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on Post Keynesian Economics |
| By: | Toporowski, Jan |
| Abstract: | With the possible exception of her work on economic methodology, the monetary economics of Victoria Chick lay at the heart of her macroeconomics, and her general approach to economics. Chick’s monetary economics started with her participation in the revival of monetary theory in the wake of the Radcliffe Report, which argued that liquidity rather than money should be the central operational concept for theory and policy. When the monetary revival turned to monetarism, Chick countered by insisting on the monetary nature of macroeconomic variables, rather than confining money to a “monetary sector” that was added on to a “real” economy. She developed this approach by showing how macroeconomic relations were affected by banking evolution, and later rejected the concept of monetary endogeneity based on central bank operations in inter-bank markets. However, the critical part that she gave to monetary innovation in Keynes’s macroeconomics is an original but controversial part of her intellectual legacy. |
| Keywords: | Radcliffe report;Victoria Chick;banking;monetary theory |
| JEL: | E12 E42 E52 G21 |
| Date: | 2026–07–12 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:140320 |
| By: | Kemp-Benedict, Eric |
| Abstract: | Ecological macroeconomics has been expanding as a sub-field within ecological economics in the last decade. Applying almost exclusively non-neoclassical, or 'heterodox', macroeconomic theory, ecological macroeconomic models incorporate biophysical stocks and flows. Yet, they are not well-suited to exploring the more transformative agendas proposed within ecological economics writ large. The challenges of doing so are prodigious, but that points to the need for research. With the ultimate goal of informing policy-oriented models, including scenario models, this paper proposes a framework for research along a 'research-to-application pipeline'. It argues the need for a common framework and suggests combining two well-established practices: from macroeconomics, the practice of characterising models by their accounting relationships, behavioural rules, and closures; and, from system dynamics modelling, the adoption of 'confidence-building procedures'. The proposed research-to-application pipeline creates a division of labour over the task of confidence building, with the accounts-behaviourclosure (or 'ABC') approach providing a common language. The paper refers to existing work and explicitly addresses the critical realist critique of model closure. |
| Keywords: | ecological macroeconomics, post-Keynesian, post-growth, degrowth, critical realism |
| JEL: | C54 E11 E12 P41 Q57 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:penwps:342531 |
| By: | Motloutsi, Veronica; Viriri, Serestina; Samuels, Alexander |
| Abstract: | Digital transformation is widely presented as a pathway to financial inclusion, entrepreneurial growth, and sustainable development, yet its developmental effects remain uneven in emerging economies. This tension is particularly evident in South Africa’s fintech entrepreneurial ecosystem, where a relatively sophisticated financial sector and expanding digital innovation coexist with persistent inequality, skills shortages, fragmented institutional support, and regulatory complexity. Existing digital transformation research has largely focused on firm-level adoption, business model innovation, and technology-enabled change, offering limited explanation of how broader ecosystem conditions shape sustainable development outcomes in contexts such as South Africa. In response, this article develops a Critical Realist Digital Transformation Capacity Framework to explain how digital transformation may contribute to sustainable development within South Africa’s fintech entrepreneurial ecosystem. Drawing on digital transformation theory, capacity development theory, entrepreneurial ecosystem scholarship, and critical realism, the article argues that digital transformation is not a self-executing technological process but a contextually mediated and capacity-dependent phenomenon. It identifies institutional capacity, human capacity, and policy capacity as the key generative mechanisms through which digital technologies may support financial inclusion, ecosystem resilience, entrepreneurial participation, and broader economic development. By integrating these literatures, the article extends global information technology scholarship beyond technology-centric and firm-level accounts and offers an African-centred, mechanism-based explanation of digitally enabled development. The framework provides a conceptual foundation for future empirical research and a diagnostic lens for policymakers, regulators, and ecosystem actors in South Africa and other emerging-market settings. The study contributes to information systems theory by introducing Digital Transformation Capacity as a higher-order theoretical construct that explains how institutional, human, and policy capacities mediate the relationship between digital transformation and sustainable development. |
| Date: | 2026–07–22 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:87vbp_v2 |
| By: | Goodhart, C. A. E.; Postel-Vinay, Natacha |
| Abstract: | The City of Glasgow Bank failure in 1878, which led to large numbers of unlimited liability shareholders becoming insolvent, generated great public concern about their plight, and led directly to the 1879 Companies Act, which paved the way for the adoption of limited liability for all shareholders, including senior executives. In this article, we focus on the question of why the opportunity was not taken to assign greater liability to ‘insiders’, i.e. those with direct access to information and power over decisions, than to ‘outsiders’ lacking both. We analyse parliamentary and public debates ahead of the passage of the bill, and find that such issues were raised and discussed at the time, but arguments in support of equal shareholder treatment won out. By showing the weak foundations of those arguments, we suggest that an alternative, tiered-liability path could (and should) have been taken, with potentially significant implications for contemporary prudential policy. |
| Keywords: | corporate governance;limited liability;tiered liability;bank risk-taking;financial regulation;financial crises;executive incentives |
| JEL: | G21 G28 G30 G32 G39 N23 K22 K29 L20 |
| Date: | 2026–07–20 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:138733 |