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Thorsten Beck and Ross Levine

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Edited by John R. McIntyre, Silvester Ivanaj and Vera Ivanaj

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Edited by Suzanne C. de Janasz and Joanna Crossman

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Edited by Sheila Dow, Jesper Jespersen and Geoff Tily

The chapters in this volume, and its companion volume, The General Theory and Keynes for the 21st Century, originated in a celebration marking the happy coincidence that 2016 saw the 80th birthdays both of the publication of Keynes’s General Theory of Employment, Interest and Money and of Victoria Chick, who has contributed so much to the development of Post-Keynesian theory and method. Her monograph Macroeconomics after Keynes: A Reconsideration of the General Theory has been one of the stepping stones for two generations of macroeconomists. As with Keynes, from the very beginning of her career monetary, banking and financial theory have been of special interest: how to analyse the development of money and finance, and the intertwined relationship between financial and real activities. The chapters in these volumes serve as a reminder to academic and professional economists of the narrowness, let alone the limited relevance, of the conventional account of Keynes. They are indicative of a more substantial and richer approach to economics, just as mainstream economics is being forced to confront its grave limitations in the wake of the global financial crisis and subsequent stagnation. Those from the mainstream who are approaching these limitations in a constructive manner are therefore found assessing the nature of money and deposit creation, the role of uncertainty and ideas around multiple equilibria – constant themes of Vicky’s research.

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Edited by Sheila Dow, Jesper Jespersen and Geoff Tily

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Jonathan F. Cogliano, Peter Flaschel, Reiner Franke, Nils Fröhlich and Roberto Veneziani

This book is placed within a long tradition of formal, mathematical analysis of Marxian economics, and indeed aims to revive it. Two related streams of literature are directly relevant to our project. The first stream concerns Marxian value theory, specifically the relationship between values and prices and the labor theory of value. For Marx values are the amount of labor time socially necessary to produce— embodied in—a commodity and serve as underlying regulators of the structure and dynamics of market prices. The labor theory of value purports that there is a direct correspondence of prices to values, but this idea has run aground on a series of mathematical and theoretical issues: the so-called “transformation problem”. The transformation problem has generated a vast literature with contributions from those trying to salvage Marx’s theory as it is, those trying to show its unescapable defects, and those attempting to provide coherent reinterpretations in the spirit of Marx’s original work

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Jonathan F. Cogliano, Peter Flaschel, Reiner Franke, Nils Fröhlich and Roberto Veneziani

Economic theorizing dates back to the time of Aristotle, but it was François Quesnay (1694-1774) who first formulated a model describing a whole economy, with empirical relevance and clear-cut, radical policy implications for the French economy and society. In this chapter we use his model as an introduction to input-output (IO) tables and IO analysis, focusing on a classic translation of Quesnay’s (1759) Tableau Économique into IO language by Barna (1975). From this perspective, Quesnay’s model provides an IO matrix with two commodities, corn and manufactured goods, where the corn input into the production of corn (agriculture) and manufacturing (including trade) also includes the subsistence consumption of workers as a representation of their direct labor input (as if they were cattle).

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Gama Perruci and Sadhana W. Hall

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Edited by Jack Anderson, Richard Parrish and Borja García

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Florence Legros