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on Post Keynesian Economics |
| By: | Jose Luis Oreiro |
| Abstract: | This article presents a dynamic model for determining the level of output, employment, capital stock, real wage, investment, marginal capital efficiency and the capital-output/capacity utilization relationship. Thus, initially, the article develops the short-period solution of the model, in which the capital stock is kept constant. In short-period equilibrium, the endogenous variables are the level of production, the level of employment, the real wage rate, and the general price level. In short-period equilibrium there is no mechanism that can ensure that all workers who wish to work at market wages will be able to find employment. Subsequently, the model is extended to consider the effects of the investment made in each short-period on the capital stock of the subsequent period and, therefore, on the initial conditions of the subsequent short-period. After presenting the structure of the extended model, it is calculated its steady-state solution. It is show that both employment and capacity utilization are below the full employment levels in the steady state. Finally, a new extension of the model it is presented in which monetary wages are not constant, but react to prevailing conditions in the labour market, being flexible. It will be shown that wage flexibility is incapable of creating a convergence to an equilibrium position with full employment because of the negligible effect such flexibility has on firms planned investment. |
| Keywords: | John Maynard Keynes, General Theory, Monetary Production Economies, Macroeconomic Dynamics |
| JEL: | B31 E10 E12 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:pke:wpaper:pkwp2602 |
| By: | Gyun Cheol Gu |
| Abstract: | This paper analyzes neoclassical reactions to Gardiner Means's administered price thesis during 1980-2000. It shows that his original idea has been continuously denied by mainstream economists. At the same time, it has been transformed through a multiplicity of rationalization processes into one or another bastardized form. However, their attempts to deny and/or rationalize the thesis are unsuccessful as their sanitized versions of Means’s theory turn out to be self-contradictory in the neoclassical framework. |
| Keywords: | Gardiner Means, Price rigidity, Administered price |
| JEL: | B21 B50 D43 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:pke:wpaper:pkwp2603 |
| By: | Patel, Krish Chetan |
| Abstract: | Problems such as persistent inequality, institutional decay, performative governance, and large scale economic costs from global conflicts suggest a deeper structural flaw within the economic reasoning itself, one that cannot be adequately explained by technical inefficiencies or policy errors alone. This paper conceptualizes miseconomics as the practice of conducting economic activity that generates cumulative social harm through normalized societal losses, and misaligned incentives that erode moral responsibility while remaining internally consistent within an institutional framework. Drawing on classical moral philosophy, normative economic critiques, and cases from governance failures across multiple political systems, the study analyses moral entropy to describe a pattern of progressive institutional disorder. Governmental failure is examined through the conceptual framework of Lazeez Fair governance, wherein symbolic, performative, and indulgent interventions substitute substantive reform, allowing dysfunction to persist despite visible action. The paper further illustrates these dynamics though global patterns of corruption, institutional capture, and the selected cases of proxy warfare, showing patterns through which costs appear externalized onto vulnerable populations while benefits accrue narrowly. It concludes that without a structural realignment of incentives and a reintegration of moral responsibility into mainstream economic thought and governance- stability, sustainability, and development- risk remaining structurally unattainable. The central claim is that economic failure is not primarily a shortage of analytical tools and normative ideologies, but a failure of moral alignment embedded within decision making systems. Recognizing and correcting miseconomics is therefore presented as a necessary condition for restoring coherence between economic theory, development of society, and human wellbeing. |
| Date: | 2026–02–03 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:sdpn2_v1 |
| By: | Hubbell, Bryan (Resources for the Future); Krupnick, Alan (Resources for the Future) |
| Abstract: | The Trump administration’s US Environmental Protect Agency (EPA) has decided to stop quantifying and monetizing human health benefits when analyzing the impacts of federal regulations, overturning decades of established and peer-reviewed conventions. Instead, only the costs incurred by companies for complying with a regulation will be quantified when implementing regulatory decisions, leading to an unbalanced assessment of impacts. The EPA’s arguments for not quantifying and monetizing benefits are unsupported and out of step with the best available science and established practice. We provide a point-by-point rebuttal to these arguments and conclude that by failing to include quantified and monetized benefits in economic impact analysis, EPA has chosen to abandon adherence to economic principles, decades of guidance from experts, its own economic analysis guidelines, and guidance from the Office of Management and Budget. |
| Date: | 2026–01–30 |
| URL: | https://d.repec.org/n?u=RePEc:rff:report:rp-26-04 |
| By: | Colvin, Christopher L.; Dorman, Andrew; Jordan, David; Needham, Duncan |
| Abstract: | This paper examines how applied history can contribute to policymaking when understood as a way of structuring judgement under uncertainty rather than as a source of policy lessons or predictions. It argues that economic history is particularly well suited to facilitating this role because it combines institutional analysis with disciplined comparison of plausible alternatives and close attention to temporal constraints. Distinguishing between micro-pedagogical and macro-institutional applications, the paper analyses two sites of practice: (1) a historically grounded policy simulation used to train early-career civil service economists delivered by the Centre for Economics, Policy and History, a research centre based in Belfast and Dublin; and (2) longer-term engagement between historians and policy advisers in Whitehall organised through History & Policy, an applied history forum. The paper concludes by clarifying the possibilities and limits of applied economic history as a contribution to reflective policy practice. |
| Keywords: | applied economic history, historical uncertainty, policy pedagogy, practical historicism |
| JEL: | A20 B40 N01 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:qucehw:335908 |
| By: | Costas Lapavitsas (Department of Economics, SOAS University of London. Russell Square, London WC1H 0XG, UK) |
| Abstract: | Contemporary imperialism is a hierarchical regime of global accumulation enforcing exploitation and subordination without colonial territories. It rests on the structural pairing of internationalised productive capital (multinational-enterprise-led production chains) with globalised financial capital, articulated through the dollar as world money. The article shows that the decisive hinge of domination lies in the monetary hierarchy itself, which became unmistakable after the Great Crisis of 2007–09 as the financialisation of capitalism shifted into a new phase – Financialisation Mark II. Balance-sheet discipline, hierarchical liquidity allocation by the Federal Reserve, payment system control, sanctions, and collateral exactions now function alongside territorial coercion as mechanisms of surplus transfer and crisis adjustment, with monetary instruments predominating at critical moments. Absent a rival world money, productive ascent by peripheral challengers cannot dislodge US hegemony prolonging a coercive interregnum and raising the risk of world war. |
| Keywords: | Contemporary imperialism, Financialisation Mark II, Dollar hegemony, Surplus transfer coercion |
| JEL: | E42 F02 F51 F65 P16 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:soa:wpaper:272 |
| By: | Goodhart, C. A. E.; Postel-Vinay, Natacha |
| Abstract: | The City of Glasgow Bank failure in 1878, which led to large numbers of 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. In this paper, we focus on the question of why the opportunity was not taken to distinguish between the appropriate liability for ‘insiders, ’ i.e. those with direct access to information and power over decisions, as contrasted with ‘outsiders.’ We record that such issues were raised and discussed at the time, and we report why proposals for any such tiered liability were turned down. We argue that the reasons for rejecting tiered liability for insiders were overstated, both then and subsequently. While we believe that the case for such tiered liability needs reconsideration, it does remain a complex matter, as discussed in Section 4. |
| Keywords: | corporate governance; limited liability; bank risk-taking; financial regulation; financial crises; senior management regime; banks; banking |
| JEL: | G21 G28 G30 G32 G39 N23 K22 K29 L20 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:wpaper:130243 |
| By: | Violeta Cvetkoska (Faculty of Economics-Skopje, Ss. Cyril and Methodius University in Skopje, North Macedonia); Filip Peovski (Faculty of Economics-Skopje, Ss. Cyril and Methodius University in Skopje, North Macedonia); Gjore Gakjev (Faculty of Economics-Skopje, Ss. Cyril and Methodius University in Skopje, North Macedonia); Binela Karamaleska (Faculty of Economics-Skopje, Ss. Cyril and Methodius University in Skopje, North Macedonia); Elena Avramovikj (Faculty of Economics-Skopje, Ss. Cyril and Methodius University in Skopje, North Macedonia); Lina Taneska (Faculty of Economics-Skopje, Ss. Cyril and Methodius University in Skopje, North Macedonia); Aleksandra Peshova (Faculty of Economics-Skopje, Ss. Cyril and Methodius University in Skopje, North Macedonia) |
| Abstract: | This study investigates the adoption and usage of ChatGPT by college students in educational settings. The analysis uses a four-stage business analytics framework to look at usage, trust, confidence, motivation, acceptance, and verification patterns using survey data from 203 respondents in a variety of disciplines. The findings highlight ChatGPT's function as a tool for improving comprehension and self-assurance by demonstrating that the three strongest predictors of frequent use are understanding, trust, and confidence. The tension between critical evaluation and reliance on AI is highlighted by the fact that motivation plays a secondary role, and verification is largely irrelevant and negatively associated with trust. According to the research, generative AI works best when viewed as an academic ally that promotes learning and introspection rather than taking the place of critical thinking. The study provides context-bound findings that inform hypotheses for larger cross-institutional and cross-national research because of its single-country sample. The paper highlights recommendations to universities to foster AI literacy, safeguard the crucial academic integrity, and integrate ChatGPT into teaching practices responsibly and effectively. |
| Keywords: | Artificial Intelligence, ChatGPT, Learning habits, Business analytics, Higher education |
| JEL: | C83 I21 M15 |
| Date: | 2025–12–15 |
| URL: | https://d.repec.org/n?u=RePEc:aoh:conpro:2025:i:6:p:127-140 |