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on Post Keynesian Economics |
| By: | Davis, John B. (Department of Economics Marquette University); (Department of Economics Marquette University) |
| Abstract: | The Ramsey-Keynes exchange regarding the nature of probability is investigated in connection with the development of interwar Cambridge economics and Ramsey and Sraffa’s influences on Keynes and Wittgenstein. First discussed are Ramsey’s criticisms of Keynes and Wittgenstein; then Sraffa’s criticisms of Marshall and Wittgenstein. Ramsey was influenced by Peirce and pragmatism and Sraffa by Gramsci and the theory of cultural hegemony. Ramsey died in 1930 but Sraffa continued to interact with both Keynes and Wittgenstein. After his critique of Marshall he participated in the ‘Cambridge circus’ and turned to recovering the Classical economics of Ricardo. Keynes’s General Theory statement of what the essence of his theory was and Wittgenstein’s Philosophical Investigations distinction between rules of language and language-games both parallel Sraffa’s Classical outside forces operating in the economic field argument and Gramsci’s state power and non-state institutions view. Keynes and Wittgenstein determined the nature of interwar Cambridge economics and philosophy. Ramsey and Sraffa were instigators of this change. |
| Keywords: | Ramsey, Keynes, Sraffa, Wittgenstein, Peirce, General Theory, Philosophical Investigations |
| JEL: | A12 B20 B30 B40 |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:mrq:wpaper:2025-06 |
| By: | Pavlina R. Tcherneva |
| Abstract: | The following remarks were delivered as the keynote at the joint Global Forum for Social and Solidarity Economy (GSEF) and International Centre of Research and Information on the Public, Social and Cooperative Economy (CIRIEC) conferences in Bordeaux, France, on October 29, 2025. We are living through a moment of deep division across our politics, economies, and environment, a division that stems from a deliberate forgetting--a self-induced amnesia, if you will. For decades, political parties have treated the working family as a slogan rather than the foundation of a healthy society. This amnesia was aided and abetted by mainstream economic theory that treated the economy as a financial machine, not a social ecosystem. The abandonment of family wellbeing, and working people in particular, created a void now being filled by authoritarians. I would like to propose a project of democratic renewal capable of mending our social fabric while addressing the defining challenge of our age: the climate crisis. This project begins with a simple, radical, and fundamentally democratic idea: guaranteeing the right to a decent, living-wage job to everyone who seeks one. |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:lev:levypn:25-9 |
| By: | Lorenzo Esposito; Giuseppe Mastromatteo |
| Abstract: | Capitalism's defining feature--profit maximization without limits--drives instability, inequality, and environmental degradation. Traditional policies such as taxation and regulation have failed to curb this dynamic because they do not alter firms' core incentives. This paper proposes a simple yet structural solution: a "maximum allowed profitability" (MAP) rule that caps a firm's return on equity at twice the median ROE of its peers. Profits exceeding this threshold would be fully taxed, creating a hard limit on excessive profit-seeking and reducing systemic risk. Using ORBIS data for major European economies (2002-2021), we show that profitability distribution is stable, making MAP feasible and easy to implement. Unlike conventional fiscal or monetary tools, MAP directly addresses the prisoner's dilemma inherent in capitalism, fostering a more balanced economic system. While global coordination is essential, MAP could complement initiatives like the OECD global minimum tax, reshaping incentives toward sustainable growth. |
| Keywords: | profit maximization; income inequality; fiscal policy |
| JEL: | E60 E61 E62 |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:lev:wrkpap:wp_1102 |
| By: | Stern, David I. |
| Keywords: | Environmental Economics and Policy |
| URL: | https://d.repec.org/n?u=RePEc:ags:uyoarc:263941 |
| By: | Bernd Bonfert (Aarhus University [Aarhus]) |
| Abstract: | The increasingly obvious unsustainability of neoliberal capitalism creates an urgent need to understand how societies can meet their needs in a just and sustainable fashion. The new theoretical framework of the "Foundational Economy" may provide answers, as it explores a holistic transformation of essential reliance systems, such as food provision, energy, care, and housing. However, its conceptualization of democratic agency needs to be strengthened.This article addresses this need by expanding the Foundational Economy framework with insights from the literature on social reproduction theory (SRT) and the solidarity economy (SE). SRT highlights the gendered and racialized hierarchies of essential reliance systems as key targets for transformation, while the SE encompasses participatory and non-capitalist practices that can democratize those systems. This expanded framework is applied to the UK agroecology movement, which aims to build democratic, sustainable, and non-capitalist alternatives to the food system, while subverting its classed, gendered, and racialized inequalities. |
| Keywords: | Solidarity economy, Social reproduction, Foundational economy, Essential systems, Economic democracy, Agroecology |
| Date: | 2024–06–01 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05394960 |
| By: | Zhang, Yaxin |
| Abstract: | Financial literacy has emerged as a critical determinant of economic stability, mobility, and resilience, yet access to formal financial education in U.S. high schools remains uneven and largely discretionary. This paper examines the case of Massachusetts—a state that consistently ranks first in overall educational performance but receives failing marks for financial literacy—to assess whether optional, non-mandated approaches to personal finance education can deliver equitable outcomes. Drawing on national empirical literature, state-issued policy reports, and a localized case study, this paper argues that policy optionality is the central mechanism through which financial literacy efforts in the Commonwealth have stagnated and declined. Indeed, this paper further concludes that a standalone financial literacy graduation requirement represents the most effective and evidence-based mechanism for translating existing efforts into universal access, particularly as the Commonwealth reconsiders graduation frameworks in the post-MCAS era. |
| Date: | 2025–09–16 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:vgk9p_v1 |
| By: | Cain, Ashley R. |
| Keywords: | Agricultural and Food Policy, Environmental Economics and Policy, International Development |
| URL: | https://d.repec.org/n?u=RePEc:ags:carc00:265497 |