nep-pke New Economics Papers
on Post Keynesian Economics
Issue of 2005‒10‒29
three papers chosen by
Karl Petrick
Leeds Metropolitan University

  1. Entrepreneurship, Evolution and the Human Mind By Brian Loasby
  2. An economic policy for the fifth long wave By Angelo Reati; Jan Toporowski
  3. Is there any progress in Economics? Some answers from the historians of economic thought By Antonio Almodovar; Maria de Fátima Brandão

  1. By: Brian Loasby
    Date: 2005–09
  2. By: Angelo Reati (Technical University of Lisbon); Jan Toporowski (University of Amsterdam)
    Abstract: The paper starts by reviewing a recent contribution on long-waves, in order to recall the essential points of a theory that, better than any other, is able to explain the long term development of capitalist economies. Considering that the present technological revolution in ICT is part of the broad phenomenon of a new long wave, it follows that the main focus of economic policy should be to support the diffusion of the new technological style and to favour the institutional changes required by such an objective. On the basis of a selective view of what is deemed crucial to foster the full implementation of the new long wave, four broad guidelines are suggested: (i) a Keynesian policy for demand; (ii) a policy to re-establish the primacy of productive capital through systematic concerted open market operations to regulate liquidity in the financial markets; (iii) a reconstruction of the employment relationship that, while taking into consideration the requirements of the new technological paradigm, preserves the essential features of the “European social model”; a targeted flexibility of labour, that contrasts with the all-out market flexibility that results from the neoclassical theory, is also suggested; (iv) a regime for intellectual property rights that avoids the drawbacks – both ethical and economic – of current US practices.
    Keywords: long-waves
    JEL: C6 D5 D9
    Date: 2005–10–21
  3. By: Antonio Almodovar (CEMPRE, Faculdade de Economia, Universidade do Porto); Maria de Fátima Brandão (CEMPRE, Faculdade de Economia,Universidade do Porto)
    Abstract: In our paper we look back and review some of the old books on the history of economic thought. This exercise allows us not only to scan and line up a possible range of different views on progress, but also to perceive why progress itself sometimes becomes an explicit issue within those histories. At the same time, this inquiry shed some light over the path that led to Schumpeter and Blaug views on the history of economics.
    Keywords: Progress; Economic Thought
    JEL: A11 B0
    Date: 2005–10

This nep-pke issue is ©2005 by Karl Petrick. It is provided as is without any express or implied warranty. It may be freely redistributed in whole or in part for any purpose. If distributed in part, please include this notice.
General information on the NEP project can be found at For comments please write to the director of NEP, Marco Novarese at <>. Put “NEP” in the subject, otherwise your mail may be rejected.
NEP’s infrastructure is sponsored by the School of Economics and Finance of Massey University in New Zealand.