Publications

1681 publications found

• Working Paper No. 25 June 07, 1989

  Kaleckianism vs. “New” Keynesianism

  Tracy Mott
  Abstract

  The economics of Kalecki and of the New Keynesianism exhibit remarkable parallels. The major doctrine they have in common is that of business net worth, or equity, as the major determinant of business expansion. The New Keynesians arrive at their understanding of this point by reasoning from rational behavior in the face of informational imperfections. […]

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• Working Paper No. 24 June 06, 1989

  Financial Instability

  Dorene L. Isenberg
  Abstract

  This study is a continuation of the empirical research on the impacts of debt; it argues that debt-usage is not neutral and that the currency of its cost is bankruptcy. A financially fragile economy is feared because of its potential harm. In the public sector the large and lingering deficit is not a problem in […]

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• Working Paper No. 23 May 10, 1989

  Viability and Equilibrium

  Jean Cartelier
  Abstract

  More than fifty years after the publication of Keynes’ General Theory and of the review article by Hicks, ISLM remains the basic model for teaching Keynesian macroeconomics. Some Keynesians have rightly insisted on the inadequacies of ISLM in capturing Keynes’ thought but have not converted the profession to their views. The same fate may befall […]

• Working Paper No. 22 May 08, 1989

  Debt and Macro Stability

  Marc Jarsulic
  Abstract

  There has been much recent interest in the problem of financial instability in the macro economy. Some researchers have looked for cyclical and secular co-movements between debt accumulation, financial crises, and problems in the real economy. Others have tried to rationalize, in formal models the apparent connections between finance, changes in expectations, and macro instability. […]

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• Working Paper No. 21 April 10, 1989

  The Structure of Class Conflict in a Kaleckian-Keynesian Model

  Tracy Mott
  Abstract

  This paper seeks to explore this issue of the existence and nature of class conflict within a picture of the economy that could be called Kaleckian-Keynesian. Though the particular model we will use owes somewhat more to Kalecki than Keynes, it hopefully does not violate the spirit of Keynes very much, and in fact it […]

• Working Paper No. 20 April 09, 1989

  Profits, Cycles, and Chaos

  Marc Jarsulic
  Abstract

  Some time ago, Goodwin (1967) offered an elegant and influential model to represent part of Marx’s thinking on business cycles. In that model he was able to show how the interaction of the reserve army of labor and the process of capital accumulation could produce self-sustaining oscillatory behavior. Increases in the real wage cause decreases […]

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• Working Paper No. 19 March 10, 1989

  A Dynamic Approach to the Theory of Effective Demand

  Anwar M. Shaikh
  Abstract

  This paper attempts to resituate the theory of effective demand within a dynamic nonequilibrium context. Existing theories of effective demand, which derive from the works of Keynes and Kalecki, are generally posed in static equilibrium terms. That is to say, they serve to define a given level of output which corresponds to the equilibrium point […]

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• Working Paper No. 18 March 08, 1989

  Profitability and the Time-varying Liquidity Premium in the Term Structure of Interest Rates

  Tracy Mott, and David Zen
  Abstract

  There have been numerous empirical studies of the term structure. Broadly, the evidence may be said to be consistent with some influence from expectations plus the existence of a liquidity premium. Long rates or the spread between long and short rates have seemed to be systematically related to expectations of future rates, though the expectations […]

• Working Paper No. 17 February 01, 1989

  Social Progress after the Age of Progressivism

  David Kettler, and Volker Meja
  Abstract

  This essay is about trade unions, an institution that arose to play an important part in relation to the social progress characterizing much of the present century and that served as an important reference point for several varieties of normative progressivism. The past two decades of social progress in the most prosperous established nations appear […]

• Working Paper No. 16 January 10, 1989

  Unionization and Labour Regimes

  Christopher Huxley, David Kettler, and James Struthers
  Abstract

  No further information available.

• Working Paper No. 15 January 01, 1989

  The Financially Fragile Firm

  Dorene L. Isenberg
  Abstract

  This paper is an empirical investigation of Minsky’s hypothesis in the U.S. consumer durables sector during the 1920s. The first section of the paper briefly describes Minsky’s financial fragility hypothesis, while the second sketches a brief economic historical background of the 1920s in the U.S. The third section introduces the methodology utilized and the fourth […]

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• Working Paper No. 14 December 01, 1988

  Classical and Neoclassical Elements in Industrial Organization

  Mark Glick, and Eduardo M. Ochoa
  Abstract

  This article analyzes the theoretical foundations of industrial organization studies of monopolistic and competitive pricing. Our analysis will focus on the central debates of the 1950s, 1960s, and 1970s that formed the theoretical basis of the modern industrial organization paradigm. We will argue that despite claims to the contrary, and often unknowingly, the majority of […]

• Working Paper No. 13 November 10, 1988

  The Effects of Worker Participation, Employee Ownership, and Profit Sharing on Economic Performance

  Derek C. Jones, and Jeffrey Pliskin
  Abstract

  For alternative sharing arrangements we review theory on the economic effects on employment, productivity, investment, income and wealth distribution, and life cycle and survival. We find that predictions are often ambiguous and that sometimes the nature and size of the specific effect is determined in part by the particular institutional arrangements. Next recent econometric work […]

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• Working Paper No. 12 November 01, 1988

  The Real Wage and the Marginal Product of Labor

  Tracy Mott
  Abstract

  As I see it, the errors in Keynes’s analysis in chapter 2 of the General Theorv were his acceptance of diminishing returns in the short-period relation between output and labor employed, and of perfect competition in the product market. These "errors," however, are easily corrected and do not alter Keynes’s basic and correct ideas—that employment […]

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• Working Paper No. 11 October 09, 1988

  Ranking Urban Areas

  Dimitrios A. Giannias
  Abstract

  Rankings of urban areas provide useful information to planning recreational or tourism activities, making housing-locational decisions, and designing policies to attract industries. This paper illustrates how the structural approach to hedonic equilibrium models can be used to derive a quality of life based ranking of urban areas.

• Working Paper No. 10 October 02, 1988

  Long-Term Trends in Profitability

  Gerard Dumenil, Mark Glick, and Dominique Levy
  Abstract

  It is accepted doctrine among economists that the rate of profit in the United States has declined since the mid-1960s. What is less a matter of agreement is whether this decline represents a stage in a long-term secular decline. In a recent article, Dumenil, Glick, and Rangel (1987) reviewed the existing empirical evidence on this […]

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• Working Paper No. 9 October 02, 1988

  Consumer Benefit from Air Quality Improvements

  Dimitrios A. Giannias
  Abstract

  This paper applies a simultaneous equations estimation technique to estimate a hedonic equilibrium model. The estimation results are used to compute consumer benefit from air quality improvements.

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• Working Paper No. 8 September 10, 1988

  The Effects of Alternative Sharing Arrangements on Employment

  Derek C. Jones, and Jeffrey Pliskin
  Abstract

  A sample of British firms with diverse sharing arrangements is used to investigate the effects of profit sharing on employment levels. Employment effects are sometimes significant but depend upon the measure of profit sharing, how the dynamics are modeled, and whether measures of employee participation in decision making are included in the estimating equation. Using […]

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• Working Paper No. 7 September 09, 1988

  Why Is the Rate of Profit Still Falling?

  Thomas R. Michl
  Abstract

  This paper elaborates a fixed-coefficient, capital, labor, non-raw material intermediates, raw materials production model; estimates the wage share-profit rate frontier associated with it for U.S. manufacturing from 1949 to 1986; and suggests the following explanation of declining profitability. From 1949 to 1970, a rising wage share drove the manufacturing industries up along the wage-profit frontier. […]

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• Working Paper No. 6 August 10, 1988

  A Structural Approach to Hedonic Equilibrium Models

  Dimitrios A. Giannias
  Abstract

  This paper presents a quality theory for differentiated products. Analytical solutions for the equilibrium demand for quality and the equilibrium price equation are computed. The model is estimated and the willingness to pay for improvements in the air quality of Houston is computed. The empirical results show that the standard n on-structural approach would seriously […]

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• Working Paper No. 5 August 09, 1988

  The Finance Constraint Theory of Money

  Meir Kohn
  Abstract

  The theory of money that emerged from the Keynesian Revolution is coming increasingly into question, and a variety of new theories are being put forward as alternatives. The most promising is one I will call the finance constraint theory. This paper is a progress report on its development. It is particularly fitting that this progress […]

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• Working Paper No. 4 July 10, 1988

  Housing Quality Differentials in Urban Areas

  Dimitrios A. Giannias
  Abstract

  This paper applies an equilibrium quality theory for differentiated products to estimate the willingness to pay for improvements in the air quality of Chicago, Cleveland, Dallas, Houston, and Indianapolis. The empirical results show (i) that the structural approach and the standard nonstructural approach give very different benefit figures even for small improvements in air quality, […]

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• Working Paper No. 3 March 10, 1988

  Competing Micro Economic Theories of Industrial Profits

  Mark Glick, and Eduardo M. Ochoa
  Abstract

  Contrary to the impression given by most textbooks, microeconomics is not a homogeneous discipline. At least two major alternative theories exist which account for the long-run behavior of industrial prices and the between economic sectors in ways which are distinct from standard neoclassical explanations. Both Post Keynesian and Classical (Marxian/NeoRicardian) approaches to economics have developed […]

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• Working Paper No. 2 March 09, 1988

  The Firm and Its Profits

  Nina Shapiro
  Abstract

  What sets the firm apart from other producers is the commercial nature of its operations. The firm produces for the market and only for the market. It produces goods and buys them not in order to consume them but in order to sell them or their products. While economic agents other than the firm sell […]

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