
Published online:
16 December 2013
Published in print:
18 September 2013
Online ISBN:
9780199984411
Print ISBN:
9780195390759
Contents
End Matter
Index
-
Published:September 2013
Cite
'Index', in G. C. Harcourt, and Peter Kriesler (eds), The Oxford Handbook of Post-Keynesian Economics, Volume 2: Critiques and Methodology , Oxford Handbooks (2013; online edn, Oxford Academic, 16 Dec. 2013), https://doi.org/, accessed 29 Apr. 2025.
Subject
Economics
Series
Oxford Handbooks
Collection:
Oxford Handbooks Online
Index
- absolute prices343
- Abstract of a Treatise of Human Nature, An (Hume)111
- academic exclusion51
- academic finance theory471–2
- academic freedom51–2
- accounting identity studies221–3
- accumulation and distribution152
- adaptive approach to interdisciplinary research144
- Adenauer, K270
- agent-based modeling50
- agent-optimization models450
- aggregate production function25–6, 202–24
- overview202–4
- growth and accounting exercises, problems with210–1
- reactions to critique217–21
- simulation study216–7
- Ahluwalia, M S371
- Albin, P S200
- Alesina, A268
- Alfred Marshall Library of Economics21–2
- Aliber, R Z460
- Allen, D W146
- Allied law (Germany)270
- American Economic Association1
- American Economic Review, Samuelson and Solow 1960 article28
- American War Labor Board247
- Andrews, D74
- Anscombe, E55
- Antonopoulos, R443
- Archibald, G C256
- Arena, R4
- Argy, V418
- Aristotle, Politics354
- “as if” methodology247
- Ascari, G449–50
- Asset Accumulation and Economic Activity (Tobin)45
- Australia, and post-Keynesian theorizing33–4, 412–23
- Committee of Economic Enquiry421
- economic growth421–3
- Backhouse, R92
- Bain, J183
- Ball, R J13
- Balogh, T252
- Bancor (world currency)360
- Bank deutscher Laender (BdL)270
- banking systems:
- interbank credits350
- lending function317
- megabanks, too-big-to-fail protection441
- money created through348
- role in overall financial system317
- Baranovsky, T179
- Barber, W J254
- Barbera, R J442
- Bartel, R D277
- Baumgartner, S397
- Bayesian resolution of uncertainty246
- Bear Stearns440
- Becker, G S146
- Benham, F413–4
- Bergstrom, A424
- Beveridge Curves378
- Bhatia, R J255
- Binmore, K246
- Blair, T440
- Blankenburg, S4
- Blaug, M83
- Blecker, R A11–2
- Blinder, A S275
- Bloomsbury group102
- Bloor, David70
- Bluestone, B369
- Bollard, A424
- Boltzmann distribution379
- bond interest payments313
- Bortis, Heinrich30–1, 326–65, 363, 1
- Keynes and the Classics—Notes on the Monetary Theory of Production338–9
- Boston, J424
- Bound, J369
- Bourdieu, P471–2
- Brandolini, A371
- Brigden, D413–4
- Brody, A240
- Brouwer’s fixed-point theorem56–7
- Brown, D G250
- Brown, G440
- Brown, W S392
- Bryant, W D A152
- Buchanan, M50
- Buckle, R423–4
- Bundesbank law (Germany)270
- Bush, G H W440
- business cycles and institutional trend345–6
- Calabresi, G146
- calculus of probability65
- calibrated real business cycle analysis223
- Callan, T449
- Cambridge Journal of Economics24
- Campillo, M268
- capacity liberation188
- Capital (Marx)463
- capital theory81
- capitalism:
- and cumulative causation355
- defined326
- money-manager capitalism443
- transition to social liberalism362–3
- Carabelli, Anna94, 9, 105, 113–4, 140, 2
- and continuity thesis68
- disagreement with Minsky107
- on Keynes and Wittgenstein110–1
- On Keynes’s Method104
- reasonable, use of term108
- use of Collected Writings in doctorate research21–2
- carbon taxes402–3
- Carnap, R70
- Cartesian-Euclidian mode of thought329
- Cassidy, J442–4
- Causes of Growth and Stagnation in the World Economy (Kaldor)18
- CBI scores266
- central bank independence (CBI)28–9, 265–85
- overview265–6
- balance between democracy and effciency278–84
- post-Keynesian criticisms of275–8
- and time-inconsistency271–5
- central banks:
- endogenous approach to money305–6
- focus from inflation targeting to monetary and financial stability317
- and global financial crisis440–1
- horizontalists money supply306
- independent central banks314
- and interest rates312
- Champernowne, D13
- Charkrabati, B K379
- Chatterjee, A379
- choice, as economic theory145–6
- Church, A200
- Clarke, P294
- class interactions, predatory-prey model of199
- classical equilibrium prices332
- classificatory conception of economics146
- closed-system analysis, definition of84
- Coase, R443
- Cochrane, J442
- Colander, D302
- 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
- computational complexity199–200
- consumption addiction403
- consumption behavior147
- continuity thesis67–8
- conventional equilibrium331
- conventions, post-Keynesian economics, rationality and20, 62–75
- implications of Poincaré’s conventionalism71–5
- irrationality of74
- keynote characteristics of72
- in philosophy69–71
- and uncertainty64–9
- coordination game theory73
- Cornwall, W268
- corporations:
- and environmental policy405–6
- governmental regulation of404
- profits from emission-trading schemes404
- cost inflation253
- Costanza, R397
- cost-push fallacy253
- Coutts, K13–4
- Craftsman, The (Sennett)352
- Cramer, J S217
- Crawford, M B55
- creative reality135
- Crisis in Mainstream Economics, The (Harcourt)330
- critical realism and social ontology23–4, 162–72
- overview162–3
- and nature of post-Keynesian economics163–8
- social scientif c ontology168–71
- Crothall, G423
- crowding-out theory415–6
- Crowe, C268
- Da Silva, S442
- Daly, H E391
- D’Arista, J317
- Darity, W, Jr144
- Dasgupta, A K17
- Dasgupta, P246
- Daunfeldt, S-O267
- Davidson, J249
- Davidson, Paul93, 7, 141, 15, 16
- as co-founder of Journal of Post Keynesian Economics6
- ergodic theories/models136
- on inflation306
- on Keynes’s monetary production economy6–7
- and monetary theory85
- on probabilities131–2
- rationality axioms87
- on time statistics133
- on uncertainty133–4
- Day, R H198
- Deakin, A413–4
- Deane, P, The Life and Times of J. Neville Keynes100
- Debelle, G280
- Debreu, G47 See also Sonnenschein-Mantel-Debreu (SMD) theory
- deductivist methodology91
- degree of rational belief126
- DeLong, B442
- demand shif inflation257
- demand-pull inflation252
- démodé industrial organization146
- Denmark:
- UTIP-EHII income inequality measures375f
- derivative markets440–1
- Diamond, D447
- Diewert, W E49
- discretionary variations in fiscal stance322
- Dore, M H I392
- Douglas, P H208 See also Cobb-Douglas production function
- Dow, Sheila7–8, 20–2, 80–99, 93, 7, 94, 9, 105, 110, 426
- critical realism171
- on environmental policy299
- on social conventions73
- Drakopoulos, S85
- Drazen, Edward, Econometrica48
- Duloy, J415
- Dupertuis, M-S6
- dynamic complexity198–9
- dynamic growth analysis192
- Eagan, V392
- Easterly, W222
- Easton, B424
- Eckstein, O255
- eco-labeling403
- Econometrica (Drazen)48
- Economic and Monetary Union in Europe (EMU)267
- Economic Journal:
- Harrod rate of growth equation17
- 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
- overview290–1
- changes in Keynes’s approach294–5
- classical response296–7
- 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 critique of293–4
- post-Keynesian public policy comparison to mainstream301–3
- public policy and imperfect markets301
- public policy and uncertainty298–9
- role of states295–6
- social rationality300–1
- view of state and public policy291–2
- economic science301–2
- Economica, article on Phillips curve424
- Economics of Imperfect Competition, The (Robinson)180
- Economie des conventions (French school)69
- Edgeworth, Francis Ysidro246
- effciency wage247
- Eijffinger, S C W268
- Einstein, A335
- Elements (Euclid)71
- Elgar Companion to Post Keynesian Economics (King)393
- Ellerman, D P155
- Ellis, B D59
- emission-trading schemes404–5
- empirical law203
- employment See full employment
- employment mechanisms356–8
- endogenous growth theory202
- Engel’s Law149
- England, R W397
- entrepreneurship135
- Entropy Law and the Economic Process, The (Georgescu-Roegen)393–4
- environmental economics and policy32–3, 391–406
- overview391–2
- environmental policy analysis400–6
- command-and-control approach403–4
- corporate inf uence405–6
- critique of MSD and MAC functions400–1
- post-Keynesian production and consumption theory401–2
- precautionary principle405–6
- history of post-Keynesian environmental economics392–4
- lack of post-Keynesian analysis394–6
- theoretical requirements for post-Keynesian analysis396–400
- epistemological issues135–7
- equifinality theorem214
- equilibrium analysis87, 175–8, 292 See also general equilibrium theory
- equilibrium models of business cycles177
- ergodic reality, defined133
- Ergodic/Non-Ergodic (ENE) Approach to uncertainty and irreducible uncertainty22, 125, 130–7
- epistemological issues135–7
- irreducible uncertainty133–5
- and nature of reality132–3
- nonergodicity133–5
- probability treatment131–2
- summary138–9
- uncertainty treatment130–1
- Essay on the Nature and Significance of Economic Science (Robbins)145
- Eucken, W270
- Euclid, Elements71
- Euclidian geometry71–3
- event regularities165
- event truth realism91
- evolution, as explanatory reduction example54–5
- 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
- quantitative easing measures441
- Feder’s dual-sector model222
- feminist economists167
- Ferguson, T370
- Ferreira, P378
- finance and money346–52
- financial circulation of money348
- financial speculation350
- Finetti, Bruno de68
- Fiscal Policy Committee (FPC)314
- Fischer, S280
- fixed coeffcients production functions224
- Fodor, J A55
- Fogarty, M P250
- Fontana, G8
- Forbes, K371
- foreign balance aspect of internal employment360
- foreign trade357
- Foundations of Economic Analysis (Samuelson)182
- Fox, J442
- Fratini, S M337
- Freakonomics (Levitt and Dubner)146
- Freedman, C420
- French school (Economie des conventions)69
- Friedman, Milton6–7, 15
- long and variable lags275
- and Monetarism417
- “Should There Be an Independent Monetary Authority?”271
- Frowen, S426
- Fuhrer, J C268
- full employment:
- and Harrodian dynamics184–6
- 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
- and wage determination158, 20 See also unemployment
- functional finance approach to fiscal policy312–3
- fundamental principles, use of term334
- G7 countries, and twin deficits hypothesis416
- Galbraith, James K31, 366–90, 385, 1, 2, 385, 6, 386, 19
- Phillips curve and unemployment259
- on subprime crisis443
- “Time to Ditch the NAIRU”259
- Galbraith, John Kenneth404
- contribution to post-Keynesian economics394
- cumulative causation304–5
- imperfect competition301
- on inequalities in income in advanced economies368
- wage bargaining and price setting252
- Garnett, R F, Jr89
- Garn–St. Germain Act (US)471
- general equilibrium theory:
- critique of48–50
- and microfoundations45–7
- and pricing181–2
- Walrasian theory330
- General Theory of Employment, Interest and Money, The (Keynes)3, 6, 14, 17
- conventions and conventional behavior64
- as exercise in persuasion86
- implications for global financial crisis118
- Meeks’s research on22
- personal distribution of income367–8
- series of assertions107–8
- state of conf dence116
- unemployment414
- Germany:
- Allied law270
- Bank deutscher Laender270
- Bundesbank law270
- and global financial crisis446
- hyperinflation (1920s)461
- influence of in Europe269–70
- Landeszentralbanken270
- Reichsbank269
- Gilbert, M63
- Gillies, D A68
- Glass-Steagall Act (US)471
- global financial crisis (2007–2009), and Keynesianism35, 458–84
- distributive cycles in effective demand463
- finance464–5
- Keynes’s contributions118, 459–62
- aggregate demand and stagnation462
- business cycle theory462
- collective social actor models461
- two sets of prices460–1
- macro accounting restrictions463–4
- macroeconomic behavior462–3
- policy options484
- and political economy458–9
- and post-WW II economic developments in US:
- institutional changes in finance471–2
- 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
- global financial crisis (2007–2009), deficiencies of neoliberal macroeconomics34–5, 436–52
- argument summary437–9
- Gode, D K51
- Gödel’s Incompleteness Theorem199–200
- 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
- government or state:
- ability to run deficits276
- attempts to influence wages and prices254
- corporate regulation404
- expenditures of358–9
- and financialization era439–40
- public policy approaches:
- and imperfect markets301
- and neoclassical Keynesians303–4
- post-Keynesian compared to mainstream301–3
- role of state in291–2
- and tensions in economics today305–6
- and uncertainty298–9
- published papers on416–7 See also economic policy, mainstream theory of state and post-Keynesian approaches to See also environmental economics and policy
- Grandmont, J M50–1
- Great Recession441–2
- Greece:
- UTIP-EHII income inequality measures375f
- Green, J50
- Greenspan, A445
- green-technology finance corporation405
- Greenwood, D300
- Griffin, K B258
- Griffith, S413
- Grilichres, Z220
- Grilli, V.268
- Grodal, B49
- Groenewegen, P413
- growth and accounting exercises210–1
- growth theory202
- Grünbaum, A72
- Guillebaud, C W332
- Haack, S170
- Hagemann, H190
- Hahn, R312
- Hamermesh, D222
- Hammarskjöld, D12
- Hancock, K419
- 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
- coherence in relation to traditions83–4
- on consumption154
- Crisis in Mainstream Economics, The330
- critique of aggregate production data218
- and E A Russell34
- on financialization350
- general equilibrium theory337
- on global financial crisis458
- on growth cycle328
- on institutional arrangements89
- Introduction (chapter)1–44
- on long-term constraint of global warming395
- “Markets, Madness and a Middle Way”417
- mathematical methods88
- 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
- Harcourt, W4
- Harris, J R378
- Harrison, B369
- Harrod, Roy:
- investment function240
- long-run development theory232
- model of economic growth327
- price system184
- role of persuasion86
- on rule-utilitarianism102
- on sustainable development361
- Hartley, J E45
- Hawke, G R423
- Hayek, Friedrich August von, Prices and Production5
- Hayo, B268
- Heathfield, D F218
- Hefeker, C268
- Hein, E447
- Heisenberg, W335
- Hellström, J267
- Henry, J186
- herd mentality443
- Hewitson, G407
- Hicks, John:
- Capital and Time186
- cumulative causation24
- “Marginal Productivity and the Demand for Labour”249
- and microeconomics46–7
- on nonergodicity67
- on public policy303
- on stationary equilibrium190
- on uncertainty67
- Hildenbrand, W49
- Hirsch, M445
- historical dominance148
- History of Post Keynesian Economics (King)1–2
- Hitch, C J183
- Home Ownership and Equity Protection Act (US)445
- Hommes, C50
- horizontalists, and central banks money supply306
- Horner, F422
- Houthakker, H S224
- Howell, D369–70
- Huang, H275
- Human Abilities/Characteristics (HAC) approach to uncertainty and irreducible uncertainty22, 125–30
- irreducible uncertainty, in Keynes’s works128–9
- ontological issues130
- probability treatment127–8
- summary137–8
- uncertainty treatment127
- human action and mutability135
- Hume, David:
- Abstract of a Treatise of Human Nature, An111
- analysis of convention63
- conventions in social realm73
- an irrationality of convention74
- “Of Morals”70
- and post-Keynesian analogy106–8
- Treatise of Human Nature, A69–70
- Humphrey, T M253
- hydraulic Keynesianism89
- hysteresis177
- Iannaccone, L R146
- Iceland:
- and global financial crisis446
- income inequality484 See also University of Texas Inequality Project (UTIP)
- income-generating finance process305
- independent central banks (ICBs)314
- industrial circulation of money348
- industrial economy structure186–7
- inflation:
- Davidson’s view on306
- and full employment257
- and L-shaped curve252–4
- and unemployment258–60 See also central bank independence (CBI) See also hyperinflation
- Ingham, Geoffrey, Nature of Money, The7
- insertive approach146–7
- institutional neutrality149
- institutional-technical system328–9
- interbank credits350
- interdisciplinary applications of post-Keynesian economics23, 143–56
- overview143–5
- forms of interface145–7
- justice theory147–55
- interindustry production models341
- internal development mechanisms358
- internal employment mechanism356–8
- internal metaphysics171
- International Monetary Clearing Unit (IMCU)306
- investment and savings346–52
- investment function240
- investment stimulation315
- Ireland:
- and global financial crisis446
- irreducible uncertainty See uncertainty and irreducible uncertainty
- irrelevance of command principle149
- Isaac, J420
- Jespersen, J85
- Jevons, W S46–7
- John Maynard Keynes (Skidelsky)100–1
- Johnson, G369
- 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
- Shull’s article on Federal Reserve System277
- Juglar business cycles345–6
- 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 functional distribution369
- growth models462
- on interdisciplinary research144
- long-period growth models3–4
- uncertainty of knowledge87
- on wages policy15
- Kaldor-Russell-Salter Law15
- Kalecki, Michal14–5, 398, 400, 403
- business cycle theories12
- consumption theory232
- cumulative causation processes24
- cumulative nature of traverse191
- cyclical growth theories4
- dynamic complexity199
- and environmental policy402–3
- equilibrium views177
- on functional distribution369
- on interdisciplinary research144
- legacy of14–5
- on markup pricing183
- paradox of cost300–1
- paradox of investment191–2
- and Perry’s environmental economics32
- and Phillips curve28
- on rate of profit463
- on real wages320
- and Rosser’s economic complexity theory25
- three-department model26–7
- Kaleckian-Keynesian framework30, 310–23
- Kaufman, B E247
- Kehoe, T J49
- Kelsey, J424
- Kemp, S426
- Keynes, John Maynard6–7, 106, 192, 246, 398–9, 451, 19, 461, 477
- Bank of England, independence of279
- Bortis’s synthesis of Ricardo/Keynes30–1
- business cycle theories12
- challenging foundations of neoclassical economics293–4
- and development economics17
- on employment333
- on financialization350–1
- ideas vs vested interests362
- implications for global financial crisis459–62
- on independent central bank28–9
- irreducible uncertainty128–9
- irresponsible trade unionism252
- macroeconomic policies310
- monetary policy and CBI275
- monetary production economy340
- on noneconomic concerns395
- open-system ontology85–6
- parallels to Wittgenstein110–1
- philosophical dimension of100–18
- political economy338–9
- political philosophy352–3
- on probabilities127
- on public investment297–8
- on rational behavior20
- on real wages320
- role of persuasion86
- and Rosser’s economic complexity theory25
- Royal Commission on Indian Currency and Finance280–1
- on sustainable development361
- view of capitalism and Soviet-style socialism326–7
- view of Marx’s tradition231 See also philosophical dimensions of Keynes, post-Keynesian perspectives
- Keynes and the Classics—Notes on the Monetary Theory of Production (Bortis)338–9
- Khalil, E L393
- King, John E9, 15–6, 93, 5, 93, 7
- on Andrews13
- 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
- objective truth91
- on post-Keynesian development328–9
- on Robinson’s view of mainstream economics82–3
- on uncertainty67
- Kitchin business cycles345–6
- Kitov, I O380
- Knight, Frank H:
- and Davidson’s work22
- epistemological uncertainty137
- and HAC approach137
- Risk, Uncertainty and Profits65
- Koppl, R200
- Kriesler, Peter5, 16, 18–9, 24, 175–97, 193, 3, 428, 12
- on interdependency of micro/macro analysis19–20
- Introduction (chapter)1–44
- and Nevile34
- Phillips curve258
- published papers417
- Kuh, E255
- Kuhn, A249
- Kurz, H D4–6
- Kuznets, S:
- stylized augmented curve382f
- Kydland, F E273
- labor basics340
- labor demand function222–3
- labor economics and markets246–9, 252, 320–1 See also wage determination
- labor market flexibility378–9
- labor models333–4
- labor theory of moral value151
- labor value principle338
- land basics340
- Landeszentralbanken (LZBs)270
- land-labor basics340
- Landström, M267
- Lange, O188
- 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
- on post-Keynesian development328
- synthesis of Harcourt-Hamouda strands328–9
- wage determination258
- Laws of Returns under Competitive Conditions, The (Sraffa)327
- Lawson, T85–6, 94, 9, 105, 140, 2, 172, 1, 172, 8
- continuity thesis68
- contribution to economics education23
- on heterodox economics89
- on Keynes’s probability and rationality110
- on mathematical models88
- and Pratten24
- Leeson, P T146
- Leeson, R424
- Leith, C314
- Leontief matrix340
- Leontief price system341
- Leontief-Sraffa production model340
- Leverero, E S337
- Levine, D68
- Levine, R222
- Levy, A D275
- Lewis, M445
- Life and Times of J. Neville Keynes, The (Deane)100
- Lindahl, E12
- Lisbon Principles (environmental)299
- Loasby, B114
- 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
- L-shaped aggregate supply curve27–8, 245–64
- overview245–6
- inflation252–4
- Phillips curve, current thoughts258–60
- Phillips curve, development of255–8
- post-WW II economists246–9
- wage change and unemployment249–52
- Lucas, R:
- aggregate production function210
- anti-Keynes backlash of6–7
- macroeconomics, use of term48
- monetary policy and policymaking15
- natural-rate money neutrality272
- Luna, X de267
- Lundberg, E12
- Maclaurin, W R247–8
- macro accounting restrictions463–4
- macroeconomics:
- neoclassical tradition45–6
- policy vision from Kaleckian-Keynesian perspective310–2
- and public investments297–8
- and relationship of microeconomics297
- relationship of microeconomics to297
- and traverse theory190–2 See also microfoundations of macroeconomics
- macroeconomics and L-shaped aggregate supply curve27–8, 245–60
- overview245–6
- inflation252–4
- Phillips curve, current thoughts258–60
- Phillips curve, development of255–8
- post-WW II economists246–9
- wage change and unemployment249–52
- Magano, G268
- Manchester Guardian, Sraffa’s articles on banking crisis in Italy4
- Mandler, M338
- Mankiw-Romer-Weil study on Solow model222
- Manual of Political Economy (Pareto)181
- Manufacturing Business (Andrews)13
- 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
- on definition of political economics23
- on ergodicity335
- influence on Robinson332
- and Pratten’s critical realism23–4
- quantity theory of money5
- Marx, Karl451, 19
- Capital463
- competitive capitalism16
- on crisis theory346
- on financialization350
- on hoarding235
- monetary production economy339–40
- path determinacy177–9
- on public policy302
- schemes of production10
- Sraffa’s views on4
- on sustainable development361
- theoretical comparisons with Galbraith31
- theoretical comparisons with Keynes26–7
- theoretical comparisons with post-Keynesians27
- Marx and post-Keynesians26–7, 231–41
- overview231–2
- Kalecki’s interpretation and development of Marx’s schemes236–8
- Keynesian warranted growth rate238–40
- Marx’s multisectoral model241
- post-Keynesian views of231–2
- and recent literature240–1
- reproduction schemes232–6
- Robinson’s view of231–2
- Marxian-Kaleckian-Keynesian model240–1
- Masciandaro, D268
- material welfare146
- Maynard Keynes: An Economist’s Biography (Moggridge)100
- McAnulty, J C199
- McCallum, B T273
- McCann, C R114
- McKenna, E67
- McTaggart, J M E101
- Meade, E E268
- 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
- Meidner, R378–9
- Meltzer, A440–1
- Mesner, S393–4
- methodology and post-Keynesian economics20–1, 80–93
- overview80–3
- approaches to82–5
- methodological issues85–8
- orthodox and heterodox economics88–92
- microeconomic foundations of macroeconomics19–20, 45–57
- aggregate demand, arbitrariness of48–50
- alternative approaches50–3
- ontological reduction and explanatory reduction53–7
- Milbourne, R418
- Mill, J S302
- Millar, S63
- Miller, M449
- Millikan, R63
- Mini, P353
- Minsky, Hyman P45, 105, 304, 443, 475, 477
- business cycle theory469
- 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
- Miron, J A268
- Mirrlees, J3–4
- Mishan, E J395
- modified Phillips curve257
- Monadjemi, M9
- Mondragon-style internal accounts155
- monetary financing equation347
- monetary policy275, 310, 315–7 See also Australia, and post-Keynesian theorizing
- monetary production economy337–40
- 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
- Moore, M370
- Muldoon, R424
- Mulligan, C B442
- multiplier theory414–6
- multisectoral model (Marx)241
- mutability and human action135
- Naines, J B, Jr199
- Naqvi, K A190
- Nash, J246
- national balance sheets464
- National Bureau of Economic Research (NBER)465
- natural rate of interest312
- natural-rate world of money neutrality272
- Nature of Money, The (Ingham)7
- Nelson, E258
- neoclassical tradition:
- crowding-out theory415–6
- ergodicity335
- and global financial crisis436–52
- individualist foundations of theories48
- macroeconomics approaches45–6
- precepts of437
- twin deficits hypothesis416
- neoliberalism:
- precepts of437 See also global financial crisis (2007–2009), deficiencies of neoliberal macroeconomics
- 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 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
- Oates, W E395
- O’Donnell, Rod M22–3, 68, 94, 9, 105, 113–4, 116, 124–42, 140, 2, 3, 140, 6, 140, 8, 9, 156, 1
- on conventions and arbitrariness73–4
- critique of Bateman116
- disagreement with Minsky107
- “Keynes’s Principles of Writing (Innovative) Economics”109
- mathematical methods87
- political economy339
- use of Collected Writings in doctorate research21–2
- weak rationality, use of term108
- Okishio, N240
- old-age and retirement, financing of359–60
- O’Mahony, M222
- On Keynes’s Method (Carabelli)104
- ontological elaborations163
- ontological reduction (OR)53–7
- open systems165
- orthodox economics88–92
- O’Shaughnessy, T311
- Ostrom, E300
- Oulton, N222
- Oxford Hall and Hitch inquiry183
- Palma, G459
- Papadimitriou, D B447
- Parish, F W254
- 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
- labor model333
- on natural price and wage rate151
- principle of justice155
- on social production340–1
- on vertically integrated sectors397
- Pasinetti Theorem152–4
- Pen, J.246
- Penn World Table208
- Perkins, F295
- Perotti, R371
- Perry, G L254–5
- personal distribution of income and pay, post-Keynesian theories of31, 366–85
- overview366–7
- inequality studies, data problems in370–2, 372f
- aggregation of observational units376–81
- use of sectoral and regional data372–6
- personal income distribution367–70
- persuasion, role of86
- Peterson, W C369
- Phelps, E S450
- Phelps Brown, H25, 90
- criticism of production function analysis223
- “Meaning of the Fitted Cobb-Douglas Function, The”204
- Phillips curve:
- and CBI policy273
- current thoughts258–60
- development of255–8
- Dunlop’s view of251
- Economica article on424
- Lipsey’s view of245
- modified Phillips curve257
- and path determinacy420
- and unemployment259
- philosophical dimensions of Keynes, post-Keynesian perspectives21–2, 100–18
- and analogy of Wittgenstein110–1
- analysis of Keynes’s texts104–8
- early theorists on102–3
- Keynes’s early exposure to philosophy100–2
- subjective/objective probability debate113–4
- Philosophical Investigations (Wittgenstein)110
- philosophy, conventions and conventionalism in69–71
- Pierson, F C248–9
- Piketty, T458
- Pitchford, J D427
- Plowman, D413
- Poincaré, H:
- applicability to conventions in post-Keynesian economics73–5
- conventionalism philosophy70–1
- and Euclidian geometry71–3
- neglect of in post-Keynesian literature63–4
- political economy, system of338–55
- business cycles and institutional trend345–6
- finance and money346–52
- institutions and determinism of the system340–5
- monetary production economy339–40
- social liberal political philosophy352–5
- political philosophy352–5
- Politics (Aristotle)354
- Pollock, A440
- pollution, as social cost395–6
- Pontussen, J370
- Popper, K70–1
- portfolio-change process305
- Portugal:
- UTIP-EHII income inequality measures375f
- post-Keynesian economics (Vol 2), overview19–36
- aggregate production function25–6
- economic policy29–31
- economics in Australia/New Zealand33–4
- environmental economics32–3
- and global financial crisis34–5
- influence of Marx26–7
- mainstream macroeconomics, post-Keynesian critique of27–9
- methodological issues19–25
- 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
- finance and money346–52
- long period, institutions and determinism of the system340–5
- monetary production economy339–40
- 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
- Potts, J426
- predatory-prey model of class interactions199
- Prelude to a Critique of Economic Theory (Sraffa)4
- Prescott, E C273
- price adjustments181–2
- price equations341–3
- price equilibrium332
- Prices and Production (Hayek)5
- primary deficit (surplus)313
- Primrose, D407
- Principa Ethica (Moore)21
- Principles of Political Economy and Taxation (Ricardo)178
- probabilistic uncertainty127
- probability:
- Keynes’s philosophical problem and solution125–7
- treatment of127–8, 131–2 See also uncertainty and irreducible uncertainty
- probability-relation126
- process truth realism91
- production, social process of340
- production functions211–6, 224, 1, 225 See also aggregate production function
- Production of Commodities by Means of Commodities (Sraffa)3
- productive capacity and full employment311
- profit motive150
- property rights over means148–55
- 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
- Quarterly Journal of Economics (QJE), Keynes’s article on uncertainty64–5, 67–9, 86, 107–8, 114, 118
- Quine, W V O, “Truth by Convention”70–1
- Raj, K N190
- Ramirez-Gaston, P186
- Ranjan, P370
- Rawls, John:
- Bradford’s critique of353
- property rights over means of production148–9
- pure procedural justice153
- Second Principle of justice151
- Theory of Justice23
- Raynor, T426
- R.E. Studs, Pasinetti’s article on long-period rate of profits10
- real financing of investment equation347
- rebound effect459
- reciprocity151
- recursion theory200
- Reed, G C146
- regulation of financial markets317
- Rehn, G378–9
- Reiman, J151
- Reinhart, C M436
- Reisch L403
- relative frequency theory131–2
- relative prices and quantities341–3
- renewable-energy market398–9
- representative agent models45–6
- reproduction schemes (Marx)232–6
- retirement, financing of359–60
- Reynolds, P328–9
- Ricardo, David2
- Bortis’s synthesis of Ricardo/Keynes30–1
- Principles of Political Economy and Taxation178
- Ricardo-Pasinetti vertically integrated labor model.333
- Rich, J16
- risk, quantifiable87 See also uncertainty
- Risk, Uncertainty and Profits (Knight)65
- Roberts, J49
- Robertson, S D H255
- Robinson, Joan93, 7, 192–3, 332, 371, 423
- on consumption232
- critique of aggregate production data218
- Economic Philosophy102–3
- Economics of Imperfect Competition, The180
- environmental economics395
- on equilibrium concept331
- on integrating Kalecki’s, Harrod’s, and Domar’s models240
- on interdisciplinary research144
- irresponsible trade unionism252
- long-period growth models3
- on marginal payments248
- on philosophical dimensions of Keynes22
- post-Keynesian, definition of2
- on post-Keynesianism82–3
- 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
- Romer, D222
- Roosevelt, Franklin D294
- Ross, A M250–1
- Roubini, N440
- Royal Commission on Indian Currency and Finance280–1
- Rueda, D370
- Rumsfeld, D482
- Russell-Salter rule34
- Saez, S458
- Sala-i-Martin, X371
- Samuelson, Paul10, 427, 1
- American Economic Review 1960 article28
- capital-theoretic discussions336
- on empirical law203
- on equilibrium theory183
- on ergodicity334
- on mixed economy184
- modified Phillips curve257
- 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
- Sato, K.155
- savings and investment346–52
- scale of economic activity and employment issues343–5
- Scandinavian countries:
- as middle-range inequality countries371
- UTIP-EHII income inequality measures375f
- and wage compression379
- Schalling, E268
- Schandl, H395
- Schelling, Thomas, The Strategy of Conflict63
- Schull, B277
- Schultze, C L257
- Schumpeter Prize426
- scientific ontology168–71
- Searle, J R55
- Seater, J J256
- Seccareccia, M316
- sectoral investment conditions149
- securitization460–1
- Selden, R T254
- Seneca, J J392
- Sennett, Richard, The Craftsman352
- sequential method191
- Shackle, George S L93, 7
- analysis of uncertainty66
- entrepreneurship135
- Expectations in Economics102
- on mass psychology104–5
- mathematical methods88
- on philosophical dimensions of Keynes22
- probability131–2
- quantifiable risk87
- on uncertainty in decision making66
- wage determination246
- years of high theory327–8
- Shapiro, C320
- Shaw, W D392
- Shearson–Lehman Brothers441
- Shesol, J294–5
- shifting equilibrium190
- Shin, H S450
- Shove, G11
- Shull, B277
- Silberstein, M56
- Silicon Valley (California)379
- Silverstone, B424
- simulation study (production function)216–7
- skill-biased technological change369–70
- Smith, Adam30
- and neoclassical laissez-faire economy291
- and public policy approaches302
- Theory of Moral Sentiments, The29
- Wealth of Nations, The29
- Smith, B171
- Smithin, J316
- social costs concept395–6
- social event regularities164
- social ontology See critical realism and social ontology
- social production, value, and distribution340–1
- social rationality300–1
- social scientific ontology168–71
- social surplus353
- socialism, Soviet-style326
- socioeconomic policies355–62
- Soffer, B251
- Solow, Robert M224, 2
- aggregate production function25
- American Economic Review 1960 article28
- on capital theory203
- critique of time-series data218
- and Kondratiev cycle346
- on public policy303
- “Technical Change and the Aggregate Production Function”204
- on traverse182
- 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
- on economic processes189–90
- Laws of Returns under Competitive Conditions, The327
- 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
- Stern, N405
- Stigler, G J247
- Stillwell, J72
- Stock, J H442
- Stockhammer, E447
- Stoker, T M49
- Stone, R461
- Strategy of Conflict, The (Schelling)63
- Strotz, R H199
- 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
- supermultiplier356–60
- surplus principle of distribution338
- Svensson, L275
- Sweezy, P179
- Swiss National Bank267
- Tabellini, G268
- Taft, C H248
- Tax-based Incomes Policy (TIP)306
- Taylor rule on interest rates316
- Taylor-series expansion equation206
- Tcherneva, P R403
- technological obsolescence404–5
- technological-institutional system equilibrium331–2
- Temple, J R W220
- temporary money creation350
- Tesfatsion, L50
- Theory of Justice (Rawls)23
- Theory of Moral Sentiments, The (Smith)29
- Thinking, Fast and Slow (Kahneman)108–9
- 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
- Todaro, M P378
- topology72
- Toporowski, J14–5
- Townshend, H102
- trade unionism252
- transfer payments313
- transmutable reality135
- traverse theory, post-Keynesian24, 175–93
- overview175–6
- further developments in192–3
- Hicksian classical theory184–5
- historical antecedents of178–9
- Lowe and economic growth theory185–90
- and macroeconomics190–2
- Marshall and neoclassical tradition179–82
- modern context of182–4
- traverse vs equilibrium176–8
- Treatise of Human Nature, A (Hume)69–70
- Turing, A M200
- Turner, H A255
- Turnovsky, S J427
- twin deficits hypothesis416
- uncertainty:
- conceptualization of124
- in decision making305
- of knowledge87
- and public policy298–9
- role of328 See also probability
- uncertainty and irreducible uncertainty22–3, 124–40
- unemployment:
- classical response to296
- effects of296
- neoclassical views on297
- and Phillips curve259
- and real wages311
- and wage determination249–52
- United Nations Industrial Development Organization (UNIDO):
- United States:
- Commodities Futures Modernization Act445
- Community Reinvestment Act444–6
- deficit for foreign trade and services481
- Garn–St. Germain Act471
- Glass-Steagall Act471
- and global financial crisis:
- capital-account surplus437
- debt payment obligations436
- factors contributing to480–2
- failure of regulation446
- stagnation447
- subprime crisis437–46
- Home Ownership and Equity Protection Act445
- industrial capacity of483
- inequality of pay, comparisons to Europe377–8
- pay inequality trends in375
- stagflation (1970s)461
- Treasury Department441
- UTIP-EHII income inequality measures375, 375f See also Federal Reserve System (US) See also global financial crisis (2007–2009), and Keynesianism
- US Congress and subprime crisis445
- utopian economics443
- Uy, M448
- Uzawa, H56
- value-added data210
- Vanekian economy155
- Varian, H117
- “Varieties of Capitalism” literature370
- vertically integrated production models340
- Viner, J252
- volume of output202
- Wade, M67
- wage compression378–9
- wage determination:
- efficiency wage247
- just wage concept250
- and unemployment249–52 See also labor economics and markets See also L-shaped aggregate supply curve
- Wakeley, T402–4
- Wallace, N277
- Wallich, H15
- Wallis, K F217
- Walrasian auctioneer182
- Walsh, C E274
- Walters, A A203
- Wan, H Y203
- warranted growth rate238–40
- Washington Consensus policies356
- Watson, M W442
- weak vs strong sustainability debate397–9
- wealth, forms of holding360
- Wealth of Nations, The (Smith)29
- Webb, B249
- Webb, S249
- Weil, D N222
- Whinston, M50
- Whitehouse, M450
- Whittington, G154
- Whitwell, J425–6
- Wibe, S218
- Williamson, O E300
- Wilson, D S55
- Wilson, T A255
- Woodford, M442
- Wooding, P423
- Wootton, B250
- World Bank360
- world currency360
- Worswick, G D N259
- Wren-Lewis, S314
- Wyly, E445
- Yarlagadda, S379
- Young, F84
- Young, J T392
- Zanetti, J424–5
- Zannoni, D67
- Zeuthen, F246
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