133
    nongovernmental organizations, environmental initiatives of404
    nonprobabilistic uncertainty127
    Nordhaus, W D13
    North American Free Trade Agreement (NAFTA)440
    Northern Rock440
    no-trade theorems58, 8
    O’Driscoll, G P156, 2
    old-age and retirement, financing of359–60
    O’Mahony, M222
    On Keynes’s Method (Carabelli)104
    ontological elaborations163
    ontological issues:
      HAC approach130
      open-system ontology89
    ontological reduction (OR)53–7
    open systems165
    open-system analysis, definition of84, 89
    O’Shaughnessy, T311
    Oxford Hall and Hitch inquiry183
    Papadimitriou, D B447
    partial-equilibrium analysis248–9
    Pasinetti, L L2, 91, 158, 18
      on distribution342
      on functional distribution369
      on interdisciplinary research144
      on interest rates316
      on Keynes and Cambridge Keynesians328
      on labor cost152
      on natural price and wage rate151
      principle of justice155
      structural dynamics theory4, 10, 192
      on vertically integrated sectors397
    Penn World Table208
    persuasion, role of86
    Peterson, W C369
    Phelps Brown, H25, 90
      criticism of production function analysis223
      “Meaning of the Fitted Cobb-Douglas Function, The”204
      on time-series data225, 9
      time-series data225, 9
    Phillips curve:
      and CBI policy273
      Dunlop’s view of251
      Economica article on424
      Friedman’s view of28, 245
      Lipsey’s view of245
      modified Phillips curve257
      and path determinacy420
      and unemployment259
    Philosophical Investigations (Wittgenstein)110
    philosophy, conventions and conventionalism in69–71
    physical data, use in production function analysis213, 216, 220, 226, 19
    Pitchford, J D427
    Poincaré, H:
      applicability to conventions in post-Keynesian economics73–5
      conventionalism and rationality20, 71–3
      conventionalism philosophy70–1
      as father of geometrical conventionalism63, 70, 71
      neglect of in post-Keynesian literature63–4
    Polanyi, Karl, Great Transformation, The326, 458–9
    political economy, system of338–55
      business cycles and institutional trend345–6
      institutions and determinism of the system340–5
      social liberal political philosophy352–5
    Politics (Aristotle)354
    Pontussen, J370
    portfolio-change process305
    Portugal:
      UTIP-EHII income inequality measures375f
    post-Keynesian economics (Vol 2), overview19–36
      aggregate production function25–6
      economics in Australia/New Zealand33–4
      and global financial crisis34–5
      mainstream macroeconomics, post-Keynesian critique of27–9
      personal distribution in modern capitalism31
    post-Keynesian principles and economic policies30–1, 326–63
      capitalism and socialism vs social liberalism326–7
      classical-Keynesian system338–52
        business cycles and institutional trend345–6
        long period, institutions and determinism of the system340–5
        and social liberal political philosophy352–5
        socioeconomic policies in social liberal world355–62
      making of classical Keynesian political economy327–38
      transition from capitalism to social liberalism362–3
    post-Keynesianism, origin of term1
    predatory-prey model of class interactions199
    Prelude to a Critique of Economic Theory (Sraffa)4
    Prescott, E C273
    price equilibrium332
    Prices and Production (Hayek)5
    primary deficit (surplus)313
    Principa Ethica (Moore)21
    Principles of Economics (Marshall)157, 6, 179, 181
    Principles of Political Economy and Taxation (Ricardo)178
    probabilistic uncertainty127
    probability-relation126
    process truth realism91
    production, social process of340
    Production of Commodities by Means of Commodities (Sraffa)3
    productive capacity and full employment311
    profit motive150
    proportional dynamics models150
    proportions and distribution341–3
    pure procedural justice153
    quantitative easing (QE)441
    quantitative probabilities128
    quantities, use of in estimating production functions211–6
    Quantity Theory253
    Quine, W V O, “Truth by Convention”70–1
    racial discrimination, in subprime crisis453, 14
    Ramirez-Gaston, P186
    rational-choice models438, 450
    R.E. Studs, Pasinetti’s article on long-period rate of profits10
    real financing of investment equation347
    rebound effect459
    recursion theory200
    regulation of financial markets317
    Reinhart, C M436
    relative prices and quantities341–3
    representative agent models45–6
    Ricardo, David2
      Bortis’s synthesis of Ricardo/Keynes30–1
      letter to Malthus excerpt36, 3
      Principles of Political Economy and Taxation178
    Ricardo-Pasinetti vertically integrated labor model.333
    Risk, Uncertainty and Profits (Knight)65
    Robbins, L23, 37, 25, 156, 5
      Essay on the Nature and Significance of Economic Science145
    Roberts, J49
    Roberts, M36, 2
    Robertson, S D H255
    Robinson, Joan93, 7, 192–3, 332, 371, 423
      Accumulation of Capital, The36, 9
      on consumption232
      critique of aggregate production data218
      Economics of Imperfect Competition, The180
      environmental economics395
      on equilibrium concept331
      as fundamentalist Keynesian scholarship approach57, 1
      on integrating Kalecki’s, Harrod’s, and Domar’s models240
      on interdisciplinary research144
      irresponsible trade unionism252
      long-period growth models3
      on marginal payments248
      on marginal productivity58, 8
      on philosophical dimensions of Keynes22
      post-Keynesian, definition of2
      on preferences over nature of work157, 6
      relationship of micro and macroeconomics297
      on reproduction schemes231
      and Rosser’s economic complexity theory25
      and traverse theory179
      on uncertainty114
      uncertainty and unidirectional nature of time299
      and uncertainty of knowledge87
      “What Are the Questions?”10
    Robinsonian-Kaleckians, uncertainty and long-period analysis328
    Rollet, L70
    Roosevelt, Franklin D294
    Royal Commission on Indian Currency and Finance280–1
    Russell-Salter rule34
    Sala-i-Martin, X371
    Samuelson, Paul10, 427, 1
      American Economic Review 1960 article28
      capital-theoretic discussions336
      on empirical law203
      on equilibrium theory183
      on ergodicity334
      Foundations of Economic Analysis94, 18, 182
      on mixed economy184
      modified Phillips curve257
      on Pasinetti paradox158, 18
      and Phillips curve256
      on property assignments and irrelevance of command149
      on public policy303
      on Ricardo’s view of new technology and workers178
      summing up method25
      wage determination247
    Santomero, A M256
    Sarkar, S54
    scale of economic activity and employment issues343–5
    Scandinavian countries:
      as middle-range inequality countries371
      UTIP-EHII income inequality measures375f
      and wage compression379
    Scazzieri, R2, 10
    Schalling, E268
    Schelling, Thomas, The Strategy of Conflict63
    Schultze, C L257
    Schumpeter Prize426
    Scope and Method of Political Economy, The (J N Keynes)101, 301
    Searle, J R55
    Seccareccia, M316
    sectoral investment conditions149
    Sennett, Richard, The Craftsman352
    sequential method191
    Shackle, George S L93, 7
      analysis of uncertainty66
      entrepreneurship135
      Expectations in Economics102
      mathematical methods88
      on philosophical dimensions of Keynes22
      quantifiable risk87
      on uncertainty in decision making66
      wage determination246
    Shearson–Lehman Brothers441
    shifting equilibrium190
    Shove, G11
    Shrivastava, S385, 6
    Silberstein, M56
    Silicon Valley (California)379
    Silverstone, B424
    simulation study (production function)216–7
    Sinha, A4, 6
    skill-biased technological change369–70
    Smith, Adam30
      cumulative causation model36, 6
      and neoclassical laissez-faire economy291
      and public policy approaches302
      Theory of Moral Sentiments, The29
      Wealth of Nations, The29
    social event regularities164
    social production, value, and distribution340–1
    social surplus353
    socialism, Soviet-style326
    Solow, Robert M224, 2
      aggregate factor shares225, 16
      aggregate production function25
      American Economic Review 1960 article28
      on capital theory203
      critique of time-series data218
      on defense of estimating aggregate production function203, 220, 221
      and Kondratiev cycle346
      on production function225, 4
      on public policy303
      “Technical Change and the Aggregate Production Function”204
      on unemployment and Beveridge Curves378
      on wage determination249
    Sonnenschein, H F49
    Soviet-style socialism326
    space statistics133
    Spain:
      and global financial crisis446
      as low-inequality country371
      UTIP-EHII income inequality measures375f
    Special Drawing Rights (SDRs)478
    speculative bubbles350
    sports, as explanatory reduction example54–5
    Squam Lake Report450
    Sraffa, Piero:
      on capital theory199
      critique of Hayek5
      Economic Journal articles by4–5
      Laws of Returns under Competitive Conditions, The327
      letter to Asimakopulos193, 11
      Manchester Guardian articles by4
      and Perry’s environmental economics32
      Prelude to a Critique of Economic Theory4
      Production of Commodities by Means of Commodities3
      relationship of micro and macroeconomics297
      and Rosser’s economic complexity theory25
    Sraffa price equations341
    Sraffian Manifesto327
    Sraffian/neo-Ricardian school of thought199
    stationary equilibrium190
    statistical fractal, use of term373
    Stigler, G J247
    Stillwell, J72
    Stockhammer, E447
    Stoker, T M49
    Strategy of Conflict, The (Schelling)63
    structural dynamics theory149
    Studies and Exercises in Formal Logic (J N Keynes)101
    sub-Saharan Africa, income inequality surveys in376
    Summers, L H268
    Sunder, S51
    sunset industries321
    surplus principle of distribution338
    sustainable development361, 397
    Swiss National Bank267
    Tabellini, G268
    Tarshis, Lorie28
      Elements of Economics94, 18
      “Promise That Bounced, A?”1
    Tax-based Incomes Policy (TIP)306
    Taylor rule on interest rates316
    Taylor-series expansion equation206
    Tcherneva, P R403
    technological-institutional system equilibrium331–2
    Temple, J R W220
    Temporary Equilibrium Method182, 183
    temporary money creation350
    Tesfatsion, L50
    Theory of Justice (Rawls)23
    Theory of Moral Sentiments, The (Smith)29
    Thinking, Fast and Slow (Kahneman)108–9
    Thirlwall, Anthony P11–2, 16–7, 224, 4
      “Model of Export-Led Growth with a Balance of Payments Constraint”36, 14
    This Time It’s Different (Reinhart and Rogoff)436
    Thoughtful Economic Man (Meeks)109
    three-equation model241
    time statistics133
    time-inconsistency and central bank independence271–5
    timeless equilibrium87
    TIP (Tax-based Incomes Policy)306
    Tobin, James:
      Asset Accumulation and Economic Activity45
      on microfoundations counterrevolution48
      on public policy303
      on SMD theory49
    Togati, T D93, 3
    topology72
    Törnqvist approximation225, 12
    Townshend, H102
    trade unionism252
    transfer payments313
    transmutable reality135
    Treatise of Human Nature, A (Hume)69–70
    Turnovsky, S J427
    twin deficits hypothesis416
    underemployment323, 1
    unemployment:
      assessing rate of323, 3
      classical response to296
      neoclassical views on297
      and Phillips curve259
      and real wages311
    United Kingdom:
      and neoliberal deregulation440
      pay inequality trends in375
    United Nations Industrial Development Organization (UNIDO):
      Industrial Statistics database (UTIP-UNIDO)381–3, 383f
    US Congress and subprime crisis445
    utopian economics443
    Uzawa, H56
    Value and Capital (Hicks)8, 19
    value-added data210
    Vanekian economy155
    “Varieties of Capitalism” literature370
    vertically integrated production models340
    volume of output202
    Wallich, H15
    Walrasian auctioneer182
    Walters, A A203
    Washington Consensus policies356
    weak vs strong sustainability debate397–9
    wealth, forms of holding360
    Wealth of Nations, The (Smith)29
    weight of argument140, 6
    Whinston, M50
    Whitehouse, M450
    Whittington, G154
    Williamson, O E300
    Wilson, D S55
    world currency360
    World Institute for Development Economics Research (WIDER)371, 385, 4
    Worswick, G D N259
    Wren-Lewis, S314
    Yarlagadda, S379
    Young, F84
    Zannoni, D67
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