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on Post Keynesian Economics |
| By: | Beinhocker, Eric; Bednar, Jenna |
| Abstract: | Since the first volume in this series (Anderson, Arrow & Pines, 1987), a variety of scholars have claimed that complexity economics presents a fundamentally different and more scientifically grounded way of explaining and modelling the economy than more traditional perspectives. Looking back at over thirty-five years of development in the field, this essay argues that complexity economics is not merely an alternative and advantageous set of methods for understanding the economy but could play a critical role in the construction of a new economic paradigm. Complexity economics is part of a broader interlocking set of ideas—an "ontological stack"—that has the potential to supplant the dominant economic paradigms of the twentieth century. The development of such a paradigm would have major implications for economic policy and politics. The essay concludes with a discussion of what can be done to advance the complexity economics agenda and how such a paradigm might be developed. |
| Date: | 2025–10 |
| URL: | https://d.repec.org/n?u=RePEc:amz:wpaper:2025-20 |
| By: | Nicolas M. Burotto (Universidad Andres Bello) |
| Abstract: | I develop a discrete-time Keynesian D/Z model in which inflationary inertia arises from distributional conflict between firms and workers. The mechanism centers on aspiration gaps—the divergence between actual real wages and income targets—which, when combined with strong bargaining power, generate persistent inflation even after conventional macroeconomic gaps close. The model shows that equilibrium in real wages does not guarantee distributional balance, and that market mechanisms alone cannot restore stability. This underscores the need for a "social consensus" that moderates aspiration dynamics and defuses conflict-driven inflationary pressures. |
| Keywords: | inflation inertia; distributional conflict; aspiration gaps; effective demand; wage-price dynamics. |
| JEL: | E12 E25 E31 |
| Date: | 2025–06–25 |
| URL: | https://d.repec.org/n?u=RePEc:thk:wpaper:inetwp235 |
| By: | Mohsen Javdani (Simon Fraser University) |
| Abstract: | This study contributes to growing calls for greater pluralism in economics by examining how gender shapes economists' normative and epistemological orientations. Drawing on original survey data from 2, 425 economists across 19 countries, we document systematic gender differences in views on a broad range of issues. Female economists are significantly more likely to support progressive equity-oriented positions, challenge mainstream assumptions, and endorse pluralistic approaches to inquiry. We also find stark gender differences in political ideology: women are far more likely than men to identify as left-leaning—particularly far-left—while men disproportionately align with centrist or right-leaning ideologies. These ideological divides account for some of the gender differences in views, underscoring the mediating role of political ideology. However, the influence of ideology itself varies by gender: moving rightward on the ideological spectrum reduces support for some progressive positions more sharply among men than women. This suggests that gendered experiences inform distinct interpretive frameworks that persist even within shared ideological categories. Taken together, our findings highlight that gender diversity in economics is not merely demographic but epistemic—and that realizing its transformative potential requires institutional environments that value and legitimize dissenting and underrepresented perspectives. |
| Keywords: | Gender Diversity, Economics Profession, Pluralistic Diversity, Political Ideology. |
| JEL: | A11 A13 B54 J16 D63 |
| Date: | 2024–08–20 |
| URL: | https://d.repec.org/n?u=RePEc:thk:wpaper:inetwp238 |
| By: | Jan Toporowski (International University College) |
| Abstract: | This paper commemorates the 70th anniversary of Kalecki's seminal lecture in Mexico on financing economic development. The first part of this paper outlines the theoretical model underlying Kalecki's view of development financing. A second part of the paper summarizes the foundations of structuralist development economics in the Prebisch-Singer approach to international trade and import-substitution development strategies. A third part of the paper examines the confrontation between Kalecki’s view of economic development strategy, and the structuralist approach, in the case of Cuba, highlighting the differences between the two approaches. A fourth part concludes with some reflections on the relevance today of structuralism and Kalecki's view of economic development. |
| Keywords: | Kalecki, structuralist economics, economic development, development finance, land reform, import substitution, Prebisch-Singer. |
| JEL: | B24 B31 F54 O11 O19 |
| Date: | 2025–06–06 |
| URL: | https://d.repec.org/n?u=RePEc:thk:wpaper:inetwp234 |
| By: | Kapeller, Jakob; Scharnreitner, Franz |
| Abstract: | This paper revisits paradigmatic differences in economics with a focus on input-output modeling. We show that such differences represent deep divides in economic theorizing and impact strongly on the magnitude and signs of expected effects. At the same time estimates from input-output models are crucial for understanding the expected economic impacts of additional investment undertaken in the course of a socio-ecological transformation aiming to render social provisioning processes carbonneutral. Taking the transformation of the German housing sector as a practical example this paper illustrates the divergence between typical results obtained and explores two central axiomatic variations of a neoclassical approach - the introduction of CES-functions as well as labor slack - that promise to explore some middle ground in between established approaches. Thereby we hope to better illuminate how different axiomatic setups imprint on estimates of the economic effects of ecologically motivated transformation efforts to provide applied researchers with better guidance when it comes to choosing foundational model assumptions. |
| Keywords: | input-output modeling, general equilibrium, Leontief Inverse, economic pluralism, socioecological transformation |
| JEL: | C67 C68 D57 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:ifsowp:328264 |
| By: | Alberto Russo (Department of Economics and Social Sciences, Università Politecnica delle Marche, Ancona, Italy and Department of Economics, Universitat Jaume I, Castellón, Spain) |
| Abstract: | Drawing on Peter Turchin’s structural-demographic theory, this paper provides a preliminary examination of how rising inequality and financial liberalization contribute to political instability through the interplay of mass immiseration and elite overproduction. We capture these dynamics through a simplified agent-based macroeconomic model, introducing two structural shocks – growing inequality and financial liberalization – that reflect the transformations reshaping advanced economies in recent decades, a process intertwined with political disintegration. A wealth tax on the richest households can reduce political fragmentation and improve economic performance, but lasting resilience will require embedding such measures within a broader rethinking of the policy paradigm that has prevailed since the 1980s. |
| Keywords: | growing inequality; financial liberalization; political instability; agent-based model |
| JEL: | C63 D31 E02 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:jau:wpaper:2025/07 |
| By: | Thomas Ferguson (University of Massachusetts, Boston) |
| Abstract: | Narratives in American history, politics, and economics — even those by the most accomplished researchers — often resemble donuts: at their core lies a hole that no amount of sweet speculation can truly fill. They say almost nothing about the financing behind even the most pivotal American political campaigns and elections. Both history and the social sciences suffer greatly when facts are missing and wild guesses take their place. INET's new data archive of historical political finance records at the National Archives marks a major step toward filling this factual void. It assembles all campaign finance reports filed by political parties and presidential candidates up to 1974, the year before the Federal Election Commission was established. A few additional files, including one from the FEC for 1976, are also included, as detailed below. This INET Working Paper outlines what users need to know to navigate the archive effectively and locate the data they require. The files themselves can be found here. |
| Keywords: | political finance, elections, regulation, state and business |
| JEL: | D72 K20 L13 L14 L38 L51 N12 N42 P14 |
| Date: | 2025–09–30 |
| URL: | https://d.repec.org/n?u=RePEc:thk:wpaper:inetwp242 |