Pub Date : 2023-08-15DOI: 10.1080/09538259.2023.2242287
Basil Oberholzer
{"title":"Moving Forward When There Are No Dollars: A Guide to Public Investment in Face of the Balance-of-Payments Constraint","authors":"Basil Oberholzer","doi":"10.1080/09538259.2023.2242287","DOIUrl":"https://doi.org/10.1080/09538259.2023.2242287","url":null,"abstract":"","PeriodicalId":46174,"journal":{"name":"REVIEW OF POLITICAL ECONOMY","volume":" ","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47268634","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-14DOI: 10.1080/09538259.2023.2242209
I. Kvangraven, Maria Dyveke Styve
{"title":"The Hierarchies of Global Finance: An Anti-Disciplinary Research Agenda","authors":"I. Kvangraven, Maria Dyveke Styve","doi":"10.1080/09538259.2023.2242209","DOIUrl":"https://doi.org/10.1080/09538259.2023.2242209","url":null,"abstract":"","PeriodicalId":46174,"journal":{"name":"REVIEW OF POLITICAL ECONOMY","volume":" ","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42967084","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-14DOI: 10.1080/09538259.2023.2244440
Guillermo Matamoros
{"title":"Are Firm Markups Boosting Inflation? A Post-Keynesian Institutionalist Approach to Markup Inflation in Select Industrialized Countries","authors":"Guillermo Matamoros","doi":"10.1080/09538259.2023.2244440","DOIUrl":"https://doi.org/10.1080/09538259.2023.2244440","url":null,"abstract":"","PeriodicalId":46174,"journal":{"name":"REVIEW OF POLITICAL ECONOMY","volume":" ","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43779621","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-14DOI: 10.1080/09538259.2023.2241395
W. Harcourt
{"title":"The Ethics and Politics of Care: Reshaping Economic Thinking and Practice","authors":"W. Harcourt","doi":"10.1080/09538259.2023.2241395","DOIUrl":"https://doi.org/10.1080/09538259.2023.2241395","url":null,"abstract":"","PeriodicalId":46174,"journal":{"name":"REVIEW OF POLITICAL ECONOMY","volume":" ","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48591108","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-10DOI: 10.1080/09538259.2023.2244326
Sylvio Kappes, Louis-Philippe Rochon
As post-Keynesian economics is nearing its 50th anniversary (see Rochon 2023), it is an opportunity to reflect on what Lavoie (2022, p. 34) calls the ‘institutionalization of postKeynesian economics’, that is the state of post-Keynesian conferences, books, journals, summer schools, textbooks and organizations. Inevitably, this leads us into discussions over the future of the institution. Needless to say, there are far more conferences, summer schools, textbooks, and journals today than some 2 decades ago, let alone 5 decades, and the future promises many more. The number of post-Keynesian books, in particular, has also multiplied, largely the result of post-Keynesian-friendly publishers. Among these books, there are notably, Arestis (1992), Dutt and Amadeo (1990), King (2002) and more recently Blecker and Setterfield (2019) and Hein (2023), but in our opinion, very few have impacted the heterodox community quite in the way Lavoie’s book has. For many, and we hear this all the time from young and older scholars alike, this is the ultimate book of reference on anything related to post-Keynesian economics. According to Google Scholar, this edition of the book has been cited 1602 times — making it one of the most cited post-Keynesian or heterodox books. The book covers many topics relevant to the growth of post-Keynesian economics, which following Lavoie, we define broadly to include a great many heterodox traditions. As an indication of the influence of this book, in 2022, someone on Twitter stated unequivocally, ‘post-Keynesian economics is whatever Lavoie says it is.’ This book is more than merely informative on post-Keynesian economics; it lays the foundation for future reflection and research. The first version of the book appeared in 1992 and had a slightly different title, Foundations of Post-Keynesian Economic Analysis. Rochon was an undergraduate student at the University of Ottawa in the mid-1980s, and taking Lavoie’s class (in French) on ‘Post-Keynesian Theory: Money and Effective Demand’, in 1986. The content of that class would eventually become the 1992 book, indicating a long, reflective, gestation period. But it took some 22 years for a new version of the book to be in print, along with a slightly modified, flipped, title, now Post-Keynesian Economics: New Foundations, albeit with the same publisher, Edward Elgar. The revised title was largely the result of the vast changes to the second version of the book — including a new chapter on
{"title":"Introduction to Post-Keynesian Economics: New Foundations by Marc Lavoie","authors":"Sylvio Kappes, Louis-Philippe Rochon","doi":"10.1080/09538259.2023.2244326","DOIUrl":"https://doi.org/10.1080/09538259.2023.2244326","url":null,"abstract":"As post-Keynesian economics is nearing its 50th anniversary (see Rochon 2023), it is an opportunity to reflect on what Lavoie (2022, p. 34) calls the ‘institutionalization of postKeynesian economics’, that is the state of post-Keynesian conferences, books, journals, summer schools, textbooks and organizations. Inevitably, this leads us into discussions over the future of the institution. Needless to say, there are far more conferences, summer schools, textbooks, and journals today than some 2 decades ago, let alone 5 decades, and the future promises many more. The number of post-Keynesian books, in particular, has also multiplied, largely the result of post-Keynesian-friendly publishers. Among these books, there are notably, Arestis (1992), Dutt and Amadeo (1990), King (2002) and more recently Blecker and Setterfield (2019) and Hein (2023), but in our opinion, very few have impacted the heterodox community quite in the way Lavoie’s book has. For many, and we hear this all the time from young and older scholars alike, this is the ultimate book of reference on anything related to post-Keynesian economics. According to Google Scholar, this edition of the book has been cited 1602 times — making it one of the most cited post-Keynesian or heterodox books. The book covers many topics relevant to the growth of post-Keynesian economics, which following Lavoie, we define broadly to include a great many heterodox traditions. As an indication of the influence of this book, in 2022, someone on Twitter stated unequivocally, ‘post-Keynesian economics is whatever Lavoie says it is.’ This book is more than merely informative on post-Keynesian economics; it lays the foundation for future reflection and research. The first version of the book appeared in 1992 and had a slightly different title, Foundations of Post-Keynesian Economic Analysis. Rochon was an undergraduate student at the University of Ottawa in the mid-1980s, and taking Lavoie’s class (in French) on ‘Post-Keynesian Theory: Money and Effective Demand’, in 1986. The content of that class would eventually become the 1992 book, indicating a long, reflective, gestation period. But it took some 22 years for a new version of the book to be in print, along with a slightly modified, flipped, title, now Post-Keynesian Economics: New Foundations, albeit with the same publisher, Edward Elgar. The revised title was largely the result of the vast changes to the second version of the book — including a new chapter on","PeriodicalId":46174,"journal":{"name":"REVIEW OF POLITICAL ECONOMY","volume":"35 1","pages":"1021 - 1024"},"PeriodicalIF":1.5,"publicationDate":"2023-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44508293","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-25DOI: 10.1080/09538259.2023.2233870
Riccardo Zolea
ABSTRACT This paper proposes a functional analysis of the input of the traditional banking sector in an endogenous money framework. Although banks create bank money, central bank money (or reserves) cannot be produced by banks, which require it as an input. Deposits are the cheapest source of central bank money already in the system, so it can be argued that deposits serve as inputs for the banking industry. Nevertheless, for individual banks it is necessary to draw some distinctions between deposits corresponding to liquidity injection and pure accounting entries that are generated by the creation of loans. Furthermore, the role of bank bonds is discussed, in the context of whether they function more as equity or as deposits. Unlike other industries, it is hypothesised that the functional role of bank bonds is very different from that of equity, and it is rather a different form of bank funding of liquidity, with some advantages and disadvantages compared to deposits. Finally, a brief comparison is pursed between this analysis of the traditional banking sector and the simpler study of other financial intermediaries.
{"title":"A Functional Analysis of the Role of Deposits in the Traditional Banking Industry","authors":"Riccardo Zolea","doi":"10.1080/09538259.2023.2233870","DOIUrl":"https://doi.org/10.1080/09538259.2023.2233870","url":null,"abstract":"ABSTRACT This paper proposes a functional analysis of the input of the traditional banking sector in an endogenous money framework. Although banks create bank money, central bank money (or reserves) cannot be produced by banks, which require it as an input. Deposits are the cheapest source of central bank money already in the system, so it can be argued that deposits serve as inputs for the banking industry. Nevertheless, for individual banks it is necessary to draw some distinctions between deposits corresponding to liquidity injection and pure accounting entries that are generated by the creation of loans. Furthermore, the role of bank bonds is discussed, in the context of whether they function more as equity or as deposits. Unlike other industries, it is hypothesised that the functional role of bank bonds is very different from that of equity, and it is rather a different form of bank funding of liquidity, with some advantages and disadvantages compared to deposits. Finally, a brief comparison is pursed between this analysis of the traditional banking sector and the simpler study of other financial intermediaries.","PeriodicalId":46174,"journal":{"name":"REVIEW OF POLITICAL ECONOMY","volume":"35 1","pages":"933 - 952"},"PeriodicalIF":1.5,"publicationDate":"2023-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43125310","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-20DOI: 10.1080/09538259.2023.2222680
J. Braga, Franklin Serrano
ABSTRACT The conflicting claims approach to the theory of inflation so thoroughly surveyed and well presented in Chapter 8 of Lavoie's [(2022). Post-Keynesian Economics. New Foundations. Cheltenham, UK: Edward Elgar Publishing] book is deservedly becoming increasingly consensual among heterodox (and even some notable mainstream) macroeconomists. However, the relevance of a concept (and the very existence of) a single NAIRU (Non-Accelerating Inflation Rate of Unemployment) derived consistently from the very premises of the conflicting claims approach is still very controversial. In this review article, we will be to argue that a NAIRU is not really useful for the conflicting claims approach. The key aspects explored here are: (1) the different roles of hysteresis in the output and labor markets; (2) the assumptions concerning real profit markups of firms; and (3) the extent to which money wage increases actually incorporate past (or expected) inflation. We also add some remarks regarding the role of changes in international commodity prices and nominal exchange rates that further illustrate the necessary relation between conflicting claims inflation and the theory of distribution and relative prices.
{"title":"Post-Keynesian Economics: New Foundations by Marc Lavoie Chapter 8: Inflation Theory","authors":"J. Braga, Franklin Serrano","doi":"10.1080/09538259.2023.2222680","DOIUrl":"https://doi.org/10.1080/09538259.2023.2222680","url":null,"abstract":"ABSTRACT The conflicting claims approach to the theory of inflation so thoroughly surveyed and well presented in Chapter 8 of Lavoie's [(2022). Post-Keynesian Economics. New Foundations. Cheltenham, UK: Edward Elgar Publishing] book is deservedly becoming increasingly consensual among heterodox (and even some notable mainstream) macroeconomists. However, the relevance of a concept (and the very existence of) a single NAIRU (Non-Accelerating Inflation Rate of Unemployment) derived consistently from the very premises of the conflicting claims approach is still very controversial. In this review article, we will be to argue that a NAIRU is not really useful for the conflicting claims approach. The key aspects explored here are: (1) the different roles of hysteresis in the output and labor markets; (2) the assumptions concerning real profit markups of firms; and (3) the extent to which money wage increases actually incorporate past (or expected) inflation. We also add some remarks regarding the role of changes in international commodity prices and nominal exchange rates that further illustrate the necessary relation between conflicting claims inflation and the theory of distribution and relative prices.","PeriodicalId":46174,"journal":{"name":"REVIEW OF POLITICAL ECONOMY","volume":"35 1","pages":"1096 - 1108"},"PeriodicalIF":1.5,"publicationDate":"2023-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42161842","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-11DOI: 10.1080/09538259.2023.2231368
Stavros A. Drakopoulos
{"title":"Principles of Behavioral Economics: Bringing Together Old, New and Evolutionary Approaches","authors":"Stavros A. Drakopoulos","doi":"10.1080/09538259.2023.2231368","DOIUrl":"https://doi.org/10.1080/09538259.2023.2231368","url":null,"abstract":"","PeriodicalId":46174,"journal":{"name":"REVIEW OF POLITICAL ECONOMY","volume":" ","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42700390","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-04DOI: 10.1080/09538259.2023.2226936
J. King
ABSTRACT Marc Lavoie’s very long (74-page), very stimulating and sometimes very provocative first chapter has the title ‘Essentials of heterodox and post-Keynesian economics’. It deals with an extremely broad range of issues in economic methodology and in the sociology (broadly defined) of different schools of thought in economics, in addition to providing a substantial discussion of theoretical and policy questions. Space constraints prevent me from dealing with many of these very interesting and occasionally contentious propositions. Instead I shall confine my contribution to an assessment of Marc’s position on the heterodox and orthodox schools of thought (sections 1.2 and 1.3, pp. 4–16); on the related question of ‘atomism versus holism’ (section 1.3.3, pp. 17–24); on the different post-Keynesian strands, with particular reference to his treatment of Hyman Minsky, Piero Sraffa and Michał Kalecki (section 1.4.3, pp. 40–46); and on the important question of whether we should adopt a ‘narrow tent’ or ‘broad tent’ definition of post-Keynesianism (section 1.4.4, pp. 46–49).
{"title":"Post-Keynesian Economics: New Foundations by Marc LavoieChapter 1: Essentials of Heterodox and Post-Keynesian Economics","authors":"J. King","doi":"10.1080/09538259.2023.2226936","DOIUrl":"https://doi.org/10.1080/09538259.2023.2226936","url":null,"abstract":"ABSTRACT Marc Lavoie’s very long (74-page), very stimulating and sometimes very provocative first chapter has the title ‘Essentials of heterodox and post-Keynesian economics’. It deals with an extremely broad range of issues in economic methodology and in the sociology (broadly defined) of different schools of thought in economics, in addition to providing a substantial discussion of theoretical and policy questions. Space constraints prevent me from dealing with many of these very interesting and occasionally contentious propositions. Instead I shall confine my contribution to an assessment of Marc’s position on the heterodox and orthodox schools of thought (sections 1.2 and 1.3, pp. 4–16); on the related question of ‘atomism versus holism’ (section 1.3.3, pp. 17–24); on the different post-Keynesian strands, with particular reference to his treatment of Hyman Minsky, Piero Sraffa and Michał Kalecki (section 1.4.3, pp. 40–46); and on the important question of whether we should adopt a ‘narrow tent’ or ‘broad tent’ definition of post-Keynesianism (section 1.4.4, pp. 46–49).","PeriodicalId":46174,"journal":{"name":"REVIEW OF POLITICAL ECONOMY","volume":"35 1","pages":"1025 - 1033"},"PeriodicalIF":1.5,"publicationDate":"2023-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44284633","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-30DOI: 10.1080/09538259.2023.2226606
Sylvio Kappes, Louis-Philippe Rochon
ABSTRACT This article focuses on an analysis of chapter 4 of Lavoie’s magnus opus, Post-Keynesian Economics: New Foundations. It is the opening chapter of the macroeconomic section of the book. As we argue, following Keynes’s ‘monetary theory of production’, but also in line with Schumpeter, starting the discussion over macroeconomics with money makes sense. It is impossible, in post-Keynesian economics, to discuss the real economy independently of the monetary side of the analysis. In this sense, money and production, and debt, are linked within an endogenous money framework. This article covers and discusses all aspects of this chapter.
{"title":"Post-Keynesian Economics: New Foundations, by Marc Lavoie Chapter 4: Credit, Money and Central Banks","authors":"Sylvio Kappes, Louis-Philippe Rochon","doi":"10.1080/09538259.2023.2226606","DOIUrl":"https://doi.org/10.1080/09538259.2023.2226606","url":null,"abstract":"ABSTRACT This article focuses on an analysis of chapter 4 of Lavoie’s magnus opus, Post-Keynesian Economics: New Foundations. It is the opening chapter of the macroeconomic section of the book. As we argue, following Keynes’s ‘monetary theory of production’, but also in line with Schumpeter, starting the discussion over macroeconomics with money makes sense. It is impossible, in post-Keynesian economics, to discuss the real economy independently of the monetary side of the analysis. In this sense, money and production, and debt, are linked within an endogenous money framework. This article covers and discusses all aspects of this chapter.","PeriodicalId":46174,"journal":{"name":"REVIEW OF POLITICAL ECONOMY","volume":"35 1","pages":"1051 - 1060"},"PeriodicalIF":1.5,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41392432","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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