Post Keynesian Economics http://lists.repec.org/mailman/listinfo/nep-pke Post Keynesian Economics 2026-06-29 Placing Human Capacity at the Heart of Post-Keynesian Analysis: Reconsidering the Supply-Side Constraint and Lessons for Public Policy https://d.repec.org/n?u=RePEc:new:wpaper:2605&r=&r=pke This paper aims to contribute to post-Keynesian growth theory by placing the accumulation of human capacities – rather than economic growth – at the center of analysis. We develop a demand-led theoretical model comprising two interrelated spheres: market-paid production and the unpaid care economy. Care provision depends on both government investment in care-related activities and the allocation of labor time outside market production, and is essential for offsetting the depletion of human capacities. Our results identify a feminist reinterpretation of Harrod’s first problem, in which time can also be seen as a supply constraint. This is accompanied by a condition of time poverty, in which the time available after market work is insufficient to sustain the recovery of human capacities. This condition generates instability in labor supply dynamics under scenarios of accelerated economic growth, even though the demand-led growth rate may remain unaffected. We show that public policies toward care provisioning can mitigate time poverty and help prevent such instability. Moreover, we examine the cyclical dimension of care provision, the gendered nature of time poverty, and a concept of full employment that explicitly incorporates the expansion of human capacities. The paper concludes by outlining several avenues for future research to further extend the proposed framework. Clara Zanon Brenck Gustavo Pereira Serra Care economy, human capacities, post-Keynesian economics, time poverty, unpaid work 2026-06 A new Authoritarian Neoliberal social structure of accumulation in the United States? https://d.repec.org/n?u=RePEc:new:wpaper:2607&r=&r=pke Drawing on social structure of accumulation theory (SSAT), this paper entertains a possible future for the US economy based on an Authoritarian Neoliberal social structure of accumulation (SSA). The original Neoliberal SSA is understood to have supported a distinct stage of capitalism -- the Neoliberal Boom, 1990-2007 -- that was brought to an end by the global financial crisis and Great Recession of 2007-09. The period since 2009 is interpreted as one of ongoing inter regnum, albeit one that may shortly be replaced by a new stage of capitalism based on a stable Authoritarian Neoliberal SSA. A novel feature of the analysis is its emphasis on the 'capital-citizen accord' -- a somewhat overlooked feature of SSAT analyses of recent US economic history -- as a critical 'pillar' of an Authoritarian Neoliberal SSA. Mark Setterfield Social structure of accumulation, stage of capitalism, neoliberalism, Authoritarian Neoliberalism 2026-06 Value beyond labor time: Production and participation in contemporary political economy https://d.repec.org/n?u=RePEc:pra:mprapa:128989&r=&r=pke This paper challenges the contemporary relevance of the Labor Theory of Value (LTV), arguing that labor time no longer provides an adequate metric for value creation in economies structured by automation and digital platforms. As economic activity becomes increasingly mediated by data-driven systems, value depends less on direct labor input and more on the conditions that enable participation in production. To account for this shift, the paper develops a structural framework in which value is modeled as a function of the means of production (Mₚ) and the means of participation (Mπ). While Mₚ captures technological capacity, infrastructure, and data systems, Mπ refers to the institutional, digital, and organizational conditions required to access and engage with these systems, including credentials, connectivity, network position, and algorithmic visibility. Participation in this framework is defined not as activity in general, but as rule-bound engagement within specific systems that structure access to production. By formalizing value as V = f(Mₚ, Mπ), the framework highlights the complementarity between production capacity and participation access. Constraints on participation limit value realization even in the presence of advanced technological systems. Where the Labor Theory of Value relies on socially necessary labor time (SNLT) to measure the quantity of labor required for production, the present framework emphasizes socially necessary participation (SNP) as the condition under which labor becomes economically effective. Within this structure, labor is reinterpreted as a cost-bearing participant that invests in its own participation capacity, thereby blurring the conventional distinction between labor and capital. The analysis extends to surplus allocation through a co-investment framework, in which multiple forms of capital, including human, financial, and technological, generate claims on output. The framework further identifies participation conditions as a site of economic power and potential commodification, as access to production is governed by institutional and algorithmic systems that regulate inclusion, visibility, and opportunity. This perspective supports a shift in the analysis of economic justice from post-production redistribution toward pre-distribution, emphasizing the role of participation conditions in shaping economic outcomes. Sekimonyo, Jo M. Casimir, Tara Labor Theory of Value; Value Theory; Political Economy; Means of Production; Means of Participation; Platform Economy; Digital Capitalism; Human Capital; Automation; Surplus Distribution; Pre-distribution; Economic Justice 2025 Financial Regulation: Where do we stand? https://d.repec.org/n?u=RePEc:cpr:ceprdp:21590&r=&r=pke This paper provides a critical approach to the current political and economic debate on the state of financial regulation. It discusses why setting capital regulatory requirements causes tensions between bank managers and shareholders on the one hand and taxpayers on the other, leading to a Minsky cycle. It also re-imagines the central bank’s Lender of Last Resort Role, with the aspiration that the central bank becomes again “Leader of Last Resort†. The paper also considers bank competitiveness and its interaction with regulation and takes into account the counter-regulation movement in the US. Goodhart, Charles Lastra, Rosa Financial regulation; Capital; Liquidity; Central banking; Lender of last resort 2026-06 Blindly Discriminating: The GI Bill and Racial Inequality https://d.repec.org/n?u=RePEc:ces:ceswps:_12739&r=&r=pke The World War II GI Bill was the largest education subsidy in US history and a cornerstone of the postwar US transition to a knowledge economy. Although formally race-blind, the program's decentralized administration left implementation to local officials and segregated institutions, with sharply different consequences for Black and white veterans. This paper quantifies the GI Bill's impact on Black and white Americans' economic outcomes across two generations, using a regression discontinuity around WWII service eligibility cutoffs and a new data linkage from veterans in the 1940 and 1950 censuses to their sons' neighborhood outcomes between 1990 and 2025. The GI Bill widened racial inequality, doubling white veterans' college completion while steering Black veterans into often-fraudulent vocational programs with no earnings returns. The disparities persisted across generations, increasing the white-Black gap in sons' adult-neighborhood outcomes, including a 5-percentage-point (47 percent) widening of the racial college gap. Unequal returns to the same eligibility account for the intergenerational gap, with no contribution from prewar differences in socioeconomic status or geography. In sum, access to the GI Bill was not nearly the same economic opportunity for Black Americans as it was for white Americans, highlighting that race-blind policy does not guarantee racial equality. Lukas Althoff Christiane Szerman GI Bill, racial inequality, intergenerational mobility, higher education, returns to education, discrimination, race-blind policy, economic history 2026