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This paper proposes an alternative stability and growth pact to the one which accompanied the introduction of the euro in January 1999. The latter is part of the third stage of economic and monetary union and, will govern the economic policies of the member countries which have joined the single...
Setterfield criticised previous formal models of cumulative causation (CC) for their determinism in which economic growth rates are simply a function of 'initial conditions'. Setterfield argued these formal models accurately represented the work of the leading CC figure, Nicholas Kaldor. This...
Leading economic institutions such as the World Bank have argued that liberalisation holds the key to growth, poverty alleviation and redistribution. Even recent efforts to model increasing returns within the framework of new growth theories have not resulted in prescriptions for stronger roles...
The 1997 collapse of the Albanian economy caused by the collapse of economy-wide Ponzi schemes contrasts sharply to its success status as a post-Socialist transition country in the years 1992-1996. In this paper, an attempt is made to explain this 'Albanian Paradox'. The specific Albanian...
In responding to the comments of George Argyrous and Phillip Toner, this reply focuses on four areas of contention between myself and my critics. First, it is suggested that my original model places more weight on the growth-enhancing characteristics of increasing specialisation in production...
The paper is an inquiry into the definition of the early econometric programme, namely into the discussions which Frisch and Schumpeter held in the early 1930s about the most suitable model for representing innovations, change and equilibrium in economics. The argument and its framework are...
Post-Keynesian growth theory is normally seen as originating from Harrod's 1939 'Essay in Dynamic Theory'. Harrod, however, was trying to lay the foundations of a new approach to economic dynamics, and often complained of misinterpretation. In this paper, the grounds of Harrod's argument are...
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